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Shownotes
John Huber is the portfolio manager of Saber Capital Management, which he founded in 2013 after a journalism degree and about eight years buying foreclosed real estate from banks around the financial crisis. He runs Saber as a family partnership modeled on Buffett’s partnership of the 1950s.
This discussion took place live on October 23rd, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - microcapclub.com/#join
In this episode, John explains why he moved away from never selling great businesses. He uses Copart to show how a stock at 40 to 50 times earnings can fall 50% on a small hiccup. He also covers how he splits his portfolio between long-term compounders and a basket of Ben Graham-style bargains, how Pitney Bowes moved from one bucket to the other, and how he sizes positions so no single mistake can do serious damage. The conversation opens with his essay on the Tampa Bay Rays and what happens when everyone optimizes for the same metric.
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Chapters
Intro
What the Tampa Bay Rays teach investors
Home runs vs base hits
When to sell a great business
Lessons from a self-taught investor dad
Why journalism makes better investors
Buying houses at 50 cents on the dollar
Why he walked away from real estate
Compounders vs bargains
When a turnaround becomes a compounder
Why he keeps an investment journal
Margins vs return on capital
Should you look for value overseas?
Inside his Ben Graham basket
How he sizes his biggest positions
Concentrated, but never fragile
Greenblatt, Schloss and many ways to win
How to stay in the game for decades
Why there’s no high-risk version of Saber
Do the work on your desk
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