Professional investors have been banging the quality drum with intensity since since the June sell-off.
It makes a lot of sense. In today's market turbulence, the companies that will survive (and thrive) need strong balance sheets, consistent earnings and high return on capital. All the good stuff.
But that alone doesn't make them good investments. Quality companies only make sense if you buy them at a good price.
Today's episode of The Rules of Investing features a Livewire favourite: Steve Johnson, Chief Investment Officer and co-founder at Forager Funds.
Forager started life in 2009 and now manages approximately $350 million across an Australian share fund and an unlisted international shares fund.
Forager are on the hunt for undervalued and unloved companies, mainly in the small cap space, but they also invest in mids and large caps to add some liquidity to the portfolio when volatility spikes.
Today we discuss lessons learned from 2022, the small cap cycle and earnings downgrades, and the one Aussie company with a market monopoly in the US.
Note: This episode was recorded on Monday 16 January 2023.
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Steve Johnson: The search for extreme dislocations
Aitken: Trade wars present ‘tremendous opportunity’
Ben Griffiths: Markets are at an inflection point
Finding the next Macquarie Bank
Dr Philipp Hofflin: Beware of the widest moats
Tim Toohey's macro masterclass
A century of dividends
Platinum and Magellan: Inside the minds of Australia’s most successful global investors
The hottest investment theme on Earth
Investing in Global Disruption with Jeff Cole
Padley: The problem with buy and hold
Cooper reviews the Cooper Review
Platinum: The opportunity of a generation
Chris Stott: One last call
Fresh ideas from Future Generation
The value in being contrarian
Matthew Kidman: Uncut
Two small cap ideas with years of growth ahead
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