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Excess Returns
A $33 Billion Value Manager Who Has Actually Outperformed | Scott McBride
Feb 13, 2025
Scott McBride, CEO and portfolio manager at Hotchkis and Wiley, shares his two decades of experience in value investing at a $33 billion firm. He discusses how market sentiment can create long-term opportunities and the significance of company governance over traditional valuation metrics. McBride emphasizes the importance of team culture, a contrarian mindset, and the benefits of analyzing less-covered stocks. He also touches on the impact of AI and the potential in international markets, particularly in Europe and the UK.
49:42
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Quick takeaways
- Thinking differently and adopting contrarian positions can lead to significant investment opportunities during market dislocations caused by fear.
- Focusing on long-term valuation rather than relying on specific catalysts is essential for identifying undervalued businesses with strong return potential.
Deep dives
Finding Opportunities Amid Consensus
Investors who think differently and are willing to go against consensus have had numerous opportunities in the past five years. The speaker emphasizes that many analysts are focused on popular stocks, leaving less attention on undervalued ones, particularly during events like the pandemic when sectors such as travel and energy presented significant investment chances. This divergent approach allows for capitalizing on market dislocations caused by fear or pessimism. By embracing a long-term valuation mindset, investors can identify these hidden gems where there is potential for significant returns.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode