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Investment Adviser
Peattie Capital
Peattie Capital
- Education Columbia University; Amherst College
- Qualifications MBA
- Investment Experience 13 years
- Founded 2007
Reasonable Price
Peattie Capital manages separate accounts and strategies based on a "reasonable price" theory, which says that regardless of the risk profile of a strategy, if you buy underpriced securities, you'll be ok.
Once I identify a possible investment, I learn as much about it as I can. Company websites are a good place to start as they provide access to filings, presentations, and conference call archives. I look at numerous fundamental ratios, and evaluate them in the context of historical ranges, industry/peer ranges, the term structure of interest rates, and the economic cycle.
Once I identify a possible investment, I learn as much about it as I can. Company websites are a good place to start as they provide access to filings, presentations, and conference call archives. I look at numerous fundamental ratios, and evaluate them in the context of historical ranges, industry/peer ranges, the term structure of interest rates, and the economic cycle.
I believe in being flexible and somewhat opportunistic, and incorporate both a "top-down" and "bottoms-up" approach. I monitor the overall investment environment daily.
However my best investments are ones where I have studied a company from a variety of perspectives and believe that its shares will appreciate regardless of the macro environment. I like to understand exactly how the business model works, and also apply traditional and subjective valuation metrics.
However my best investments are ones where I have studied a company from a variety of perspectives and believe that its shares will appreciate regardless of the macro environment. I like to understand exactly how the business model works, and also apply traditional and subjective valuation metrics.
My ideas usually come from a network of other professional portfolio managers, either directly or through their filings, interviews and publications, and also from clients, market strategists, and my own reading.
I believe that asset allocation and diversification strategies can be useful, but are limited. Broad diversification did not protect investors in the 2007-2009 financial crisis, as asset classes/industries that had been believed to be predictably uncorrelated were highly correlated.
In contrast, PCM concentrates on specific situations ("the land of tall trees"), and portfolios have only 8-25 positions, depending. I will buy my highest conviction names up to 12% of a portfolio, and let them grow to 20% of a portfolio. There are no industry limits, but generally speaking no single industry is greater than 40% of a portfolio.
In contrast, PCM concentrates on specific situations ("the land of tall trees"), and portfolios have only 8-25 positions, depending. I will buy my highest conviction names up to 12% of a portfolio, and let them grow to 20% of a portfolio. There are no industry limits, but generally speaking no single industry is greater than 40% of a portfolio.
Closing positions can happen for any number of reasons: For example, 1) the fundamentals at a particular company have changed, or there is new information about a company or one of its competitors; 2) the valuation is no longer attractive; 3) I may need to make room for another idea; 4) a position reaches 20% of a portfolio; or 5) if a position is down 10-15%, I will review the investment thesis for it, which may lead to closing it.
I may "box" positions for a number of reasons, such as if I have significant gains and don't want to sell until I have acquired a long-term holding period.
Model commentary
ChipMos and Macquarie Infrastructure delivered for the model
9 April 2013
Macquarie Infrastructure may lift its dividend payout once more.
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