On an otherwise gloomy morning on December 16, 2015, we had the privilege of having a quick chat with Albert and Chan over breakfast at the Conrad, Hong Kong. Albert and Chan are the managing partners of Petra Capital Management (“Petra”) – a long-term deep value-oriented firm based in Korea. Since its inception in September 2009, the Petra portfolio has yielded an annualised return of 16.0% net of all fees. The KOSPI Index, on the other hand, had an annualized return of 3.4% over the same period. Needless to say, it is an impressive record.

We have been following Petra for awhile now – you can find their shareholder letters here – and took the opportunity to pick their brains on all things related to investing.

60% Graham, 40% Munger

Their investment style was described as 60% ...