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SECRETS OF AN 18,000-BAGGER 109<br />
in the US stocks unless they got hammered. So the T. F. Ryan Portfolio began<br />
as an international portfolio out of the gate. Holdings would include<br />
Sweden’s AB Kinnevik, France’s Bolloré Group, Canada’s Dundee Corp.<br />
and Hong Kong’s First Pacific Co.<br />
Todd loves the frontier markets. But he’s not ready to have a holding<br />
company that’s based in, say, Kazakhstan, even though he may believe<br />
in its market. Instead, he’d prefer to own holding companies based in<br />
developed markets that have businesses in those frontier and emerging<br />
markets. This way, at least at the holding-company level, he still gets the<br />
benefit of a mature capital market with easily accessible financials, disclosures,<br />
and so on.<br />
Todd’s investment philosophy is consistent with many of the themes in<br />
this book. For example, Todd looks to buy holding companies at a discount<br />
to the sum of their parts’ value. He also looks for high insider ownership<br />
and an owner-operator structure. He prefers fortress balance sheets and<br />
low debt levels. These are just a few of the many traits Todd looks for.<br />
As Berkshire Hathaway proves, a holding company structure can<br />
reach 100x—and then some.
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