Tom Russo of Semper: global value equity investing.
Notes from the Value Investing Congress Twitter feed.
Tom Russo of Semper: global value equity investing.
- International markets very attractive because of emerging market growth
- No way out: American companies are exposed to foreign currencies and you’ll have the same fluctuations as foreign businesses.
- Allocated a lot of capital to emerging markets when they collapsed in late 2008.
- Nestle has the ability to invest large sums of money at very high rates of return in emerging markets.
- Pernod Ricard: tremendous leadership in China and leading positions in brands around the world. Became #1 shorted stock in Euronext in 2008.
- SABMiller has burdened EBITDA margins in Africa because of investments. Commendable: not many companies can think long term.
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