Opening the seventh Sohn Hearts & Minds investment conference in Hobart via a live-cross, the co-founder of Hermitage Capital Management believes sitting on yielding cash, such as a term deposit, and accumulating dry powder to buy things when they get cheap is the best strategy.
“There are going to be some really sweet opportunities to invest once we get to a point when interest rates are peaking, and inflation is starting to go down,” he said, forecasting opportunities across “all sorts of assets”. He stopped short of naming specific investment targets.
Until then, Mr Browder expects asset prices to fall further as central banks keep tightening monetary policy to tame inflation.
Annual inflation in the UK rose to a 41–year high of 11.1 per cent in October with the euro area not far at 10.6 per cent. Japan’s core CPI accelerated to a 40-year peak after decades of deflation.
The London-based investor, who does not manage external money, said the distress in markets had already created short-term opportunities and he expected “a lot more” across myriad financial markets.
The American-born political activist predicts that the influence of Russian President Vladimir Putin on financial markets and the world will diminish as the world gets used to his behaviour.
He praised US President Joe Biden and other Western leaders for giving Ukraine enough military and financial resources to stop Russia from winning, but wished they had done more.
“Biden hasn’t given Ukrainians enough to beat Russians,” he said, referring to air defence weapons, which he said, came late in the conflict.
The financier believes Mr Putin’s plan could be to keep dragging the war on, keeping oil and gas prices high, creating a flood of refugees and fostering discontent.
Mr Browder was the largest foreign investor in Russia until 2005 when he was denied entry to the country and declared “a threat to national security”. He said $US1 trillion had been stolen by Putin and his “cronies” since he came to power.
“If for some reason he ever loses power, he loses that money, he goes to jail, and he probably dies because Putin has put himself in a situation where his physical survival is dependent on him staying in power,” Mr Browder said.
“He’s now getting worried about people coming for him because he’s done a lot to justify it.”
Mr Browder, who watches Mr Putin’s every move, described the Russian president as “just a little man who stole a ton of money”, and believes he will fight to the bitter end.
“The end game is either Russia wins or Ukraine wins. There’s no negotiation. He never negotiates, he never backs down. For him, the only negotiation is a total capitulation of Ukraine.”
Mr Browder said nuclear weapons would not solve the conflict but could terrorise people.
He has long argued that Mr Putin’s invasion of Ukraine was designed as a distraction – a quick victory that would help cement his popularity and power among a Russian populace showing signs of growing weary of his rule.
But with the war dragging on, casualties mounting, and Ukraine fighting back with the support of the West, the war had turned into a domestic crisis for Mr Putin as the elites disagreed with him for the first time since he took power in 22 years.
Mr Browder said he has no plans to enter politics and follow in the steps of his grandfather Earl Browder, who became the leader of the Communist Party and ran for US president in 1936 and 1940.
“I would never want to become a government official or a politician because I can actually make more of an impact from outside than inside,” he said.
“I went from being a hedge fund manager to human rights activist and I’m going to carry on going after bad guys around the world to help victims because that’s something that I find very meaningful and satisfying,” he said.
This article was originally posted by the AFR here.
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Two hundred of Australia’s best and brightest money managers, bankers and entrepreneurs toasted the seventh Sohn Hearts and Minds conference at David Walsh’s Museum of Old and New Art, better known as MONA, in Hobart on Thursday night.
Fund manager turned anti-corruption campaigner Bill Browder is advising investors to hang on to their cash until central banks stop raising interest rates and the cost of living starts to come down, before investing it strategically.
The Sohn Hearts & Minds Investment Leaders Conference, held annually, had before Friday’s event made more than $40m in collective donations to medical research. It applies the stock picks made by fund managers in an investment portfolio.
Professional gambler and arts impresario David Walsh had a brutal message for successful top money managers – you may just be lucky.
Technology behind the tech; healthier lifestyles; the green transition and regulatory tailwinds. These are the mega-themes the smartest minds in the market are now firmly getting behind which they believe can help them deliver outsized profits.
A room filled with 700 of the country’s financial luminaries and billionaires is a difficult place to pitch an investment idea but it’s a great place to raise money for charity.
Top global money managers are telling investors to steer clear of companies that don’t make money and invest instead in unloved but profitable businesses, as continuing central bank interest rate rises threaten to keep markets falling.
Perpetual’s star stock picker Anthony Aboud says companies with strong balance sheets will finally be rewarded for their discipline in an environment of rising interest rates and global market upheaval.
Perpetual’s top stock picker Anthony Aboud makes his money running against the crowd and this is why property trusts like Charter Hall are sitting right the top his list right now.
Some of the top fund managers in the country will on Friday pitch their best investment ideas to the Sohn Hearts & Minds conference.
Twenty students from Kingston High School have been given the opportunity to attend the prestigious Sohn Hearts & Minds conference this week.
Gerry Cardinale, the owner of AC Milan and a host of other soccer, cricket, baseball and ice hockey assets is trying to double his money in the ‘resilient’ asset class.
Carleton’s conviction will be on full display on Friday, when he makes his third appearance at the annual Sohn Hearts & Minds Investment Leaders Conference, where stock-pickers share their best ideas in the name of medical research.
James Miller, a portfolio manager at Firetrail Investments, believes investors need to stop seeing the global decarbonisation push as a risk – and start seeing it as an opportunity.
Maggie O'Neill, Head of Marketing and Operations at HM1 joined Nick Griffin, CIO of Munro Partners to discuss the history of Hearts & Minds, Munro Partners' involvement and Nick's upcoming stock pitch.
Bob Desmond is Head of Claremont Global and Co-Portfolio Manager. He will present at the Sohn Hearts & Minds Investment Leaders Conference in Tasmania on November 18.
An increasing intransigence from authorities in Beijing toward private enterprise - and harsh pandemic restrictions - might be keeping some investors away, but the same factors are creating good opportunities in Chinese stocks.
Joyce Meng is a presenter at this year’s Sohn Hearts & Minds Investment Leaders Conference on November 18, which takes place in Hobart and aims to raise money for medical research.
Founder, CIO and CEO of Eminence Capital Ricky Sandler talks about his journey launching the $5.7 billion dollar asset manager, how the market has changed over the past decade and his motivations for participating in this year's Sohn Hearts & Minds conference.
Munro’s Nick Griffin on why he prefers Alphabet and Amazon over Meta, shorting industrials and Chinese equities, and his top picks for the energy transition.
When Auscap Asset Management founder Tim Carleton tips a stock at this month’s Sohn Hearts & Minds conference in Hobart, he doubts it will be a name that shocks investors.
The veteran fund manager says the most uncertain period of his career will deliver huge opportunities – providing his firm can stick to its system.
One of the nation’s most influential fund managers has warned that investment markets have entered a “new phase”, with hidden risks in the form of debt sitting in super funds, private equity and big investors that is set to test the financial system.
Speaking to The Australian Financial Review before the Sohn Hearts & Minds conference, Sandler named global on-demand ride-sharing and food delivery service Uber Technologies among his top picks, alongside real estate marketplace Zillow.
When former Amcor chief executive Ken MacKenzie was named the new chairman of BHP five years ago, that was a sign for top-rated fund manager Peter Cooper to move back into the mining giant.
Jun Bei Liu is the lead portfolio manager at Tribeca Alpha Plus Fund. Ms Liu is set to present an investment idea at the Sohn Hearts & Minds conference in Tasmania on November 18.
Regal’s hedge fund focused on the resources space has thumped the market and its top stock picker, Tim Elliott, says resources stocks are still cheap.
Desmond, who worked in London before moving to Australia in 2008, is making his first appearance at the annual Sohn Hearts & Minds Investment Leaders Conference, where fund managers give their favourite stock tips to raise money for medical research charities.
The WaveStone principal says retail will drop away but quality operators will find a way through.
Catherine Allfrey, Principal and Portfolio Manager of WaveStone Capital will be speaking at this year's Sohn Hearts & Minds Conference in Hobart which raises funds for Australian medical research.
Bill Browder, the fund manager who has become one of Vladimir Putin’s fiercest critics, says the Russian leader is increasingly desperate, but no less dangerous.
Bill Browder, once the largest foreign investor in Russia and the man behind the global Magnitsky justice campaign, says the US is the weakest link in the war in Ukraine.
There are many descriptors for Browder, including Russia’s anti-corruption crusader, and its most dogged oligarch hunter. But it’s his title as Putin’s No.1 foreign enemy that bestows on him another label - consummate survivor.
On November 18, Griffin – with $4.7bn under management at Munro Partners – heads to Hobart for this year’s face-to-face pitch to investors on his 2023 pick.
Tim Carleton, founder of Auscap Asset Management and 2022 Conference Fund Manager sat down with Equity Mates to discuss his investment philosophy and what makes a great Australian company.
When investor Kara Nortman and actor Natalie Portman decided to start a soccer team, they created a brand that has grabbed the sporting world’s attention.
Sporting teams and leagues are becoming serious investments for global firms managing billions of dollars, as private equity funds eye off the sector’s growth potential and resilience to economic slumps.
Australia’s sports leagues are being held back by a culture of conservatism and need to be more open to private equity investment or risk falling behind, investors say, with Netball Australia’s rejection of a $6.5m bailout cited as just one example of administrators’ aversion to private capital. Conservative Australian sports leagues are ‘letting investment opportunities pass them'.
A financier and political activist who is viewed as a key enemy of Russia’s government will address Australian investors on the war in Ukraine at this year’s Sohn Hearts and Minds conference, as the conflict continues to have a major influence on global markets.
Keynote speaker will be Bill Browder, the former Hermitage Capital hedge fund manager that has become an arch nemesis of Russian President Vladimir Putin, as he has lobbied governments to black-list senior Russian officials attempting to shift their assets offshore.
Bill Browder, one of Russian President Vladimir Putin’s fiercest critics, the founder of Hermitage Capital and the man behind the Magnitsky Law on human rights, will headline this year’s Sohn Hearts & Minds investor conference.