Recently, I gave an interview with ShareInvestor. The original version can be found here.

As a successful fund manager, what is your management style/investment philosophy?

I seek companies trading at a price fractional of their liquidation or fair values, as I believe that over time, the price of the stock should eventually reflect the fair value of the underlying business. However, at the heart of the investment philosophy, it’s the emphasis on the capital cycles. It is based on the idea that the prospect of high returns will attract excessive capital; hence huge competition, just as low returns repel them. The resulting ebb and flow of capital affects long-term returns for shareholders in often predictable ways, what is termed as the capital cycle. After identifying sectors that are in its downcycle and starved of capital, this is followed by a detailed research-based analysis of the fundamentals of the company