Larry Kochard
speaker
464 appearances
1 recordings
1 series
first heard Feb 2026
last heard 11 Feb
Larry Kochard’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Feb 2026 with 1.
Appearances
Because so many of the emerging markets, there's less competition in terms of finding really good fundamental managers that can exploit some of those inefficiencies.
The problem that you've had in the emerging markets up until this last year, when they performed nicely, is that the beta has been so bad.
So even though the markets have been relatively inefficient,
the beta is going to actually detract from the returns.
And then going to hedge fund world, whether it's credit investing, again, I think credit investing, relatively inefficient, takes a lot of skill to be able to navigate and short selling.
Shorting is hard and you have to have the right mental temperament
to be able to navigate being a good short seller.
So it's hard.
Certain sectors, whether it's biotech, and I would argue just growth investing, such a large percentage of growth investors are ultimately momentum investors.
And so if that is the vast preponderance of the market, if you're a fundamental manager investing in growing companies, investing in technology that can really understand both the underlying driver of the edge of the company,
but whether that growth that you've seen short-term will sustain itself over a long-term, which is really the intersection of the business quality as well as the management quality.
And so trying to find that, again, is hard to do, but trying to find those managers that have that skill
that can exploit markets where there are inefficiencies because the market is either dominated by people that are not steeped in fundamental investing or just because there are these natural barriers to entry of being a skilled investor that can exploit things.
I think that's great.
I mean, another, I think, impediment to long-term success
is so many of those lower middle market buyout funds, you know, they start the first fund, you know, that's even pre-fund.
They're, you know, they're doing their fundless sponsor.
They're raising money deal by deal.
They then, they scrape together some LPs for a fund that's a hundred million dollars.
Then maybe it's a few hundred million dollars.
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