WEG Can Deliver 25% to 30% Annual IRR at Current Multiple
Florian Bartunek · Florian Bartunek – Equities in Brazil at Constellation Asset Management (Manager Meetings, EP.27) · Jan 20, 2022 · at 34:17
Florian Bartunek, CIO of Constellation Asset Management, discusses the return profile of Brazilian industrial and solar supplier WEG.
0:00 / 0:06exact quote · 6.9s
720p mp4 · rendered on demand · StarZero watermark
“It's been a great performer, but we see a 25, 30% IRR per year at the current multiple.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Florian Bartunek
Growth, Not Value, Is the Best Currency Hedge in Emerging Markets
“The currency risk is relatively expensive most of the time. So the best hedge for the currency and for volatility is growth in emerging market. It's not value.”
Brazil's Corporate Governance Is Among the Best in Emerging Markets
“I would dare to say that corporate governance is the best among emerging markets here. If not the best, among the best, definitely.”
Passive Investing in Brazil Exposes Investors to Legacy Industries
“So when you go passive, it's almost like investing the old boring Brazil. Steel, fuel distribution, mining, great companies, but it's not the future, it's not the most innovative companies.”
Valuation Gap Between Top and Mediocre Companies Is at All-Time High
“The valuation gap between the best companies and the so-so companies has never been as wide as it is today.”
Fund Managers Should Never Hold 15 Percent Positions in One Company
“You shouldn't have In the long run, 15% in one company. You shouldn't, because again, this is a competitive business. We are not managing our own money, and we don't care. No, this is a competitive business. You shouldn't have 15% in one company. Of course, if…”
Investors in Their 30s Are the Most Dangerous Because They Overthink
“I love the sixty-year-olds or fifty-year-olds. I love the twenty-year-olds. The 30, 35 are the most dangerous. Why? Because when you're 50, 60, you saw a lot of things, and you simplify. You know what works, what doesn't, and you do it very simple. When you're…”