Vantage: Value investing with Peter Smith of Palm Harbour Capital

Peter Smith, portfolio manager and CIO of Palm Harbour Capital, joins us for the first time on Vantage. He is very clear about what he wants: stocks that deliver a 15% internal rate of return on a three- to five-year time horizon. Given his ability to invest globally, we explore how he sources ideas. We learn how he goes on to do his due diligence on the stocks and he illustrates this with two stocks in his portfolio: Avid Technology (AVID.OQ, $1bn market capitalisation) and Telekom Austria (TELA.VI, €4.5bn market capitalisation). Unusually, his fund doesn’t compare its performance to any benchmark, which Peter believes gives him a better mindset as an investor.