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Turtle Creek investor presentation

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LC:
https://www.youtube.com/watch?v=FX0nG3yXDAI

Pretty good 30 min presentation about how they think about value investing.

mranski:
It sounds like they trade in and out of existing or previous holdings instead of buy and hold. Not very buffett like. It makes you wonder about tax drag, but they seem to overcome that. I think I read somewhere that they did well trading BRK.

Liberty:

--- Quote from: mranski on February 23, 2020, 01:39:46 PM ---It sounds like they trade in and out of existing or previous holdings instead of buy and hold. Not very buffett like. It makes you wonder about tax drag, but they seem to overcome that. I think I read somewhere that they did well trading BRK.

--- End quote ---

They partially scale in and out as relative valuations change among their portfolio picks, it's not trading in and out fully like most do it. Maybe they have mostly non-taxable LPs?

Not being like Buffett doesn't have to be a bad thing. There's not just one way to invest well, especially since Buffett had a lot more churn when his AUM was still small (and I don't mean just cigar butts.. he sold stuff like Disney and Capital Cities (bought back in when they bought ABC, iirc), I think).

CorpRaider:
Peter Lynch used to trade around his positions like that, I think. 

TwoCitiesCapital:

--- Quote from: mranski on February 23, 2020, 01:39:46 PM ---It sounds like they trade in and out of existing or previous holdings instead of buy and hold. Not very buffett like. It makes you wonder about tax drag, but they seem to overcome that. I think I read somewhere that they did well trading BRK.

--- End quote ---

Even Buffett isn't very Buffett like when compared to his 40-year old self.

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