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Here is what he said:
- Really exciting times to be talking about equities
- JC Penney (JCP) - Lot of big investors he know are looking at JC Penney. He owns some because of the halo of Bill Ackman and Ron Johnson. But still not sure of JCP pricing strategy, believes lot of shoppers want to see for Sale on items, so it is work in progress
-- Has put in buy order today on JCP stock as he thinks markets have overreacted on this stock
-- How he invests: Surely follows very closely CEOs who are excellent capital allocators ex. John Malone
-- How do you know which leaders to follow : pat of our decision is our bottom up research looking at earnings, cash flows, industry dynamics etc, combined with our understanding of how CEO has done in terms of capital allocation and generating returns
-- We surely study big and successful investors like John Malone's past investments and holdings to understand how they made money
-- No matter how good an investor is if he jumps in a business which has bad economics he will not be successful. Key is to find the good businesses
-- Any leader in natural gas industry - i dont know about any leader here but we are interested because it is an opportunity to reduce our deficits and reduce our dependence on foreign oil. Likes National Fuel and Gas (NFG)
Here is the video:
[bloom.bg]
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Gabelli appears to do the same type of thing.
GF - I am not complaining but I think a screen/list like this would be really useful.
regards
Steve