Jeffrey Stacey’s Stacey Muirhead: Long This Quality European Spinoff At 6x PE [Ben Graham European Value Conference]

At The Ben Graham Centre’s 5th European Value Investing Conference, Jeffrey Stacey, founder of Stacey Muirhead Capital Management Ltd., presented his firm’s disciplined investment framework during the panel titled, “Investing the Stacey Muirhead Way”. Stacey’s core thesis centers on an unconstrained, global, and valuation-driven approach, emphasizing the necessity of a significant margin of safety when investing in excellent businesses run by capable and honest management. He illustrated this philosophy with a detailed case study on a recent European spin-off, arguing that the company represents a rare convergence of a great business, great management, and an attractively discounted price.

The conference took place on October 14 2025 in Lisbon, Portugal un in partnership with Spain’s MAPFRE Insurance Company

Also see our coverage of the 2025 Ben Graham Conference, 2025 Morningstar Investment Conference and the 2025 Value Investing Seminar.

The Stacey Muirhead Way: Philosophy and Discipline

Stacey Muirhead’s investment framework is built upon three foundational pillars: being unconstrained, global, and valuation driven. The unconstrained mandate allows the firm to invest across all sizes, sectors, and industries. While based in Waterloo, Ontario, Canada, the hedge fund maintains a global outlook, continuously seeking to expand its “circle of confidence”. Currently, Stacey noted they are “reasonably comfortable operating in North America and Europe,” with ongoing expansion efforts in Asia.

The paramount focus, however, is being valuation driven. This process begins by establishing the intrinsic value of the business – its fair or business value – and then strictly purchasing the security below that value, ensuring a margin of safety. Stacey acknowledged that things “can go wrong,” making the margin of safety essential. His firm is willing to explore various valuation methodologies, provided the comfort level is reached that the purchase price is “below intrinsic value”.