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.
TimestampsEmma 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
Trailer: Bob Desmond, Claremont Global
3 reasons why the US economy has achieved a miraculous ”soft landing”
Blackwattle’s Ray David is raising red flags about market darling CSL
Trailer: Blackwattle’s Ray David is raising red flags about market darling CSL
Livewire Live is back in 2023!
What do counting cars and delivering an 18% pa return for investors have in common?
Regal’s ultimate guide to microcap investing in 2023
Trailer: The ultimate guide to microcap investing in 2023
The only ASX stock with a return on equity of over 50%
Oscar Oberg: Small caps are primed to rally, and it doesn’t happen without these stocks
Trailer: Small caps are primed to rally, and it doesn’t happen without these stocks
Paul Taylor’s guide to long term compounding on the ASX (plus a 3-stock portfolio for the bottom drawer)
Trailer: Fidelity’s Paul Taylor reveals his secret sauce for finding long-term compounders
This energy company hasn’t seen conditions this good in 25 years
Trailer: This energy company hasn’t seen conditions this good in 25 years
Giselle Roux’s fluff-free take on the market (and where you can find opportunity today)
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