Geoffrey Batt – The Nature of Transformational Returns - [Invest Like the Best, EP.128]

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.

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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