David Samra, awarded for his stock-picking during and after the 2008 financial crisis, says he’s buying again.
Bloomberg News reports that Samra, who oversees about $20bn for Artisan Partners, says now’s the time for a steady hand and no emotion as concern intensifies about the slowdown in China and the sliding price of oil. The winner of Morningstar international stock manager rankings in 2008 and 2013 says he’s sticking to his investment approach: finding undervalued shares with strong balance sheets.
'We welcome these types of markets', Samra said in a phone interview from San Francisco on Monday. 'We weren’t happy to see the potential social and economic disruption that happened during the financial crisis. It causes a lot of human misery. You’re not existentially happy about what’s going on. On the other hand, that turned out to be a market opportunity'.
Global equities erased $7.7tril in value this year through Monday as routs in commodities and Shanghai shares spread, taking global banks as the latest victim.
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