The old adage that "past performance is not an indicator of future returns" is possibly more relevant in today's market than it's ever been.
When the market is driven by momentum, as it has been through the past decade, piling onto winners has paid off. And why wouldn't it? Earnings have been easy to fuel when debt costs next to nothing, in a market where the shareholders reward the pursuit of market share - no matter how it's achieved.
In today’s episode of The Rules of Investing, David Thornton sits down with Mark Landau – Co-Founder and Chief Investment Officer at L1 Capital.
Mark started L1 in 2007, alongside Raphael Lamm. Their flagship long-short strategy has returned a whopping 18.7% per annum since inception, and was ranked in an HSBC survey as the ‘Best Performing Hedge Fund Globally’ in 2015 and ‘Top 20 Hedge Fund Globally’ in 2016, 2017 and 2021.
The episode covers an enormous amount of ground. We discuss everything from the uniqueness of today's market, where L1 is deploying capital, what makes earnings sustainable, the importance of balance sheets. Mark also tells us why the investing playbook of the last decade should be put back on the shelf.
TimestampsChris Stott’s 5 high conviction stock ideas for the new bull market
Christopher Joye: No margin for error for risk junkies craving rate cuts
Why Ben Clark is taking profits on growth stocks (and where he's putting that money to work)
Trailer: Ben Clark, TMS Capital
The next 10 years in ETF growth could be dominated by this asset class
Warryn Robertson’s guide to picking the best infrastructure stocks on the ASX and abroad
The policy overhaul Shane Oliver would make to secure Australia's fortunes
Where Soul Patts is investing for long term growth and dividends
How Hyperion unearths rare but exceptional growth companies (plus two that pass their filters)
How to invest $1 million in 2024
The lead indicator for Dion Hershan’s best trades (and two high quality stocks for the ”slow grind” ahead)
Ben Griffiths’ small cap playbook as animal spirits awaken
2 killer growth stocks (and why culture is key to successful small caps)
Trailer: Qiao Ma, Munro Partners
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Invest in what you know, avoid what you don’t: Lessons from a Hall of Fame fund manager
Emma Fisher: Why it pays to be bullish (and the most outstanding idea on the ASX today)
Matthew Kidman: Get ready to run with the bulls
Hedge fund managers never name their shorts. This one does...
Bob Desmond names his ”forever” stock
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