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June 12, 2018
Video
Manager Insights

Throwback – Theron de Ris Lecture at VIS Trani 2018

Presentation by Theron de Ris at Value Investing Seminar, Trani, Italy, July 2018

This lecture delivers insights from an investment practitioner, covering a historical perspective on gold and how the materials sector can add value to capital cycle investors, value investors, institutional allocators. Discover unique and contrarian investment ideas and learn from a practitioner's investing mistakes.



Key sections of the lecture:
1:24 Long-term performance of gold
2:36 Gold stocks vs gold
4:45 Where are we in the gold stock cycle?
6:29 Royalty company valuations
7:17 Abitibi Royalties investment thesis
14:34 Anatomy of a mistake
18:52 The capital cycle approach to investing
20:45 Rewards and risks of investing in out-of-favour industries
22:30 Commodities vs the S&P 500
24:13 The case for natural resource equities
27:12 Q&A
34:17 End
About the Author
Theron de Ris

Theron is CIO of Sorengo Partners. He was formerly a senior research analyst at Indus Capital Partners. Prior to Indus he was an executive director at Morgan Stanley in Milan and London. Theron began his career at Goldman Sachs in Frankfurt in 1995.

A Chartered Financial Analyst (CFA), Chartered Alternative Investment Analyst (CAIA) and alumnus of Goldman Sachs 10,000 Small Businesses (10KSBUK Cohort 24), he graduated magna cum laude from Middlebury College in 1995 with a degree in International Politics & Economics.

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