BNC#9 | Rhys Summerton: The "100% success rate" trade every investor is ignoring

Buy anything worth $600 billion and you can't lose money, says Milkwood Capital's Rhys Summerton. That's the easy trade. The hard one is spotting a great serial acquirer before the market notices, and Summerton has the scars and the returns to prove it. He walks through the five things he looks for before backing management with a chequebook, tells the inside story of turning a forgotten R4 industrial stock into a South African ten-bagger, and explains exactly what went wrong when EOH's acquisition machine chased earnings straight into a near R100 billion wipeout. Along the way: why passive investing is starving thousands of small companies of capital, and why a tax loss might be the most underrated asset on any balance sheet.