ANZ and Westpac have just reported deep operational losses, unemployment has leapt to 10% and The State Banks of Victoria and South Australia have both collapsed. The year is 1990, and with the market in flames all around him, Marcus Bogdan is working his first day in financial markets as a young analyst.
Fast-forward to today, and Marcus is Chief Investment Officer of his own fund, Blackmore Capital. In this interview, he shares how that eventful period deeply influenced his conservative investing style and left an indelible focus on balance sheet conservatism, earnings quality, and earnings through a full cycle. In our discussion, he went on to illustrate his investment process by discussing the thesis for the last stock he added to the Blackmore portfolios.
