Comments
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JUAnyone still following Ashmore Global Opportunities? Still trading at over a 30% discount to NAV. Just wound down one of its last 3 portfolio companies, Bedfordbury, which constitutes 32% of NAV. Should be receiving the cash by the end of Q2 2018. Probably a big distribution coming?
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AFCurrent Bubble Status
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AHWorth the 42 minute investment.
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ABWhen you watch this in tandem with reading the OAM Chairs reports by Desmond - even though they are some months old - you get a sense of how disciplined these guys are. Exceptional 42minutes worth and the ideas are still valid if you DYOR.
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JHyes, more value/single stock conversations; maybe that's the most contrarian call of all right now.
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NZNAV Net Asset Value
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PDGreat interview! More value investors please!!!
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DKAnthony, this is Des Kinch. You can see our fee structure on our web site at www.oam.com.ky. It is not your typical hedge fund fee structure. We also can show you that ETFs have been unable to match the markets in which we invest, not even close! As far as your comment that buying passive vehicles can deliver our objective of generating 8-10%/annum returns over the next 10 years, I wish you luck!
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DKThis is Des Kinch. Raghu, in reply to your comment about us not investing in frontier markets and less liquid situations, I mentioned a Vietnam fund, a Greek company which I didn't name, and I mentioned investments that took us a year or more to accumulate. We do not shy away from illiquidity or frontier markets, but at the end of the day, we manage open-ended funds so we have to balance overall liquidity of our funds' underlying investments with the fact that we may not be as fortunate in having clients stick with us, and in some cases add to their investments, during the next financial crisis.
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AFGreat insight and different perspective. Nice Trade Generation ideas and thinking.
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RDGood interview. A pessimisto like me needs to hear some Long ideas from time to time. Keep em comin'. Anyone know the name of the Northern Italian toll road play? Thanks Desmond and Realvistion Crew!
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JLForget my comment - Desmond confirmed it a few minues later...
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JLPretty sure the Norwegian companies Desmond is talking about is Wilhelm Wilhelmsen Holding, which I have been covering on my hammerinvesting blog quite extensively
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JLPretty sure the Norwegian companies Desmond is talking about is Wilhelm Wilhelmsen Holding, which I have been covering on my hammerinvesting blog quite extensively
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ADCraig, I think its NAV- Net Asset Value When its trading below NAV it means that if it liquidated or opened-ended tomorrow you are getting in at 50-60% discount to real cash value. it can happen in a CEF.
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WMCraig I think NEV = Net Economic Value NEV equals the fair value of assets minus the fair value of liabilities.
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vtRaoul, how do you consider Russia to be cheap? You've mentioned it during several interviews recently. I assume you are looking at p/e or something else, but you realize do that there is long way down the road as to a profit and cash flow for most of the companies, right? And the state is gonna come for the rest of that flow since slowly but surely it's running out of money. And there is no rules there at all. I mean it -not the bad ones, at all! I could go on, since i spend most of my life there, but i just want to emphasize that this has nothing to do with an investing it's a pure gambling, with bed outcomes. IMHO.
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CAAnyone know what NEV means?
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AWIt would be interesting to know if his charges fit within a hedge fund structure because if they do and he targets 8-10% annualised returns, then I think there will be a lot of downward pressure on his fee base in the coming years since passive vehicles can deliver similar results. I am more drawn to hedge fund interviews on RealVision personally although it's nice to hear about alternative approaches.
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AHSuper!
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ESHYLD "trades" at a 4.25% discount.. The redemption basket is 50k shares and the avg volume is 47k. The holdings are very junky and equally illiquid.. ie the bid/offer is likely wider than 4.25%.. So yes, ETFs are starting to trade at a discount.... but for most that do, it's definitely not enough. Only in the mainstream ETFs do redemptions happen (give up AUM, are you crazy?). Usually when I read "Investing for the long term".. I think oh, they're covering their ass in case they're wrong for their short term trade. This was enjoyably surprising.. and very informative in that some CEFs trade at 50% discounts outside of the US. We certainly have a low bar for "cheap"
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RRFor someone who is not threatened by liquidity, I was expecting to hear examples in frontier markets. The farthest he has gone is about Russia and India. So I guess liquidity matters even when average holding period is north of 5 years.
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DSVery enjoyable interview. It shows how much hard work goes into long-term investing trying to find significantly undervalued assets. Since most of us do not have the time or the ability, it is easier to allocate a portion of a portfolio to a long-term investment manager and leave it alone - like gold. DLS
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HAwho knew Steve Martin knew so much about value investing