Glenn Greenberg

Last Update: 08-14-2018

Number of Stocks: 13
Number of New Stocks: 1

Total Value: $2,442 Mil
Q/Q Turnover: 10%

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

Glenn Greenberg' s Profile & Performance

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.

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.

Total Holding History

Top Ranked Articles

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
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. Read more...
Glenn Greenberg's Top Trades in 1st Quarter Nielsen grabs 10% of a concentrated portfolio while JPMorgan Chase and Charles Schwab Corp get trimmed
Glenn Greenberg (Trades, Portfolio)'s Brave Warrior Advisors initiated a new position as part of a concentrated portfolio of 13 stocks in the early months of the year. Read more...
What Did The World's Best Value Investors Buy Last Quarter? Top value investor buys according to 13F filings
What were value investors buying last quarter? According to 13F filings, which have to be filed by hedge funds with more than $100 million in assets under management every quarter (at the end of a 45 day period) despite the market elevated level towards the end of the year, some value investors were still adding and buying positions in their portfolios. Read more...
Flexibility and Intrinsic Value Benjamin Graham on the concept of flexible intrinsic value
Intrinsic value is an interesting concept. I say concept because it is an idea that has no specific method. Every group of investors (as defined by style, growth, value, momentum, etc.) will value a stock according to certain similar principles, but its highly unlikely that any two investors, even those that fall into the same style bucket, will arrive at precisely the same valuation. Read more...
Facebook Dominates Gurus' Portfolios in 1st Quarter Gurus snapped up shares of Facebook in the first quarter
Facebook (NASDAQ:FB)'s reputation might have taken a hit following its data and security scandal at the end of March, but it seems as if Wall Street believes the social media giant still have what it takes to remain on top of the tech world. Read more...
» More Glenn Greenberg Articles

Commentaries and Stories

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Glenn Greenberg's Top Trades in 1st Quarter Nielsen grabs 10% of a concentrated portfolio while JPMorgan Chase and Charles Schwab Corp get trimmed Glenn Greenberg - Glenn Greenberg's Top Trades In 1st Quarter
Glenn Greenberg (Trades, Portfolio)'s Brave Warrior Advisors initiated a new position as part of a concentrated portfolio of 13 stocks in the early months of the year. More...

NIELSEN,


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Facebook Dominates Gurus' Portfolios in 1st Quarter Gurus snapped up shares of Facebook in the first quarter David Tepper,Glenn Greenberg - Facebook Dominates Gurus' Portfolios In 1st Quarter
Facebook (NASDAQ:FB)'s reputation might have taken a hit following its data and security scandal at the end of March, but it seems as if Wall Street believes the social media giant still have what it takes to remain on top of the tech world. More...

GURUS, FACEBOOK, HEDGE FUNDS


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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? Jeff Ubben, Glenn Greenberg, Steven Cohen - Has Alliance Data Systems Regained Its Composure?
If you use a credit card or loyalty card, the odds are good that Alliance Data Systems Corp. (NYSE:ADS) knows about you and your spending habits—at least in the aggregate with people who share your consumption preferences. More...

ALLIANCE DATA, CREDIT CARDS, LOYALTY CARDS, BIG DATA, UNDERVALUED PREDICTABLE, MACPHERSON MODEL, THOMAS MACPHERSON, MOAT, FINANCIAL STRENGHT, PROFITABILITY, DCF, DISCOUNTED CASH FLOW, ROC, RETURN ON T


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Greenberg's Brave Warrior Exits Axalta, Trims Charles Schwab, JPMorgan Guru's largest sales of the 4th quarter Glenn Greenberg - Greenberg's Brave Warrior Exits Axalta, Trims Charles Schwab, JPMorgan
Glenn Greenberg (Trades, Portfolio), the founder of Brave Warrior Advisors, sold shares of the following stocks during the fourth quarter. More...

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Glenn Greenburg Establishes 3 Positions in 4th Quarter Top buy is Google parent Alphabet Inc Glenn Greenberg, Warren Buffett, Charlie Munger - Glenn Greenburg Establishes 3 Positions In 4th Quarter
Glenn Greenburg, manager of Brave Warrior Advisors, disclosed Feb. 14 he initiated three positions during fourth-quarter 2017: Alphabet Inc. (NASDAQ:GOOGL), IQVIA Holdings Inc. (NYSE:IQV) and Express Scripts Holding Co. (NASDAQ:ESRX). More...

GLENN GREENBURG, WARREN BUFFETT, CHARLIE MUNGER


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What Did The World's Best Value Investors Buy Last Quarter? Top value investor buys according to 13F filings David Einhorn,Glenn Greenberg - What Did The World's Best Value Investors Buy Last Quarter?
What were value investors buying last quarter? According to 13F filings, which have to be filed by hedge funds with more than $100 million in assets under management every quarter (at the end of a 45 day period) despite the market elevated level towards the end of the year, some value investors were still adding and buying positions in their portfolios. More...

VALUE, VALUE INVESTING, WARREN BUFFETT, CHARLIE MUNGER, MONHISH PABRAI, DAVID EINHORN, SETH KLARMAN, GLENN GREENBERG


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6 Undervalued Stocks Growing Earnings Companies increasing in profitability Jeff Ubben, Glenn Greenberg, Jerome Dodson, Ray Da - 6 Undervalued Stocks Growing Earnings
Companies growing their earnings per share are often good investments as they can return a solid profit to investors. According to the discount cash flow (DCF) calculator, the following undervalued companies have grown their earnings over a five-year period. More...

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Glenn Greenberg: A Successful Hedge Fund Manager The guru is leaving most of his peers behind with a long-only equity portfolio Glenn Greenberg, Warren Buffett - Glenn Greenberg: A Successful Hedge Fund Manager
Despite all the hype about them in the previous decade, relatively few hedge fund managers have matched the S&P 500 Index since 2008. Unfortunately, that is true even on gross returns, before taking off 20% performance fees. More...

GLENN GREENBERG, CHIEFTAIN, BRAVE WARRIOR, HEDGE FUND, PERFORMANCE FEES, JOHN SHAPIRO, WARREN BUFFETT, LONG, EQUITY, STOCKS, FUNDAMENTAL RESEARCH, FREE CASH FLOW, GROWTH RATE, CONCENTRATED, JPMORGAN,


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Rating: 4.5/5 (2 votes)

Flexibility and Intrinsic Value Benjamin Graham on the concept of flexible intrinsic value Glenn Greenberg, Seth Klarman - Flexibility And Intrinsic Value
Intrinsic value is an interesting concept. I say concept because it is an idea that has no specific method. Every group of investors (as defined by style, growth, value, momentum, etc.) will value a stock according to certain similar principles, but its highly unlikely that any two investors, even those that fall into the same style bucket, will arrive at precisely the same valuation. More...

GRAHAM, VALUE INVESTING, VALUE STOCKS


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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 Warren Buffett,Glenn Greenberg,Bill Ackman,David E - 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. More...

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Glenn Greenberg Starts 3 Positions in 2nd Quarter Guru adds one credit services position, one medical research position and one business services position Glenn Greenberg - 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). More...

GLENN GREENBERG


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Glenn Greenberg Sells JPMorgan, Express Scripts, Charles Schwab Guru's largest 1st-quarter trades Glenn Greenberg - 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: More...

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Cable & Wireless Could Be Worth Buying Member of Liberty Global group expected to drive profitability Glenn Greenberg,Warren Buffett,Tom Gayner,Bill Gat - 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. More...

VALUE INVESTING, JOHN MALONE, LIBERTY GLOBAL, GROWTH


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What Is Value Gurus' Most Loved Stock? The favorites of the 64 most popular value investors trading today Mohnish Pabrai,Glenn Greenberg,Charlie Munger,Warr - 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. More...

VALUE, VALUE INVESTING, WARREN BUFFETT, JOHN MALONE, DAVID EINHORN, GLEN GREENBURG, BILL GATES, HEDGE FUNDS


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Glenn Greenberg Gains 3 Positions in the 3rd Quarter Guru invests in health care, technology and telecommunications Glenn Greenberg,Larry Robbins,John Griffin,Lou Sim - 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). More...

GREENBERG, BRAVE WARRIOR, BUYS, 3Q


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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 Warren Buffett,Glenn Greenberg,Charlie Munger,Tom - How To Avoid The Same Mistakes Your Heroes Made
Someone who reads my blog emailed me this question: More...

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18 Questions With Kevin Holloway 'I work for a government contractor specializing in asset forfeiture investigations. In some ways it is quite similar to the process of investing' Bill Nygren,Glenn Greenberg - 18 Questions With Kevin Holloway
Kevin Holloway is the owner of the Just Value blog. More...

INTERVIEW, INVESTING, VALUE


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Glenn Greenberg Sells Stake in Microsoft Guru adds to stakes in Valeant and Charles Schwab Glenn Greenberg - 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. More...

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Bill Nygren Boosts Stakes in Halliburton, American Express, Caterpillar The guru also increases stakes in JPMorgan, Citigroup, Apple, FedEx Bill Nygren,Glenn Greenberg,Pioneer Investments,Jo - 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. More...

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Glenn Greenberg Sells Stake in Express Scripts Holding Guru boosts position in Halliburton by more than 25% Glenn Greenberg - 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. More...

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