We have followed the company since before it listed in 2011 and have met with management as well as the two founding investors.
In this essay, I try to convince the reader that for the active investor, value investing is the only rational (i.e. sensible) way to invest.
TETRA Technologies is an oil and gas services company and provider of calcium chloride and bromide products to the industrial market.
We are sometimes asked about our view on South Africa from an investment perspective. Local stocks look optically cheap…
OPF’s portfolio companies have staying power and financial flexibility and are capably managed by “owner-operator” executives.
Music streaming has already produced an epochal shift in how people listen to music. Spotify is on its way to platform dominance.
Some companies can safely leverage alternative third-party sources of capital or operations to generate significant incremental income.
The ability for U.S. investors to take part in the growth of Chinese companies has been a win-win situation for both countries.
History teaches that profound and tumultuous events can lead us to rethink long-held certainties. Smart investors…
Although risk can be dissected and viewed in many ways, there are two competing worldviews that underpin how to view and assess risk.
As sure as the sun sets each day, every four years, people obsess over what will happen if Candidate X wins the presidency.
After 13 years of outperformance by growth stocks the evidence suggests their premium valuation is once again at an extreme.
With qualitative judgement in short supply, we see great opportunity for those willing to embrace intuition to guide idea generation and portfolio management.
It is not important whether or not we like how things are developing. It is necessary to take things as they are, accommodate to them, and think about which stocks will benefit most.
This environment is one where concentration and deep research can shine. Some investors appear to be like deer in headlights, frozen and panicked.
Investing involves uncertainty, and in a normal environment I would suggest time in the market is more important than timing the market.
The creation of strategies that will sell results in “differentiated-looking” pitchbooks. The latest incarnation comes in the form of ESG investing.
It is during times of pricing dislocations brought on by economic shocks that high-quality stocks trading below intrinsic value can be identified.
PSG is an investment holdco consisting of underlying investments that operate across a range of South African industries. The group is run by highly entrepreneurial management.
I would like to reiterate our investment approach with you and talk about the recent market sell-off, which according to Deutsche Bank Global Research, was the fastest in recorded history.
We have long warned of an expensive stock market. Due to the lack of compelling valuations, we have been maintaining a defensive portfolio posture with elevated cash balances.
The last few weeks have been anything but calm. We keep on learning more about the coronavirus spread around the world, and the decisions made to address it.
Beyond the traditional choice of our investment style between categories such as value or growth, fundamental or technical, trading or buy-and-hold, we have tried to abide by two precepts.
“Investing is dealing with imprecise assumptions tainted by an imperfect world haunted by uncertainty” – that’s how I described it in my 2015 book.
If we take that timeframe back to 1900 instead of post-WWII, bear markets happen far more frequently — once every 3.5 years.
If you base your understanding of South Africa primarily on the media’s newsfeed, it is very easy to be negative on the country. Much positive is happening…
A great investor prefers the intellectual honesty of “I don’t know” over smart pretention. A great investor does the work, applies rationality, and acknowledges that she cannot know everything.
Our investment holdings may from time to time be controversial and divide opinion. A very long-term horizon is most valuable when others are throwing in the towel.
I first became interested in Elastic at the time of its October 2018 IPO. Intuitively, because search is so mission-critical, there should be monetization opportunities.
If I were going to pick a place in the world to operate a home builder, it would not be South Africa. However, if I could only buy one home builder, it might be Balwin Properties.