Patient Value Investing and America’s Industrial Advantage | Bob Robotti
Monetary Matters with Jack Farley
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Show Notes
Bob Robotti, legendary value investor and President and CIO of Robotti and Company Advisors, is one of a very select group of investors with a 30+ year track record of S&P 500 outperformance. Here he joins Other People’s Money to discuss long-term value investing, why he likes to invest in companies perceived to be facing headwinds, and his view that American based industrial companies are competitively advantaged for reasons completely unaffected by trade policy. He also discusses how he operates both an advisory business and a broker dealer business and how the broker dealer has served as a starting point for many other great value investors.
Learn More About Robotti Advisors: https://advisors.robotti.com
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Timestamps
00:00 Intro
01:27 Patient Capital
08:05 Investing in Companies with Headwinds
12:13 Building Products Businesses
16:08 North American Industrial Advantage
22:41 Industries Returning to the USA
27:18 Valuing Businesses on Cost of Replacement
30:56 The Links Between Lumber, Building Products, and Housing
33:24 Engaging With Management in Long-term Positions
39:04 Trading Around Long-Term Positions
47:57 Buying Stocks After They've Gone Up
52:56 Trading Against Each Other
55:01 Having a Broker Dealer and Advisory Business
59:15 Jumping From the Sell Side to the Buy Side
01:04:08 Capital Churn
01:06:03 All US Equity Investors Should Compare Themselves to the S&P 500