Guest Schwab711 Posted January 30, 2015 Share Posted January 30, 2015 http://dagensindustri.se/Documents/DiKonferens/1135_Christian%20Derold_.pdf I'm a big believer in a quality-only portfolio so I found this pretty interesting. Any thoughts on a reasonable turnover % by assets? Examples or advice for those who have been following this for awhile. Especially non-BRK examples. Link to comment Share on other sites More sharing options...
Liberty Posted January 30, 2015 Share Posted January 30, 2015 Thanks! Link to comment Share on other sites More sharing options...
LC Posted January 30, 2015 Share Posted January 30, 2015 Great, thanks so much. pgs 22, 24, 25 are interesting as is the conclusion: High quality compounders need strong management Link to comment Share on other sites More sharing options...
Uccmal Posted January 30, 2015 Share Posted January 30, 2015 Great, thanks so much. pgs 22, 24, 25 are interesting as is the conclusion: High quality compounders need strong management That about sums it up. The interesting part is what do we try to avoid then he has Coke and GE. So, how do you know this will happen? Apparently Coke cant be managed by a Ham sandwich. Who is to say Nestle or any of his other examples dont get blindsided sometime with bad management. It strikes me the whole analysis only works retrospectively (survivor bias). Also, where are the financials? Link to comment Share on other sites More sharing options...
HJ Posted January 31, 2015 Share Posted January 31, 2015 Great, thanks so much. pgs 22, 24, 25 are interesting as is the conclusion: High quality compounders need strong management That about sums it up. The interesting part is what do we try to avoid then he has Coke and GE. So, how do you know this will happen? Apparently Coke cant be managed by a Ham sandwich. Who is to say Nestle or any of his other examples dont get blindsided sometime with bad management. It strikes me the whole analysis only works retrospectively (survivor bias). Also, where are the financials? Don't know enough of Coke, but certainly in the case of GE, there used to be plenty of commentary that too much of their earnings was coming from GE Capital long before '08-'09. Although it takes great perception for someone to foresee the trouble to come once the company became a financial in drag. Along similar line though, Buffett did own and then managed to be flexible enough in his thinking to sell Freddie Mac way before their demise. Link to comment Share on other sites More sharing options...
orthopa Posted January 31, 2015 Share Posted January 31, 2015 Thank you. Interesting how high consumer staples ranks repetitively. Link to comment Share on other sites More sharing options...
schin Posted January 31, 2015 Share Posted January 31, 2015 Is this essentially presenting the "Niffty Fifty" concept? Link to comment Share on other sites More sharing options...
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