A value investing portfolio manager rarely gives a detailed interview on how to maximize returns by finding undiscovered public market gems. 2022 may turn out to be the focus year for value investing as stocks rotate into more asset rich sectors. These portfolio managers tell you how to maximize your gains at this point in the stock market cycle.
Ira Rothberg is a Portfolio Manager and Managing Member of Broad Run Investment Management, LLC, which was founded in 2012 and serves as the subadviser to the Hennessy Focus Fund (HFCSX/HFCIX). Between 2009 and 2012, Mr. Rothberg worked for FBR Funds as the Co-Portfolio Manager of the FBR Focus Fund (the predecessor to the Hennessy Focus Fund).
Randy Warren is Chief Investment Officer of Warren Financial Service, a registered investment advisory firm. He also manages WFS Funds, the institutional division of Warren Financial Service, which includes hedge fund and private equity investment products.
Scott M. Kimball is Co-Head, U.S. Fixed Income for BMO Global Asset Management. In this role, his primary responsibility is leading the application of the investment process across the team’s strategies.
Janet Rilling, CFA, is a senior portfolio manager and head of the Multi-Sector Fixed Income – Plus and High Yield team at Wells Fargo Asset Management.
Sean Chaitman has been the President and Chief Investment Officer of Shelter Rock Management since the firm was founded in 2006. He has close to three decades of investment experience leading portfolio managers and as a research analyst.
“The…best business that I found in the last five years — it’s a phenomenal business — is the flavor and fragrance business. It’s termed different names in different areas. But it’s a great business. The same companies have been around, for the most part, the last 100 years, and the barriers to entry are enormous.”
“Given our long history of researching small-cap value stocks, we possess a massive database of individual company research which allows us a more comprehensive view of a company’s life cycle. We have built proprietary research tools to quickly assess company fundamentals no matter what global exchange they are listed on.”
“Companies that have a lot of hard fixed assets will actually see better equity appreciation in an inflationary environment than companies that, for instance, may be in software or cloud computing, where you don’t have the same type of hard assets benefiting from inflation. They’re not as sensitive to property, plant, equipment, land…”
“We’re fortunate [portfolio managers] at Emerald. For 30 years, we’ve employed pretty much the same fundamental, bottom-up research approach to help us stay ahead of the market. We have specialized staff. You’ll see we have individuals who are Ph.D.s and physicians, as well as those with deep technology skills, skill sets and experience on the business side to understand and invest in those more technical and specialized areas. We also have venture capitalists and policy veterans, industry experts, and so you have this mixture of both highly skilled specialists, as well as generalists, which allow us to do a real fundamental deep dive into the companies that we invest in.”
“Kovitz is a wealth management firm providing asset management, financial planning, retirement projections — pretty much the full gamut of anything that a high net worth client would need..And the principles, if you will, that we follow are espoused in The Prudent Speculator investment newsletter.”
“…Once you start seeing the velocity of money pick up, inflation is going to take off. And you’re starting to see it now because you see wage rate gains in the employment sector. So this will start driving what they call wage inflation spirals. And, of course, wage increases always fall behind the inflation in the marketplace. So inflation is like a tax on everybody. It hits everybody equally.”
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Asset Management: the Best Money Manager Interviews of 2021
January 18, 2022