Chuck Bath: The Evolution of a Value Investor
The noted Diamond Hill manager discusses the shorter durations of competitive advantages, how low inflation has curbed firms' pricing power, and what he considers to be the market's 'sweet spot.'
Audio is streamed directly from the publisher (afp-956310-injected.calisto.simplecastaudio.com) as published in their RSS feed. Play Podcasts does not host this file. Rights-holders can request removal through the copyright & takedown page.
Show Notes
Editor's Note: The following interview with Chuck Bath, comanager of Diamond Hill Large Cap, was recorded on March 4, 2020. As such, it doesn't incorporate recent market volatility, and the manager's views and positions may have changed since the recording.
Our guest on the podcast is Chuck Bath, a portfolio manager who has logged a tremendous record over nearly 40 years. Since 2002, Bath has been manager of Diamond Hill Large Cap, a $6 billion fund that earns a Morningstar Analyst Rating of Gold. He is assistant portfolio manager for Bronze-rated Diamond Hill Long-Short.
Prior to joining Diamond Hill, he steered Nationwide Fund to outstanding returns during 17 years at the helm. An accountant by training, Bath uses a patient value-oriented approach, seeking out companies with above-average returns on capital that are trading below his estimates of intrinsic value.
Background
Chuck Bath bio
Diamond Hill Large Cap DHLAX
Diamond Hill Long-Short DIAMX
"Diamond Hill: Accounting for Taste," by Lawrence Strauss, Barron's, Dec. 12, 2015.
Strategy and Portfolio
"Permanent Change Versus Long-Term Fundamentals," by Chuck Bath, March 10, 2020.
Diamond Hill Intrinsic Value Estimator
Security Analysis, by Benjamin Graham and David Dodd.
Warren Buffett on Durable Competitive Advantage, April 21, 2018.
"Valuing U.S. Equities: A Historical Perspective," by Chuck Bath, Austin Hawley, and Nate Palmer, as presented at the CFA Institute Financial Analysts Seminar in Chicago, Sept. 26, 2014.
International Business Machines
"State AGs, Justice Department Discuss Google Antitrust Probe," by Diane Bartz, Reuters, Feb. 4, 2020.
"The Charles Schwab-TD Ameritrade Merger Shocked Wall Street. Why It Had to Happen," by Lisa Beilfuss and Daren Fonda, Barron's, Dec. 16, 2019.
Organization/Succession
"Diamond Hill Announces Addition of Austin Hawley as Co-Portfolio Manager on Large-Cap Strategy," Dec. 18, 2017.
"Channeling His Inner Buffett," by Marla Brill, Financial Advisor, Dec. 2, 2019.
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.