The Long View Brian Selmo: ‘Winning by Not Losing’
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Jul 15, 2025 Brian Selmo, portfolio manager and research director at First Pacific Advisors, shares invaluable insights on navigating today's financial landscape. He discusses the importance of diversification and emphasizes investing in quality businesses over macro predictions. The dynamic of healthcare investments post-COVID is explored, alongside the potential of AI in this sector. Selmo also delves into emerging markets and the advantages of private market investments, while highlighting the crucial role of effective communication to maintain investor confidence during downturns.
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Embrace Uncertainty in Investing
- Uncertainty is a constant and intrinsic part of investing and life.
- Proper investing involves preparing for various scenarios rather than predicting specific outcomes.
Avoid Predicting Macro Variables
- Avoid trying to predict macroeconomic growth or inflation; it is usually impossible to do with conviction.
- Focus on building a portfolio of high-quality businesses priced attractively to weather various conditions.
Buy Quality During Sell-Offs
- Use market sell-offs as opportunities to buy quality businesses at attractive valuations.
- Focus on small to mid-cap companies with strong metrics and reasonable prices for investment.
