December 30, 2022

Inside This Issue

Cheap for a Reason

Bill Hench, First Eagle Investments

Bill Hench of First Eagle Investments describes his old-school process for generating ideas, where he’s spending incremental research time today, how he tries to keep “fresh eyes” on what he owns, why he accepts his performance will be volatile, and what he thinks the market is missing in Lithia Motors, and Alpha & Omega Semiconductor.

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Luke Bridgeman, Django Davidson, Hosking Partners

Hosking Partners’ Luke Bridgeman and Django Davidson explain how they identify opportunity using a capital-cycle lens, what broad trends they believe are working in their strategy’s favor, why they hold on the order of 450 positions at a time, and why they see unrecognized upside in such ideas as Hafnia, Permian Basin Royalty Trust and Wells Fargo.

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Shifting Fortunes

Paul Espinosa, Seafarer Capital Partners

Paul Espinosa of Seafarer Capital Partners describes how he’s processing the impact on emerging markets of evolving attitudes toward globalization, why he handles currency exposure the way he does, his case today for active over passive management, and what he thinks the market is missing in Siam Cement, Anheuser-Busch InBev and Emaar Properties.

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Strategy: Healthcare

Betting on innovation in an industry sector less prone to macroeconomic disruption.
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Editor's Letter

A vivid reminder of risks in investing off the beaten path.
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Who's Behind VII?

John Heins, Co-Founder, Editor-in-Chief
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John Heins co-founded Value Investor Media, Inc. in 2004 and since then has served as its President and as the Editor-in-Chief of Value Investor Insight. In 2016 he took on an additional role as a Professor of Value Investing at the University of Alabama and is now the Director of the university's C.T. and Kelley Fitzpatrick Center for Value Investing.