In their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discuss their Favorite Non-Buffett Investor. Here’s an excerpt from the episode:
Tobias: This is a good question. Let me throw some questions out. Who’s your favorite non-Buffett investor?
Bill: Charlie Munger.[laughter]
Bill: I don’t know. I think, I guess a guy that has pushed me a little bit when I read him is Bill Miller. I kind of think he’s done some interesting things. He had a blow up in there which isn’t great.
Jake: I’m going to say, Walter Schloss, because I find him very inspiring because he just did his thing, didn’t care what else was going on, returned money anytime he had too much that he felt like he couldn’t put to work and just the duration of his track record is very impressive. I know it’s– [crosstalk]
Tobias: It’s 50 years.
Jake: Something like that.
Tobias: It’s extraordinary?
Jake: Yeah. To just be in the game for that long even is its own hallmark. And to do it your own way, I think, that’s pretty impressive.
Tobias: There’s a little bit– [crosstalk]
Bill: Also, we’re not talking about CEOs, people. I don’t want people jumping out of their hats saying, “Well, Nick Haley is a great investor.” Yes, he is. I get it. I get it. It’s different question.
Tobias: The thing is Buffet is the point at which everybody else redirects themselves, so that everybody refers back to Buffett. If they’re not, then they need a bloody good reason because it’s hard to achieve what he has achieved. I, second your thoughts on Schloss, I love that 50-year track record at 20% a year borrowing your copy of value loan and walking home at 4:30 every day like, he knew how to live. He had that part, right? There’s little interview with Peter Lynch today. I think, it was in the Wall Street Journal.
Jake: Oh, yeah?
Tobias: And he only ran that thing for 13 years. But he ran– the mutual fund was like $14 million in AUM when he started and $18 billion when he left. It’s a pretty good run over 13 years.
Jake: It’s good marketing.
Bill: I mean Greenblatt’s super dope, but I don’t think I could actually do what he does for real. I don’t think I have the stomach for it.
Tobias: You mean, which part? The magic formula stuff or the special situations?
Bill: No, like, special situations highly concentrated. I got mad respect for when he did but he is way smarter than I am.
Tobias: Peter Lynch is 77 years old, and the only two interesting parts of that article to me was, he’s 77 years old and they said, “He’s not at all worried about anybody else getting a better track record than he is. He doesn’t watch that stuff at all.” He’s most proud of the fact that he’s just had his 10th grandkid so. I think, he’s probably got to figure it out.
Jake: You know also as like Templeton had it pretty figured out too. He went international before anyone did.
Jake: He lived in the Bahamas, out away from the noise before anybody, and he lived his life also totally on his own terms, and that seemed like a pretty legit goal of it.
Bill: Got a shoutout some love for Jim Simons. Dude just figured out a computer algorithm to take all our money. Good for him.
Jake: Took a lot of day trading Dennis’ money.
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