Why humility is a big part of investing
July 2024
Gian Pandit
Deputy Head of Equities
Ausbil
What is your day job?
I’ve been with Ausbil since 2015 and have two roles. The first is as Senior Portfolio Manager for our long short funds. My key focus in that role is simple – to help clients outperform markets and make money.
My second role is Deputy Head of Australian Equities. I act as a sounding board for Paul Xiradis, our Head of Equities, and help him run the business in the best way possible.
What was your previous experience and qualifications?
I’ve worked in finance since graduating from the University of Sydney with a Bachelor of Economics in 1990.
I've been lucky to work with some of the best and brightest minds. I started as a trainee with Deutsche Bank, working in the economics division under Don Stammer (who remains one of the best known economists in Australia).
Don was a great mentor and I still speak to him today.
After that, I moved into Deutsche Bank’s equities division working for the team focused on the cement industry.
My next job was with Consolidated Press Holdings, running part of Kerry Packer’s personal wealth for around six years. I reported to Mr Packer’s primary lieutenant Ashok Jacob and considered him the finest investment mind in the market.
I also had a stint with ING, where I was a Director in charge of investments and Senior Portfolio Manager of its long short funds. Then I was Head of Fundamental Equities at AMP before joining Ausbil.
Why did you choose finance as a career?
I first took an interest in finance at school in the late 1980s when Australia’s banking sector was deregulated. It was a beginning of a fascinating time that included the floating of the Australian dollar and other events which had a major impact.
To me, financial markets were like a living organism – constantly changing and constantly challenging participants. There’s still not any one day that’s the same.
What’s your favourite part of the job?
Investing our clients’ money. To me, that’s the root of the job. We’re here to help make people money and outperform over the market cycle.
I run of a lot of retail funds for ordinary investors and preserving their money is key. Retail investors aren’t greedy – they just want a good return over a cycle, and capital preservation is a fundamental element of that process.
What is the biggest lesson you’ve learnt in your career?
My former boss at Consolidated Press Holding, Ashok Jacob, taught me that a portfolio manager needs a sense of humility.
You need to realise when you've made a wrong call and get out. Never let your losing positions run and never hope that your losing positions turn around.
You need to protect capital first and foremost. After that, you can focus on outperforming the market. This lesson was really drilled into me when we ran Kerry Packer's money as well as the assets of other wealthy individuals.
I always been conscious of managing downside risk as result of starting my career during the 1991 recession.
How do you spend your spare time?
I'm a son of an immigrant and was taught by my parents that friends, food and family are the most important things in life.
I play a lot of tennis and coached tennis to pay my way through university. I also get a massive kick from watching and helping my kids with their sporting endeavors.
During the Olympics, I followed the female swimmers and different sports that sometimes don’t get the attention they deserve. The badminton games were amazing!
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