Steve Johnson has built a reputation for himself and the team at Forager Funds for uncovering value in dark corners of the market. But in recent years, he’s learned the need for patience in this area, as extreme opportunities are not always apparent. That’s why, when markets are functioning normally, he keeps a core portfolio of high-quality businesses that he’s happy to hold. But when markets start to get dysfunctional, like in 2020, and prices depart far from values, this capital can be recycled into some of these opportunities for outsized returns.
In this episode of The Rules of Investing podcast, we discuss how he’s balancing the portfolio to ensure performance in the good times and the bad, why Uber is misunderstood, and he discusses some Australian turnaround stories that the market hasn’t yet woken up to.
The 15 stock portfolio
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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