Nick Train founded Lindsell Train, alongside Michael Lindsell, in 2000 and has generated outstanding returns by investing in a concentrated portfolio of exceptional companies. In a rich and varied discussion, Nick talks about the power of optimism, the rewards of being patient, and the value of semi-eternal brands in a rapidly changing world.
Show notes:
[1:13] Nick talks about how he got into the investment profession
[3:48] GT Management
[6:18] Learning from Warren Buffett and Alex Dundas
[9:17] Investing in consumer brands
[11:02] The power of being an optimist
[14:49] Avoiding losing strategies
[16:15] The benefits of being a boutique
[17:59] The importance of having the support of like-minded people
[19:06] The power of patience
[21:42] Being a hoarder of valuable things
[24:20] Hanging on to losers as well as winners
[25:52] Investors’ perception of management is influenced by share prices
[28:04] Investing in outstanding businesses when they are cheap
[29:15] The rewards for corporate success are structurally higher in the 21st century
[31:31] Investing in technology proxies
[34:23] Digital permits higher cash flow returns on capital
[36:24] The value of semi-eternal brands in a rapidly changing world
[38:57] Owning defensive and diversified staples companies
[41:37] Unilever’s adaptability
[42:44] Do yoga
