ROSS LOCHER
BRANDES INVESTMENT PARTNERS
BACKGROUND
• Graduated UC San Diego, 2011
• Major: Management Science
• Minor: Accounting
• Interned at City National Bank, 2010-2011
• Commercial Credit Analyst
• Brandes Investment Partners, 2011- Present
• Equity Research Associate
• Passed CFA Level 3
BRANDES INVESTMENT PARTNERS
• The firm:
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~$27 Billion in Assets Under Management (AUM)
Deep Value
Long only
3-5 year investment time horizon
• Industrials team
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Aerospace & Defense
Construction & Engineering
Homebuilders/Building Materials
Industrial Conglomerates
others
DEEP-VALUE INVESTING
• Investment philosophy started by Ben Graham and David Dodd
• Security Analysis, 1928
• Intelligent Investor, 1949
• Invest in companies trading significantly below their intrinsic value
• Margin of safety
• Capital Preservation is one of the primary goals of a value investor
• Portfolio Growth is secondary
• Risk management
• A high return is not necessarily a good return depending on the riskiness of the
investment
• Risk is not necessarily in the underlying asset, but the price you pay for that asset
• One of the most important attributes of a value investor is humility
• Just because you’re smart does not mean you can predict the future