YouSaid · the spoken record

Chuck Akre

lines on the record: 57
first: 2024-02-06
most recent: 2024-02-06
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Observation that the rates of return in common stocks over long period of time was higher than anything else on an unleveraged basis, on a consistent long-term basis. At the rates of returns on common stocks in the United States in, let's say, roughly the last hundred years is in the neighborhood of 9 to 10%. And in fact, we don't care what it is precisely. We want to know what it is generally. We made a quantitative observation about why that's so, and that observation is that in our judgment, it corresponds to what the real return on the owner's capital.”
2024-02-06 · Invest Like the Best · Chuck Akre - The Three Legged Stool - [Invest Like the Best, REPLAY] · IDENTIFIED FROM THE TRANSCRIPT · source
“Components of what makes a great investment. And that's something that I came to because I had no background whatsoever in the business world and I was an English major and I'd been a pre-med student before I was an English major and I'd had no courses in business whatsoever. So I had a clean canvas and a willingness and a desire and a curiosity to learn. My voyage was what makes a good investment, what makes a good investor in trying to put all this together. There was a quantitative aspect to it, but we end up describing what makes a good investment as each of those three legs. Well, I'll back up again a little bit and say that our investment goal has always been from the outset to try to produce an outcome that's above average. But stepping back even a step further, I examined early and on and continued to rates return in all different asset categories.”
2024-02-06 · Invest Like the Best · Chuck Akre - The Three Legged Stool - [Invest Like the Best, REPLAY] · IDENTIFIED FROM THE TRANSCRIPT · source
“The one on the far left over there is a milking stool from Frederick County, Maryland that belonged to the senior partner of my father's law firm and used as a milking stool. And if you could see it from this angle, the one leg there in the back is more of an angle than the other two, and the farmer would sit down and milk an individual cowl one at a time would take that long handle and stick it up under his behind as he sat down to milk a cow, got close to the ground where he could work. And if you observe that, it's actually the three legs are sturdier than four legs. It can adjust to uneven ground easily that four legs cannot do. I liked that notion. It had come to me from my father and it was just sitting on a table in my office one time and I sort of began to adopt that as what I call the visual construct for what we choose to describe as the”
2024-02-06 · Invest Like the Best · Chuck Akre - The Three Legged Stool - [Invest Like the Best, REPLAY] · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, they're both creative, my older son was a tenured college professor for a while and he used to say that he worked at a university that, as he said, didn't have the luxury of being highly selective in his student body. And he said the thing that disappointed him the most was that even his best students, his students who got A's, typically only wanted to know what they needed to know to get an A rather than have curiosity. And I find that curiosity has been useful to me in search for investing and relating real life experiences to allowing me to pursue lines of thought, whether it's trying to figure out why a stock cart track might be interesting or something else, that sort of stuff. So I guess I'm probably not very articulate in explaining the difference between curiosity and imagination, but they go hand in hand in being creative and identifying businesses.”
2024-02-06 · Invest Like the Best · Chuck Akre - The Three Legged Stool - [Invest Like the Best, REPLAY] · IDENTIFIED FROM THE TRANSCRIPT · source
“It's very simple. I have in my career run across literally thousands of people who are very, very bright, who are not necessarily good investors. And so pure knowledge is in and of itself and not a ticket to being a good investor. Imagination and curiosity are what's hugely important. And we've discovered things over the years purely by being curious and continuing to keep involved in the search process to find these exceptional businesses.”
2024-02-06 · Invest Like the Best · Chuck Akre - The Three Legged Stool - [Invest Like the Best, REPLAY] · IDENTIFIED FROM THE TRANSCRIPT · source
“Participation in the business evolves and continues to evolve and so on. And so I'm personally doing less pure fundamental research today than I did years ago. There are others here who do that. And we talk about ideas and stuff all day long. And I spent a lot of time reading. And that's how ideas bubble up in my universe. And others here use screens, but mostly where it is a serendipitous, inefficient, let's just say, non-quantitative approach.”
2024-02-06 · Invest Like the Best · Chuck Akre - The Three Legged Stool - [Invest Like the Best, REPLAY] · IDENTIFIED FROM THE TRANSCRIPT · source
“We're here because of in effect quality of life issues, and I happen to be a person who works well without a lot of commotion around. And I know lots of people in the business who love commotion, and I've worked with some of them. But the low level of activity around here is just helpful for us being able to sit there with our doors open and not be disturbed by outside events. And then as it relates to, let's say, Middleburg versus Central Park South, if my office were there, I'd have a thousand friends who were very bright and very interesting, and I would be distracted. I'd become curious and engaged in their thought process, and it would distract me from what it is that I do well.”
2024-02-06 · Invest Like the Best · Chuck Akre - The Three Legged Stool - [Invest Like the Best, REPLAY] · IDENTIFIED FROM THE TRANSCRIPT · source