Great Investors

Latticework Podcasts
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Great Investors is a series of narrated programs on the paths of superinvestors: the ideas that formed early, the positions that tested them, and the convictions that survived. The series is built from primary material, including the investor's own letters and MOI Global's archive of interviews and conference sessions recorded, much of it heard until now only by our members. You come away understanding how a great investor thinks: where the method came from, what it cost to learn, and which ideas have held up. www.latticework.com

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  1. vor 3 Tagen

    Murray Stahl: Owning What Cannot Be Indexed

    This audio program is part of the Great Investors podcast, by Latticework. Murray Stahl grew up in Bedford-Stuyvesant, in a household that spoke Yiddish and Russian. He went to Brooklyn College and joined Bankers Trust in 1978. He stayed sixteen years, working up investment strategies off the beaten path. He and Steven Bregman left the bank in the fall of 1994 to start Horizon Asset Management. Kinetics followed in 1996 and FRMO in 2001. He wrote with a ball point pen to slow his writing. He died on April 7, 2026. On his account, the indexes behind ETFs changed their calculation around 2006, from market cap to float, the shares in public hands. The index is price indifferent, with no price at which it stops buying. On a call in October 2016 he described what he looked for: “For us, a true alternative asset is a rare company that’s not likely to access the capital markets. Therefore, in the long run, the behavioral characteristics will be based on a certain scarcity value. That’s kind of what we’re looking for, scarcity value of a hard asset, encased in scarcity value of corporate structure.” An owner-operator, he said in 2018, is a company whose leaders own more equity than anyone else. Dormant assets, he said in October 2015, are potentially productive but dormant at the moment. Spin-offs he compared to expelling the worst student from a class: the average grade goes up, but the average student learned no more. The opportunity was with the parent. In late 2007 he launched a fund to own securities exchanges. In 2008 he could not find a single person who agreed with him. One royalty company he worked through had more reserves in its 2021 annual report than thirty years earlier. The program opens at the Best Ideas conference in January 2018. Near the end of that talk he said he had owned one stock since 1984 and bought more that day in his own account. It goes back to 1984, when he turned the wrong way out of a downtown elevator and read an unfamiliar name off a door. It follows the business plan he and Bregman made at a Burger King table in 1994, which put a ceiling on assets. In 2008 every investment he touched did poorly, and he did not blame his own analysis. It quotes the July 2010 letter telling shareholders he had begun designing indexes of his own. Its last section covers the quarterly call of March 3, 2026, on which he answered what he most regretted. He spoke at MOI Global’s Best Ideas conference in January 2018 and at the Latticework summit in September 2018. At Best Ideas he said he could not run a diversified portfolio and worked through Texas Pacific Land Trust. At Latticework he named companies one at a time, with his reasons for each, and withdrew the timing call he had made in April 2016. For more, see Replay of a Fireside Chat with the Legendary Investor at Latticework 2018. The program runs sixty-nine minutes. Get the next program the day it comes out. The Great Investors podcast is on Apple, Spotify, and YouTube. Subscribe there, or add the feed to any app. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.latticework.com/subscribe

    Murray Stahl: Owning What Cannot Be Indexed

  2. 2. Sept.

    Howard Marks: Higher-Level Thinking

    This audio program is part of the Great Investors podcast, by Latticework. Howard Marks has spent more than half a century on a problem he says he still has not solved: what risk actually is, and what an investor can do about it. His career runs from equity research in the late 1960s, through the launch of Citibank’s convertible and high-yield bond funds in 1978, into distressed debt in 1988, and on to the firm he co-founded in 1995. Through all of it he has written memos to anyone willing to read him. One of the recurring lessons in Howard’s work is that knowing where a market is going and knowing where it stands are entirely different problems, and only the second one is solvable. He is unusually willing to say so plainly. Asked at a Latticework summit what he was still curious about, he named the subject he is best known for: “In investing, the greatest puzzle for me is risk, how we should think about it, and how we can work with it.” That idea runs through this audio program. It traces Howard’s early years as an analyst and the three lessons he took from them; the 1978 telephone call that sent him into a market with a bad name and no data; the first memo he ever published, in October 1990, written five years before Oaktree existed and already containing the sentence the firm would be built on; the decade he wrote without receiving virtually a single reply; the memo he published three days after Lehman failed; and the argument with his son Andrew that revised part of his own framework fifty years into his career. We are grateful to Howard for the wisdom and insights he has shared with the MOI Global community over the years, at Latticework summits, at Best Ideas, and in conversation during the crisis of 2020. He has spoken with unusual candor about what cannot be known, about the difference between controlling risk and avoiding it, and about the discipline of daring to look wrong for as long as it takes to be proved right. Our hope is that this special episode, Howard Marks: Higher-Level Thinking, will help more investors appreciate the depth of Howard’s approach. It is a program about risk, but also about writing, temperament, and the willingness to keep an important question open for fifty years rather than pretend it has been settled. For those willing to think at the second level, the lesson is not that the future can be read. It is that knowing where you stand, and sizing your positions accordingly, remains one of the investor’s most durable advantages. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.latticework.com/subscribe

    Howard Marks: Higher-Level Thinking

  3. 25. Aug.

    Bob Robotti: Turning Over Rocks

    This audio program is part of the Great Investors podcast, by Latticework. Bob Robotti has spent decades doing the kind of investing that is easy to describe but hard to practice: looking carefully where others are not looking, studying unfashionable businesses, distinguishing temporary difficulty from permanent impairment, and waiting patiently for value to surface. His career has unfolded across deep-value securities, cyclical industries, energy, housing, shipping, board service, and active ownership. Through it all, he has remained unusually committed to the bottom-up work of understanding real-life businesses. One of the recurring lessons in Bob’s work is that investing is not an abstract exercise. It is not enough to say that an industry is cyclical, a stock is cheap, or the market is wrong. The real work is in understanding the business, the balance sheet, the capital cycle, the incentives, the industry structure, and the people making decisions. As Bob has put it, “There are no universals. There are only specifics.” That idea runs through this program. It traces Bob’s early exposure to Tweedy, Browne, Walter Schloss, Joe Reilly, and Mario Gabelli; his founding of Robotti & Company; his development as a value investor in overlooked and capital-intensive sectors; and his long study of how markets misprice businesses when fear, institutional constraints, or short-term thinking obscure normalized earnings power. We are deeply grateful to Bob for the wisdom and insights he has shared with the MOI Global community and the broader investment community over the years. His willingness to explain not only what he has done, but how he thinks, has made him an important teacher for intelligent investors. He has spoken with unusual candor about mistakes, cycles, patience, active ownership, and the emotional discipline required to stay with an investment when the market disagrees. Our hope is that this special episode, Bob Robotti: Turning Over Rocks, will help more investors appreciate the depth of Bob’s approach. It is a program about value investing, but also about apprenticeship, temperament, independent judgment, and the enduring importance of doing the work. For those willing to turn over enough rocks, the lesson is not merely that bargains exist. It is that the act of looking carefully, patiently, and specifically remains one of the investor’s most durable advantages. We are delighted to announce Bob Robotti as a featured speaker/panelist at the Latticework 2026 summit, to be held in Chicago on November 10-11. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.latticework.com/subscribe

    Bob Robotti: Turning Over Rocks

  4. 22. Apr.

    Chris Bloomstran: The Flawed Bulb

    This audio program is part of the Great Investors podcast, by Latticework. We are delighted to share The Flawed Bulb, a special audio program on Chris Bloomstran, president of Semper Augustus Investments Group and one of the most rigorous, patient, and underheralded investors of his generation. The program is part of the MOI Global series on great investors whose lessons deserve a wider audience than the quarterly interview cycle allows. The essay opens in the Grand Ballroom of the Yale Club of New York City at Latticework 2025, where Chris read a Joni Mitchell parody to a room of professional investors before walking them through the case that hyperscaler capex (on the order of $350-400 billion against less than $40 billion of corresponding revenue) is one of the largest bubbles in American history. From there, the piece moves backward to 1998, when a St. Louis patriarch who had bought GE for twelve cents a share in 1932 handed a 29-year-old Chris a family portfolio and the mandate that became Semper Augustus. The through-line is a single word Chris has been defending for a quarter century: price. In November 2000 he wrote Price Matters and closed it with a sentence he has never really stopped arguing: the market has a way of fairly pricing stocks over long periods. Ten months earlier, in January 2000, he had written a related piece on Microsoft — predicting zero percent returns for fifteen years. Microsoft compounded earnings at 8.4% and sales at 10.1% over those fifteen years and still returned 0.6% annualized to shareholders. The company was always great. The price was the problem. When the price reset at 17× in late 2014, the same business compounded at 26.6% annualized for the next decade. That is the argument, lived out across 26 years of client letters, letters that began at seven pages and have grown, without losing a single founding client, to 184. The essay and audiobook collect the ideas, cases, and stories — from the patriarch’s twelve-cent GE to the options-as-hidden-liability critique, from Ross Stores to the Berkshire Scorecard — into a portrait of a manager whose method is itself a kind of patience. We are grateful to Chris for the wisdom and insights he has shared with the MOI Global community over many years. Featured Events * Best Ideas Omaha 2026, Omaha, Nebraska (May 1, 2026) * The Zurich Project 2026 (FULLY BOOKED), Zurich (Jun. 2-4, 2026) * Latticework 2026, Chicago, Illinois (Nov. 10-11, 2026) * Ideaweek 2027 (FULLY BOOKED), St. Moritz (Feb. 1-4, 2027) Enjoying Latticework? Help us make it even more special. * Share Latticework (simply click the above button!) * Introduce us to a thoughtful speaker or podcast guest * Be considered for an interview or idea presentation * Volunteer to host a small group dinner in your city * Become a sponsor of Latticework / MOI Global Volunteer by reaching out directly to John (john@moiglobal.com). This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.latticework.com/subscribe

    Chris Bloomstran: The Flawed Bulb
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Info

Great Investors is a series of narrated programs on the paths of superinvestors: the ideas that formed early, the positions that tested them, and the convictions that survived. The series is built from primary material, including the investor's own letters and MOI Global's archive of interviews and conference sessions recorded, much of it heard until now only by our members. You come away understanding how a great investor thinks: where the method came from, what it cost to learn, and which ideas have held up. www.latticework.com

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  • Erstellt von
    Latticework Podcasts
  • Jahre aktiv
    2026
  • Folgen
    4
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    Unbedenklich
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    © John Mihaljevic
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    Great Investors