Value Investor Conference London

Speakers - Thursday 25th May 2017

Nick Train

Nick Train – Lindsell Train

Nick Train co-founded Lindsell Train Limited in 2000. He is the portfolio manager for UK equity portfolios and jointly manages Global portfolios.  Nick has over 30 years’ experience in investment management.  Before founding Lindsell Train he was head of Global Equities at M&G Investment Management, having joined there in 1998 as a director.  Previously he spent 17 years (1981 – 1998) at GT Management which he left soon after its acquisition by Invesco.  At his resignation he was a director of GT Management (London), Investment Director of GT Unit Managers and Chief Investment Officer for Pan-Europe.  Nick has a BA honours degree in Modern History from Queen’s College, Oxford.

Stuart Roden

Stuart Roden – Lansdowne Partners

Stuart Roden is Chairman of the Firm, a member of the Management Committee and is involved with the management of the Developed Markets funds. Prior to joining Lansdowne in 2001, Stuart was a Managing Director of Merrill Lynch Investment Managers (MLIM). Stuart started his career in the City in 1984, joining SG Warburg & Co. Stuart is chairman of UP-Unlocking Potential, the non-executive chairman of the investment committee of Marylebone Partners LLP, chairman of the Jewish Care and Oxford Centre of Jewish and Hebrew Studies investment committees. Stuart received a first class honours degree in Economics (BSc) from the London School of Economics.

Francisco García Paramés

Francisco García Paramés – Cobas Asset Management

Francisco was born in Spain in 1963. After obtaining his MBA at IESE (in 1989), he joined Bestinver, and following 2 years as an analyst of Spanish stocks, he began to manage portfolios and funds. His career as an investment manager can be readily summarized by examining the yield obtained by his Spanish equity funds: 15.7% per annum in the period January 1993 – September 2014, equivalent to an accumulated increase of 2,279.2%, compared to 410% obtained by the reference index (IGBM, Madrid Stock Market General Index). In 1997, he also began to manage an International portfolio, achieving leading positions in the market of foreign funds sold in Spain, with an accumulated yield from January 1998 to September 2014 of 437.5% (10.58% Annual Average Return) versus 2.9% obtained by the reference index, the MSCI World Index. Mr. Paramés has set up his own firm, Cobas Asset Management, where as Founder and Chairman he is managing different funds and mandates under his unique value investment process. He leads an investment team of 7 analysts and 2 portfolio managers.

 

Steve Romick

Steve Romick – FPA Funds

Mr. Romick is a Managing Partner of FPA LLC, a Los Angeles-based investment manager with approximately $29 billion under management in equity, fixed income, and alternative strategies. Mr. Romick is a value investor with a proven ability to build strategies with an absolute return focus that have generated superior risk-adjusted returns over full market cycles. As part of the Contrarian Value Strategy that he spearheads, Mr. Romick has managed the $16 billion FPA Crescent Fund since its 1993 inception. FPA Crescent has provided the best risk-adjusted returns of all domestic mutual funds (with assets over $1 billion) that invest in equities and have been managed by the same party since its inception according to Morningstar. As of July 31, 2016, the FPA Crescent Fund carries a Morningstar 4-star rating. Mr. Romick was awarded Morningstar’s U.S. Allocation Fund Manager of the Year (2013) and was a nominee for Morningstar’s Domestic Manager of the Decade Award (2009).

Gary Channon

Gary Channon – Phoenix Asset Management

Gary Channon co-founded Phoenix Asset Management Partners in 1998 and has managed the Phoenix UK Fund since its launch in May the same year. Since inception, the Fund has returned gross performance of 727% (versus the benchmark’s total return of 142%), an annualised return of 12% (versus the benchmark annualising at 4.9%)*. The investment philosophy at Phoenix is strongly inspired by Warren Buffett and Phil Fisher: long-term, value-based and focused. In terms of investment research, Phoenix considers its own primary fieldwork to be a major contributor to the effectiveness of the research effort. Typically, this includes assessing product quality via mystery shopping and undertaking competitor analysis in order to understand the purchasing decision of the marginal customer. Prior to Phoenix, Gary was co-Head of Equity and Equity Derivatives Trading at Nomura International, and before that he was at Goldman Sachs within Global Equity Derivative Products Training.

Ronald Chan

Ronald Chan – Chartwell Capital

Ronald W. Chan is the founder and Chief Investment Officer of Chartwell Capital Limited. With office locations in Hong Kong and Thailand, Ronald and his investment team strongly believe that they have been sound stewards of their clients’ capital since the company’s inception in 2007. To generate business insights and provide sustainable investment returns to clients, the Chartwell team looks for mispriced investment opportunities that are overlooked by investors in the Asia-Pacific region. Keeping in close contact with various industry leaders over the years, Ronald shared his experience by publishing Behind the Berkshire Hathaway Curtain: Lessons from Warren Buffett’s Top Business Leaders in 2010 and The Value Investors: Lessons from the World’s Top Fund Managers in 2012. Ronald graduated from the Stern School of Business at New York University with Bachelor of Science degrees in Finance and Accounting. In 2016, he was appointed by The Stock Exchange of Hong Kong to serve as a member of the Listing Committee Panel.

 

Alex Wright

Alex Wright – Fidelity International

Alex Wright has honed his distinctive contrarian value investment approach over a career spanning more than 15 years with Fidelity International. He joined the company in 2001 as a research analyst, covering a number of UK and European equity sectors across the market capitalisation spectrum in the years to follow. He has managed the Fidelity Special Situations Fund since January 2014 and has been portfolio manager of the Fidelity UK Smaller Companies Fund since its launch in February 2008. He has also been responsible for managing Fidelity Special Values PLC since September 2012. Alex has a BSc in Economics from Warwick University, where he graduated with First Class Honours, and he is also a CFA Charterholder.

Joe Bauernfreund

Joe Bauernfreund – Asset Value Investors

Joe is Chief Executive Officer and Chief Investment Officer of AVI. He began his career working for a real estate investment firm for 6 years, before completing a Masters of Finance at the London Business School. Joe joined AVI in 2002 as an analyst, with a specific focus on European holding companies. In 2013 he became co-portfolio manager on AVI’s global equity accounts, including the British Empire Trust (“the Trust”). In October 2015, he was named sole portfolio manager of the Trust. In October 2016, he became Chief Executive Officer of AVI.

Django Davidson

Django Davidson – Hosking Partners

Django Davidson is a Portfolio Manager and a Founding Partner of Hosking Partners. After leaving the University of Oxford, where he studied Geography, Django joined Deutsche Bank, becoming a Director aged 27. At Deutsche, one of his clients instructed him to read the entire back catalogue of Berkshire Hathaway and Buffett Partnership letters, crystallising his value investing mind-set and instigating a move to the buy side. Initially a Partner at TCI-backed financials-fund Algebris, he moved to help Jeremy Hosking set up Hosking Partners in 2013. Hosking Partners is a behavioural global equity manager, which now has assets under management in excess of $7bn.

Charles Heenan

Charles Heenan – Kennox Asset Management

Charles co-manages the Kennox Strategic Value Fund with Geoff Legg. He has 25 years’ experience in global stock markets. Charles began his career with Brockhouse & Cooper in Montreal, Canada, becoming a CFA charter holder in 1995. In 1997, Charles joined the Emerging Markets and Asia Pac Ex Japan team at First State Investments (called Stewart Ivory at the time) and worked as a key member of this team before leaving to start a focused, independent, global value investment management company – Kennox.

Kevin Murphy

Kevin Murphy – Schroders

Kevin Murphy is co-head of the Global Value team at Schroders, who manage over £9bn of clients’ assets. He is a specialist value investor in UK equities, and along with Nick Kirrage, manages the Schroder UK Income, Schroder UK Recovery and Schroder ISF Global Recovery Funds.Kevin started his investment career with Schroders in 2000, joining the UK Equity fund management team, having previously been a sector analyst for Pan European Construction and Building Materials. He holds a degree in Economics from Manchester University and is a CFA Charterholder. Both Nick and Kevin are commentators on ‘The Value Perspective’ – a specialist resource dedicated to value investing in UK equities www.thevalueperspective.co.uk

Filip Weintraub

Filip Weintraub – Skagen Funds

Filip Weintraub is the Lead Portfolio Manager for the global equity fund SKAGEN Focus. He achieved tremendous success at SKAGEN as the Lead Portfolio Manager for the SKAGEN Global fund from 2001 to 2010. In 2010 he co-funded Labrusca Family Office before returning to SKAGEN in 2014. He has a BA in Economics & Global Studies and is a Chartered Financial Analyst.

Rhys Summerton

Rhys Summerton – Milkwood Capital

Rhys Summerton has 17 years of investment industry experience and was previously the Global Head of Emerging Markets research at Citi. In this role, Rhys provided ideas to some of the world’s most well-known value investors and he also began to build up and compound what would become a substantial personal seed investment for his eventual own fund. Rhys created the Milkwood Fund in 2013 as an independent, contrarian asset manager. The Milkwood Fund is global, long-biased and highly concentrated, with some activism and advisory taking place in smaller names. Around 30% of Milkwood’s capital is Rhys’ own money, with the remainder coming mainly from other fund managers (including some well-known ones), analysts, and family offices with a proven patient and counter–cyclical mindset.

 

Ben Preston

Ben Preston – Orbis Investments

Ben is one of six key stock pickers for the Global Equity Fund at Orbis Investments, which he joined in the summer of 2000 just as the TMT bubble of the late 1990s was beginning to unwind. Orbis is a contrarian manager, using a disciplined research process to identify shares trading well below their long term intrinsic value, usually because of some temporary setback. Ben initially began researching stocks in the consumer sector but has gradually expanded his coverage and now leads the Global Sector team, in which industry specialists research stock market opportunities globally. Ben graduated with a First Class degree in Mathematical Sciences from the University of Oxford in 1998 and had a brief stint as an analyst at an M&A boutique before joining Orbis. He is a CFA charterholder.

 

Jon Boyar

Jonathan Boyar – Boyar Value Group

Jonathan is currently a principal at Boyar Asset Management, a New York value-based money management firm that was established in 1983 and currently manages approximately $200 million dollars. In addition, Mr. Boyar is President of Boyar’s Intrinsic Value Research, a research boutique established in 1975 that specializes in uncovering intrinsically undervalued U.S. based equities. Jonathan has been interviewed or quoted in such publications as Barron’s, Forbes, The New York Times, Value Investor Insight, Gurufocus.com, and Welling on Wall Street. Jonathan graduated from Cornell University with a B.S. in Applied Economics and Business Management and started his investment career at GAMCO Investors. In 2004 Jonathan received a Dean’s Merit Scholarship from Cardozo School of Law and after graduating from law school worked as a litigator at the nationally recognized medical malpractice defense law firm of Martin Clearwater & Bell.

Michael Keller

Michael Keller – Brown Brothers Harriman 

Michael Keller has been a co-manager of BBH Core Select since June 2008 and also serves as an analyst covering technology and business services. Michael joined BBH in 2005 and became a Partner of the firm in 2015. Prior to joining BBH, he was a senior equity analyst for KeyBanc Capital Markets covering technology and business services. Michael earned a BSE from Princeton University and is a CFA charterholder.

Anthony Bolton

Anthony Bolton – Fidelity (Moderator)

From December 1979 until end of 2007, Anthony Bolton ran the Fidelity Special Situations Fund. Over this 28 year period the fund achieved a remarkable annualised return of 19.5%, outperforming the market by 6% per annum while the funds under management grew from c.£2m to £6.5bn before the fund was split. He also ran European funds and two investment trusts. He gave up active fund management at the end of 2007, returning in 2010 to launch the Fidelity China Special Situations Investment Trust which he ran for 4 years while being based in Hong Kong. Anthony retired in 2014 but remains a director and senior adviser at Fidelity International. He is the author of “Investing Against the Tide: Lessons from a Life Running Money”.

David Shapiro

David Shapiro – Willis Towers Watson (Moderator)

David is the Portfolio Manager for the Global Equity Focus Fund at Willis Towers Watson and Director of the Equity Research team. Alongside his portfolio management responsibilities David provides regular research input to a number of clients, including a large UK based investment trust. David joined from Stamford Associates where he was Deputy CIO responsible for devising and implementing investment strategies for a range of its largest investment clients. Prior to Stamford Associates, David established Greentrees Partners LLP as a joint venture with Collins Stewart before which he gained broad investment experience as a UK equity portfolio manager with UBS Global Asset Management (formerly Phillips and Drew) from 1998 and then as a UK equity portfolio manager with Morley Fund Management from 2003. In total David has 20 years of portfolio management and investment analyst experience. David is a member of the Chartered Institute for Securities and Investment (CISI).

Richard Oldfield

Richard Oldfield – Oldfield Partners (Moderator)

Richard Oldfield is Executive Chairman of Oldfield Partners, which he founded in 2005, after 9 years as Chief Executive of a family investment office. Prior to this, he was director of Mercury Asset Management plc, which he joined in 1977. He became Chairman of the Oxford University investment committee and Oxford University Endowment Management Ltd in January 2007, was Chairman of Keystone Investment Trust plc from 2001 to 2010 and is a director of Witan Investment Trust plc. He is the author of “Simple But Not Easy”, a “slightly autobiographical and heavily biased” book about investing

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  • "We will only do with your money what we would do with our own." Warren Buffett
  • “The trick of successful investors is to sell when they want to, not when they have to.” Seth Klarman
  • "Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world." Charlie Munger
  • "The stock market is filled with individuals who know the price of everything, but the value of nothing." Phillip Fisher
  • "To thrive as a value investor you have to risk being called a dummy from time to time." Christopher H. Browne
  • “The game of life is the game of everlasting learning. At least it is if you want to win.” Charlie Munger
  • “Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able to devote sufficient time and effort to become value investors, and only a fraction of those have the proper mind-set to succeed.” Seth Klarman
  • "In the short run, the market is a voting machine, but in the long run it is a weighing machine." Ben Graham
  • “Rule #1: Never Lose Money; Rule #2: Never forget Rule #1.” Warren Buffett
  • “Confronted with a challenge to distil the secret of sound investment into three words, we venture the motto, Margin of Safety.” Ben Graham
  • "All intelligent investing is value investing - acquiring more than you are paying for. You must value the business in order to value the stock." Charlie Munger
  • “Practical investors usually learn their problem is finding enough outstanding investments, rather than choosing among too many.” Phillip Fisher
  • “In theory, there’s no difference between theory and practice. In practice, there is.” Yogi Berra
  • “We really can say no in 10 seconds or so to 90%+ of all the things that come along simply because we have these filters.” Warren Buffett
  • “Whenever you find yourself on the side of the majority, it’s time to reform.” Mark Twain
  • "It's not supposed to be easy. Anyone who finds it easy is stupid." Charlie Munger
  • “As time goes on, I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes.” John Maynard Keynes
  • “Believe me, there’s nothing better than buying from someone who has to sell regardless of price during a crash. Many of the best buys we’ve ever made occurred for that reason.” Howard Marks
  • “Acquire Riches by Industry and Frugality.” Benjamin Franklin
  • "Cash combined with courage in a time of crisis is priceless." Warren Buffett
  • "The Stock Market is designed to transfer money from the Active to the Patient." Warren Buffett
  • "Great investors are not unemotional, but are inversely emotional – they get worried when the market is up and feel good when everyone is worried." Bill Miller
  • “Contributing to . . . euphoria are two further factors little noted in our time or in past times. The first is the extreme brevity of the financial memory.” John Kenneth Galbraith
  • "In the world of investing, being correct about something isn't at all synonymous with being proved correct right away." Howard Marks
  • "The single greatest edge an investor can have is a long-term orientation." Seth Klarman
  • "For some reason, people take their cues from price action rather than from values. What doesn’t work is when you start doing things that you don’t understand or because they worked last week for somebody else. The dumbest reason in the world to buy a stock is because it’s going up." Warren Buffett
  • "Buy companies with strong histories of profitability and with a dominant business franchise." Warren Buffett
  • “There’s little that’s as dangerous for investor health as insistence on extrapolating today’s events into the future.” Howard Marks
  • "Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well." Warren Buffett
  • "Having great clients is the key to investment success." Seth Klarman
  • “The focus of most investors differs from that of value investors. Most investors are primarily oriented toward return, how much they can make and pay little attention to risk, how much they can lose.” Seth Klarman
  • "If you want to have a better performance than the crowd, you must do things differently from the crowd." John Templeton
  • “A margin of safety is necessary because valuation is an imprecise art, the future is unpredictable, and investors are human and do make mistakes. It is adherence to the concept of a margin of safety that best distinguishes value investors from all others, who are not as concerned about loss.” Seth Klarman
  • “As Buffett has often observed, value investing is not a concept that can be learned and gradually applied over time. It is either absorbed and adopted at once, or it is never truly learned.” Seth Klarman
  • "To buy when others are despondently selling and to sell when others are euphorically buying takes the greatest courage, but provides the greatest profit." John Templeton
  • “Wall Street research is strongly oriented toward buy rather than sell recommendations. There is more business to be done by issuing an optimistic research report than by writing a pessimistic one.” Seth Klarman
  • ‘If you don’t feel comfortable owning something for 10 years, then don’t own it for 10 minutes.’ Warren Buffett
  • "It is easier to rationalize than it is to be rational." unknown
  • “Investors have been so oversold on diversification that fear of having too many eggs in one basket has caused them to put far too little into companies they thoroughly know and far too much in others which they know nothing about.” Phillip Fisher
  • “Value investing is the discipline of buying shares at a significant discount from their current underlying values and holding them until more of their value is realised. The element of a bargain is the key to the process.” Seth Klarman
  • “Once you adopt a value-investment strategy, any other investment behaviour starts to seem like gambling.” Seth Klarman
  • “What the wise man does in the beginning, the fool does in the end.” Howard Marks
  • “You need to have a passionate interest in why things are happening. That cast of mind, kept over long periods, gradually improves your ability to focus on reality. If you don’t have that cast of mind, you’re destined for failure even if you have a high I.Q.” Charlie Munger
  • “Establishing and maintaining an unconventional investment profile requires acceptance of uncomfortably idiosyncratic portfolios, which frequently appear downright imprudent in the eyes of conventional wisdom.” David Swensen
  • “Conservative investors sleep well.” Phillip Fisher
  • “Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group… then to hell with them.” Charlie Munger
  • "Price is what you pay. Value is what you get." Warren Buffett
  • “Sometimes a value investor will review in depth a great many potential investments without finding a single one that is sufficiently attractive. Such persistence is necessary, however, since value is often well hidden.” Seth Klarman
  • "In my whole life, I have known no wise people who didn't read all the time - none, zero... You'd be amazed at how much Warren reads - at how much I read. My children laugh at me. They think I'm a book with a couple of legs sticking out." Charlie Munger
  • “Usually a very long list of securities is not a sign of the brilliant investor, but of one who is unsure of himself.” Phillip Fisher
  • "Warren and I insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think. So Warren and I do more reading and thinking and less doing than most people in business." Charlie Munger
  • “there are two essential ingredients for profit in a declining market: you have to have a view on intrinsic value, and you have to hold that view strongly enough to be able to hang in and buy even as price declines suggest that you’re wrong. Oh yes, there’s a third; you have to be right.” Howard Marks
  • “When everyone believes something is risky, their unwillingness to buy usually reduces it’s price to the point where it’s not risky at all. Broadly negative opinion can make it the least risky thing since all optimism has been driven out of it’s price.” Howard Marks
  • “We have two classes of forecasters: Those who don’t know – and those who don’t know they don’t know.” John Kenneth Galbraith
  • “Spend each day trying to be a little wiser than you were when you woke up.” Charlie Munger
  • “At one extreme of the pendulum – the darkest of times – it takes analytical ability, objectivity, resolve, even imagination, to think things will ever get better. The few people who possess those qualities can make unusual profits with low risk…” Howard Marks
  • "The harder you work, the more confidence you get. But you may be working hard on something that is false." Charlie Munger
  • “…at the other extreme, when everyone assumes and prices in the impossible – improvement forever – the stage is set for painful losses.” Howard Marks
  • "You shouldn’t own common stocks if a 50 per cent decrease in their value in a short period of time would cause you acute distress." Warren Buffett
  • “Many investors insist on affixing exact values to their investments, seeking precision in an imprecise world, but business value cannot be precisely determined.” Seth Klarman
  • “Greater risk does not guarantee greater return. To the contrary, risk erodes return by causing losses. By itself risk does not create incremental return, only price can accomplish that.” Seth Klarman
  • “Markets can remain irrational longer than you can remain solvent.” John Maynard Keynes
  • “...active management strategies demand uninstitutional behaviour from institutions, creating a paradox that few can unravel.” David Swensen
  • “Investing is the intersection of economics and psychology.” Seth Klarman
  • ‘Risk can be greatly reduced by concentrating on only a few holdings.’ Warren Buffett
  • “The number of things that can go wrong (in business) greatly exceeds the number that can go right.” Seth Klarman
  • "Great investment opportunities come around when excellent companies are surrounded by unusual circumstances that cause the stock to be misappraised." Warren Buffett
  • “How do value investors deal with the analytical necessity to predict the unpredictable? The only answer is conservatism.” Seth Klarman
  • “We look for a horse with one chance in two of winning and which pays you three to one.” Charlie Munger
  • "I never buy anything unless I can fill out on a piece of paper my reasons. I may be wrong, but I would know the answer to that. “I’m paying $32 billion today for the Coca Cola Company because. If you can’t answer that question, you shouldn’t buy it. If you can answer that question, and you do it a few times, you’ll make a lot of money." Warren Buffett
  • "Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it." Warren Buffett
  • “It is better to fail conventionally than to succeed unconventionally.” John Maynard Keynes
  • "You do things when the opportunities come along. I’ve had periods in my life when I’ve had a bundle of ideas come along, and I’ve had long dry spells. If I get an idea next week, I’ll do something. If not, I won’t do a damn thing." Warren Buffett
  • "An investment in knowledge pays the best interest." Benjamin Franklin
  • “Know what you own, and know why you own it” Peter Lynch
  • “In both economic forecasting and investment management, it’s worth noting that there’s usually someone who gets it exactly right… but it’s rarely the same person twice.” Howard Marks
  • "The four most dangerous words in investing are: 'this time it's different.' " Sir John Templeton
  • "I do not like debt and do not like to invest in companies that have too much debt, particularly long-term debt. With long-term debt, increases in interest rates can drastically affect company profits and make future cash flows less predictable." Warren Buffett
  • “Skepticism and pessimism aren’t synonymous. Skepticism calls for pessimism when optimism is excessive. But it also calls for optimism when pessimism is excessive.” Howard Marks
  • "In investing, what is comfortable is rarely profitable." Robert Arnott
  • “You can’t predict. You can prepare.” Howard Marks
  • “No wise pilot, no matter how great his talent and experience, fails to use his checklist.” Charlie Munger
  • "Wide diversification is only required when investors do not understand what they are doing." Warren Buffett
  • “A hugely profitable investment that doesn’t begin with discomfort is usually an oxymoron.” Howard Marks
  • “There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and I don’t want to go back.” Charlie Munger
  • “The wise investor can profit if he can think independently of the crowd and reach the rich answer when the majority of financial opinion is leaning the other way.” Phillip Fisher
  • “Analysis should be penetrating not prophetic.” Ben Graham
  • “…it never ceases to amaze me to see how much territory can be grasped if one merely masters and consistently uses all the obvious and easily learned principles.” Charlie Munger
  • “This matter of training oneself not to go with the crowd but to be able to zig when the crowd zags, in my opinion, is one of the most important fundamentals of investment success.” Phillip Fisher
  • “Without numerical fluency, in the part of life most of us inhibit, you are like a one-legged man in an ass-kicking contest.” Charlie Munger
  • “All Investors should devote themselves to understanding the nature of the business and its intrinsic worth, rather than wasting their time trying to guess the unknowable future.” James Montier
  • “There is a complicating factor that makes the handling of investment mistakes more difficult. This is the ego in each of us.” Phillip Fisher
  • “The disciplined pursuit of bargains makes value investing very much a risk-averse approach.” Seth Klarman
  • “The successful investor is usually an individual who is inherently interested in business problems.” Phillip Fisher
  • "In a commodity business, it’s very hard to be smarter than your dumbest competitor." Warren Buffett
  • “Because investing is as much an art as a science, investors need a margin of safety.” Seth Klarman
  • "Chains of habits are too light to be felt until they are too heavy to be broken." Warren Buffett
  • “It's very much the Rolls-Royce of the investor conference market” Paul Scott, Stockopedia
  • “Very good event with excellent quality of speakers. Well done!” Andrew Hardy, Momentum GIM
  • “Please make this an annual event, thought it was brilliant, learnt lots and the topics were well diversified. Very interesting day. Thank you” Mary Allen, Rothschild
  • “Very well organised and it was a treat for investors like us to hear some great speakers” Roli Saxena, Drona Capital
  • “A fantastic conference with lots of superb speakers and interesting discussions- well done!” Paul McNulty, Setanta Asset Management
  • “Great conference overall. Hard to complain – good job” Travis Moss, JP Morgan

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