When I ask most fund managers about today's operating environment, they almost invariably respond with words like 'difficult', 'complex', or 'bearish'.
And you can't blame them. The age of cheap money and growth at any cost is over. They're not defeatist, by any means, but it's safe to say they've had easier days at the office.
So it was a breath of fresh air to sit down with Bob Desmond from Claremont Global to record this latest episode of The Rules of Investing. Bob's optimistic, and he's "finding value everywhere."
Claremont Global run a high conviction global fund of just 10-15 stocks. Being that concentrated would send shivers down the spine of many investors at a time like this. But while it's true that diversification is the only free lunch in finance, it's also no coincidence that the vast majority of the world's top investors pass on the free lunch and choose to be concentrated.
Bob takes comfort in knowing a few companies well. You could say that the quality growth companies Bob invests in are made for the moment. That is to say - indispensable large cap companies with lots of cash and big moats.
In today's episode we cover the kind of big tech stocks Bob likes, the stock he's just bought after waiting years for the right price, how he manages investor expectations during a bear market, and much more!
Note: this episode was recorded on Monday October 10, 2022.
How to buy growth companies before they get expensive
Aboud: What I'd buy in a market crash
Finding income in a low-rate world
The theme to dominate this decade in markets
How an everyday investor competes with the pros
Two consumer stocks making it big overseas
50th episode special with Hamish Douglass
Nailing your asset allocation
How to pick stocks like a pro
Investing: A how to guide (Part 1)
Tagliaferro: How the '87 crash shaped my philosophy
Catherine Allfrey: Look over the horizon
The developed world is on the brink of crisis
The importance of saying "no"
Value, growth. Why don't we have both?
How to pick growth stocks that will keep on winning
Montgomery: The economics of enough
The five pillars of a quality stock
The hunt for predictable cash flows
Abnormal returns
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