We had the pleasure of sitting down with highly regarded Geman value investor Hendrik Leber in Frankfurt last year. We are pleased to bring you excerpts of this timeless interview below.

Dr. Hendrik Leber serves as Managing Partner of ACATIS Investment GmbH, an independent asset management company based in Frankfurt, Germany. The value-oriented firm maintains six types of portfolios that differ according to yield and risk: from “extremely conservative” to “speculative.” In this way, the firm allows clients to custom-tailor their investments to suit their individual risk tolerance.

The following transcript has been edited for space and clarity.

MOI Global: Do you find the German market less efficient than the U.S.?

Dr. Hendrik Leber: Not really. The German market is dominated by international investors. German investors make up 30% or 40% of the German stock market, so it’s basically an international market, and it’s quite efficient. It started when Goldman Sachs went into Veba doing a breakup analysis.

MOI: Let’s talk about your actual investment process.

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