Bruce Martin

Everything Bruce Martin said on any show that made the record, most notable first. Each card names its show and opens the statement there.

CAPITAL ALLOCATORS Opinion

Martin: Tesla is worth only $40 to $50 per share on cash flows

“I think, wherever Tesla is now, 500 plus a share, 600. It's probably, in our brains, I'd pay 40 or 50 bucks a share, but as a multiple Of the cash flow.”

Bruce Martin Aug 19, 2021 ▶ 44:12 Bruce Martin – Still Lake Capital [Manager Meetings, EP.7)

CAPITAL ALLOCATORS Insight

Martin: Underperformance is the required price paid for future outperformance

“Underperformance is the price you pay for Future outperformance”

Bruce Martin Aug 19, 2021 ▶ 40:28 Bruce Martin – Still Lake Capital [Manager Meetings, EP.7)

CAPITAL ALLOCATORS Opinion

Martin: Activist investors and financial engineering destroy companies and interrupt compounding

“If I own something and an activist comes in, and the activist thinks he knows better the management, that irritates me. I mean, I've seen so many Whether they're private equity guys or guys that literally destroy companies because they really don't know what t…”

Bruce Martin Aug 19, 2021 ▶ 53:04 Bruce Martin – Still Lake Capital [Manager Meetings, EP.7)

CAPITAL ALLOCATORS Insight

Martin: High-yield bond analysis is a black belt for credit investing

“If you're doing high yield bonds, you sort of have a black belt in credit, and so to do loans in my brain was much easier. The wrinkle being we then took those loans and put 10 turns of leverage on it in a CLO. So the stakes of being wrong were just 10 times h…”

Bruce Martin Aug 19, 2021 ▶ 21:00 Bruce Martin – Still Lake Capital [Manager Meetings, EP.7)

CAPITAL ALLOCATORS Insight

Martin: Deteriorating corporate loans collapse suddenly rather than drifting down

“When loans fall, they don't drift down. Usually they just collapse. They go from a hundred to 80. And if you didn't see that coming, that's a problem. And it can go lower and lower from there.”

Bruce Martin Aug 19, 2021 ▶ 35:49 Bruce Martin – Still Lake Capital [Manager Meetings, EP.7)

CAPITAL ALLOCATORS Insight

Martin: Deep business understanding comes from 10-Ks, not 10-Qs or secondary research

“I want to understand the business. You're going to get that from what we call original source documents, which is 10 K's, mostly K's, Q's, you're not getting a lot.”

Bruce Martin Aug 19, 2021 ▶ 49:38 Bruce Martin – Still Lake Capital [Manager Meetings, EP.7)

CAPITAL ALLOCATORS Insight

Martin: Credit investing asks how much a company can safely shrink

“So I was looking at the world the opposite, which is not how much can the company grow, but how much can the company shrink? How much trouble could it get in without me being damaged?”

Bruce Martin Aug 19, 2021 ▶ 27:20 Bruce Martin – Still Lake Capital [Manager Meetings, EP.7)

CAPITAL ALLOCATORS Disclosure

Martin: Eliminating commutes and dress codes protects investment cognitive clarity

“I had a spiral notebook that I always kept with me, and I always had an active list of what my next thing would be and what are the most important things? And I can tell you two of the most important things on the list was no commute and the ability to wear je…”

Bruce Martin Aug 19, 2021 ▶ 31:19 Bruce Martin – Still Lake Capital [Manager Meetings, EP.7)

CAPITAL ALLOCATORS Disclosure

Martin: Family net worth comprises 80% of Still Lake Capital's fund

“80% of the fund, it's a vast preponderance of my family's net worth, but I align it with the risks I'm taking.”

Bruce Martin Aug 19, 2021 ▶ 38:51 Bruce Martin – Still Lake Capital [Manager Meetings, EP.7)

CAPITAL ALLOCATORS Disclosure

Martin: Still Lake Capital targets regular businesses at 10x EBIT minus CapEx

“I try to buy businesses, non-financial, regular businesses at 10 times EBIT.less CapEx.”

Bruce Martin Aug 19, 2021 ▶ 43:05 Bruce Martin – Still Lake Capital [Manager Meetings, EP.7)

CAPITAL ALLOCATORS Opinion

Martin: Barron's reporting has deteriorated into shallow sound bites

“Barron's used to be phenomenal for me, and I feel like It's much more about the sound bite. The stories are just not nearly as deep as they used to be, and everybody I talk to feels the same way.”

Bruce Martin Aug 19, 2021 ▶ 49:50 Bruce Martin – Still Lake Capital [Manager Meetings, EP.7)

CAPITAL ALLOCATORS Assertion Partly supported

Martin: Berkshire Hathaway Stock Has Suffered 40% Drawdowns Multiple Times

“If you look at Berkshire's stock performance, there's been, I think four or five times in the last 50 years where the stock collapsed As much as 40%.”

Bruce Martin Aug 19, 2021 ▶ 41:42 Bruce Martin – Still Lake Capital [Manager Meetings, EP.7)

One line per show, most statements first. The link opens Bruce's full record on that show: the calibration, argument clarity, speaking style and every statement made there.

Show	Role there	Eps	Statements	Record
CAPITAL ALLOCATORSLEDGER		1	12	0% 0/1	full record on Capital Allocators →