Ep. 333: David Samra on Value Investing, AI Returns, and Bad Management Teams

David Samra is a managing director of Artisan Partners – the $180bn global multi-asset investment platform. He is founding partner of the International Value Group, and portfolio manager of the Artisan International Value Fund, which he has managed since the portfolio's inception in September 2002. David has been nominated for the Morningstar International Stock Fund Manager of the Year Award six times. In this podcast, we discuss:           Economic Value Added (EVA) and what makes a good business versus a bad business            Principles of value investing           Finding undervalued securities through screening and cumulative knowledge           Good versus bad management teams           The erosion of competitive moats over time, particularly in consumer brands and technology           Deep dive into Arch Capital as a case study of a successful investment with unique competitive advantages           Shareholder activism as a tool for protecting investments and influencing management           Challenges of managing large amounts of capital and finding opportunities in current markets           AI investment, capital intensity in tech, and concerns about future returns on capital           Views on private markets        Books mentioned: Quest for Value (Stewart), The Intelligent Investor (Graham), The Money Masters (Train), and Frederick and Frederica (Helprin). You can follow David's work here.