TIP671: Unconventional Value: Contrarian Thinking and Outperformance w/ Larry Connor
We Study Billionaires - The Investor’s Podcast Network
Revolutionizing Value Investing
This chapter explores an unconventional approach to value investing and business by emphasizing exceptionalism and smart differentiation. It highlights unique hiring practices and the importance of leadership traits over traditional qualifications, showcasing how diverse experiences can drive innovation and success.
On today’s episode, Kyle Grieve chats with Larry Connor about why being different is crucial to outperformance, why turning over the most rocks and ruthlessly eliminating opportunities is vital to success, why Larry searches for “train wreck” apartments to optimize, the importance of investing counter-cyclically, how being unconstrained by conventional thinking has propelled his success, the critical importance of being disciplined to your core values, and a whole lot more!
Larry Connor is the founder and managing partner of The Connor Group. He founded the Connor group in 1992 with $400k and one investor to purchase three apartment communities. Today, the business has over 1,300 investors and $5 billion in assets. It operates in 18 markets across the United States. Larry is also the founder of The Connor Group Kids & Community Partners, a non-profit organization that helps disadvantaged kids in communities where The Connor Group operates.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
09:17 - The power of thinking of assets as operating businesses
12:11 - Why process is so essential in the refining process for filtering ideas
15:05 - Why Larry looks to purchase train wreck operations, he can optimize at the highest possible rates
17:51 - How utilizing counter-cyclicality is vital to outperformance
20:36 - Why you should position your business to grow during economic turmoil
21:33 - Why to think of failure as a learning experience and why failing is necessary to have exceptional returns
32:51 - The importance of people, plan, process, and perseverance in the success equation
35:30 - The importance of treating employees as owners and how Larry successfully aligned incentives
39:14 - Why being unconstrained from conventional thinking is so important
44:19 - Why long-term thinking has been so powerful for building conviction during economic downturns and how that long-term thinking has been vital to success
And so much more!
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
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