Value investor John Rotonti Jr on Industrials, Infrastructure, and the Inversion | S07 E09

Mar 10, 2025

John Rotonti Jr., a seasoned portfolio manager at Bastion Fiduciary, dives into the complexities of investing in industrials and infrastructure. He discusses the importance of holding cash reserves while targeting high-quality growth businesses. The conversation touches on the current housing market challenges and the impact of tech giants on affordable homes. Rotonti also analyzes Buffett's recent insights for Berkshire Hathaway and the implications of market inversions on future economic stability, underlining the necessity of strategic investments.

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ANECDOTE

Buffett's Letters

In his 2023 letter, Warren Buffett emphasized Berkshire Hathaway's role as an "asset to the country."
He reiterated this message in 2024, highlighting their infrastructure holdings and commitment to insuring climate risk.

INSIGHT

Berkshire's Culture

Warren Buffett's letters consistently reinforce Berkshire Hathaway's culture.
The 2024 letter cleverly uses the Pete Legal story to signal acquisition criteria.

INSIGHT

Yield Curve Re-Inversion

The yield curve has re-inverted for the tenth time, similar to patterns seen before the 2008 and pandemic crashes.
This re-inversion doesn't guarantee a crash, but it has preceded market volatility in the past.

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Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. See our latest episodes at https://acquirersmultiple.com/podcastWe are live every Tuesday at 1.30pm E / 10.30am P.About Jake Jake's Twitter: https://twitter.com/farnamjake1Jake's book: The Rebel Allocator https://amzn.to/2sgip3lABOUT THE PODCASTHi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success.SEE LATEST EPISODEShttps://acquirersmultiple.com/podcast/SEE OUR FREE DEEP VALUE STOCK SCREENERhttps://acquirersmultiple.com/screener/FOLLOW TOBIASWebsite: https://acquirersmultiple.com/Firm: https://acquirersfunds.com/ Twitter: https://twitter.com/GreenbackdLinkedIn: https://www.linkedin.com/in/tobycarlisleFacebook: https://www.facebook.com/tobiascarlisleInstagram: https://www.instagram.com/tobias_carlisleABOUT TOBIAS CARLISLETobias Carlisle is the founder of The Acquirer’s Multiple®, and Acquirers Funds®.He is best known as the author of the #1 new release in Amazon’s Business and Finance The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam. He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).