Value Invest

Jan 2012

January 2012     Issue 7

The London Value Investor Conference – 19th April 2012
www.londonvalueinvestor.com
This is the first time London is hosting an all day conference focused on value investing. Value investing has been popularised in the US, by the success and writing of the likes of Benjamin Graham and Warren Buffett. It is still relatively nascent within the London investment landscape. A group of UK fund managers have come together to help launch this event, which will be held in the West End on Thursday 19th April.

Delegates will have an opportunity to hear from some of the UK’s most successful practitioners of value investing – from the established and well known names of Richard Oldfield and the team from Schroders to some of the smaller less well known managers. Each speaker will discuss at least one current investment idea and there will be plenty of time devoted to audience questions and comments..

The Misguided Mix-up of Celebrity and Leadership
Click here
Within our long check list of items we use to assess a potential investment is a section on management.  One of those questions asks whether the leadership is “low ego”.  We have long believed that the larger the ego of a CEO, the more likely it is that the business will be managed to further the aspirations of the person rather than the shareholders, which often leads to poor capital allocation.  We recently found this article, written by Jim Collins, the author of “Good to Great”, which supports this thesis.

An interview with Seth Klarman
Click here
A number of you emailed this to us – so forgive me if you have already seen this.  The first 18 minutes, covers his philanthropic endeavours.  Thereafter, this legendary investor discusses his investment philosophy, comparing his style to Warren Buffett’s.  Klarman also discusses the psychology of investment, suggesting that the value investing instinct to buy when prices are dropping and to sell when they are rising may even be genetic.

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  • “It’s very much the Rolls-Royce of the investor conference market”
    Paul Scott, Stockopedia
  • “The people in that room were a more powerful cadre of the powerhouse of investment than has been gathered for a very long time”
    Jonathan Ruffer, Ruffer LLP
  • “It’s kind of like Glastonbury isn’t it, for the Value Investing community”
    Nick Train, Lindsell Train
  • “What I like about it is that it is a practitioners conference and it’s an opportunity to come and hear from your peers about the work that they are doing and how they see value investing”
    Hassan Elmasry, Independent Franchise Partners
  • “I think people really look forward to it and enjoy it. There’s a good bunch of people here who have travelled a reasonable way – the speaker after me was from Hong Kong and there’s a big Canadian crew and a big US crew – people come from around the world to see this”
    Nate Dalton, Affiliated Managers Group
  • “If somebody’s already been through that process of seeing what the conference is about and then is willing to pay their money for the effort of coming here, that’s a great filtering process.”
    Gary Channon, Phoenix Asset Management
  • “The conference has become a part of the furniture of the London scene. You can discover that is what lies inside you – that you are innately a value investor.”
    Richard Oldfield, Oldfield Partners
  • “I do speak at a fair number of conferences to investor bases, this one is really quite a good list – some very, very good investors present and some very interesting speakers”
    Jon Moulton, Better Capital
  • “Definitely worth it and I know a number of people who have ‘ummed and arred’ about coming along and I’m sure that they will be regretting that they didn’t come today – and it’s only going to get better as far as I can see”
    Tim Green, Private Investor
  • “Having sat through the whole day as I wanted to come and hear all of the speakers – I’ve been really impressed by the quality”
    Anthony Bolton, Fidelity
  • “I’ve got a bunch of business cards to add to my collection and some folks I’ve been looking forward to meeting, plus some firms I didn’t even know existed but sound really interesting and I’m looking forward to building on that relationship base”
    Mason Morfit, ValueAct Capital
  • “You couldn’t find that anywhere else really, where you’re speaking to the principals who have been voted on to the Board [of Microsoft] to effect change”
    David Shapiro, Willis Towers Watson
  • “What I was impressed with is, because the subject is very similar, value investing, they found a variety of ways of attacking the same subject. I was also very impressed, having done this in another location, of seeing them stay on target time-wise so that it moves along at a great pace and I think the audience is greatly rewarded by that discipline”
    Don Yacktman, Yacktman Asset Management
  • “Very well organised and it was a treat for investors like us to hear some great speakers”
    Roli Saxena, Drona Capital
  • “I came last year and I liked it so much that I have been looking forward to today ever since”
    Dominique Levy, Sonian Capital
  • “We’e got a very sophisticated audience who are used to value investing – I think this is a good audience”
    David Samra, Artisan Partners
  • “The profile of the speakers is one of the main reasons that I came”
    Niels Borgen, Private Investor
  • “When you look at the ideas speakers have put forward in previous years and how they have performed over the last few years, they’ve done very well – if that performance continues it would be quite remarkable. It does show that you can pick up some good ideas at a conference of this sort”
    Jonathan Mills, Metropolis Capital
  • “I came last year as well and I thought that it was the most outstanding event that I have been to”
    Leon Boros, Equity Strategies