Invest Like the Best with Patrick O'Shaughnessy
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602 afleveringen, van nieuw naar oud
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Pat Dorsey - Buying Companies With Economic Moats - [Invest Like the Best, EP.51]
22 augustus 2017 · 53 min
My guest this week is Pat Dorsey, who was the longtime director of equity research at Morningstar, where he specialized in economic moats: sources of sustained competitive advantage that allow a few companies to deliver huge returns over time. Several years ago he left Morningstar to form his own asset management firm, Dorsey asset management, and build a portfolio of companies with wide moats like those he studied at Morningstar. And while moats are critical, equally important is how companies allocate the capital generated--or made possible--by the existence of the moat.
A special thank you to Brian Bares who introduced me to Pat, and to Will Thorndike--an earlier guest on the show. In the vast majority of conversations you hear on this show, I'm meeting the guest for the first time. I mention this to encourage you to connect me with anyone whose story or way of looking at the world might resonate. Always feel free to contact me with ideas.
Pat and I begin our discussion with the key differences between the sell side and the buy side, and then discuss all aspects of moats and capital allocation. Lees meerFor comprehensive show notes on this episode go to http://investorfieldguide.com/dorsey
For more episodes go to InvestorFieldGuide.com/podcast.
To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshagShow Notes
2:23 – (First question) – Transition from the sell side to the buy side and the biggest surprise
3:40 – What is a moat
5:16 – What part of the stock market universe has a moat
6:57 – Pat’s framework for identifying moat, starting with intangibles
8:32 – The power of brands
9:44 – what chance does an upstart have to come in and usurp a well-established brand
12:24 – Switching costs as part of the framework for identifying a moat
14:55 – The third component… -
Jason Zweig and Morgan Housel - Business vs. Investing - [Invest Like the Best, EP.50]
15 augustus 2017 · 1 uur 17 min
My guests this week are both veterans of the podcast, Jason Zweig and Morgan Housel. They are two of the best in the world at making the complicated simple, and in that spirit, I’ll keep this introduction short. Morgan shifted from public markets to the private markets a year ago when he joined the Collaborative Fund, so we begin with what he has learned about venture capital in his first year on the job. Lees meer
For comprehensive show notes on this episode go to http://investorfieldguide.com/writers
For more episodes go to InvestorFieldGuide.com/podcast.
To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshagBooks Referenced
The Devil's Financial Dictionary
Modern Monopolies: What It Takes to Dominate the 21st Century Economy
Thinking, Fast and Slow
Shoe Dog: A Memoir by the Creator of Nike
Life and FateOnline References
A Rediscovered Masterpiece by Benjamin Graham
Rishi Ganti podcast
Small Companies Are Gone, But Should they Be Forgotten (Zweig Column)Show Notes
1:43 – (First question) – Morgan on why he got disenchanted with the investment industry and shifted to venture capital
4:05 – Jason’s thoughts about investing in the private markets
5:19 - A Rediscovered Masterpiece by Benjamin Graham
7:57 – Morgan’s thoughts on how private market investments differ from public market investments
10:24 – Exploring valuations of businesses and what they say about broader trends in the market
13:21 – How much does Jason think about individual companies when exploring the overall market trends
18:41 – The Devil's Financial Dictionary
19:28 –What does it take to be a successful founder
23:40 – How does Jason look at activities that are work related vs just for pleasure
25:33 – If Jason had to start a business, what would he do
27:22 – What business would Morgan start… -
Brad Stulberg - Just Manageable Challenges - [Invest Like the Best, EP.49]
8 augustus 2017 · 1 uur 4 min
This week's conversation is about performance. More specifically, it is about the ins and outs of steady progress and growth. My guest is Brad Stulberg who coauthored the book Peak Performance, which combines research from many fields into a description of how athletes, creatives and others continue to push boundaries in their respective crafts.
As someone who is intermittently lazy, the growth equation framework that Brad and I explore has impacted me often since I first read the book several months ago. I hope you enjoy this conversation, which isn't about investing, but which is, at its heart, still about the power of compounding. Lees meerBooks Referenced
Outliers: The Story of Success
Peak: Secrets from the New Science of ExpertiseOnline References
Jool HealthShow Notes
1:32 – (First question) – How Vick Stretcher influenced the book, Peak Performance
4:32 – Looking at some of the preliminary research at the science of purpose
7:58 – The idea of a growth equation and the components that can lead to success
11:47 – How the introduction of stress can help in all sorts of creative and entrepreneurial pursuits.
13:39 – The ratio between physical and mental as an impact on this formula
14:56 – Just manageable challenges and the role that they play in the growth equation
18:06 – The idea of just manageable challenges through the example of an athlete
22:19 – Favorite example of a crazy feat of physical performance, stress on older athletes operating at high levels
23:30 – Thoughts about outside influences like mentors/coaches and how they help high performance individuals advance
25:51 – Describe catabolic and anabolic states and why anabolic is so important
29:13 – How the relationship of catabolic and anabolic states also helps the mind
30:47 – How does the idea of practice play into the growth equation
32:49 – Exploring the nuances of practice and why you don’t go all out
32:56 – Outliers: The Story of Success
33:00 - Peak: Secrets from the New Science of Expertise
3… -
Leigh Drogen - Sink or Swim--How to Combine Quant and Traditional Asset Management Techniques - Invest Like the Best, EP.48]
1 augustus 2017 · 1 uur 8 min
Several weeks ago my conversation with Leigh Drogen on quant investing proved timely and popular--because everyone in asset management is facing the rise of big data, and the use of data science in investing strategies. Because of the rise of quants, many are asking themselves how to survive and thrive in a changing industry. In short, how can traditional managers compete with quants?
This second conversation with Leigh was set up to answer many of the questions posed in the first one. If quants are taking over, what should other investors do about it?
Leigh proposes a method by which old school asset managers can restructure their thinking and their process to compete with and even beat purely quantitative competitors. The method involves pulling the best from both worlds and combining them into a hybrid structure. But it will be impossible without a wholesale change in mindset, which is where we begin. Please enjoy round two with Leigh Drogen. Lees meerLinks Referenced
Revenge of the Humans Part II: A New Blueprint For Discretionary ManagementShow Notes
2:14 – (First question) – What role will ego and mindset play for traditional hedge funds looking to transition into quantitative investing strategies
4:21 – Describes the traditional process that hedge funds use to make investment decisions and how the internal politics can hamper it
6:08 – What value has portfolio managers played at hedge funds traditionally as the quarterback of a fund
9:57 – A look at what Leigh has seen as he sits with teams
12:20 – A look at places that have tried to simply add quant to their firm’s strategies without “tearing it down to the studs” and properly integrating them into the process
15:00 – Leigh is asked to define the basics of a good investment firm’s strategies
16:57 – Strategies for writing down core beliefs, whether it’s for yourself or your firm
17:49 – Exploring the second step, finding a differentiating view and how to succeed with it.
21:43 – The importance of force ranking an… -
Wes Gray - Compound Your Face Off - [Invest Like the Best, EP.47]
25 juli 2017 · 1 uur 25 min
My guest this week is a version of me—a funnier, cooler version who has a PhD and served as an active duty marine. Lots of you will already be familiar with Wes Gray, and those of you who are not are in for a treat. Wes is the founder of Alpha Architect, a firm which manages quantitative equity strategies for clients using factors like value and momentum. He also advocates for a more concentrated, pure approach to factor investing, which listeners know is music to my ears.
While we share a lot of the same views on markets and investing, you will still find this refreshing. The conversation was easy to structure--I just took all the questions clients and prospective investors always ask of me and my firm, and turned them on Wes. These range from very specific questions on quant investing to big existential ones. I listened to this on a long drive home and laughed out loud in the car at least 5 times. You are going to love it all.
I close this introduction by offering you an opportunity which is not for the faint of heart. On September 16th, I will be joining Wes and his crew on a 28-mile trek called “March for the Fallen” which is a small but important way of honoring those who have given their lives in service of our country. Wes and I invite you to join as well. If you are interested, check out the post on Wes’s site with all the details. I will link to it in the shownotes at investorfieldguide.com/wes. If you are still interested, then email me with the subject heading “March for the Fallen.” I told you Wes is a much cooler version of me, and true to form he will be doing the hike with a 40-pound rucksack. I will be doing the version without a rucksack. Either way, it will be a day of comradery and remembrance that we won’t soon forget. Join us. Lees meerBooks Referenced
The Devil Dogs at Belleau Wood: U.S. Marines in World War I
Thinking, Fast and SlowOnline References
The Limits of ArbitrageShow Notes
3:07 – (First question) – Exploring the mindset that is ingraine… -
Rishi Ganti - Esoteric Assets - [Invest Like the Best, EP.46]
18 juli 2017 · 1 uur 21 min
My guest this week is Rishi Ganti, who invests in what he calls esoteric assets. I'm not sure what to do other than laugh in amazement at his professional credentials -- PhD in economics, CFA, CPA, lawyer, speaks six languages, and so on. The best part is he isn't lording those over anyone and in fact casts some shade on the whole idea of credentials in our conversation. He just did it all because he's a learning fiend.
Rishi's core idea about markets is this: avoid markets at all costs. As he explains off the bat, the minute there are multiple buyers for anything, prices get efficient very quickly and there opportunity to find alpha shrinks. Instead he searches for what esoteric assets: things without a market, orphaned assets that require high human capital and human touch. We explore several interesting examples, from charter school financing to
A stark realization I had during he episode is how big the worlds asset base is. Almost all of our attention goes to the most highly refined ones: stocks and bonds. But there is a whole other world out there.
The closing sections, on what Rishi would do if not investing, and his answer for the kindest thing anyone has done for him were among the best answers I've heard. Lees meerShow Notes
3:30 – (First question) – Rishi’s broad take on markets and whether or not he really likes them
5:30 – Defining esoteric markets
8:31 – Looking at the mountain of assets that are most impacted or made most efficient by markets and how Rishi describes each level of that pyramid
12:28 – Looking at an esoteric asset at the early part of Rishi’s career
16:23 – Why is there little competition in these types of investment opportunities
23:06 – How they created a market and turned an esoteric asset into a return opportunity, starting with the charter school funding example
31:54 – Looking at how this is done internationally
38:55 – What they consider a platform
41:08 – How they are able to provide their service and skirt the government, legally
44:18… -
Jerry Neumann - The Deployment Age, Power Laws, and Venture Capital - [Invest Like the Best, EP.45]
11 juli 2017 · 1 uur 31 min
I am drawn to a group of investors that I call practitioner philosophers. These are people who have gotten their hands dirty in their respective fields, but despite being doers, they still often sit back and ponder the big questions in business and life.
My guest this week is one such practitioner philosopher, NYC based venture capitalist Jerry Neumann. I came across Jerry's essays a year ago, and he is on a very short list of writers whose work I read without fail and almost always more than once.
You can think about this conversation on business, investing, and venture capital as a big funnel. We start very broad, discussing where we may be in a large 70-year economic cycle. We then break down the so-called power law which seems to govern venture capital returns and business outcomes. Then we get even more specific, discussing Jerry's process for evaluating early stage companies, and the particulars of what might make a good venture capitalist. I say "might" because as Jerry explains often, nothing is certain, and luck may always play a huge role.
I just loved this conversation. It is the type that without the podcast as an excuse would be a very odd and intense one if I were just meeting someone for the first time. You'll find no small talk or even medium talk here. This is a meaty discussion with one of the smartest and most straightforward people I've come across. Lees meerBooks Referenced
Carlotta’s Perez - Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages
Thomas Hughes – Networks of Power: Electrification in the Western Society, 1880 – 1930
Frank Knight – Risk, Uncertainty, and Profit
Jeffrey West - Scale: The Universal Laws of Growth, Innovation, Sustainability, and the Pace of Life in Organisms, Cities, Economies, and CompaniesLinks Referenced
Deployment Age
Oswald Spangler
About Men; Corporate Man
Howard Mark’s 2x2 matrix of superior investment results
Michael E. Porter - How Competitive Forces Shape Strategy
DJ Teece: Pro… -
Top Ten Lessons After Almost a Year - [Invest Like the Best, EP.44]
5 juli 2017 · 22 min
A future guest just told me, every band has a song about being in a band, so today I give you my version. I won’t do this often, and only do it this week in case listenership drops due to the holiday—I didn’t want any guest to have a smaller than normal audience. I have now been doing this for almost one year, and have learned a tremendous amount. Since the whole idea behind the show is to learn in public, I am going to share a few of the lessons I’ve learned with you today. I’ll shape it as a top ten list, which ends with a fun story about my recent dinner with Warren Buffett. You’ll notice that many of these are just good business and life lessons applied to something specific: a podcast. I hope you can pull the essence of one or more of these and change how you do things, especially if you create any sort of content as part of your job. Lees meer
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Scott Norton - Seek to Learn That Which Cannot be Taught - [Invest Like the Best, EP.43]
27 juni 2017 · 1 uur 8 min
If you told me a year ago that I’d be learning critical life and business lessons from the founder of a ketchup company, and that thirty to fifty thousand people would listen to our conversation, well, I’d have told you that’s impossible. But the fact that it is true proves many of the points laid out by this week’s guest Scott Norton, co-founder of Sir Kensington’s which was recently acquired by Uni-Lever. Sir Kensington’s, which makes “condiments with character” is no ordinary Ketchup company, and Scott is no ordinary founder.
We talk about the most elemental aspects of business: product, relationships, sales, marketing, and culture. I love that we can do so through the lens of such a seemingly simple product, something that we use all the time with our families at a BBQ. Scott’s observations on culture, the importance of relationships in sales, and competitive edge are all memorable. But above all, I’ll remember his line: seek to learn that which cannot be taught. And I will continually return to the mental image of the Temple of Poseidon.
Oh, and as a bonus we also talk about biking around Asia, which like all of Scott’s stories comes complete with thought provoking lessons.
Enjoy this unique conversation with one of the most interesting people I’ve met on this journey. We begin with the history of ketchup. Lees meerFor comprehensive show notes on this episode go to http://investorfieldguide.com/norton
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshagLinks Referenced
They Call Me Supermensch: A Backstage Pass to the Amazing Worlds of Film, Food, and Rock’n’Roll (Movie)Books Referenced
Getting to Yes: Negotiating Agreement Without Giving In
How to Win Friends & Influence People
They Call Me Supermensch: A Backstage Pass to the Amazing Worlds of Film, Food, and Rock’n’Roll (Bo… -
Andy Rachleff - Building Something People Want to Buy - [Invest Like the Best, EP.42]
20 juni 2017 · 49 min
My guest this week is Andy Rachleff, who is the CEO of the automated investing platform Wealthfront. Andy was also a co-founder and long-time partner at Benchmark capital--one of the most interesting and successful venture capital firms in the world.
We spend most of our conversation discussing venture capital investing and entrepreneurship. Andy coined the now ubiquitous term “product/market fit,” and has great insight into how investors and entrepreneurs should think about business. In that vein, we discuss both what we refer to as the value hypothesis: building a product or service that customers love, and the growth hypothesis: scaling that product or service to a large market.
We finish our conversation by talking about Andy and his teams mission at Wealthfront, and this conversation is perfectly timed, as Wealthfront just released a new feature that allows investors to buy factor portfolios, similar to Smart Beta ETFs.
Above all, I’ll remember Andy’s advice to “put the gun in the other person’s hand,” a strategy that we explore in the middle of our talk. Lees meerFor comprehensive show notes on this episode go to http://investorfieldguide.com/andy
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshagBooks Referenced
The Four Steps to the Epiphany
The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses
Millennial Money: How Young Investors Can Build a Fortune
Diffusion of Innovations
Crossing the Chasm: Marketing and Selling High-Tech Products to Mainstream CustomersShow Notes
2:36 – (First question) – The partnership setup and how they came to be 5 equal partners
7:57 – Why benchmark would not take on the chairman role in companies they invested in
9:28 – What made John Doerr the greatest capitalist investor ever
11:59 – … -
Leigh Drogen - Quant vs Traditional Investors and How Alphas Become Betas - [Invest Like the Best, EP.41]
13 juni 2017 · 1 uur 19 min
I’ve often joked that this show should be called “this is who you are up against,” because I am so often having conversations with brilliant people across the investment landscape who are effectively my competition and yours. This week’s conversation fits that description because it gives you an inside view into how things work among some of Wall Street’s most competitive investment firms. My guest is Leigh Drogen, who has worked as a statistical arbitrage portfolio manager and who founded and now runs Estimize, a data company which works with some of the world’s largest hedge funds.
Our conversation centers on the massive shift from what we call discretionary portfolio management—basically stock picking—to a landscape that is increasingly dominated by quantitative investors of various types. We talk about how any investor might hope to earn alpha, and how doing so is harder and harder.
There are so many great stories in this episode, told by someone with the perfect career experience to know how the system actually works. After many episodes where I’ve been learning on the fly about topics like venture capital, permanent equity, or health, this episode marks a return to my world of quantitative investing. I think you’ll learn a lot, and that you’ll likely finish with an even deeper appreciation of just the type of investors that we are all up against.
Books Referenced
Revenge of the Humans: How Discretionary Managers Can Crush Systematics Lees meerLinks Referenced
The Undoing Project: A Friendship That Changed Our Minds
Force Rank (App)
Founder of Estimize Explains How He Plans To Disrupt The World Of Wall Street ResearchShow Notes
2:45 – (First question) – A look at Leigh’s early career and how he got started in investing
3:13 – Revenge of the Humans: How Discretionary Managers Can Crush Systematics
8:04 – What happened when things stopped working towards the end of 2007.
9:35 – The proper dimensions to separate any sort of potential Alpha edge
11:15 – The traits that … -
Ira Judelson - Bail Street, with NYC's Leading Bail Bondsman - [Invest Like the Best, EP.40]
6 juni 2017 · 1 uur 18 min
This week’s episode is very unique. It is the first episode devoted to bonds, just not the kind of bonds you are used to. My guest is Ira Judelson, who is the leading bail bondsman in New York City. I met Ira through my friend and former podcast guest Danny Moses, who is also a part of this conversation.
I have always had a passion for understanding how different businesses work. In this case, this week we are exploring a different business, but also a different world. Ira’s story is larger than life. He is as authentic and hard working as they come. In both his book and this conversation, there is a lot about family, loyalty, and hard work—principles which really resonate with me.
You’ll emerge from this hour with an appreciation of hustle and what it takes to get ahead. I can’t stop thinking about our discussion on how sources of power in any career morph through time, a framework that can help anyone think about their work and where to apply effort.
The conversation goes all over the place, but suffice it to say we discuss bond collateral, Dominique Strauss-Kahn, and DMX—and that is but one small fraction.
Please enjoy my conversation with Ira Judelson and Danny Moses. Lees meerFor comprehensive show notes on this episode go to http://investorfieldguide.com/ira
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshagBooks Referenced
The Fixer: The Notorious Life of a Front-Page Bail BondsmanLinks Referenced
Rao’s RestaurantShow Notes
1:55 – (First question) – The role that Rao’s restaurant has meant to Ira’s business and career6:11 – A look at Ira’s bail bonds business and how that industry works
6:22 – The Fixer: The Notorious Life of a Front-Page Bail Bondsman8:31 – The story of how a pizzeria was a bad piece of collateral
11:10 – How often does Ira deal with bail jumpers
…
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David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39]
30 mei 2017 · 1 uur 39 min
This week's conversation was especially fun. I have a long history with my guest, Dave Chilton, but this was the first time we'd met in person. I'd heard stories about him from people I work with for twenty years, so getting to finally spend time with him was a real treat. I'll let him reveal the connection.
This episode will also be fun for listeners in the US, as Dave is one of the best-known people in Canada because of his famous book the wealthy barber and his more recent stint as a dragon on Dragon’s Den, which is Canada's version of shark tank.
I called this episode the human blitzkrieg because of Dave's relentlessly positive style and curiosity. He has dabbled in many parts of the business and investing worlds. He is one of the most successful authors in history, has invested in dozens of interesting businesses, and is a Jedi master in the long-lost art of the phone conversation.
We discuss business, investing, and writing. If you enjoy this conversation and have any aspirations as a writer, I highly recommend you check out the series of videos Dave and his son recently released called the Chilton method, which I will link in the show notes. I have no financial interest in this recommendation, and neither does Dave! He put it together in large part to stop people from calling him for advice. We discuss a few of the hundred plus lessons from his course in this conversation.
As you'll be able to tell early and often, it is hard not to have a good time with Dave. Lees meerFor comprehensive show notes on this episode go to http://investorfieldguide.com/chilton
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag -
David Salem - The Art of Asset Allocation - [Invest Like the Best, EP.38]
23 mei 2017 · 1 uur 29 min
My guest this week is David Salem. David was the founding president and CIO for The Investment Fund for Foundations, which served 800 endowed charities under David’s 18-year tenure. He's now the CIO of the Windhorse Group, which focuses on long-term, value oriented investing.
This conversation wanders into and explores many different areas of investing and life. The theme is how to think about asset allocation and investing holistically--from first principles--but we talk a lot about motivation, incentives, human behavior, and the fear of missing out as key variables in money management.
We discuss the history of the Yale and Harvard endowment models and how their success has affected the asset management world for better or worse. I had never heard such an interesting take on two very important institutions.
I also can't stop thinking about David’s "Mt. Everest" question, which we explore early in our conversation. I'd love to hear your answers to that question, so email me or message me with your thoughts. Lees meerFor comprehensive show notes on this episode go to http://investorfieldguide.com/salem
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag -
Michael Mauboussin - Man + Machine, Moats, and Power of the Outside View - [Invest Like the Best, EP.37]
16 mei 2017 · 1 uur 32 min
My guest today is Michael Mauboussin, who is the head of global financial strategies at Credit Suisse and is on my short list of must read writers on all things investing. If you read his entire catalogue, Howard Marks's memos, and Buffett's shareholder letters, you be sitting pretty. Michael was also a big reason for the early success of this show appearing as my second guest and now my 37th. He and his team have been prolific in the last six months, publishing several long research reports on the most interesting aspects of the investing landscape. In this conversation, we talk about business moats, industry analysis, and how to combine man and machine when building an investment strategy and portfolio. As I tell Michael at the end, you won't be able to listen to this episode at two times speed, because we go deep quickly.
For comprehensive show notes on this episode go to http://investorfieldguide.com/michael
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag Lees meer -
Will Thorndike - How Skilled Capital Allocators Compound Capital - [Invest Like the Best, EP.36]
9 mei 2017 · 1 uur 12 min
This week’s guest is Will Thorndike, an author and investor whose book The Outsiders is an all-time favorite of mine. Our conversation is in two parts. First, we dive deep into the lessons of his 8-year research project studying CEOs who were master capital allocators. These CEOs include Henry Singleton, John Malone, Tom Murphy, Katherine Graham, and Warren Buffett. We discuss how these CEOs tended to be contrarians on topics like dividends, buybacks, acquisitions, and the use of debt. As we go through each of the tools in the capital allocators toolkit, you’ll hear several useful lessons for running or evaluating a business.
In the second part, we cover Will’s career in private equity. Will founded and continues to run Housatonic Partners, investing in buyouts, recaps, and search funds. Will has been one of the most active search fund investors for decades, and given how much time I’ve spent in past episodes on the searchers or operators in the micro-cap, permanent equity space, it was great to get the perspective of an experienced LP. As always, we also take time to survey the dangers and opportunities in today’s private equity market.
For comprehensive show notes on this episode go to http://investorfieldguide.com/thorndike
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag Lees meer -
Ted Seides - The Bet with Buffett – Hedge Funds vs. The S&P 500 - [Invest Like the Best, EP.35]
2 mei 2017 · 1 uur 12 min
This coming weekend is the annual Berkshire Hathaway shareholder meeting in Omaha. That means this week is the perfect opportunity to discuss a topic which will likely figure prominently at Berkshire this weekend: Ted Seides’s famous bet with Buffett. Ted and I discuss the origins of the bet, the nuances beneath the headlines, and whether he’d make the bet again for the next ten years. Along the way, we cover many hot topics like hedge funds, alternatives, fees, and indexing. Please enjoy!
For comprehensive show notes on this episode go to http://investorfieldguide.com/bet
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag Lees meer -
Danny Moses - The Big Short and Beyond - [Invest Like the Best, EP.34]
25 april 2017 · 1 uur 13 min
My guest this week is Danny Moses, who was directly in the middle of the biggest trades in market history, chronicled by Michael Lewis in his book the Big Short. Danny was the head trader on the Frontpoint team led by Steve Eisman, which was one of a small group of firms that figured out, in real time, the dire situation with mortgage-backed securities during the financial crisis, and how to build a portfolio to bet against the U.S. housing market. We cover his part in the Big Short story, but also lots of other interesting ground, including the state of sell-side research and financial markets. I love conversations with traders because they live and breathe market risk. You’ll be able to see why quickly in this great conversation with Danny Moses. Lees meer
For comprehensive show notes on this episode go to http://investorfieldguide.com/danny
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag -
Royce Yudkoff and Rick Ruback – REALLY Private Equity - [Invest Like the Best, EP.33]
18 april 2017 · 1 uur 25 min
In this episode, I continue to pull on one of the most interesting threads that I have uncovered while producing this podcast: the world of permanent equity. My guests today are Royce Yudkoff and Rick Ruback, two Harvard Business School professors who have partnered to create a popular class that teaches students how to search for, acquire, and run a small business directly after graduation.
I approach this conversation from an investors standpoint. LP investors usually partner with these searchers to form what is called a search fund. A search fund allows recent MBA grads to spend time looking for a business and ultimately acquire it. The result is a small scale but often high return proposition for investors. I loved our discussion of what to look for in a business and what to avoid. The principles we list are useful for investors of any kind, and will particularly appeal to those from the buy and hold, value investing, and quality investing camps.
One point of note which wasn’t captured during the recording. One of the reasons this style of investing isn’t more well known that it is extremely costly upfront. It can take years to find a company, and once found, the transaction costs can be 20% of the total purchase price. Rick calls this category “REALLY private equity.
If you enjoy this conversation, be sure to check our Royce and Rick’s book. HBR Guide to Buying a Small Business, which goes into many of the topics we cover in even greater detail. Lees meerFor comprehensive show notes on this episode go to http://investorfieldguide.com/hbs
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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SPECIAL EPISODE: Introducing Capital Allocators Podcast with Host Ted Seides
13 april 2017 · 1 uur 15 min
SPECIAL EPISODE: Introducing Capital Allocators Podcast with Host Ted Seides This is a special episode to premiere a new podcast from my friend, Ted Seides. In this show, Capital Allocators, Ted will feature a broad range of people that control the flow of money through the capital markets. Ted is in a unique position to this; he knows this world as well as anyone having spent with both allocators and the money managers who invest on their behalf. Below is the information about this first episode including a link to the homepage of this show, where you can subscribe. Enjoy the first full episode of Capital Allocators. ———————————————————————— Steven Galbraith is best known as the former Chief Investment Strategist at Morgan Stanley. He also sat in every seat in the asset management industry – credit and equity analyst, portfolio manager, business executive, entrepreneur, and Board member at an endowment and a large family office. We discuss Steve's journey, incorporating his deep insights in the investing world alongside colorful anecdotes of market inefficiencies in European football, college sports gambling, local breweries, and Charter Schools. For more episodes, go to capitalallocatorspodcast.com/podcast Follow Ted on Twitter at @tseides Lees meer
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Boyd Varty – The Art of Tracking - [Invest Like the Best, EP.32]
11 april 2017 · 1 uur 25 min
This week’s episode is the most unique to date. My guest is Boyd Varty, who grew up in the South African Bush, living among and tracking wild leopards. The main theme of our conversation is tracking, and how the same strategy for pursuing animals in the wild can be applied to all aspects of our lives. Boyd’s family has been tracking animals for four generations, and he is bringing what they have learned to a larger audience around the world. Lees meer
The episode includes the best answer I’ve ever heard (which comes when I ask Boyd to describe his most memorable experience). We also discuss the dangers of an achievement or goal oriented mindset, and what he learned from spending time with Nelson Mandela as a boy.
This episode is one I hope you share with those you love, because I think Boyd’s ideas will have a profound impact on many who are thinking about what to do with their lives—whether they are young or old.
Please enjoy.
For comprehensive show notes on this episode go to http://investorfieldguide.com/boyd
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on twitter at @patrick_oshag -
Khe Hy – Quant Hedge Funds and the Fear of Death - [Invest Like the Best, EP.31]
4 april 2017 · 1 uur 47 min
My guest this week is Khe Hy. Khe has a very interesting, two-part story. We start with Khe's career at Blackrock, where he rose to be one of the youngest MDs at the firm, specializing in quantitative hedge funds. Khe shares his perspective on how the hedge fund landscape has changed and what investors should look for in hedge fund managers in the future. Lees meer
The second part of the story is about Khe's attempt to understand himself. We get into fear, joy, and all that he has learned across several years of introspection and exploration. His lessons coalesce around four key pillars--compassion, stillness, uncomfortable introspection, and finding truth. We explore what he means by each of these ideas in detail. I don’t think that Khe is capable of lying. He is one of the most honest people I've met, for better or worse, and was kind to share both his struggles and moments of clarity on investing and life.
With Deep questions about purpose and deep questions about how to evaluate a quant hedge fund, This was my kind of conversation. Please enjoy
For comprehensive show notes on this episode go to http://investorfieldguide.com/khe
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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Ted Seides and Brent Beshore – The Future of Asset Management - [Invest Like the Best, EP.30]
28 maart 2017 · 1 uur 34 min
This week, my good friends Ted Seides and Brent Beshore join me to discuss the future of asset management and a ton of fun side topics. While we are all passionate about investing, we’ve had very different careers: Ted in alternatives, hedge funds and fund of funds, Brent in lower middle market private equity, and my own in quantitative equities. What we share is a passion for investing in general, and a deep interest in where the asset management business and profession is going. Lees meer
This conversation starts like most episodes—a somewhat structured exploration of the investing business –but morphs to be a bit more fun and informal as we work our way through a bottle or two of wine. In the later half, we talk about how to dissect an industry, common features of good businesses within a given industry, books we’d like to write, books we wish existed, and things we’ve learned in our careers.
For comprehensive show notes on this episode go to http://investorfieldguide.com/brentandted
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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Jim O’Shaughnessy - Premeditated Success - [Invest Like the Best, EP.29]
21 maart 2017 · 1 uur 8 min
My guest this week is my father, Jim O’Shaughnessy. He was a pioneer in quantitative equity research, part of an early group of explorers who combed through data to find factors which predicted future stock returns. While we’ve both written extensively on factor investing, we chose to mostly avoid that topic for this conversation. Instead, we discuss what has been a fascinating and colorful career on Wall Street. We talk about the power of premeditation, formative books, and his crazy experience during the dot-com boom when he ran a robo-advisor 15-years ahead of its time. Lees meer
For comprehensive show notes on this episode go to http://investorfieldguide.com/jim
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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Trish and James Higgins of Chenmark Capital - Permanent Equity - [Invest Like the Best, EP.28]
14 maart 2017 · 1 uur 5 min
My guests this week are Trish and James Higgins, who run Chenmark Capital Management. In this episode we continue to explore a style of investing I call Permanent Equity. Returns in permanent equity come first from the ongoing cash flows of portfolio companies, not from reselling businesses down the line. The partners are Chenmark are pioneering this style of small business investing and share their experience with us thus far. Lees meer
For comprehensive show notes on this episode go to http://investorfieldguide.com/chenmark
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on twitter at @patrick_oshag -
Peter Attia, M.D. - How to Live a Longer, Higher Quality Life - [Invest Like the Best, EP.27]
7 maart 2017 · 1 uur 30 min
My guest this week is Peter Attia, M.D., whose mission is to understand and improve human lifespan and healthspan (or quality of life). Reading Peter’s research, you find that there are many similarities between health and investing—ideas like compounding—which we explore in detail.
We spend a lot of time on mind, body, spirit and performance as it relates to living a better life. Of particular interest is the strategic problem that we face when studying longevity. As Peter puts it in our conversation: we are the species of interest, but we can’t conduct the kinds of experiments on humans—randomized trials, with control groups—that we apply to solve other big problems. So we have to back our way into a better understanding of longevity and quality of life.
To that end, we discuss what we can learn from studying centenarians, the problem of progress in science, a drug called Rapamycin (which Peter believes could be revolutionary), eating, the importance of muscle mass, and the idea of distressed tolerance. We emerge with a framework for thinking about health and well-being which can hopefully help us all live longer, better lives. Please enjoy! Lees meerFor comprehensive show notes on this episode go to http://investorfieldguide.com/attia
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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John Rogers – Slow and Steady Wins the Race - [Invest Like the Best, EP.26]
28 februari 2017 · 1 uur 5 min
My guest this week is John Rogers, founder, CEO and CIO of Ariel investments, one of the longest standing asset management businesses still in existence. John has a very impressive resume. In addition to his success at Ariel, he was the captain of the Princeton University men’s basketball team, he was the co-chair of Barack Obama’s Presidential Inauguration, he sits on the board of McDonald’s, and he has given back to his community more than I can list here. John and I discuss Ariel’s investment process and its evolution over the years, lessons from John’s basketball career, value investing, and asset management’s diversity problem among many other interesting issues. Please enjoy! Lees meer
For comprehensive show notes on this episode go to investorfieldguide.com/rogers/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on twitter at @patrick_oshag -
Alex Moazed – Building Modern Monopolies - [Invest Like the Best, EP.25]
21 februari 2017 · 1 uur 16 min
My guest this week is Alex Moazed, the co-author of Modern Monopolies: What It Takes to Dominate the 21st Century Economy, which explores the platform business model (Uber, Airbnb, Github). Alex is also the founder and CEO of Applico, a company that he started in his dorm room that is since grown into a huge enterprise that helps startups and Fortune 500 innovate with platforms. Alex and I talk about history and future of businesses and different types of business models. There’s a lot in here for investors, entrepreneurs, and historians. Please enjoy! Lees meer
For comprehensive show notes on this episode go to http://investorfieldguide.com/alex/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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Ian Cassel – Investing In Tiny Stocks - [Invest Like the Best, EP.24]
14 februari 2017 · 1 uur 8 min
My guest this week is Ian Cassel, a microcap investor who is always on the lookout for small companies which are run by men and women who are what he calls intelligent fanatics. Ian’s livelihood is based on the success or failure of a small group of companies that you have never heard of—he takes the idea of “skin in the game” to another level. We explore what Ian looks for in managers, why investors might want to invest in microcap companies, and the benefits of a frugal approach to life. Buying public companies that are as small as the ones which Ian considers is an entirely different style of investing than what most of us are used to in the public markets. Please enjoy! Lees meer
For comprehensive show notes on this episode go to investorfieldguide.com/ian/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on twitter at @patrick_oshag -
Joe Mansueto – Lessons From the Founder of Morningstar - [Invest Like the Best, EP.23]
7 februari 2017 · 1 uur 12 min
My guest this week is Joe Mansueto, the founder, longtime CEO and current executive chairman of Morningstar, Inc. Joe is an entrepreneur at heart. He has the gene for spotting good business ideas and building them out with the customer in mind, so it is no surprise that the story behind Morningstar’s birth and growth is both entertaining and enlightening. While there are many business lessons in this episode, there is just as much to be learned from the way Joe conducts himself. He was kind, welcoming, and humble—you’ll see what I mean. There is something timeless and classic about his journey—I hope you enjoy hearing about it as much as I did. Lees meer
For comprehensive show notes on this episode go to investorfieldguide.com/joe/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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Brent Beshore Returns – Private Equity, Venture Capital, and the Future of Money Management - [Invest Like the Best, EP.22]
31 januari 2017 · 2 uur 2 min
Brent Beshore and I spoke for 10 hours about all things investing and business, and decided to record a 2-hour chunk of our conversation. We start by discussing private equity, venture capital, and the importance of brand. We then explore the difference between public and private company valuation, and the potent idea of peer mentorship. The conversation wraps up with Brent’s recent experience with one of the greatest investors and thinkers of all time. Above all, this is a conversation about what is right and wrong in the world of money management and investing, and where the business is heading. Please enjoy! Lees meer
For comprehensive show notes on this episode go to investorfieldguide.com/adventures/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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Brian Koppelman – Chasing Curiosity - [Invest Like the Best, EP.21]
24 januari 2017 · 1 uur 4 min
My guest this week is writer, director, producer, and podcast host Brian Koppelman, who’s film credits include ‘Rounders’, ‘Oceans 13’, and ‘Solitary Man’. More recently he co-created the Showtime show, ‘Billions’, which allowed us to have some fun talking about the world of hedge funds and investing. Brian’s method for chasing curiosity is something that everyone can learn apply in their own lives. In this chat, we discuss creativity, the importance of storytelling and why we are all so intrigued by billionaires. Please enjoy! Lees meer
For comprehensive show notes on this episode go to investorfieldguide.com/koppelman/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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Jeremiah Lowin – Machine Intelligence and Risk Management - [Invest Like the Best, EP.20]
17 januari 2017 · 1 uur 26 min
Jeremiah Lowin is probably the smartest guy I know, and that is saying something. He is an expert in the fields of statistics, artificial intelligence, and risk management—among many other things. He is currently the Director of Risk Management for a private investment firm in the New York area, but has spent years working with machine learning and AI. This conversation is broken up into two parts. In the first part, we explore artificial intelligence, machine learning, and models. Then we shift to what risk means in a portfolio and how it can be managed or at least redistributed (which starts around 40 minutes into the conversation). Please enjoy! Lees meer
For comprehensive show notes on this episode go to investorfieldguide.com/lowin/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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Lauren Loktev, Kanyi Maqubela, & Craig Shapiro - Watching a Venture Fund at Work - [Invest Like the Best, EP.19]
10 januari 2017 · 1 uur 12 min
This week’s episode features the partners of the Collaborative Fund, a venture-capital firm based in New York City. This is a unique, group interview with Lauren Loktev, Kanyi Maqubela, and Craig Shapiro that explores all aspects of their search and investing process, including how they identify thematic change in the world and then build a portfolio around those themes. The quality of a team is crucial to success in investing and this is a great example of a team with chemistry on a singular mission. They all offer great advice on how to operate a business, build a team, and find interesting new investments. Lees meer
Also, stay tuned to the end for a bonus segment captured while the tape was still rolling.
Please enjoy!
For comprehensive show notes on this episode go to investorfieldguide.com/collaborative/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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Dan Egan – Designing Better Decisions - [Invest Like the Best, EP.18]
3 januari 2017 · 1 uur 10 min
My guest today is Dan Egan, who is the managing director of Behavioral Finance and Investing at Betterment. In this wide-ranging role, Dan has his hands is most of the ways that Betterment interacts with its clients and how it invests their money. This is one very interested and smart guy who is clearly passionate about helping investors make better decisions. In this conversation, we explore everything from science fiction, automation, investor behavior and how Betterment tries to solve problems that goes beyond the automated asset allocation that is their bread and butter. Lees meer
Please enjoy.
For comprehensive show notes on this episode go to investorfieldguide.com/egan/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on twitter at @patrick_oshag -
Shane Parrish – Mastering Mental Models - [Invest Like the Best, EP.17]
27 december 2016 · 56 min
My guest this week is Shane Parrish, who created the extremely popular Farnam Street—a website dedicated to understanding the world by mastering the best of what others have already figured out. More than 100,000 people subscribe to the Farnam Street Newsletter which summarizes what Shane and his team learned and wrote that week. I read it every Sunday. Shane and I cover a lot of ground including the future of work, automation, mental models, and reading. Shane is a voracious reader and offers unique suggestions for finding your next great book. Lees meer
Please enjoy!
For comprehensive show notes on this episode go to investorfieldguide.com/parrish/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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Jeff Ptak – The Prospects for Active Management - [Invest Like the Best, EP.16]
20 december 2016 · 1 uur 8 min
Joining me on the podcast this week is Jeff Ptak, head of global manager research at Morningstar. Jeff’s role puts him in the unique position to discuss the state of active management because he gets to see mutual funds from both the bottom-up, through deep diligence on investment strategies and firms, and top-down, using Morningstar’s data to assess industry-wide trends. Jeff is one of my favorite myth busters and discuss different variables for assessing active managers and mutual funds, but we also cover his favorite punk rock bands. Lees meer
Please enjoy!
For comprehensive show notes on this episode go to investorfieldguide.com/ptak/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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Eric Maddox – The Ace of Spades - [Invest Like the Best, EP.15]
13 december 2016 · 1 uur 1 min
This week we explore a rare and underappreciated skill through the lens of an incredible story. My guest is Eric Maddox, whose name you probably don’t know but won’t soon forget. Just trust me that you need to listen to this entire episode, and listen carefully—because that is what the episode is ultimately all about: how to listen to others, with care and empathy, in the age of distraction.
Sometimes it’s fun not to know what’s coming and be surprised, so I won’t say anymore. After the episode, you can learn more about Eric at Ericmaddox.com.
On his wall, Eric has a framed Cuban cigar, he starts his story by explaining the significance of that cigar. Enjoy this episode, and try Eric’s method. It has worked wonders for me.
Please enjoy! Lees meerFor comprehensive show notes on this episode go to investorfieldguide.com/maddox/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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Josh Brown – The Reformation - [Invest Like the Best, EP.14]
6 december 2016 · 59 min
My guest this week is one of the reasons that this podcast exists. Josh Brown is a financial advisor and the CEO of Ritholtz Wealth Management. He is also the creator of TheReformedBroker.com, a blog about markets, politics, economics, media, culture, and finance that has become one of the most widely-read sites on the financial web. He is the author of Backstage Wall Street and Clash of the Financial Pundits. Josh was instrumental in finding me an audience years ago when he shared one of my research pieces with his rapid base of fans. This conversation includes a look at his journey, what he’s learned along the way, and most importantly, his top five, dead or alive. Lees meer
Please enjoy!
For comprehensive show notes on this episode go to investorfieldguide.com/brown/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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Christopher Cole – Small Bets, Huge Payoffs - [Invest Like the Best, EP.13]
29 november 2016 · 1 uur 6 min
My guest this week is Christopher Cole, founder and managing partner at Artemis Capital Management. Chris’s specialty is in long volatility strategies, setting up portfolios that will benefit from significant change and volatility in markets. We discuss how a series of small bets can lead to disproportionally large nonlinear payoffs, in both life and in markets. We also discuss the kind of watch Chris wears, Dennis Rodman, and movies, all as metaphors for his life philosophy. Lees meer
Please enjoy!
For comprehensive show notes on this episode go to investorfieldguide.com/cole/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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Kevin Simler – Exploring the Frontier - [Invest Like the Best, EP.12]
22 november 2016 · 1 uur 12 min
Today’s episode features one of my favorite thinkers and writers: Kevin Simler. Kevin has a background in technology and was one of the earliest employees at Palantir Technologies. Palantir specializes in big data and has worked closely with clients ranging from the Department of Defense to the world’s largest hedge funds. In this conversation, Patrick and Kevin explore startup culture, how to spark creativity, how social status functions like money, and how to think about the universe. This will be one of the most unique conversations you will hear on this podcast. Please Enjoy! Lees meer
For comprehensive show notes on this episode go to investorfieldguide.com/simler/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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Craig Shapiro – Better for You, Better for the World - [Invest Like the Best, EP.11]
14 november 2016 · 57 min
This week Patrick takes a deep dive in the world of Venture Capital with Craig Shapiro, founder and CEO of the New York based Collaborative Fund, which was an early investor in companies like Lyft, Kickstarter, and Reddit. We cover Craig’s investing roots, his process for sourcing and evaluating investment opportunities, and the very useful “villain test.” Please enjoy! Lees meer
For comprehensive show notes on this episode go to investorfieldguide.com/shapiro/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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Brent Beshore – Cultivating a Disaster Resistant, Compound Interest Machine - [Invest Like the Best, EP.10]
8 november 2016 · 1 uur 39 min
This week’s guest is Brent Beshore, Founder and CEO of adventur.es, a family of companies that invests in family-owned companies. Brent has a very specific mission with this company, to cultivate a disaster resistant, compound interest machine. At just 33 years of age he has already built a portfolio of private companies that has produced impressive results. He’s done all this out of the limelight and with no outside investors. Brent discusses his rewarding but difficult journey and what he has learned, including sourcing and evaluating businesses, how he and his team have improved profitability at his portfolio companies after acquisition and so much more. Lees meer
For comprehensive show notes on this episode go to investorfieldguide.com/beshore/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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Jon Stein – The State of Automated Investing - [Invest Like the Best, EP.09]
1 november 2016 · 43 min
Would you be comfortable with a robo-advisor running your entire investment portfolio? That’s the hope of our guest this week, Jon Stein, founder and CEO of Betterment. Betterment manages $5 billion dollars for over 175,000 clients. Patrick and Jon explore the challenge of getting young people to invest, Betterment’s recent foray into areas like the 401(k) market, and how Betterment works with financial advisors. If you’re unsure about robo-advisors, this conversation will make you better understand what they can do for you. Please Enjoy! Lees meer
For comprehensive show notes on this episode go to investorfieldguide.com/stein/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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Kiley Adams – An Internal Locus of Control - [Invest Like the Best, EP.08]
28 oktober 2016 · 39 min
This episode is a major departure from the norm. My guest, Kiley Adams, is only 21 years old. She has crammed more learning and adventure into two decades than most people could hope to in a lifetime. She’s track-and-field star, valedictorian, varsity soccer player, Tae Kwon Do fourth degree master black belt, and philanthropic researcher. She has traveled all over the country and the globe, recently spending two months by herself in India. I had the pleasure to meet here while teaching an investing class at Notre Dame and am thrilled to share her incredible story and her attitude that makes all of this possible. Lees meer
For comprehensive show notes on this episode go to investorfieldguide.com/adams/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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Ted Seides – A Deep Dive into Hedge Funds - [Invest Like the Best, EP.07]
25 oktober 2016 · 1 uur 19 min
This week’s guest has forgotten more about hedge funds than most people will ever know. This episode will appeal to managers, allocators and any investor interested in the world of hedge funds. Ted Seides worked under David Swensen at Yale’s endowment and was a co-founder, President and Co-chief investment officer at Protégé Partners, a multibillion dollar alternative investment firm. I met Ted after reading his book, “So You Want to Start a Hedge Fund: Lessons for Managers and Allocators.” He has taught me a lot ever since. Hedge funds have taken a beating, so this very nuanced investigation into the industry comes at the right time. Please enjoy! Lees meer
For comprehensive show notes on this episode go to investorfieldguide.com/seides/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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Humble Giants – Vanguard’s Gerry O’Reilly and Jim Rowley - [Invest Like the Best, EP.06]
18 oktober 2016 · 1 uur 2 min
There is a good chance that this week’s guests manage your money. This episode is a rare and fascinating look into the world’s largest asset manager. My first guest is Gerry O’Reilly, who is the portfolio manager for the largest mutual fund in the world, and oversees more than $800 billion for Vanguard. My second guest is Jim Rowley, a Senior Investments Analyst with deep knowledge of indexing and ETF’s. The two provide incredible insight into some of the particulars that make Vanguard and its funds tick. Please enjoy! Lees meer
For comprehensive show notes on this episode go to investorfieldguide.com/vanguard/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
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Christian Rudder – The Quantified Self - [Invest Like the Best, EP.05]
11 oktober 2016 · 1 uur 5 min
In this episode Patrick talks to Christian Rudder, who is the co-founder of dating service OK Cupid, a NY Times best-selling author, data and math junky, and musician. Patrick and Christian discuss interesting trends in OK Cupids dating data, artificial intelligence, the NSA, great books on the Civil War, and more. Please enjoy! Lees meer
For comprehensive show notes on this episode go to investorfieldguide.com/rudder/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on twitter at @patrick_oshag -
Morgan Housel – Walking and Thinking - [Invest Like the Best, EP.04]
4 oktober 2016 · 1 uur 15 min
In this week’s episode, Patrick and Morgan Housel explore the differences between private and public market investing, how to foster innovation and creativity, how businesses are structured and organized, and how Morgan finds interesting books and topics to write about. Morgan is a prolific writer and researcher, who recently left the Motley Fool and is now a partner at the Collaborative Fund, a venture capital fund in New York City. Enjoy! Lees meer
For comprehensive show notes on this episode go to investorfieldguide.com/housel/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on twitter at @patrick_oshag -
Jason Zweig – The Power of Serendipity - [Invest Like the Best, EP.03]
27 september 2016 · 1 uur 22 min
In this episode, Patrick and Jason Zweig reflect on investing, financial advice, books, and life in general. The method for living discussed in the last 30 minutes will be useful for everyone.
Jason is the Intelligent Investor columnist for the Wall Street Journal and author of several books including his latest “The Devil’s Financial Dictionary.” His insights and advice are the results a life of critical thinking, reading, writing, humility, and curiosity. I think you are going to get a lot from this in-depth conversation.
Enjoy! Lees meerFor comprehensive show notes on this episode go to investorfieldguide.com/zweig/
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on twitter at @patrick_oshag