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cover of episode Patient Value Investing and America’s Industrial Advantage | Bob Robotti

Patient Value Investing and America’s Industrial Advantage | Bob Robotti

2025/5/29
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Monetary Matters with Jack Farley
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Bob Robotti: 我认为在当今信息爆炸的时代，数据和信息并不能代替独立思考。过多的新闻和信息流反而使人们的目光短浅，更关注短期效应。这种短视导致市场波动、错误决策和资本错配，但同时也为那些能够进行长远思考的投资者创造了机会。我们专注于投资那些具有明显优势、估值适中，并且具有周期性和结构性变化潜力的公司，这些变化可能会在未来真正使这些公司受益。因此，我们实际上是以极低的价格购买具有增长潜力的“雪茄烟蒂”公司，它们具有进入壁垒和长期的发展机会。如果我们能够理解未来趋势，而不是关注过去，现在就是一个伟大的投资时代。我们的优势在于拥有耐心的资本，这得益于长期投资者的支持，他们与我们共同经历了市场的起伏，并对我们的投资理念有充分的信任。这种信任使我们能够坚持长期投资策略，并在市场低迷时保持冷静。然而，小型价值基金经理面临持续的赎回压力，迫使他们出售持仓，从而影响股价。因此，经纪交易商业务的信息流对我们来说很有趣，因为我们历史上与小型价值基金经理有业务往来，但这个客户群体在不断萎缩。尽管如此，新一代对价值投资充满热情的人正在进入这个行业，他们将为市场注入新的活力。总之，我们坚持自下而上的研究和投资理念，并应用巴菲特的投资理念，在市场中寻找被低估的价值，并耐心等待其价值的实现。

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Chapters
Bob Robotti, a value investor with a 30+ year track record of S&P 500 outperformance, discusses the importance of patient capital in today's market. He explains how the constant flow of information leads to shorter timeframes and poor decision-making, creating opportunities for those with a longer-term perspective. He highlights the advantages of investing in companies with demonstrable advantages and modest valuations, even if they are facing headwinds.
  • Importance of patient capital in a quarter-focused investment landscape
  • Information overload leads to shorter timeframes and poor decision-making
  • Opportunities exist in undervalued companies with long-term growth potential

Shownotes Transcript

Bob Robotti, legendary value investor and President and CIO of Robotti and Company Advisors, is one of a very select group of investors with a 30+ year track record of S&P 500 outperformance. Here he joins Other People’s Money to discuss long-term value investing, why he likes to invest in companies perceived to be facing headwinds, and his view that American based industrial companies are competitively advantaged for reasons completely unaffected by trade policy. He also discusses how he operates both an advisory business and a broker dealer business and how the broker dealer has served as a starting point for many other great value investors. Learn More About Robotti Advisors: https://advisors.robotti.com)

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Timestamps

00:00 Intro

01:27 Patient Capital

08:05 Investing in Companies with Headwinds

12:13 Building Products Businesses

16:08 North American Industrial Advantage

22:41 Industries Returning to the USA

27:18 Valuing Businesses on Cost of Replacement

30:56 The Links Between Lumber, Building Products, and Housing

33:24 Engaging With Management in Long-term Positions

39:04 Trading Around Long-Term Positions

47:57 Buying Stocks After They've Gone Up

52:56 Trading Against Each Other

55:01 Having a Broker Dealer and Advisory Business

59:15 Jumping From the Sell Side to the Buy Side

01:04:08 Capital Churn

01:06:03 All US Equity Investors Should Compare Themselves to the S&P 500