Investment Insights: Tech Transformations

This chapter explores key developments in the investment landscape, focusing on Constellation Software's successful business turnaround and Broadcom's strategic VMware acquisition. It also covers Roper's transition to high-cash return models under new management, highlighting effective strategies and future growth potential.

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On today’s episode, Clay sits down with Joseph Shaposhnik to discuss his high quality investing approach. Since its inception in 2015, the TCW New America Premier Equities fund has compounded at 15.8% per year versus the benchmark of 12.0%.

Joseph is the Portfolio Manager of TCW New America Premier Equities, Global Premier Sustainable Equities, and Global Space Technology Equities portfolios. According to Nasdaq eVestment, the TCW New America fund has outperformed 99% of its peers.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:25 - The two types of recurring revenue.

13:37 - Why certainty is an essential part of a quality investing framework.

25:02 - How Joseph thinks about portfolio allocation by industry.

28:02 - Value accretive versus value destructive capital allocation decisions.

36:09 - How understanding incentives can make us better investors.

36:53 - Why we should ignore Buffett’s advice of buying businesses so great that an idiot can run it.

46:33 - How Joseph developed his own investment approach after working under two investment legends at Fidelity.

51:56 - Why Joseph believes that quality investing is the best approach to match his investment objectives and temperament.

58:33 - Why growth in free cash flow per share is Joseph’s number one focus as an investor.

1:00:28 - An update on a few of Joseph’s portfolio holdings

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, Kyle, and the other community members.
Learn more about the TCW New America Fund.
Check out Buffett’s 1996 Shareholder Letter.
Book Mentioned: What I Learned About Investing from Darwin by Pulak Prasad.
Book Mentioned: Big Money Thinks Small by Joel Tillinghast.
Episode Mentioned: RWH017: Fidelity Legend w/ Joel Tillinghast | YouTube Video.
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