Higher returns require higher risk and volatility… Or at least, that’s what finance theory would tell us. Is it possible to ‘have your cake and eat it too’? Callum Burns, Portfolio Manager of the SG Hiscock ICE Fund clearly thinks so, and he’s got the track record to back it up. His fund has produced 11.88% p.a. over the last 10 years, and he’s achieved this with significantly lower volatility than the benchmark. How’s he done it? In short, by finding franchise businesses, with stable, growing earnings, at a reasonable price. In today’s podcast, we break this down into its parts to understand what really makes him tick. We discuss how he validates his view on a company, how to know when it’s time to sell, and he shares a couple of stock ideas from the local small cap market.