I enjoyed talking with with Philip Vassiliou – Partner and Chief Investment Officer of Billionaire Christopher Chandler’s Legatum. Philip is in charge of all investment activities for the firm.
Before joining Christopher Chandler at Legatum in 2006, Philip worked with both Christopher and his brother Richard Chandler at Sovereign Global Holdings. For those of you who don’t know the story – as the last time they did any press was an Institutional Investor article in 2006 – here’s the punchline:
“In two decades Richard and Christopher Chandler’s bold bets transformed a $10 million family fortune into a cool $5 billion.”
To put this in context:
Chandler Brothers (Richard and Christopher) turned $10 million into $5 billion in 20 years (36% CAGR). This compares with Warren Buffett (Trades, Portfolio) (19% over 50 years), Seth Klarman (Trades, Portfolio) (20% over 34 years), Peter Lynch (29% over 13 years), George Soros (Trades, Portfolio) and Stanley Druckenmiller (Trades, Portfolio) (both around 30% over 30 years). Read the full detail of their Sovereign investments here.
Investment Highlights:
-Mosenergo (MIC:MSNG, Financial) – 383% in four years
-Unified Energy Systems (MIC:FEES, Financial) – 430% in four years
-UFJ Holdings – 156% in two years
-SK Inc. (XKRX:034730, Financial) – 433% in two years
-Mizuho Financial Group (MFG, Financial) – 353% first three years.
If you cannot relate to starting with $10 million, these returns are also equivalent to starting with $100,000 and turning it into $50 million over two decades – 500 times. This is also equivalent to turning $1 million into $500 million.
To fully understand their investment philosophy, process and what they are focused on today, you will want to tune in to this first ever look “under the hood” in over 16 years…
