Secrets to Tom Russo’s Decades-Long Success Part 4: The Lessons

Tom Russo of Semper Vic Partners is one of the most successful value investors of all time. According to his full-year letter for 2023, the fund has cumulatively returned 3,444.8% since July 16, 1990, resulting in a compound annual growth rate of 11.3%.

For comparison, the Dow Jones Industrial Average has cumulatively returned 2,688.8% for a compound annual return of 10.5%, while the S&P 500 has returned 2,459.9% for a compound annual return of 10.2%. The MSCI All Country World Index has gained 1,121% for a compound annual return of 7.8%.

With Russo's tremendous success over the decades, much can be gleaned from his writings.

This piece is part four of a very in-depth walkthrough of some of Tom Russo's letters over the...