by Julian P. Tarrobago, Jr.
It was a hot, sticky summer afternoon in Makati, and I had just walked back from a sumptuous lunch treat at Jupiter Street, courtesy of our head of research, who was my direct boss. Steak & Steak Rice from Padi’s Point, to be precise. I rushed back to write the daily Philippine stock market rundown, where I would enumerate the events of the trading day on paper—along with the list of stock gainers and losers, and the reasons why I thought they were gainers and losers for the day. This was part of the usual fare of duties given to rookie analysts at Anscor Hagedorn Securities—back then one of the premier stock brokerages in the Philippines, circa 1995. Straight out of De La Salle University, with barely average grades, I felt blessed to work in my dream job at the famous firm, and on the frontlines of financial market action.
This dream, quickly morphed into a nightmare. Barely half way into writing the daily, a secretary called me into the office of our Managing Director, who never spoke a word to me in my very brief employment at ‘Hagedorn’. Strange. “Sit down, Jun.” I was both astonished and scared, that he even knew my name. “You’ve been here 3 months, and…”
Oh no, my head gasped, before it exploded.
“…and, uh, we really need someone who can hit the ground running. You’re not that guy” said the MD.
But I was doing my best, figuring things out on my own, even without any real guidance! I justified in a thought bubble, as I sat in disbelief, shell-shocked in stupefied silence, desperate and referring to my then boss, who for this story’s purposes, we can just call ‘Beach’.
Beach hardly did any mentoring. In fairness, he did try, once, to tell me how cash flow analysis was done by the pros, correctly, but in very general, succinct terms: “Cash flow analysis shows how a company generates cash over time. It examines Cash from Operations, Cash from Investments, and Cash from Financing. These activities are interconnected: Cash from Operations pays for Investments in growth and debt repayments, while Financing activities can support Operational needs and Investment opportunities. Got it?! ”, he asked.
“Sir, yes sir! (what?!)”, I answered in anguish. This wasn’t the approach I needed to become an analyst with a deep attention to detail when evaluating financial statements.
Beach did show me (by example) how to write conversationally, something which I will always be grateful to him for. Resilience too. So two things I thank him for, actually. Anyway, the MD then thanked me for ‘trying out’ at Anscor Hagedorn, after which commenced my walk of shame and one-man pity party, while exiting the firm’s premises and amidst the bewildered looks of my friends and colleagues. And from Beach. Back at a time when other people’s opinions still meant the world to me, it was painful to tell people that, just 3 months after landing my dream job, I got fired. Dismissed. Sacked. Canned. Laid off. Am sure you get it.
This was not the ideal start for anyone’s career. At the same time, funny as it may sound—getting fired was actually one of the best things that ever happened to me, professionally. Engulfed in a delicate cocktail of grief, disbelief and a thirst for professional justice—I committed, with blind faith, to staying in the Equities Market, which I found very exciting (and I still do)—anchored on a workhorse ethic and a relentless resolve to find proper mentorship to kickstart and help guide my career. Seek and you shall find.
And that, I most certainly did. I sought out, and was rewarded to find work under Stock Market luminaries like Liza Joson (Vice President for Research, Amsteel Securities) in the 1990s, Jojo Gonzales (Managing Director, Philippine Equity Partners Inc.) in the early 2000s and Phillip Hagedorn (Chief Investment Officer, ATRAM) up to 2021. I was also blessed to learn a lot on professionalism and investments from one of my clients, a Norwegian gentleman named Erik. These mentors provided guidance, coaching and embodiment of world-class Investment Research, Portfolio Management, Entrepreneurship & Ethics–helping me build and hone essential investing skills—which have been deeply impactful in many ways, and beyond what any New York Times best-selling financial texts could ever offer.
The results were encouraging, as I would go on, over the next 3 decades, to manage the Philippines’ best-performing Equity Fund (years 2016-2021), consistently outperforming market benchmarks and demonstrating expertise in identifying and executing profitable investment strategies. My experience also extends to managing portfolios surpassing $1.7 billion in assets under management (AUM), catering to sophisticated clients like Retirement Funds, Central Banks, and a Sovereign Wealth Fund. I led investment teams in both local and multinational organizations, striving to foster a culture of performance, curiosity and innovation. The efforts were recognized by prestigious organizations, including CFA Society’s award for Best Managed Philippine Equity Fund (2019).
So I think I’m qualified to teach you a thing or two about Equity Investing. I’m a family man, a lifelong learner, and a proven investor with 29 years of experience. Moreover, I’m passionate about helping humans achieve financial success through equity investing. My firm belief, rooted in my own journey, is that everyone deserves a shot at building wealth and shaping a brighter future for themselves and their loved ones. I understand that investing can seem daunting, but it doesn’t have to be. With the right attitude, curiosity, guidance and a rock-solid investment process, anyone can navigate this path. Recall that my journey, which started with a proverbial, excruciating punch to the gut—would actually evolve into a Story with practical lessons in Resilience, the importance of unwavering Curiosity & Passion for Learning in the world of equities investing, the Power of a Proficient Investment Process and ultimately, the transformative power of Mentorship.
In this blog, I share the mentorship I craved as a young investor, a privilege I eventually received and now want to extend to you. My intention is to provide perspective and structure to help transform both beginners and experienced investors into proficient, consistent, and confident decision-makers in the market. It distills essential lessons from my 29 years of investing experience, funneled into a simplified, practical, and proven approach to equity investing. This ‘Call to Equities’, if you feel drawn to it, is an invitation to Transformation, rather than an immersion in Theory. We’ll peel back the unnecessary complexity, revealing practical strategies that empower you to build a wealth-generating portfolio by: (a) sharpening your eye for investment gems, (b) managing risk effectively and (c) crafting a portfolio aligned with your goals / financial aspirations. In so doing, we unleash the power of equity investing to generate strong, long-term returns, supporting you to achieve your financial goals and dreams. In the end, I hope you feel empowered to navigate the equity market with confidence and to make informed investment decisions that pave the way for a richer and more fulfilling life.