International fund manager, David Herro, filed a video presentation in the firm's website.
Excerpt to the transcript:
Watch the video presentation here
Excerpt to the transcript:
Amidst all the chaos, why invest internationally?
Quite simply the chaos provides us with opportunity. So we actually look forward to a little bit of chaos because that is when you begin to see irrational behavior by investors. And the most recent incident, in the second quarter we saw the whole sovereign debt crisis kind of come to a head in Europe. Shares of the financial companies dropped significantly, we were able to pick up the good quality ones which in our view were not really impacted by what was happening in the macro environment. So if you are a good medium long term investor, not as opposed to being a stock trader, chaos provides opportunity. And that is really the most important reason why one should actually not run from chaos but look for reasons to benefit and to profit from it.
Where are you finding the best value?
The best opportunities really are not relegated to a certain geographic region. They are a function of how they fit our investment criteria. So we really do look for companies, no matter what industry they're in, no matter what country they're in, that represent value in our eyes. Right now we're seeing that pretty much all over the world, maybe with the exception of the emerging markets which look a little pricey, maybe some of the resource stocks which are probably pricey because of what's happening in emerging markets. People automatically believe that higher growth in emerging markets means higher resource prices. I think forgetting that the rest of the world consumes natural resources as well and demand there is dropping. So really the question I would answer is not where are we finding value, because we generally see it everywhere, maybe a better question is where are we not finding value? And I guess the only place that does not look attractive from just a price and quality perspective, value, is the emerging markets.
Watch the video presentation here
