Macro Hive Conversations With Bilal Hafeez Ep. 333: David Samra on Value Investing, AI Returns, and Bad Management Teams
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Nov 6, 2025 
In this chat, David Samra, Managing Director at Artisan Partners and value investing expert, dives into the art of identifying good businesses through Economic Value Added. He shares insights on the critical difference between strong and weak management teams and how innovation erodes traditional competitive moats. David emphasizes the importance of shareholder activism and navigating large asset bases in search of opportunities. Plus, he explores the potential pitfalls of AI investments and offers sage advice for budding investors.
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EVA Explains Business Quality
- Economic Value Added (EVA) separates good businesses from bad because value comes from returns above cost of capital.
- Companies that sustain and grow high returns deserve higher valuations and should be favoured.
Buy With A Margin Of Safety
- Buy businesses at significant discounts to your estimate of intrinsic value rather than at fair price to generate alpha.
- The margin of safety both increases upside and reduces risk of permanent capital loss if estimates prove wrong.
Cumulative Knowledge Trumps Screens
- Cumulative knowledge from company visits and repeated engagement yields the best investment ideas.
- Screens and metrics help but firsthand understanding of people and business traits is most effective.
