Tom Russo on Intelligent Investing in Crisis Mode

April 4, 2020 in Audio, Commentary, Equities, Ideas, Intelligent Investing in Crisis Mode 2020, Intelligent Investing in Crisis Mode 2020 Featured, Intelligent Investing in Crisis Mode 2020 Select, Large Cap, Transcripts

Tom Russo of Gardner Russo & Gardner joined MOI Global members for a LIVE Q&A session at our special event, Intelligent Investing in Crisis Mode 2020.

Tom reflected on the current moment in history and shared his perspective on surviving this period. Tom is famous for preferring businesses with a “capacity to suffer”. In this context, he discussed Berkshire Hathaway (NYSE: BRK), Heineken (Netherlands: HEIA), and selected other companies.

The full session is available exclusively to members of MOI Global.

Members, log in below to access the full session.

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Thank you for your interest.  Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:

Benefit from the wisdom Tom has shared with members in the past:

  • 2019: On wide-moat investing
  • 2018: On the evolution of quality investing
  • 2017: On the durability of consumer brands
  • 2017: On mental models in a changing world
  • 2017: On shareholder value and global brands
  • 2013: On Berkshire Hathaway and beyond
  • 2012: On investing in global franchise businesses

About the instructor:

Tom Russo joined Gardner Russo & Gardner LLC as a partner in 1989. In 2014 he became the Managing Member of the firm. Tom and Eugene Gardner, Jr. each manage individual separate accounts and share investment approaches and strategies. In addition, Tom serves as the Managing Member of the General Partner to Semper Vic partnerships. Tom oversees more than $10 billion through separately managed accounts and Semper Vic partnerships. Gardner Russo & Gardner LLC is a registered investment adviser under the Investment Advisers Act of 1940, and is not associated with any bank, security dealer or other third party.

Tom’s investment philosophy emphasizes return on invested capital, principally through equity investments. His approach to stock selection stresses two main points: value and price. While these would seem to be obvious key considerations in any manager’s approach, it is equally obvious that all too often they are either misjudged or, perhaps more frequently, simply not viewed together. Tom looks for companies with strong cash-flow characteristics, where large amounts of “free” cash flow are generated. Portfolio companies tend to have strong balance sheets and a history of producing high rates of return on their assets. The challenge comes in finding these obviously desirable situations at reasonable or bargain prices.

Tom’s investment approach is focused on a small number of industries in which companies have historically proven to be able to generate sustainable amounts of net free cash flow. (These industries typically have included food, beverage, tobacco, and advertising-supported media.) This fairly narrow approach reflects his training and discipline at the Sequoia Fund in New York, where he worked from 1984 to 1988. Tom tries to limit risk by not paying too large a multiple of a company’s net free cash flow in light of prevailing interest rates. He attempts to broaden this otherwise narrow universe by including companies with smaller market capitalizations and companies in similar industries based abroad. Tom’s goal is one of an absolute return rather than a relative return, and he continues his long-term investment objective of compounding assets between 10 and 20 percent per year without great turnover, thereby realizing a minimum amount of realized gains and net investment income.

Tom is the Managing Member of the General Partner of Semper Vic Partners, L.P., and Semper Vic Partners (Q.P.), L.P., limited partnerships whose combined investments are roughly $3 billion, along with overseeing substantially more funds through separate accounts for individuals, trusts, and endowments. He is a graduate of Dartmouth College (B.A., 1977), and Stanford Business and Law Schools (JD/MBA, 1984). Memberships include Dean’s Advisory Council for Stanford Law School, Dartmouth College’s President’s Leadership Council, and California Bar Association. Tom is a charter member of the Advisory Board for the Heilbrunn Center for Graham & Dodd Investing at Columbia Business School. He serves on the boards of the Winston Churchill Foundation of the U.S., Facing History and Ourselves, and Storm King Art Center.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, principals and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated on this website.

Daniel Gladiš on Intelligent Investing in Crisis Mode

April 4, 2020 in Audio, Commentary, Equities, Ideas, Intelligent Investing in Crisis Mode 2020, Intelligent Investing in Crisis Mode 2020 Featured, Transcripts

Daniel Gladiš of Vltava Fund shared his perspective during a Q&A session at our special event, Intelligent Investing in Crisis Mode 2020.

Daniel provided his assessment of the market environment, commented on how he approaches portfolio management in crisis mode, talked about Berkshire Hathaway (NYSE: BRK) as his largest position, and shared his latest thoughts on BMW (Germany: BMW, BMW3) in response to a question.

The full session is available exclusively to members of MOI Global.

Members, log in below to access the full session.

Not a member?

Thank you for your interest.  Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:

About the instructor:

Daniel Gladiš, based in the Czech Republic, has amassed a market-beating track record since starting VLTAVA Fund in 2004. VLTAVA Fund is a value-oriented, research-driven investment fund focused on investing in good companies run by quality management. Previously, Daniel was Director and Chairman of the Board of Directors of ABN AMRO Asset Management (Czech) from 1999–2004. He was also Director and founder of Atlantik finanční trhy, a.s., a member of the Prague Stock Exchange. Daniel is a graduate of VUT Brno and has authored the best-selling books Naučte se investovat (Learn to Invest) and Akciové investice (Stock Investments).

The content of this website is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, principals and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated on this website.

¿Por qué invierto a largo plazo?

April 3, 2020 in Miscelánea, MOI Global en Español

NOTA DEL EDITOR: El siguiente texto escrito por Jean Philippe Tissot, miembro de MOI Global, es extraído de la carta anual 2018 de Tissot Ayram Family Partnership.

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Perspectiva:

  • Seguimos teniendo acciones en una empresa británica que se está beneficiando enormemente de la regulación de las apuestas con dinero real en los EE.UU. La compañía ofrece un servicio a los casinos, y sus principales clientes son en su mayoría los mayores operadores en línea como Fan-Duel. En 2019, sus ingresos han crecido más de un 100%, y la mayoría son ingresos recurrentes. Es un EBITDA positivo, no tiene deuda y el equipo directivo posee más del 10% de las acciones en circulación. Esperarías que una compañía con estas características cotice por lo menos 7x sus ingresos; sin embargo, la compañía está tan barata como siempre, con aproximadamente 2x sus ingresos. Las acciones de la compañía son extremadamente ilíquidas y, sigo añadiendo, incluso después de haber sido propietario de las acciones durante más de dos años. Como la compra de sus acciones es tan complicada, no revelaré el nombre por ahora.
  • Continue reading »

Miguel de Juan sobre Clarus Corp

March 30, 2020 in Ideas de inversión, MOI Global en Español

NOTA DEL EDITOR: Esta idea de inversión es obtenida de una carta a los inversores de Argos Arca Global A.

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Clarus Corp [CLAR] es una pequeña empresa americana que, aunque realmente cuenta con tres divisiones, básicamente la podemos entender en dos. Una de ellas, la principal, dedicada al mundo de la escalada, montañismo y productos relacionados con la equipación para deportes al aire libre. La otra división es SIERRA y se dedica a la fabricación de munición- puntas de balas- y, como nuevo desarrollo, balas completas y no sólo la punta.

Continue reading »

Sean Stannard-Stockton on Intelligent Investing in Crisis Mode

March 29, 2020 in Audio, Commentary, Equities, Ideas, Intelligent Investing in Crisis Mode 2020, Intelligent Investing in Crisis Mode 2020 Featured, Intelligent Investing in Crisis Mode 2020 Select

Sean Stannard-Stockton of Ensemble Capital Management joined the MOI Global community for a LIVE Q&A session at our special event, Intelligent Investing in Crisis Mode 2020.

Sean provided his perspective and share his wisdom in this turbulent time. As background, listen to Ensemble Capital’s recent coronavirus call and read Sean’s related article.

In the conversation below, Sean discusses:

  • Why “this time really is different,” but why this doesn’t mean investors should abandon the first principles of their investment process.
  • How Ensemble has evaluated whether it is willing to hold a company through the crisis, and why those that make it through will benefit so much.
  • How Ensemble is thinking about new long-term trends investors should consider when thinking about business conditions after coronavirus.

We are pleased to open access to this keynote Q&A session to intelligent investors and interested parties globally. Please read the disclaimers below.

Replay this session (recorded on March 31, 2020):

audio recording

Benefit from the wisdom Sean has shared with members in the past:

  • 2020: On Booking Holdings (Nasdaq: BKNG)
  • 2019: On Capitalism Without Capital
  • 2018: On the Likely Compounders of Tomorrow
  • 2017: On Competitive Advantage and Building a Firm
  • 2016: On Moats and Idea Generation

About the instructor:

Sean Stannard-Stockton, CFA is the president and chief investment officer of Ensemble Capital Management, and portfolio manager of the Ensemble Fund. In addition to advising the Ensemble Fund, Ensemble Capital manages $900+ million in separate accounts on behalf of high net worth families and institutions. Prior to working at Ensemble Capital, Sean worked at Scudder Investments. He holds a BA in Economics from the University of California, Davis and the Chartered Financial Analyst designation.

For more information about positions owned by Ensemble Capital on behalf of clients as well as additional disclosure information related to this post, please click here.

Past performance is no guarantee of future results. All investments in securities carry risks, including the risk of losing one’s entire investment. The opinions expressed within this blog post are as of the date of publication and are provided for informational purposes only. Content will not be updated after publication and should not be considered current after the publication date. All opinions are subject to change without notice and due to changes in the market or economic conditions may not necessarily come to pass. Nothing contained herein should be construed as a comprehensive statement of the matters discussed, considered investment, financial, legal, or tax advice, or a recommendation to buy or sell any securities, and no investment decision should be made based solely on any information provided herein. Links to third party content are included for convenience only, we do not endorse, sponsor, or recommend any of the third parties or their websites and do not guarantee the adequacy of information contained within their websites. Please follow the link above for additional disclosure information.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, principals and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated on this website.

REPLAY: Saurabh Sud on Intelligent Investing in Crisis Mode

March 28, 2020 in Audio, Commentary, Equities, Ideas, Intelligent Investing in Crisis Mode 2020

Saurabh Sud of T. Rowe Price shared his perspective with fellow members during a Q&A session at our special event, Intelligent Investing in Crisis Mode 2020.

As a senior portfolio manager in the fixed income division of T. Rowe Price, Saurabh drew on his deep expertise in credit markets to provide a view of the dislocations and potential opportunities he sees in credit.

Replay this session (recorded on March 27, 2020):

audio recording

About the instructor:

Saurabh Sud is a senior portfolio manager in the Fixed Income division of T. Rowe Price, with specific expertise in credit markets. Previously, Saurabh spent about six years with PIMCO, including as senior vice president of portfolio management. He holds a B.Tech in electrical engineering from Indian Institute of Technology in Delhi and an MBA in finance from Columbia Business School.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, principals and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated on this website.

Naveen Jeereddi on Intelligent Investing in Crisis Mode

March 28, 2020 in Audio, Commentary, Equities, Ideas, Intelligent Investing in Crisis Mode 2020, Intelligent Investing in Crisis Mode 2020 Featured

Naveen Jeereddi of Jeereddi Partners shared his perspective in a Q&A session at our special event, Intelligent Investing in Crisis Mode 2020.

Naveen, whose prior experience includes The Baupost Group, discussed his contrarian approach to looking for opportunities in this turbulent time. He encouraged investors to analyze dislocations across the capital structures of companies in the hardest-hit sectors. He also suggested that relative value opportunities might exist within sectors, such as within the aerospace sector, where the relative market quotations of the securities of various industry players — suppliers, lessors, airlines, airports — may not make logical sense.

Naveen discussed at some length his investment theses on Six Flags Entertainment (US: SIX) and Eros International (US: EROS). He also touched on Disney (US: DIS), TransDigm (US: TDG), and AerCap (US: AER).

The full session is available exclusively to members of MOI Global.

Members, log in below to access the full session.

Not a member?

Thank you for your interest.  Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:

About the instructor:

Naveen Jeereddi is founder and CEO of Jeereddi Partners L.L.C., an event-oriented, value investment firm. He has over two decades of value-oriented experience financing, analyzing, and investing in public and private companies. Naveen has served in value investment roles at Donaldson, Lufkin & Jenrette (DLJ), Onex Corporation, The Baupost Group L.L.C., and Tala Investments LP. He currently serves on the boards of directors of Chandler Global PTE. Ltd, iDream Media Inc., and XPRS Capital LLC. He earned an MBA with distinction from the Harvard Business School and a BBA with high distinction from the University of Michigan. His older sister, Dr. Praveena Jeereddi ’90, is a graduate of Vivian Webb School. Naveen lives in Los Angeles with his wife, Amy, and their four children.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, principals and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated on this website.

Sid Choraria on Intelligent Investing in Crisis Mode

March 27, 2020 in Audio, Commentary, Equities, Ideas, Intelligent Investing in Crisis Mode 2020, Intelligent Investing in Crisis Mode 2020 Featured

Sid Choraria shared his perspective with fellow members during a Q&A session at our special event, Intelligent Investing in Crisis Mode 2020.

Sid focused on value investing in Asia and addressed several topics:

  • Process for investing in Asia
  • Assessment of the COVID-19 crisis and sell-off
  • View of each market: China, India, Japan, South Asia, Australia 
  • Investment opportunities in selected Asian markets
  • Areas of each Asian market investors should avoid
  • Key takeaway for investors in the current environment

Sid highlighted several ideas, including ITC Limited (India: ITC), Nesco (India: NESCO), Nintendo (Japan: 7974), Keyence (Japan: 6861), Ryohin Keikaku (Japan: 7453), Ottogi (Korea: 007310), and Bank Mandiri (Indonesia: BMRI).

Replay this session (recorded on March 26, 2020):

audio recording

About the instructor:

Sid Choraria is a private investor focused on wonderful businesses at wonderful prices in Asian markets including India, China, Japan, Australia and ASEAN. Asian markets are inefficient and less competitive relative to developed markets and provide a rich (and growing) fertile fishing ground for global value investors.

In 2013, Sid gained the attention of Warren Buffett with a letter and investment writeup on a 125-year old wide moat Japanese company that was not actively covered with reinvestment growth opportunity, high returns on capital, a unique culture and a wonderful price. His letter elicited a rare response from Mr. Buffett, recognizing the writeup and encouraging Sid to “keep his eyes open!” for great businesses in Asia. Since the letter, the stock rose nearly 4x including dividends significantly outperforming US and Asian indices.

His research contributions have been publicly cited in international financial media including CNBC, The Wall Street Journal, Bloomberg, Business Insider, Goldman Sachs Alumni Network, Forbes, Sydney Morning Herald, Australian Financial Review and The Manual of Ideas.

His work has been recognized and judged by over 70 independent fund managers and allocators as a repeat winner or finalist in multiple global research awards. In 2015, Sid was the recipient of the Best Analyst Excellence Award by SumZero from a pool of over 13,000 analysts and fund managers globally. In 2014, he won the Best Global Short Award from Factset. In 2014, he was a Semi-Finalist in the Ira Sohn Conference Idea Contest. In 2013, he was a Finalist in the Value Investing Congress competition which appeared in the WSJ.

Sid has been invited to speak on value investing in Asian at leading universities, companies and conferences including Intel, Princeton, Harvard, Columbia, Stanford, Wharton, Brown, USC, NYU Stern, Government of Investment Corp (GIC) Singapore, Value Spain and Alpha Ideas India.

In his past roles, he served in senior investment roles in Asia, including Portfolio Manager and Head of Asia Research for a global value firm with $4bn AUM, where he helped with the launch of the Singapore office in 2017. He also served as Portfolio Manager and Vice President at an Asian long/short hedge fund with $3bn AUM. Previously, Sid worked at Goldman Sachs and Merrill Lynch investment banking in Asia.

He received his MBA from New York University Stern School in 2011 and was a Harvey Beker Scholarship recipient holder. During his MBA, Sid worked at Bandera Partners under Jeff Gramm, Founder of Bandera Partners, Author of “Dear Chairman” and Value Investing Professor at Columbia Business School.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, principals and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated on this website.