“A self-taught investor with an astonishing track record.”
- Canada's Globe and Mail
Questions.
Q: What do you do?
A: We distill the global investment universe down to a small group of what we believe are the most compelling investments. We then diversify, fit and balance them together into a high-powered, concentrated, global portfolio.
Q: Do you concentrate on any particular geographic location or asset class ?
A: No. We look everywhere and at everything.
Q: Is a Rees Capital Management portfolio volatile?
A: Yes.
Q: Do you adhere to growth or value principles?
A: In general we seek 'deep value' and 'special situation' opportunities.
Q: Do you make efforts to balance the portfolio for risk?
A: Yes.
Q: When you add an investment what is your average time horizon?
A: We are quite happy to hold a position for three to five years.
Q: Do you make a lot of trades in a year?
A: No. On average we’ve made somewhere around six investments a year. There can be occasional additions and/or partial deletions to those investments as well. Our market activity tends to come in clusters, during a market, sector, or individual company crisis. We also go through long periods where we make zero trades.
Q: What kind of returns do you expect from a Rees Capital Management investment portfolio?
A: Over the short term a portfolio can, and will, exhibit significant price volatility both up and down and can out-perform or under-perform the market by wide margins. However, we believe that over a normal business cycle it is reasonable for us to expect a portfolio, when averaged, to return somewhere around 12% per year.
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