C.T. Fitzpatrick's guest appearances

C.T. Fitzpatrick

Value Investing with Legends

The Money Maze Podcast

Michael Mauboussin

Nick Carter

Joseph Cohen

Warren Buffett

Chris Davis

Michael Lewis

Bruce Greenwald

Howard Marks

Ted Seides

David Novak

Richard Lawrence

Anthony Scaramucci

Morgan Stanley

Joel Greenblatt

Robert F. Smith

OwlTail

Sign up to our newsletter for more in-depth insights |  Follow us on LinkedIn In this conversation, Vulcan’s C.T. Fitzpatrick explains the skills he acquired during 17 years at South Eastern Asset Management before founding Vulcan Value Partners in 2007. Today the firm manages approximately $20 billion, with a team of 64, all based in Birmingham, Alabama. He explains his approach to identifying and defining “high quality businesses”, the margin of safety he seeks, the goal of avoiding permanent capital loss and the investment similarities and differences with Warren Buffett. He talks about constructing a portfolio of between 20-40 companies and the moat he requires in his investment companies. He discusses his aversion to the wrong types of corporate debt, why he avoids macro judgements, the importance of temperament and discipline in investing, and why he is optimistic about the investment opportunities in his universe.

<a href="https://moneymazepodcast.com/subscribe-1" rel="nofollow" target="_blank">Sign up to our newsletter for more in-depth insights</a> | <a href="https://www.linkedin.com/company/the-money-maze-podcast/?viewAsMember=true" rel="nofollow" target="_blank"> Follow us on LinkedIn</a> In this conversation, Vulcan’s C.T. Fitzpatrick explains the skills he acquired during 17 years at South Eastern Asset Management before founding Vulcan Value Partners in 2007. Today the firm manages approximately $20 billion, with a team of 64, all based in Birmingham, Alabama. He explains his approach to identifying and defining “high quality businesses”, the margin of safety he seeks, the goal of avoiding permanent capital loss and the investment similarities and differences with Warren Buffett. He talks about constructing a portfolio of between 20-40 companies and the moat he requires in his investment companies. He discusses his aversion to the wrong types of corporate debt, why he avoids macro judgements, the importance of temperament and discipline in investing, and why he is optimistic about the investment opportunities in his universe.

US Equities: Overvalued and Over-Allocated? With C.T. Fitzpatrick, Founder and CEO of Vulcan Value Partners

Today’s conversation is with C.T. Fitzpatrick, Founder, Chief Executive Officer, Chief Investment Officer at Vulcan Value Partners. C.T. founded Vulcan in 2007 and since then, all five strategies have peer rankings in the top 1% of value managers in their respective categories. Before starting Vulcan Value Partners, C.T. worked as a principal and portfolio manager at Southeastern Asset Management and over his 17-year tenure, his team achieved double-digit returns and was ranked in the top 5% of money managers over five, ten, and twenty-year periods consistently. We’re again taking a different approach to this episode of the podcast. The health crisis has worsened significantly since our last episode and though there has been some stabilization in valuations, the market’s fragility is still apparent as the uncertainty about the extent of the economic shutdown and the long-run impact of the crisis remains. In light of the extraordinary circumstances we find ourselves in, I couldn’t think of anyone better to talk about investing in the current environment than C.T. Fitzpatrick, with the benefit of his more than 30 years of experience in financial markets. On this episode, CT and I discuss how Vulcan has improved their portfolio over the past few weeks, why it’s critical to stress-test your portfolio, how this crisis will accelerate the demise of certain industries while benefitting other companies, the parallels between the global financial crisis in 2008-2009 and the current market behavior, and so much more!   Key Topics:  Using your investment horizon as your main risk management tool (3:57) Why Vulcan prioritizes value stability over discount (6:32) How Vulcan has improved its portfolio over the past few weeks (7:28) What it means to stress-test your portfolio (8:14) Why thorough analysis is critical in light of this extraordinary event (8:46) The benefit of a strong balance sheet for weathering this crisis (11:22) Vulcan’s approach to different asset classes (12:58) The strategy behind concentrating portfolios in periods of volatility (15:13) Why CT considers the margin of safety to be the most important risk metric (18:01) How the crisis will accelerate the demise of certain industries (19:44) The evolution of the airline industry and its weaknesses during this crisis (21:24) Companies that will benefit from the behavior changes triggered by lockdowns and quarantines (22:58) The parallels between the global financial crisis in 2008-2009 and the current market behavior (25:17) How the political climate has colored policymakers’ response to market volatility (28:16) A key difference between the global financial crisis and the current crisis caused by the pandemic (29:52) Analyzing potential scenarios and outcomes for companies (33:45) Why you need to monitor the economies in countries which are at a more advanced stage of the pandemic (35:48) The Vulcan investment philosophy (37:26) How CT analyzes a company’s valuation (40:10) The importance of value stability (41:47) Why CT believes value investing is here to stay for the long term (43:23) And much more!    Mentioned in this Episode:  Vulcan Value Partners    Thanks for Listening! Be sure to subscribe on  Apple,  Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

Today’s conversation is with C.T. Fitzpatrick, Founder, Chief Executive Officer, Chief Investment Officer at Vulcan Value Partners. C.T. founded Vulcan in 2007 and since then, all five strategies have peer rankings in the top 1% of value managers in their respective categories. Before starting Vulcan Value Partners, C.T. worked as a principal and portfolio manager at Southeastern Asset Management and over his 17-year tenure, his team achieved double-digit returns and was ranked in the top 5% of money managers over five, ten, and twenty-year periods consistently. We’re again taking a different approach to this episode of the podcast. The health crisis has worsened significantly since our last episode and though there has been some stabilization in valuations, the market’s fragility is still apparent as the uncertainty about the extent of the economic shutdown and the long-run impact of the crisis remains. In light of the extraordinary circumstances we find ourselves in, I couldn’t think of anyone better to talk about investing in the current environment than C.T. Fitzpatrick, with the benefit of his more than 30 years of experience in financial markets. On this episode, CT and I discuss how Vulcan has improved their portfolio over the past few weeks, why it’s critical to stress-test your portfolio, how this crisis will accelerate the demise of certain industries while benefitting other companies, the parallels between the global financial crisis in 2008-2009 and the current market behavior, and so much more! Key Topics: <ul> <li>Using your investment horizon as your main risk management tool (3:57)</li> <li>Why Vulcan prioritizes value stability over discount (6:32)</li> <li>How Vulcan has improved its portfolio over the past few weeks (7:28)</li> <li>What it means to stress-test your portfolio (8:14)</li> <li>Why thorough analysis is critical in light of this extraordinary event (8:46)</li> <li>The benefit of a strong balance sheet for weathering this crisis (11:22)</li> <li>Vulcan’s approach to different asset classes (12:58)</li> <li>The strategy behind concentrating portfolios in periods of volatility (15:13)</li> <li>Why CT considers the margin of safety to be the most important risk metric (18:01)</li> <li>How the crisis will accelerate the demise of certain industries (19:44)</li> <li>The evolution of the airline industry and its weaknesses during this crisis (21:24)</li> <li>Companies that will benefit from the behavior changes triggered by lockdowns and quarantines (22:58)</li> <li>The parallels between the global financial crisis in 2008-2009 and the current market behavior (25:17)</li> <li>How the political climate has colored policymakers’ response to market volatility (28:16)</li> <li>A key difference between the global financial crisis and the current crisis caused by the pandemic (29:52)</li> <li>Analyzing potential scenarios and outcomes for companies (33:45)</li> <li>Why you need to monitor the economies in countries which are at a more advanced stage of the pandemic (35:48)</li> <li>The Vulcan investment philosophy (37:26)</li> <li>How CT analyzes a company’s valuation (40:10)</li> <li>The importance of value stability (41:47)</li> <li>Why CT believes value investing is here to stay for the long term (43:23)</li> <li>And much more!</li> </ul> Mentioned in this Episode: <ul> <li><a href="https://www.vulcanvaluepartners.com/" rel="nofollow" target="_blank">Vulcan Value Partners</a></li> </ul> Thanks for Listening! Be sure to subscribe on <a href="https://podcasts.apple.com/us/podcast/value-investing-with-legends/id1459993408" rel="nofollow" target="_blank"> Apple</a>, <a href="https://www.google.com/podcasts?feed=aHR0cHM6Ly92YWx1ZWludmVzdGluZ3dpdGhsZWdlbmRzLmxpYnN5bi5jb20vcnNz%20" rel="nofollow" target="_blank"> Google</a>, <a href="https://open.spotify.com/show/54wcTJS0kYranEJYHjF0Du" rel="nofollow" target="_blank">Spotify</a>, or wherever you get your podcasts. And feel free to drop us a line at <a href="mailto:valueinvesting@gsb.columbia.edu">valueinvesting@gsb.columbia.edu</a>. Follow the <a href="https://www8.gsb.columbia.edu/valueinvesting/" rel="nofollow" target="_blank">Heilbrunn Center</a> on social media on <a href="https://www.instagram.com/heilbrunncenter/" rel="nofollow" target="_blank">Instagram</a>, <a href="https://www.linkedin.com/groups/88752/" rel="nofollow" target="_blank">LinkedIn</a>, and more!

C.T. Fitzpatrick: Value Investing in Times of Deep Distress