Andras Tothfalussy: Dear Mr. Tilson, Investments nowaday cannot lack an international dimension. I would like to ask your opinion about how you can apply the techniques of Mr. Graham and Mr. Buffett to less developed markets. Is there any possibility to merge the traditional value investing approach with macro-based strategies? (Not necessary with outright macro-forecasts) If yes, how?
Whitney Tilson: I’m not sure what you mean by “macro-based strategies,” but I absolutely agree that value investing can be applied to less developed markets. In fact, I have no doubt that there is MUCH greater opportunity to make serious money applying value investing in such markets, given how picked over and efficient the U.S. market is. The only reason we don’t do more of it ourselves is that investing in any country requires detailed knowledge of that country’s accounting standards, laws, business norms, etc. – and the only market I know is my own (and, to some extent, Canada’s; we own Tim Hortons, for example). But I have a good friend who runs a fund in Italy and he’s been knocking the cover off the ball, thanks in part to the fact that almost nobody practices value investing in Italy and thus he’s able to find remarkable bargains.
nessuno in Italia pratica Value Investing: detto al congresso mondiale di questa disciplina
