Refocus

REFOCUS

REFOCUS describes the thinking behind selected recent management actions and provides context to current positions against the backdrop of a global investment opportunity set.

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  • Richard Court

    Low Expectations

    Richard Court - March 2019

    In the latest edition of REFOCUS, portfolio manager and analyst Richard Court argues that much like happiness, investment outcomes depend not on how well things are going, but on whether things are going better or worse than expected. To explain this further, he outlines two recent additions to RECM funds where negative sentiment and low expectations have created investment opportunities in two very different sectors.

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  • Piet Viljoen

    A brief history of RECM

    Piet Viljoen - January 2019

    In the latest edition of REFOCUS, portfolio manager Piet Viljoen discusses how RECM’s investment process has come full circle back to the original process that served RECM investors well in its first 10 years. He talks about mistakes made and consequent lessons learned along the journey. He concludes with why he believes RECM is set to continue generating good returns for its investors – as it did so in the first 10 years of its existence, and as it has done so again over the past 3 years.

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  • Piet Viljoen

    If you can keep your head when all about you are losing theirs

    Piet Viljoen - October 2018

    In the latest edition of REFOCUS, portfolio manager Piet Viljoen discusses how being part of a crowd is generally a good survival strategy but doesn’t work in investing. He talks about what determines success in investing and cautions investors to pay attention to things they already know to be true, rather than expending effort trying to know what they cannot know. He concludes with what he believes to be a sensible strategy for investing in volatile and uncertain times. 

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  • Richard Court

    Scale: Bigger Isn’t Always Better

    Richard Court - August 2018

    Portfolio manager and analyst Richard Court discusses the circumstances under which size or scale translates into a durable competitive advantage for a business. He contrasts the benefit of economies of scale with the drawback of diseconomies of scale, outlines examples of both, and concludes with a new investment recently added to the RECM Global Fund where the company’s scale does actually contribute to our classification of it as a quality business.

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