Where To Find Value With Michael Price Protege David Marcus

ValueWalk’s Raul Panganiban interviews David Marcus, Co-founder, CEO, CIO of Evermore Global Advisors.

Q2 2020 hedge fund letters, conferences and more

Interview with David Marcus

Hello podcast listeners. Today is a very special episode with David Marcus, Co-founder, CEO, CIO of Evermore Global Advisors. David began his career at Mutual Series Fund where he worked under Michael Price. He then served as a director of European investments for Franklin Mutual Advisers. After this, he founded Marcstone Capital Management, a long-short Europe-focused fund, funded by Jan Stenbeck. David earned his BS in Finance from Northeastern University. In today’s episode we discuss how he thinks through the crisis and where he finds opportunities today. I want to welcome David to the show, and I want to welcome all our listeners to a very special episode.

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Welcome to ValueTalk with Raul.

I just wanted to welcome all our listeners to a very special episode. Coming back on the show is David Marcus, co founder, CEO and CIO of Evermore Global Advisors. And David, welcome back.

Thank you very much. Really happy to be back on the show.

All right. Yes. So we spoke. We spoke a little over a year ago. And if you could go back, what would present day David tell a year ago David?

Oh, okay. Well, quite a few things. Quite a few things. Yeah, if I was going if I could talk to my year ago self, I really would think about or I would tell myself to really be more focused on the part of the portfolio that has a little bit more commodity and cyclical, a personal perspective and because frankly, that process that we went through of reviewing where we are what’s going on in the portfolio? What’s hurting what’s helping earlier this year, when we saw the beginning of this pandemic flaring up? We’ve made an quite a number of changes in the portfolio. So yeah, so if I could turn the clock back, which obviously I can’t, I would push myself to be more focused on what percent of the portfolio was tied to commodities, either directly or indirectly, and to cyclical businesses. Not that we have to exit them all. But we made quite a number of changes, as this was evolving. And so to have the ability to catch that earlier, I would have, of course, tried to do that. Aside from that, really, you know, we’re so process driven, we’re so focused on the way we invest, and maybe, of course, I would wait I would push myself to have more cash. I like to have dry powder. I like to have capital ready to go. But obviously knowing that this Carnage was was was looming, I would have had much more cash ready to go. But sadly, we my time machine is not currently in working order. I can’t do it if you have one. I won’t tell anybody but please give me a shot to use it.