Who is Norbert Lou of Punch Card Capital???
Andrew Brown - Owner Operator Australia
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Who is Norbert Lou of Punch Card Capital???
3 843 просмотра · 5 лет назад
Andrew Brown - Owner Operator Australia
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3 843 просмотра · 5 лет назад
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Norbert Lou Interview
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Hi everyone, I have been studying some of the great current fund managers and I came across Punch Card Capital run by Norbert Lou.
This is the basic information I have found about Norbert Lou and Punch Card Capital
Fund Age: 17 Years (started in 2004)
Age: 47
Fund Size: $300 Million
Performance: 14%+pa as of 2011 (estimated 27%pa as of 2018)
Philosophy: Long only, no shorting, concentrated portfolio. Norbert’s skill is he is a deep reader and patient investor.
Currently only 3 stocks in his portfolio, therefore high conviction.
Only the very best ideas make it into the portfolio. I don’t think he has had more than 6 positions at any one time.
No leverage.
Hunts for undervalued and under followed companies that can compound at extraordinary rates. Smaller Caps preferred.
Holds plenty of cash, around 25% and still able to get market beating returns.
Value investors Club was started by Joel Greenblatt, famous investor and author of the book “The Little Book That Beats the Market”
Value Investors Club is a place where members can submit their research, and the best ideas receive $5000. It is to encourage great ideas and thoughtful analysis of investments.
Plus Joel Greenblatt gets to see up and coming investors and also a lot of interesting ideas.
One of the stocks that he pitched was NVR, which at the time, was the best stock he could find.
NVR is a home builder company with a difference. I won’t go into the details as to why this business was different to all the other homebuilding companies, but Norbert Lou had found something that was going to be a huge winner.
This investment went from $23 to over $700 over about 10 years.
Takeaways:
Norbert Lou has only improved and refined his philosophy over the years while still keeping the Punchcard philosophy.
Currently, there are only 3 positions in his portfolio.
Berkshire Hathaway - which is only in here because Burlington Northern was acquired by Buffett.
Winnebago
Ally Financial
I’ll keep learning and studying and sharing what I find and I’ll have more videos like this coming soon. Remember, if you are new to investing, you need to put some money into your favorite investment so you can really learn. Enjoy the journey and see you next time.