This energy company hasn’t seen conditions this good in 25 years

In sports, players deemed to be "all rounders" don't usually dominate headlines and highlight reels. Yet, over the course of their careers, their flexibility and consistent performance can prove invaluable. 

The same can be said of investing. You have growth managers, value managers and everything in between. When market conditions are favourable, they're on. But when markets favour another style, they take a back seat. Sometimes for a decade or longer. 

Today’s guest is Blake Henricks, portfolio manager at Firetrail Investments, a high conviction manager of Aussie and global equities.

Firetrail live by the motto “every company has a price”. But don’t let that fool you into thinking they're are a value-only only manager. Theirs is a style agnostic approach, which gives them the flexibility to play at every point in the cycle.

In today’s episode, Blake discusses Firetrail's approach to investing, the health of Aussie balance sheets, what we can expect from earnings season, what leads the market to misprice a stock (and some examples), and the implications for the resources sector of being in a buy versus build phase.  

Note: This interview was recorded on June 27, 2023.

Timestamps

1:20 - Today's market
2:12 - Conflicting data points
3:20 - Earnings season will be tough, but not for every company
5:10 - Beachside mansions vs outback shacks
10:30 - Finding market misreads
12:15 - The benefits of being style-agnostic
16:30 - Jack of all trades, master of none?
18:30 - Firetrail's portfolio
22:30 - Is energy still the play?
23:40 - Buy vs build
30:00 - Don't board the AI hype train
33:00 - Clipped wings and big gains
36:00 - A franchise built for success

Managed Fund

Firetrail Australian High Conviction Fund

Australian Shares

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