The search for pragmatic value not dogmatic value has led Antipodes Partners to invest in stocks such as Merck, Siemens and GE.
Jacob Mitchell explains why he believes conventional value investing anchors too much to a cyclical framework.
“We’ve always approached value investing from the perspective of taking into account the starting price, the multiple you are paying and the quality of the growth you’re buying. We want to have more of an awareness of all types of changes, and react when the market is getting it wrong. It is different from value at any price.”