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Heather Brilliant

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2024-08-29
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2024-08-29
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  1. “I think there is because while I do think that clients like to invest for longer time periods, they only have so much patience. And when you take a really long time horizon, you can have multi-year periods of underperformance. And so that's not something that every client is willing to tolerate. And it's also very hard, I think, for all the parties involved to be able to consistently know, is this underperformance?”

    2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Know if we can really blame any one party. I think it's kind of systemic at this point where you have companies reporting earnings on a quarterly basis, so many public companies expected to issue guidance and then meet that guidance or else, you know, essentially. I think a lot of investors have figured out how to effectively make money for their clients with shorter term time horizons. Otherwise, they wouldn't be doing it. And so I think there's enough forces out there that lead to people thinking that they can make money doing it. I think there's more opportunity to take a longer time horizon or longer term perspective because then you can really think about the earnings power, what is the long-term earnings power of this business, and how can I think about myself as an owner of it in partnership with the management team, as opposed to thinking about kind of where the stock price is going.”

    2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “I think it absolutely should be the norm because it is generally what our clients are seeking. And I think there's just so many pressures that cause so many investors to think shorter term. And even investors who claim to be long-term are often thinking in one year increments as opposed to the more like five-year increments that we're really trying to think about.”

    2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Given some of the transitions with First Aid, I knew it was time to maybe consider the next opportunity. And so I had actually interviewed for a couple of things when I got a call from a recruiter about Diamond Hill. I had actually never been to Columbus, Ohio before I went there to interview. And so when the recruiter called me, I said, you know, it sounds really interesting. I feel like the investment philosophy alignment is great, but I've never been to Columbus, so no. And so he said, well, wait, wait, they're coming to New York for the first round of interviews. I think you should just take the meeting. What's the downside? And so I was actually a little skeptical, but the more I researched the company, the more compelled I was. Not only is the investment philosophy very aligned with the way I think about investing, but the team is incredible. And even from my first trip to Columbus, I realized what an amazing, livable city it is. And it's a growing city, which is something not.”

    2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Yeah, and I'd say one thing that's so great, and just to overgeneralize about Japanese bank owners, is that they tend to be very long-term oriented. And so they're making decisions about investing for the future and not just about making quarterly earnings or any kind of short term pressure.”

    2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “With the team from Mitsubishi that was based in New York and kind of helping facilitate some of the transition that would be happening. But I had already taken the role with Diamond Hill. And so I helped them for a little bit of time to kind of navigate through the final aspects of the transition.”

    2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “And so it was really interesting time to kind of see through that whole process. And it's called First Centier now. The business does still exist. But yeah, it was a really interesting couple of years.”

    2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “So, I mean, I love my time in Australia, and we were there almost four years. And at the end of that time, I really felt like as much as I had learned and experienced at Morningstar, it was time to move on. And so I had a lot of contacts in Australia at that point. And one of them was the CEO of what was at the time called Colonial First State Global Asset Management. And so First State Investments was the non Australia part of that business. And so they hired me to basically move to New York and run their business in the Americas. And in the process of doing that, the business which had been owned by the Commonwealth Bank of Australia ended up being sold to Mitsubishi UFJ.”

    2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “I left because I thought I was being offered my dream job. And so I went to a hedge fund for a year. I learned so much in that year I'll never regret doing it. And it was the only time in my career where I've had responsibilities for recommending shorts as well as longs. So, I think it was very eye-opening from a lot of perspectives, but ultimately I just really felt like the intensity of the role and expectations was not going to be tenable. And I was at the point in my life where I was ready to have a family. And so it just made more sense to stick with the philosophy I believed in, but do it in an environment that I felt like could give me a little bit more opportunity to have balance.”

    2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “It's very livable from a human interaction standpoint, yes, but it is very expensive. So, I do think a lot of people struggle, especially when you see some cities that have suffered with very high housing costs. Sydney is definitely right up there.”

    2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “I consider Sydney one of the most majestically beautiful cities in the world. It was so wonderful every day we lived there. I felt lucky.”

    2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “It was Australasia, but it's important to know that Australasia really means Australia, New Zealand, and the Pacific Islands. It doesn't actually mean all of Asia.”

    2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “It is fascinating how big a discrepancy that creates because the expense is a sure thing and the expected future returns are very uncertain. And so I think you have to take expense into consideration.”

    2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “Yeah, absolutely. But they had a whole team that was growing at the time because of the whole Spitzer settlement. And so they were hiring lots of people to come in and be equity analysts. And so it was just a great opportunity to get to apply a more fundamental investment philosophy. And from there, I really realized that while I loved being an investor or making investment recommendations, I also felt like it wasn't perhaps my true genius and that I might be more successful in the long run to focus on a leadership direction of my career. And so I was actually only 30 when I got the opportunity to run the equity research team at Morningstar. So it was just a really great kind of early career opportunity to try out managing at scale.”

    2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “So, originally, I went there because I liked their equity research philosophy, and most people don't even know they do equity research, even to this day. And then you think.”

    2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “I really learned how to appreciate investment philosophies and figure out what my own personal investment philosophy was. My first equity research job was at Dreehouse, and their very aggressive growth, momentum-oriented. But I was on the international team, and so the guy who was running the team at the time had a pretty fundamental approach, really looking for more earnings momentum as opposed to price momentum. I just realized how he always veered towards higher quality companies. And so I kind of leveraged that when I went to Morningstar because they're very focused on quality, the whole concept of economic motes, but also about buying companies when they're trading at a discount to intrinsic value. And it just seemed so much smarter to me to figure out ways to make sure that you're putting the risk reward in your favor.”

    2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “There really are. And it was a very rigorous program. And I learned so much from classes that I never thought I would find exciting, like marketing. You'd think that marketing is pretty straightforward, but it turns out the University of Chicago figures out how to put a quantitative lens on pretty much everything. And putting a quantitative lens on marketing back then, you know, 20-something years ago was pretty innovative. And I just thought it was really a neat way to learn about it.”

    2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “Well, actually, I had pursued the CFA program first, and I learned about the CFA from a colleague at Bank of America. And I got right on it. As soon as I learned about it, I thought this is great and wished I'd even known about it sooner. And then I had a role at one point where they told me to advance to the next level. I needed an MBA. And it was an investing role. So I said, why would I need that? I have a CFA. And they said, sorry, rules are rules. And I never wanted to be told that again. So I thought, I'll just get an MBA too”

    2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “Worked at Bank of America and they had a wonderful corporate finance training program. So since this was a relatively late decision that I came to, it was great to have those kind of six to eight weeks of training before they set us loose.”

    2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “It was not the plan. I actually wanted to be a lawyer. And so I started out as a political science major. And that really came from my experience on the debate team in high school and college. A big part of what influenced me, and I realized after undergrad actually that the skills you learn in debate can really be applied to picking stocks, where you really have to understand both sides of the story, but you still have to come down on one side and make a decision. And so I felt like all of those experiences just really led me to love investing.”

    2024-08-29 · Masters in Business · From Equity Research to International Investing With Heather Brilliant · IDENTIFIED FROM THE TRANSCRIPT · source