Transcript
Introduction
Patrick
My guest this week is Geoffrey Batt and the topic of our conversation is how to earn transformational returns in very hard markets. In his case, that means Iraqi equities, which we cover in detail. He now runs a large pool of capital in Iraqi Stocks through his firm, Euphrates, but the journey was arduous to say the least. This is one of my favorite boots on the ground contrarian investment stories thus far in the podcast. I hope you enjoy the story and the lessons that Geoff has to offer.
Transformational Returns
So, Geoff, this is going to be certainly one of the more unique equity investing discussions that I've ever had, centered on investing in Iraq specifically. But before we spend a lot of our hour together on that topic, I want to frame this with the notion that we talked about on the phone. I think we'll call this episode the nature of transformational returns. In several places, you've talked a bit about what it takes to earn the kind of 25, 50X returns that massively change an investor's life. And however wants that, but the actual experience of getting it is massively hard and uncomfortable. So maybe you could frame our entire conversation with this simple idea of what it takes to earn transformational returns.