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Chris Davis: Navigating Todays Turbulent Markets With Bill Miller

Borsgade June 6, 2025

Two legendary portfolio managers, Chris Davis and Bill Miller, engaged in a comprehensive discussion about navigating today’s volatile investment landscape, drawing from their combined decades of experience managing billions in assets.

The conversation, structured around nine key topics, covers everything from investment temperament and market volatility to emerging technologies and geopolitical challenges. Miller, famous for outperforming the S&P 500 for 15 consecutive years while managing the Legg Mason Value Trust, and Davis share insights on stewardship, patience, and contrarian investing approaches. The discussion emphasizes the importance of long-term thinking, adaptability, and maintaining perspective during uncertain times.

Michael Mauboussin: Drawdowns Are The Unavoidable Cost of Long-Term Investing

Borsgade June 6, 2025

Michael Mauboussin from Morgan Stanley Investment Management have published a comprehensive analysis examining stock market drawdowns and recovery patterns from 1985 to 2024. The research reveals that even the most successful investments experience severe price declines, with the median stock suffering an 85% drawdown that takes 2.5 years from peak to trough.

The study analyzed over 6,500 companies and found that more than half never recover to their previous highs. Michael’s work demonstrates that large drawdowns are an inevitable feature of equity investing, affecting individual stocks, mutual funds, and even portfolios with perfect foresight.

Thomas Gayner: My Current Take on Novo Nordisk

Borsgade June 6, 2025

In his interview, Tom Gayner, CEO of Markel Group, reflects on investment principles shaped by Warren Buffett and Charlie Munger, and offers a detailed assessment of Novo Nordisk. Gayner praises Novo Nordisk for its business quality, global leadership in diabetes treatment, and strong growth trajectory. He credits the company’s disciplined management and innovation in pharmaceuticals as exemplary, aligning with his own standards of long-term value creation.

Michael Mauboussin: Put Expected Value In Your Valuation Toolkit

Borsgade May 21, 2025

In this article, Michael Mauboussin explores how investors can generate excess returns by focusing on the gap between price and value, emphasizing the practicalities and psychology of expected value in investment decisions. He explains that while price is observable, value is inherently probabilistic, requiring careful estimation of possible payoffs and their probabilities.

The paper covers the challenges of modeling uncertainty, the importance of considering both probabilities and payoffs, the psychological hurdles investors face (like loss aversion), and best practices for applying these concepts across asset classes.

Bill Ackman: Success is Not A Straight Line Up

Borsgade May 21, 2025

In the 2025 UBS Berkshire Hathaway Fireside Chat, Bill Ackman and Ryan Israel from Pershing Square Capital discuss investment philosophy, market volatility, the impact of tariffs and geopolitics, and lessons from Warren Buffett.

The conversation covers how to identify durable, high-quality businesses, the importance of long-term thinking, and the evolving landscape for activist investing. Ackman shares personal reflections on resilience, mentorship, and the role of free speech, while both speakers provide practical advice for young investors and fund managers.

VALUExBRK 2025: Get The Insights From all This Years Speakers

Borsgade May 21, 2025

VALUExBRK 2025 is a value investing event hosted by Guy Spier and the Aquamarine team, held in Omaha in May of 2025. The gathering brings together leading investors and thinkers ahead of the Berkshire Hathaway Annual Shareholders Meeting, featuring a diverse lineup of speakers from the investment and business world. VALUExBRK serves as a platform for sharing investment insights, networking, and discussing current trends in business and finance among a global audience.

Norges Bank 2025 Investment Conference: What Makes A Great Company?

Borsgade May 13, 2025

Once again, the good people at Norges Bank have brought together a very interesting group of speakers to their 2025 Annual Investment Conference, titled “What Makes a Great Company?”

Speakers include some of the world’s leading CEOs, investors, and academics to explore the essential qualities behind enduring corporate excellence, including leaders from Goldman Sachs, Novo Nordisk, Otis, Ferrari, Nasdaq, and investment firms, offering a rare, multifaceted perspective on what sets truly great companies apart in an era of rapid change and uncertainty.

Karen Karniol-Tambour: Today’s Radically Different Market Environment

Borsgade May 13, 2025

In this Bridgewater Associates interview, Co-CIO Karen Karniol-Tambour discusses the firm’s latest outlook on the global economy, the investment landscape, and the urgent threats facing portfolios. The conversation centers on the shift to a new era of “modern mercantilism,” the implications for US assets and the dollar, the rising risk of recession, and the role of technological disruption, particularly artificial intelligence (AI).

Warren Buffett: Its Time To Pass The Torch

Borsgade May 13, 2025

Warren Buffett, legendary investor and longtime leader of Berkshire Hathaway, has announced he will step down as CEO at the end of the year, with Greg Abel set to succeed him. Buffett, who will remain as chairman, made this announcement in a surprise move at the conclusion of the Berkshire Hathaway annual shareholders meeting, marking a significant transition for the company he has shaped for decades.

Counterpoint Global: Investing in Second-Order Effects of AI

Borsgade May 13, 2025

Artificial intelligence (AI) and automation are rapidly transforming the business landscape, with profound implications for companies, workers, and investors. In their April 2025 report, Morgan Stanley’s Counterpoint Global explores how the adoption of these technologies is driving efficiency, reshaping workforces, and creating new investment opportunities-especially through “second-order effects.”

Aswath Damodaran: Dangers of Contrarian Investing

Borsgade May 6, 2025

In his recent blog post NYU professor Aswath Damodaran examines the popular investment advice to “buy the dip” – that is, to purchase stocks or markets after sharp declines. He explores the various forms of contrarian investing, the historical evidence supporting and challenging these strategies, and the psychological demands required to succeed as a contrarian investor. Aswath urges investors to approach contrarian strategies with caution, discipline, and self-awareness, rather than simply following the crowd or relying on historical averages.

Matthew McLennan: In times of Change Forget the Night Ahead

Borsgade May 6, 2025

In First Eagle’s 1Q25 Market Overview, Matthew McLennan and team reflect on the shifting landscape following a major change in US political leadership and its impact on global equity markets. The report urges investors to look beyond short-term volatility and focus on enduring investment principles.

Ray Dalio: A Recession Is A Close Call

Borsgade May 6, 2025

Ray Dalio, founder of Bridgewater Associates, recently shared his concerns about the global economy’s trajectory in a Bloomberg interview. He argues that while much attention is on tariffs and short-term market swings, the real risks lie in deep structural imbalances and political dysfunction, drawing parallels to the turbulent 1930s. Dalio believes a recession is likely, but warns the underlying issues could lead to even greater instability if not addressed.

Karen Karniol-Tambour: Energy Security and Industry Competitiveness Over Climate Leadership

Borsgade April 21, 2025

In this article by Karen Karniol-Tambour and the colleagues at Bridgewater, they explore whether the global green energy transition is stalling or evolving, as policy priorities shift in major economies. The analysis highlights how governments are now emphasizing energy security and industrial competitiveness over climate leadership, impacting investment flows and the pace of decarbonization.

Francois Rochon: Navigating Market Crashes

Borsgade April 21, 2025

Francois Rochon, CIO of Giverny Capital, recently shared his approach to navigating market crashes on the Meb Faber Podcast. His perspective emphasizes acceptance, preparation, and strategic action rather than panic or futile attempts at market timing.

Howars Marks: Take advantage Of Trumps Own Goal

Borsgade April 21, 2025

In his latest memo “Nobody Knows (Yet Again)”, Howard Marks addresses the profound uncertainty facing investors and policymakers amid recent upheavals in global trade and economic policy. Drawing on parallels to the 2008 financial crisis and the Covid-19 pandemic, Howard emphasizes the limits of forecasting in unprecedented situations and the importance of rational, flexible decision-making despite the absence of clear answers.

François Rochon: Quality over Diversification

Borsgade April 2, 2025

In this recent interview, François Rochon, founder of Giverny Capital, shares his insights on optimal portfolio strategy. François emphasizes a balanced and disciplined investment philosophy that prioritizes quality over excessive diversification.

Aswath Damodaran: Globalization Backlash

Borsgade April 1, 2025

In his recent article, NYU professor Aswath Damodaran shares his thoughts on how politics, globalization, and disruption has changed the investing landscape.

Bill Nygren: A Modern Approach To Value Investing

Borsgade March 28, 2025

In this interview, Bill Nygren reflects on his career mistakes and lessons learned. These insights highlight the importance of balancing conviction with caution in investing and the need for value investors to adapt their strategies to include companies with significant intangible assets.

Howard Marks: Value matters more than quality

Borsgade March 28, 2025

In this interview, Howard Marks shares his investment philosophy and lessons learned over his 55-year career, including contrarian investing, value versus quality and the inevitable market cycles.

Mohnish Pabrai: The Boom-Bust Mental Model

Borsgade March 28, 2025

In this interview at the 2025 MOI Global, Mohnish Pabrai shares insights on his investment philosophy and current market perspectives. The conversation covers various industries and investment approaches, with particular focus on cyclical businesses and special situations.

Howard Marks: Credit Offers a Better Deal Than Equities

Borsgade March 11, 2025

In his recent memo, Howard Marks discuss the current state of the credit market, focusing on high-yield bonds and the implications of narrow yield spreads. Howard emphasizes that while spreads are important, total returns are what ultimately matter for investors.

Mohnish Pabrai: The Swiss Army Knife Approach to Investing

Borsgade March 3, 2025

In this interview, Mohnish Pabrai shares his investment philosophy and life lessons. Using personal examples from his investment career, he demonstrates how major setbacks – including a large loss in a startup before launching his fund and the significant portfolio decline during the 2008 financial crisis – ultimately strengthened his investment approach and led to substantial gains afterward.

Matthew McLennan: Reflections On The Market Situation Anno 2025

Borsgade February 18, 2025

In their recent report ‘First Eagle Reflections’, the team at First Eagle outlines key market developments and future expectations, focusing on macroeconomic trends, sector performance, and notable companies.
Their insights highlight the dynamic nature of the global economy and the importance of strategic positioning across sectors and geographies.

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