Albert Bridge Capital

“It's this notion of making sure that we have the mindset that this is the portfolio we would own today if we launched the fund today. And so if you find a security that's, you think it's worth a 150 euros a share and it's trading at a hundred and it's got down…”

“If we find a great management team that has a wonderful business that is spinning out tons of cash flows or eventually will, It sounds like a nice setup for a company, but if there's no delta, if there's no difference between our view and the market's view, th…”

“We have a strong view that you shouldn't get married to your companies that good high quality companies, you just buy and hold forever. That's not our approach at all. It's much more driven by the fundamentals in the intermediate term.”

“We want to be specialized in sectors, but we also want to remember what the ultimate job is here. It's to pick stocks. It's not to become an expert in that particular field.”

“Some of the biggest lessons or mistakes for me would be owning things for a period of time, particularly when they do well. You think you're doing great, but then you ask yourself, well, why do I still own this thing? All the reasons I bought it for have happe…”

“We'll never go higher than 80, even if we think we have a sure thing.”

“And by design, we do not care about overweights or underweights in particular sectors or countries. If it turns out that we're finding no healthcare equipment ideas in Switzerland, we don't own any healthcare equipment ideas in Switzerland.”

“One of my favorite tools that we have to help us think more clearly is we write deep dive short cases on everything we want to buy.”

“Even if you don't think you're being troubled by someone that's asking you how you're doing the first week of the month, it's affecting you. So if you have folks that don't ask you those questions, that just interested in the process, not the particular outcom…”

“Can we be unencumbered by where we bought the stock, when we bought the stock? Because that should have nothing to do with why we own it.”

“When you have your top 10 positions or 70% of your fund assets and your top five might be 40 or 45, you really need to have two and three year, four year, five year money on your side. People with similar aligned interests.”

“People are now talking about behavioral finance so much, and a lot of them are relatively new to it. They almost want to start looking as if there's definitely going to be a bias here. You're biased to find a bias, and so that's something I think we all have t…”

“Once you identify that and you see a consensus investor, which is refusing to even acknowledge that information. Well, that's the double whammy. Those are the things that we're more likely to be accurate on Than things without both components.”

“And what you end up with is something that's very interesting and helpful in the private equity world. Great. But that's not what we do. This is public markets. There's a price up there that is reflecting everyone else's view about this company. And how on ear…”

“We eliminate about half those, the ones that are more top-down in nature. So there's never any miners or EMP companies or banks even in the portfolio.”

“If we can do a good job communicating with our partners about how we think and what we do, well, That lowers their discount rate about us, and about the kinds of things we do”

“The stock sells off to 90, 95 euros a share from a 160, and the worst fears of what kind of fines they would end up having to pay turn out to be true. But by the time they wrote the checks, the stock's back to one 45, one 51 55. People double and triple count …”

“70, 75% of the reason why a stock is in the portfolio is that we have picked information out that helps us be confident that they're going to be numbers. But 25, 30% of it is this mismatch. Can we find the mismatch? Can we find this area Where Mr. Market is no…”