Glenn Greenberg

Last Update: 11-14-2017

Number of Stocks: 14
Number of New Stocks: 0

Total Value: $2,066 Mil
Q/Q Turnover: 7%

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

Glenn Greenberg Watch

  • Advice From the Most Underappreciated Value Investors

    Almost every investor knows about the life and times of famous investors like Warren Buffett (Trades, Portfolio), Seth Klarman (Trades, Portfolio), Charlie Munger (Trades, Portfolio) and John Malone. They are not the only investors that have made a name for themselves over the years, however.


    Indeed, over the past several decades, many investors have made a name for themselves by investing in undervalued stocks and other instruments. One example is Henry Singleton, who has been praised by Buffett for his business acumen but is rarely mentioned in the media.

      


  • Buy What You Know, Study What You Don't

    The concept of “buy what you know” is a Peter Lynch idea. Most investors I talk to think it’s too simplistic. Like any idea, perhaps it is too simplistic if taken to the extreme. But I’ve found talking to other investors that they underestimate how much of an advantage you have in starting your research process on the firm footing of knowing something about the business you are about to research and how it works in the real world.


    First, let’s put the Peter Lynch quote in context. What Lynch was saying is that if a man worked his whole life in the oil and gas industry why would his first thought be to analyze a pharmaceutical company? His first thought – not necessarily his last, but certainly his first – should be to look at oil and gas companies. If the man had made a fortune in the oil and gas industry and was looking to buy an entire business, he’d never think to buy a whole drug company. So why would he think to buy a piece of a drug company just because this was a stock purchase instead of the purchase of a private business in its entirety?

      


  • Glenn Greenberg Starts 3 Positions in 2nd Quarter

    Brave Warrior Advisors manager Glenn Greenberg (Trades, Portfolio) added three positions during the second quarter: Alliance Data Systems Corp. (NYSE:ADS), Quintiles IMS Holdings Inc. (Q) and ServiceMaster Global Holdings Inc. (NYSE:SERV).


    Alliance Data Systems

      


  • Glenn Greenberg Sells JPMorgan, Express Scripts, Charles Schwab

    Glenn Greenberg (Trades, Portfolio), leader of Brave Warrior Advisors, manages a concentrated portfolio of 18 stocks. During the first quarter, the guru sold shares of the following stocks:


    Greenberg's JPMorgan Chase & Co. (NYSE:JPM)’s stake was reduced by 33.91%, with an impact of -3.57% on the portfolio.

      


  • Cable & Wireless Could Be Worth Buying

    John Malone and his Liberty Global group are known for creating value for their investors. Through a combination of mergers, spinoffs, well-timed stock buybacks and efficient tax planning, Liberty Global has turned Malone into a billionaire and earned the respect of many of the world’s greatest investors.


    In the Liberty empire, the Liberty LiLAC Group (NASDAQ:LILA) entity is perhaps the most intriguing and misunderstood. LiLAC is the Latin American arm of Liberty Global and has been growing rapidly over the past 12 months. For the three months ended Sept. 30, 2016, LiLAC revenue more than doubled to $895 million, up from $309 million in the year-ago period.

      


  • How to Diversify Without Selling Stocks You Already Own and Love

    Someone emailed me this question:


      


  • What Is Value Gurus' Most Loved Stock?

    Investing alongside the world’s top value investors, or super investors, can be a profitable strategy if you know what you’re doing.


    Combing through super investor ideas and then conducting your own research to arrive at a suitable conclusion without blindly following hedge fund managers is the best way to go about this, and the best place to look for ideas is in 13F SEC filings, which are easy to access and understand.

      


  • Glenn Greenberg Gains 3 Positions in the 3rd Quarter

    Brave Warrior Advisors’ Glenn Greenberg (Trades, Portfolio) purchased three new holdings in the third quarter. They are HCA Holdings Inc. (NYSE:HCA), Sensata Technologies Holding NV (NYSE:ST) and LiLAC Group (NASDAQ:LILAK).


    Greenberg and John Shapiro founded Chieftain Capital Management in 1984. The firm was divided into two separate entities in 2010. Greenberg renamed Chieftain to Brave Warrior. Greenberg maintains a highly concentrated portfolio. He believes that the more companies you own, the less you know about each one. He believes this leads to mistakes. He generally invests in companies with little competition and emphasizes the return on invested capital.

      


  • Stan Druckenmiller Axes Halliburton, Gains 5 New Positions

    Stanley Druckenmiller (Trades, Portfolio), manager of Duquesne Capital Management LLC, managed George Soros (Trades, Portfolio)’s Quantum Fund in the late 1980s. In 1981, Druckenmiller founded Duquesne Capital, which has over $10 billion in assets according to reports.


    During the third quarter, the investor eliminated his stake in Halliburton Co. (NYSE:HAL) and invested in 22 new companies. His top buys include Alibaba Group Holding Co. (NYSE:BABA), Merck & Co. Inc. (NYSE:MRK), Broadcom Ltd. (NASDAQ:AVGO), Activision Blizzard Inc. (NASDAQ:ATVI) and Bank of America Corp. (NYSE:BAC).

      


  • How to Avoid the Same Mistakes Your Heroes Made

    Someone who reads my blog emailed me this question:


      


  • 18 Questions With Kevin Holloway

    Kevin Holloway is the owner of the Just Value blog.


    How and why did you get started investing? What is your background?

      


  • Hedge Funds Love Liberty and John Malone

    The dust has now settled from the most recent round of hedge fund 13F filings. While these filings provide more information to the SEC than to the average investor, looking at the positions of the world’s most revered investors are buying and selling each quarter can provide some insight into their strategies helping the average investor generate some ideas themselves.


    That being said, the average investor should never blindly follow a hedge fund titan into a position. There are many reasons why not, but the most important is that it is impossible to tell exactly why the fund manager has entered the position in the first place.

      


  • David Swensen Bets on Antero Resources

    David Swensen (Trades, Portfolio), the chief investment officer at Yale University since 1985, is responsible for managing and investing the university's endowment assets and investment funds, which total over $22 billion. The following are his heavily weighted trades during the fourth quarter.


    He acquired a new position and bought 8,740,871 shares in Antero Resources Corp. (AR) with an impact of 56% on the portfolio.

      


  • Glenn Greenberg Sells Stake in Microsoft

    Glenn Greenberg (Trades, Portfolio) of Brave Warrior Advisors made nearly three times as many sales as buys in the fourth quarter, led by the sale of his 6,280,742-share stake in Microsoft Corp. (NASDAQ:MSFT), a Redmond, Washington-based computer and consumer electronics company, for an average price of $52.81 per share.


    The divestiture had an -8.83% impact on Greenberg’s portfolio. It was the only stake Greenberg sold in the fourth quarter. He made other sales, but he retained portions of those stakes.

      


  • Bill Nygren Boosts Stakes in Halliburton, American Express, Caterpillar

    Bill Nygren (Trades, Portfolio) increased his stake in many stocks, but most of them were below 10%. He is portfolio manager of the Oakmark Fund. He and his partners are value investors, and they invest in companies that they believe trade at a substantial discount to what they consider to be the true business value.


    The biggest increase was in Halliburton Co. (HAL); the guru increased the stake by 51.13% at an average price of $39.34 per share. The position was established in Q4 2012 and in the first quarter he reduced the stake by 10.36%. The deal had an impact of 0.52% on the portfolio, and the stock price dropped 20%. The stock traded for $31.47 on Thursday.

      


  • Glenn Greenberg Sells Stake in Express Scripts Holding

    Glenn Greenberg (Trades, Portfolio) of Brave Warrior Advisors LLC made only 14 transactions in the third quarter, which is fewer than most of the gurus we follow tend to make in a quarter, demonstrating his dedication to his belief that a concentrated portfolio is a “defense against ignorance.” Few people, if any, would regard Greenberg as ignorant, but in his definition of ignorance, the more companies you own, the less you are likely to know about them and the more likely you are to make a mistake. Greenberg doesn't make many mistakes.


    Greenberg’s most noteworthy third-quarter deal was the sale of his 1,739,482-share stake in Express Scripts Holding Co. (NASDAQ:ESRX), a St. Louis-based health care and pharmaceutical company, for an average price of $87.1 per share. The divestiture had a -4.47% impact on Greenberg’s portfolio.

      


  • Simpson and Greenberg Buy Brookfield Despite Negative Report

    Recently the Probes Reporter wrote a negative report on Brookfield Asset Management (NYSE:BAM) calling it "An Unanalyzable Black Box." In the report it discusses several government investigations, lack of disclosures about the investigations and Brookfield Asset Management's financial engineering.


    This comes about 2½ years after the Southern Investigative Reporting Foundation "SIRF" wrote a negative report discussing Brookfield Asset Management's history, IFRS accounting practices and other issues. SIRF would write another report six months later in November 2013 further questioning Brookfield Asset Management.

      


  • John Burbank Jumping on the Google Train

    Alphabet (NASDAQ:GOOG)(NASDAQ:GOOGL) aka Google is one of the most popular stocks with gurus. In the aggregated guru portfolio its weighting is fourth only to Wells Fargo (NYSE:WFC), Valeant Pharmaceutical (NYSE:VRX) and Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B). Because the distribution of assets under management is quite top heavy, a few gurus heavily influence the aggregated portfolio. Valeant making the top four is also a product of a few gurus who run heavily concentrated portfolios like Glenn Greenberg (Trades, Portfolio) and Bill Ackman (Trades, Portfolio) who are betting the ranch on the troubled pharmaceutical.


    Wells Fargo, Berkshire Hathaway and Google are widely owned and important positions to many gurus. If we look at the number of gurus holding a certain stock Wells Fargo comes in at No. 1 again, but if we would add up the number of gurus holding GOOG and GOOGL it would surpass Wells Fargo easily with 31 > 26.

      


  • Top Guru Stakeholder Glenn Greenberg Doubles Money on Valeant After Plunge

    Glenn Greenberg (Trades, Portfolio), principal of Brave Warrior Advisors, still has a gain of 119% on his largest position, Valeant Pharmaceuticals International Inc. (NYSE:VRX), even after its shares plunged 20% Wednesday.


    Valeant, a $40.7 billion market cap drug corporation, has a prominent place in the portfolios of numerous hedge and mutual funds tracked by GuruFocus, including Bill Ackman (Trades, Portfolio), John Paulson (Trades, Portfolio) and Ruane Cunniff (Trades, Portfolio). Their portfolios suffered when short-seller Citron Research issued a scathing report accusing the company of stuffing its supply channels, sending the stock down as much as 33% before rebounding.

      


  • Glenn Greenberg Acquires Two New Stakes

    Value investor Glenn Greenberg (Trades, Portfolio) was once heralded as “the next Buffett.” When it comes to returns on investments, Greenberg has performed nearly as well as Warren Buffett in the last three decades; between 1984 and 2008, his fund, Chieftain Capital Management (now Brave Warrior Advisors), produced average annual returns of 25%.


    Greenberg bought two new stakes in the second quarter – Brookfield Asset Management Inc. (NYSE:BAM) and Antero Resources Corp. (NYSE:AR).

      


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