Ross locher
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Ross Locher. Brandes Investment Partners. Background. Graduated UC San Diego, 2011 Major: Management Science Minor: Accounting Interned at City National Bank, 2010-2011 Commercial Credit Analyst Brandes Investment Partners, 2011- Present Equity Research Associate CFA Level III Candidate.

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Ross Locher

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Ross locher

Ross Locher

Brandes Investment Partners


Background

Background

  • Graduated UC San Diego, 2011

    • Major: Management Science

    • Minor: Accounting

  • Interned at City National Bank, 2010-2011

    • Commercial Credit Analyst

  • Brandes Investment Partners, 2011- Present

    • Equity Research Associate

  • CFA Level III Candidate


Brandes investment partners

Brandes Investment Partners

  • The firm:

    • ~$25 Billion in Assets Under Management (AUM)

    • Deep Value

    • Long only

    • 3-5 year investment time horizon

  • Industrials team

    • Aerospace & Defense

    • Homebuilders/Building Materials

    • Industrial Conglomerates

    • others


Deep value investing

Deep-value investing

  • Investment philosophy started by Ben Graham and David Dodd

    • Security Analysis, 1928

    • Intelligent Investor, 1949

  • Invest in companies trading significantly below their intrinsic value

    • Margin of safety

  • Capital Preservation is one of the main goals of a value investor

    • Portfolio Growth arguably comes second

  • Risk management

    • A high return is not necessarily a good return depending on the riskiness of the investment

    • Risk is not necessarily in the underlying asset, but the price you pay for that asset

  • One of the most important attributes of a value investor is humility

    • Just because you’re smart does not mean you can predict the future


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