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Interview with Goodhaven Fund


dcollon
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Thanks for posting.

 

Enjoyed it.

 

These guys sound like some of the posters on this board.

 

All their holdings are items discussed + favoured by the guys here e.g. MSFT, GOOG,,HPQ, BRK

 

I don't think it's limited to members here. You don't need to spend much time to figure out favorable risk/reward scenario if they come within your circle of competence. Some people might not want to own these companies rigth now due to finding better risk/reward deals but these companies are very good risk/reward option going forward. I don't think GOOG is that cheap but they might make up for it with their very wide moat.

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Thanks for posting.

 

Enjoyed it.

 

These guys sound like some of the posters on this board.

 

All their holdings are items discussed + favoured by the guys here e.g. MSFT, GOOG,,HPQ, BRK

 

I don't think it's limited to members here. You don't need to spend much time to figure out favorable risk/reward scenario if they come within your circle of competence. Some people might not want to own these companies rigth now due to finding better risk/reward deals but these companies are very good risk/reward option going forward. I don't think GOOG is that cheap but they might make up for it with their very wide moat.

 

HPQ's price is completely ridiculous at this point: price to FCF at 5 to 6 max with 16B buyback program and 13B cash on the balance sheet and borrowing costs so low for HP. The market cap is 65B meaning they could increase ownership by 1/3 while we wait. With Andreesen at the board some of it may happen in short order. It has strong franchises and is actually gaining ground in networking and software/services. It already has almost all resources and technologies to offer strong cloud solutions (WebOS is part of it and the press forgets to speak about ALL the technologies that they got access to by buying Palm - storage, data center, webos => ecosystem cloud included). There are headwinds too like government spending but the PC business is more robust than what the market is discounting. Last time I went to best buys (yesterday) people were looking at laptops and HP tablets after the 100 rebate was applied! This market is a joke sometimes.

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Heard about them before and like what they were saying. Already checked back then but as usual they don't let European citizens in their fund.  :-[

 

Thanks for posting.

 

Enjoyed it.

 

These guys sound like some of the posters on this board.

 

All their holdings are items discussed + favoured by the guys here e.g. MSFT, GOOG,,HPQ, BRK

 

I don't think it's limited to members here. You don't need to spend much time to figure out favorable risk/reward scenario if they come within your circle of competence. Some people might not want to own these companies rigth now due to finding better risk/reward deals but these companies are very good risk/reward option going forward. I don't think GOOG is that cheap but they might make up for it with their very wide moat.

 

Exactly. All of them are on the lists of Dataroma as well. It almost seems too simple and obvious but I guess sometimes that is all you have to do to get satisfying results.

 

http://www.dataroma.com/m/home.php

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  • 2 years later...

There aren't a lot to collect. 

 

The annuals and the recent (2013) semi-annual are available at their site:  http://www.goodhavenfunds.com/fund/shareholder_reports.html

 

Here's a link to the 2012 semi-annual:  https://materials.proxyvote.com/default.aspx?docHostID=137176

If that doesn't work I can email it or post it to a public dropbox.  I don't know if there was a 2011 semi-annual.  I'll poke around my email to see if I got any notices before 2012.

 

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Thanks, that got me one that I was missing; Right now I have:

 

May 31, 2011

May 31, 2012

Nov 30, 2012

May 31, 2013

 

 

I think I'm only missing Nov 30, 2011, if anyone has that.  I'll have a full compilation put together once I get that one, and am happy to provide to anyone that would want it.

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  • 7 months later...
  • 2 years later...

From last summer...

 

https://www.advisorperspectives.com/articles/2016/07/19/inside-the-goodhaven-fund-a-top-performing-value-fund-in-2016.pdf

 

White Mountain is a very tightly run, opportunistic buyer and seller of businesses, particularly insurance-related companies. The company has one of the best records on Wall Street for retiring stock at attractive prices over a long period of time. Over 30-plus years, it has retired 90% of its outstanding shares. Almost all of those shares were retired at a discount to tangible book value and were value-accretive on a GAAP basis.

 

They also have a large and very conservatively positioned the investment portfolio, which has held down their earnings because its duration is short relative to the indices. They have a big cash cushion. Ultimately White Mountain is either going to start increasing dividends, continue to buy back shares at favorable prices or external conditions will change, which will give them an opportunity to buy an entire business at a very favorable valuation, which they have done in the past.

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