Economics of new entrants and break-even timelines

Welcome to Episode 27 of the Preferred Shares Podcast.

In this episode, Nick Longhurst, portfolio manager at London’s famed Marathon Asset Management, gives us an overview of the incredibly interesting salmon farming industry.

We discussed a variety of topics:

* Nick’s background;

* Marathon’s investment philosophy;

* A brief history of the evolution of the salmon farming industry;

* Why salmon over other types of fish?;

* The various barriers to entry that exist in the industry;

* The size and structure of the salmon farming industry;

* Comparing and contrasting some of the large publicly traded salmon farming businesses; and

* The headwinds and potential risks for the current participants of the industry.

Enjoy this episode? Share it with someone who loves business history as much as you do!

You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.

Other Sources

* “Fish Tales”, The Capital Cycle Podcast, March 31, 2025.

* “Searching for Resilience”, Edelweiss Journal, July 7, 2021.

* 2025 Salmon Farming Industry Handbook by MOWI.

* Norwegian Seafood Council.

* Bakkafrost Reports and Presentations.

Additional Reading & Listening

Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently:

* Devin LaSarre (Invariant and @DevinLaSarre)

* 📖 Nicotine Certainty

* 📖 Philip Morris International: ZYNsn’t It?

* Douglas Ott (Andvari Associates and @yesandnotyes)

* 📖 Cranberries & Ocean Spray: Part I

* 📖 Constellation Software: A People Business

* Lawrence Hamtil (Fortune Financial and @lhamtil)

* 📖 Aerospace: After A Century of Growth; A Bright Future Ahead

Enjoy this episode? Share it with someone who loves business history as much as you do!

You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.

Disclaimer

All opinions expressed by Preferred Shares Hosts and guests are solely their own opinions and do not reflect the opinions of their current or former employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.

Clients of Andvari Associates and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com