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Tom Russo interview on Wealthtrack


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Guest longinvestor

 

Great thoughts on retaining earnings, family controlled bizs' capacity to suffer and underreporting, activism etc.

 

 

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  • 11 months later...

Not sure if this one has been posted before, but I'm just getting to it now, and I thought others might find it interesting too:

 

https://moiglobal.com/latticework-2018-tom-russo/

 

It's a podcast of a presentation by Russo from last september.

 

Also an interesting blog post about Russo and his framework:

 

http://www.scuttlebuttinvestor.com/blog/2018/6/11/a-capacity-to-suffer-and-managing-expectations

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Guest longinvestor

 

One more from Tom Russo. He's exactly correct in saying that any edge Berkshire will have in the future is based on the near total absence of agency costs versus the index components (Stock options, incentives rampant).

 

The other very interesting tidbit from Russo is his mention "50% of ads don't work, the difficult question is determining which 50% is it?". A very large piece of the index outperformance over the past decade has been riding on ads. Especially the digital variety. Has the market properly priced this 50% wasteful ad spending? Me thinks not. The correct answer to this question will come over the next decade, probably earlier than later. We will see.

 

 

 

 

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