Invest Like the Best with Patrick O'Shaughnessy Geoffrey Batt – The Nature of Transformational Returns - [Invest Like the Best, EP.128]
Apr 9, 2019
Geoffrey Batt runs a significant capital pool in Iraqi stocks through his firm Euphrates, specializing in contrarian investments. He shares insights on earning transformational returns in volatile markets, emphasizing the importance of long-term vision and stable investor bases. Geoffrey recounts his journey exploring Iraq’s equity market and memorable meetings with local companies. He also discusses the revival of Baghdad Softdrinks, illustrating the resilience and emerging opportunities within Iraq’s evolving economy despite its challenges.
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Cowboy Bankers and CD Collectors
- Batt encountered a "cowboy" banker in Iraq, highlighting the importance of managerial quality, especially in volatile markets.
- He also met CEOs more interested in movie CDs than business, illustrating the diverse landscape of frontier markets.
Entrepreneurs in Frontier Markets
- Resourceful entrepreneurs thrive even in challenging environments, presenting unique investment opportunities.
- Identifying these individuals offers advantages beyond traditional value investing.
Early Days of the Iraqi Stock Market
- In the late 2000s, the Iraqi stock market was small, trading three days a week on whiteboards, with a market cap of $1.8 billion.
- Despite limited investable companies, Batt initially employed an equal-weight strategy.