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TIP634: Value Investing Fundamentals w/ John Huber

May 31, 2024

01:02:01

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John Huber discusses value investing fundamentals, base hit investing strategies, and market conditions. He shares insights on stock returns, identifies potential bubbles like Costco, and reveals his criteria for investing in companies. Huber talks about finding opportunities in the current market, managing concentrated positions, and the importance of a long feedback loop in investing decisions.

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Quick takeaways

Prioritize competitive advantages, returns on capital, and case studies in personal MBA program.

Base hit investing focuses on low-risk, incremental growth with consistent returns and multiple engine growth.

Investment opportunities include compounders, unpopular large caps, and bargains for diverse and quality portfolio construction.

Deep dives

Key Points of a Personal MBA Program

Starting a personal MBA program includes studying Buffett's letters, focusing on competitive advantages, understanding returns on capital, and learning from case studies and business-related books.

Diverse Investment Strategies Are Essential for Adapting to Market Changes

01:08

Succinct Investment Write-ups

01:53

Creating Your Own MBA Program for Investment Success

01:36

Three Sources of Stock Returns

00:56

Introduction

2min

Ethical Investing: Valuing Growth and Understanding Returns

17min

Investment Performance and Market Expectations

9min

Investment Strategy and Market Analysis

12min

Exploring Quality Characteristics in Business & AI Tools for Stock Market Research

7min

Investment Strategy and Market Preferences

14min

The Value of Writing Investment Memorandums and Tracking Investments

5min

On today’s episode, Clay is joined by John Huber to discuss value investing fundamentals and the current market conditions.

John Huber is the Managing Partner of Saber Capital Management, LLC. Saber manages separate accounts as well as a partnership modeled after the original Buffett Partnership fee structure.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:44 - What John would include in his own personal MBA program

07:50 - What base hit investing is.

09:01 - The three sources of returns for a stock.

14:40 - Why Costco’s stock may be in a bubble.

20:39 - The three types of companies that John looks to invest in.

32:21 - John’s view on today’s current market and where he is finding opportunities.

42:57 - How John manages highly concentrated positions in his fund.

47:09 - Why investing has a long feedback loop in assessing decisions.

54:16 - John’s process for writing out his investment thesis.

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

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
Check out Saber Capital Management.
John Huber’s blog: Base Hit Investing.
Check out Journalytic.
Related Episode: MI165: Is FAANG the New Value w/ John Huber | YouTube Video.
Follow John on Twitter.
Follow Clay on Twitter.
Check out all the books mentioned and discussed in our podcast episodes here.
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