WebJohn Huber and clients of Saber Capital Management own shares of Tencent Holdings (TCEHY). So that was my goal. John Huber: One is he, obviously, the takeaway was he seems quite bearish on the stock market and the economy. Schiefelbein: Where do you see the most value in the market today? But number two, maybe I can connect with other people. But Berkshire itself as a stock, we’ve been chatting about the company, but the stock itself does look cheap. John Huber: So that’s been a big benefit as well. John Huber: I’ve also noticed that many investors underestimate the value of good businesses, and often overestimate the value of bad businesses. John Huber: I’m convinced that long-term results don’t need to come from being original, finding underfollowed companies, solving complicated situations, or even generating unique insights. And in my experience, the way to reduce unforced errors is to focus on the companies that you confidently believe will be doing better in the future than they are doing now. [from a process perspective]. What’s the company going to earn in 2025? Why Warren Buffett Is Being So Cautious Right Now. Members enjoy a steady stream of exclusive wisdom and insights from the leading minds in the field of investment management. John writes about his investment approach on his website, Base Hit Investing. Yeah. Tobias Carlisle: Zurich Project Podcast Warren Buffett himself elected to choose two such managers who he thought would outperform the index fund that he has championed so much in recent years. I launched The Acquirers Podcast in March 2019 to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success.SEE LATEST EPISODEShttps://acquirersmultiple.com/podcast/SEE OUR FREE DEEP VALUE STOCK SCREENERhttps://acquirersmultiple.com/screener/FOLLOW TOBIASWebsite: https://acquirersmultiple.com/Firm: https://acquirersfunds.com/ Twitter: https://twitter.com/GreenbackdLinkedIn: https://www.linkedin.com/in/tobycarlisleFacebook: https://www.facebook.com/tobiascarlisleInstagram: https://www.instagram.com/tobias_carlisleABOUT TOBIAS CARLISLETobias Carlisle is the founder of The Acquirer’s Multiple®, and Acquirers Funds®.He is best known as the author of the #1 new release in Amazon’s Business and Finance The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). To select his holdings, Huber leans on facets of a value-based investment approach. They earned this cash flow despite spending over $60 billion on R&D and $45 billion on capital expenditures. I spent about ten years doing a variety of brokerage, management and investment activities. Der beliebte Wrestler starb am Samstag an den Folgen einer ungeklärten Krankheit. Probably reduce returns to…, Ted Weschler Was A Great Investor Before He Joined Berkshire. So in Lowenstein’s book, there’s a spot, which is the first bio which was written in the mid 90s, there’s a few chapters that talk about the merger boom and stock prices started getting out of control because at that time companies were trading. And so, I earned a lot less money in the early years, but I think of it as a sort of a longer term investment in learning what I wanted to learn and reading what I wanted to read and developing that skillset. This remains the best piece of advice I’ve ever come across on the subject of portfolio management. And I think, I’m personally more comfortable investing in companies that are good at adapting to those changes and are good at utilizing the capital that they employ effectively. We’re talking about many trillions of dollars in all kinds of investment vehicles with all kinds of fees, managed by extremely smart people with unlimited research budgets and super smart employees, who all work extremely hard, and are all highly incentivized to produce great results. The pandemic was a game changer. So it was all our own money. So there’s an operational component to real estate. However, I’ve always been interested in stocks. So like an oil refinery, for example, it doesn’t control the cost of its input, it doesn’t control the cost of the product it sells, and therefore the margins can be all over the place. John Huber: One factor was that Microsoft was able to earn profits off of capital investments that someone else (IBM) made. In the ideal world, I’d have 20 stocks and they’d all have an equal roughly approximately equal risk reward. The speed and breadth of information – which I think has shortened time horizons across the board and created an investing public that is generally much too impatient – has actually increased the advantage for those who can afford to sit quietly in a room and think about what a business will look like five years down the road. Sport-Star Jonathan Huber ist tot. Slugging percentage is a better measure of a hitter’s productivity than batting average, and the fund had a few extra-base hits in 2019 (for portfolio analysis, I like baseball metrics over betas and Sharpe ratios). John Huber: So I don’t own it right now, but I love the business. Saber was designed so John Huber could manage outside client capital alongside his… John Huber is the founder and portfolio manager at Saber Capital Management. Saber practices a disciplined, methodical approach to value investing based on the principles of Ben Graham, Warren Buffett, Walter Schloss, and Joel Greenblatt. And of course, that doesn’t hold true for every position because he still sells things, so when he makes a mistake. But in the real world, it doesn’t usually work that way. So, long winded answer to a pretty simple question, but, yeah, that’s what got me from sort of there to developing the partnership or starting the partnership about eight or nine years later in 2014. Because again, I’ve learned that the best businesses tend to often look overvalued and they still are oftentimes fairly valued or in some cases they’re still undervalued. And so, how do you transition, how do you evolve as an investor to get to those points? The network effect Facebook has is unlike any other in the world, approaching 3 billion people, resulting in a business with huge profit margins and lots of free cash flow. Yeah. So trying to mitigate that is a very difficult thing and I think in most cases it’s an impossible feed. Despite a vast untapped potential in some of those markets referenced above, the company is already highly profitable, producing huge returns on capital, and growing its already sizable $10 billion of free cash flow at over 40% per year. Meet-the-Author Summer Forum Saber Capital’s Investment Approach Saber’s strategy: Selective investments … The piece is interesting because it reinforces learnings on three subjects that we spend a lot of time … John Huber: And that’s sort of what he did with Motorola. I think you have to… I mean, if you run… I guess Jim Simons did that, so maybe it is possible. And so, the Foreclosure boom really began in the fall of 2006, early 2007. So we’ve seen, what is that? Through invitation-only events and member publications, MOI Global fosters a community of intelligent investors united by a passion for lifelong learning. You’re writing a story or you’re trying to report facts as a journalist, but as an investor you’re trying to determine if a security is mispriced so that… You come to a different conclusion, but the effort and the research process is very similar actually. Latticework Podcast That's a great book. —Tom Gayner, “Adds value to my research process.” Of course, Subprime Crisis hit in 2007, and then Lehman in 2008, and the rest. John Huber, a managing partner and the portfolio manager at Saber Capital Management, channels facets of Warren Buffett's investment philosophy and strategy into … So it’s hard to reconcile that. So I try to reduce unforced errors by just eliminating these options from my list of possible investment opportunities. What’s interesting is, and this is something I, as I watched the meeting at the CenturyLink, which was just sort of an odd experience, I don’t know if you watched Buffett’s annual meeting, but he’s in the CenturyLink with like five people and the place is just totally empty. It’s a result I’m very happy with, but I will also point out the humbling fact that every other decision I made detracted from, and not added to, this result. And when Buffett said 4%, it was just away out of consensus view. But even those measures are of course proxies for what you think the business is going to earn in the future. The quants won’t have me. I think when he wound up his partnership, one of the two was 50% of the portfolio. Tobias Carlisle: And so, I think if you start to violate contract law and even if it’s clear that these contracts do not… A pandemic is a…. And then every year you add to it. But the company’s balance sheet and free cash flow is adequate enough that these risks won’t likely come to fruition over the next couple years, and with the stock trading at a very low multiple of cash flow, it appears cheap. Don’t forget to check out our FREE Large Cap 1000 – Stock Screener, here at The Acquirer’s Multiple: Your email address will not be published. I’m a value guy who does some quantitative stuff. John Huber: I’ve always loved investing. A good business can earn high returns on capital. So let’s just talk about that a little bit. And again, that decade turned out to be even worse than that prediction. And the same objective exists inside of a business. And so, he got to invest in a lot of companies very early on, Motorola and so on, was one of them. Sie hebt ausdrücklich hervor, dass sein Tot nicht in Zusammenhang mit dem Coronavirus stehe. Did you set up Saber and the blog at the same time? Finding great investment ideas is hard work, and great ideas are rare. So it-. I think it’s easier to minimize mistakes by sticking to the first bucket. John Huber, the managing member and portfolio manager of Saber Capital Management, is at the forefront of a new generation of value investors compounding their … But most, 95% of the work is understanding the company, understanding the threats, figuring out how it’s going to adapt to changes and risks and so forth. Auf der Bühne personifizierte Jon Huber den grimmigen Sektenführer Brodi Lee. Saber manages separate accounts as well as a partnership modeled after the original Buffett Partnership fee structure. Investors in the fund pay no management fees, and Saber only gets compensated for returns that exceed 6% annually. John and his family have nearly all of their net worth invested right alongside Saber investors. Den meisten Wrestling-Fans besser bekannt unter seinem Ringnamen Brodi Lee (vormals Luke Harper). Fewer customers are visiting malls, and more significantly, brands like Nike are rapidly expanding their sales directly to customers, which reduces the value of Foot Locker’s reason for existence. So I started… I have sort of an unconventional background. He’s got this quote that basically says, “Once you’re already rich, you don’t need to get rich again, basically.” And so, I think the issue with Berkshire right now is he could, and this is just my complete speculation. Schiefelbein: What’s the biggest investment decision you would have made differently if you knew what you knew now? Featured Content And we’re coming off of stretch here where we’ve gotten a healthy dose of that. If folks want to follow along or get in contact with you, how do they do that? And you were one of the originals. Despite its strong position, WeChat is an asset that has barely been monetized yet. So I think he was bearish in ’99 and I think he was bearish in the mid 80s during the merger boom. I’ve learned that in today’s fast-moving world where information is a commodity, one way to gain a true edge is by being able to think about what a business will look like in 3 or 4 years, as opposed to 3 or 4 quarters. John Huber is the Managing Partner of Saber Capital Management, LLC. Saber manages separate accounts as well as a partnership modeled after the original Buffett Partnership fee structure. Investors in the fund pay no management fees, and Saber only gets compensated for returns that exceed 6% annually. And in business, slow erosion can give way to a landslide without much warning. Thanks for having me on. —John Lambert, “First class in every way.” I established a few small real estate investment partnerships for family members and friends, and our main objective was acquiring undervalued or mismanaged income-producing properties. Yeah. Again, at least the type of investing, the type of research that I do. So those are sort of where I like to look for investments, but the bigger positions tend to be on the left side of the barbell and the smaller positions tend to be on the right side of the barbell because of the distribution of possible outcomes. Schiefelbein: Would you walk us through your take on the current state of active management and value investing? And it is interesting because in the public equity markets, volatility is just the nature of the beast. He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. And so, the reason why, and this gets more to a fundamental sort of the concept of edge, I think a lot about this is, in investing, volatility is something that almost every investor tries to mitigate to a certain degree. Manda Huber bedankt sich beim Promotions-Unternehmen. Yeah. Jeremy Grantham: The Market Could Fall A Stomach-Turning 50% From Here, Tom Gayner: What Makes Warren Buffett Great, John Hussman: S&P Could Drop By 66% Of January 2022 Peak, Warren Buffett: How To Make Money From ‘Work-Out’ Investments (1957), Joel Greenblatt – Top 10 Holdings – Latest 13F, Joel Greenblatt: Concentrated & Diversified Portfolios Both Work Well, Howard Marks: The Right Way To Think About Stocks, VALUE: After Hours (S05 E2): 2022 Year in Review, The Inner Game, Value Spreads And The 3/10 Inversion, This Week’s 10 Big Named Companies Near 52 Week Lows, This Week’s 10 Worst Performing Mega-Cap Stocks Last 12 Months, Stock In Focus – TAM Stock Screener – Stellantis NV (STLA), Tobias Carlisle – KEYNOTE SPEAKER at Planet MicroCap Showcase 2019.