Bruce Martin
1 appearance on the record.
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Everything Bruce Martin said on Capital Allocators that made the record, most notable first. Filter by type, assessment or year in the ledger →
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.”
Martin: Underperformance is the required price paid for future outperformance
“Underperformance is the price you pay for Future outperformance”
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…”
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…”
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.”
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.”
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?”
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…”
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.”
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.”
Appearances (1)
| Episode | Date | Speaking time |
|---|---|---|
| Bruce Martin – Still Lake Capital [Manager Meetings, EP.7) | Aug 19, 2021 | 41m |