In this episode of AUM, we are joined by Jeremy Deal, the founder and portfolio manager of JDP Capital Management.
Jeremy shares insights from his non-traditional background in asset management and elaborates on his investment philosophy, which focuses on identifying companies with significant unrecognized earnings potential.
Jeremy discusses the importance of understanding a company's competitive advantage and maintaining a long-term investment perspective. Jeremy also recounts his successful investment in Spotify, detailing his initial thesis and the journey through its ups and downs.
Lastly, Jeremy emphasizes the value of letting winners run and learning from past mistakes to achieve exceptional investment outcomes.
01:30 Meet Jeremy Deal: Founder of JDP Capital Management
02:50 Early Career and Founding JDP Capital
05:49 Investment Philosophy and Strategy
08:33 Understanding Market Inefficiencies
12:15 The Importance of Competitive Advantage
18:19 Consumer Relationships as a Margin of Safety
22:41 Research Process and Discovering New Businesses
32:23 Building a Position: Patience and Strategy
33:28 Managing Portfolio Valuation and Drawdowns
38:55 Identifying Exciting Business Opportunities
44:18 The Spotify Investment Thesis
52:38 Learning from Investment Mistakes
59:06 Advice for Aspiring Investors
To see more of Jeremy's work check out: https://jdpcap.com/
