Know Your Risk Podcast Asheef Lalani
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Dec 12, 2025 Asheef Lalani, a CFA charterholder and Chief Investment Officer at Berczy Park Capital, shares his expertise on international value investing. He dives into the dynamics of gold stocks, discussing flows and margins while emphasizing idiosyncratic risks in mining. Asheef makes a compelling case for Fairfax, breaking down its robust $75B portfolio and how its shareholder-friendly buybacks position it for success. He also addresses the challenges traditional value investing faces against the backdrop of rising quants and explores adaptations needed in a shifting market paradigm.
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Size Small, Diversify Junior Resource Bets
- Use small position sizes for high-risk, high-reward resource names to manage idiosyncratic risk.
- Diversify across many juniors so a few winners drive returns without catastrophic losses.
From UBS Prop Desk To Independent Investor
- Asheef left UBS prop trading when the Volcker Rule banned prop desks and has managed his own capital since 2012.
- He shares ideas publicly and now sits on boards of two gold-related companies.
Capital Scarcity Boosts Active Value Returns
- Value-oriented investors face more opportunities than available capital because passive/index flows concentrate assets.
- This scarcity of active value capital keeps valuations lower and absolute returns higher for active allocators.
