Published on Dec 7, 2015
Mr. Cundill was the Principal of the Cundill Group. In 1977, Peter founded Peter Cundill & Associates Ltd. Throughout his career Peter earned many distinctions including the Analysts’ Choice Career Achievement Award as the greatest mutual fund manager of all time.
For more on The Cundill Group, see www.cundill.com
Also see There’s Always Something to Do: The Peter Cundill Investment Approach
0:10
charge you should have to hand out
0:16
11 is the record of the kind of value fund from 75 to date another one a net
0:24
net sheet which we called on a matter of Japanese metalworking company which I
0:30
want to talk about a little bit as as as as as well I want my I’d like my remarks
0:37
to be reasonably short shorts there should I think I hope I find what I did
0:43
I say engenders questions I think any case active and Mason Hawkins as well so
0:51
I I hope hope hope it will be useful session I i came to hollywood investing
1:04
in 1972 or 73 reading Chapter five of the book all super money I was in the
1:12
investment advisory business but the investment results were getting worse
1:16
after the afternoon with in bubble years of the late sixties and and I was
1:23
wearing it and then I read about in Chapter five super money I read above
1:29
then Graham who had studied under and the Skywarn bottom lip Jomon talked
1:37
about margin of safety and and I i had noticed as a practical matter the design
1:42
book securities trading below cash almost inevitably they worked
1:48
and and he gave me something to hang my hat on in any case in early 1975 I was
1:58
charged with the responsibility of running a saying called the old Canadian
2:02
venture fund which was characterized by the fact that had the worst mutual fund
2:08
record of any mutual fund in Canada over the years so I stock up my end to the
2:16
board and said hey guys can I can I do you Ben Graham du net nets and they said
2:22
you can’t do any worse as well give it a try now it was a wonderful time start
2:28
because 75 was just when the economy got better rates cut stable and that the
2:34
various banking crises around the world would begin to gets began to get
2:39
stabilized and 7675 hundreds of class also hundreds and hundreds of the magic
3:07
sex magic sections were companies perhaps we asked tracks
3:48
2326
5:22
something
6:44
thirty years to anticipate where the breakpoints not the disciplines
7:50
framework but the tactics
7:56
a strategic error that I made we dined out in Europe we had biggest positions
8:14
in the Deutsche Bank industrial share portfolio should be huge
9:46
comparing
11:49
sixes
14:11
companies have changed
17:54
the parents as a result to record levels
18:50
history
19:35
grand
21:45
seventies
22:32
25 products
23:20
shareholders
25:25
so I wonder
28:33
I think
31:45
control control
34:44
great poet
35:39
probably the best
36:41
I think
39:10
good but sometimes
44:55
Japanese
54:46
every day
61:33
are good
