The stock's future counts more than its value for this European equities manager
Richard Simmons B. G., Opalesque Geneva: London-based Derby Street Managers buys a selection of undervalued European and UK equities based on the capacity and quality of the business rather than the traditional relative value or low P/E and price-to-book ratios. Their selection style has paid off handsomely. "In many cases, cheap securities based on traditional value metrics are of very low quality and not cash-generating," portfolio manager Richard Simmons tells Opalesque. "We don't see a category called 'value stocks'," he adds. "Value is really the philosophy of buying things for less ...
Source: opalesque.com
