Episodit
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In this episode of AUM, host Ryan Henderson sits down with Todd Ahlsten, Chief Investment Officer of Parnassus Investments. Todd shares his journey from a 22-year-old intern to leading a firm managing $46 billion in assets, reflecting on key experiences that shaped his investment philosophy.
The conversation delves into the dynamics of the semiconductor industry, the importance of wide business moats and durable competitive advantages, and the evolving relevance of companies like John Deere and Waste Management.
Todd also offers insights into the impact of AI on various sectors and highlights the critical traits for successful long-term investing.
02:13 Todd's Early Interest in Investing
04:35 Joining Parnassus Investments
05:38 Skills and Evolution in Investing
08:32 Navigating Market Noise
12:40 The Parnassus Investment Process
16:42 Idea Generation and Stock Selection
20:34 Traits of Innovative Companies
27:13 Management Traits and Avoiding Complacency
29:17 Deep Dive: John Deere
29:25 Agriculture Industry Overview
29:53 Deere's Cyclical Recovery and Secular Rerate
31:46 Technological Advancements in Agriculture
33:14 Investment Strategies During Economic Cycles
36:45 Waste Management's Competitive Edge
39:46 AI and Semiconductor Investment Trends
48:20 Evolution of Investment Strategies
53:18 Advice for Aspiring Investors
Learn more about Parnassus Investments: https://www.parnassus.com/
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In this podcast, we interview Shreekkanth Viswanathan, founder and portfolio manager of SVN Capital.
Shree shares his investment journey, from studying in India and moving to the US, to founding SVN Capital in 2018 after extensive experience in portfolio management at various firms.
Shree discusses the importance of making independent investment decisions instead of relying on borrowed conviction and the conversation highlights his investment philosophy, including thoughts on a concentrated portfolio strategy, long-term investment outlook, and focus on quality businesses with strong management.
The episode also delves into specific investments like Dino Polska and Kinsale Capital, offering insights into what makes a business worth investing in.
02:28 The Journey to Founding SVN Capital
07:23 Portfolio Strategy and Concentration
13:43 Investment Philosophy: Fully Invested Approach
18:39 The Importance of Independent Decision Making
24:30 Evaluating Potential Investments
27:12 Defining a Good Business
35:43 Understanding the Outsider's Perspective in Public Investments
37:30 Case Study: Hermes - A Legacy of Culture and Success
40:35 Valuation Work: Balancing History and Future Predictions
44:49 Company Spotlight: Dino Polska - A Unique Grocery Chain
54:09 Company Spotlight: Kinsale - A Unique Player in Insurance
01:05:18 Insights from Successful Investors
To see more of Shree's work, check out: https://www.svncapital.com/
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In this episode of AUM, we are joined by Jeremy Deal, the founder and portfolio manager of JDP Capital Management.
Jeremy shares insights from his non-traditional background in asset management and elaborates on his investment philosophy, which focuses on identifying companies with significant unrecognized earnings potential.
Jeremy discusses the importance of understanding a company's competitive advantage and maintaining a long-term investment perspective. Jeremy also recounts his successful investment in Spotify, detailing his initial thesis and the journey through its ups and downs.
Lastly, Jeremy emphasizes the value of letting winners run and learning from past mistakes to achieve exceptional investment outcomes.
01:30 Meet Jeremy Deal: Founder of JDP Capital Management
02:50 Early Career and Founding JDP Capital
05:49 Investment Philosophy and Strategy
08:33 Understanding Market Inefficiencies
12:15 The Importance of Competitive Advantage
18:19 Consumer Relationships as a Margin of Safety
22:41 Research Process and Discovering New Businesses
32:23 Building a Position: Patience and Strategy
33:28 Managing Portfolio Valuation and Drawdowns
38:55 Identifying Exciting Business Opportunities
44:18 The Spotify Investment Thesis
52:38 Learning from Investment Mistakes
59:06 Advice for Aspiring Investors
To see more of Jeremy's work check out: https://jdpcap.com/
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In this episode of AUM, we are joined by Jan Van Eck, CEO of VanEck.
VanEck has been a pioneer in asset management and ETF industry since 1991. Jan delves into the intricate dynamics of recessions, inflation, and government spending. They explore VanEck's investment strategy, focusing on macro trends such as technological advancements, political shifts, and economic policies.
The discussion covers VanEck's early adoption of Bitcoin and ETFs, emerging markets like India and Vietnam, the future of blockchain technologies, and their unique approach to portfolio building.
01:26 Meet Jan Van Eck: CEO of Van Eck
01:57 Jan's Formative Years and Career Path
05:45 VanEck's Investment Philosophy and Macro Trends
07:43 Exploring India's Economic Growth
11:05 VanEck's Approach to ETFs and Emerging Markets
17:00 Bitcoin and the Future of Digital Assets
26:06 The U.S. Fiscal Reckoning
32:57 Technological and Geopolitical Themes
38:03 VanEck's Unique Portfolio Building Approach
39:35 Advice for Aspiring Investors
See more about VanEck here: https://www.vaneck.com/us/en/
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In this episode of AUM, we are joined by Bob Robotti, President and Chief Investment Officer of Robotti & Co.
Bob delves into his career in value investing that spans over five decades. Bob shares insights on the cyclical nature of finance versus the cumulative nature of science and engineering. He recounts his early auditing experiences with Tweedy Brown and Gabelli, highlighting how they shaped his investment approach.
The discussion covers the importance of timing, identifying value investments in cyclical industries, and the competitive advantages of energy-intensive businesses in North America. Bob also talks about his investment process, the significance of board involvement, and advice for new investors entering the industry.
01:49 Bob's Early Career and First Exposure to Investing
04:24 The Rise of Value Investing
07:31 Learning from Industry Giants
10:46 Investment Process at Robotti Company
16:40 Challenges and Opportunities in Value Investing
20:15 Case Study: Builders FirstSource and Industry Consolidation
23:19 The Impact of Market Cycles on Business Consolidation
24:04 Mistakes Management Teams Make in Cyclical Industries
24:49 Case Study: Atwood Oceanics and Counter-Cyclical Investment
26:36 Strategies for Success at the Bottom of the Cycle
27:39 Understanding Grassroots Macroeconomics
28:42 Navigating Information Overload in Investing
32:21 The Future of Stock Picking vs. Index Investing
36:05 Energy Intensive Businesses in North America
38:05 The Impact of Tariffs on Industrial Companies
39:58 The Role and Value of Board Membership
41:50 Advice for Aspiring Investors
To see more about Robotti & Co check out https://advisors.robotti.com/
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On this episode of AUM, we are joined by Tobias Carlisle, the Founder and Managing Director of Acquirers Funds. The discussion delves deep into Tobias' journey from corporate law in Australia to becoming a prominent figure in value investing.
Tobias explains his investment strategy, including the development of the Acquirer's Multiple, and explores concepts such as mean reversion, value traps, and the challenges faced by management teams of undervalued companies.
The conversation also touches on the historical performance of growth vs. value stocks and the potential catalysts for a shift in market trends.
01:44 Tobias Carlisle's Career Journey
08:57 The Acquirer's Multiple Explained
14:42 Mean Reversion in Deep Value Investing
17:49 Identifying and Avoiding Value Traps
21:01 Management Missteps in Undervalued Companies
26:23 Tobias'a Investment Process
29:34 Economic Sensitivity of Small Companies
32:04 Valuation and Market Sentiment
37:24 Concentration vs. Diversification in Portfolios
43:08 Historical Performance of Growth vs. Value
47:36 The Magnificent Seven and Market Trends
54:21 Advice for Aspiring Investors
If you enjoyed this interview with Tobias, you can find more of his work at https://acquirersfunds.com/
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On this episode of AUM, we are joined by Bill Nygren, a renowned portfolio manager at Harris | Oakmark.
Bill details Harris | Oakmark's rigorous investment process, including the pivotal Tuesday meetings, devil's advocate reviews, and the importance of intellectual tension.
Bill also dives into some notable investments including General Motors and Delta Air Lines, the significance of management alignment, and the lessons learned from major investment mistakes like under-investing in Apple.
Timestamps:
00:00 Introduction to the Show and Guest
01:31 Bill Nygren's Early Passion for Investing
03:58 College and Early Career Experiences
07:56 Joining Harris Associates
16:26 The Harris | Oakmark Investment Process
18:58 Tuesday Meetings and Analyst Expectations
28:23 Mistake Management Protocol
32:18 Intellectual Honesty at Harris | Oakmark
33:07 The Organized Chaos of Harris | Oakmark
34:18 The Intensity of Portfolio Discussions
35:39 Macro View and Portfolio Decisions
38:13 Industries and Investment Criteria
41:21 Case Studies: Delta and General Motors
48:40 Understanding Management Teams
54:42 Biggest Investing Mistakes and Lessons Learned
58:18 Advice for Aspiring Investors
Find out more about the funds Bill manages here: oakmark.com
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On the inaugural episode of AUM, we are joined by John Rotonti, the Portfolio Manager of the Industrial and Infrastructure strategy at Islamorada Investment Management.
John shares his experience from his early days at The Motley Fool and how personal circumstances led him into the world of finance. He discusses his investment process, role models, and the importance of thorough research and quality management in stock selection.
John also talks about the sectors he's focused on, key investment lessons, and the types of businesses he avoids. He highlights two of his high-quality holdings, Amphenol and Trane Technologies, discussing their valuation and growth potential.
00:00 Introduction and Guest Welcome
01:45 John Rotonti's Investment Journey
03:26 Influential Investing Role Models
10:37 Launching the Industrial and Infrastructure Portfolio
12:34 Research and Investment Process
18:14 Idea Generation and Screening
22:31 Long-Term Investment Trends
30:54 The BlackBerry Investment Lesson
32:55 Surprising Upside Investments
40:43 Valuation Insights and Strategies
44:40 High-Quality Businesses at High Multiples
54:26 Advice for Aspiring Investors
57:17 Conclusion and Final Thoughts
Find more of John's work here: https://lastbastion.com/author/jro/
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Welcome to AUM, the podcast that takes you behind the scenes with the world's premier asset managers. Each episode dives deep into the processes, strategies, methods, and hard-won lessons from investing masters who have achieved exceptional results in today's complex and adaptive markets.
AUM is proudly produced by FinChat, an AI-powered equity research platform delivering complete financial data on global stocks. Many of our distinguished guests are active FinChat users. If you're looking to elevate your team's research capabilities, we invite you to explore what FinChat has to offer.
Join us as we uncover the insights and approaches that drive outstanding investment performance in modern markets.
