How To Generate Monster Returns

In their recent episode of the VALUE: After Hours Podcast, Taylor, Brewster, and Carlisle discuss How To Generate Monster Returns. Here’s an excerpt from the episode:

Bill: I mean, look, what he taught me is how to think years and years out. That’s my big take away from him. And I understand that, like, that’s very, very hard to do. But I always would either write it off or assume it had to be the downside. I never allow myself to imagine an upside scenario. So, that idea to me is something that currently appears inexpensive to me in decent value with potential upside optionality years out. That’s how I internalize his teaching.

Tobias: I think, one of the things that he’s almost certainly right about is that, just holding for very, very long periods of time, gets the business working for you, and you’re going to have some monster winners. I don’t know of any investor who gets older and more experienced. He says, “What I really need to do is trade more often.” They all go exactly the opposite way. They all say fewer trades– fewer better trades, like when I say trades, investing like buying something and just letting it roll. Then, the only time they sell is when it’s just [unintelligible [00:08:18] unless they’re Buffett in which case he just doesn’t even bother then just let it go.

Jake and Bill: Yeah.

Bill: Probably, Terry Smith even better at that.

Tobias: Not selling, even when it’s overvalued?

Jake: Yeah.

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