Interview with John Hempton

Published on
April 22nd, 2016
Duration
89 minutes

Interview with John Hempton

The Interview ·
Featuring John Hempton

Published on: April 22nd, 2016 • Duration: 89 minutes

John Hempton, Founder & CIO of Bronte Capital, explains the framework he uses to identify potential short-sale targets by looking for what he calls "bone-headed retail mistakes." John gives examples from high-profile cases such as Valeant, Gabriel Resources, Sino-Forest, and Longtop Financial Technologies and demonstrates the extra lengths the determined short-seller must go to with tales of phone calls to local labor unions, detailed comparisons of capital equipment to listed employees on the balance sheet, and the hiring of a Romanian law student to pore through Communist Party archives.

Comments

  • LR
    Lee R. | Contributor
    28 August 2019 @ 07:33
    great interview, very interesting guy but got bogged down on spectrum, added 15 mins too the interview that wasn't needed. Grant should have edited, forced the pace. However, I learned a great deal and would recommend this interview highly
  • JL
    Jim L.
    29 May 2017 @ 22:23
    Watched the Bill Browder interview before this. Juxtapose one of the most impressive guys I've ever come across with this. mmh
  • JL
    Jim L.
    29 May 2017 @ 22:18
    Painfully pompous. I have always especially liked blatantly false modesty!
  • DF
    Dan F.
    2 May 2017 @ 16:06
    He's right about GAAP. It's a moral test.
  • TS
    Thomas S.
    30 May 2016 @ 02:07
    One other little detail on VZ. About 200billion in debt. What happens to the dividend if rates rise? How will they service their debt?
  • PM
    Peter M.
    23 May 2016 @ 22:18
    I am a geologist with 33 years of experience His comments on rosia montania are completely wrong and nieve. politically and socially it is difficult. if he judges all his shorts like this he is a fool
  • KS
    Kashyap S.
    23 May 2016 @ 10:20
    One of the most fascinating and though provoking interviews I have ever had the honour to watch. Thank you, RealVision. Very, very impressive walk-through on the thesis building for VZ.
  • AB
    Andrew B.
    21 May 2016 @ 07:07
    Bronte's A$ denom fund started May 2013 underperformed - up 46% thru April. v unhedged S&P500 up 74.5% (27.5% index + 36.5% currency). Good analysis <>good port. mgt. Enjoyed the analysis though
  • CE
    Colin E.
    19 May 2016 @ 18:14
    It was a long winded interview but he is a money manager not a talking head. Listening to the degree of second level thinking he does was great. Spectrum usage.. A trend to ride...Thanks RVTV!
  • DS
    David S.
    19 May 2016 @ 00:49
    Get a grip lazy people. John is investing other people's money. He is the type of manager that I would want to handle my money.
  • BB
    Bill B.
    13 May 2016 @ 22:58
    I like the technical explanations.
  • SB
    Stewart B.
    4 May 2016 @ 21:09
    One of my favourite RV guests. Thank you for putting on some new and detailed content. I just wish there was more! I like his common sense and checklist approach.
  • CW
    Christine W.
    2 May 2016 @ 23:06
    Too lemgthy and detailed for amount of usable information
  • AE
    Alex E.
    1 May 2016 @ 01:45
    This is why I love RVTV. Learn something new every time! Wonder what John would think of data over electrical. That's new tech coming along which is brilliant. Data hidden inside electric current!
  • JR
    Jon R.
    28 April 2016 @ 18:19
    Interesting to hear how much deeper they dig than the typical sell side analyst. Would love to hear a follow up on Verizon in due time.
  • PJ
    Peter J.
    27 April 2016 @ 19:33
    Wow was this a different interview! I found it absolutely fascinating. It might have been a bit detailed in parts, but it demonstrated the depth of research and effort that makes on Stock selection
  • WB
    Wes B.
    27 April 2016 @ 03:23
    This guy is obviously brilliant. My check list starts with never being on other side of any of his positions.
  • SC
    Sau C.
    26 April 2016 @ 19:45
    Thanks. Educated me on the history of spectrum. Also shows how much research these bears have to do when they're formulating their bear thesis.
  • JD
    John D.
    26 April 2016 @ 07:05
    One of Your Best...Great Stuff...
  • BB
    Brian B.
    25 April 2016 @ 12:47
    Superb. Love his inquisitive mind and the detail he goes into. Be smarter than the boneheads!
  • GB
    Grant B.
    24 April 2016 @ 23:04
    Checklists? Read The Checklist Manifesto by Atul Gawande 2009. Helps if people read books as well.
  • FS
    Fred S.
    24 April 2016 @ 16:04
    I suspect the naysayers in these comments are the ones too lazy to do their homework. This is another home run for RV! Thanks!!
  • RD
    Ryan D.
    24 April 2016 @ 13:34
    Loved the interview. RV is killing it lately. Mungerisms are a great operating system for the modern BS Economy. Would have loved to hear a little about Alibaba. http://brontecapital.blogspot.com/2015
  • JH
    John H.
    24 April 2016 @ 04:15
    Slowing down and walking you through HOW to think rather than WHAT to think. Priceless.
  • RA
    Robert A.
    24 April 2016 @ 03:45
    Top 5% of RV, and I have watched every one. Invert, Invert, talk to the Unions and know your bandwidth. So....essentially Seth and John just bought into a great story and got lax on their homework.
  • TJ
    Terry J.
    23 April 2016 @ 18:47
    An invaluable education in how a successful short seller thinks. Loved the checklist discipline. Brilliant!
  • HB
    Heini B.
    23 April 2016 @ 18:36
    Loved it, successful short sellers are heroes. I would listen to Hempton for hours to get inside his brain. Can we get Charlie Munger? Is it possible RVTV Can get even better?
  • rs
    richard s.
    23 April 2016 @ 16:13
    Without a doubt the best interview I have listened to so far on RealvisionTV! Hempton covers short selling, long buying and some of the thoughtful analytics he goes thorough for his investments.
  • FV
    Fredrik V.
    23 April 2016 @ 12:34
    Totally agree with the limitation of the human brain and overlooking obvious pitfalls. Myself use: http://www.amazon.com/The-Checklist-Manifesto-Things-Right/dp/0312430000
  • TS
    Tim S.
    23 April 2016 @ 08:14
    A bit laborious at times. But some useful nuggets of information. Clearly a smart guy with a solid process.
  • CC
    Christopher C.
    23 April 2016 @ 04:03
    Perhaps one would do well to visit the thoughts of Charlie Munger before disparaging them. https://www.youtube.com/watch?v=K6RS_PqudxU
  • CM
    C M.
    23 April 2016 @ 02:07
    I'm 64 hours into his VZ thesis and his technology lecture is boring me to tears. Tell me the thesis in three points and in under 3 min. On the bright side, he is no longer quoting Charlie Munger...
  • SP
    Steve P.
    23 April 2016 @ 01:53
    A superb lesson in contra thought re investing. Find the flaws and evaluate from the negative side. What a wake up !!
  • S
    Sean .
    23 April 2016 @ 01:11
    John is a great value investor with a brilliant research ethos
  • BM
    Bill M.
    23 April 2016 @ 00:49
    Even if it had been five hours long, I would still have listened to it all because knowing his process is very valuable to me! Thanks a million!
  • ss
    sid s.
    22 April 2016 @ 21:03
    follow your check list . they save lives and money.
  • PV
    Peter V.
    22 April 2016 @ 20:53
    Worth listening to every minute. A great interview. Thanks Grant!
  • KC
    Ken C.
    22 April 2016 @ 19:57
    VZ is the new MO. Plus its more addicting then nicotine. Everyday there is a new kid (new junkie) getting a cell phone while and older person pass on.
  • DR
    De R.
    22 April 2016 @ 19:35
    Oneplus One
  • SS
    Sam S.
    22 April 2016 @ 19:15
    Smooth concise a little bit long with some details. Bandwidth in Super Bowl 2015 in Arizona was partly a huge security monitoring system--too. I loved this interview! Thx!
  • GB
    Grant B.
    22 April 2016 @ 18:54
    Tx for a nice history lesson. This is too long & boring to complete. Are there any fwd looking things to contribute? This is brutal. Hope someone can post a bullet summary of anything fwd looking.
  • CC
    Christopher C.
    22 April 2016 @ 18:54
    Abstract to find the value. Rigorous logic times the convexity of deep technical info raised by the power of investment convexity yields both the possibility of gargantuan returns and fragility.
  • GH
    Gary H.
    22 April 2016 @ 18:43
    Pretty painful for the most part. 1g vs 3g vs 5 g blah blah blah.
  • KC
    Klendathu C.
    22 April 2016 @ 18:20
    Still trying to watch with massive lag issues :(
  • IF
    Ian F.
    22 April 2016 @ 17:47
    Shit I need to get some work done today but I can't turn this video off! 90 minutes... goodbye afternoon. Love to hear anyone profiting off of douchebag Ackman.