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Talk Your Book: Compounding with Concentrated Portfolios
Animal Spirits Podcast
The Dodo and the Concentrated Portfolios
Concentrated portfolios have more or less gone the way of the dodo as far as I can see and there's a lot of reasons why. A lot of mutual funds Just tend to look very similar to the index So you've got again. We're looking for companies that pay dividends But what's more important to us is that that dividend payout Which we look at more as a return of capital rather than a return on capital That that dividend payout is Appropriately ranked low on that reinvestment menu from a management prioritization. The common wisdom is well acquisitions are often value destructive and they are but Berkshire Hathaway has done so in a creative way.
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