In short: One of his two larger-cap picks: the Swiss cement major, "really compelling." In transformation (refurbishing/energy-improving old buildings), high barriers to entry, modest valuation, very acquisitive with great deals. Just spun off its (roughly equal-size) US business.
Holcim is one of the world's largest cement and building-materials companies, based in Switzerland (HCMLY is its U.S.-traded ADR — a way to own a foreign stock through a normal U.S. brokerage). Robotti calls it "really compelling": it's shifting toward higher-value work like refurbishing and energy-upgrading old buildings, it's hard for new rivals to enter, the valuation is modest, and management has been a smart acquirer.
It just spun off its U.S. business (see Amrize) into a separate company, which he views as a plus — letting each half be run with the right mindset rather than a one-size-fits-all European one.
51:43I don't know what midcap is, because midcap you, — Yeah, maybe let's say 50 and up or something. 25 and up. You figure out. — The two biggest cap companies that I see I think are interesting, one of them is just recently and it got smaller, and that is Holcim the cement company, the Swiss-based cement company spun off the US business, they're probably about equal size, and so I think that business is really compelling and the opportunity for it is great because it's in a transformation as they're
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