We had the pleasure of speaking with Adam H. Schwartz, Senior Managing Director of First Manhattan Co. in New York, about his approach to investing in China. The conversation was recorded in late March 2020.
Adam had spoken with MOI Global about intelligent investing in China on several prior occasions, including in an exclusive interview, a podcast conversation, and a keynote Q&A session at Latticework New York. The latest conversation features Adam’s up-to-date thoughts on the environment for value investing in China and the opportunities he sees.
Listen to the conversation (recorded on March 30, 2020):
Adam H. Schwartz joined First Manhattan in 2001 to work with Bob Gottesman, First Manhattan’s CEO. Together, Adam and Bob manage assets for individuals, families, partnerships, and family and charitable trusts.
Adam is a value-oriented, long-term investor who is focused on preserving, sustaining, and growing his clients’ capital. Adam tends to invest in companies that are led by seasoned management teams that have a proven track record of generating attractive returns. He is also drawn to companies that are undervalued but operate in an industry with a high barrier to entry. Before making an investment, Adam thoroughly and meticulously evaluates each company’s fundamental business, looking primarily, though not exclusively, at its cash flow, rates of return, profit margins, competition, and above all, potential for growth. Not unlike many of his colleagues, Adam is also personally invested in the same companies he purchases for his clients.
In addition to his work as a Portfolio Manager, Adam played a lead role in establishing the FM First Hong Kong Funds—First Manhattan’s China-focused investment vehicles. He travels to China regularly and works closely with his China-based Fund partners on company research, portfolio management, and due diligence.
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