Warren Buffett’s right-hand man Charlie Munger is the headline act at Sohn Hearts and Minds this year and the 97-year-old investment legend is expected to offer forthright views on global financial markets which are now at a critical juncture.
Warren Buffett’s right-hand man Charlie Munger is the headline act at Sohn Hearts and Minds this year and the 97-year-old investment legend is expected to offer forthright views on global financial markets which are now at a critical juncture.
“He pulls no punches, (and) there’s so much wisdom,” said Barrenjoey executive chairman Guy Fowler who co-founded Sohn Hearts and Minds which raises funding for medical research.
“Since launching Hearts & Minds five years ago, we’ve had Charlie Munger at the top of our wish list. We are incredibly grateful to Charlie for donating his time and his insights to this great cause,” Mr Fowler said.
High-profile fund manager Chris Cuffe, who oversees the Hearts & Minds Investments arm, said Mr Munger could provide an interesting perspective on the questions hanging over financial markets right now.
“It’s a tough investment climate right now, so people might be wanting to hear from him on what he thinks,” he said.
“What’s happening in China, and coming out of the pandemic, and is inflation happening or not? And what do you do with interest rates at almost zero.”
Mr Munger will participate in a virtual Q&A session at the Investment Leaders Conference on December 3 with his friend, Caledonia Investments co-founder Mark Nelson.
Mr Nelson was instrumental in getting the Berkshire Hathaway vice chairman to make a rare public appearance which is being held virtually for the second year in a row due to the pandemic.
“I’ve always been a believer in, and a strong supporter of, medical research. It’s one of the best investments we can make in the future, and I’m delighted to participate in such a worthy cause,” Mr Munger said in a prepared statement.
Sohn Hearts and Minds has raised more than $30 million for medical research since its inception in 2016. Most of the money comes from the listed investment vehicle Hearts and Minds Investments (HM1), the billion dollar fund that invests directly in some of the stocks picked by ten of the fund managers presenting at the conference and donates its management fees to medical research.
Mr Cuffe said 35 per cent of the funds investments comprise the stocks from these start stock pickers with the rest of the funds managed by its internal fund managers.
The Sohn Hearts and Minds conference format offers top fund managers ten minutes to pitch their best investment idea. Stock picks from last year, which made their way into the investment fund, include Bill.com which delivered a 179 per cent return, and Yeahka Ltd which delivered a 112 per cent return.
“They do a lot of work to make sure they’ve got a lot of conviction over that that stock and the proof is in the pudding,” Mr Fowler said. “You end up with a portfolio of high conviction (investments).”
This article was originally posted by The Sydney Morning Herald.
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