TIP770: Mastering the Markets w/ Andrew Brenton
We Study Billionaires - The Investor’s Podcast Network
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On today’s episode, Clay Finck is joined by Andrew Brenton to discuss the inefficiencies in the stock market as well as his investment thesis on Floor & Decor and Kinsale Capital.
Andrew Brenton is the CEO and co-founder of Turtle Creek Asset Management. Since its inception in 1998, Turtle Creek has achieved an average annual return of 18.8% versus just 8.7% for the S&P 500. $10,000 invested in their fund at inception would have grown to over $1 million, and had that money been invested in the market, it would have been worth around $95,000.
IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro 00:01:28 - Andrew’s thoughts on whether today’s markets are becoming more or less efficient 00:13:08 - How today’s market reminds him of the 1999 tech business 00:16:17 - His investment thesis and intrinsic value estimate of Floor & Decor 00:41:26 - Why Andrew is long Kinsale Capital in the fund 00:57:05 - Andrew’s thoughts on weathering periods of underperformance relative to the broader market
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
- Cliff Asness’s paper: The Less-Efficient Market Hypothesis.
- Check out Turtle Creek Asset Management.
- Related Episode: Listen to TIP592: Outperforming the Market Since 1998 w/ Andrew Brenton, or watch the video.
- Related Episode: TIP674: Outperforming the Market, Managing Risk, & Market Inefficiencies w/ Andrew Brenton, or watch the video.
- Follow Clay on X and LinkedIn.
- Related books mentioned in the podcast.
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