Created by the Value Team at Schroders, the Value Perspective podcast takes a look at decision making in complex and uncertain environments.
Episodes
Monday Jun 14, 2021
Monday Jun 14, 2021
Ben and Juan welcome Dan Rasmussen, the founder of Verdad Capital, to the podcast this week. Dan is a deep value investor and a history buff who discusses his learning from the Covid Crisis from the past year, how he utilises base rates in investment and how his interest in history (and not just financial) helps him make decisions.
You can find Dan on Twitter at @verdadcap
EPISODE NOTES:
1:06 : Summary
2:07: Dan's background
4:28: What is your style of value investing? What is your definition of deep value?
7:17 Companies can be cheap for a reason. How do you incorporate pessimism into your analysis?
10:29 After 10 years of a Growth dominated market, how should we consider value in relation to growth?
18:00 Dan wrote a research piece on crises in Jan of 2020. Since the last crisis has occurred, has it changed his approach?
23:10 How do you make sure that you learn from history, but account for future unpredictability?
28:34 How can you incorporate meta analysis in investing?
32:50 How can you communicate long term analysis?
36:33 How do you source base rates?
41:58 Outside v. Inside views: do you allow for any inside views?
44:19 Clients' reactions to base rate-driven decisions
46:48 How do you think about the issue of market timing and the avoidance of value traps?
50:14 A bad decision that came from bad process
Book Recommendations:
American Uprising: The Untold Story of America's Largest Slave Revolt by Daniel Rasmussen
The Passions and the Interests by A. O. Hirschman
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