A reader kindly sent this–a Thomas Russo lecture on video. Mr. Russo focuses on stable franchise businesses like tobacco, food and beverage companies. When I think of him, I hear his quote: “If you want to beat the market, own the S&P without the airlines.”
He is simply trying to buy better-than-average businesses, but I don’t know how focused Mr. Russo is on the price paid.
A video of 94 minutes: