Basis Points Lessons from 50 years of stock market cycles - Simon Skinner | Orbis Investments
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Jul 14, 2025 
Join Simon Skinner, Head of the global investment team at Orbis Investments, as he shares valuable insights from 50 years of stock market cycles. He highlights the dangers of short-term thinking and the importance of learning from the past. Simon discusses why today's market is speculative and offers tips on making better investment decisions, including a focus on undervalued stocks like Smurfit Westrock and Jardine Matheson. He also explores the role of AI in enhancing investor behavior and the untapped potential of emerging markets.
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Emerging Markets Look Undervalued Now
- Emerging markets trade at a large valuation gap versus the US, a spread rarely this wide since the Asian Financial Crisis.
- That gap may represent opportunity if fundamentals aren't as bleak as sentiment implies.
Question Durable Moats And High Valuations
- Avoid assuming 'this time is different' and overpaying for presumed durable winners without considering competition.
- Reassess moats when businesses become more capital intensive or face new entrants like AI.
Learning Value Investing During 2008 Crisis
- Simon joined Orbis in 2008 and learned by observing experienced investors during the crisis.
- Seeing panic and disciplined value investing then shaped his approach to spotting dislocations.