Two value investors: Wallace Weitz and Tom Russo talks Berkshire, Business value, Liberty Media, Transdigm, Nestle and Heineken

3:07: Weitz 30% in cash: The difficulty to find business value in current climate
3.38: Russo talks about why he is always 100% invested: Global businesses
4:29: Both talks about valuing based on business value not so much on a statistical PE basis. That their companies PE is much higher. He also talks about systematic evaluation of the value of his portfolio
7:58: Weitz explaining the appeal of cash necessary in times of distress
8:31: Russo: The dangers of being all out of the market
9:30: Both their largest holdings are Berkshire Hathaway and they discuss Berkshire here
11:50: Russo talks about Berkshire’s purchase of IBM and Exxon
12:40: Weitz talks about the float creating the leverage, thus even if returns are 10% the leverage cause the returns to be higher at perhaps 15%
13.20: Both talks about their holding of Heineken as a long term entity
14:30: Why both of them look for family controlled businesses or great capital allocators
16:10: Russo talks about John Malone, activist investor, the ability to suffer
20:54: Russo’s one investment: Heineken Holding NV HEIO
22:40: Weitz’s one investment: Liberty Media Corp LMCA