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Ross Locher

Ross Locher. Brandes Investment Partners. Background. Graduated UC San Diego, 2011 Major: Management Science Minor: Accounting Interned at City National Bank, 2010-2011 Commercial Credit Analyst Brandes Investment Partners, 2011- Present Equity Research Associate CFA Level III Candidate.

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Ross Locher

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  1. Ross Locher Brandes Investment Partners

  2. Background • Graduated UC San Diego, 2011 • Major: Management Science • Minor: Accounting • Interned at City National Bank, 2010-2011 • Commercial Credit Analyst • Brandes Investment Partners, 2011- Present • Equity Research Associate • CFA Level III Candidate

  3. Brandes Investment Partners • The firm: • ~$25 Billion in Assets Under Management (AUM) • Deep Value • Long only • 3-5 year investment time horizon • Industrials team • Aerospace & Defense • Homebuilders/Building Materials • Industrial Conglomerates • others

  4. Deep-value investing • Investment philosophy started by Ben Graham and David Dodd • Security Analysis, 1928 • Intelligent Investor, 1949 • Invest in companies trading significantly below their intrinsic value • Margin of safety • Capital Preservation is one of the main goals of a value investor • Portfolio Growth arguably comes second • Risk management • A high return is not necessarily a good return depending on the riskiness of the investment • Risk is not necessarily in the underlying asset, but the price you pay for that asset • One of the most important attributes of a value investor is humility • Just because you’re smart does not mean you can predict the future

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