Bruce Martin of Still Lake Capital critiques financial media while discussing his regular reading list.
0:00 / 0:09exact quote · 9.5s
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“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.”
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More from Bruce Martin
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 MartinAug 19, 2021▶ 44:12Bruce Martin – Still Lake Capital [Manager Meetings, EP.7)
Insight
Martin: Underperformance is the required price paid for future outperformance
“Underperformance is the price you pay for Future outperformance”
Bruce MartinAug 19, 2021▶ 40:28Bruce Martin – Still Lake Capital [Manager Meetings, EP.7)
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 MartinAug 19, 2021▶ 53:04Bruce Martin – Still Lake Capital [Manager Meetings, EP.7)
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 MartinAug 19, 2021▶ 21:00Bruce Martin – Still Lake Capital [Manager Meetings, EP.7)
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 MartinAug 19, 2021▶ 35:49Bruce Martin – Still Lake Capital [Manager Meetings, EP.7)
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 MartinAug 19, 2021▶ 49:38Bruce Martin – Still Lake Capital [Manager Meetings, EP.7)
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