In sports, players deemed to be "all rounders" don't usually dominate headlines and highlight reels. Yet, over the course of their careers, their flexibility and consistent performance can prove invaluable.
The same can be said of investing. You have growth managers, value managers and everything in between. When market conditions are favourable, they're on. But when markets favour another style, they take a back seat. Sometimes for a decade or longer.
Today’s guest is Blake Henricks, portfolio manager at Firetrail Investments, a high conviction manager of Aussie and global equities.
Firetrail live by the motto “every company has a price”. But don’t let that fool you into thinking they're are a value-only only manager. Theirs is a style agnostic approach, which gives them the flexibility to play at every point in the cycle.
In today’s episode, Blake discusses Firetrail's approach to investing, the health of Aussie balance sheets, what we can expect from earnings season, what leads the market to misprice a stock (and some examples), and the implications for the resources sector of being in a buy versus build phase.
Note: This interview was recorded on June 27, 2023.
Timestamps0:00 - START
1:20 - Today's market
2:12 - Conflicting data points
3:20 - Earnings season will be tough, but not for every company
5:10 - Beachside mansions vs outback shacks
10:30 - Finding market misreads
12:15 - The benefits of being style-agnostic
16:30 - Jack of all trades, master of none?
18:30 - Firetrail's portfolio
22:30 - Is energy still the play?
23:40 - Buy vs build
30:00 - Don't board the AI hype train
33:00 - Clipped wings and big gains
36:00 - A franchise built for success
The 15 stock portfolio
Finding value in dark corners of the market
Season's greetings from Livewire Markets
Buy Australian for the next recovery phase
The biggest trends to watch in the next 5 years
3 early warning signs it’s time to change your view
Sell-offs are a buying opportunity. Don’t get off the train
What the ‘smart money’ is saying about Australia's future
Did Buffett really change his mind on gold?
Tapping into research from the world’s best investors
How Ophir spot offshore growers (before they get big)
A key question most investors ignore, do you?
Chris Stott launched a new boutique. Then COVID hit.
Don’t fight the Fed, buy commodities instead
The $200 billion opportunity to power Australia's future
The unspoken rules of Wall Street’s best hedge funds
Buy growth, but don't ignore the price
The biggest experiment in markets: How does it end?
Navigating the COVID crisis
COVID-Crash special with Sam Sicilia and Martin Thompson
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