Two Heine & Price Disciples

This is pretty cool news.  This fellow Marcus (along with Klarman) honed their skills under Heine and Price.

Mr. Marcus’s new firm, Evermore Global Advisors, has launched two mutual funds, Evermore Global Value Fund (ticker symbol: EVGBX) and Evermore European Value Fund (EVEAX). Each fund will hold about 40 securities, he said, and hold onto them for a number of years. The typical holding period will be two to four years, and sometimes longer.

Also here is an article I did for Forbes on Klarman and some of his recent buys and positions.

I spend lots of time thinking about consensus opinion, and how markets can be different going forward.  One of my favorite quotes from Klarman:

“I think to take the next step and be a portfolio manager you need both a sense of history and a vivid sense of risk. When Warren Buffett put out a job description for his replacement, he said, “This person will need to be able to imagine things that have never happened before.” I think that’s very, very important.”

Is there any more consensus opinion right now than inflation is coming and interest rates are going up?  You don’t see much talk about deflation.  The only person talking about it is Pretcher (which of course makes me nervous, he has one of the worst newsletter track records out there via Hulbert).