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Ask a Guru: Tom Russo, Tom Gayner and David Rolfe

Holly LaFon

211 followers
GuruFocus will be attending the 10th Annual Value Investor Conference in Omaha on Thursday and Friday, May 2 and 3, and talking to some of your favorite investors – Tom Russo, Tom Gayner and David Rolfe. We will also ask them some reader questions. If you have anything about investing you would like to ask them, submit them in the comments section below. We’ll pose the questions at the conference and post the answers on the site.

About the Investors

Tom Russo is a partner at Gardner Russo & Gardner and general partner to Semper Vic partnerships, overseeing a total of $6 billion.

His top holdings are Nestle SA (NSRGY), Philip Morris International Inc. (PM), Berkshire Hathaway (BRK.A), Heineken Holding (HKHHF) and Compagnie Financiere Richemont SA (XSWX:CFR).

See his portfolio and more about him here.

Tom Gayner is the president and chief investment officer of insurance company Markel Corporation (MKL) and president of Markel Ventures.

The top holdings he has purchased for Markel are CarMax Inc. (KMX), Berkshire Hathaway Inc. (BRK.A), Diageo PLC (DEO), Berkshire Hathaway (BRK.B) and Brookfield Asset Management (BAM).

Learn more about Tom and see his portfolio here.

David Rolfe serves as chief investment officer of Wedgewood Partners, a firm with about $3 billion in assets under management.

His top holdings consist of Apple Inc. (AAPL), Berkshire Hathaway (BRK.B), Qualcomm Inc. (QCOM) Cummins Inc. (CMI) and Google Inc. (GOOG).

See more information about him and his portfolio here.

GuruFocus will also be posting notes on the investors’ speeches at the conference, so stay tuned. Don’t forget to post your question in the comments below.


Rating: 4.1/5 (11 votes)

Comments

CAMaverick
CAMaverick - 11 months ago
For Tom Russo and David Rolfe: as professional money managers, how would you recommend to a younger portfolio manager to grow his assets under management? I am younger than 30 and have AUM ~ $8m. I am a student of investing, am currently in Level I of the CFA program, and operate as a RIA by myself. I began investing a year and a half ago for others and truly love what I do. Thank you for any response and wisdom.
CAMaverick
CAMaverick - 11 months ago
For each of you, as I read as much as I can from each, whether it be Markel shareholder letters, Wedgewood Partner's quarterly letters, or any insights from Tom Russo, there seems to be at least two commonalities: purchasing shares in an above-average company AND at an appealing price. My question is regarding the "price" component: can you be as specific as possible (without giving away your secret sauce) as to your preferable valuation methods? DCF seems to be common, but not much is discussed as to the high growth v. terminal value, or how the risk-free rate is being manipulated so that valuations are higher, and how to adjust for that. Also, how long (hrs) do you spend prior to making the initial purchase? I know that there is a list that you are most likely comfortable as being within your circle of competence, but beyond that, as uncertainty is certain, how long would you spend before having "enough" information to make a purchase?
gurufocus
Gurufocus premium member - 11 months ago
To Mr. Russo,

you talked about the profit margin decline when the companies reinvest. Do you expect the profit margin to recover gradually or they stay at lower levels for the future?

To Mr. Rolfe,

Does the recent report on Profit margin decline from Apple change your valuation on the company?

Please leave your comment:


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