David Robertson, CFA, is the CEO and lead Portfolio Manager for Arete Asset Management, LLC. Mr. Robertson has analyzed stocks for 30 years across a wide variety of sizes and styles. Early in his career, he worked on a sophisticated discounted cash flow valuation model that shaped his skill set and investment philosophy.
He has worked at Allied Investment Advisers and BlackRock among other money management firms. He majored in math with extensive studies in economics and philosophy at Grinnell College. At Northwestern’s Kellogg School of Management, he majored in finance, marketing and international business while completing the CFA program concurrently.
In this 2,807 word interview, exclusively for the Wall Street Transcript, Mr. Robertson details the investment logic that has led him to his current top picks:
“The sector that I find most interesting right now is gold mining, for a number of different reasons, not the least of which is it’s a classic value case, or at least it has been, excepting the last month or two.
Everybody hates it; it’s out of favor. The companies haven’t been performing well, operationally. So just about everything you look at has been pretty ugly.
Certainly, from a contrarian standpoint, they’re interesting. But then you look longer term in terms of what’s happening with money supply globally, the policies that are in place and the trends toward the likelihood of further increases in money supply globally, the diminishing supply of gold in the ground — at least I’ve arrived at a conclusion where I think it’s quite likely that the price of gold has to go up and probably a fair amount.
And because it’s been so hated, the sector has been so hated, it’s actually one of the areas where you can buy stocks — at least, again, up until very recently, you’ve been able to buy them very cheaply because nobody’s wanted them.”
Get the complete 2,807 word interview, only in the Wall Street Transcript.
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