Notes from Tom Russo's Presentation at the Value Investing Congress

Notes from Market Folly (notes from other presentations are on the site as well). In Omaha, Bruce Greenwald sat on a panel at Creighton University and also recommended Nestlé, saying that he thought it was the safest stock to own for the next 20 years.

• SAB Miller, Pernot Ricard, Nestle, Berkshire: Total 4 above 28% of his portfolio. (total 70% international)

 • High agency cost risk in public markets

• Used to speak of Weetabix (cereal company with family control) compound of 21%. Was worth £150MM then sold to Hicks use for £600 pounds

• Nestle saying Chinese companies are becoming players on the international front.  Sure enough – food firm from China just bought this cereal company for £2,000MM

• Europe is where they are looking now

• Culture of Nestle has culture of centuries old Japanese temple – take the time to do it right: Nestle has 35 year planning horizon.

• Buying brands around the world that are strong and stable – Russo investing in companies’ which are investing across the emerging globe building brands and product lines.