D1 Capital Partners Founder and Chief Investment Officer Dan Sundheim tells David Rubenstein that the best investment advice he ever received came indirectly from Warren Buffett when he spoke about buying great companies, even if they are not priced below fair value. Sundheim spoke in an interview for "Bloomberg Wealth with David Rubenstein." This interview was recorded May 27 in New York. -------- Like this video? Subscribe to The David Rubenstein Show on YouTube: / @davidrubenstein
Learn more about David: http://www.davidrubenstein.com/ Connect with us on... Twitter: / business Facebook: / bloombergbusiness Instagram: / bloombergbusiness
So, in your long history as an investor, what's the best investment advice you've ever received?
I think the best investment advice probably came from, indirectly, from Warren Buffett.
And it was when he talked about his evolution as an investor, where he started out buying
cigar butts at 50 cents on the dollar, and then eventually coming to the realization
the best way to create value is to buy great businesses at fair prices, and then let them
do the work for you by compounding value.
That was probably the best advice, because when you start out investing, you start out
with a very quantitative approach, and you're looking for things that are just trading well
below fair value.
I think the idea of identifying and then buying great businesses that may be trading at closer
to what people perceive as a fair value, but over time will compound value, was a change
in mindset that was important.
