Capital Ideas Podcast Learning to thrive in unpredictable markets
Oct 23, 2025
Lisa Thompson, an equity portfolio manager at Capital Group with over 31 years of experience, shares her insights on navigating unpredictable markets. She discusses her journey from mathematics to finance and the lessons learned during Mexico's peso crisis. Lisa emphasizes the importance of patience and comfort with volatility in long-term investing. She also reveals why emerging markets may offer promising opportunities today and reflects on valuable mentorship experiences, intertwining her passion for cooking with investment strategies.
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Telmex Bet After Mexico Crisis
- Lisa recounts buying Telmex after the peso crisis, arguing devaluation reduced costs and made valuation cheap.
- The stock was held patiently for a year and later became a multi-bagger after a wireless spinoff.
Comfort With Uncertainty As An Edge
- Lisa's edge is comfort with uncertainty, cyclicality and volatility shaped by emerging markets.
- She blends value optimism with low-valuation 'option value' stocks to balance risk and upside.
Start Small And Be Patient
- Start small when initiating a contrarian value position and use the time to deeply research the company.
- Patience matters: hold positions while fundamentals prove out rather than chasing momentum.