Larry Robbins, CEO of Glenview Capital, begins his latest investor update by explaining over the past 22 years, the $2.3 billion long/short fund has had the most success “where we have the greatest combination of simplicity and clarity.”
These “greatest successes” include the fund’s decision to buy cell phone towers in 2001/2002 because the market for cell phones “will grow for decades.” And buying Fisher Scientific in 2003 because “there will perpetually be growing spending on life science research,” and suppliers that service these markets will benefit substantially from this growth.
As Robbins goes on to note, the market is dominated by “futurists,” short-term traders, hedge funds, and venture capitalists. Still, Glenview maintains that buying good or great businesses at great or...
