True to label

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Perpetual Investments

Perpetual’s Head of Equities, Paul Skamvougeras is seeing patterns of investor behaviour he witnessed in the lead up to the tech wreck of the early 2000s. Investors are focusing on potential reward without taking proper account of the risks in the market. This is a concerning trend because investors are paying higher multiples for the same earnings stream.

Skamvougeras remains true to label with an uncompromising approach to the quality and price of the companies he owns. In this interview with Livewire Markets, Skamvougeras talks about the late cycle environment, areas of the market he’s currently avoiding and a quality stock currently being overlooked.

Topics discussed

  • Investor psychology and examples of risk taking in the current market
  • Why ‘value’ performed so well in the 5 years post the GFC and why it is struggling today
  • Is ‘value’ investing dead?
  • Areas of the market that Skamvougeras is avoiding
  • Forgotten opportunities – a quality company the market is overlooking
  • Reducing exposure to Woolworths
  • A common trap for value investors to be aware of

Available to listen

Access a podcast of the discussion on SoundCloud

This content has been prepared by Perpetual Investment Management Limited (PIML) ABN 18 000 866 535, AFSL 234426 and issued by Perpetual Trustee Company Limited (PTCo) ABN 42 000 001 007, AFSL 236643. It is general information only and is not intended to provide you with financial advice or take into account your objectives, financial situation or needs. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. Any views expressed in this document are opinions of the author at the time of writing and do not constitute a recommendation to act.