Opportunities come to you, and you respond to them. Stay hungry, you don’t know where your next meal is coming from.
– Amit Wadhwaney, Moerus Capital Management
Prior to Co-Founding Moerus Capital Management in 2015, Amit Wadhwaney enjoyed an extraordinary career as Portfolio Manager of the Third Avenue’s Global Value Fund — for a span totaling nearly two decades. We are honored to warmly welcome Amit as a keynote instructor at Latticework 2016 taking place on September 14, 2016 at The Harvard Club of New York.
In an exclusive conversation with The Manual of Ideas, Amit shares several insights on his investment philosophy, and how osmosis and experience lead to investment wisdom. He discusses the evolution of his investment philosophy, the importance of opportunistic investing, and the secret sauce on the thought process behind an investment decision.
We share several interview highlights below, starting first with the evolution of Amit’s investment philosophy:
“We will be totally bottoms-up in how we invest, however we will also think in terms of what happens in the event of a serious macro-economic shift.”
Next, Amit gives us his perspective on investment approach, diligence and risk management:
“Think conservatively about valuation, and avoid business risk, which is distinct from market risk.”
He then sheds some light on how to buy correctly:
“Buying correctly is not just about price, but also the type of business.”
Amit further expands on buying correctly by sharing insights on different ways to think about valuation:
“When looking at very asset rich companies, valuation methodology weighs the balance sheet more than income statement, the reason being that the balance sheet is just a snapshot of the here and now.”
Finally, Amit reminds us that investment lessons come from contexts — and he shares an example from his experience:
“Opportunities come to you, and you respond to them.”
Amit’s comments on investing in international markets, the hidden risks that come with it, and what it takes to be a successful global investor are highly insightful, measured, and the examples from his experience illustrate what it takes to excel as an investor. I highly recommend watching the entire interview, which is available exclusively to members of The Manual of Ideas.