November 14, 2024 • 23 mins
Join us in this weeks episode as we chat with Vas Piperoglou, Co-founder and Chief Investment Officer at Collins Street Asset Management. Vas' path to a successful career was paved by motivation, ambition, and the power of knowledge. From starting his investment journey at the age of only 12 with the help of his father, Vas developed a passion for understanding markets. In this conversation, he shares with us the lessons he's learned along the way, the principles that guide his investment decisions, and his insights into the evolving financial landscape.
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Episode Transcript
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Speaker 1 (00:06):
Welcome to Finance Friends with Fabian, where we
give our listeners anopportunity to be a part of our
conversation with financialservices industry leaders.
Hear their stories, thechallenges they've overcome and
the invaluable advice they havefor anyone interested in the
financial world.
Keep up to date with us byfollowing Finance Friends
podcast on Instagram and TikTok.
(00:27):
Hi Vaz, welcome to FinanceFriends with Fabian.
How are you today?
Speaker 2 (00:34):
I'm pretty good, fabian, yourself.
Speaker 1 (00:35):
I'm very well, thank you.
So can we maybe share a littlebit of your background to the
audience, so where you're fromand what your current profession
is?
Speaker 2 (00:53):
Sure.
So I'm one of the co-foundersof Collins Street Asset
Management.
Collins Street Asset Managementis a fund manager.
We're a boutique value fundmanager based in Melbourne.
I say boutique because we don'tmanage billions of dollars.
We are value guys and most ofour funds are long-only equities
.
If I had to generalise, yeah,fantastic.
Speaker 1 (01:15):
So when you say you're a co-founder, what is
your role in the business?
Speaker 2 (01:20):
So I am Chief Investment Officer of the
Collins Street Asset Management,so my main role is mainly
around the investments, so thevarious investments our funds
make, and the other co-founderand managing director is Michael
(01:41):
Goldberg, and so we try tosplit tasks between ourselves.
But if you think of me mainlyas the investment side of things
, that's mainly what my tasksrevolve around.
Speaker 1 (01:56):
Fantastic and for our audience that might not be
familiar with what valueinvesting is, can you just give
us a quick layman's termsexplanation of what value
investing is?
Can you just give us a quicklayman's terms explanation of
what value investing is?
Speaker 2 (02:08):
Sure.
So I guess a value investor isa fundamental investor, that
they use either kind ofintrinsic valuations based on
earnings or asset values.
So it's not momentum, it'svalue driven.
Most value investors aresomewhat contrarian.
(02:28):
We tend to get attracted to theunloved sectors and stocks and
so, on a high level, that'svalue investing.
I guess the most famous valueinvestor who's still alive today
is probably Warren Buffett.
So yeah, that's pretty muchvalue investing.
Speaker 1 (02:48):
Fantastic.
Thank you for that.
And maybe so, whatqualifications do you need to be
a CIO or a portfolio manager?
Or maybe talk us about yourjourney.
Maybe let's start with yourjourney.
What was your journey to becomethe CIO and co-founder of
Collins Street Asset Management?
Speaker 2 (03:10):
So my journey was a bit unique.
So I studied commerce law atMonash, pretty entrepreneurial
from a young age, had variousprivate businesses.
The first one was when I was 16.
And then I knew very early onthat I wanted to run my own fund
(03:32):
.
And so, granted, you need tohave, I guess, some connections
within the financial servicesworld and you can't just start a
fund from scratch at an earlyage.
So, on purpose, I decided toget started in the industry and
(03:55):
so I joined a boutique assetmanagement firm.
We were running individuallymanaged accounts and that was
actually pretty much my firstjob as an employee.
Previous roles were with my ownprivate businesses and kind of
pivoted from there to startingour fund.
(04:16):
So, yeah, a little bitdifferent.
That's kind of my background.
Speaker 1 (04:23):
So you mentioned you did a double degree in commerce
law at Monash.
Is that right Correct?
So have you done any otherpostgraduate studies or did you
to become an analyst originally?
Did you need to study that?
Speaker 2 (04:39):
So, no, I haven't done anything postgraduate.
So very early on my love affairwith stocks, to be honest, and
it's pretty cliche, but I'veread probably every book written
about Buffett, warren Buffettand Berkshire Hathaway, and so
(05:00):
from stocks I'm self-taught.
I did have my first stock whenI was 12, thanks to my father
that raided my piggy bank.
Speaker 1 (05:12):
What was the minimum parcel back then?
Because I think it's $500 onthe ASX today.
Speaker 2 (05:16):
I don't know what the minimum was, and I can't
remember how I even got themoney but he raided my piggy
bank and I bought $1,200 worthof CSR at 12.
Which is the building?
Companies so it was a weirdconglomerate.
They had building and sugar.
Yeah, okay, so the sugardivision and the building
(05:36):
division.
And the only reason why wepicked CSR is we watched that
money program with, I think,Paul Clifford, and the
recommendation was either NewsCorp or CSR and my father, who's
in the medical profession, saidyou've got two choices and I
picked the one that had thehighest yield.
I should have picked News Corpbecause I think it did a lot
(05:57):
better.
So really that started my loveaffair with stocks and just
really self-taught, you know,throughout high school, I guess
you know I would rather go intothe library trading stocks than
doing sports.
So yeah, self-taught, nopostgraduates, but you know I
(06:20):
constantly read, even today.
Speaker 1 (06:22):
So yeah, yeah, so what?
So I assume from the age of 12,it's probably you knew that
that's what you wanted to do bean investor.
Speaker 2 (06:31):
Probably 16.
So probably by the time I was16, I knew I wanted to manage a
pool of money.
Speaker 1 (06:40):
Yeah.
Speaker 2 (06:41):
Obviously, I didn't crystallize the type of vehicle
and how it would look, but Iknew I wanted to manage a pool
of money, yeah and based on,obviously, your dad raiding your
piggy bank at the age of 12 andinvesting in CSR.
Speaker 1 (06:57):
You obviously spoke about Warren Buffett, who's been
the biggest influence on yourlife and also on your career to
date and it might be more thanone person, yeah, probably well,
number one would have to be myfather, you know.
Speaker 2 (07:14):
For I don't know if you would say allowing me to be
entrepreneurial, but certainlynot stopping me Enabling you,
yeah, enabling me, I mean.
I mean you know he's, I meanhe's still a practicing
psychiatrist today.
He's, you know, secondgeneration, Greek, australian.
(07:34):
It was all about, you know,going to uni, getting a
profession and so, directly, Iguess you could say, you know my
family, we weren'tentrepreneurial family, but I
don't know what hit me, but Ijust loved business and I guess,
having read all the books onBuffett, you know stocks are
(07:55):
businesses.
So analyzing businesses,sectors, industries, you know, I
find it fascinating and I thinkI mean, again, I'm not against
doing postgraduate work, but atthe end of the day, most lessons
in life are self-taught and so,you know, reading economic
history, I love, reading stockor industry-specific history I
(08:20):
love.
And the third part and againit's something that I've done
religiously for a long time isreading your own history.
So writing your own journals andreading upon your own history,
and I'm talking specificallyinvestment history, because you
(08:41):
do refine your skills over theyears and you try to improve.
Speaker 1 (08:45):
Yeah, that's really good insight.
I think a lot of people go onthat journey and enjoy that
journey, but never reallyreflect on that journey.
Speaker 2 (08:54):
I mean the hard part is reflecting and trying to be
not biased, even though it'syour own history.
Speaker 1 (08:59):
Yeah.
Speaker 2 (09:01):
But you know you've got to separate In my line of
work if I want to talk aboutbeing stock specific.
You know, just because you mademoney on an investment doesn't
mean you're right, and viceversa.
Just because you lost money onan investment doesn't mean
you're wrong.
Yeah, you know, you've got totake a level-headed approach and
(09:22):
realise when you were luckyversus when you're unlucky.
And you know, using evidencebased on the information at hand
currently, whether something isa good asymmetric I hate using
this word because I'm not agambler but bet, doing a bet
based on the current information, and so you know.
Perhaps most people find thatdifficult, but I think over the
(09:44):
years, if you start to followyour own journey, you do refine
your skill set and you work outwhat you're good at and what
you're not good at.
Yeah, so yeah.
Speaker 1 (09:53):
Yeah, I guess that might.
I just want to go back to thatbecause it's interesting.
When I used to run money forclients, I would tell clients
that at this point in time, withthe information we have
available, I either believe thisis a good investment or I don't
believe this is a goodinvestment for the following
reasons.
Now, in a year's time, there'sprobably going to be new
information that will affectthat decision, whether it's
right or wrong.
(10:13):
But at this point in time, thisis what I believe for the
following reasons.
Yep, and I think a lot of people, especially a lot of people
that might be, invest with youor, you know, under your
guidance, you know you mighttell them to, or recommend you,
sell a stock and then that stock, you know, could change, it
could get an acquisition, takeover, whatever it might be, and
(10:37):
yet you know the stock might doreally well and they look at you
well.
You recommended, you know thatI sell that stock and I said,
yeah, I did, because at thatpoint in time that was an
unlikely probability.
Anyway, let's move on.
What do you think the mostsuccessful skills are in your
role or the skills required tobe successful in your position?
Speaker 2 (10:55):
So I think, in today's day and age, if people
can grasp removing the noise andnot being distracted and having
proper thinking time when itcomes to investments, I think
that helps me a lot.
Now, I don't know whether a lotof others do that or don't do
(11:16):
that, but that's what I do.
So removing the noise and youknow, if I talk specifics, I
know this sounds not the best,but, for example, I rarely
answer unsolicited phone calls.
I only go onto my emails at thestart of the morning.
At the end of the morning Idon't really use social media
(11:40):
that much.
I mean, I've got a LinkedInpage, but that's about it.
And so removing the noise andhaving just organic thought,
that's without distraction, Ithink, is number one.
Number two is well, from ourperspective is having conviction
when the time comes.
So every investment, every newinvestment, needs to make a
(12:03):
difference.
You know, in my opinion, andI'm sure, there are plenty of
ways to make money, but you needconviction to make a difference
.
And what's the third?
Probably what I said previouslyjust reading a lot about
history.
Now, that's whether it'seconomic history, whether it's
company or industry-specifichistory or your own history, but
(12:24):
constantly reading history.
Those are the three things Ithink.
Speaker 1 (12:30):
Yeah, and that's really good, really insightful
um and thank you for sharing.
I guess this is a little bitdifferent what what's?
Because obviously everyone intheir career um has has well,
everyone in their life andcareer has has setbacks and
challenges, which, ultimately,is your best learning
opportunity.
If, if you ask me, yep, what'sbeen the biggest setback, or
(12:50):
some setbacks, can you sharewith our audience, with you and
your career to date, and how didyou overcome them?
Speaker 2 (12:58):
So I agree, I think the best lessons are self-taught
lessons, number one.
However, I guess sometimesagain, if you're reading a lot,
you could argue perhaps it'sbest to learn from other
(13:20):
people's mistakes than your ownmistakes.
So there is nothing that I canthink of in the life of Colin
Street you know we've beenaround for almost nine years
that I can think of that wasanything close to fatal.
But reading a lot about otherpeople's mistakes and I guess,
(13:40):
look, we don't get everyinvestment right, so I guess I
could say some setbacks havebeen, some investments that have
not turned out well, andlearning from that Nothing fatal
, even though I do agree withyour comment that you learn from
previous failures.
Speaker 1 (13:59):
Yeah no, thank you for sharing.
And obviously, as an investorand a portfolio manager and CEO,
you're not going to get everydecision right, but if you get
in more than half them right,you're probably going to get
every decision right, but if youget in more than half of them
right, you're probably going tohave some great returns.
And what advice would you giveanyone you know, maybe someone
that's a junior investmentanalyst or studying finance to
(14:21):
become a CIO or a portfoliomanager You're running, you know
, whether it be an Aussie equity, Aussie long-only equity fund
or international fund orwhatever investment way of
investing you'd like to invest.
What advice would you givesomeone that wants to be an
investment analyst or aportfolio manager or a CIO?
Speaker 2 (14:43):
Well, I think there are two important things at play
and they are interlinked.
So I think number one this is ageneral advice for anything,
any profession, to be honest ismake sure you're doing what you
love, because when you lovesomething, you go the extra mile
.
And then number two, and andmaybe you've got to be pretty
(15:04):
self critical, but but make surethat, whichever, if you want to
be a COO or a fund manager,make sure you have an X factor
and that you're, you know, inthe top quartile of that.
And so I think human beings areunique in that.
I think there are plenty ofthings we could end up loving
but might not be that good at it.
(15:26):
So, I think, loving somethingand making sure you have an X
factor, because if you don'tfind something else you love,
that you're really good at.
Speaker 1 (15:35):
Yeah, okay, so a combination of something you're
good at, but also something youreally enjoy, correct?
Speaker 2 (15:40):
Yeah, so you can become better at it.
I think correct, spot on.
Speaker 1 (15:45):
Yeah, I guess that might lead me into the next
question, because you obviouslylove what you do, clearly
passionate about investing andlearning about companies and
doing analysis, and the secondthing is being a top performer.
Now maybe it would be good toshare with our audience around
Collins Street Asset Management,and you know you've been
(16:07):
operating now for nine years.
The business continues to growand the numbers are exceptional.
So let me just share a littlebit about Collin Street Asset
Management, the funds that youoffer From my understanding only
available to wholesaleinvestors, but you know some of
the performance numbers thatyou've been able to achieve, and
some good in.
Well, just maybe share a bitabout the business.
Speaker 2 (16:30):
So our Flag Chick Fund, which is the fund that's
been going for the longest, andwhat we're known for, I think,
is our long-only Collins StreetValue Fund.
So since inception, which isclose to nine years, net after
fees, I believe our annualisedreturn has been 13.5% or around
13.5%.
(16:51):
We are concentrated investors.
I think the portfolio currentlyholds, if I include precious
metals or gold as one thematic,even though we have a basket of
stocks, but if I include that asone thematic, we probably have
about 12, 13 positions.
Yeah, and so you know we rarely, you know we don't have high
(17:16):
turnover on our portfolio numberone and number two.
You generally do find us at thestart of a new investment where
we're normally in stocks orcorners of the market where no
one wants to know about.
Speaker 1 (17:29):
Yeah.
Speaker 2 (17:29):
For example, four years ago, based on our
fundamental analysis regardingmine supply, we were pretty
heavy in the uranium thematicyeah.
Welcome to Finance Friends with Fabian, where we
give our listeners anopportunity to be a part of our
conversation with financialservices industry leaders.
Hear their stories, thechallenges they've overcome and
the invaluable advice they havefor anyone interested in the
financial world.
Keep up to date with us byfollowing Finance Friends
podcast on Instagram and TikTok.
(00:27):
Hi Vaz, welcome to FinanceFriends with Fabian.
How are you today?
Speaker 2 (00:34):
I'm pretty good, fabian, yourself.
Speaker 1 (00:35):
I'm very well, thank you.
So can we maybe share a littlebit of your background to the
audience, so where you're fromand what your current profession
is?
Speaker 2 (00:53):
Sure.
So I'm one of the co-foundersof Collins Street Asset
Management.
Collins Street Asset Managementis a fund manager.
We're a boutique value fundmanager based in Melbourne.
I say boutique because we don'tmanage billions of dollars.
We are value guys and most ofour funds are long-only equities
.
If I had to generalise, yeah,fantastic.
Speaker 1 (01:15):
So when you say you're a co-founder, what is
your role in the business?
Speaker 2 (01:20):
So I am Chief Investment Officer of the
Collins Street Asset Management,so my main role is mainly
around the investments, so thevarious investments our funds
make, and the other co-founderand managing director is Michael
(01:41):
Goldberg, and so we try tosplit tasks between ourselves.
But if you think of me mainlyas the investment side of things
, that's mainly what my tasksrevolve around.
Speaker 1 (01:56):
Fantastic and for our audience that might not be
familiar with what valueinvesting is, can you just give
us a quick layman's termsexplanation of what value
investing is?
Can you just give us a quicklayman's terms explanation of
what value investing is?
Speaker 2 (02:08):
Sure.
So I guess a value investor isa fundamental investor, that
they use either kind ofintrinsic valuations based on
earnings or asset values.
So it's not momentum, it'svalue driven.
Most value investors aresomewhat contrarian.
(02:28):
We tend to get attracted to theunloved sectors and stocks and
so, on a high level, that'svalue investing.
I guess the most famous valueinvestor who's still alive today
is probably Warren Buffett.
So yeah, that's pretty muchvalue investing.
Speaker 1 (02:48):
Fantastic.
Thank you for that.
And maybe so, whatqualifications do you need to be
a CIO or a portfolio manager?
Or maybe talk us about yourjourney.
Maybe let's start with yourjourney.
What was your journey to becomethe CIO and co-founder of
Collins Street Asset Management?
Speaker 2 (03:10):
So my journey was a bit unique.
So I studied commerce law atMonash, pretty entrepreneurial
from a young age, had variousprivate businesses.
The first one was when I was 16.
And then I knew very early onthat I wanted to run my own fund
(03:32):
.
And so, granted, you need tohave, I guess, some connections
within the financial servicesworld and you can't just start a
fund from scratch at an earlyage.
So, on purpose, I decided toget started in the industry and
(03:55):
so I joined a boutique assetmanagement firm.
We were running individuallymanaged accounts and that was
actually pretty much my firstjob as an employee.
Previous roles were with my ownprivate businesses and kind of
pivoted from there to startingour fund.
(04:16):
So, yeah, a little bitdifferent.
That's kind of my background.
Speaker 1 (04:23):
So you mentioned you did a double degree in commerce
law at Monash.
Is that right Correct?
So have you done any otherpostgraduate studies or did you
to become an analyst originally?
Did you need to study that?
Speaker 2 (04:39):
So, no, I haven't done anything postgraduate.
So very early on my love affairwith stocks, to be honest, and
it's pretty cliche, but I'veread probably every book written
about Buffett, warren Buffettand Berkshire Hathaway, and so
(05:00):
from stocks I'm self-taught.
I did have my first stock whenI was 12, thanks to my father
that raided my piggy bank.
Speaker 1 (05:12):
What was the minimum parcel back then?
Because I think it's $500 onthe ASX today.
Speaker 2 (05:16):
I don't know what the minimum was, and I can't
remember how I even got themoney but he raided my piggy
bank and I bought $1,200 worthof CSR at 12.
Which is the building?
Companies so it was a weirdconglomerate.
They had building and sugar.
Yeah, okay, so the sugardivision and the building
(05:36):
division.
And the only reason why wepicked CSR is we watched that
money program with, I think,Paul Clifford, and the
recommendation was either NewsCorp or CSR and my father, who's
in the medical profession, saidyou've got two choices and I
picked the one that had thehighest yield.
I should have picked News Corpbecause I think it did a lot
(05:57):
better.
So really that started my loveaffair with stocks and just
really self-taught, you know,throughout high school, I guess
you know I would rather go intothe library trading stocks than
doing sports.
So yeah, self-taught, nopostgraduates, but you know I
(06:20):
constantly read, even today.
Speaker 1 (06:22):
So yeah, yeah, so what?
So I assume from the age of 12,it's probably you knew that
that's what you wanted to do bean investor.
Speaker 2 (06:31):
Probably 16.
So probably by the time I was16, I knew I wanted to manage a
pool of money.
Speaker 1 (06:40):
Yeah.
Speaker 2 (06:41):
Obviously, I didn't crystallize the type of vehicle
and how it would look, but Iknew I wanted to manage a pool
of money, yeah and based on,obviously, your dad raiding your
piggy bank at the age of 12 andinvesting in CSR.
Speaker 1 (06:57):
You obviously spoke about Warren Buffett, who's been
the biggest influence on yourlife and also on your career to
date and it might be more thanone person, yeah, probably well,
number one would have to be myfather, you know.
Speaker 2 (07:14):
For I don't know if you would say allowing me to be
entrepreneurial, but certainlynot stopping me Enabling you,
yeah, enabling me, I mean.
I mean you know he's, I meanhe's still a practicing
psychiatrist today.
He's, you know, secondgeneration, Greek, australian.
(07:34):
It was all about, you know,going to uni, getting a
profession and so, directly, Iguess you could say, you know my
family, we weren'tentrepreneurial family, but I
don't know what hit me, but Ijust loved business and I guess,
having read all the books onBuffett, you know stocks are
(07:55):
businesses.
So analyzing businesses,sectors, industries, you know, I
find it fascinating and I thinkI mean, again, I'm not against
doing postgraduate work, but atthe end of the day, most lessons
in life are self-taught and so,you know, reading economic
history, I love, reading stockor industry-specific history I
(08:20):
love.
And the third part and againit's something that I've done
religiously for a long time isreading your own history.
So writing your own journals andreading upon your own history,
and I'm talking specificallyinvestment history, because you
(08:41):
do refine your skills over theyears and you try to improve.
Speaker 1 (08:45):
Yeah, that's really good insight.
I think a lot of people go onthat journey and enjoy that
journey, but never reallyreflect on that journey.
Speaker 2 (08:54):
I mean the hard part is reflecting and trying to be
not biased, even though it'syour own history.
Speaker 1 (08:59):
Yeah.
Speaker 2 (09:01):
But you know you've got to separate In my line of
work if I want to talk aboutbeing stock specific.
You know, just because you mademoney on an investment doesn't
mean you're right, and viceversa.
Just because you lost money onan investment doesn't mean
you're wrong.
Yeah, you know, you've got totake a level-headed approach and
(09:22):
realise when you were luckyversus when you're unlucky.
And you know, using evidencebased on the information at hand
currently, whether something isa good asymmetric I hate using
this word because I'm not agambler but bet, doing a bet
based on the current information, and so you know.
Perhaps most people find thatdifficult, but I think over the
(09:44):
years, if you start to followyour own journey, you do refine
your skill set and you work outwhat you're good at and what
you're not good at.
Yeah, so yeah.
Speaker 1 (09:53):
Yeah, I guess that might.
I just want to go back to thatbecause it's interesting.
When I used to run money forclients, I would tell clients
that at this point in time, withthe information we have
available, I either believe thisis a good investment or I don't
believe this is a goodinvestment for the following
reasons.
Now, in a year's time, there'sprobably going to be new
information that will affectthat decision, whether it's
right or wrong.
(10:13):
But at this point in time, thisis what I believe for the
following reasons.
Yep, and I think a lot of people, especially a lot of people
that might be, invest with youor, you know, under your
guidance, you know you mighttell them to, or recommend you,
sell a stock and then that stock, you know, could change, it
could get an acquisition, takeover, whatever it might be, and
(10:37):
yet you know the stock might doreally well and they look at you
well.
You recommended, you know thatI sell that stock and I said,
yeah, I did, because at thatpoint in time that was an
unlikely probability.
Anyway, let's move on.
What do you think the mostsuccessful skills are in your
role or the skills required tobe successful in your position?
Speaker 2 (10:55):
So I think, in today's day and age, if people
can grasp removing the noise andnot being distracted and having
proper thinking time when itcomes to investments, I think
that helps me a lot.
Now, I don't know whether a lotof others do that or don't do
(11:16):
that, but that's what I do.
So removing the noise and youknow, if I talk specifics, I
know this sounds not the best,but, for example, I rarely
answer unsolicited phone calls.
I only go onto my emails at thestart of the morning.
At the end of the morning Idon't really use social media
(11:40):
that much.
I mean, I've got a LinkedInpage, but that's about it.
And so removing the noise andhaving just organic thought,
that's without distraction, Ithink, is number one.
Number two is well, from ourperspective is having conviction
when the time comes.
So every investment, every newinvestment, needs to make a
(12:03):
difference.
You know, in my opinion, andI'm sure, there are plenty of
ways to make money, but you needconviction to make a difference
.
And what's the third?
Probably what I said previouslyjust reading a lot about
history.
Now, that's whether it'seconomic history, whether it's
company or industry-specifichistory or your own history, but
(12:24):
constantly reading history.
Those are the three things Ithink.
Speaker 1 (12:30):
Yeah, and that's really good, really insightful
um and thank you for sharing.
I guess this is a little bitdifferent what what's?
Because obviously everyone intheir career um has has well,
everyone in their life andcareer has has setbacks and
challenges, which, ultimately,is your best learning
opportunity.
If, if you ask me, yep, what'sbeen the biggest setback, or
(12:50):
some setbacks, can you sharewith our audience, with you and
your career to date, and how didyou overcome them?
Speaker 2 (12:58):
So I agree, I think the best lessons are self-taught
lessons, number one.
However, I guess sometimesagain, if you're reading a lot,
you could argue perhaps it'sbest to learn from other
(13:20):
people's mistakes than your ownmistakes.
So there is nothing that I canthink of in the life of Colin
Street you know we've beenaround for almost nine years
that I can think of that wasanything close to fatal.
But reading a lot about otherpeople's mistakes and I guess,
(13:40):
look, we don't get everyinvestment right, so I guess I
could say some setbacks havebeen, some investments that have
not turned out well, andlearning from that Nothing fatal
, even though I do agree withyour comment that you learn from
previous failures.
Speaker 1 (13:59):
Yeah no, thank you for sharing.
And obviously, as an investorand a portfolio manager and CEO,
you're not going to get everydecision right, but if you get
in more than half them right,you're probably going to get
every decision right, but if youget in more than half of them
right, you're probably going tohave some great returns.
And what advice would you giveanyone you know, maybe someone
that's a junior investmentanalyst or studying finance to
(14:21):
become a CIO or a portfoliomanager You're running, you know
, whether it be an Aussie equity, Aussie long-only equity fund
or international fund orwhatever investment way of
investing you'd like to invest.
What advice would you givesomeone that wants to be an
investment analyst or aportfolio manager or a CIO?
Speaker 2 (14:43):
Well, I think there are two important things at play
and they are interlinked.
So I think number one this is ageneral advice for anything,
any profession, to be honest ismake sure you're doing what you
love, because when you lovesomething, you go the extra mile
.
And then number two, and andmaybe you've got to be pretty
(15:04):
self critical, but but make surethat, whichever, if you want to
be a COO or a fund manager,make sure you have an X factor
and that you're, you know, inthe top quartile of that.
And so I think human beings areunique in that.
I think there are plenty ofthings we could end up loving
but might not be that good at it.
(15:26):
So, I think, loving somethingand making sure you have an X
factor, because if you don'tfind something else you love,
that you're really good at.
Speaker 1 (15:35):
Yeah, okay, so a combination of something you're
good at, but also something youreally enjoy, correct?
Speaker 2 (15:40):
Yeah, so you can become better at it.
I think correct, spot on.
Speaker 1 (15:45):
Yeah, I guess that might lead me into the next
question, because you obviouslylove what you do, clearly
passionate about investing andlearning about companies and
doing analysis, and the secondthing is being a top performer.
Now maybe it would be good toshare with our audience around
Collins Street Asset Management,and you know you've been
(16:07):
operating now for nine years.
The business continues to growand the numbers are exceptional.
So let me just share a littlebit about Collin Street Asset
Management, the funds that youoffer From my understanding only
available to wholesaleinvestors, but you know some of
the performance numbers thatyou've been able to achieve, and
some good in.
Well, just maybe share a bitabout the business.
Speaker 2 (16:30):
So our Flag Chick Fund, which is the fund that's
been going for the longest, andwhat we're known for, I think,
is our long-only Collins StreetValue Fund.
So since inception, which isclose to nine years, net after
fees, I believe our annualisedreturn has been 13.5% or around
13.5%.
(16:51):
We are concentrated investors.
I think the portfolio currentlyholds, if I include precious
metals or gold as one thematic,even though we have a basket of
stocks, but if I include that asone thematic, we probably have
about 12, 13 positions.
Yeah, and so you know we rarely, you know we don't have high
(17:16):
turnover on our portfolio numberone and number two.
You generally do find us at thestart of a new investment where
we're normally in stocks orcorners of the market where no
one wants to know about.
Speaker 1 (17:29):
Yeah.
Speaker 2 (17:29):
For example, four years ago, based on our
fundamental analysis regardingmine supply, we were pretty
heavy in the uranium thematicyeah.
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