Glenn Greenberg

Last Update: 2014-11-14

Number of Stocks: 12
Number of New Stocks: 1

Total Value: $2,699 Mil
Q/Q Turnover: 15%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Glenn Greenberg Watch

  • The Stock Market: A Look at the Last 200 Years

    I spend virtually zero energy thinking about the overall stock market. I'm always aware of what the indices are doing, but I really don't pay attention to where I think they are headed or where they've been recently. As Munger has said, sometimes the tide will be with us and sometimes it will be against us, but the best thing to do is to just continue to focus on swimming forward.


    I think this has been going on for well over a year now, but lately I've been hearing about many people who are worried about the stock market. This is a natural enough concern after a 5-year period from 2009-2013 that saw the S&P 500 advance 15.4% per year before factoring in dividends. I would agree that it is a virtual certainty that the next 5 years will not equal or exceed the returns we've seen in the last 5 years from the S&P. But it's interesting to note the level of fear that exists in the market, even as the S&P continues to reach new highs. Many talk about the next "crash" as if another 2008 is right around the corner (maybe it is, maybe it isn't -– I don't participate in that game, but, as I'll demonstrate below, the odds are against that type of a market event in the near future).

      


  • Morning Coffee: Real-Time Picks

    Here are some of the latest Real-Time Picks from the gurus:


    Chase Coleman added a new holding of 3,600,000 shares of Tuniu Corp (TOUR) at the average price of $10.07 on 05/09/2014, as reported in the latest 13G filings by Chase Coleman (Trades, Portfolio). Tuniu operates as an online leisure travel company in China and had its IPO on May 5, 2014. Coleman is the only guru holding the stock.

      


  • Great Investor Glenn Greenberg Discusses His Investment Philosophy

    I recently watched a video lecture at Columbia from 2010 with Glenn Greenberg of Brave Warrior Advisors, and thought I’d share some thoughts.


    Greenberg is one of the best investors of the past three decades. His track record over that period is excellent. From 1984 to 2009, he and his partner Jon Shapiro ran a firm called Chieftain Capital, where they produced annual returns in the mid-20s until 2008, when Chieftain lost 25%. The next year, Greenberg and his partner split the firm up into two smaller firms, with Shapiro retaining the Cheiftain name and Greenberg now running his own firm called Brave Warrior.

      


  • Five Gurus Trade ONE - Ranked on Fast 500

    Reporting third quarter revenue at $57.1 million, an 11.5% increase year-over-year, Higher One Holdings Inc. (ONE) provides financial services and data analytics to more than 1,600 college and university campuses in the U.S. Achieving more than 340% revenue growth over five years, the company recently received recognition, ranking 259th on Deloitte’s Technology Fast 500, a list of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. The Fast 500 winners were chosen based on percentage fiscal year revenue growth from 2008 to 2012.

    Higher One’s CEO Mark Volchek commented in a company press release: “Higher One is pleased to be regarded by Deloitte for the fourth year in a row. We have grown by truly focusing on the higher education market—helping colleges and universities allocate resources more efficiently to provide a higher quality of service and education to college students. With this direction, we are on a shared course for success with our customers.”  


  • Digital Age - Glenn Greenberg Discusses Comcast Disney



  • Oracle Corporation (ORCL) Analysis

    ORCL is now the most-bought S&P 500 stock of gurus as shown on GuruFocus.com. From the latest guru trades of the second quarter in 2013, we can see Donald Yacktman bought it as new position, Charles de Vaulx, Meryl Witmer, Steven Romick, Glenn Greenberg and so on also added more shares to their portfolio. These trades make me wonder, is it a good buy or not?

    Business Description  


  • Looking For a Few Good Businesses

    “We are looking for good businesses where the fortunes of those businesses don’t turn on slight changes in GNP statistics, where there is substantial free cash generated and put into the hands of extremely capable managements which will not go out and spend that money foolishly by over-expanding plant capacity, or paying too much for an acquisition to get into somebody else’s difficult business. We look for people who have a vision of building something, building their business into a great company.”

    - Glenn Greenberg  


  • Latest Picks from Hedge Fund Manager Glenn Greenberg: ORCL, VRX, GOOG, ADBE, VPRT, FISV, MSI, ONE, PRI

    Hedge fund manager Glenn Greenberg is very confident in his stock picking. That is why he puts billions of dollars into only 12 stocks. He started out in hedge fund Chieftain Capital Management. Then he went on his own with Brave Warrior Capital. As of 06/30/2012, Brave Warrior Capital owns 12 stocks with a total value of $1.4 billion. Greenberg was an English major in college and never contemplated going into investing. He ended up going to Columbia business school with no real career objective. He went to work for J.P. Morgan after b-school. A light bulb went off for Greenberg when he was asked to analyze a company that owned land with redwoods growing on it. He made some enquiries and discovered that the land was worth three times the price at which the company was trading. That shaped his thinking because he learned that there are situations out there where you don’t need to be a genius to figure them out.

    Glenn Greenberg maintains a highly concentrated portfolio that he describes as a "defense against ignorance." He believes that the more companies you own, the less you will know about each, and the less you know about a business, the more likely you are to make mistakes due to fear and greed. He usually owns less than 10 stocks. Greenberg invests in companies with little competition, and places a great deal of emphasis on Return On Invested Capital.  


  • What to Expect from U.S. Bancorp

    Years ago, Warren Buffett said at the annual shareholders meeting that what he and Charlie try to do is figure out what a company’s Value Line sheet will look like in ten years. Of course, this can only be done in stable businesses with a good long-term record of performance. It is in that spirit that I made a 5-year projection for U.S. Bancorp (USB) a la Value Line.

    U.S. Bancorp is a well run bank with an outstanding long-term record of performance. It is focused on core banking functions - consumer and business banking, wealth management, wholesale banking, trust services and payments – and has minimal exposure to investment banking and other challenges larger banks are facing with capital markets.  


  • Vistaprint (VPRT): The Makings of a Moat?

    Someone who reads my articles sent me this email:

    Hi Geoff,  


  • Glenn Greenberg’s New Buys: Growth Stocks for Value Investors

    Glenn Greenberg – formerly of Chieftain Capital now of Brave Warrior Capital – bought some new stocks last quarter. They were:

    · Vistaprint (VPRT)  


  • Top 5 Conviction Picks from Glenn Greenberg

    Glenn Greenberg and partner John Shapiro founded Chieftain Capital Management in 1984. Now they divided into two separate entities. Mr. Shapiro and two Chieftain partners, Tom Stern and Joshua Slocum, launched a new investment firm in 2010 that will keep the name Chieftain Capital Management.

    The existing Chieftain will be renamed Brave Warrior Advisors and will be run by Mr. Greenberg.  


  • Hedge Fund Manager Glenn Greenberg Buys MSI, PRI, WFC, V, VRX, AON, CMCSK, USB, Sells MA

    Hedge Fund Glenn Greenberg just reported his Q3 portfolio at Brave Warrior Capital. Before he started Brave Warrior, he has built great performance at portfolio at Chieftain Capital. Glenn Greenberg runs a highly concentrated portfolio. Sometimes he put 40% of portfolio on one stock. The most important rule for Mr. Greenberg is that if they lacked the confidence to put five percent of their portfolio in a company's stock, they would not buy any. Therefore he has a very concentrated portfolio. Due to this excess concentration he typically has less than ten securities in their portfolio. The most number of securities he has held is twelve and the least, six, while maintaining a 30% cash position.

    How does he invest? He said that a person should have an approach that over the long-term will win and will not fail. Investors should not use an approach which can provide both huge returns and huge losses. An investor must figure out an approach that will allow them to be a long-term winner because this is a long-term business. Investors need to win successively because they will be taking profits and reinvesting them continuously over their lifetime.  


  • The Manual of Ideas: The Model Portfolio Issue, October 2011

    This is an overview of the 111-page October 2011 monthly issue of The Manual of Ideas, entitled The Model Portfolio Issue.

    Great ideas are the lifeblood of the investment business and the exclusive focus of The Manual of Ideas. Authored by investment and finance professionals who have grown up on the teachings of Ben Graham, Warren Buffett and Joel Greenblatt, and have studied under or worked with luminaries such as Yale Chief Investment Officer David Swensen and Economics Nobel Laureate James Tobin, MOI delivers timely, differentiated investment ideas. In a market flooded with data and opinion, we deliver clarity.  


  • Hedge Fund Manager Glenn Greenberg Reports Q2 Portfolio

    Hedge Fund Manager Glenn Greenberg built a great track record while he was at his former firm, Chieftain Capital Management. He split with his partner at Chieftain, and started a new firm by himself, Brave Warrior Capital. Glenn Greenberg runs a concentrated portfolio. He wants to buy companies that are deeply undervalued.

    You may not know Glenn Greenberg, it is not surprising because he does not entertain investment ideas from Wall Street analysts; he does not do marketing, and he does not even speak to his clients. He only communicates with them with two written updates per year.  


  • Hedge Fund Manager Glenn Greenberg’s Q1 Portfolio Update

    Hedge Fund Manager Glenn Greenberg built a great track record while he was at his former firm, Chieftain Capital Management. He split with his partner at Chieftain, and started a new firm by himself, Brave Warrior Capital. Glenn Greenberg runs a concentrated portfolio. He wants to buy companies that are deeply undervalued.

    Glenn Greenberg buys Valeant Pharmaceuticals International, Aon Corp., John Wiley & Sons, Mastercard Inc., Arch Capital Group Ltd., sells Lockheed Martin Corp., Comcast Corp. Special, Google Inc., U.s. Bancorp, Broadridge Financial Solutions Inc during the 3-months ended 03/31/2011, according to the most recent filings of his investment company, Brave Warrior Capital, Inc.. As of 03/31/2011, Brave Warrior Capital, Inc. owns 13 stocks with a total value of $1.2 billion. These are the details of the buys and sells.  


  • Glenn Greenberg’ Brave Warrior Capital Buys HPQ, FISV, BR, MA, ACGL, Sells DELL, XTEX, TDW, SGU, CMCSA, NICK, BAC

    Glenn Greenberg of Brave Warrior Capital, Inc. reported his Q4 portfolio. As of 12/31/2010, Brave Warrior Capital, Inc. owns 11 stocks with a total value of $1.1 billion. These are the details of the buys and sells.

    Glenn Greenberg runs a very concentrated portfolio. He was a partner a hedge fund Chieftain Management. Then he split with his partner and started his own firm Brave Warrior Capital.  


  • Hedge Fund Manager Glenn Greenberg Buys FISV, MA, GOOG, LMT, DELL and AREX, Sells Visa, XTXI

    Hedge Fund Glenn Greenberg just reported his Q3 portfolio. He split with his portfolio at Chieftain Capital, and is now on his own at Brave Warrior Capital.

    You may not know Glenn Greenberg, it is not surprising because he does not entertain investment ideas from Wall Street analysts; he does not do marketing, and he does not even speak to his clients. He only communicates with them with two written updates per year.  


  • Glenn Greenberg at Columbia: How a Great Investor Thinks (Part 2)

    What constitutes a good business?

    Greenberg asks the students to consider what they would look for in a stock if, over their entire career, they had to put all their savings into one stock and then live off that stock in retirement. The idea is to force you to think carefully about the qualities of a good business.  


  • Glenn Greenberg at Columbia: How a Great Investor Thinks

    The following notes are from a lecture given by investor Glenn Greenberg in the spring of 2010 at the Columbia Business School.

    Bruce Greenwald introduces Greenberg by saying that, up until the crisis in 2008, Greenberg had achieved a record that was as good, or better, than that of Warren Buffett.  


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