There was a really great interview yesterday with David Winters. First here is his bio for anyone unfamiliar with him:
David joined Mutual Series in 1987, during Max Heine’s tenure. Heine died the next year, so David was mentored in value investing by Michael Price, this is mentioned in detail in Bruce Greenwald’s excellent book,Value Investing: From Graham to Buffett and Beyond. One key component of his value investing methodology is to not just buy at a discount, but to help management unlock that potential value as an active investor. He also looks for value where others don’t want to look and is willing to go the extra mile in finding ways to invest money.
He was named Director of Research of Mutual Series in 2000 and President and CIO in 2001. During his time with Franklin Mutual Advisors, he was also the portfolio manager of the Mutual Discovery Fund from February 2000 to May 2005.
The LF Brook Absolute Return Fund lost -2.52% in the second quarter of 2021, compared to a positive performance of 7.59% for its benchmark, the MSCI Daily TR Net World Index. Year-to-date the fund has returned 4.6% compared to 11.9% for its benchmark. Q2 2021 hedge fund letters, conferences and more According to a copy Read More
After leaving Mutual Series in 2005, David formed Wintergreen Advisers and the Wintergreen Fund in Maine, USA. The companies are named after the official state herb of Maine, the wintergreen. He was encouraged by others to open a less-regulated hedge fund, but opted to run a comparatively strictly regulated mutual fund[. He said in his characteristic nice guy manner that: “Mutual fund is a truly democratic way. You can invest your friends’ money. It is nice to be able to do a nice job for people who need the money.”
As of October 2006, David is also currently a sub-advisor for the Renaissance Global Market Fund, operated by CIBC Asset Management. In December 2006, Winters was selected as one of four participants in the tenth annual global investing round table hosted by the International Herald Tribune.
He idolized value investor and future employer Max Heine during his younger years, keeping a news article about him taped to his dorm room wall in college.
Books I am currently reading- Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets, Creative Cash Flow Reporting: Uncovering Sustainable Financial Performance, and The Rise and Fall of the Third Reich: A History of Nazi Germany (Yes I usually read 2-4 books at once, and I love history/politics in addition to investing/finance).
INSIDE THE 3RD QUARTER GDP REPORT
Common Sense Investing: The Papers of Benjamin Graham
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Value Investing: Warren Buffett’s Successor: Todd Combs Of Castle Point Capital