After more than 25 years running the Ninety One Value Fund, John Biccard has learned that successful investing often means enduring periods of discomfort. Value investing requires buying what others dislike and waiting patiently for the cycle to turn. In this conversation, Biccard explains why geopolitical shocks and market noise rarely change the long-term investment case and why some of today’s most out-of-favour sectors could become tomorrow’s winners.
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