Daniel Lang discusses RS Investments and the RS Value Team. The team manages four strategies: a small-cap value, a midcap value, a large-cap value and a concentrated best-ideas fund. Due to his medical background, Dr. Lang leads the health care investment efforts across the strategies. According to Dr. Lang, the team’s definition of value investing is buying good businesses with strong management teams at a discount to the long-term intrinsic value. Dr. Lang strives to identify investments where the opportunity for value creation is underappreciated or mispriced. There are two key drivers of value creation that Dr. Lang looks for: increasing returns on invested capital in excess of the cost of capital and reinvesting cash into new assets at high rates of return. Specific to health care investing, Dr. Lang thinks it is important to view companies according to three criteria: how they will improve clinical outcomes, how they will improve access to care and how they will reduce costs.
Full interview available here.
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