Bastian at Invesco's Houston office
In a difficult and uncertain environment, what's your strategy?
Everything we do is driven by trying to get risk/reward in our favor. We want to find companies that are unloved, undervalued, and under-earning, and then find a catalyst that allows us to participate on the upside.
Financials are your top sector. What do you see there?
In the 2004-2005 period, when they were overearning and everybody loved them, we went underweight. That didn't do much for us then. In 2008 it helped us dramatically. Since the end of 2008, we have gradually and opportunistically added to the financials. We think broadly that they are still under-earning relative to historic levels, and the rules of engagement are becoming clearer and clearer.
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