December 30, 2022
Inside This Issue
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, Cars.com and Alpha & Omega Semiconductor.
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.
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.
Betting on innovation in an industry sector less prone to macroeconomic disruption.
A vivid reminder of risks in investing off the beaten path.
Alpha & Omega Semiconductor, Anheuser-Busch InBev, Ascendis Pharma, Cars.com, Emaar Properties, Hafnia, Lithia Motors, Permian Basin Royalty Trust, Siam Cement, Wells Fargo, West Pharmaceutical
Other Companies in this Issue:
Air Lease, Ambev, Aviat Networks, Bank of America, Catalent, Citigroup, Ichor, JPMorgan Chase, Melco, Moneta Money Bank, Pacific Basin Shipping, PrairieSky Royalty, Ryanair, Texas Pacific Land, Tinkoff Credit Systems