Interview #105 : John Khabbaz (Phoenician Capital)
Global value investing
For this issue we have the pleasure of interviewing John Khabbaz from Phoenician Capital.
⚡ Consider becoming a Paid Subscriber to read these interviews in full, and gain access to all the other great content too.
Paid subscribers receive…
24 Stock Pitches newsletter per year (400+ ideas)
Quarterly Fund Manager Letters Round-up newsletter (4 per year)
We have subscribers from all around the world who enjoy consuming our content. This includes fund managers, analysts, family offices, and other institutions. We have many individual investors and students who enjoy the content too.
If you’ve not done so already we hope you consider becoming a paid subscriber to get all the full benefits (and a shedload of stock ideas too).
Hi John, thanks so much for taking the time out to do this interview.
Can you please tell readers about your background, and how you got involved in business and investing?
My journey into business started with an entrepreneurial leap right after college. I founded a t-shirt manufacturing company, which I built and scaled over the course of a decade.
That experience was my crash course in the realities of business—mastering sales, operations, logistics, and, most importantly, the resilience it takes to build something from the ground up.
Despite the company’s success, I realized my passion didn’t lie in textiles. So, I sold the business and pursued an MBA at Columbia Business School—a decision that ultimately changed the trajectory of my career.
At Columbia, I discovered value investing, and it felt like a revelation. The idea of buying businesses at a discount to their intrinsic value—the “margin of safety” concept—struck me as both rational and deeply aligned with my principles.
It’s a disciplined approach that minimizes downside risk while unlocking long-term potential. What captivated me even more was the patience it requires: trusting that markets, over time, correct mispricings and reward those who invest thoughtfully and deliberately.
Value investing isn’t just a strategy; it’s a philosophy rooted in prudence, patience, and rationality.
While it might underperform during certain cycles, history has shown that its principles can endure and have the potential for generating outsized returns over the long run. This alignment of discipline and long-term thinking made value investing not just a career choice but a lifelong passion.
You’re one of a rare breed of investors who has actually operated a non-investing business.
What lessons and experiences did you gain from being an entrepreneur that have helped you be a successful investor?
Absolutely. My time as an entrepreneur was transformative, and it continues to shape my approach to investing in profound ways.
Running a textile manufacturing business taught me lessons that go far beyond spreadsheets and balance sheets—it immersed me in the realities of company culture, human motivations, and the critical importance of aligning incentives. These insights are invaluable when assessing potential investments, as they reveal what truly drives sustainable success.