My guest this week Geoffrey Batt and the topic of our conversation is how to earn transformational returns in very hard markets. In his case, that means Iraqi equities which we cover in detail. He now runs a large pool of capital in Iraqi stocks through his firm Euphrates, but the journey was arduous to say the least. This is one of my favorite boots on the ground contrarian investments stories thus far on the podcast. I hope you enjoy the story and the lessons that Geoff has to offer. For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag Show Notes 1:15 - (First Question) – What does it take to earn transformational returns 4:43 – How he deals with LPs, especially given the volatility of the market he invests in 10:26 – Why LPs have to think about the other investors in a fund 1:17 – How Geoffrey got interested in the Iraqi market 16:15 – Factors he was considering when exploring Iraq 16:53 – Harvey Sawikin Podcast Episode 19:20 – Visiting companies in Iraq 22:30 – Most memorable meeting with a company on his first trip 27:18 – Size and nature of Iraqi market when he first got interested 30:44 – A specific allocator in Iraq 34:37 – Does price reflect the work over there 37:51 - What does he perceive as his role in the changes to Iraq’s equity market 40:12 - How do Iraqi equities look today compared to when he started and is the opportunity still interesting 44:14 – How businesses perceive him now that the market has opened up more 47:28 – Scale of potential return and where it comes from 49:51 – Advice for younger aspiring investors exploring frontier markets 52:16 – Kindest thing anyone has done for Geoffrey Learn More For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

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“What did the council decide on item 42?” — answered with the speaker and the moment.