What's a Quality Business?

A number of value funds you know i've looked at have added alphabet and meta to their funds, which initially took a lot of value investors by surprise. Both those companies reported earnings this week. Some curious if you guys could touch on maybe what you saw from the erners earnings reports, or if anything surprised you, or maybe speak to maybe the companies in general.

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IN THIS EPISODE, YOU’LL LEARN:

01:55 - What makes Weitz’s equity and fixed income funds different from others.
04:20 - Weitz’s overall investment process and how it has evolved over time.
04:20 - What their “quality at a discount” (QAD) investing framework is.
11:45 - What 6 factors they look for to assess the quality of a company.
14:16 - What discount rate they use when projecting out cash flows.
24:01 - Their thoughts on Google, Facebook and Amazon stocks.
26:44 - Their investment thesis for Liberty Broadband.
31:30 - What drives large discrepancies between a companies’ enterprise value and market cap, and what should investors be more focused on.
37:52 - Why Accenture stock has been one of their core holdings for 10+ years.
And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

EPISODE RESOURCES

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Related episode: Warren Buffett Value Investing w/ Gary Mishuris - MI Rewind.
Related episode: Investing Legend Bill Miller On Amazon, Bitcoin, & Buffett - RWH007.

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