Lisa Rapuano outperformed the market 15 years in a row in the 90’s and 2000’s. We go deep on how she did it, including early investments in AOL, Dell, and owning 24% of Amazon in 2002.
She shares what she learned from Jeff Bezos and Michael Dell, what makes a good investor, plus her experience as a startup CFO and how it influenced how she thinks about investing.
For full show notes, visit: https://highlightai.com/share/883f2cc9-9771-4331-9a42-6ae236f50344
Timestamps:
(00:00) Intro
(03:18) Growing up middle class while dad worked at NASA
(12:31) Moving to Baltimore to work for Bill Miller
(18:12) What Lisa learned from Bill
(19:41) How value investing changed over the last 30 years
(26:40) Investing in internet stocks in the 90’s and 00’s
(29:50) Thinking a 13x win on AOL in 1996 would be the biggest of her career
(37:33) Teaching Barry Diller about the internet
(41:30) How Dell reinvented PC manufacturing and created a negative cash conversion cycle
(46:46) How Amazon survived the Dot Com Crash
(51:53) Buying 24% of Amazon in 2002
(53:15) Why companies get the investors they deserve
(57:22) What Lisa learned from Jeff Bezos
(1:04:31) Lessons from raising too much money
(1:07:57) Running her own fund from 2006-2016
(1:13:32) Why fees in asset management are too high
(1:15:20) Joining Facet out of retirement 2017
(1:20:20) What she learned about investing from operating
(1:23:47) Why women are better investors than men
(1:26:43) How to hire outlier candidates
(1:35:06) Why no one can be the next Warren Buffett
(1:39:54) When to sell your winners
Follow Lisa:
LinkedIn: https://www.linkedin.com/in/lisa-rapuano/
Follow Turner:
Twitter: https://twitter.com/TurnerNovak
LinkedIn: https://www.linkedin.com/in/turnernovak
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