Donald Yacktman presented his in-depth investment thesis on Apollo Group (Nasdaq: APOL) at Wide-Moat Investing Summit 2013.
The Bottom Line: “Classic case where we don’t look very smart so far. But it’s within the range of potential outcomes still…a small position for us…generates a lot of cash and it’s the plum in the student education for-profit area. But clearly they’re going through a struggling, challenging period and they’re still in a declining enrollment mode…but at these prices we think it merits ownership. But we’re only willing to own so much of it. So, again, risk control is another thing that I would emphasize. Risk control and sizing appropriately is so very very important.”
About the instructor:
Donald Yacktman is the President and Co-Chief Investment Officer of Yacktman Asset Management. Yacktman Asset Management is a highly-regarded investment manager specializing in large-cap equities through a unique, value-oriented approach. The firm seeks to make investments in high-quality businesses at low valuations with the goal of generating outperformance over the long term. Yacktman Asset Management adheres to an objective, patient, and diligent investment philosophy, and follows an approach in which it selects individual securities and analyzes investments from the bottom-up. The firm’s two flagship mutual funds, The Yacktman Fund and The Yacktman Focused Fund, are recognized for their superior long-term track records of outperformance. In addition, Yacktman Asset Management serves a number of institutional investors and high-net-worth individuals through separately managed accounts and sub-advisory mandates. Prior to founding Yacktman Asset Management in 1992, Don served for ten years as the Senior Portfolio Manager of Selected Financial Services, Inc. For nine of those years, he also was the Portfolio Manager of the Selected American Shares mutual fund. Don was named “Portfolio Manager of The Year” by Morningstar for his performance in 1991. Before joining Selected Financial Services, Don was a portfolio manager at Stein Roe & Farnham. Don holds a B.S. Magna Cum Laude in economics from The University of Utah and an MBA with distinction from Harvard University.
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