SHY - Capital Imbalances And Why David Daglio Is A Reformed Value Investor

2024-05-10 11:00:00 ET

Summary

• David Daglio says value investing is about looking for capital imbalances, not just reversion to the mean.
• Protect your portfolios with bonds and consider gold miners.
• The AI data center buildout is a major capital spending boom that investors should pay attention to.

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David Daglio shares why value investing has everything to do with looking for capital imbalances (2:00). Go short to get long bonds, miners and how investors should protect their portfolios (5:40). Gold vs gold miners (9:25). Why Jerome Powell has the most impossible job (13:00). Thoughts on the 10-year yield (19:40). AI, copper, nat gas and a huge capital spending experiment (21:10). US vs the rest of the world (28:20).

Transcript

Rena Sherbill: David Daglio, welcome to Seeking Alpha. Welcome to the Investing Experts Podcast. Thanks so much for making the time.

David Daglio : Rena, great to be here.

RS : It's great to have you on the show. So share with our Seeking Alpha audience, our Investing Experts audience, what has brought you to the investment world? What has been your journey thus far and where are you today?

DD : I was in this job. Right out of business school, Rena and I both went to NYU. And I'm right out of NYU and like everyone else I'm getting into management consulting. I'm a year into it and I realized I love businesses, I love financials, but it wasn't enough of a Rubik's Cube for me. And I became drawn to the complexity and the layers and the thoughtfulness and even the rate of change.

And I remember, Rena, my first investor meeting, I think it's run by like Goldman Sachs, big conference. There's 500 people in the room. And everyone's asking these questions. I'm on like day 30. And I look around and I go, oh my God, I might be the dumbest person in the room when it comes to investing. And here I am, I don't know, 27 years later doing this. And I still have those moments of, oh my God, do I really understand this topic?

And so the industry has given a lot back to me as far as intellectual curiosity and it still drives that. So I'm glad I ended up there and I'm glad I'm back....

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