Podcast with Anton Tagliaferro: How the '87 crash shaped my philosophy

16 September 2019
Anton on Livewire

Anton Tagliaferro joins Patrick Poke from Livewire for an episode of ‘The Rules of Investing’ to discuss his experiences in investing and how they shaped his views and developed IML’s investment philosophy.

For Anton, one of the early formative experiences was the infamous ’87 stock market crash. After witnessing the events in New York the night before, Anton and the IML team tried to guess how far the ASX would fall that day, but even the most bearish analyst in the group was not prepared for the 25% crash that came when the market opened.

"On the day of a crash such as that, everything falls. The good, the bad, and the ugly. But when sanity prevails and the panic subsides, people do go back to the stock market, but it’s the good stocks that recover. A lot of the crap, all the froth and bubble, which in the boom was in the headlines all the time, a lot of that stuff goes to nothing.”

Anton also shares his current views on Australian banks and retailers, and why he doesn't like the ‘value versus growth’ argument.

Time stamps

  • 2:26 - The major influences behind the IML philosophy
  • 6:41 - Anton's experience of the October 1987 stock market crash
  • 10:37 - Growth vs value? There's no such thing!
  • 13:10 - The essential characteristics of a high-quality company
  • 15:27 - Is there value in the retail sector?
  • 18:03 - Why he likes Myer
  • 20:44 - How longer rates could affect the banking sector
  • 24:58 - A confusing time for investors
  • 28:15 - Anton answers our three favourite questions
20 lessons from 20 years
of Quality and Value Investing