Press "Enter" to skip to content

Tag: frontier markets

Season 3, Episode 18: Bubbles Lurk in Sovereign Debt, Financial Engineering

With Michael Ehrlich, Director of Leir Research Institute at New Jersey Institute of Technology

Michael Ehrlich, director of the Leir Center for Financial Bubble Research at the New Jersey Institute of Technology, joins the podcast to discuss his views.

Dr. Ehrlich has identified two areas of concern: sovereign debt and financial engineering.

This is not his only area of interest however, as Dr. Ehrlich is passionate about early-stage venture/angel investing, which guides the discussion in the second half of the episode.

Comments closed

Season 3, Episode 5: The Case for Precious Metals Miners, With Sean Fieler, Equinox Partners

Sean Fieler, president and chief investment officer at hedge fund firm Equinox Partners, joins the podcast to make the case for an unloved part of the equity markets: gold and silver miners.

This case is based on several variables, starting with unprecedented fiscal and monetary policy that has marked this particular epoch in global financial markets. “The idea that gold and silver wouldn’t do well in that environment are totally at odds with financial history,” says Fieler.

It goes a lot further than this, of course. Fieler discusses the variables and even presents some favorite stocks.

Content Segments
(Spotify users can click on the timestamp to link to the section directly)
  • The case for underlying gold and silver miners, including the compounding of fiscal and monetary policy. (3:03);
  • Why invest in miners rather than in the physical commodity, or futures contracts thereon? (7:26);
  • One concern with ETFs tracking prices of physical metals: the administrators are not necessarily reliable counterparties (9:00);
  • There are risks with owning miners as well, of course (11:41);
  • More information on the guest (15:17);
  • One surprising fact: West Africa is a good place to build a mine. Latin America is much more difficult (17:27);
  • Ghana’s fledgling securities market may be a good opportunity for investment (19:48);
  • One favorite stock: Endeavor Mining Corp (OTC:EDVMF) (21:35);
  • A microcap name to watch: RTG Mining (GREY: RTGGF), a copper and gold miner in the Philippines (25:19);
  • A little background on the fund, which predates the gym of the same name (27:52).
Not intended as investment advice.

Comments closed

Season 2, Episode 11, Transcribed: Bargain Hunting in Frontier Markets, With Hedi Ben Mlouka of FIM Partners

Moderator 0:02
Welcome to the Contrarian Investor Podcast. We give voice to those who challenge the prevailing sentiment in global financial markets. This podcast is for informational purposes only. Nothing on this podcast should be taken as investment advice. Guests were not compensated for the appearance, nor do they supply payment in order to appear. Individuals on this podcast may hold positions in the securities that are discussed. Listeners are urged to educate themselves and make their own decisions. Now, here’s your host, Mr. Nathaniel E. Baker.

Nathaniel E. Baker 0:36
My guest on today’s podcast is Hedi Ben Mlouka of FIM Partners. Now Hedi has been investing in frontier markets for quite a long time. And in fact, he has one of the oldest funds focused on this sector. It is of course a very interesting time in Investing. And in economics, as we all know, the Coronavirus has wreaked havoc on the economy. frontier markets, as we may know are a little bit less tied in to the major economies of the world. There are some typical emerging markets, like China and India. So, one could think that maybe this asset class is a bit better protected from events like the Coronavirus, but that is not the case according to Hedi. He tells us why this asset class is actually particularly vulnerable. And in fact, he goes into further details and tells us specifically which countries are at greater risk. But that doesn’t mean that there aren’t still compelling opportunities for investors to put capital to work. Before I roll the tape on this conversation, I want to remind you of an event that I am hosting on April 20, the first ever contrarian investor virtual conference. This will be held on a via web conference. I’m hosting this in partnership with value walk. And we actually just moved the time to 8am. So it’ll we’ll be recording this and hosting this at 8am on Monday, April 20. And I’m very excited because there are several hedge fund managers that have signed on and a couple of them have promised to present ideas that they haven’t previously shared. And I fully expect these ideas to move markets when they are discussed. And that’s why we moved this to the start of the day before The market open. To find out more about this event, you can go to contrarian slash event, contrarian slash event. And it’s all over my social media feed as well at pod contrarian on Twitter. So all that out of the way, let’s roll the tape on this conversation. Here you go.

Hedi Ben Mlouka 3:25
I’m the CEO and founder of FIM Partners. In a nutshell, FIM Partners is one of the leading frontier investors. We’ve been in existence since 2000, the end of 2008. And we’ve been investing in what we call high growth markets or frontier market by our own definition, which is basically the small emerging markets in Asia. I’m talking about Pakistan, Philippines, Bangladesh, and all of the MENA region. So that goes from the GCC countries Saudi Kuwait, Qatar, UAE, Oman, North Africa and also parts of sub Saharan Africa and I’m thinking in Nigeria and and a few other larger countries in the large countries in Africa. We are mostly in equity firm. So we basically we focus on public equities, in these markets that I just mentioned to you and we are also managing money on behalf of very large institutions globally. So from university endowments, pensions, sovereigns, because I sovereign, these are long term investors in the frontier markets. So they like obviously the opportunity said they like the growth profile, but also the fact that these economies are less integrated within the global economies and therefore offer an opportunity set which are to some extent different from what they would find in larger emerging markets, such as China in India etc. Our my approach to investing has always been to, to, to think as a business owner. And not to think like a minority, passive shareholder in any of the companies we invest in. So always want to create a very strong relationship with the management, sometimes even board members, but also understand the ecosystem of all of the companies we invest in. So, always privilege going into visiting the companies we invest in meeting, speaking to their suppliers, to their clients, to the competitors, even in the private space, etc. And that’s how I build the business. And that’s why I think we’ve been very successful investing in these in these markets. So I’ve been doing this myself for the last 20 years almost before FMI. I worked for Merrill Lynch in London, responsible for central Eastern Europe, Middle East and Africa.

Leave a Comment