Here is another piece on Tom Russo, consumer brands-focused value investor. This is a transcript from the Wide-Moat Investing Summit 2017.
Tom's investment philosophy:
In the extreme, we own businesses like Cartier, Johnnie Walker, Chivas Regal Whisky, and Martell Cognac. There is even an argument that at the very high end of businesses in which we have invested, their products ascend to “Giffen good” status, i.e., the more you charge, the more they are in demand, because the brands stand in part for “the price paid is the value received”.
Be sure to check out his comments on the impact of ecommerce and new consumer brands:
Dardashti: Looking at the bigger picture, it has never been cheaper, better, and faster to build a challenger brand. You have Warby Parker, Away, Harry’s, Dollar Shave Club, Casper. How do you think about threats or opportunities posed by challenger brands?
Russo: It’s exactly as you say. The tendency for moats to fill and narrow is accelerated because of the ease at which challenger brands come about. [...]