Patrick Degorce, Theleme Partners
Notes from the Value Investing Congress Twitter feed.
Patrick Degorce, Theleme Partners
- Degorce recently launched, Theleme, with $200 million AUM. Was co-founder of TCI (Children’s Investment Fund)
- Time horizon extremely important to DeGorce; typical time horizon 4- 5 years
- Invest in businesses that you understand, don’t worry about what markets are doing, says Degorce, echoing Buffet
- Degorce values businesses based on DCF
- Don’t confuse multiples with value
- Investment idea: Deutsche Bourse
- DB earns 45% of EBIT from European fixed income and eq derivatives
- DB has a growing cash balance, 6.5 billion Euros
- Company recently announced $150 million Euro cost cutting
- Generated 3.40 in FCF in 2009, trades around 10 times FCF
- Greece will save Euro by depressing currency
