Simon Hallett - Wherever We Can, We’ve Added Something That’s Based Upon Behavioral Finance | #191

The Meb Faber Show - Better Investing

The Idea Farm

Management, Investing, Business

4.8 • 978 Ratings

🗓️ 4 December 2019

⏱️ 72 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In episode 191, we welcome our guest, Simon Hallett. Simon and Meb start off the conversation with a run-down of Simon’s firm, Harding Loevner, cover its quality growth investment approach as well as its long-term focus. Simon gives some insights into “short-termism” and what it takes and the incentives in place to keep everyone at Harding Loevner focused on long-term investing. Simon walks through the investment framework at Harding Loevner in detail. From a high level, they care about growth, quality, and price and beyond that, Simon walks through the details and what it looks like as ideas work their way through the process. Next, Simon and Meb get into skill vs. luck. Simon emphasizes the role process plays in skill vs. luck, and the post-investment review he and his team go through to analyze the role skill vs. luck played in the outcome of a position. As the conversation winds down, Simon and Meb touch on behavioral finance, and Simon discusses introducing behavioral aspects to the investment process wherever they can. He mentions he think there is a behavioral edge in any market. All this and more in episode 191, including a discussion about Simon’s football club and his most memorable investment. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Medfavor Show, where the focus is on helping you grow and preserve your wealth.
0:11.0	Join us as we discuss the craft of investing and
0:13.5	uncover new and profitable ideas all to help you grow wealthier and wiser.
0:17.2	The better investing starts here.
0:18.8	Mepp Babers the co-founder and chief investment officer at Cambria Investment Management.
0:23.3	Did it industry regulations, he will not discuss any of Cambria's funds on this podcast.
0:27.1	All opinions expressed by podcast participants are solely their own opinions and do not request the opinion of
0:31.2	Cambria Investment Management or its affiliates.
0:33.0	For more information, visit Cambria Investments.com.
0:36.0	Hey podcast listeners, we got a great show for you today.
0:42.0	I hope everyone is fat and
0:43.8	happy and well rested from Thanksgiving I know I am our guest is a partner and the
0:48.6	co-cio of Harding Lovner before that he spent nearly a decade in Hong Kong as a director investment manager of Jardine Fleming,
0:55.0	also Klinemore Benson and Dominion Securities.
0:58.0	In today's episodes we get into some key aspects of Harding Lovenner's process and a great deal of care that is involved in defending
1:04.0	against short-termism and saying highly focused on long-term investing.
1:08.2	We then dive into the influence process has on skill versus luck and investment outcomes, as well as considerations he and his team make to address behavioral biases.
1:17.0	Stick around because we then discuss becoming an owner of a football team, introducing quantitative analytics and the similarities
1:24.4	their share between running a team and an investment shop.
1:27.4	Welcome to the show Simon Hallet.
1:28.6	Thanks very much, Ben.
1:29.6	Glad to be here.
	...

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