Richard Fogler

Market ran up a bunch in July, not abnormally for a summer rally. Selloff now in September, somewhat seasonal. It's just a technical thing. Market's bouncing around. It only has 2 directions, up or down. If it doesn't go up, it goes down.

The market ran ahead of the economy, and we're waiting to see if the economy has a soft landing or goes into recession. Does inflation continue to come down? Inflation numbers this morning left a bit of a question in that regard, didn't really continue to support falling inflation.

He owns a lot, and he's getting killed these last couple of days. Owns JPM and Citi, which both got whacked pretty hard yesterday. These companies will drive through it.

He's not too worried about small changes in expectations. He holds things for a long time, and looks for businesses that are really going to build their business over the next few years. They're going to be buffeted by economic swings up and down, but that's normal. The big thing is whether a business will be more valuable in 5 years. If yes, then take the volatility as it comes.

Economic forecasting exists to make astrology look respectable. Market forecasters get it wrong most of the time. Why would you base your financial future on something that's wrong most of the time?

What he does instead is not to own the economy, but to own his strategy. His strategy is long term. Over a cycle, the economy grows 2-3% real per year, and 5-6% nominal, and it's been doing it for 50 years. And that will continue. It's going to do it in waves, and he can't predict when those waves are going to be.

Investing is about yield and capital appreciation, not one or the other. Not expensive, but not cheap. Has no edge, nothing to make him think the business will be better in a few years. You're guessing on commodity prices, and that's not his game.

Investing is about yield and capital appreciation, not one or the other. Not expensive, but not cheap. Has no edge, nothing to make him think the business will be better in a few years. You're guessing on commodity prices, and that's not his game.

First bought in 1998. It had a simple strategy, and was overlooked in the market. Over 26 years, has executed its strategy bigger and bigger -- buy into a new market, buy a business that fits in, build that position. Repeat. Grows at 4% per annum, and a further 15% or so a year because cash generated is not needed to maintain the business.

A turnaround. Building recurring income. Owned since 1988. Great company. Hiccup last couple of years with real estate, rest is going well.

Best bank in Canada. Not dirt cheap, but that's not necessarily what he looks for. Looks for businesses that are building out with smart moves, such as HSBC purchase. Cashflow is one metric he looks at. Will continue to compound earnings. A buy, even though it's run up.

He owns BN, a better place to go, and it owns 75% of BAM. He always likes to stand next to the guys driving the bus. BN has all the benefits of BAM and its subsidiaries, plus huge real estate portfolio which is valued at almost nothing right now.

He always likes to stand next to the guys driving the bus. BN has all the benefits of BAM and its subsidiaries, plus huge real estate portfolio which is valued at almost nothing right now. 

He's invested heavily in private equity, and those businesses have grown ~15% a year, which is reflected in the stocks. No reason for this to slow down, long runway.

He's invested heavily in private equity, and those businesses have grown ~15% a year, which is reflected in the stocks. No reason for this to slow down, long runway. Pick your poison, buy one or all of BN, APO, KKR, or BX. Next 5 years should be a minimum of a double.

He's invested heavily in private equity, and those businesses have grown ~15% a year, which is reflected in the stocks. No reason for this to slow down, long runway. Pick your poison, buy one or all of BN, APO, KKR, or BX. Next 5 years should be a minimum of a double.

He's invested heavily in private equity, and those businesses have grown ~15% a year, which is reflected in the stocks. No reason for this to slow down, long runway. Pick your poison, buy one or all of BN, APO, KKR, or BX. Next 5 years should be a minimum of a double.

We don't know what's going to happen to potash production in Russia or Belarus. Don't know what the weather's going to be next year, or corn or soy prices. He doesn't want to buy something that depends on all those things.

The narrative of "you have to feed the world" is a great story. When he entered the business, there was a big call on Massey Ferguson. Massey went bankrupt. The story just doesn't work as a business.

Dividend's OK, and lower interest rates should give the stock a big bounce. Problem is that everyone who wants a cellphone already has one. No market growth. How can they improve their business? Pricing is high, government pressure to bring it down. Have to keep reinvesting capital to keep up with competitors, who all have the same problem. Yield is 8.5%.

The only interesting play in the space is QBR.B.