RWH046: A New Golden Age w/ Bob Robotti

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 23 June 2024

⏱️ 127 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, William Green chats with Bob Robotti, a great investor who’s crushed the S&P 500 over the last 40 years. Bob, the President & Chief Investment Officer of Robotti & Co, explains why he believes we’re in a “new golden age” for active, value-oriented investors (not index funds); why he expects persistently high inflation; why he’s betting heavily on the resurgence of Old Economy businesses; & how he’s positioned to profit from “the first truly global energy crisis.” IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 12:18 - How Bob Robotti lucked into the ideal job for an aspiring investor. 33:19 - How working for Mario Gabelli was like a one-on-one MBA. 40:22 - Why Bob thinks we’re in a new golden age for savvy stockpickers. 40:48 - Why he’s betting heavily on a “metamorphosis of the Old Economy.” 46:16 - How globalization is evolving as China loses its edge. 50:49 - Why energy-intensive US companies have a long-term advantage. 57:33 - Why owning the “Magnificent Seven” looks like a risky bet. 58:23 - What an era of persistently high inflation means for investors. 1:03:35 - How value investing has changed. 1:19:01 - How Bob is positioned for “the first truly global energy crisis.” 1:38:06 - How his life has been enriched by helping young people. 1:43:45 - What he learned from his wife and father about facing adversity. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Bob Robotti’s investment firm, Robotti & Co. Bob Robotti’s writings. Check out MedShadow.org, a health-related site founded by Bob Robotti’s wife, Suzanne. William Green’s podcast with John Spears: Winning the Long Game | YouTube Video. William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book. Follow William Green on X. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River Toyota CI Financial Sun Life AFR The Bitcoin Way Industrious Briggs & Riley Meyka Public Vacasa American Express iFlex Stretch Studios Range Rover Fundrise USPS Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TIP.
0:03.0	Hi there, it's great to be back with you on the Richer Wiser Happier podcast.
0:08.0	Our guest today is a superb investor named Bob Rheboti, who's one of the most eminent value investors in the business.
0:15.3	Bob is the president and chief investment officer of a firm called Robotti and Co, which is based
0:20.5	in New York City.
0:22.1	He's quietly built an extraordinary long-term record,
0:25.8	beating the market by an enormous margin over the last 40 years.
0:29.9	He's such a modest and unassuming person, but it's easy to overlook just how successful
0:35.8	he's been.
0:37.3	It's always worth paying close attention to vastly experienced investors like Bob, who've
0:42.0	managed to navigate many different
0:43.9	cycles in the market over many decades. His investment approach is
0:48.9	built on some timeless principles that all of us would do well to understand, but he also has an unusual
0:55.6	ability to adapt when the investment environment changes and requires a different approach.
1:02.3	As you'll hear, Bob believes that some dramatic changes are already underway,
1:07.0	bringing a new set of risks and opportunities that we need to be aware of.
1:12.0	For a start, he thinks we should expect a period of
1:15.2	persistently high inflation and should abandon any hope of returning to the good old
1:20.7	days of low inflation and depressed interest rates.
1:24.2	He also thinks we're now facing a global energy crisis with massive demand for everything
1:29.7	from fossil fuels to renewables. At the same time he's seeing a major evolution in the process of
1:36.6	globalization as China loses its edge and the competitive advantage shifts to India and Southeast Asia.
	...

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