When it comes to buy-and-hold, Tom Russo
may be the king. The managing partner at Gardner Russo & Gardner
is the subject of today's Fund Track
column in the Wall Street Journal
Russo manages about $4 billion. He bought into Berkshire Hathaway in 1983 and Nestlé in 1988, his two biggest holdings, and has no plans of unloading them soon.
"My trader may be the loneliest man on Wall Street," he told the WSJ. "We are not Wall Street's closest friend, because we've generated so few commission dollars."
According to the article, in a busy year Russo will pay $1 million in brokerage commissions on his $4 billion portfolio.
Russo's third-largest holding is Philip Morris International, which together with Berkshire Hathaway and Nestlé, makes up about a third of his holdings.
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