As a partner of Gardner Russo & Gardner, Tom Russo helps to oversee $4 billion as general partner of Semper Vic Partners limited partnerships and in individually managed accounts. Russell, a graduate of Dartmouth and Stanford, serves on the Executive Advisory Board of the Heilbrunn Center for Graham & Dodd Investing.
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Tom Russo spoke at the 9th Annual Value Investing Congress, also see Tom Russo’s Firm Buys Graham Holdings, Sells Hasbro. Below are notes from his presentation.
Highlights from Tom Russo’s presentation
The perils of Wall Street. Talks about often-used terms by sell side to pressure management with short term thinking.
His portfolio has 60% family controlled companies.
He looks for high quality companies at fair prices. Moved up from 50c for a dollar Ben Graham style investing years ago.
He looks for the capacity to suffer (for long term gains gives example of Nestle).
General Mills, Inc. (NYSE:GIS) is an example of company which took short term gains over potential long term ones. GIS failed to invest when Greek yogurt started. Now Chobani may be going public at $5 billion valuation which could have been theirs.
He is almost fully invested. And tax efficiency is key for his investors and protection of capital and compounding over decades.
Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) 11%
Nestle SA (VTX:NESN) (OTCMKTS:NSRGY) 10.7%
Philip Morris International Inc. (NYSE:PM) 8.5
Mastercard Inc (NYSE:MA) 7.2
Wells Fargo & Co (NYSE:WFC) 7.2