We Study Billionaires - The Investor’s Podcast Network TIP747: John Neff: The Value Investor Who Quietly CRUSHED the S&P 500 w/ Kyle Grieve
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Aug 24, 2025 Discover the fascinating journey of John Neff, a value investor who consistently outperformed the S&P 500 by focusing on low PE stocks and dividends. Uncover how his contrarian mindset and appreciation for 'boring' businesses led to significant wealth. Learn about the risks of investment committees and the importance of independent thought in investing. Neff's philosophy emphasizes finding hidden profits in slow growers and the overlooked opportunities in high PE stocks. His unique approach reshapes our understanding of value investing.
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Boring Businesses Can Be Best
- John Neff favored boring, cash-generating businesses because they attract less competition and deliver durable returns.
- He learned practicality from his father and mentors, shaping a contrarian, value-focused mindset.
Fix Committees, Gain Influence
- Create impact, avoid committee paralysis, and secure dedicated analyst support to execute a fund strategy.
- Get consensus individually and request focused resources to pursue differentiated ideas.
Low P/E As The Core Lens
- Neff split stocks into growth and basic industry buckets and used P/E as his primary valuation tool.
- He preferred low P/E names that could still grow modestly and avoid brutal multiple contractions.
