Murray Winckler, co-founder & PM at Laurium Capital, was my special guest on the Investment Community podcast.
In this episode, Murray tells:
How a background in investment banking (running capital raises and underwritings) gives Laurium an edge in event-driven investing.
How a good investment team is differentiated by how well it does three things: business assessment, financial assessment, and valuation.
How even fundamental, bottom-up stock pickers need to pay attention to the macro environment.
We also discussed:
That in the early stages of Laurium’s life, they needed to manage their funds with an acute awareness that any investment accident could pose significant business risk.
That to safeguard a firm’s culture, you need to be in control of three things: hiring, firing and bonus.
That when hiring people, how smart they are is only a starting point.
Murray Winckler is a co-founder of Laurium Capital and a portfolio manager. After completing his articles at Deloitte, Murray began his investment career in 1989 as an industrial analyst at brokerage firm, Ivor Jones Roy, where he later became a partner. IJR was bought by Deutsche Bank in 1995, and Murray held various positions in Deutsche’s SA business, including Head of Research, Head of Global Markets, and ultimately CEO. In 2008, after a year’s sabbatical, Murray co-founded Laurium Capital.
Investment Community #13