Inside Artisan's International Value Fund with Portfolio Manager David Samra

Value investing requires a disciplined approach to identifying undervalued businesses while rigorously managing risk through balance sheet strength and competitive analysis. David Samra, founding partner of Artisan Partners' International Value Group, emphasizes that successful international investing involves navigating diverse corporate governance structures and avoiding value traps by focusing on companies with sustainable earnings power. Deep fundamental research, including the construction of proprietary financial models, remains essential to uncovering true intrinsic value rather than relying on market sentiment. The discussion highlights the dangers of high leverage and narrow focus, using the collapse of Archegos and the historical sinking of the Vasa warship as cautionary tales for maintaining a low center of gravity in both portfolio construction and business management. Navigating global markets demands a skeptical eye toward complex financial structures and a steadfast commitment to long-term capital preservation.