A Turning Point for Value Investing | Mark Holowesko

29 snips

Feb 17, 2025

Mark Holowesko, Founding Partner and CEO of Holowesko Partners, shares insights on value investing amidst global economic shifts. He highlights concerns over government debt's impact on inflation and interest rates. The conversation delves into the recent resurgence of value investing and promising opportunities, especially in the UK and Japan. Holowesko also discusses the role of gold in investment portfolios and navigates the complexities of investing in China, emphasizing a nuanced approach to risk assessment in today's market landscape.

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ANECDOTE

Rapid Career Progression

Mark Holowesko's career progressed rapidly after joining Sir John Templeton.
He went from researching companies to managing Templeton's mutual funds in just two years.

ANECDOTE

Unconventional Interview and First Raise

Sir John Templeton's interview focused on character, not investment knowledge.
Holowesko's first raise was $1.50 an hour.

INSIGHT

Value Investing Framework

Value investing involves comparing a company's price to its intrinsic value, considering both growth and breakup value.
Holowesko emphasizes focusing on downside risk and upside/downside ratio.

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In Episode 402 of Hidden Forces, Demetri Kofinas speaks with Mark Holowesko, the founding Partner and Chief Executive Officer of Holowesko Partners—a Bahamian-based, value-oriented investment firm that allocates capital across a wide range of industries, geographies, and market capitalizations.

This episode is part of a series in which Demetri interviews value investors, motivated by his concerns about how the global economy’s direction and the ongoing geostrategic competition between the U.S. and China will impact asset markets in the coming years.

In the first hour, Holowesko and Kofinas discuss:

Mark’s macro framework and approach to value investing
His concerns about government debt and its implications for interest rates and inflation
Trends in global liquidity
The future direction of the U.S. dollar
Why Holowesko believes that 2022 marked a long-term turning point for value investing—with enormous implications for investors

In the second hour, Mark and Demetri explore some of the most promising investment opportunities outside the United States—particularly in the UK and Japan—as well as how to assess similar opportunities in China, whether the country is investible, and the risks investors face when deploying capital in Chinese companies and the broader Chinese market. They also delve deeper into Mark’s investment process, his views on the role of gold in one’s portfolio, opportunities in the U.S. energy sector, and much more.

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Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou

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Episode Recorded on 02/11/2025