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Sarah Ketterer of Causeway Capital's Answers to GuruFocus Q&A


Washutoo premium member - 6 months ago

Terrific interview. The responses are filled with valuable insights on how to become a successful investor. I offer the following comment: The process of investing is rewarding in itself. You learn so much from doing it. Allocate a modest portion of your wealth to learn from being an active investor. Low cost indexing teaches nothing, but beats most active managers. Study the great investors with excellent long-term track records, low turnover and portfolios with meaningful position weightings. gurufocus is a great resource. Then study the companies and the industries in depth. Invest no more than 10% of your portfolio in any one company until you have 5-10 years experience. Resist joining fads. Remain open minded and calm. Emotion driven decisions are almost always wrong. Test your assumptions, biases and try to make a strong case for not investing in any company you think looks promising. If you can't then it will probably work out nicely. Study your mistakes (some will be winners that you sold too soon.) Remember some of your winners and losers are simply good or bad luck. A 60% batting ave. is about as good as it gets, even for the great ones. Your winners in time will trounce your losers. Looking forward to reading your interview.

Benoit - 5 months ago

It's a very bad deal for Brazilian shareholders of BSBR.

In 2009 Banco Santander‘s Brazilian unit of Santander Spain Bank raised 14.1 billion reais ($8.05 billion) in a record initial public offering in Brazil . The bank, formally known as Banco Santander (Brasil) SA, sold 600 million units at a price of 23.5 reais each

In 2009 Grupo Santander said it will book a capital gain of 1.43 billion euros ($2.1 billion) after listing its Brazilian arm in the biggest IPO of the year.

In 2011 Banco Santander announced on Tuesday a deal to acquire the 25 percent of its Brazilian unit, Santander Brasil, that it does not already own for 4.69 billion euros, or $6.52 billion. The price offered for Santander Brasil is 15.31 reais, or $6.92, per unit

It's a real good deal for Santander Spain Bank.

In 2009 Gain of 2.1 Billions

In 2011 Gain of 3.4 Billion

Total Gain 5.5 Billions

A case teaching in school finance. How to successfully get 5.5 billions without selling anything. Amazing!

Santander gets 100% of the shares of BSBR and raises 5.5 trillion.

it's a stolen day for shareholders of Santander Brazil.

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