Charles Heenan heads our investment team and has been running the portfolio with Geoff since they launched it in July 2007. Charles has over 30 years’ experience in global stock markets and over this time developed a distinct value approach to global investing. Prior to Kennox, Charles was a key member of the highly successful Asia Pacific (ex Japan) and Emerging Markets team’s investment activities at Stewart Investors (previously First State Investments). Geoff Legg has been running the portfolio with Charles since it’s launch in 2007. He is involved in all aspects of the investment process with a focus on individual stock analysis and selection. Geoff has over 20 years’ experience in financial markets. Prior to Kennox, he qualified as an actuary with Towers Perrin. Geoff has a first-class maths and physics degree and a postgraduate master’s in financial mathematics.
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Episode 398
Charles Heenan & Geoff Legg
Finding Value in an Upside-down World | Charles Heenan & Geoff Legg
Charles Heenan heads our investment team and has been running the portfolio with Geoff since they launched it in July 2007. Charles has over 30 years’ experience in global stock markets and over this time developed a distinct value approach to global investing. Prior to Kennox, Charles was a key member of the highly successful Asia Pacific (ex Japan) and Emerging Markets team’s investment activities at Stewart Investors (previously First State Investments). Geoff Legg has been running the portfolio with Charles since it’s launch in 2007. He is involved in all aspects of the investment process with a focus on individual stock analysis and selection. Geoff has over 20 years’ experience in financial markets. Prior to Kennox, he qualified as an actuary with Towers Perrin. Geoff has a first-class maths and physics degree and a postgraduate master’s in financial mathematics.
In Episode 398 of Hidden Forces, Demetri Kofinas speaks with Charles Heenan and Geoff Legg, the investment directors and founders of the Kennox Strategic Value Fund—a unique global equities portfolio focused on top-quality, sector-leading companies available at exceptional valuations.
This conversation explores the challenge of finding value in a world that seems to have gone absolutely insane. Not only are developed economies facing challenges and confronting headwinds that require us to think differently about investment risk, but many market participants seem to be increasingly indifferent to value as an anchor for assessing an asset’s investment worthiness and the price they are willing to pay in order to own it.
In the first hour, Demetri asks Charles Heenan and Geoff Legg about their value investment framework and how it informs—and is shaped by—their macro worldview. They also delve into the process and philosophy guiding their investment decisions, including how they are positioning themselves for a world characterized by structurally high inflation, geopolitical risk, and capital controls.
In the second hour, the discussion takes a deeper dive into investment philosophy and the qualities required to be a successful investor. Topics include the distinction between luck and skill, the balance between action and patience, the importance of being risk-focused rather than optimizing for returns, and why the skills that generate success as an entrepreneur or founder could be detrimental to your performance as an investor.
The audience also gets a first-hand look into Charles’ and Geoff’s rigorous process for evaluating potential investments. They share their perspectives on various sectors and asset classes, including energy companies, gold miners, telecom providers, retailers, and other businesses across the United States, Europe, and Asia.
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Charles Heenan heads our investment team and has been running the portfolio with Geoff since they launched it in July 2007. Charles has over 30 years’ experience in global stock markets and over this time developed a distinct value approach to global investing. Prior to Kennox, Charles was a key member of the highly successful Asia Pacific (ex Japan) and Emerging Markets team’s investment activities at Stewart Investors (previously First State Investments).
Geoff Legg has been running the portfolio with Charles since it’s launch in 2007. He is involved in all aspects of the investment process with a focus on individual stock analysis and selection. Geoff has over 20 years’ experience in financial markets. Prior to Kennox, he qualified as an actuary with Towers Perrin. Geoff has a first-class maths and physics degree and a postgraduate master’s in financial mathematics.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
Demetri Kofinas is a media entrepreneur and financial analyst whose mission is to help uncover the hidden forces and pivotal patterns shaping our lives. His contrarian perspective and critical-thinking approach has helped hundreds of thousands of people make smarter, informed decisions. This same methodology has helped guide Demetri’s decision-making as an early-stage investor and as a creator of several innovative media properties and live events.
