The Long View
Charlie Dreifus: ‘You Have to Dig Deeper to Find Inefficiencies. But They’re There’
Nov 5, 2024
In this conversation, Charlie Dreifus, a seasoned portfolio manager known for his expertise in small-cap value strategies, shares insights from his impressive investment career. He discusses how his family's refugee background instilled a cautious investment mentality. Dreifus explains his valuation strategies focusing on market inefficiencies and contrasts mutual funds and ETFs, highlighting their unique advantages. He emphasizes the importance of passion in both investing and personal life, illustrating how it fuels success and fulfillment.
55:16
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Quick takeaways
- Charlie Dreifus emphasizes the importance of a risk-averse investment strategy shaped by his early experiences, focusing on capital preservation and downside protection.
- He advocates for active management in the small-cap value space, arguing that diligent research can uncover overlooked companies that passive strategies may miss.
Deep dives
Charlie Dreyfus' Early Influence and Risk Aversion
Charlie's investment approach is heavily influenced by his upbringing as the son of Jewish refugees from Nazi Germany, which instilled in him a risk-averse mentality. This perspective shapes his investment strategy, emphasizing downside protection and loss mitigation, leading to a consistent focus on preserving client capital. He recalls how a relative's interest in dividend-paying stocks sparked his early fascination with the stock market, leading him to start investing at a young age. This formative experience cultivated his analytical skills, as he sought out underappreciated investment opportunities even before the advent of modern technology.
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