Ian Lance

It's not just as simple as cutting costs.

The honest answer to you is no, we still think lots of these things are very, very overvalued.

Costco trades on 50 times earnings.

Walmart trades on 45 times earnings.

I mean, these things, they're good companies, but there's just no way should you be paying that sort of valuation for them.

I don't have a Costco card, no.

I'm sure it is, but I'm sure it is.

Just don't think that makes the stock worth 50 times earning.

Last year, actually, we actually found some interesting stocks in Korea.

Yeah, exactly.

And that worked out well.

And what we found amazing about Korea, actually, was that most of the time as a value investor, you have to...

buy a stock where there's some sort of controversy.

So something has gone wrong, the earnings have gone down, people hate it, and that's your opportunity.

And then we looked at some Korean stocks and we thought, actually, there's no controversy here at all.

It's just the fact that I think so much money had gone into US tech growth, et cetera, et cetera.

These things, a bit like Japan, actually, have become cheap by neglect.

So we bought a couple of Korean banks called Hanna and Woorie last year.

And they were trading on sort of five times earnings, half book and dividend yields of about 8%.

And then you looked at the history of the company.