What happens when a crisis changes an industry? | Kevin Bertoli

Kevin Bertoli joins Murdoch Gatti on The Rate Of Change to discuss how PM Capital identifies opportunity when markets are focused on fear, uncertainty and short-term noise, and why major crises can create some of the most compelling investment opportunities.

What happens when a crisis permanently changes an industry?

Process is deceptively simple.

• A crisis hits.
• Weak players fail.
• Industries consolidate.
• Survivors gain market share.
• Competition reduces.
• Economics improve.
• Yet markets often continue pricing the old fear long after the fundamentals have changed.

In this episode, Kevin explains how PM Capital has applied this framework across global markets, including European banks, and why some of the most compelling investment opportunities emerge when pessimism is at its peak.

Topics discussed:

• Why PM Capital continues to find value in European banks, including positions such as ING, CaixaBank and Bank of America, and how industry consolidation has reshaped competitive dynamics since the sovereign debt crisis.
• How crises can permanently change industries, creating opportunities for surviving businesses to gain market share, improve profitability and compound shareholder returns.
• Why management quality, capital allocation and valuation remain central to successful long-term investing, even in a market increasingly driven by narratives and megatrends.
• The role of commodities and real assets, including discussion around Freeport-McMoRan, Teck Resources and Cairn, in an increasingly resource-constrained world.
• How geopolitical tensions, economic competition and the reconfiguration of global supply chains are creating new investment opportunities across regions and sectors.
• How AI and productivity improvements may reshape competitive advantages across industries and create both winners and losers.
• Why healthcare companies such as Sanofi and Royalty Pharma continue to offer attractive long-term opportunities.
• The investment case for high-quality global businesses, including consumer and leisure franchises such as Heineken and Wynn Resorts.
• Why PM Capital believes investors may need to think differently about the next decade, including opportunities in European recovery, commodities, healthcare and businesses exposed to long-term structural change.
• Where PM Capital sees opportunities today across global equities, banking, healthcare, commodities and housing-related investments.

A discussion on investing through cycles, identifying overlooked opportunities and finding value where others are unwilling to look.

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