Ryan Batchelor

Co-Founder & CIO, Clifford Capital Partners · 1 appearance on the record.

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Ryan Batchelor is a co-founder, Chief Investment Officer, and portfolio manager at Clifford Capital Partners. He focuses on value-oriented investment strategies and equity portfolio management.

9statements → 3claims → 1claims resolved → 3.89/5average certainty → 2/5average debate potential →

1 supported 0 partly supported 0 contradicted 1 not yet assessed 1 not checkable as stated how the 3 claims stand · each chip opens the sources

3 assertions · 2 opinions · 3 insights · 1 disclosure · every statement was checked. The predictions and assertions are the 3 claims: statements the public record can support or contradict. 1 is resolved, 1 is not yet assessed, and 1 names no date, number or outcome precise enough to check. Everything else (opinions, insights, what ifs, disclosures) can never be settled by the record, so it carries no assessment.

The record, in short

What the tape says about how Ryan argues and how the claims held up. Everything they said, and everything said about them, is in the tabs below.

Their most notable supported claim

Assertion Supported

Batchelor: KPMG withheld Spiegel audit opinion after team found accounting oddities

“So make a really long story short, after a lot of analysis, focusing on these few things, we identified some accounting oddities that ended up causing this bank to liquidate, and Spiegel to go bankrupt. KPMG did not file an audit opinion based on the work that…”

Ryan Batchelor Sep 16, 2021 ▶ 13:22 Ryan Batchelor – Clifford Capital Partners (Manager Meetings, EP.11)

What they said9 Episodes1

Everything Ryan Batchelor said on Capital Allocators that made the record, most notable first. Filter by type, assessment or year in the ledger →

Insight

Batchelor: Investors should avoid stocks with unanimous Wall Street buy ratings

“If you go to Wall Street, And the 10 analysts tell you need to buy this stock. So, absolute unanimity. More than likely, you should not take their advice.”

Ryan Batchelor Sep 16, 2021 ▶ 17:59 Ryan Batchelor – Clifford Capital Partners (Manager Meetings, EP.11)

Opinion

Batchelor: GameStop now requires everything to go right to profit

“When we were buying it, almost everything had to go wrong to lose money in GameStop. That's a lot different than today, where almost everything will have to go right to make money.”

Ryan Batchelor Sep 16, 2021 ▶ 41:15 Ryan Batchelor – Clifford Capital Partners (Manager Meetings, EP.11)

Assertion Supported

Batchelor: KPMG withheld Spiegel audit opinion after team found accounting oddities

Ryan Batchelor Sep 16, 2021 ▶ 13:22 Ryan Batchelor – Clifford Capital Partners (Manager Meetings, EP.11)

Assertion Not checkable as stated

Batchelor: Overweighting deep value added 50 percentage points of return

“We've actually done an analysis of this and over the first 11 years, almost 11 years of our all cap strategy, it's added an incremental 50 percentage points to the total return, the ability to opportunistically overweight that deep value sleeve.”

Ryan Batchelor Sep 16, 2021 ▶ 31:12 Ryan Batchelor – Clifford Capital Partners (Manager Meetings, EP.11)

Insight

Batchelor: Value investing generates alpha because people fear looking dumb

“When you're a contrarian and things go wrong, you look like an idiot, and that's an occupational hazard that a contrarian has to live with. Maybe it's something in my personality type that I'm okay looking dumb occasionally, but that psychological difficulty i…”

Ryan Batchelor Sep 16, 2021 ▶ 34:32 Ryan Batchelor – Clifford Capital Partners (Manager Meetings, EP.11)

Disclosure

Clifford Capital sold GameStop in December 2020, narrowly missing meme rally

“We sold GameStop in December of twenty-twenty. So prior to the excitement with the Reddit army”

Ryan Batchelor Sep 16, 2021 ▶ 37:20 Ryan Batchelor – Clifford Capital Partners (Manager Meetings, EP.11)

Opinion

Batchelor: Abercrombie traded at half Hollister's standalone value in 2017

“Abercrombie & Fitch was trading, in our opinion, well below what even Hollister was worth. So we valued the company and said, in rough terms, business is trading at half of what Hollister is worth”

Ryan Batchelor Sep 16, 2021 ▶ 44:22 Ryan Batchelor – Clifford Capital Partners (Manager Meetings, EP.11)

Insight

Batchelor: American Express's business model is a natural inflation hedge

“Amex has a fantastic business model. They keep all the economics of their cards, which is rare. And also inflation protection, which is a big deal in today's environment. Wasn't a big deal when we purchased it, but we were getting inflation protection for free…”

Ryan Batchelor Sep 16, 2021 ▶ 47:02 Ryan Batchelor – Clifford Capital Partners (Manager Meetings, EP.11)

Assertion Not publicly verifiable

Batchelor was one of two analysts to rate Mastercard IPO a buy

“So in 2007, the first time Morningstar had actually done a pre IPO analysis of a company was Mastercard. And I was pegged to cover Mastercard before there was any price on the stock. Morningstar usually had publicly available prices. So this was a first buildi…”

Ryan Batchelor Sep 16, 2021 ▶ 23:13 Ryan Batchelor – Clifford Capital Partners (Manager Meetings, EP.11)

Appearances (1)

Episode	Date	Speaking time
Ryan Batchelor – Clifford Capital Partners (Manager Meetings, EP.11)	Sep 16, 2021	41m

Ryan Batchelor

The record, in short

Their most notable supported claim

Appearances (1)

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