In their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discussed Should You Get Paid For Holding $BRK.A? Here’s an excerpt from the episode:
Tobias: Ian’s question was should you get paid for holding Berkshire Hathaway as an investment manager? I think that in the way that he asked the question, he felt that you should not.
Jake: Ian, why are you coming out me like that, bro?
Tobias: [laughs] Well, I said to Ian, I’d be happy to take the other side, and I genuinely think you can take the other side. I don’t currently hold it. I should tell everybody in the interest of full disclosure. But we all think of Buffett as an investor, but Buffett, I think he’s an industrialist. He’s running a business. If I could find 10 blokes who were investor-industrialists like Warren Buffett running businesses that look like Berkshire Hathaway, that would be the portfolio, and that would be everything. I’d be done. You’d be paying me to not buy anything else.
Jake: I would also say that the timing of buying it, and when you add to it, and how much position sizing and why do you hold, all of those things are important. It’s not just like, “Oh, you just buy this one thing, and you’re done.” It’s a continuing evaluation of do I like the next guys that are going to be running this, and do I have a good valuation of them? Because that’s going to be a big part of the future cash flow, and that’s not an obvious thing to answer necessarily. You have a view on that to own it today actuarily speaking with these two guys. Why should you get paid to own anything?
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