Ep. 333: David Samra on Value Investing, AI Returns, and Bad Management Teams
David Samra is a managing director of Artisan Partners – the $180bn global multi-asset investment platform. He is founding partner of the International Value Group, and portfolio manager of the Artisan International Value Fund, which he has managed since the portfolio's inception in September 2002. David has been nominated for the Morningstar International Stock Fund Manager of the Year Award six times. In this podcast, we discuss:      Economic Value Added (EVA) and what makes a good business versus a bad business       Principles of value investing      Finding undervalued securities through screening and cumulative knowledge      Good versus bad management teams      The erosion of competitive moats over time, particularly in consumer brands and technology      Deep dive into Arch Capital as a case study of a successful investment with unique competitive advantages      Shareholder activism as a tool for protecting investments and influencing management      Challenges of managing large amounts of capital and finding opportunities in current markets      AI investment, capital intensity in tech, and concerns about future returns on capital      Views on private markets     Books mentioned: Quest for Value (Stewart), The Intelligent Investor (Graham), The Money Masters (Train), and Frederick and Frederica (Helprin). You can follow David's work here.
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Ep. 332: Miguel Gutierrez on Argentina's Transformation, Latin American Opportunities, and Private Market Arbitrage.
Ep. 331: Gordon Hanson on US Manufacturing Fetishisation, Job Loss, and the Middle Class
Gordon Hanson is the Peter Wertheim Professor in Urban Policy at Harvard Kennedy School and Academic Dean for Strategy and Engagement at Harvard Kennedy School. He is best known for his research on the labour market consequences of globalisation, including pioneering work on the China trade shock. Hanson's current research addresses the causes and consequences of regional job loss, the effectiveness of place-based policies in alleviating regional economic distress, and how the energy transition will affect local labour markets. This work is part of the Reimagining the Economy project at the Kennedy School, which Hanson co-directs with Dani Rodrik. In this podcast we discuss America's historical obsession with manufacturing from the Industrial Revolution to today, manufacturing job losses and their impact on non-college workers, how traditional economics fails to measure human flourishing beyond consumption, and much more.  Follow us here for more amazing insights: https://macrohive.com/home-prime/ https://twitter.com/Macro_Hive https://www.linkedin.com/company/macro-hive
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Ep. 330: Paul Cavey on US-China Trade War, Japan Politics and Taiwan Imbalances
Paul Cavey is a China-focused Asia economist with twenty-five years of experience covering the region. He runs East Asia Econ. Previously, he was a macro strategist in the global bond team at Wellington Management, head of China economics at Macquarie Securities and chief China economist at the Economist Intelligence Unit. In this podcast we discuss US-Chine trade war escalation, state of China's economy and Japanification, PBoC's next move, and much more. Â Follow us here for more amazing insights: https://macrohive.com/home-prime/ https://twitter.com/Macro_Hive https://www.linkedin.com/company/macro-hive
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Ep. 329: Shiloh Bates on CLO Risks, Private Credit and Macro Read-Through
Shiloh Bates is a Partner and Chief Investment Officer. Prior to that, he was a Managing Director at Benefit Street Partners. During his 20-year career, Mr. Bates has worked for several CLO managers and has been one of the largest investors in CLO securities. He wrote the book, CLO Investing with a focus on CLO Equity and BB Notes. He is also the host of the CLO Investor Podcast. In this podcast we discuss private credit boom, growth in covenant-lite loans, industry concentration in CLOs, and much more. Â Follow us here for more amazing insights: https://macrohive.com/home-prime/ https://twitter.com/Macro_Hive https://www.linkedin.com/company/macro-hive
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