While a small number of businesses generate a disproportionate share of long-term equity market returns, identifying them is far more difficult than it appears in hindsight.
In the latest episode of The Allan Gray Podcast, portfolio manager Siphesihle Zwane is joined by fellow portfolio managers Jithen Pillay and Pieter Koornhof to discuss how Allan Gray searches for businesses with the potential to compound value over long periods of time. They explore why a great business is not always a great investment, why the best buying opportunities can feel deeply uncomfortable, and how investors distinguish between a temporary setback and a genuine change in a company’s prospects. They also explain why patience and discipline remain essential ingredients for long-term investment success.