Investor Audibles: Hosking Partners May 2025 Letter
May 30, 2025
Dive into the fascinating world of capital cycles and long-term investing insights from Hosking Partners' May 2025 letter. Explore how Warren Buffett's strategies have shaped successful investment approaches. Discover the importance of replacement value in guiding investment decisions with examples from companies like Coupang. Learn about dynamic capital cycle investing, which encourages high-performing investments. This episode is packed with tips for navigating the market while emphasizing the significance of strong management and supply dynamics!
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insights INSIGHT
Focus on Supply Not Demand
Long-term investment success hinges on focusing on supply over demand.
Supply changes within industries govern profits and long-term capital returns.
question_answer ANECDOTE
Buffett's BNSF Long-Term Bet
Warren Buffett's BNSF acquisition focused on supply rationalization after decades of industry decline.
He invested during a financial crisis, ignoring demand signals to bet on future structural supply improvements.
volunteer_activism ADVICE
Ignore Quarterly Earnings Game
Ignore quarterly earnings manipulations when investing.
Focus instead on a company's return on invested capital and competitive dynamics over years.
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Investment Strategies of the World's Greatest Investor
Robert G Hagstrom
This book provides an in-depth examination of Warren Buffett's investment strategies, highlighting his approach to valuing businesses, his criteria for selecting investments, and the key principles that have contributed to his remarkable success. It emphasizes Buffett's focus on understanding the business rather than speculating on stock prices, and it outlines his business, management, and financial tenets for evaluating potential investments[2][4][5].
Capital returns
Edward Chancellor
Este libro ofrece una perspectiva única sobre la inversión, enfocándose en el análisis de los retornos de capital de las empresas. Explora cómo identificar empresas con un sólido historial de generación de valor y cómo evaluar su potencial de crecimiento futuro. Se destaca la importancia de comprender la dinámica de la oferta y la demanda en el mercado, así como la necesidad de un análisis profundo de los estados financieros. El libro proporciona herramientas y estrategias prácticas para la toma de decisiones de inversión, ayudando a los inversores a identificar oportunidades de inversión atractivas. Su enfoque en el análisis de los retornos de capital lo convierte en una lectura esencial para inversores que buscan un enfoque más profundo y menos dependiente de las fluctuaciones del mercado.
We're changing it up a bit this week! I decided to do an Investor Audible on just one "letter" ... Hosking Partner's May 2025 edition of Hosking Post.
The letter discusses Capital Cycles, Warren Buffett, and how to view all investments through the capital cycle framework.
I recorded this because I wish I had an audiobook version of it, so enjoy!
Also -- big thanks to the sponsors!
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TIKR
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