Value Invest

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Charles Brandes

Charles Brandes – Brandes Investment Partners

Charles Brandes is founder and Chairman of Brandes Investment Partners, and shares responsibility for the firm’s strategic decisions and implementing its vision and objectives. Mr. Brandes is a member of the All Cap Investment Committee, as well as the firm’s Investment Oversight Committee, which monitors the processes and activities of the firm’s investment committees. Early in his career, Mr. Brandes became a student of the value investment philosophy and an acquaintance of Benjamin Graham, widely considered the father of the value-investing approach. When the bear market of 1973-1974 created unusually large long-term opportunities for disciplined, patient investors, Mr. Brandes decided it was time to launch his own firm, and founded Brandes in 1974. Mr. Brandes has authored two books on value investing, Brandes on Value: the Independent Investor(published in 2014) and Value Investing Today (published in 2003). He has served on the boards of numerous organizations involved in scientific, charitable and cultural work, including the Salk Institute for Biological Studies, where he also served as Chair of the Investment Committee. Mr. Brandes earned his BA in economics from Bucknell University. His relevant experience began in 1968, and in 2015 he received lifetime achievement awards from Bucknell University and the London Value Investor Conference. Mr. Brandes is a frequent lecturer at graduate business schools, CFA Society meetings and industry conferences worldwide.

Dawid Krige

Dawid Krige – Cederberg Capital

Dawid has over 15 years’ experience investing in Chinese equities. He co-founded Cederberg Capital in 2011. From 2005 to 2011 he was with Mondrian Investment Partners where he was a partner, portfolio manager and China specialist. From 2002 to 2004, Dawid was an investment analyst with RMB MultiManagers (a division of FirstRand Ltd) focusing on Asian equity strategies. Dawid has a Masters in Finance from London Business School, where he participated in the Value Investing Program, and a B. Com. Honours degree (cum laude) from Stellenbosch University. He obtained the CFA charter in 2004.

Albert Yong

Albert Yong, Petra Capital Management

 

Albert H. Yong is a Managing Partner and the CIO of Petra Capital Management. Albert has more than 15 years of experience of investing in Korea. Albert utilizes a disciplined and patient deep value investing approach to seek superior risk-adjusted returns with limited volatility and bases his investment decisions on detailed, research-based analysis and thorough due diligence. Albert believes that the Korean stock market currently offers compelling value investing opportunities for international investors. Prior to co-founding Petra in 2009, Albert was a Managing Director and the CIO of Pinnacle Investments and a Portfolio Manager of Pan Asia Capital where he was in charge of managing the Korean equity portfolio. Albert received his MBA from the UCLA Anderson School of Management and his BS in Electrical Engineering from Seoul National University.

 

Hassan Elmasry

Hassan Elmasry, Independent Franchise Partners

 

Hassan is a partner and lead portfolio manager at Independent Franchise Partners, LLP. He has 30 years of investment experience. Prior to founding the Firm in June 2009, Hassan was Managing Director and lead portfolio manager for Global and American Franchise portfolios at Morgan Stanley Investment Management. Hassan joined Morgan Stanley in 1995. Previously, Hassan was an international equity portfolio manager for Mitchell Hutchins Asset Management and worked as an international equity analyst for First Chicago Corporation. Hassan received an A.B. in Economics and an M.B.A. in Finance, both from the University of Chicago. He is a CFA® Charterholder.

 

 

 

 

 

Dale Nicholls

Dale Nicholls, Fidelity China Special Situations Plc and Fidelity Funds Pacific Fund

Dale Nicholls joined Fidelity in 1996, and is currently the Portfolio Manager of Fidelity Funds Pacific Fund and Fidelity China Special Situations PLC. Dale has over 20 years investment experience in Asia including Japan. He joined Fidelity as a Research Analyst based in Tokyo and started to manage Japanese sector funds in 1999. He was appointed portfolio manager of the regional Fidelity Funds Pacific Fund in 2003. In April 2014 Dale became portfolio manager of Fidelity China Special Situations PLC, a UK-listed investment trust. Prior to Fidelity, Dale worked at Bankers Trust and Sony Corporation. He holds a Bachelor of Business degree from Queensland University of Technology in Brisbane, Australia.

Chan Lee

Chan Lee, Petra Capital Management

 

Chan H. Lee is the co-founder and a Managing Partner of Petra Capital Management. Since inception in September of 2009, its Petra Korean Equity Strategy has returned 16.3% annualized, net of all fees to investors. Chan has over 15 years of investment experience in Korea and his investment career has focused on identifying and analyzing undervalued competitive companies whose market prices are significantly discounted to intrinsic value. Chan is also constantly on the lookout for mispricing opportunities and special situations where investors can profit handsomely from a subsequent change of valuation. Prior to co-founding Petra in 2009, he worked as an investment banker and corporate attorney for more than 10 years. Chan received his JD from the UCLA School of Law and his BS in Business Administration from the University of California at Berkeley where he was a member of Beta Gamma Sigma.

Michael Liang

Michael Liang, Foundation Asset Management

 

Michael Liang is the Chief Investment Officer of Foundation Asset Management and is the principal individual responsible for the management of the funds. Michael, with more than 20 years of experience in Asian equities, began his financial career as an investment analyst at Macquarie Bank in Australia in 1993, since founding FAM in 2006, his fund has won Asia Top 10 many times. He regularly presents at media and conferences, including CNN, Bloomberg TV, AsianInvestor and HK’s most popular financial journal Economic Digest and Ming Pao. He has an MBA degree from Peking University, a degree in Economics from Wollongong University in Australia, and a CFA.

Amit Wadhwaney

Amit Wadhwaney, Moerus Capital Management

 

Amit Wadhwaney is a Portfolio Manager at Moerus Capital Management, LLC and the manager of the Moerus Global Value Fund LP. Mr. Wadhwaney has over 25 years of experience researching and analyzing investment opportunities in developed, emerging, and frontier markets worldwide, and has managed global investment portfolios since 1996. Prior to founding Moerus, Mr. Wadhwaney was a Portfolio Manager and Partner at Third Avenue Management LLC, where he founded the international business and was the founding manager of the Third Avenue Global Value Fund, LP, the Third Avenue Emerging Markets Fund, LP, and the Third Avenue International Value Fund. Mr. Wadhwaney holds an M.B.A. in Finance from The University of Chicago. He also holds a B.A. with honors and an M.A. in Economics from Concordia University. He also holds B.S. degrees in Chemical Engineering and Mathematics from the University of Minnesota. He speaks English, French, Gujarati, Hindi, Sindhi, and Spanish. 

Voon San LAI

Voon San LAI, Value Partners Group

 

Mr. LAI Voon San is Deputy Chief Executive Officer of Value Partners. He is a senior member of the Group’s investment management team and leads portfolio management activities in the Singapore office. Mr. LAI began his career as an Analyst of Value Partners from 1994 to 1996, and re-joined the Group in July 2013. He was promoted to Deputy Chief Executive Officer in June 2015. Mr. LAI has over 20 years of experience in the industry with research expertise in the telecommunications and technology sectors. Prior to joining the Group, he was an Executive Director at Oppenheimer Investments Asia. Before that, he was Head of Asia TMT Research at MF Global, overseeing its Asian technology, media and telecommunications (TMT) research. He also held similar roles in both Standard Chartered Securities (formerly Cazenove Asia) and BNP Paribas Peregrine Securities. Prior to that, he worked at other financial firms, including Nomura and Bear Stearns, in the capacity of analyst and sales. Mr. LAI graduated from the University of California in Los Angeles with a Bachelor’s degree in Economics. He is a CFA charter holder.

Seng Chong YEO

Seng Chong YEO – Yeoman Capital Management

The company applies a traditional value investment methodology focused on listed equities in the Asia ex-Japan environment with track record of just under 20 years at end 1H 2017.  Cumulative investment returns over the period was +1008.64% implying an annualized compounding rate of return of +13.01% nett of all fees, in SGD terms with dividends re-invested.  This compares well against the Index which returned +145.39% cumulatively or +4.67% annualized over the same period.  The company also manages a value mandate for a Japan dedicated fund which had positive track record of more than 6 years at 1H 2017. He earned an engineering degree at McGill University in Montreal, Canada, worked as an engineer for the first 5 years of his career, joined a Singapore statutory board which required a diplomatic posting to China for another 5 years followed by 10 years in corporate positions in marketing, business development and general management for 3 large Singapore companies before setting  up Yeoman Capital Management in 1999.  Prior to that he did not work in the financial services sector.

 

David Shapiro

David Shapiro, Towers Watson

 

David is the Portfolio Manager for the Global Equity Focus Fund at Towers Watson and Director of the Equity Research team. Alongside his portfolio management responsibilities David provides regular research input to a number of clients, including a large UK based investment trust. David joined from Stamford Associates where he was Deputy CIO responsible for devising and implementing investment strategies for a range of its largest investment clients. Prior to Stamford Associates, David established Greentrees Partners LLP as a joint venture with Collins Stewart before which he gained broad investment experience as a UK equity portfolio manager with UBS Global Asset Management (formerly Phillips and Drew) from 1998 and then as a UK equity portfolio manager with Morley Fund Management from 2003. In total David has 20 years of portfolio management and investment analyst experience. David is a member of the Chartered Institute for Securities and Investment (CISI).

Jie Gong

Jie Gong, Pantheon

 

Jie Gong is a member of the Asia Regional Investment Committee and the Co-investment Committee and is involved in all aspects of Asian investment activity, with a focus on China. Jie joined Pantheon from Morgan Stanley Alternative Investment Partners’ private equity fund of funds group, where she led Asian investment activity and was a member of the Global Investment Committee. Before that she was a Vice President at JPMorgan responsible for leverage finance deal origination, structuring and execution in Greater China. Previously she worked at the International Finance Corporation on emerging market debt and equity investments. Jie received a Master’s in Finance from London Business School, an MA in Economics from University of Miami and a BA in Economics and International Trade from Shanghai International Studies University.

Masakazu Takeda

Masakazu Takeda, Sparx Group


Masakazu Takeda is a lead portfolio manager at SPARX Asset Management Co., Ltd. He has 20 years of portfolio management and financial analysis experience. Since 2006 he is the head investment officer of the Japan Focus All Cap Strategy. Within this strategy, he has been managing Mid to Large Cap tilted concentrated Japan equity portfolios. Since 2010, he has been part of the SPARX OneAsia investment strategy team overseeing the Pan Asia investment universe. Mr. Takeda joined SPARX in 1999 as a research analyst and became a fund manager in 2004. Prior to joining SPARX, he started his career as a corporate loan officer at Long Term Credit Bank (currently Shinsei Bank) and then as an operations risk manager with LTCB Warburg (currently UBS Securities). He graduated from International Christian University in 1996 with a Bachelor’s degree in Liberal Arts. Mr. Takeda is a Chartered Member of the Security Analysts Association of Japan and also a CFA® Charterholder.

Simon Denison-Smith

Simon Denison-Smith, Metropolis Capital

 

Simon is one of the two founders of the SF Metropolis Valuefund, a focused portfolio of global equities, applying value disciplines which draw extensively from the founders’ experience of private company buy-outs. Simon has been a Director of the Metropolis Group, since its inception in 1994.  Prior to this, he was a strategy consultant with Bain & Co. He also founded Rave Technologies, a software business that services clients across a wide range of industries. Simon sold this business to Northgate IS PLC in 2006, delivering a 32% annualised return to investors over a 13 year period. Simon graduated from Bristol University with a BSc in Economics

 

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Speakers: 7th December 2017


Charles Brandes
Peter Kennan

Dawid Krige
Michelle Leung

Bingchao Cao
Chan Lee

Albert Yong
Mark Pearson

Takashi Ito
Seng Chong YEO

Adrian Warner
TJ Tan

Melvin Tan
Michael Liang

Anthony Serhan		 
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  • “We will only do with your money what we would do with our own.”
    Warren Buffett
  • “The trick of successful investors is to sell when they want to, not when they have to.”
    Seth Klarman
  • “Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.”
    Charlie Munger
  • “The stock market is filled with individuals who know the price of everything, but the value of nothing.”
    Phillip Fisher
  • “To thrive as a value investor you have to risk being called a dummy from time to time.”
    Christopher H. Browne
  • “The game of life is the game of everlasting learning. At least it is if you want to win.”
    Charlie Munger
  • “Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able to devote sufficient time and effort to become value investors, and only a fraction of those have the proper mind-set to succeed.”
    Seth Klarman
  • “In the short run, the market is a voting machine, but in the long run it is a weighing machine.”
    Ben Graham
  • “Rule #1: Never Lose Money; Rule #2: Never forget Rule #1.”
    Warren Buffett
  • “Confronted with a challenge to distil the secret of sound investment into three words, we venture the motto, Margin of Safety.”
    Ben Graham
  • “All intelligent investing is value investing – acquiring more than you are paying for. You must value the business in order to value the stock.”
    Charlie Munger
  • “Practical investors usually learn their problem is finding enough outstanding investments, rather than choosing among too many.”
    Phillip Fisher
  • “In theory, there’s no difference between theory and practice. In practice, there is.”
    Yogi Berra
  • “We really can say no in 10 seconds or so to 90%+ of all the things that come along simply because we have these filters.”
    Warren Buffett
  • “Whenever you find yourself on the side of the majority, it’s time to reform.”
    Mark Twain
  • “It’s not supposed to be easy. Anyone who finds it easy is stupid.”
    Charlie Munger
  • “As time goes on, I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes.”
    John Maynard Keynes
  • “Believe me, there’s nothing better than buying from someone who has to sell regardless of price during a crash. Many of the best buys we’ve ever made occurred for that reason.”
    Howard Marks
  • “Acquire Riches by Industry and Frugality.”
    Benjamin Franklin
  • “Cash combined with courage in a time of crisis is priceless.”
    Warren Buffett
  • “The Stock Market is designed to transfer money from the Active to the Patient.”
    Warren Buffett
  • “Great investors are not unemotional, but are inversely emotional – they get worried when the market is up and feel good when everyone is worried.”
    Bill Miller
  • “Contributing to . . . euphoria are two further factors little noted in our time or in past times. The first is the extreme brevity of the financial memory.”
    John Kenneth Galbraith
  • “In the world of investing, being correct about something isn’t at all synonymous with being proved correct right away.”
    Howard Marks
  • “The single greatest edge an investor can have is a long-term orientation.”
    Seth Klarman
  • “For some reason, people take their cues from price action rather than from values. What doesn’t work is when you start doing things that you don’t understand or because they worked last week for somebody else. The dumbest reason in the world to buy a stock is because it’s going up.”
    Warren Buffett
  • “Buy companies with strong histories of profitability and with a dominant business franchise.”
    Warren Buffett
  • “There’s little that’s as dangerous for investor health as insistence on extrapolating today’s events into the future.”
    Howard Marks
  • “Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well.”
    Warren Buffett
  • “Having great clients is the key to investment success.”
    Seth Klarman
  • “The focus of most investors differs from that of value investors. Most investors are primarily oriented toward return, how much they can make and pay little attention to risk, how much they can lose.”
    Seth Klarman
  • “If you want to have a better performance than the crowd, you must do things differently from the crowd.”
    John Templeton
  • “A margin of safety is necessary because valuation is an imprecise art, the future is unpredictable, and investors are human and do make mistakes. It is adherence to the concept of a margin of safety that best distinguishes value investors from all others, who are not as concerned about loss.”
    Seth Klarman
  • “As Buffett has often observed, value investing is not a concept that can be learned and gradually applied over time. It is either absorbed and adopted at once, or it is never truly learned.”
    Seth Klarman
  • “To buy when others are despondently selling and to sell when others are euphorically buying takes the greatest courage, but provides the greatest profit.”
    John Templeton
  • “Wall Street research is strongly oriented toward buy rather than sell recommendations. There is more business to be done by issuing an optimistic research report than by writing a pessimistic one.”
    Seth Klarman
  • ‘If you don’t feel comfortable owning something for 10 years, then don’t own it for 10 minutes.’
    Warren Buffett
  • “It is easier to rationalize than it is to be rational.”
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  • “Investors have been so oversold on diversification that fear of having too many eggs in one basket has caused them to put far too little into companies they thoroughly know and far too much in others which they know nothing about.”
    Phillip Fisher
  • “Value investing is the discipline of buying shares at a significant discount from their current underlying values and holding them until more of their value is realised. The element of a bargain is the key to the process.”
    Seth Klarman
  • “Once you adopt a value-investment strategy, any other investment behaviour starts to seem like gambling.”
    Seth Klarman
  • “What the wise man does in the beginning, the fool does in the end.”
    Howard Marks
  • “You need to have a passionate interest in why things are happening. That cast of mind, kept over long periods, gradually improves your ability to focus on reality. If you don’t have that cast of mind, you’re destined for failure even if you have a high I.Q.”
    Charlie Munger
  • “Establishing and maintaining an unconventional investment profile requires acceptance of uncomfortably idiosyncratic portfolios, which frequently appear downright imprudent in the eyes of conventional wisdom.”
    David Swensen
  • “Conservative investors sleep well.”
    Phillip Fisher
  • “Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group… then to hell with them.”
    Charlie Munger
  • “Price is what you pay. Value is what you get.”
    Warren Buffett
  • “Sometimes a value investor will review in depth a great many potential investments without finding a single one that is sufficiently attractive. Such persistence is necessary, however, since value is often well hidden.”
    Seth Klarman
  • “In my whole life, I have known no wise people who didn’t read all the time – none, zero… You’d be amazed at how much Warren reads – at how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out.”
    Charlie Munger
  • “Usually a very long list of securities is not a sign of the brilliant investor, but of one who is unsure of himself.”
    Phillip Fisher
  • “Warren and I insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think. So Warren and I do more reading and thinking and less doing than most people in business.”
    Charlie Munger
  • “there are two essential ingredients for profit in a declining market: you have to have a view on intrinsic value, and you have to hold that view strongly enough to be able to hang in and buy even as price declines suggest that you’re wrong. Oh yes, there’s a third; you have to be right.”
    Howard Marks
  • “When everyone believes something is risky, their unwillingness to buy usually reduces it’s price to the point where it’s not risky at all. Broadly negative opinion can make it the least risky thing since all optimism has been driven out of it’s price.”
    Howard Marks
  • “We have two classes of forecasters: Those who don’t know – and those who don’t know they don’t know.”
    John Kenneth Galbraith
  • “Spend each day trying to be a little wiser than you were when you woke up.”
    Charlie Munger
  • “At one extreme of the pendulum – the darkest of times – it takes analytical ability, objectivity, resolve, even imagination, to think things will ever get better. The few people who possess those qualities can make unusual profits with low risk…”
    Howard Marks
  • “The harder you work, the more confidence you get. But you may be working hard on something that is false.”
    Charlie Munger
  • “…at the other extreme, when everyone assumes and prices in the impossible – improvement forever – the stage is set for painful losses.”
    Howard Marks
  • “You shouldn’t own common stocks if a 50 per cent decrease in their value in a short period of time would cause you acute distress.”
    Warren Buffett
  • “Many investors insist on affixing exact values to their investments, seeking precision in an imprecise world, but business value cannot be precisely determined.”
    Seth Klarman
  • “Greater risk does not guarantee greater return. To the contrary, risk erodes return by causing losses. By itself risk does not create incremental return, only price can accomplish that.”
    Seth Klarman
  • “Markets can remain irrational longer than you can remain solvent.”
    John Maynard Keynes
  • “…active management strategies demand uninstitutional behaviour from institutions, creating a paradox that few can unravel.”
    David Swensen
  • “Investing is the intersection of economics and psychology.”
    Seth Klarman
  • ‘Risk can be greatly reduced by concentrating on only a few holdings.’
    Warren Buffett
  • “The number of things that can go wrong (in business) greatly exceeds the number that can go right.”
    Seth Klarman
  • “Great investment opportunities come around when excellent companies are surrounded by unusual circumstances that cause the stock to be misappraised.”
    Warren Buffett
  • “How do value investors deal with the analytical necessity to predict the unpredictable? The only answer is conservatism.”
    Seth Klarman
  • “We look for a horse with one chance in two of winning and which pays you three to one.”
    Charlie Munger
  • “I never buy anything unless I can fill out on a piece of paper my reasons. I may be wrong, but I would know the answer to that. “I’m paying $32 billion today for the Coca Cola Company because. If you can’t answer that question, you shouldn’t buy it. If you can answer that question, and you do it a few times, you’ll make a lot of money.”
    Warren Buffett
  • “Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.”
    Warren Buffett
  • “It is better to fail conventionally than to succeed unconventionally.”
    John Maynard Keynes
  • “You do things when the opportunities come along. I’ve had periods in my life when I’ve had a bundle of ideas come along, and I’ve had long dry spells. If I get an idea next week, I’ll do something. If not, I won’t do a damn thing.”
    Warren Buffett
  • “An investment in knowledge pays the best interest.”
    Benjamin Franklin
  • “Know what you own, and know why you own it”
    Peter Lynch
  • “In both economic forecasting and investment management, it’s worth noting that there’s usually someone who gets it exactly right… but it’s rarely the same person twice.”
    Howard Marks
  • “The four most dangerous words in investing are: ‘this time it’s different.’ ”
    Sir John Templeton
  • “I do not like debt and do not like to invest in companies that have too much debt, particularly long-term debt. With long-term debt, increases in interest rates can drastically affect company profits and make future cash flows less predictable.”
    Warren Buffett
  • “Skepticism and pessimism aren’t synonymous. Skepticism calls for pessimism when optimism is excessive. But it also calls for optimism when pessimism is excessive.”
    Howard Marks
  • “In investing, what is comfortable is rarely profitable.”
    Robert Arnott
  • “You can’t predict. You can prepare.”
    Howard Marks
  • “No wise pilot, no matter how great his talent and experience, fails to use his checklist.”
    Charlie Munger
  • “Wide diversification is only required when investors do not understand what they are doing.”
    Warren Buffett
  • “A hugely profitable investment that doesn’t begin with discomfort is usually an oxymoron.”
    Howard Marks
  • “There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and I don’t want to go back.”
    Charlie Munger
  • “The wise investor can profit if he can think independently of the crowd and reach the rich answer when the majority of financial opinion is leaning the other way.”
    Phillip Fisher
  • “Analysis should be penetrating not prophetic.”
    Ben Graham
  • “…it never ceases to amaze me to see how much territory can be grasped if one merely masters and consistently uses all the obvious and easily learned principles.”
    Charlie Munger
  • “This matter of training oneself not to go with the crowd but to be able to zig when the crowd zags, in my opinion, is one of the most important fundamentals of investment success.”
    Phillip Fisher
  • “Without numerical fluency, in the part of life most of us inhibit, you are like a one-legged man in an ass-kicking contest.”
    Charlie Munger
  • “All Investors should devote themselves to understanding the nature of the business and its intrinsic worth, rather than wasting their time trying to guess the unknowable future.”
    James Montier
  • “There is a complicating factor that makes the handling of investment mistakes more difficult. This is the ego in each of us.”
    Phillip Fisher
  • “The disciplined pursuit of bargains makes value investing very much a risk-averse approach.”
    Seth Klarman
  • “The successful investor is usually an individual who is inherently interested in business problems.”
    Phillip Fisher
  • “In a commodity business, it’s very hard to be smarter than your dumbest competitor.”
    Warren Buffett
  • “Because investing is as much an art as a science, investors need a margin of safety.”
    Seth Klarman
  • “Chains of habits are too light to be felt until they are too heavy to be broken.”
    Warren Buffett
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