South Korea

In December 2022, we traveled to South Korea.  We met with companies that we are considering for inclusion in the portfolio and companies that might give us insights into other investments. We are always seeking to better understand local businesses, investors, history, and culture.  We require deep and well-rounded knowledge of the companies in which we invest in and those who manage them, so that we can better predict outcomes and potential returns. 

Brewery in Sinha-ri, South Korea
Telecom overbuild in Seoul, South Korea

We certainly came away with many important discernments and some spots where we can make investments at the right prices.  We strengthened relationships with some important people in our network and made new contactsRecent increases in the U.S. dollar have made South Korea’s manufacturing base more competitive for export, and current valuations do not require a lot of growth to reward investors with a reasonable return.  Some efforts are being made to improve corporate governanceLocals believe if they improve access to the market for foreign investors and corporate governance standards, the country could graduate from an emerging market to a developed marketCertainly, day-to-day life in Seoul feels very developed.   

Jogyesa Buddhist Temple in Seoul
World Cup activation for Cass beer at Lotte Mart in Seoul
Gyeongbokgung Palace in Seoul