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MANASLU CAPITAL RESEARCH draws upon 20+ years of professional investing experience to manage financial risk. Entry into the field followed an undergraduate degree in Economics and completion of the CFA charter holder program.

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Professional experience includes:

  • 10+ years working at a greater than $100 billion AUM investment firm in both a trader and fundamental analyst capacity.

  • 3+ years as portfolio manager of $300 million+ U.S. and Non-U.S. equity strategies at a $500 million+ investment firm

  • 4+ years as portfolio of a $100 million+ unconstrained investment strategy and senior member of the Investment Committee for a greater than $5 billion investment firm

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Investment Philosophy

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"Risk means more things can happen than will happen." - Elroy Dimson

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Risk is inherent in financial markets. The art of investing requires the ability to assess probabilistic outcomes at both the individual and portfolio level. It is through that analysis that you are able to understand the likely odds and payoffs for a given decision.

 

In that sense investing is more like poker than say chess. It is impossible to remove the element of chance from poker - you can only speculate on the odds of various cards being drawn. Whereas in chess there is technically an optimal move at any time given the positions of the pieces on the board (though it may be hard for humans to determine it).

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Financial markets are dynamic systems, meaning they are constantly evolving and involve the interplay between different factors and participants. For a given individual we can simplistically visualize this as follows:
 

Investment Factors.png

At different points in time individual factors wax and wane in importance. Additionally, many factors are very important but not predictable. A long-term investment framework serves as a tool to focus attention on the most relevant and predictive factors to a given investment or portfolio.

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Risk works in both direction. Equal attention must be paid to the entire spectrum of possibilities.

 

MANASLU subscribes to the philosophy made popular by Howard Marks of Oaktree Capital to aim to "avoid the losers, the winners will take care of themselves." 

 

This approach tends to favor investments where a great deal of pessimism is priced in whereas the potential upside may be underappreciated.

 

That said, successful long-term investment returns require the humility and discipline to adapt as conditions change and correctly identify when a result was caused by luck or random chance.

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