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Larry Sarbit


Parsad

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A friend of mine is the vice-president of investments for a financial planning firm in Vancouver, and he arranged for Larry Sarbit to speak in their office this morning.  I got to tell you, and I've known this for years, but he's a terrific guy and a great manager.  The first thing that gives it away was that this lady walks up to him and says "Larry, I heard you speak several years ago..." and before she could finish he says "My sympathies!"  I couldn't stop laughing!

 

It was one rapid fire joke after another while he gave a terrific presentation on why he's been bullish on U.S. equities for the last three years.  For example, he talked about his holding in Coinstar and he said:

 

"Do you think that anyone walks up to the dvd rental at Safeway, looks at the Coinstar box and says..."I'm sorry, I really wanted to rent a movie today, but Greece is having some real problems."  Of course not, it's so damn ridiculous! We look for businesses that have almost actual coupons attached to them based on their free cash flows.  Businesses that will continue to grow and have durable, competitive advantages."

 

Anyway, here is his updated performance track record, as he got chased out of Investor's Group and AIC for holding too much cash.  By the way, he said that he thought starting his own firm was the best thing after all the problems he had at IG and AIC, "but then he realized he hated the manager!"  Cheers!

 

 

 

Larry_Sarbit_Performance_Record_-_1988_to_2011.pdf

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out of curiosity, did he indicate if he was still bullish on US equities?

 

Very, very bullish!  He's 85% invested and looking for more cash because he's found many things he really likes.  He said that in 2000 he was 85% cash and today he's 85% invested and almost all of it is in U.S. equities.

 

Larry said there is something he held five years ago that they did really well on, and are in the midst of buying as much as they can.  He said that mutual funds have limitations of 10% in any one investment, which he is totally opposed to, and would be happy to put 20% into some ideas.  He mentioned the name John (maybe spelled Jon too) and then said I shouldn't say too much because we are buying it hand over fist.  But it is growing at 20-25% a year and will for the next 5-10 years.  From what I could dig up it looks like it could be one of two things:  DTSI or Clear Channel.  Anyone else have any ideas?

 

He's still very high on Six Flags and Coinstar as well.  He only had an hour, but he said there's another ten companies I can talk to you about.  Then the handler from Clarington said we've got to get you to another meeting.  He was very nice though as always, and was sticking around to talk to people, but they were putting his coat on for him and getting him out the door.

 

Not sure why Larry never just had someone buy out his fund and seed him with say $150M in a hedge fund.  His style is better suited to a fund, rather than a mutual fund.  He did say one thing that you don't always hear.  He said he likes things that are really simple to understand, because often "He just doesn't know!"  He said the industry is full of egotistical managers who will never just say "I don't know", because their pride and ego won't let them.  He said "At the end of the day, I'm just human, and there are plenty of things I don't know."  Cheers! 

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Sanjeev, do you think that's Iconix brands? It has been one of his holdings for a while.. He put 10% of his funds in that now. He owns ~ 3% of the company. The price of those shares are obviously cheap from where he bought,revenues growing north of 20%.. just a wild guess from my view!

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On those numbers he compounded by 10% and the market by 7%

Generally only 15% of professionals outperform the market and Bogle's research pegs 0.5% of fund managers outperforming by more than 3 percentage points, so he is right up there.

Attached the calc's I ran and another I had lying around.

 

 

Thanks MrB,... for reminding us about Larry Sarbit performance. Forgot,... hasn't Sanjeev interviewed him once at the old MSN board.

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Thanks for sharing Parsad. And great quote about Coinstar. I constantly think the same type of thing (about different companies) every time the media and moronic fund managers start freaking about about random things and selling everything they own regardless of whether specific events have any effect on underlying companies.

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Sanjeev, do you think that's Iconix brands? It has been one of his holdings for a while.. He put 10% of his funds in that now. He owns ~ 3% of the company. The price of those shares are obviously cheap from where he bought,revenues growing north of 20%.. just a wild guess from my view!

 

No, it's not Iconix, because he said he was buying it presently and no one knew.  So it wouldn't be on his filings or reports.  Cheers!

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  • 3 months later...

A friend of mine is the vice-president of investments for a financial planning firm in Vancouver, and he arranged for Larry Sarbit to speak in their office this morning.  I got to tell you, and I've known this for years, but he's a terrific guy and a great manager.  The first thing that gives it away was that this lady walks up to him and says "Larry, I heard you speak several years ago..." and before she could finish he says "My sympathies!"  I couldn't stop laughing!

 

It was one rapid fire joke after another while he gave a terrific presentation on why he's been bullish on U.S. equities for the last three years.  For example, he talked about his holding in Coinstar and he said:

 

"Do you think that anyone walks up to the dvd rental at Safeway, looks at the Coinstar box and says..."I'm sorry, I really wanted to rent a movie today, but Greece is having some real problems."  Of course not, it's so damn ridiculous! We look for businesses that have almost actual coupons attached to them based on their free cash flows.  Businesses that will continue to grow and have durable, competitive advantages."

 

Anyway, here is his updated performance track record, as he got chased out of Investor's Group and AIC for holding too much cash.  By the way, he said that he thought starting his own firm was the best thing after all the problems he had at IG and AIC, "but then he realized he hated the manager!"  Cheers!

Great introduction, you could be a salesman for a FOF; lol.

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A friend of mine is the vice-president of investments for a financial planning firm in Vancouver, and he arranged for Larry Sarbit to speak in their office this morning.  I got to tell you, and I've known this for years, but he's a terrific guy and a great manager.  The first thing that gives it away was that this lady walks up to him and says "Larry, I heard you speak several years ago..." and before she could finish he says "My sympathies!"  I couldn't stop laughing!

 

It was one rapid fire joke after another while he gave a terrific presentation on why he's been bullish on U.S. equities for the last three years.  For example, he talked about his holding in Coinstar and he said:

 

"Do you think that anyone walks up to the dvd rental at Safeway, looks at the Coinstar box and says..."I'm sorry, I really wanted to rent a movie today, but Greece is having some real problems."  Of course not, it's so damn ridiculous! We look for businesses that have almost actual coupons attached to them based on their free cash flows.  Businesses that will continue to grow and have durable, competitive advantages."

 

Anyway, here is his updated performance track record, as he got chased out of Investor's Group and AIC for holding too much cash.  By the way, he said that he thought starting his own firm was the best thing after all the problems he had at IG and AIC, "but then he realized he hated the manager!"  Cheers!

Great introduction, you could be a salesman for a FOF; lol.

 

Geez, could you lump me in with anything lower?  ;D  Cheers!

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A friend of mine is the vice-president of investments for a financial planning firm in Vancouver, and he arranged for Larry Sarbit to speak in their office this morning.  I got to tell you, and I've known this for years, but he's a terrific guy and a great manager.  The first thing that gives it away was that this lady walks up to him and says "Larry, I heard you speak several years ago..." and before she could finish he says "My sympathies!"  I couldn't stop laughing!

 

It was one rapid fire joke after another while he gave a terrific presentation on why he's been bullish on U.S. equities for the last three years.  For example, he talked about his holding in Coinstar and he said:

 

"Do you think that anyone walks up to the dvd rental at Safeway, looks at the Coinstar box and says..."I'm sorry, I really wanted to rent a movie today, but Greece is having some real problems."  Of course not, it's so damn ridiculous! We look for businesses that have almost actual coupons attached to them based on their free cash flows.  Businesses that will continue to grow and have durable, competitive advantages."

 

Anyway, here is his updated performance track record, as he got chased out of Investor's Group and AIC for holding too much cash.  By the way, he said that he thought starting his own firm was the best thing after all the problems he had at IG and AIC, "but then he realized he hated the manager!"  Cheers!

Great introduction, you could be a salesman for a FOF; lol.

 

Geez, could you lump me in with anything lower?  ;D  Cheers!

 

Whitney Tilson?

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A friend of mine is the vice-president of investments for a financial planning firm in Vancouver, and he arranged for Larry Sarbit to speak in their office this morning.  I got to tell you, and I've known this for years, but he's a terrific guy and a great manager.  The first thing that gives it away was that this lady walks up to him and says "Larry, I heard you speak several years ago..." and before she could finish he says "My sympathies!"  I couldn't stop laughing!

 

It was one rapid fire joke after another while he gave a terrific presentation on why he's been bullish on U.S. equities for the last three years.  For example, he talked about his holding in Coinstar and he said:

 

"Do you think that anyone walks up to the dvd rental at Safeway, looks at the Coinstar box and says..."I'm sorry, I really wanted to rent a movie today, but Greece is having some real problems."  Of course not, it's so damn ridiculous! We look for businesses that have almost actual coupons attached to them based on their free cash flows.  Businesses that will continue to grow and have durable, competitive advantages."

 

Anyway, here is his updated performance track record, as he got chased out of Investor's Group and AIC for holding too much cash.  By the way, he said that he thought starting his own firm was the best thing after all the problems he had at IG and AIC, "but then he realized he hated the manager!"  Cheers!

Great introduction, you could be a salesman for a FOF; lol.

 

Geez, could you lump me in with anything lower?  ;D  Cheers!

 

Whitney Tilson?

 

Ppphhhttt!  I just spat out my coffee.  LOL!  That was funny.  Cheers!

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A friend of mine is the vice-president of investments for a financial planning firm in Vancouver, and he arranged for Larry Sarbit to speak in their office this morning.  I got to tell you, and I've known this for years, but he's a terrific guy and a great manager.  The first thing that gives it away was that this lady walks up to him and says "Larry, I heard you speak several years ago..." and before she could finish he says "My sympathies!"  I couldn't stop laughing!

 

It was one rapid fire joke after another while he gave a terrific presentation on why he's been bullish on U.S. equities for the last three years.  For example, he talked about his holding in Coinstar and he said:

 

"Do you think that anyone walks up to the dvd rental at Safeway, looks at the Coinstar box and says..."I'm sorry, I really wanted to rent a movie today, but Greece is having some real problems."  Of course not, it's so damn ridiculous! We look for businesses that have almost actual coupons attached to them based on their free cash flows.  Businesses that will continue to grow and have durable, competitive advantages."

 

Anyway, here is his updated performance track record, as he got chased out of Investor's Group and AIC for holding too much cash.  By the way, he said that he thought starting his own firm was the best thing after all the problems he had at IG and AIC, "but then he realized he hated the manager!"  Cheers!

Great introduction, you could be a salesman for a FOF; lol.

 

Geez, could you lump me in with anything lower?  ;D  Cheers!

 

Whitney Tilson?

 

Ppphhhttt!  I just spat out my coffee.  LOL!  That was funny.  Cheers!

 

lol. Seriously though, nice introduction.

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  • 1 year later...

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