Inside the Framework of Conviction

Featuring Lewis Johnson

Lewis Johnson is a renowned value investor and he explains his investment framework to Grant Williams, specializing in using cyclicality to grow and preserve clients’ wealth. He sees a trading opportunity in the steel industry – exploiting lower steel prices in the US compared with China and presents his view on gold’s impact on commodities and equities. Filmed on September 4, 2017 in the Cayman Islands.

Published on
15 September, 2017
Gold, Hard Commodities, Investment Framework
40 minutes
Asset class
Commodities, Equities


  • TA

    Tajassas A.

    27 11 2017 18:37

    0       0

    Long the solution, short the problem!

  • RA

    Robert A.

    22 9 2017 23:09

    2       0

    Very talented and credentialed gentleman who FIRMLY believes in his 30 year T's.....but you know...there has recently been a RV interview with an extremely competent gentleman who thinks the negative correlation and the protective aspects of the long T's has been over a "recent" horizon and that going back 200 years there are Many, Many times that Equities and the long T's trade down together----this is the potential "Risk Parity" problem where your 125% leveraged long T's that are supposed to give you balance and protection wind up pushing you further down the rabbit hole. Surprised Grant didn't at least bring this up and let him rebut the premise. Probably wouldn't have mattered though as clearly no one is going to talk this gentleman out of his core convictions!

  • DC

    Dave C.

    18 9 2017 03:10

    6       0

    What a fantastic find - I thought that Dave Iben could not be equalled but this guy comes close. Was inspired to check out the firms website and uncovered a treasure trove of wisdom in the newsletters there - highly recommended for gold diggers and value investors in general.

    Good job here Grant in bringing this to our attention.

  • CM

    Chris M.

    16 9 2017 16:48

    3       0

    Good interview. While he gave some trading tips on steel, and I am not a trader, lots of good stuff on longer term macro. Been considering gold for the first time in my investment life and he made some good points for owning gold.

  • JN

    Jill N.

    16 9 2017 10:22

    3       0

    Common sense , Communication & Clarity - Congratulations Grant , another carat !

  • ss

    sid s.

    16 9 2017 01:38

    4       0

    one foot out the door is a good investing strategy .

  • TS

    Todd S.

    16 9 2017 01:04

    1       2

    Great interview! Well done gentlemen

  • LB

    Louis B.

    16 9 2017 00:13

    9       0

    Great interview. The best i've watched so far (haven't watched them all). "it's better to be long the solution than short the problem" is a superb way of putting it when one's prime aim when managing client money (or one's own) is to first and foremost preserve capital and protect purchasing power.
    i'm definitely going to use that phrase from now on with my clients to better express why they own bullion as an asset outside their investment portfolio!
    Thanks once again RV!

  • JH

    Jesse H.

    16 9 2017 00:06

    7       1

    Very interesting conversation, and always a pleasure to watch Grant interview. Not sure there are many out there who top him...think I actually prefer him to Charlie Rose.

  • HJ

    Harry J.

    15 9 2017 19:45

    1       0

    As rates rise, if they do in my life time, prices will fall and take from the entry value, DUH.
    So how will that fact promote growth or foster principal preservation?
    Gold may be Johns growth method b

  • VS

    Victor S.

    15 9 2017 19:00

    3       0

    Lewis knows his business -among the best ever shown point on bonds to KIM - going back to 1961 (57 years) the 10 and 5 year rolling annual inflation rate is making new lows. "IF" INFLATION changes direction gold will do well ,but bonds will be disappointing !

  • NH

    Neil H.

    15 9 2017 17:53

    8       0

    not sure how anyone is a value investor owning 30 year treasuries after a 35 year bull run. the 10 year today is at 2.20 but was 1.37 only a number of years ago. we fully understand yields could go down further in the next recession but are treasuries a value play here?

  • PU

    Peter U.

    15 9 2017 13:48

    7       0

    I stand corrected. Towards the latter part of the interview, I learned some additional info. Thank you

  • PU

    Peter U.

    15 9 2017 13:43

    1       8

    smart guy, but nothing new here

  • LN

    Lucy N.

    15 9 2017 12:35

    0       0