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Holly LaFon
Holly LaFon
Articles (7844) 

Wally Weitz to Join GuruFocus for Podcast

Ask a question for the 'Other Oracle of Omaha'

September 08, 2017 | About:

As a renowned investor and resident of Warren Buffett (Trades, Portfolio)’s hometown, Weitz is often dubbed the "Other Oracle of Omaha.”

Weitz founded Weitz Investment Management in 1983, where he continues to invest based on the same premise he started with: “Own a group of strong business purchased at deeply discounted stock prices.”

One of his most famous moves is buying Berkshire Hathaway shares several decades ago at well below their high price tag today. Weitz bought his first stock at age 12 and discovered Benjamin Graham, the founder of value investing, in high school.

Today, Weitz’s firm manages $4 billion for individuals and institutions alike. Some of his top portfolio holdings are Berkshire Hathaway (NYSE:BRK.B), Liberty Global (NASDAQ:LBTYK) and Laboratory Corp. of America Holdings (NYSE:LH).

Since inception, the Partners III Opportunity Fund, which he manages singlehandedly, has returned 12.44%, beating the S&P 500 return of 10.94%. The fund is different in that it invests in put and call options and futures. It also has the ability to borrow money and short sell.

In his second-quarter letter, Weitz said he found stocks and expensive and would not invest in the hottest names. Rather, he has been a net seller. “The raw material for triggering market volatility is in place, and we are looking forward to taking advantage of it,” he said.

Weitz is accepting reader questions for the interview. If you would like to participate, leave your question in the comments section below. We’ll ask a few in the podcast.

Look for the new episode in a few weeks, or follow the podcast on Twitter @gurufocuscast to hear it first.


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Comments

markch
Markch premium member - 2 weeks ago

1) What are your primary factors or metrics for evaluating a stock?

2) What ''tools" do you use to find stocks?

artofgolf
Artofgolf - 2 weeks ago    Report SPAM

Wally, do you think that Mr. Buffett would consider restructuring Berkshire to a partnership from the current corporate structure? Thanks, Art

cboehnke
Cboehnke - 2 weeks ago    Report SPAM

I am quite interested in "jumping" on the marijuana investment train but am unsure as to which company or quite frankly how to do this as I am very my a novice when it comes to investing. Are there any recommendations that you may have?

Doolittle
Doolittle - 1 week ago    Report SPAM

How would you rate CBL and WPG? Which is best for an income-oriented investor? Buy both? Neither?

gtwallis
Gtwallis - 1 week ago    Report SPAM

What percentage of my portfolio should be in "gold" and do you recommend GLD, GOLD, BAR or what? Thank you.

time19
Time19 - 1 week ago    Report SPAM

You were optimistic and bought FOSL about 2 years ago at much higher prices than today. Today you sell, insiders buy. Prudent investing?

Kin
Kin premium member - 1 week ago

I want to learn more about accounting (intermediate level and above), if you have to name three books, what would they be?

Thank you.

gfh
Gfh premium member - 1 week ago

What do you think the right level of cash is for a "preservation and growth" investor?

What is the best way to build an uncorrelated portfolio?

Thanks,

Gerard

janaglobal
Janaglobal premium member - 1 week ago

Dear Mr. Weitz,

Thank for taking the time to answer these questions. Please let me know:

1. What has been your most effective first step in finding an undervalued stock?

2. What is the one book that you would recommend as essential reading for a young value investor?

Thank you and best regards,

Sanjay

Old_Street
Old_Street - 1 week ago    Report SPAM

Wally, In the portfolio today, Besides Buffett and Malone, who is your favorite management team and why?

How do you determine whether a company can improve margins through cost cutting without forgoing new business oppurtunities or hurting the underlying business?

buddy1
Buddy1 premium member - 1 week ago

Dear Mr. Weitz,

Thank you for taking the time to answer questions. I noticed you recently sold Apple. Was there a specific reason for this decision and what are your expectations for its future?

jellis13
Jellis13 - 1 week ago    Report SPAM

What is LabCorp's competitive advantage/moat. Can you walk through how the investment got onto your radar?

Robert Abbott
Robert Abbott premium member - 1 week ago

Thanks for taking our questions, Mr. Weitz! How do you protect individual stocks and, more broadly, your portfolio(s)?

benson1107
Benson1107 premium member - 1 week ago

Dear Mr. Weitz,

First of all, thank you for taking our questions. My quick question is whether stock buyback affect stock prices. From the academic point of view, it does not, however, in the reality, it seems to act in the opposite way. When there is a buyback in a large magnitude, most of the time the stock goes up. Even though there are exceptions, stocking going down after a stock buyback announcement is relatively rare. Could you give your thought on this? Thank you.

ftomivec
Ftomivec premium member - 1 week ago

Dear Mr Weitz,

Thank for taking the time to answer some of our questions.

My question will be:

Cigar butt investing method - where famous investor uses : early stage Warren Buffett (Trades, Portfolio), Walter Schloss and Seth klarman etc etc.

What's your view on Cigar butt investing method ?

Is Cigar butt investing method still effective in current era ? good for retail investor like us ?

What wil be your rules on choosing Cigar butt investments ?

Do you look at the business or skip the business and only look at net assets ?

What do you do to prevent or avoid value traps in Cigar butt investments ?

Do the change of industry ratings makes a stock in the industry never turn around ?

Is there a method to look for the catalyst of a cigar butt company that will make a return ?

If efficient market hypothesis is truth , Cigar butt investing method is just speculative ?

What's your rules on selling ?

Another last question is about "look through earnings" , if the majority of the investor in the stock market ignores "look through earnings" , Company like Berkshire Hathaway will never reflects it's true value ? So do we still count in "look through earnings" when valuating companies ?

Sorry to have so many questions. Will really appreciate if you can help answer these questions for me to shorten my learning journey.

Thank you very much





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