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.
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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