Richard Vogel

The consequence of our investment style is that we end up in good businesses, where the market isn't recognizing how good the business is or the level of cash it generates. Those tend to be fairly low-beta stocks, so even though we have a relatively concentrated portfolio with between 15 and 20 longs at any [...]

Richard Vogel

We do very little direct investing in Eastern Europe, where the level of disclosure and the quality of corporate governance is still poor. Many leading companies are controlled by government-related entities or majority shareholders who couldn’t care less about the interests of minority shareholders. We also aren’t very active in the U.K. London has its [...]

Richard Vogel

There isn't really a strong value-investing culture in Europe at least that operates the way we do. Most of the big institutions here define value in terms of high dividend yields and low P/ E multiples on reported earnings. That's why so many of them did poorly in 2008, because they owned too many banks [...]