저자: MarkMobius · 외국인
요약 보기
한 줄 결론: 액티브 운용의 역할이 커지고 있으며, 이머징 시장은 AI·반도체 중심으로 변화 중이라는 취지의 대담. [운용 전략] 모비우스는 ESG뿐 아니라 지배구조 개선과 기업의 환경·사회 대응, 주주에 대한 반응을 끌어내는 액티브 운용의 필요성을 강조했다. 차기 펀드는 20~30개 종목을 집중 보유하고 기업에 직접 관여하는 방식이며, 주로 중형주를 대상으로 하되 소형주·일부 대형주도 포함할 것이라고 밝혔다. [이머징 시장 변화] 6년 전 한국에서 제철소를 둘러본 이후 이머징 시장은 AI와 반도체 중심으로 바뀌었다고 설명했다. 스마트폰 약 10억 대 판매의 70%가 이머징 국가에서 이뤄져 영향이 크다는 분석이다. 한국 기업 지배구조 변화도 언급했으며, 삼성전자가 주주 요구에 응해 변화를 보인 점을 의미 있는 사례로 들었다. [자산 배분 및 리스크] 프론티어 시장은 유가 급등에 취약하며, 특히 중국·인도 등 원유 수입국이 타격을 받고 사우디는 유가 상승의 수혜를 입는다고 봤다. 이란 투자는 제재 때문에 현재로선 불가능하지만, 향후 돌파구가 생기면 기회가 될 수 있다고 봤다. [출연자 견해] Dennis Cartman(Gabelli 계열)은 개별 해외주보다 ETF로 국가·지역 노출을 취하는 방식이 더 합리적이라고 설명했다. 진행자는 기관투자자들이 ETF에 포화 상태에 이르면서 액티브 운용 수요가 늘어날 수 있다고 정리했다. [기타] AllianceBernstein의 뉴욕→내슈빌 이전 논의도 있었으나, 모비우스는 인터넷 덕분에 입지가 덜 중요하다고 답했고 런던·룩셈부르크 등에 거점을 두고 있다고 밝혔다.
다듬은 글
mark Wow you're 81 and you still have appetite for this why do you keep going it's really exciting because it's in some ways a continuation of what we've been doing in the sense of being more active and more engaged with these companies but now with the industry changing with all this money going into ETF's passive there is a real role for active management where we go into companies and we try to achieve change and it's not just ESG but it's also governance more importantly you know trying to get companies to respond to what's happening in the environment in the social area but more importantly respond to shareholders I think six years ago I spent two weeks with you in South Korea looking at steel mills and I think that that was quite an experience for me I knew it how have the emerging markets changed since then now it's all about artificial intelligence and chip making yes I mean you talk about Apple and their success but it's not only Apple but it's cell phone manufacturers around the world 1 billion smartphones are being sold 70% of that is in emerging countries so the impact has been incredible but it's interesting you mentioned in Korea because look at the changes that is taking place on the corporate governance front in Korea we never would imagine that Samsung would respond to efforts by shareholders to it create some change Margaret II gratifying good morning and congratulations on your new effort from what I hear this is not a Templeton Redux no one can redux Sir John's work it sounds to me like it's going to be much more nimble and much more distressed or let's go oriented how many holdings do you expect to hold at any given time by the way what you just gave his description of what we're doing is perfect that's exactly what we're thinking and we're probably going to be holding 20 to 30 stocks because the it's variable to be concentrated and to be involved with the companies directly are they mid camp or are you going to go after large caps and tell them what to do it will probably be more mid cap even small cap you know nowadays small cap can be a billion dollars right but there'll be some large-cap as well the main thing is that we want to get into companies that have the potential to change right and to improve their governance now yes mark Mobius the global wall street Bloomberg terminal question of the day mark I don't know if you're aware but the venerable Alliance Bernstein group is announcing they're gonna move from New York to Nashville can you keep brain power in other cities or do they need to be in the romantic cities of mark Mobius do they need to be in London do they need to be in New York do they need to be in Dennis Cartman's Virginia Beach is a major investment capital mark where what what what is the what are the ramifications intellectually of moving from New York to Nashville this is a very very interesting question because now with the internet with the means of communication we could be anywhere we decided to start in London because London is such a big center and so international and also is very relevant to emerging countries because the Empire history with the United Kingdom and so forth but we are registering our first fund in Luxembourg because it's such a great place to get exposure to all of Europe which will be really the beginning of our fund investors but we could be anywhere in fact I'd love to be back in Nassau on the beach like John temple then used to be talked to me a little bit about oh well if you look at emerging markets if you'll get the frontier markets and your mark really the person who coined investment in frontier markets are they very vulnerable to the price of oil some of them are very vulnerable to the price of oil particularly if oil goes up dramatically and suddenly that would be a real problem for oil importers China would be affected the India would be affected many of these emerging markets would be hit and of course that some like maybe Saudi Arabia which would be helped with a higher price and would you invest in Iran or because it's unknown the US has until May the 12th to decide what they do with this accord it's just not the right time does it feel too risky we would love to invest in Iran because they do have an actor capital market but because of the sanctions you just can't do that but I think that there's going to be a breakthrough and it'll be an opportunity it'd be very interesting mark Mobius with us in London Alan Ruskin of Deutsche Bank with us in New York with Dennis Cartman of the garbin letter as well Dennis foreign investment before mark Mobius in vetted it was you own telephonist Mexico in a concrete company in Asia and then you were an international investigative change do you buy international Express through US multinationals or do you buy individual foreign stocks or foreign I'm gonna leave the individual foreign stocks to men as geniuses mr.
Mobius when I do something in my own account I'm gonna use ETF stitute to affect that trade it's far more rational for me to do that to make a big perspective on Germany to take a big perspective on Malaysia to take a big perspective on on Asia I'd rather use ETF so I will leave individual stocks to mr.
movi you buy a German multinational is an international proxy already gotta go more granular I'm gonna go more expansive than that I'm gonna go to a European ETF instead it's it's just my methodology of trading and makes more sense for me to do that okay mark would you I mean this goes back to kind of what you're saying about ETS you convince people to give you their money is it kind of you know straight knowledge or the market has felt pretty binary in the last couple of years when when does it change that's true I mean ETFs have dominated the market for the last almost 10 years I mean the amount of money going into ETFs is far in excess of active managers but we've reached a point particularly among the the institutional investors where they have their fill of ETFs and they realize there is a need for more active managers to come in to add spice and active corporate governance scenes to the market so we are seeing a lot of interest particularly when we talk about more active corporate governance orientation
Comments 0