The Evolution of Asset Management and Value Investing

Bob Robotti, legendary value investor and President and CIO of Robotti and Company Advisors, is one of a very select group of investors with a 30+ year track record of S&P 500 outperformance. Here he joins Other People’s Money to discuss long-term value investing, why he likes to invest in companies perceived to be facing headwinds, and his view that American based industrial companies are competitively advantaged for reasons completely unaffected by trade policy. He also discusses how he operates both an advisory business and a broker dealer business and how the broker dealer has served as a starting point for many other great value investors.
Learn More About Robotti Advisors: https://advisors.robotti.com

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Timestamps

00:00 Intro

01:27 Patient Capital

08:05 Investing in Companies with Headwinds

12:13 Building Products Businesses

16:08 North American Industrial Advantage

22:41 Industries Returning to the USA

27:18 Valuing Businesses on Cost of Replacement

30:56 The Links Between Lumber, Building Products, and Housing

33:24 Engaging With Management in Long-term Positions

39:04 Trading Around Long-Term Positions

47:57 Buying Stocks After They've Gone Up

52:56 Trading Against Each Other

55:01 Having a Broker Dealer and Advisory Business

59:15 Jumping From the Sell Side to the Buy Side

01:04:08 Capital Churn

01:06:03 All US Equity Investors Should Compare Themselves to the S&P 500