Glenn Greenberg
Glenn Greenberg
Brave Warrior Advisors, LLC
Last update 2018-08-14 13 Stocks (1 new)
Value $2.44 Bil Turnover 10 %
Top Holdings: ADS (16.53%) GOOGL (14.21%) SCHW (12.22%) HCA (11.39%) AR (9.54%)
Guru Portfolio Report Download
Price change from average %
Market Cap

Glenn Greenberg Profile

Glenn Greenberg and partner John Shapiro founded Chieftain Capital Management in 1984. By pursuing a disciplined investment strategy, Chieftain compounded its accounts at 22.5% (before management fees) during the period from 1984 through 2004 versus 12.9% for the S&P 500. Update: Chieftain Capital, founded by Glenn Greenberg and John Shapiro in 1984, has now divided into two separate entities. Mr. Shapiro and two Chieftain partners, Tom Stern and Joshua Slocum, plan to launch 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.

Glenn Greenberg Investing Philosophy

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. 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. He does feel that there are fewer such opportunities today because schools are turning out large numbers of value investors who are competing against each other. Greenberg worked for five years at J.P. Morgan but was dissatisfied because he did not think he was being trained to be a good money manager. He left and went to work for a small money management firm where he spent five years doing research. He then started his own firm, ten years after leaving school. He believes he profited from the ten years of experience and cautioned audience members about starting their own firm without adequate preparation. At the small firm where he worked, he was trained to internalize the numbers of a potential investment so he could really think about the business. His boss, who was the only one who could buy and sell stocks, would bring Greenberg into his office and grill him about a potential investment. Greenberg was expected to know the business and its numbers inside out. He does not believe in using pre-made spreadsheets. The investor has to become intimate with the financials. He started Chieftain in 1984 with $40 million, which was primarily family money. From the start, he chose to spend as little time on marketing as possible so he could focus on research. He also spent little time talking to clients which he views as non-productive. Those who need of a lot of hand holding are not a good fit for his firm. Since inception, he said he has beaten the market by an average of 8% annually. He recently started a new firm called Brave Warrior Capital. He said he re-focused on reading the source material himself rather than relying on prepared data. He said that you should not use numbers prepared by others, but rather generate them yourself. This will also teach you what numbers you need to focus on. You need to boil it down to a small set of key drivers, because the performance of each business is typically driven by a set of key variables. He first wants to know if a prospective investment is a good business, i.e. could it survive a severe downturn. He then looks to see if it is cheap enough. He again stressed how it is critically important to read the 10-K’s. He was using Capital IQ but decided to drop it because he found too many errors. But more importantly by using it, he and his analysts were not becoming personally immersed in the numbers.

Glenn Greenberg Total Holding History ($B)

Historical Allocation of Stock, Bonds, Cash

Performance of

Commentaries and Stories
  • 1
  • 2
  • 3
  • 4

4 Five-Star Stocks for Warren Buffett’s 88th Birthday
Buffett-Munger Screener lists top stock picks heading into September
5 Votes
1307 Views    James Li    2018-08-31 19:28
Glenn Greenberg's Top Trades in 1st Quarter
Nielsen grabs 10% of a concentrated portfolio while JPMorgan Chase and Charles Schwab Corp get trimmed
2 Votes
822 Views    Yamil Berard    2018-05-23 17:58
Facebook Dominates Gurus' Portfolios in 1st Quarter
Gurus snapped up shares of Facebook in the first quarter
1 Votes
137 Views    Rupert Hargreaves    2018-05-17 16:26
Has Alliance Data Systems Regained Its Composure?
The company took a dip from credit card losses in 2016. Is it now back in the good graces of value investors?
1 Votes
199 Views    Robert Abbott    2018-03-08 19:38
Greenberg's Brave Warrior Exits Axalta, Trims Charles Schwab, JPMorgan
Guru's largest sales of the 4th quarter
0 Votes
54 Views    Tiziano Frateschi    2018-03-05 20:32
Glenn Greenburg Establishes 3 Positions in 4th Quarter
Top buy is Google parent Alphabet Inc
0 Votes
230 Views    James Li    2018-02-20 23:07
What Did The World's Best Value Investors Buy Last Quarter?
Top value investor buys according to 13F filings
2 Votes
1293 Views    Rupert Hargreaves    2018-02-15 16:09
6 Undervalued Stocks Growing Earnings
Companies increasing in profitability
0 Votes
366 Views    Tiziano Frateschi    2018-02-02 20:40
Glenn Greenberg: A Successful Hedge Fund Manager
The guru is leaving most of his peers behind with a long-only equity portfolio
0 Votes
503 Views    Robert Abbott    2018-01-23 21:16
Flexibility and Intrinsic Value
Benjamin Graham on the concept of flexible intrinsic value
2 Votes
67 Views    Rupert Hargreaves    2018-01-05 20:49

Top Ranked Articles
  • 1
  • 2
  • 3
  • 4
  • 5

Buy What You Know, Study What You Don't
The best way to form a 'correct yet contrarian view' of a stock is to pick a stock to research where you already have some background knowledge on the company, its products or the industry
6 Votes
626 Views    Geoff Gannon    2017-09-25 22:11
What Did The World's Best Value Investors Buy Last Quarter?
Top value investor buys according to 13F filings
2 Votes
1293 Views    Rupert Hargreaves    2018-02-15 16:09
Glenn Greenberg's Top Trades in 1st Quarter
Nielsen grabs 10% of a concentrated portfolio while JPMorgan Chase and Charles Schwab Corp get trimmed
2 Votes
822 Views    Yamil Berard    2018-05-23 17:58
Bill Nygren Boosts Stakes in Halliburton, American Express, Caterpillar
The guru also increases stakes in JPMorgan, Citigroup, Apple, FedEx
1 Votes
1479 Views    Samira Meskini    2016-01-14 18:49
Has Alliance Data Systems Regained Its Composure?
The company took a dip from credit card losses in 2016. Is it now back in the good graces of value investors?
1 Votes
199 Views    Robert Abbott    2018-03-08 19:38
Facebook Dominates Gurus' Portfolios in 1st Quarter
Gurus snapped up shares of Facebook in the first quarter
1 Votes
137 Views    Rupert Hargreaves    2018-05-17 16:26
The Stock Market: A Look at the Last 200 Years
19 Votes
3946 Views    John Huber    2014-08-19 18:29
How to Avoid the Same Mistakes Your Heroes Made
You can afford to miss out on opportunities, but you can't afford to lose your own subjective sense of risk
10 Votes
1531 Views    Geoff Gannon    2016-11-10 23:19
Great Investor Glenn Greenberg Discusses His Investment Philosophy
9 Votes
4302 Views    John Huber    2014-04-15 16:53