Revitalizing Value Investing

This chapter examines the shifting dynamics of investment analysis, advocating for a return to active management and stock picking in the face of market anomalies. It emphasizes the importance of understanding historical context and current economic realities to uncover opportunities in underappreciated sectors. The discussion highlights how changes in globalization and market conditions can reshape investment strategies, urging investors to recognize cyclical patterns for future growth.

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Episode notes

In this episode, William Green chats with Bob Robotti, a great investor who’s crushed the S&P 500 over the last 40 years. Bob, the President & Chief Investment Officer of Robotti & Co, explains why he believes we’re in a “new golden age” for active, value-oriented investors (not index funds); why he expects persistently high inflation; why he’s betting heavily on the resurgence of Old Economy businesses; & how he’s positioned to profit from “the first truly global energy crisis.”

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

12:18 - How Bob Robotti lucked into the ideal job for an aspiring investor.

33:19 - How working for Mario Gabelli was like a one-on-one MBA.

40:22 - Why Bob thinks we’re in a new golden age for savvy stockpickers.

40:48 - Why he’s betting heavily on a “metamorphosis of the Old Economy.”

46:16 - How globalization is evolving as China loses its edge.

50:49 - Why energy-intensive US companies have a long-term advantage.

57:33 - Why owning the “Magnificent Seven” looks like a risky bet.

58:23 - What an era of persistently high inflation means for investors.

1:03:35 - How value investing has changed.

1:19:01 - How Bob is positioned for “the first truly global energy crisis.”

1:38:06 - How his life has been enriched by helping young people.

1:43:45 - What he learned from his wife and father about facing adversity.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Bob Robotti’s investment firm, Robotti & Co.
Bob Robotti’s writings.
Check out MedShadow.org, a health-related site founded by Bob Robotti’s wife, Suzanne.
William Green’s podcast with John Spears: Winning the Long Game | YouTube Video.
William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
Follow William Green on X.
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