Investors / stance tracking
What Jay Hill is saying
Managing Director, Tweedy Browne
8 dated public stances tracked since 2020-03-30, most recently 2021-05-15. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Jay Hill's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Jay Hill is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
Think we got something wrong? Report a misattribution — we correct it or take it down.
8
tracked stances
8
themes
0
side flips
2021-05-15
last heard
Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances.
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|---|---|---|---|
| AZO | 1 | 1 bullish | 2021-05-15 | |
| CNHI | 1 | 1 bullish | 2021-05-15 | |
| DGE | 1 | 1 bullish | 2021-05-15 | |
| GOOGL | 1 | 1 bullish | 2021-05-15 | |
| MSFT | 1 | 1 neutral | 2020-03-30 | |
| NESN | 1 | 1 bullish | 2021-05-15 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
2021-05-15
AZO
bullish
Value Investing Congress · video
AutoZone's 6,000-store network creates economies of scale that independent aftermarket auto-parts competitors cannot replicate, sustaining structurally superior margins; the stock was available at a value price circa 2017 when the market feared Amazon would…
“the narrative in the marketplace was that amazon was going to crush autozone... there were reasons qualitative reasons why we believed that wouldn't happen”
90d +5.3% · 180d +23.2% · 1y +32.1%
2021 Virtual Value Investing Conference | Conversation with Tweedy, Browne Company Executives
2021-05-15
CNHI
bullish
Value Investing Congress · video
CNH Industrial, the #2 global player in high-horsepower agricultural equipment, can raise prices every year despite industry cyclicality due to brand loyalty and duopoly structure, and was purchasable at a value price when fear about farm income…
“you need real fear in order to have a pricing opportunity in a business that has a durable sustainable competitive advantage”
90d -0.9% · 180d +5.5% · 1y -15.0%
2021 Virtual Value Investing Conference | Conversation with Tweedy, Browne Company Executives
2021-05-15
SAF
bullish
Value Investing Congress · video
Safran's jet engine business benefits from extreme switching costs because Boeing and Airbus commit to an engine supplier for 20+ years and cannot switch without catastrophic operational and safety risk, locking in long-duration revenue
“when boeing and airbus make a decision on what engine they're going to put into an airplane it's a 20 plus year decision”
90d +0.2%
2021 Virtual Value Investing Conference | Conversation with Tweedy, Browne Company Executives
2021-05-15
NESN
bullish
Value Investing Congress · video
Nestle's brand portfolio confers durable intangible-asset moat enabling above-average pricing power with limited demand elasticity, meeting Tweedy's criterion of buying a great business at a discount to private market value
“whether it be nestle or a diago”
2021 Virtual Value Investing Conference | Conversation with Tweedy, Browne Company Executives
2021-05-15
DGE
bullish
Value Investing Congress · video
Diageo's brand portfolio confers a durable intangible-asset moat with above-average pricing power, meeting Tweedy's private-market-value discount criterion
“whether it be nestle or a diago”
2021 Virtual Value Investing Conference | Conversation with Tweedy, Browne Company Executives
2021-05-15
GOOGL
owns
Value Investing Congress · video
Google's search engine benefits from self-reinforcing network effects — more users improve the product — making it the most durable moat category; Tweedy initiated at a value price during the market's fear about the desktop-to-mobile transition in 2011–2012
“the best example in the tweetie portfolio today is google which we were able to buy at a value price back in 2011 and 2012”
90d +20.3% · 180d +27.4% · 1y +0.0%
2021 Virtual Value Investing Conference | Conversation with Tweedy, Browne Company Executives
2020-03-30
TREL
bullish
The Acquirers Podcast · video
Swedish industrial polymer maker with a low-cost/high-failure-consequence sealing solutions segment (23% EBIT margins, 4% organic growth) purchased at 9.5x EV/EBIT versus 18x EBITDA paid in comparable M&A deals, supported by substantial insider buying…
“the cost to produce this seal is relatively low relative to the value that it protects”
Long Term: Tweedy Browne, from Graham's broker to value icon with Tobias on The Acquirers Podcast
2020-03-30
MSFT
neutral
The Acquirers Podcast · video
Microsoft reached a 2.8% free cash flow yield, leaving no margin of safety; even a meaningful pullback to 3.5% FCF yield would still not constitute a cheap entry, making the stock a hold-at-best for new buyers despite undeniable business quality
“at 2.8% it's getting to that point where it doesn't have any way to go”
Long Term: Tweedy Browne, from Graham's broker to value icon with Tobias on The Acquirers Podcast
Idea Scout Weekly
Every Sunday: who said what across the tape we track — 845 voices, 2,419 episodes and articles — with side-flips and points of disagreement called out. Free. How we track it.
Free · double opt-in · unsubscribe in one click