Jul 10, 2026 · 21 min · 12 segments
Prior to founding Urquhart Partners, Richard Cheesman built a reputation anonymously, running one of South Africa's largest corporate finance Twitter accounts. This was 2017, around the time of the…
Richard CheesmanGuest
Chipo MuwowoHost
What that means is basically for every investment in the portfolio, every investment we look at, there must be a catalyst, which is, you know, generally some kind of corporate activity.
So what we don't do, we don't just bet on, let's say, banks versus insurers or, you know, one specific bank versus another one.
Each of our investments has a specific catalyst, and I guess a big foundation for this strategy is, uh, Joel Greenblatt's book, uh, You Can Be a Stock Market Genius, which is a terrible name for a book.
It took me a long time to, to read it because of the name, but it's actually a fantastic book, and he had a fantastic, uh, track record of returning 50% per annum for 10 years, uh, I think back in the '80s and '90s.
So, you know, it was a bit of a different time and he, he's a different investor, but clearly it's a attractive area to be involved in.
Um, when we look at special situations, we, we consider five categories, which is, uh, buyouts, liquidations, spinoffs, major restructurings, and investor activism.
So if a company's busy being bought out, uh, you'll make the, the buyout price if the deal closes, and depending on when it closes, that might affect the, the return that you earn.
in the broader market if interest rates go up or down or currencies change or commodity prices.
Uh, that you get a lot of cash returns, you know, a lot of cash coming back to you in, in these areas.
What that means is basically for every investment in the portfolio, every investment we look at, there must be a catalyst, which is, you know, generally some kind of corporate activity.
So what we don't do, we don't just bet on, let's say, banks versus insurers or, you know, one specific bank versus another one.
Each of our investments has a specific catalyst, and I guess a big foundation for this strategy is, uh, Joel Greenblatt's book, uh, You Can Be a Stock Market Genius, which is a terrible name for a book.
It took me a long time to, to read it because of the name, but it's actually a fantastic book, and he had a fantastic, uh, track record of returning 50% per annum for 10 years, uh, I think back in the '80s and '90s.
So, you know, it was a bit of a different time and he, he's a different investor, but clearly it's a attractive area to be involved in.
Um, when we look at special situations, we, we consider five categories, which is, uh, buyouts, liquidations, spinoffs, major restructurings, and investor activism.
So if a company's busy being bought out, uh, you'll make the, the buyout price if the deal closes, and depending on when it closes, that might affect the, the return that you earn.
in the broader market if interest rates go up or down or currencies change or commodity prices.
Uh, that you get a lot of cash returns, you know, a lot of cash coming back to you in, in these areas.
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