Glenn Greenberg

Last Update: 05-15-2015

Number of Stocks: 15
Number of New Stocks: 1

Total Value: $3,276 Mil
Q/Q Turnover: 7%

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

Glenn Greenberg Watch

  • Weekly CEO Buys Highlight: KMI, JMP, CVA, TCO, HTH

    According to GuruFocus Insider Data, these are the largest CEO buys during the past week. The overall trend of CEOs is illustrated in the chart below:



    Kinder Morgan, Inc. (KMI): Chairman and CEO Richard D Kinder Bought 100,000 Shares

      


  • 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.  


  • Glenn Greenberg Buys Fiserv Inc., Mastercard Inc., Visa Inc., Sells Precision Castparts, Renaissancere Holdings, Varian Medical Systems

    Focused deep value investor Glenn Greenberg just reported his Q2 portfolio. These are his buys and sells.

    Mr. Greenberg broke with his partners at Chieftain Management, and set up his own firm Brave Warrior Capital, Inc. Now the buys and sells are from his own ideas only. Mr. Greenberg runs a very concentrated portfolio. He does not like growth, but he likes to have good cashflow from the companies. Now he is buying both credit card companies: Mastercard Inc., Visa Inc.  


  • View on Glenn Greenberg



  • View on Glenn Greenberg



  • Glenn Greenberg Buys Google Inc., Arch Capital Group Ltd., Tidewater Inc., Bank Of America Corp., Comcast Corp., Freddie Mac, Sells Waters Corp.

    Hedge fund manager Glen Greenberg likes to run a concentrated portfolio. He thinks that if he does not want to put at least 5% of the fund asset in a position, he wouldn’t buy it. To understand his secret to success, read the great interview on latest Graham and Doddsville Spring 2010 Issue. Mr. Greenberg split with partners last year. His partners got to keep the old name of his fund, Chieftain, and he started a new firm called Brave Warrior Capital. After the shake up, he bought into a lot of positions. This is the Q1 portfolio update.

    Glenn Greenberg buys Google Inc., Arch Capital Group Ltd., Renaissancere Holdings Ltd., Tidewater Inc., Bank Of America Corp., Comcast Corp., Freddie Mac, sells Waters Corp. during the 3-months ended 03/31/2010, according to the most recent filings of his investment company, Brave Warrior Capital, Inc.. Glenn Greenberg owns 17 stocks with a total value of $965 million. These are the details of the buys and sells.  


  • Graham and Doddsville Spring 2010 Issue

    The Spring 2010 issue of Columbia Business School investment newsletter “Graham & Doddville” is available. To download the Spring 2010 Issue, please visit Graham and Doddsville

    An excerpt from the Spring 2010 issue:  


  • Greenberg’s Portfolio: Lockheed Martin, Comcast, U.S. Bancorp, Ryanair, Laboratory Corp. of America, Varian Medical Systems, Dell, Precision Castparts, Waters Corp., Crosstex Energy

    We have not visited the investment activities and methodologies of Glenn Greenberg for quite some time. His unique approach to value investing is appealing to many individual investors who like to buy and hold.

    For those who are not familiar with Glenn Greenberg, Peter Lindmark, managing partner of Lindmark Capital Fund ([i]www.lindmarkcapital.com[/i]) wrote a summary on his investment philosophy entitled: Glenn Greenberg Value Investor. For your convenience I copy the most important part here:
    There is only one investment approach which makes sense to Mr. Greenberg, an approach that will not blow up an investor. Over fifty years one’s investment approach must be able to withstand all sorts of business environments. To never blow up as investor one needs to buy good businesses. Good businesses are: reasonably predictable, have zero to few competitors, enjoy high returns on invested capital, are necessary businesses, enjoy high profit margins, are unchallenged by new entrants, have growing earnings, and do not have really high rates of change.  


  • Comment for Glenn Greenberg Portfolio Holdings -- GuruFocus.com

    What is going on today, they seem to have sold a third of almost all positions, but not adding anything.. strange for these long term investors who are not usually market timers..and they are the ultimate bottom up pickers, with huge concentration on a handful of stock.. very strange  


  • Guru Videos at the Columbia Business School Site

    While I was searching material on an investment Guru, I stumped on this link of The Heilbrunn Center for Graham & Dodd Investing of Columbia Business School. I like the site, feel our viewers may like it too.

    Columbia was where value investing originated. Two professors, Ben Graham and David Dodd pioneered the field when they wrote the classic text Security Analysis.  


  • Glenn Greenberg Buys Lockheed Martin Corp., Varian Medical Systems, U.S. Bancorp, Sells Rockwell Collins Inc., General Dynamics Corp.

    Glenn Greenberg Buys Lockheed Martin Corp., Varian Medical Systems, U.S. Bancorp, Sells Rockwell Collins Inc., General Dynamics Corp.

    Glenn Greenberg, head of Chieftain Capital Management Inc., has achieved great returns over long term by running a concentrated portfolio. When he buys, he can put almost half of his fund into one stock. This is the Q2 portfolio update of Chieftain Capital.  


  • Greenblatt’s Advice on Special Situations

    Often it is only in retrospect when it becomes possible to identify cases in which one has inadvertently followed herd like behavior rather than profiting from it. In such cases, rather than kicking yourself at the time mistakes were made, you can proceed to do so years after the mistake was made. I was kicking myself recently for making a mistake in 2004 that I previously recognized as a financial mistake but now realize that it was motivated by herd like behavior which I consider to be a sin much larger than a mere financial loss.

    While reading Joel Greenblatt’s book, You Can Be a Stock Market Genius, it occurred to me that I exhibited the exact behavior that he predicted when I almost immediately sold the shares in Hospira that I received from Abbott Laboratories’ spin off of the subsidiary in 2004. Since I had purchased shares of Abbott based on the overall characteristics of the parent company rather than the attributes of any one unit, I viewed the relatively small position I received in Hospira as a distraction that was not worth the time required to own (in terms of keeping up with corporate developments, reading reports, etc).  


  • Glenn Greenberg Buys U.S. Bancorp, Waters Corp., General Dynamics Corp., Sells ngersollRand Company, Comcast Corp., Eaton Corp.

    Hedge fund manager Glenn Greenberg founded Chieftain Capital Management in 1984. Greenberg runs a concentrated portfolio and invests personally, alongside his clients, in the same portfolio. Greenberg looks for companies with zero or few competitors and maintains that industries with gradual (rather than steep) growth attract less competition. He is buying the top predictable companies. This is his Q1 portfolio update.

    Glenn Greenberg buys U.S. Bancorp, Waters Corp., General Dynamics Corp., sells America Movil S.A.B. de C.V., Comcast Corp., Eaton Corp., IngersollRand Company Ltd. during the 3-months ended 03/31/2009, according to the most recent filings of his investment company, Chieftain Capital Management Inc. Glenn Greenberg owns 12 stocks with a total value of $1.8 billion. These are the details of the buys and sells.  


  • Glenn Greenberg Buys American Express Company, Precision Castparts Corp., Rockwell Collins Inc. Reduces Comcast Corp.

    Gleen Greenberg is known for deep research on a few companies, and concentrate his investment on them. Interestingly, he reduced his long term holdings in Comcast. This is his buys and sells during the fourth quarter.

    Glenn Greenberg buys American Express Company, Precision Castparts Corp., Rockwell Collins Inc. during the 3-months ended 12/31/2008, according to the most recent filings of his investment company, Chieftain Capital Management Inc. Glenn Greenberg owns 13 stocks with a total value of $2.5 billion. These are the details of the buys and sells.  


  • Glenn Greenberg exits UNH?

    According to the latest Chieftain 13F. Difficult to comprehend this one. They had 14+ million shares in May. In addition, UNH has been trading at multi-year lows - and is arguably an outstanding value at recent prices. I'd like to think this was an omission in their filing...

    What am I missing? Anyone?  


  • Glenn Greenberg buys IngersollRand Company Ltd., Dell Inc. Comcast Corp. reduces Laboratory Corp. of America

    Like many other value investors, Glenn Greenberg is buying, except when he buys, he bets the farm on it. He puts $3.9 billion in 10 stocks, with Comcast Corp. as a quarter of the portfolio. These are the details of the buys and sells.

    Glenn Greenberg buys IngersollRand Company Ltd., Dell Inc. Comcast Corp. reduces Laboratory Corp. of America during the 3-months ended 03/31/2008, according to the most recent filings of his investment company, Chieftain Capital Management Inc. Glenn Greenberg owns 10 stocks with a total value of $3.9 billion. These are the details of the buys and sells.  


  • Glenn Greenberg concentrates his bets on Comcast, UnitedHealth Group Inc, Laboratory Corporation of America Holdings, Crosstex Energy, Inc.

    What level of confidence do you need if you have to invest $4 billion dollars in just 6 stocks? Also among these 6 stocks the number one position is 40% of the total portfolio? This is exactly what Guru Glenn Greenberg is doing. It is also a key factor why he could achieve more than 22% a year since 1984.

    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.  


  • Behind Greenberg Contest With Comcast's Roberts

    Last fall, Wall Street money manager Glenn Greenberg kicked back in his orthopedic recliner and composed a letter of complaint to Comcast Corp. CEO Brian Roberts. A onetime squash champion, Mr. Greenberg used a sports analogy to appeal to Mr. Roberts, also an avid squash player.

    "I know you are a competitive guy, as am I: I once had a number four U.S. squash ranking, so I know that you care about winning and are willing to push yourself hard to be a winner," he wrote in the letter, which went on to lay out a series of complaints about the cable company's performance. "You think you are hitting beautiful strokes, but you are losing the game."  


  • Glenn Greenberg and His Holdings: Comcast Corp, UnitedHealth Group Inc, Laboratory Corporation of America Holdings, Crosstex Energy, Inc.

    What level of confidence do you need if you have to invest $4 billion dollars in just 6 stocks? Also among these 6 stocks the number one position is 40% of the total portfolio? This is exactly what Guru Glenn Greenberg is doing. It is also a key factor why he could achieve more than 22% a year since 1984.

    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 Value Investor

    Investors can learn an extraordinary amount from other successful value investors. Glenn Greenberg’s investment approach is not covered enough. His firm, Chieftain Capital, has produced returns of 22.5% from 1984 to 2004. His process is one that resonates with me and that I have tried to emulate in my investment philosophy.

    Mr. Greenberg is an investor not a trader. His philosophy is simplistic: 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.  


  • Glenn Greenberg Buys Ryanair Holdings PLC, Sells American Standard Companies and American Tower Corp.

    How much confidence do you have in your research? Do you dare to put $4 billion dollars in just 8 stocks? Glenn Greenberg invests in that way. He concentrated his investments into his best ideas and achieved outstanding returns. These are his buys and sells during the 1Q 2007.

    Glenn Greenberg buys Ryanair Holdings PLC, Sells American Standard Companies and American Tower Corp. during the 3-months ended 03/31/2007, according to the most recent filings of his investment company, Chieftain Capital Management Inc. Glenn Greenberg owns 8 stocks with a total value of $3.8 billion. These are the details of the buys and sells.  


  • Glenn Greenberg Buys Nike Inc., Reduces Laboratory Corp. of America

    Glenn Greenberg of the Chieftain Capital Management buys Nike Inc. during the 3-months ended 09/30/2006, according to the most recent filings. Greenberg is known for his highly concentrated portfolio, with about $4 billion of asset in just 8 stocks. He invests 40% of the total asset into just one stock, Camcast. Apparently this strategy serves him well, the price of Camcast has gained more than 55% so far in this year. These are the details of his recent transactions.  


  • Glenn Greenberg Buys Crosstex Energy Inc., Crosstex Energy LP, Sells Caremark Rx Inc., Freddie Mac

    Hedge fund manager Glenn Greenberg buys Crosstex Energy Inc., Crosstex Energy LP, sells Caremark Rx Inc., Freddie Mac during the 3-months ended 06/30/2006, according to the most recent filings of his investment company. Glenn Greenberg has a highly concentrated portfolio. His invests billions of dollars in only 5-6 stocks that he thinks he understands the best. These are the details of his purchases and sells.

    Added: Unitedhealth Group Inc. (UNH)  


  • Glenn Greenberg: Investor extraordinaire speaks at Wharton

    On March 16th, value investor extraordinaire Glenn Greenberg spoke at Wharton to an audience of MBA and undergraduate students. Mr. Greenberg and partner John Shapiro founded Chieftain Capital Management in 1984. By pursuing a disciplined investment strategy, Chieftain compounded its accounts at an impressive 22.5% (before management fees) during the period from 1984 through 2004 versus 12.9% for the S&P 500.

    Mr. Greenberg began by recounting his career prior to founding Chieftain. An English major at Yale, he worked as a teacher before attending Columbia Graduate School of Business. Upon graduating from Columbia, instead of joining his family's retail business, he decided to enter the world of investing. He went to Morgan Guaranty Trust, where he worked as a researcher for two years and then as a "money mis-manager" for three before deciding he needed to go to a smaller firm in order to work with a mentor from whom he could learn to become "an investor". This decision led him to a low-profile firm where he worked for "a very able investor with an incredible record". Prior to starting his own firm, he had spent ten years analyzing companies.  


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