Miquel Burguet is Portfolio Manager at Marlowe Capital and Research Associate at the Systemic Risk Centre of the London School of Economics. Marlowe Capital is a macro global investment manager focused on a small investment niche: commercial banks equities. We try to find stable macro situations around the globe – long or short – and we invest in them through a portfolio with a limited number of commercial and investment banking equities on a “best ideas” basis. Miquel is also an award winning writer, having been given National Literature Award in his teens – 1994.
What are you working on today?
We are designing a portfolio of commercial and investment banks equities in highly regarded jurisdictions to be implemented when the macro situation stabilizes.
How did you get to where you are now?
I have been focused on commercial banks since my undergraduate: first with industry experience – preparing my civil service exams for the banking supervision division of a Central Bank, as a banking lawyer, as a controller of a savings bank – and after my MBA as a banks analyst in the City and investment fund advisor. I developed further my understanding of macro dynamics applied to the banking sector – our speciality at Marlowe Capital – as a research associate at the London School of Economics.
What attracted you to this business?
I have loved finance since I was a child. I guess it is a passion that does not have an easy explanation.
What has been the most pivotal moment of your career so far?
The most pivotal moments of my career were when I got my first job at the City in 2007, just before the Credit Crunch, and when we were authorized as an asset manager in 2016.
What aspect of our industry excites you the most?
The challenge of trying to understand the markets and the proof that you do – making money from them in a consistent fashion.
What would you change?
Short termism may be a problem sometimes. It may make sense for a number of strategies – high frequency trading, many in the quantitative universe, low vol, etc. – but it may be a drag for effective value generation when implementing other investment styles, for example a number of those based on fundamental analysis. Of course this can not be the excuse of the manager not to deliver over the expected time horizon.
What do you invest in personally?
My key investment is my shares at Marlowe Capital. I believe they might be a 100 bagger, as Peter Lynch would say.
Where do you celebrate?
I am a bit of a foodie and I love to travel. I like to try the new restaurant offerings in London – alongside a number of old favourites – and to celebrate a good year travelling to some different, relatively unknown part of the world – next in my list is a trip to Mongolia and the Gobi.
What is at the top of your bucket list right now?
Visiting Osteria Francescana when the post-corona world allows it, perhaps combined with a quick trip to Florence, Siena, San Gimignano… some of my favourite places around.
What does success mean to you?
Fulfilling your potential with the right people around. Managing to fully develop your professional potential surrounded by the people you are attached to – partner, family, friends – sounds like a good definition of success to me.
What’s the best piece of advice you’ve ever been given?
Find your passion in life and make it your job. That is the way to ensure you are very good at what you do. The top professionals have been always passionate about their occupations – in architecture, journalism, football, the arts, etc. I think this is particularly true in finance.
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