Excerpt 2019 letter

“Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.” [Warren Buffett] The markets seem increasingly irrational to me. Here are a few other worrying trends I am seeing: Capital is chasing bonds, even though cash yields no...

Upcoming conferences: VALUEx Klosters 2020

Looking forward to attending VALUEx Klosters 2020 in January 2020, a private and invitation-only conference of fellow investors organized by my friend Guy Spier. I have been attending the conference since its beginnings and it's my favorite annual community...

Excerpt Q1 2019 letter

"If everything you do needs to work on a three-year time horizon, then you're competing against a lot of people. But if you're willing to invest on a seven-year time horizon, you're now competing against a fraction of those people, because very few companies are...

Excerpt Q2 2018 letter

Thoughts on Value Investing: The Fallacies of Perception In 2007, a man started to play the violin at a metro station in Washington DC on a cold January morning. He played six Bach pieces for about 45 minutes. During that time, since it was rush hour, thousands of...

Guy Spier: “With whom I would invest?”

Guy Spier put together a list of fund managers he’d invest with (if he wasn’t doing the job himself). This is a great starting point for anybody looking to boost his returns or to learn from other investors. I am humbled that Guy mentioned me alongside some of the...

Upcoming conferences: VALUEx 2018 and Ideaweek 2018

I will participate in Guy Spier's VALUEx Zurich/Klosters 2018 - a fantastic informal and intimate get-together of like-minded investors. I have been participating since the start in 2011 and have tremendously benefited from the insights gained. Guy is a Zurich-based...

Interview: Beyond Quant InvestTraining

I was recently interviewed by Nitiin Khandkar from Beyond Quant. Download PDF: Beyond Quant Interview with Robert Leitz Link (third party website): http://bqinvesttraining.com/interview-robert-leitz-investment-manager/  

Excerpt 2016 letter

Thoughts on the Macroeconomic Environment According to an eye-opening article in The Atlantic, 50% of Americans would not be able to pay an unexpected $400 bill, as they have no spare cash and are maxed out on their credit cards. To a large extent, this poverty and...

Interview – Investor Vantage

I was interviewed by Lukas Neely, author of "Value Investing - A Value Investor's Journey Through the Unknown" for his monthly publication Investor Vantage (Investment Ideas for Intelligent Investors). Download the interview HERE.  

Zurich Project Workshop

I will participate in The Zurich Project Workshop on June 8-9, 2016. '"The mission of The Zurich Project Workshop is to accelerate emerging managers on their path to success in a principled, sustainable way. John Mihaljevic, managing editor of The Manual of Ideas and...

European Investing Summit 2015

“Consider this: Through the immediately accessible bonus features and the live event on October 6-7, we bring you exclusive insights from Europe’s most thoughtful investors, including Jean-Marie Eveillard (First Eagle), Dominic Fisher (Thistledown), Massimo Fuggetta...

Excerpt Q2 2015 letter

Thoughts on investing in a negative yield environment Earlier this year, Finland floated a €1 billion five-year note at a negative interest rate of -0.017%. The demand for this note showed that savers were willing to pay Finland for the privilege to keep and spend...