Episode 19: Mary Manning – Emerging
On this episode:
Mary Manning is Portfolio Manager for Ellerston Capital’s Asian and Indian funds.
Mary grew up in Calgary, Canada, but early on she knew she needed to get to New York to pursue her career in finance and investment banking. Driven to succeed, she completed her Commerce degree and got a job at what would become Citi investment bank. From there, she experienced the Asian crisis then relocated to Moscow to experience the Russian Crisis.
Over the years, Mary has worked across the world, while completing her MBA at Harvard and a PhD in Economics in Sydney. She’s worked for Howard Marks at Oaktree and George Soros at Soros Funds Management, among others.
Today, Mary is at the forefront of Asian markets and leads a team of analysts to find the fastest growing companies in Asia. Mary takes us through her process, misconceptions about China and emerging markets, the Indian opportunity and loads more.
Please enjoy this conversation with Mary Manning of Ellerston Capital.
- 0:50 – Intro to Mary, working 100 hours
- 5:20 – Mary goes straight into the Asian Crisis…. then heads over to Moscow for the Russian Crisis. She’s still 22 years old.
- 7:50 – The Harvard MBA.
- 11:50 – Getting a job at Soros and learning how to value a banking share for long and short positions.
- 13:50 – Why Mary doesn’t like developed markets and why she moved to Oaktree from Soros
- 15:20 – An Aussie broker tries for 2 years to get Mary to buy CBA shares. Eventually, she caves in. That broker became her husband.
- 16:20 – Why Mary undertook a PhD in Economics and how she would fix the inequality in developing countries.
- 23:50 – Why does Mary only invest in companies larger than $1 billion?
- 25:30 – How does Mary value shares? Why the PEG ratio is important to her team.
- 27:30 – What will Australian investors miss in China and India? Why the Australian media gives you the wrong impression about China.
- 31:20 – Can I just buy Bellamy’s or Blackmores shares?
- 33:40 – Is Asia really corrupt? Mary’s 20-point checklist.
- 36:00 – What’s wrong with passive investing in Asia?40:00 – How will the Trade War play out?
- 43:00 – Is China’s Great Wall of Debt everything it’s cracked up to be? What can China do about it?
- 47:00 – Which investor has Mary learned the most from and why?
- 48:00 – What would Mary tell her younger self about money and investing?