US Equities: Overvalued and Over-Allocated? With C.T. Fitzpatrick, Founder and CEO of Vulcan Value Partners

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In this conversation, Vulcan’s C.T. Fitzpatrick explains the skills he acquired during 17 years at South Eastern Asset Management before founding Vulcan Value Partners in 2007. Today the firm manages approximately $20 billion, with a team of 64, all based in Birmingham, Alabama.

He explains his approach to identifying and defining “high quality businesses”, the margin of safety he seeks, the goal of avoiding permanent capital loss and the investment similarities and differences with Warren Buffett.

He talks about constructing a portfolio of between 20-40 companies and the moat he requires in his investment companies. He discusses his aversion to the wrong types of corporate debt, why he avoids macro judgements, the importance of temperament and discipline in investing, and why he is optimistic about the investment opportunities in his universe.