Bob Rodriguez - Morningstar Keynote Speech: Reflections and Outrage
This will complete my 39th year in the investment business, 35 of these being as a money manager and analyst, with 25 at FPA. It has been a wonderful experience, though a humbling one at times. I believe I have found success because I have been deeply aware of the need to balance the human emotions of greed and fear. In a word, DISCIPLINE. As a board member on the
I have always maintained my professional and personal integrity. I have never wavered, despite having paid some very high prices. It seems as though it was a lifetime ago in 1986, when I had few assets under management, and the consultant to my largest account insisted that, if I wanted to continue the relationship, I had to pay to play. I was shocked, dismayed and speechless. Though this would probably have never become public, if I had agreed, how would I have ever lived with myself? By not agreeing, it meant that I would lose nearly 40% of my business. When I was fired shortly thereafter, this termination compromised my efforts in the raising of new money for nearly six years because I could not say why. Despite the pain and humiliation, there was no price high enough for me to compromise my integrity. With the subsequent disclosures of improprieties at this municipal pension plan, the cloud of suspicion over me ultimately lifted. I not only survived, I prospered.
I relay this short story because it conveys some beliefs that will run throughout my speech today entitled, “Reflections and Outrage.” I will make some comments and observations about our industry, the government and then provide a brief financial market forecast. These are my honest opinions for better or worse.
- Fully Translated: Li Lu's Foreword To Poor Charlie's Almanack
Found via Reflections on Value Investing. Link to: Li Lu's Foreword to Poor Charlie's Almanack ……………….. Excerpts: When Charlie thinks about things, he starts by inverting. To understand how to be happy in life, Charlie will study how...
- Robert Rodriguez On Wealthtrack
Robert Rodriguez was a guest on last week's Consuelo Mack WealthTrack: Video - 7/10/09 ……………….. Related previous post: Bob Rodriguez - Morningstar Keynote Speech: Reflections and Outrage ...
- Manual Of Ideas - Exclusive Interview With Tom Gayner
This Monday, April 6th, the Manual of Ideas will publish an exclusive interview with Thomas S. Gayner, Chief Investment Officer of Markel Corporation (NYSE: MKL). The interview will cover Tom's views on a wide range of topics, including his investment...
- Harvard Business School Interview With Seth Klarman
When you started with Baupost at age 25, did you already consider yourself a value investor? Yes. After my junior year in college and right after graduating, I worked for Mutual Shares Corporation, which was run by a wonderful gentleman named Max Heine....
- Markel's Investment Philosophy - From 2006 Annual Report
To review the catechism of our four part equity investment philosophy, we seek to invest: 1) in common equity of profitable businesses with good returns on capital, 2) with honest and talented management teams, 3) with reinvestment opportunities and capital...