Genna Lozovsky of Sandglass Capital Management joins the podcast to discuss investing in emerging markets distressed debt and credit.
Sandglass Capital invests in sovereign and corporate credit across global EM, typically seeking to be a liquidity provider “at prices that we think significantly underestimate the recovery potential of those assets.”
Philip Reade, founder and managing partner at Helm Investment Partners, joins the podcast to discuss his approach to crisis investing on a global basis.
Reade does not follow the “buy when everybody else panics” maxim. Instead, he searches first for a country that is emerging from a crisis and then buys that market’s largest, most liquid public equities. Helm Investment Partners seeks to capture shifts in the “psychological cycle” where the perception of a market changes.
Reade’s approach and how it’s different from value investing (1:12)
Identifying buying opportunities (5:35)
Timing the purchases is just as important as identifying the opportunity (15:30)
Some of the firms’ investments in 2019 (19:09)
When to sell positions (20:30)
Reade’s “origin story” of how he came to investing (23:51)
Where are the opportunities now? (30:30) Greece (31:29), Turkey (32:09), Chile (33:36), Pakistan (35:04)
China and the coronavirus (37:57)
Potential future investment targets in Egypt, Mexico, Argentina (39:25)