In this Replay Episode, we explore investing in buy-and-build compounders in public markets. We’re joined by Dan Roller, Founder and CIO of Maran Capital. We cover how building investment knowledge is like training for the Ironman, the value vs. growth debate, and investing in SPACs.
“What you need to do, I think, is constantly update your thesis as you go, which can allow for longer holding periods, because things do change. And at the same time, I go into investments with a multi-year horizon—but my thesis might be disproven fairly quickly.” – Dan Roller
EPISODE GUIDE (LINKS, QUOTES, NOTES, AND BOOKS MENTIONED)
https://www.danielscrivner.com/notes/dan-roller-outliers-show-notes
FULL TEXT TRANSCRIPT
https://www.danielscrivner.com/notes/dan-roller-outliers-transcript
CHAPTERS
This episode is our definitive guide to investing in buy-and-build compounders in public markets. In it we cover:
- (00:00:00) – Introduction
- (00:01:50) – MOI Global and Dan’s start in the investment world
- (00:11:20) – The formation of Maran Capital
- (00:14:59) – Choosing your hunting ground and creating structural advantages
- (00:21:21) – Researching and choosing companies to invest in
- (00:28:27) – How building investment knowledge is like training for the Ironman
- (00:32:17) – Examples and basics of buy-and-build companies
- (00:41:04) – How buy-and-build can go wrong
- (00:51:40) – The value vs. growth debate
- (00:54:57) – Investing in SPACs
- (00:58:06) – Thesis drift and mental models
- (01:02:21) – Resources for learning about investing
ABOUT MARAN CAPITAL
Dan Roller is Founder and CIO of Maran Capital Management, a boutique, values-driven investment manager that 've been following intently for the last few years. I love the way that Dan sees the world, and I never miss reading one of his investor letters. In this episode, we go deep on how becoming a better investor is similar to training for an Ironman competition, why Dan focuses on what he calls buy and build companies and some of his favorite historic and recent examples there, his approach to investing in special situations and what defines a good or bad opportunity.
I get his thoughts on SPACs and why he sees some interesting opportunities in the world today. Dan is a remarkable investor. Before he founded Maran Capital management in 2015, he worked as an analyst for over a decade at firms like Credit Suisse First Boston, Impala Asset Management, Avesta Capital Advisors, and Scopus Asset Management.
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ABOUT OUTLIER ACADEMY
Learn timeless lessons on work and life from iconic founders, world-renown investors, and bestselling authors. Outlier Academy is the forever school for those chasing greatness. Past guests include Gokul Rajaram of DoorDash, Scott Belsky of Benchmark and Adobe, Joey Krug of Pantera Capital, Mark Sisson of Primal Kitchen, Luke Gromen of The Forest for the Trees, and Brian Scudamore of 1-800-GOT-JUNK.
Website: https://www.outlieracademy.com
Twitter: https://www.twitter.com/outlieracademy
ABOUT DANIEL SCRIVNER
Outlier Academy is hosted by Daniel Scrivner. Over the last 15 years, Daniel has led design teams at Square and Apple, turned around a $3M+ ARR SaaS business, and invested in more than 100 companies. He launched Outlier Academy in 2020 to learn from the world’s best founders, investors, authors, and peak performance experts.
Website: https://www.danielscrivner.com
Twitter: https://www.twitter.com/danielscrivner
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