This is a multi part post on ValueWalk's interview with David Marcus, co-founder, CEO, and CIO of Evermore Global Advisors. In this part, Marcus discusses the potential investment opportunities in Latin America.
- See Part 2 here: David Marcus: Define Risk And How To Manage It
- See Part 3 here: David Marcus: Favorite Books And Bobbleheads Of Munger And Buffett
Q1 hedge fund letters, conference, scoops etc
Very cool. Can you talk about Latin America and the potential opportunities as well there and what you’ve seen?
Sure. Currently we have … so we have nothing direct but we have indirect, and what does that mean? We actually do have a Chilean … I guess it is direct, we have a Chilean fish farm, it’s a salmon farming company, it’s called Salmones Comanchaca, I will admit it took me a little while before I could just say it that smoothly. But we own, I don’t know, north of 5% of the company. But it’s listed on the Norwegian Stock Exchange, that’s why I kind of said it’s indirect, but it’s actually a salmon farmer in Chile that’s controlled by a family and here in the northeast in the United States they provide a shop, for example, with their salmon. So that’s really our only direct asset in that region. But it’s a region that has a number of families, and main owners of companies, it’s gone through a lot of stress and strain. And, you know, it’s a region that has had sort of booms and busts over long periods of time. And is also, and depending on which countries you’re in, a lot of national resources. We have historically avoided all kind of resource type of investments, commodity businesses. We like to only look at them when it’s just absolute sheer carnage and devastation, which is what drove us to shipping companies years ago.
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