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07 April 2023 Asset Allocation | Equities | Monetary Policy & Inflation | Rates

Ep. 158: Peter Spiller on Value Investing, Navigating Inflation and Delivering 15% Annual Returns

Bilal Hafeez

Peter Spiller is the one of the most respected value investors in markets. He is the Founder and CIO of boutique investment house CG Asset Management. Prior to founding CGAM in 2000, Peter was a partner and strategy director at Cazenove & Co Capital Management and a US equity investor at Capel Cure & Myers. Peter has managed Capital Gearing Trust plc since 1982, which has delivered annual returns of 15%. In this podcast we discuss:

Everything is driven by value
Delivering 15% returns since 1980s
How to measure fair value of equities
Understanding impact of tech
How rates impact equities
Why inflation hurt equities in 1970s
Why inflation will be higher
Moving to short duration positions
Why real rates will go negative
Commercial real estate and private equity
Current favourite positions
Books mentioned: Slater Walker: An investigation of a financial phenomenon (Charles Raw), The Truth About Markets (Kay), Radical Uncertainty (Kay, King)

You can follow Peter’s work here.

Make sure to subscribe to the show on Apple, Spotify, YouTube, or wherever you go for your podcasts. You can follow us on Twitter and LinkedIn.

(The commentary contained in the above article does not constitute an offer or a solicitation, or a recommendation to implement or liquidate an investment or to carry out any other transaction. It should not be used as a basis for any investment decision or other decision. Any investment decision should be based on appropriate professional advice specific to your needs.)

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