Merryn Talks Money Cheap, Unloved, Profitable: The Case for Value Investing Today?
46 snips
May 4, 2026 
Ian Lance, investment manager at Temple Bar Investment Trust known for disciplined value investing and long-term focus. He explains buying unloved, low-priced companies and holding them through recoveries. He talks about defining cheap by future earnings, avoiding value traps via balance-sheet checks, concentrated portfolios, and why energy, banks and WPP look interesting now.
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Value Is Recovery Forecasting Over 3–5 Years
- Value is buying where current earnings are depressed but can recover over 3–5 years.
- Temple Bar bought deeply discounted pandemic-era stocks like banks and airlines and held them to recovery.
Buy What Others Hate When Valuation Is Compelling
- Do buy unpopular, controversial stocks if the price offers a margin of safety.
- Ian Lance warns bargains require buying companies everyone else hates and enduring short-term nausea.
Prioritise Strong Balance Sheets Over Hopes
- Avoid weak balance sheets because they turn bargains into disasters under stress.
- Lance and his co-manager learned over 30 years that bankruptcies and worst losses came from highly indebted companies.
