Investors / stance tracking
What Tom Russo is saying
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61 dated public stances tracked since 2012-03-23, most recently 2026-09-15. 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 Tom Russo'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. Tom Russo is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
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61
tracked stances
20
themes
1
side flips
2026-09-15
last heard
Returns 90d +0.9% 69% correct · 13 calls · 180d +1.0% 60% correct · 10 calls · 1y -3.8% 56% correct · 9 calls
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. “% correct” is the share of those scored calls whose direction-aware return was positive at the horizon — in a rising market a bullish call is correct by default, so read it beside the market, not alone.
Scored calls
Every tracked call with at least one matured horizon: the rows behind the Returns line above. A dash is a horizon that has not matured yet.
| Date | Name | Call | 90d | 180d | 1y |
|---|---|---|---|---|---|
| 2026-06-02 | MLM | bullish | -10.1% | — | — |
| 2026-05-08 | GOOGL | bullish | -10.7% | — | — |
| 2026-05-08 | BABA | bearish | +8.6% | — | — |
| 2026-04-16 | PM | bullish | +16.7% | +29.7% | — |
| 2022-09-26 | WFC | bullish | +3.2% | -5.1% | +4.5% |
| 2022-09-17 | PM | bullish | +6.0% | +2.2% | +6.6% |
| 2022-09-17 | GOOGL | bullish | -12.4% | -2.7% | +34.1% |
| 2022-09-17 | BABA | bearish | +1.0% | +6.2% | +0.7% |
| 2021-10-13 | PM | bullish | +5.0% | +6.7% | -5.6% |
| 2021-10-13 | MA | owns | +7.1% | +1.7% | -13.6% |
| 2021-10-13 | GOOGL | owns | +1.6% | -6.4% | -28.0% |
| 2021-10-13 | CFR | bullish | +16.3% | +17.0% | +22.3% |
| 2021-10-13 | BABA | bullish | -21.0% | -39.3% | -55.2% |
View flips
Where the tracked view on a theme reversed between appearances — bullish to bearish or back. Dates are the episodes on each side of the turn.
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|---|---|---|---|
| BRK | 7 | 7 bullish | 2026-09-15 | |
| NSRGY | 7 | 7 bullish | 2026-04-16 | |
| PM | 7 | 7 bullish | 2026-09-15 | |
| MA | 6 | 6 bullish | 2026-09-15 | |
| HEINY | 5 | 5 bullish | 2026-04-16 | |
| GOOGL | 4 | 4 bullish | 2026-09-15 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
Mastercard deliberately suppresses reported margins — EBIT barely moved from 51.9% in 2011 to 53.9% in 2021 despite explosive volume growth — reinvesting what should be windfall profits into its global network, protecting the moat; payback accelerates as…
“Mastercard does not trade moat for margin”
Tom Russo: The Capacity to Suffer
2026-09-15
BRK
bullish
Tom Russo · video
Berkshire has the lowest agency costs of any investable vehicle — Buffett earns $100K and deploys a $344B cash war chest opportunistically — and the capital-allocation structure (subsidiaries send excess cash to Omaha rather than sub-optimally reinvesting it)…
“it is the one investment in the world that has the lowest agency costs that you could find anywhere else”
Tom Russo: The Capacity to Suffer
Alphabet's dual-class structure gave founders the capacity to fund moonshots through years of reported losses — YouTube (acquired for $1.65B, now possibly the most valuable asset) and Waymo (100M+ fully autonomous miles) are the payoffs — and Sundar Pichai…
“possibly the most valuable component in the company”
Tom Russo: The Capacity to Suffer
Philip Morris International spent over $5B developing reduced-risk products from 2005–2011, growing users from 1M to 21M while absorbing the earnings drag and currency headwinds — management's willingness to forgo near-term profits builds a defensible…
Tom Russo: The Capacity to Suffer
Netflix had the capacity to suffer losses while building its streaming platform; every major studio that announced a competing streaming slate could not sustain the investment burn and retreated to selling rights back to Netflix, demonstrating Netflix's…
“many previous linear broadcasters migrating into streaming found that they lacked the capacity to suffer which Netflix enjoyed”
Tom Russo: The Capacity to Suffer
2026-09-15
CFR
bullish
Tom Russo · video
Richemont's family control and closed share registry permanently insulate management from activists demanding short-term margin, allowing patient brand investment; branded jewelry is only 10% of a growing market leaving white space, and the core business of…
“the core business of celebrating life's moments... was not going away”
Tom Russo: The Capacity to Suffer
2026-09-15
HEIO
bullish
Tom Russo · video
Heineken Holding shares trade at a 20% discount to the publicly traded Heineken NV ordinary shares despite essentially identical economic exposure — far wider than the historical ~5% spread — offering the cheapest entry to a family-controlled brewer with…
“the control shares stood at a 20% discount to the publicly traded ones, a spread that had run nearer 5%”
Tom Russo: The Capacity to Suffer
2026-09-15
ERF
bullish
Tom Russo · video
Eurofins Scientific (captioned as 'Euroin Scientific' — a family-controlled testing and certification company) fits the core reinvestment template: the founding family patriarch directs operating profit into R&D and Greenfield facilities and returns residual…
Tom Russo: The Capacity to Suffer
2026-06-02
MLM
bullish
Tom Russo · video
Martin Marietta's regionally defined crushed-stone quarries face no adequate substitute within a serviceable radius, creating price-inelastic demand where small price increases flow entirely to the bottom line with no competitive response—a rare example of…
“you raise prices just a little bit and have it drop right to the bottom line. Nothing changes other than price”
90d -10.1%
#84 Tom Russo on Common Stocks and Uncommon Profits
2026-05-08
BRK
owns
Tom Russo · video
Berkshire's governance structure allows management to absorb short-term optics for long-term compounding, exemplified by Buffett committing the balance sheet to equity-index puts that created ugly near-term marks but ultimately cost nothing
“I own Berkshire, which I intend to own for many years”
Tom Russo on Why the Best Investors Just Sit There
Google operates one of the most formidable cloud businesses without the political/regulatory complexity that plagues Chinese equivalents, making it a cleaner way to own cloud growth than Alibaba
“Google has one of the absolute most fabulous cloud businesses”
90d -10.7%
Tom Russo on Why the Best Investors Just Sit There
Said again: 2026-06-02 (Tom Russo)
Alibaba is indispensable infrastructure for both Chinese consumers and Western luxury/consumer brands seeking China access, but regulatory and political intrusions have compounded to a degree of difficulty that now challenges the original thesis
“we probably took on more need-to-know decisions than I realized at the start”
90d +8.6%
Tom Russo on Why the Best Investors Just Sit There
2026-04-28
CFRUY
owns
Tom Russo · video
Only 10% of the global jewelry market is branded, leaving 90% as a directly addressable TAM for the world's two most powerful jewelry brands (Cartier, Van Cleef), while family control under Johann Rupert aligns management with long-term shareholder wealth…
“we own a position in Richemont...only 10% of that market's branded. The balance, 90%, is the addressable market”
Thomas Russo: Reinvest, Suffer, Compound — The Simple Formula Behind Decades of Outperformance
2026-04-16
NSRGY
bullish
Tom Russo · video
Nestlé CEO Mark Schneider has embedded sustainability top-to-bottom across 340,000 employees with $5B in packaging commitments and a $1B plant-based protein business that converts waste into commercial value, making environmental discipline a durable…
“waste is waste. When you start with that mindset, you seek solutions where you can take the waste and crack it and derive it.”
Thomas Russo: Philip Morris, Nestlé & the Moral Complexity of Long-Term Investing
Said again: 2026-04-28 (Tom Russo)
2026-04-16
HEINY
bullish
Tom Russo · video
Heineken has transformed its portfolio by growing 0.0 alcohol beer to 7% of volume and cutting water use per liter of beer by half over decades, demonstrating that brand extension into lower-harm choices and operational efficiency reinforce rather than…
“7% of Heineken's beer now in something called 0.0 no alcohol beer. Choice is what increasingly is being offered.”
Thomas Russo: Philip Morris, Nestlé & the Moral Complexity of Long-Term Investing
Said again: 2026-04-28 (Tom Russo), 2026-06-02 (Tom Russo)
Philip Morris has committed $12B plus $4B in acquisitions to replace combustion with heat-not-burn (IQOS) and oral nicotine delivery, with 30% of customers already off cigarettes and a credible path to 50/50 smoke-free by 2030 and no cigarettes by 2040…
“30% of its customers do not smoke cigarettes. It's a transformation that's been extraordinary.”
90d +16.7% · 180d +29.7%
Thomas Russo: Philip Morris, Nestlé & the Moral Complexity of Long-Term Investing
2022-09-26
PDRDY
owns
Tom Russo · video
Pernod Ricard is a family-controlled $20B spirits company that reinvests behind brands for price premium and uses early-mover category entry to grow internationally, replicating the same long-term ownership mentality that made predecessor James Burroughs…
“it sits in our portfolio again a parano recard a family control company”
Thomas Russo – Buy and Hold...and Then What (Capital Allocators, EP.16)
The fake-accounts scandal's direct financial damage is small relative to crisis-era bank fines, competitor banks suffered comparable reputational harm limiting client flight, and WFC is constrained from acquisitive growth by the 10%-of-deposits cap so must…
“the payout is going to increase massively to both share buyback and to dividends because they know now that they cannot redeploy Capital”
90d +3.2% · 180d -5.1% · 1y +4.5%
Thomas Russo – Buy and Hold...and Then What (Capital Allocators, EP.16)
2022-09-17
BRK
bullish
Tom Russo · video
Berkshire has the lowest agency costs of any company Russo follows—management earns alongside owners, capital is allocated to subsidiaries that can reinvest or returned to Omaha for redeployment, and the insurance float model lets it underwrite only when…
“berkshire has the least amount of agency cost of any company i follow”
Crushing The Market Over Four Decades w/ Thomas Russo (RWH013)
Said again: 2022-09-23 (Tom Russo)
2022-09-17
NSRGY
bullish
Tom Russo · video
Nestlé exemplifies the capacity to suffer for long-term gain—Nespresso lost money for 15 years and was nearly cancelled before becoming a $5B platform—and management under Mark Schneider is genuinely deploying $5B+ into sustainability, plant-based protein…
“waste is waste and when you start with that mindset you then seek solutions where you can take the waste and crack it”
Crushing The Market Over Four Decades w/ Thomas Russo (RWH013)
Said again: 2022-09-23 (Tom Russo)
2022-09-17
HEINY
owns
Tom Russo · video
Heineken has dominant position in markets where beer consumption is a fraction of developed-world levels—India at 1.5L/capita vs. 66L in the US with 20M Indians reaching legal drinking age annually, and Africa where only 25% of beer-like consumption is…
“one of our longest standing investments is about to rebirth itself”
Crushing The Market Over Four Decades w/ Thomas Russo (RWH013)
Said again: 2022-09-26 (Tom Russo)
Google possesses one of the most dominant cloud businesses globally without the political and regulatory complexity of Chinese alternatives, making it a cleaner vehicle for cloud growth exposure as China's platform risks escalate
“google has one of the absolute most fabulous cloud businesses”
90d -12.4% · 180d -2.7% · 1y +34.1%
Crushing The Market Over Four Decades w/ Thomas Russo (RWH013)
Philip Morris International has already transitioned 30% of its customer base away from combustible cigarettes toward IQOS heat-not-burn and oral pouches, having invested $12B plus $4B in acquisitions; targeting 50/50 by 2030 and zero cigarettes by 2040…
“30 percent of its customers do not smoke cigarettes…combustion is the source of harm”
90d +6.0% · 180d +2.2% · 1y +6.6%
Crushing The Market Over Four Decades w/ Thomas Russo (RWH013)
Said again: 2022-09-26 (Tom Russo)
Russo entered Alibaba as the only platform Chinese consumers and Western luxury brands cannot do without for e-commerce, but political intervention—Ant Financial restructuring, cloud politicization via TikTok, accounting/listing complexity, real-estate…
“you don't get extra credit for degrees of difficulty in investing”
90d +1.0% · 180d +6.2% · 1y +0.7%
Crushing The Market Over Four Decades w/ Thomas Russo (RWH013)
2022-09-17
CFRUY
bullish
Tom Russo · video
Richemont owns the two most powerful jewelry brands globally (Cartier and Van Cleef) in a market that is 90% unbranded, meaning the conversion opportunity is enormous; family control under Johann Rupert aligns long-term wealth creation with outside…
“only ten percent of that market's branded—the balance ninety percent is the addressable market”
Crushing The Market Over Four Decades w/ Thomas Russo (RWH013)
Mastercard had only 15% of global commerce when invested in 2011 and the remaining 85% in cash/checks represents a massive untapped market, with COVID's tap-and-pay adoption now finally converting stubbornly cash-only small transactions
“mastercard's grown as gross dollar volumes by nearly 13 every year since we've owned it and after a dozen years they still face a world that until recently was 85 percent conducted in cash”
90d +7.1% · 180d +1.7% · 1y -13.6%
Value Investing Live: Tom Russo Seeks Companies With the Capacity To Suffer
2021-10-13
BF
bullish
Tom Russo · video
Brown-Forman's family commitment to absorb decades of startup losses building international bourbon has created a near-zero-penetration opportunity in China (1.5B cases consumed vs 1.5M sold by western brands = 0.1%) and India adds 25M new legal-age consumers…
“1.5 billion cases of spirits are consumed a year and our western companies perno and bronforman collectively sell 1.5 million cases to that chinese market — one tenth of one percent”
Value Investing Live: Tom Russo Seeks Companies With the Capacity To Suffer
2021-10-13
BRK
owns
Tom Russo · video
Berkshire's family-style control allows management to willingly absorb short-term reported losses (GEICO, equity puts) to build long-term intrinsic value, making it the archetype of the 'capacity to suffer' investment framework
“berkshire has made us you know made our investors a tremendous amount of money by taking on that opportunity that arises when an investment will do nothing but weigh upon near-term results while building long-term wealth”
Value Investing Live: Tom Russo Seeks Companies With the Capacity To Suffer
2021-10-13
NSRGY
bullish
Tom Russo · video
Nestle's pet food and coffee pillars accelerated during COVID (pet food e-commerce doubled from 7% to 15%), and disciplined venture-pool investing let them acquire Aimmune and Freshly at distressed COVID prices unavailable to rivals unable to do diligence
“nestle because of its familiarity having been a board member and an investor was able to buy that business for an attractive valuation”
Value Investing Live: Tom Russo Seeks Companies With the Capacity To Suffer
2021-10-13
HEINY
bullish
Tom Russo · video
Heineken's family control allowed it to walk away from Brazil's second-largest brewer at $5.2B and buy it four years later for $720M after the acquirer lost $1B; Brazil is now Heineken's largest single market with 11M+ new hectoliters of capacity being built
“they passed on what they were told they couldn't live without at five billion and they bought it instead for 700 million plus or minus”
Value Investing Live: Tom Russo Seeks Companies With the Capacity To Suffer
Dual-class family control enabled decade-long loss-tolerant investments in Maps, Waymo, and cloud; Sundar Pichai's appointment as sole CEO was an inflection that energized the cloud business now competing credibly with AWS
“we have just over 10 percent of our funds in alphabet and are comfortable with that”
90d +1.6% · 180d -6.4% · 1y -28.0%
Value Investing Live: Tom Russo Seeks Companies With the Capacity To Suffer
Philip Morris has invested nearly $10B in IQOS heat-not-burn technology proven 70% effective at converting smokers away from combusted cigarettes; FDA has already granted reduced-risk marketing status, and non-combusted products are already 30% of revenue…
“the product that phil morris has called icos has had over 70 percent effectiveness in helping smokers abandon combusted cigarettes and that is something that the fda has to recognize”
90d +5.0% · 180d +6.7% · 1y -5.6%
Value Investing Live: Tom Russo Seeks Companies With the Capacity To Suffer
2021-10-13
CFR
bullish
Tom Russo · video
When Richemont (Cartier, Van Cleef) was purchased, 85-90% of global jewelry was unbranded; rising emerging-market prosperity drives both total jewelry growth and a structural shift toward branded share
“with a strong brand only occupying 15 of the total global sales in jewelry you had the phenomena where we felt jewelry sales would grow because of prosperity”
90d +16.3% · 180d +17.0% · 1y +22.3%
Value Investing Live: Tom Russo Seeks Companies With the Capacity To Suffer
Portfolio luxury brands (Heineken, Jameson, Cartier, Van Cleef) report they cannot operate in China without Alibaba's T-mall Luxury Pavilion, and the cloud business — dominant in China at 2x the nearest competitor — is deeply undervalued at roughly 6x…
“if you value businesses up to around six times EV to EBITDA that's a mighty good discount for a business that has the growth characteristics that it enjoys”
90d -21.0% · 180d -39.3% · 1y -55.2%
Value Investing Live: Tom Russo Seeks Companies With the Capacity To Suffer
Exceptional CEO character (Ajay Banga) running a payment network with durable competitive moat; bought at ~$20 after Citibank revealed management integrity problems, and the business has since compounded to $170
“it's been the best investment that we've probably made”
Global Value Investing | Thomas Russo | Talks at Google
2018-02-26
BF
bullish
Tom Russo · video
Family control by the Brown family insulated management from Wall Street pressure, enabling patient reinvestment to expand Jack Daniels internationally from 400K cases to 13M cases outside the US, generating roughly $1.3B in incremental earnings at ~$100/case…
“the value of the investment in Brown-Forman arose from the fact that the global consumer could be romanced with the brand”
Global Value Investing | Thomas Russo | Talks at Google
2018-02-26
NSRGY
bullish
Tom Russo · video
Nestle's brands (Nescafe, Maggi) were aspirational products in developing markets during colonial-era thin distribution; as those markets prosper, the aspiration converts to accessible demand, channeling massive Western free cash flow into high-return organic…
Global Value Investing | Thomas Russo | Talks at Google
2018-02-26
HEINY
bullish
Tom Russo · video
Transformation from 25% to 75% developing-market profit exposure plus disciplined capital allocation (refused a $5B Brazilian acquisition, then bought same asset for $720M) demonstrates family-controlled management willing to endure near-term margin…
“you can make a lot of money buying something for seven-twenty instead of five billion”
Global Value Investing | Thomas Russo | Talks at Google
Philip Morris invested $2.5B to develop IQOS heat-not-burn, willingly destroying near-term reported profits to own the next generation of tobacco consumption before a competitor did, and five million Japanese have already fully converted, validating the…
“they realized that if they didn't transition from traditional cigarettes to the next generation someone else would”
Global Value Investing | Thomas Russo | Talks at Google
2018-02-26
EUROPEAN-HEADQUARTERED GLOBAL CONSUMER BRAND COMPANIES WITH FOUNDING-FAMILY CONTROL
owns
Tom Russo · video
70% of Russo's portfolio is in non-US companies because European multinationals hold century-old global brands, multilingual/multicultural management, and family shareholders who can absorb near-term earnings pain from developing-market reinvestment without…
“70% of my assets are invested in non-US-based companies because I think we are much more apt to find the talent base, the historic brands in parts of the world through companies headquartered in Europe”
Global Value Investing | Thomas Russo | Talks at Google
Wells Fargo is a domestic-only business with no natural reinvestment opportunity in developing markets, which is the core engine of long-term compounding in Russo's framework, so the position will eventually be sold
“we own Wells Fargo — at some point we will sell it because it doesn't really have the reinvestment opportunities”
Global Value Investing | Thomas Russo | Talks at Google
2018-02-26
AFRICAN BEER PRODUCERS
bullish
Tom Russo · video
Africa consumes 400 million barrels of beer annually but Russo's collectively owned brewers produce only 100 million, leaving 300 million barrels of unmet demand as natural reinvestment white space at high returns
“there's 300 million barrels that are available as a natural avenue to reinvest”
Global Value Investing | Thomas Russo | Talks at Google
MasterCard is more internationally leveraged than Visa, and CEO Ajay Banga reinvests all operating leverage into fintech and digital payment infrastructure in emerging markets where government digitization of tax collection and social benefit disbursement is…
“It's far more internationally leveraged than would be its much larger counterpart, Visa”
Great Value Investor & Global Brand Name Investment Specialist, Thomas Russo, Shares His Strategies
2017-07-14
NSRGY
bullish
Tom Russo · video
Nestlé's 150-year global reach across 125 markets with deep reinvestment capacity has compounded at 14% annually, and activist pressure forcing a $20B buyback adds near-term support while management's willingness to invest for future returns remains intact.
“it's probably compounded at 14 percent a year total return”
Great Value Investor & Global Brand Name Investment Specialist, Thomas Russo, Shares His Strategies
Said again: 2017-09-19 (Tom Russo)
Philip Morris invested $500M/year in iQOS heated tobacco — a non-combusted product delivering 99% fewer burning-related carcinogens with equivalent nicotine satisfaction — and has already captured 30% of Japan's former cigarette market, extending the…
“30 percent market share of what was formerly the cigarette market converted to the iQOS”
Great Value Investor & Global Brand Name Investment Specialist, Thomas Russo, Shares His Strategies
Said again: 2017-09-19 (Tom Russo)
Mastercard's long-term management orientation makes it a complementary holding within a portfolio of compounders built for taxable investors seeking tax-deferred wealth growth
Thomas Russo talks about Buffett and long term Investing
2016-06-22
BRK
bullish
Tom Russo · video
Berkshire's family-control structure lets management absorb near-term reported losses to build intrinsic value — exemplified by Geico where each $250 first-year reported loss converts to $2,000 lifetime value per insured — producing tax-deferred compounding…
“Berkshire's the class act in the field. That's the firm whose actions have taught me the value of this capacity to suffer”
Thomas Russo talks about Buffett and long term Investing
2016-06-22
NSRGY
bullish
Tom Russo · video
Nestlé's 125-year presence in 198 countries, 5,000 product servings per second, Swiss-heritage management culture, and willingness to absorb 15 years of losses on Nespresso demonstrate the rare capacity to suffer through reinvestment that compounds permanent…
“the absolute mother of all companies in this particular arena would be Nestle”
Thomas Russo talks about Buffett and long term Investing
2016-06-22
PDRDY
bullish
Tom Russo · video
Pernod Ricard's founding-family control enables long-term reinvestment into premium spirits brands across emerging markets where consumer aspiration is rising and brand preference can be permanently secured at low competitive cost
Thomas Russo talks about Buffett and long term Investing
2016-06-22
HEINY
owns
Tom Russo · video
Heineken's founding-family control gives management the authority to reinvest across geographies for the long term without pressure from activist investors or short-term Wall Street expectations
“I've held Heineken since 1986”
Thomas Russo talks about Buffett and long term Investing
Philip Morris's inability to reinvest capital into advertising or acquisitions due to regulatory constraints makes high dividend payout rational, providing shareholders with steady cash return while the company sustains pricing power on globally entrenched…
“they pay out a huge percentage as much as 85% of the reported income they pay out in dividends. I'm perfectly comfortable with that”
Thomas Russo talks about Buffett and long term Investing
2016-06-22
JCDVF
bullish
Tom Russo · video
JCDecaux's three-brother family control (70% of shares), dominant position in 14 of the world's 20 largest airports, and digital billboard transformation create compounding embedded knowledge and contract-winning advantages that are structurally hard for…
“they've developed a critical mass that makes it very hard for others to breach”
Thomas Russo talks about Buffett and long term Investing
Wells Fargo's long-term management orientation aligns with a portfolio strategy focused on tax-deferred compounding for taxable family investors
“I've held Wells Fargo probably since 1994”
Thomas Russo talks about Buffett and long term Investing
2016-06-22
CFRUY
bullish
Tom Russo · video
Richemont's Rupert family control of voting shares insulates management from activist and short-term pressure, allowing the company to build permanent ultra-luxury brand equity in Cartier across long time horizons
Thomas Russo talks about Buffett and long term Investing
2016-06-22
SWGAY
bullish
Tom Russo · video
Swatch Group's Hayek family control provides the governance structure for long-term reinvestment into premium watch brands including Omega and Swatch that benefit from rising emerging-market aspirational consumption
Thomas Russo talks about Buffett and long term Investing
85% of global commerce remains cash, and Mastercard is converting that base through government partnerships (Africa biometric payments, Korea tax compliance mandates) while reinvesting incremental operating leverage back into 55+ new programs, building…
“85% of global commerce is still cash. Mastercard set about to convert that”
Global Value Investing | Thomas Russo | Talks at Google
2015-10-07
NSRGY
bullish
Tom Russo · video
Nestle's billion-dollar brands embedded across emerging markets, backed by a 35-year planning horizon and multilingual management, give it unmatched capacity to reinvest mature-market free cash flows into high-growth developing markets where aspirational…
“our planning horizon is 35 years but we tend to break it up in five-year increments”
Global Value Investing | Thomas Russo | Talks at Google
2015-10-07
PDRDY
bullish
Tom Russo · video
Pernod Ricard's family ownership let it stay invested in China through the 2000 downturn while Diageo fled for quarterly earnings, making Chivas and Martell the dominant western spirits brands in China; with only 4M western cases against 500M Baiju cases and…
“we're going to sell so much Scotch whiskey into a market that prefers it over the local brands”
Global Value Investing | Thomas Russo | Talks at Google
2015-08-18
BF
bullish
Tom Russo · video
Brown-Forman's willingness to sacrifice near-term reported income to patiently build global distribution for Jack Daniels — growing from 5 to 50+ markets with 50k+ cases over 27 years — demonstrates the 'capacity to suffer' that creates durable franchise…
“they were willing to invest against current income because it's expensive to open up markets”
Thomas Russo: The quality that sets leading companies apart
Said again: 2015-10-07 (Tom Russo)
2015-08-18
BRK
bullish
Tom Russo · video
Berkshire's discipline of retaining and reinvesting every dollar rather than returning capital via buybacks or dividends has compounded returns over decades, and its large cash reserve provides competitive advantage during dislocations when capital is scarce…
“watching that compound take place over decades based on retaining and then reinvesting”
Thomas Russo: The quality that sets leading companies apart
Said again: 2015-10-07 (Tom Russo)
Showing the 60 most recent of 61 tracked stances.
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