June 2025
30 Years of International Investing with Roy Leckie, Executive Director and
Co-Chair of the Investment Management Committee at Walter Scott
Since joining Walter Scott in 1995, Roy has experienced the highs and lows of equity markets and navigated several market crises. Shaped by these events, he shares his insights.
STAY CALM, THEN LEARN LESSONS
Avoid knee-jerk reactions. In moments of uncertainty, take time to assess what has changed, or what hasn’t, and focus on maintaining our investment discipline. This measured approach allows us to make the most of any opportunity, where a short-term reaction might be at odds with a company’s long-term potential.
We also recognize the need to learn lessons. The Asian financial crisis taught me the dangers of leverage and mismatched currencies on a balance sheet. The dot-com bubble reinforced the importance of valuation discipline, and the need to resist getting swept up in exuberance.
DON’T JUST CALL COMPANIES, CALL IN ON THEM
There is no substitute for meeting company leadership in person. Research trips offer far more than management presentations: they give us an insight into corporate culture, emerging leaders, operations and competitive positioning. We go beyond the polished messaging and cross-check what we hear.
The people we meet give us valuable perspective on motivation, pressure points, and the lived experience behind a company’s strategy. These insights are invaluable and, often, it’s what is not said that matters the most.
ATTENTION TO DETAIL, AND TO THE NUMBERS
Financial analysis is not just about knowing a company’s metrics — it’s about interpreting the patterns behind them to truly understand how the business operates. Our analysis focuses on how cash is generated and then flows through to the profit and loss statement, cash flow statement and balance sheet.
I recall meeting with the CEO of a company that we had growing concerns about. There were warning signs: a lack of transparency, no recognition of past missteps, and a disconnect between the company’s charismatic leader and our expectations as long-term shareholders. That one meeting was enough — we sold the stock the next day.
CONSISTENCY ALONGSIDE CHANGE
Over the past three decades, our investment philosophy has remained unchanged: identify high-quality companies around the world, invest with conviction, and harness the power of compounding. That core approach remains as relevant today as it was in 1983, when the firm was founded.
What has changed is the world around us. Information is now instant and abundant. This progress is a net positive, but it has also shifted the culture towards short-termism. That’s why it’s more important than ever to stand back and filter what matters. Our structured process helps us cut through the noise and stay focused on the long-term drivers of success.
BALANCING HUMILITY AND CONFIDENCE
If there’s one overarching lesson from three decades in investing, it’s the importance of balancing humility with confidence.
Humility means trusting our process, leaning on the team, and being open to learning — always. Confidence means having the conviction to back your research, to take a long-term view and to act decisively when needed.
No investment manager will get every decision right, but through rigorous research, shared insight and a consistent framework, we can maintain conviction, even in inevitable moments of challenge.
About
Walter Scott
Walter Scott is the global equities-focused
investment firm within BNY Investments.
Asian Financial Crisis (1997–1998) was a sequence of currency devaluations and other events that began in July 1997 and spread across Asia.
Dot-com bubble (1995–2000) was a stock market bubble fueled by speculative investments in internet-based businesses.
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