Invest Like the Best with Patrick O'Shaughnessy Gavin Baker – Investing Through a Bear Market - [Invest Like the Best, EP.167]
11 snips
Apr 2, 2020 
In this conversation, Gavin Baker, Founder and CIO of Atreides Management, shares insights on navigating investing during bear markets and the COVID-19 impact. He discusses adapting strategies amid volatility and the importance of cash flow metrics. Baker explores the evolving tech landscape, particularly concerns for software companies and recurring revenue. He highlights 'space as a service' and its rising relevance, along with investment opportunities in the metaverse. The discussion touches on embracing chaos as a unique path for opportunity and growth in the market.
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Unprecedented Market Opportunity
- This market is unprecedented due to high volatility, peak valuation spreads, and high correlations.
- This creates the biggest alpha opportunity in the last hundred years.
Navigating Uncertain Markets
- In uncertain markets, active investors can either hold steady or trade actively.
- If trading, focus on present information and avoid anchoring on past beliefs or mistakes.
Exploiting Market Inefficiencies
- Gavin Baker actively trades during volatile markets, exploiting inefficiencies like discrepancies between reported cash and market valuation.
- He cites an example where a company's $2 billion asset disposal wasn't reflected in its trading price.
