Value Investor Conference London

December 2014

Neil Woodford interview
London Value Investor Conference speaker Neil Woodford was interviewed by Killik & Co last week, in this video he discusses the approach of his new fund.

For better investment results, concentrate
In this article Peter Elston suggests that many active funds are in reality “closet index huggers”. After looking at findings from a variety of sources, he concludes that “the evidence strongly supports the case for putting 10 per cent [of a portfolio] in a thoroughly researched, well-governed, high-yielding stock, not 1 per cent.”

Closet trackers made up a third of the total UK equity market
Following on from the above article, David Oakley provides some analysis on active versus passive management using some examples detailing five of the biggest UK funds.

Reversion to which mean?
In this video, Elroy Dimson, emeritus professor of finance at the London Business School tells Long View columnist John Authers about the risks of exiting the market, even if it seems due to revert to the mean.

A fireside chat with Charlie Munger
After Munger’s Daily Journal shareholders meeting, Jason Zweig from the Wall Street Journal interviewed him on a number of topics. The article covers Munger’s views on a broad range of topics including Ben Graham, accounting, newspapers, Buffett and high frequency trading.

Hard sell: why fund managers underperform
This John Authers article in the FT looks at the effects on the performance of fund managers sell decisions. He suggests that the overall positive impacts of buy decisions among 45,000 trades of a group of pension funds between 2003 and 2006, was outweighed by the negative impacts of their sell decisions. The underlying reason for this effect is analysed in the article, it looks like there is a psychological reason for the effect, where “people happily took far greater risks to avoid taking a loss than they would to expand a profit.”

Value investing during worldwide quantitative easing
Most Value Investors tend to be “bottom up” investors, choosing not to focus too much on macro issues, but no investment exists in a vacuum and Arnold Van Den Berg of Century Management gave this presentation earlier in 2014 looking at the potential effects of the recent worldwide quantitative easing programme and how it might affect investors over the coming years.

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  • “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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