fundamental analysis

On today’s episode, Clay is joined by Andrew Brenton. Andrew Brenton is the CEO and a co-founder of Turtle Creek. Since it’s inception in 1998, Turtle Creek has acheived an average annual return of 20% versus just 7% for the market. $10,000 invested into their fund at inception would have grown to over $885,000 as of September 30, 2023, and had that money been invested in the market, it would have been worth just under $52,000. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:21 - How Andrew’s experience in private markets prepared him to take on public markets. 07:23 - Turtle Creek’s distinguished approach to value investing. 14:25 - What makes for a great, unique business for Andrew to get interested in. 18:06 - Why Turtle Creek chose to focus on mid-caps. 21:07 - How Turtle Creek avoids losing money on almost every investment they make. 23:37 - Why overpaying is the biggest risk for Andrew. 27:31 - How Turtle Creek improves upon an approach of simply buying and holding great businesses. 35:38 - An overview of Premium Brands Holdings. 36:56 - An investment case study of Automation Tooling Systems. 44:25 - How Andrew determined that 25-30 companies in the portfolio is the right amount. 56:53 - What led Turtle Creek to set up a synthetic private equity fund. 01:02:02 - The story of Turtle Creek being the largest shareholder of Home Capital Group prior to Berkshire Hathaway taking a major stake. 01:07:20 - How continuous improvement has played a role in Turtle Creek’s success. 01:13:01 - What’s next for Turtle Creek in the next 25 years. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Check out Turtle Creek Asset Management. Learn more about the Berkshire Summit by clicking here or emailing Clay at clay@theinvestorspodcast.com. Related Episode:TIP585: Concentrated Value Investing w/ Shree Viswanathan or watch the video. Check out all the books mentioned and discussed in our podcast episodes here. NEW TO THE SHOW? Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River AlphaSense Wise American Express Business Gold Card Shopify Toyota Ka’Chava Glengoyne Whisky Babbel Alto Linkedin Marketing Solutions Noble Gold Investments Vanta Efani Monetary Metals Salesforce Notion AI HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices

IN THIS EPISODE, YOU'LL LEARN: 05:27 - How everyday people can actually have an advantage investing in stocks over those on Wall Street. 13:15 - Lynch’s stock investing philosophies and methods. 26:41 - How he categorizes the stocks he invests in, in order to manage expectations. 34:58 - What to look for when searching for a great company to invest in. 37:48 - Why you should avoid companies that fall prey to what he calls diworsification. 53:21 - The most common mistakes new investors make. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Tune into the recent We Study Billionaires' episode covering Buffett's Purchase of TSM & Meta "Doomsday" Analysis. Learn about the How Jeff Bezos Built Amazon. Peter Lynch’s books: One Up on Wall Street, Beating the Street, & Learn to Earn. Related Episode: Stig and Preston discuss One Up On Wall Street By Peter Lynch. Follow Clay on Twitter. NEW TO THE SHOW? Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts.  SPONSORS Support our free podcast by supporting our sponsors: River Toyota Linkedin Marketing Solutions Fidelity Efani Shopify NDTCO Fundrise Wise NetSuite TurboTax Vacasa NerdWallet Babbel HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices

IN THIS EPISODE, YOU’LL LEARN: 07:59 - If new investors should build their portfolio around small cap stocks. 13:55 - Why there is more to it than just picking companies you understand. 22:34 - How to identify a stock pick that has pricing power. 27:26 - A rather untraditional approach to identifying good stocks. 36:05 - Ask The Investors: Should a value investor invest in net-net stocks? *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Peter Lynch’s book: One Up On Wall Street – Read Reviews for this book. Peter Lynch’s book: Beating The Street – Read Reviews for this book. Tobias Carlisle’s book: Deep Value – Read Reviews for this book. Support our free podcast by supporting our sponsors. SPONSORS Support our free podcast by supporting our sponsors: River Toyota Linkedin Marketing Solutions Fidelity Efani Shopify NDTCO Fundrise Wise NetSuite TurboTax Vacasa NerdWallet Babbel HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices

Trey Lockerbie chats with Dev Kantesaria. Dev is the Managing Partner of Valley Forge Capital Management, which currently has $2.7 billion in assets. Dev holds an undergrad from MIT and was top of his class at Harvard Medical School before pivoting and going into venture instead of medicine 14 years ago. Dev is also a big Buffett and Munger fan and follows their principles closely. IN THIS EPISODE, YOU'LL LEARN: 17:27 - How to invest through recessions.  19:23 - Why Dev no longer invests in Biotech after he spent 18 years in Biotech Ventures. 48:21 - The value of running a highly concentrated portfolio. And a whole lot more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Valley Forge Capital Management's Website. CNBC Buffett resources' Website. Trey Lockerbie's Twitter. Read the 9 Key Steps to Effective Personal Financial Management. NEW TO THE SHOW? Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts.  SPONSORS Support our free podcast by supporting our sponsors: River Toyota Linkedin Marketing Solutions Fidelity Efani Shopify NDTCO Fundrise Wise NetSuite TurboTax Vacasa NerdWallet Babbel HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices

My guest today is Karen Karniol-Tambour, Partner and Co-CIO for Sustainability at Bridgewater Associates. You will quickly understand why Ray Dalio described Karen as a “vacuum cleaner of learning” - our conversation covered a variety of market themes, and Karen goes deep on each of them. We touch on inflation, monetary policy, currencies, retail investors, ESG, and how each of these levers has become more important for investors to understand. Karen has a rare skill for making complex ideas seem simple, and I love the frameworks she uses to deconstruct big, important issues. She does such a good job of explaining what’s changed, why it matters, and what to do about it. I hope you enjoy my great conversation with Karen Karniol-Tambour.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ------ Invest Like the Best is a property of Colossus, Inc. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @patrick_oshag | @JoinColossus   Show Notes [00:03:39] - [First question] - How Bridgewater invests and the experiences that led her there [00:06:47] - What working with Daniel Kahneman felt like and learning his perspective [00:08:09] - An example of holding herself to accumulating and stress testing data [00:10:17] - Important variables to consider when seeking returns in large-scale bets [00:14:18] - What we should be thinking about in terms of inflation as we look to the future [00:20:07] - How she thinks about inflation and how she defines it [00:22:57] - Relevant asset classes that can protect or help diversify against inflation [00:26:14] - What still largely confuses her about inflation and its many facets [00:28:05] - Her philosophy and model for understanding the system of currency [00:33:21] - How investors should think about the US dollar  [00:35:50] - Whether or not owning an unhedged global equity index gives you currency exposure [00:37:07] - The fundamental nature of equity markets and household balance sheets [00:41:37] - Ways the growing wave of retail investors will impact prices and returns  [00:43:53] - How she’s evolved her valuation approach given our new investor landscape [00:45:43] - The good and bad roles ESG might play for investors going forward [00:50:36] - Potential concerns around the growing trend of ESG writ large [00:53:51] - Thoughts on the 60/40 portfolio and whether or not it’s still worth using [00:55:32] - Designing a default diversified portfolio in light of markets today [00:57:45] - Aspects of the global market economy today people should be talking about more [01:01:15] - Ways she investigates a new topic and how it has evolved over time [01:04:14] - Variables that matter in investment teams and company cultures [01:06:53] - How she would approach cryptocurrency and what’s interesting about them [01:09:08] - A rosey and gloomy take of what the world could look like in a decade [01:12:37] - The kindest thing that anyone has ever done for her

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.   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 Follow Patrick on twitter at @patrick_oshag