Navigating Supplier Dynamics and Learning from Investment Mistakes

This chapter explores the complexities of supplier dynamics and their importance to long-term investors. It highlights the challenges in identifying suppliers, the need for expert engagement, and offers a framework for learning from past investment mistakes.

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In today's episode, Kyle Grieve will discuss the concept of scuttlebutt, made famous by Philip Fisher in Common Stocks and Uncommon Profits. You’ll learn why scuttlebutt is essential for building conviction and understanding both bullish and bearish perspectives, how it involves learning from key groups connected to a business, how asking the right questions can reveal valuable insights, why Industry specialists and strong networking are crucial for gathering expert knowledge, and how to utilize self-reflection, journaling to continuously improve your decision-making, and much more!

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:55 - Why scuttlebutt is so essential in building conviction and learning about a business.

03:32 - Why scuttlebutt can help you understand bullish and bearish perceptions on a business.

10:03 - The four parties related to a business that you should learn from.

26:34 - What you can learn and what questions to ask a business’s employees, from the people working at the “frontline” to the CEO.

36:49 - How Warren Buffett sleuthed GEICO, which was one of the most impactful events in his life.

49:50 - How to learn from industry specialists and what to ask to learn about specific companies or industries.

54:51 - Details on how Li Lu did scuttlebutt on a very successful investment in Timberland.

55:01 - Why networking is so crucial to the scuttlebutt process.

58:11 - How to use self-reflection and journaling to understand better your mistakes and how to avoid them in the future.

01:07:01 - My four-step framework for learning from my investing mistakes.

And so much more!

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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