Christine Phillpotts
The Navigator
Judgement in the fog, money, risk and the call others cannot make.
Christine Phillpotts navigates emerging markets on two channels at once, layering stock-specific conviction atop careful macroeconomic terrain reading, which is precisely why the Ariel Investments portfolio manager reads as The Navigator. Her contrarianism, taking route two, three and four, is not rebellion but a disciplined method for surfacing what others overlook.
“The SPs above 20 times. So the discounts from a price to book standpoint is over 60%. Price to earnings, about 40% discount. That's the widest discount we've seen ever. But key valuations are necessary, but not sufficient condition for an opportunity to be attractive, right?”
“Have an agenda, a textbook, you're learning things, you're doing the test, you get an A plus, and then you kind of move on, right? In the world of investing is just so much more nebulous.”
“Absolutely. And so by the time I got back to Harvard in September of 08, right, I mean, obviously the Lehman collapse occurred and really just the bottom fell out.”
“Absolutely. So, India has been the standout outperformer within emerging markets. I think that it's a market that will continue to have a strong. That started with the rise to power of Modi, who implemented a number of reforms that really helped unlock economic growth.”
Masters in Business: “Christine Phillpotts on Investing in Emerging Markets”
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