Conversations with the most insightful players in the financial markets ecosystem.
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Greg Hopkins, co-CIO of PSG Asset Management, was my special guest on the Investment Community podcast.
In this episode:
* The PSG team shops in uncrowded areas of the markets, those that are generally associated with fear and uncertainty. Difficult market conditions present the best investment opportunities and often represent a change in market leadership.
* Their team-based decision-making process means that culture is even more important than it otherwise might be. Greg describes the team’s culture as low-ego, high-trust, active and open-minded.
* The team is able to “hold the line” in the face of disconfirming data from the markets and negative feedback from stakeholders. This ability was tested and ultimately strengthened during a period of underperformance in 2019/2020.
Greg Hopkins is co-CIO of PSG Asset Management and a fund manager on the firm’s global funds. He started his investment career in 1997 at Merrill Lynch Investment Managers in London (now BlackRock). He did short stints as an emerging market analyst and in the fixed income team, but for the majority of his 9 years at Merrill he was in the global value team, focusing on European equities. After a brief time as a hedge fund manager at Cambrian Capital, Greg returned to South Africa and a position at Sanlam Investment Management, where he spent 3 years working on their Best Ideas Fund. In 2010, he joined PSG Asset Management, and in 2012 became the firm’s CIO.
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newdigate.substack.com (https://newdigate.substack.com?utm_medium=podcast&utm_campaign=CTA_1)
30 Jan 2023
Investment Community #18
John Biccard, PM at Ninety One, was my special guest on the Investment Community podcast.
In this episode (part 2 of 2):
* John explains the cyclicality in the relationship between growth and value stocks, and explains how prospective returns have changed during the era of free money.
* He discusses how the valuation gap between growth and value has contracted recently, but still remains very extended.
* He believes that bond and equity markets are pricing in a 2% US inflation rate but if it’s higher, growth stocks will take a disproportionate share of the pain.
John Biccard is a portfolio manager at Ninety One, where he has responsibility for the firm’s Value Equity Strategy. He began his investment career in 1990 as an analyst at Simpson McKie Stockbrokers (which is now HSBC Securities), and later became head of financial and industrial research, as well as a director of the company. John then spent two years at HSBC Asset Management as a director of institutional asset management before he joined Ninety One (then Investec Asset Management) in 2000.
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newdigate.substack.com (https://newdigate.substack.com?utm_medium=podcast&utm_campaign=CTA_1)
16 Jan 2023
Investment Community #17
John Biccard, PM at NinetyOne, was my special guest on the Investment Community podcast.
In this episode (part 1 of 2), John tells:
* That the extra returns you earn over time as a value manager are appropriate compensation for living a miserable life.
* That his ideal investment idea is one that causes others to laugh with incredulity and question his sanity.
* That it is sheer folly to assume that the market is right - it’s way better to do the work and reach an independent conclusion.
John Biccard is a portfolio manager at Ninety One, where he has responsibility for the firm’s Value Equity Strategy. He began his investment career in 1990 as an analyst at Simpson McKie Stockbrokers (which is now HSBC Securities), and later became head of financial and industrial research, as well as a director of the company. John then spent two years at HSBC Asset Management as a director of institutional asset management before he joined Ninety One (then Investec Asset Management) in 2000.
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit newdigate.substack.com (https://newdigate.substack.com?utm_medium=podcast&utm_campaign=CTA_1)
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