Talks at Google2015.10.7---Thomas Russo: 全球价值投资

Talks at Google2015.10.7---Thomas Russo: 全球价值投资
發佈日期：2015年10月7日
“I consider myself to be a farmer—not a hunter. And I think most people on Wall Street are hunters. They like to fell big beasts and I’m very comfortable planting a few rows and just tending to them carefully.” - Thomas Russo
About the Talk
Mr. Russo looks forward to describing how that in his pursuit of long-term tax-deferred investment returns that he has favored investments in businesses whose global brands are well-position companies for reinvestment of mature market free cash flow into developing and emerging markets. Mr. Russo’s businesses accordingly possess the “capacity to reinvest” and managements who have the “capacity to suffer” when investments properly intended for longest term increase in intrinsic value on a per share basis burden as they often do, reported earnings in the near term.
This tradeoff between near-term pain and long-term gain is at the heart of his investments when properly executed, the benefit for taxable investors is the ability to build portfolio companies whose return are long term and tax deferred.
About the Speaker
Mr. Thomas A. Russo is the Managing Member of Gardner Russo & Gardner LLC, where he oversees $10 billion of “global value” equity investments invested through Semper Vic Partnerships as well as separately managed accounts. Mr. Russo is a Graduate of Dartmouth College (BA, 1977), and a Graduate of Stanford Business and Law Schools (MBA/JD, 1984). Memberships include Dean’s Advisory Council for Stanford Law School, Dartmouth College’s President’s Leadership Council, Heilbrunn Center for Graham & Dodd Investing (Columbia), Facing History and Ourselves, Winston Churchill Foundation of the United States, Storm King Art Center.
我认为自己是一个农民，而不是猎人。我想大多数人对华尔街的猎人。他们喜欢落在大野兽，我很舒服种植几排，只是倾向于仔细了。“ - 托马斯·鲁索
关于对话
鲁索先生期待着描述了在他的追求，他青睐的投资业务，其全球品牌是良好的位置，公司的成熟市场的自由现金流再投资到发展中国家和新兴市场的长期税收递延投资回报如何。鲁索先生的企业因此具备“能力再投资”和管理人员谁拥有“的能力遭受”当投资，适当地用于在每股基础上负担最长期增长的内在价值，因为他们经常做的，报告收益在短期内。
与近期的痛苦和长期收益这代价是他投资的心脏正常执行时，受益的应纳税投资者是构建投资组合公司，其回报是长期的和税收递延的能力。
讲者
先生托马斯·鲁索是加德纳俄与加德纳有限责任公司，在那里他负责$ 10个十亿经过森帕维克伙伴关系，以及独立管理帐户投资的“全球价值”股权投资管理成员。鲁索先生是研究生达特茅斯学院（文学学士，1977年），以及斯坦福大学商业和法律学院（工商管理硕士/法学博士，1984年）的毕业生。成员包括院长顾问委员会斯坦福大学法学院，达特茅斯学院的校长的领导委员会，赫尔布伦中心的格雷厄姆和多德投资（哥伦比亚），面对历史和我们自己，美国温斯顿·丘吉尔基金会，风暴之王艺术中心。