In this episode of Far From The Finishing Post we speak to Gary Channon. Gary founded Phoenix Asset Management in 1998 and is one of the UK's leading value investors. Gary discusses his early career as an investor and the development of Phoenix’s distinct investment philosophy and approach. He emphasises the importance of instilling a culture of continuous learning and improvement, as well as more recent initiatives to apply digital tools in the transformation of analogue businesses.
Show notes:
[1:23] Gary discusses how he caught the investment bug
[4:59] Thinking probabilistically
[6:23] Going deep and being focused
[9:33] What makes a great company
[13:00] Putting a high value on stability and predictability, whilst mining mistakes to continuously learn and improve
[15:52] Observing competitive dynamics through deep due diligence and monitoring
[18:38] Withstanding and exploiting volatility
[22:12] Psychological safety through process and structure
[24:44] Learning from mistakes and using checklists
[28:46] Investing in companies that are not being disrupted by technology
[30:03] Backing people
[32:43] The Castelnau Group and applying digital tools to improve analogue businesses
[38:23] Using technology to accelerate trial & error and to find customers
[43:22] Cultural transformation and winning hearts and minds at Dignity
[45:56] Experimenting at the beginning of your career and leading your own life
