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.
TimestampsAbnormal returns
Skamvougeras: Forgotten opportunities
Watling: Australian recession is still my base case
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
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