Charles T. Akre

Charles T. Akre

Charles T. "Chuck" Akre is an American investor, financier and businessman. He serves on the board of directors of Enstar Group, Ltd., a Bermuda run-off reinsurance company, and he is the founder, chairman, and chief investment officer of Akre Capital Management. Akre Capital Management is based in Middleburg, Virginia.

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Akre looks for Compounding Machines.

Contents

Early Life & Education

Akre grew up in Washington D.C. and graduated from American University with a BA in English Literature. After deciding against going to medical school, Akre started in the securities business in 1968.

Career

Akre held positions as shareholder, Director, and CEO of Asset Management Division and Director of Research at Johnston, Lemon & Co. (a NYSE member firm). Akre established his own firm, Akre Capital Management, in 1989 and for a time operated it as part of Friedman, Billings, Ramsey & Co., ending in 1999. In 2000, ACM again became independent, and established its current location in Middleburg, Virginia in early 2002, while continuing to run the FBR Focus Fund, a small- and mid-cap value mutual fund. The FBR Focus, while managed by Akre, performed in the top 1% of small/mid-cap growth funds in 2002, 2004, and 2006, as well as the 2nd percentile in 2001 and the 6th percentile in 2008. After breaking from FBR, Akre started the Akre Focus Fund in 2009.

The Three-Legged Stool & Compounding Machines

Akre focuses on investing in businesses that possess four characteristics:

1. Good managers with demonstrated track records

2. Significant and durable competitive advantages

3. Long-term growth/reinvestment opportunities

4. Attractive purchase prices relative to the cash flows generated by the company

Heavily influenced by Thomas Williams Phelps book "100 to 1 in The Stock Market" and Warren Buffett's letters to Berkshire Hathaway shareholders, Akre coined the term "compounding machines" to describe businesses that are capable of compounding the shareholders' capital at high rates for long periods of time with little risk of permanent loss (not temporary quotational loss) of capital. Akre is said to have invested in Berkshire Hathaway in 1977. Deeply influenced by Buffett's ideas on investing, Akre keeps a framed letter sent to him from Warren Buffett on his office wall.

Akre Capital Management is a long-term, concentrated value investment firm. Akre's style of investing where he and his team of analysts do intense research on the companies in which Akre invests. He is also known for his contrarian investments, most notably his investments in the cell phone tower space during 2001-2003.

Notable Investments

Akre has made significant long-term investments in a number of public companies, including American Tower, Bandag, International Speedway, O'Reilly Automotive, Ross Stores, Dollar Tree, MasterCard, Markel Corporation, Aeropostale and Penn National Gaming. In these investments, he has tended to focus on the long-term compounding results rather than short-term gyrations in stock price.

References


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