Finally a deep dive on Foley!
"managers like Foley tend to give investors cognitive dissonance: some investors choose to ignore the bad altogether, joining the fanboy club. Some get so dogmatic about the bad that they can’t see any of the good"
"Foley’s ultimate quality is that he is a true and tested moneymaker. But caveat emptor, he always makes sure to extract his chunk of change for doing so."
He bought his first stock when he was 16 and turned $2,000 into $40,000 (about $340,000 in today’s money).... He ended up round-tripping, losing every dollar he had made. This had a profound impact on him. Foley became a big fan of boring companies."
"Investing is a challenge of optimizing breadth (how many rocks you turn over) and depth (how well you understand them). Executing well in both areas is what makes for a hall-of-fame investor."
"Foley has unusually accurate and quick judgment when it comes to understanding and handicapping deals. He’s had a very high hit-rate across many deals in many different industries."
"If you had invested a dollar in FNF’s IPO and done nothing since then, you’d have ~$350 today. Your primary holdings would be FNF (~50% of the total), Fidelity National Information Systems (~20%), Black Knight (~20%), and Cannae (~7%)."
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