London Value Investor Conference - Fixed Income epicentre of the next crisis
We enjoyed an enlightening visit to the London Value Investor Conference this week which offered a chance to hear from some of the world’s leading investors including such well-known names as Neil Woodford CBE, Charles Brandes, Jonathan Ruffer and Hassan Elmasry. With these leading lights managing many hundreds of £billions it was also nice to hear from some smaller managers who the average retail investor might have an easier job relating to!
Our Blogs posts over the next few days will offer a brief summary of some of the key takeaways and also some of the stock ideas discussed by some of the excellent managers we heard from.
Unfortunately we missed the opening address from Jonathan Ruffer (apologies to Jonathan!) and the second talk from Jeff Everett of EverKey Global Equitybut we opened up with a great talk from Tim Hartch of the highly regarded private partnership (a welcome throw-back to another time) Brown Brothers Harriman (BBH).
Tim is co-manager of the BBH Global Core Select strategy and has also co-manages the BBH Core Select since October 2005. Tim joined BBH in 1996 and became a Partner of the firm in 2010. Tim explained how the partners of BBH invest around 50% of their earnings back into the partnership. The BBH Global Core Select strategy aims to invest in established, cash-generative businesses that are leading providers of essential products and services with strong management teams. The strategy seeks to purchase the publicly-traded equity securities of such companies at a discount to BBH’s proprietary estimates of intrinsic value.…