#53 Kevin Bertoli | From Crisis to Opportunity: What Happens When a Crisis Changes an Industry?

Kevin Bertoli joins Murdoch Gatti on The Rate Of Change to discuss how PM Capital identifies opportunity when markets are focused on fear, uncertainty and short-term noise, and why major crises can create some of the most compelling investment opportunities.

What happens when a crisis permanently changes an industry?

Process is deceptively simple. A crisis hits. Weak players fail. Industries consolidate. Survivors gain market share. Competition reduces. Economics improve. Yet markets often continue pricing the old fear long after the fundamentals have changed.

In this episode, Kevin explains how PM Capital has applied this framework across global markets, including European banks, and why some of the most compelling investment opportunities emerge when pessimism is at its peak.

Topics discussed:

• Why value investing remains relevant in today's market,

• How industry consolidation can create long-term winners,

• The investment case for European banks,

• Why market narratives often lag economic reality,

• How PM Capital identifies global opportunities overlooked by consensus,

• The role of management quality, capital allocation and valuation,

• AI, productivity and the changing competitive landscape,

• Where PM Capital sees opportunities today.

A discussion on investing through cycles, identifying overlooked opportunities and finding value where others are unwilling to look.