Today we welcome Jason Crawshaw from Polaris to talk about investing in international markets. Originally from South Africa, he is now a portfolio manager here. His journey's been a rollercoaster, from business school in the US to cutting his teeth in Johannesburg's equity market. Now, for over a decade, he's called Polaris home, focusing on global value. Lately, he is locked on international plays, whether it's established or emerging markets. Learn more about the future of investing in international markets! This week we discuss...
- Jason's experience in the equity market, particularly in fundamental equity analysis, with a focus on cash flow generation.
- How Jason's investment strategy revolves around discounted cash flow analysis, particularly focusing on maintenance cash flow adjusted for inflation.
- Jason's preference for international markets over the US due to perceived value opportunities.
- The dominance of the US in global equity markets and the potential overvaluation compared to other regions.
- Regions like Europe and their economic challenges, energy concerns, and regulatory issues.
- Emerging markets: past enthusiasm and current challenges, especially in China.
- Africa as a frontier market with demographic advantages but also currency and governance challenges, making it difficult for equity investors.
- The importance of capital allocation and shareholder returns, and the impact of management decisions on stock performance.
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Today's Guest: Jason Crawshaw
Jason Crawshaw joined the team as an Analyst in January 2014, became an LLC member in 2015, and was named an Assistant Portfolio Manager in early 2016. He was promoted to Portfolio Manager in January 2021, and was named the firm’s Executive Vice President in late 2023. Mr. Crawshaw is a generalist and conducts fundamental analysis of potential investment opportunities. He brings 30 years of investment industry experience to the firm. Mr. Crawshaw was previously a portfolio manager with Liberty Square Asset Management, where he co-managed international long and long/short equity funds and helped direct Liberty’s research effort. Prior to joining Liberty, he was a portfolio manager with Brait Specialized Funds U.S., where he managed a U.S. long/short small cap equity hedge fund. He served in a similar role at Equinox, a spin-off from Coronation Securities. Early in his career, Mr. Crawshaw was an equity analyst responsible for small- and mid-cap research for a proprietary fund at First Rand and Coronation Securities of South Africa. Mr. Crawshaw obtained his master’s in business administration from University of Notre Dame and graduated magna cum laude in 1994. He received his undergraduate degree from Middlebury College in 1992.
Jason's Online Presence:
Today's Panelists
Megan Gorman | The Wealth Intersection
Kirk Chisholm | Innovative Advisory Group