About this episode

Amit Wadhwaney discusses his journey in value investing and his investment philosophy at Moerus Capital Management.

Amit Wadhwaney, founding partner and portfolio manager at Moerus Capital Management, joins hosts Tano Santos and Michael Mauboussin to trace his unorthodox journey from Bombay to Concordia to founding a value investing firm focused on the balance sheet. Along the way, he discusses his early exposure to Marty Whitman, lessons from Third Avenue's international expansion, and what led him to start Moerus. Amit outlines the core of his investment approach—asset-based valuation, downside protection, and long-term holding periods—and explains why macro factors are typically disqualifiers, not drivers, in his process. He shares insights into portfolio construction, the role of currency risk, and how Moerus identified undervalued opportunities in places like Argentina, Japan, and the gold sector. Key Topics: ● Growing up in India and finding investing through chemical engineering and economics (3:04) ● Discovering Marty Whitman via an obscure academic book on value investing (5:05) ● Lessons from selling real estate during Quebec's post-referendum panic (9:23) ● Joining MJ Whitman and watching Third Avenue evolve (11:12) ● Pioneering international value investing at Third Avenue (17:05)…

People in this episode

Hosts: Tano Santos, Michael Mauboussin

Guest: Amit Wadhwaney

Topics covered

• value investing
• portfolio management
• asset-based valuation
• macro risk
• international investing
• investment philosophy

Keywords

• value investing
• Moerus Capital
• Amit Wadhwaney
• asset-based valuation
• macro risk
• portfolio construction
• currency risk
• undervalued opportunities

Mentioned in this episode

Organizations: Moerus Capital Management, Third Avenue

Places: Montreal, Bombay, Argentina, Japan, Concordia

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