Capital Allocators – Inside the Institutional Investment Industry [REPLAY] Paul Black - Gratitude, Fun, and Growth Stocks (Capital Allocators, EP.51)
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Feb 5, 2024 Paul Black, Co-CEO and portfolio manager at WCM Investment Management, shares his journey from a small boutique to managing $26 billion in global equities. He discusses the art of identifying growth stocks, emphasizing the importance of company culture and competitive advantages. Paul delves into lessons learned from past mistakes, navigating financial challenges, and the contrast between growth and value investing. He also highlights resilience and disciplined decision-making, while reflecting on the importance of work-life balance in today’s fast-paced environment.
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Early Investing Success
- Paul Black's interest in investing began with a fortunate investment in South African gold stocks during college.
- This early success, driven by gold's price surge, influenced his career shift to finance.
Sustainable Growth
- Focus on sustainable growth, not just rapid growth.
- Rapidly growing companies can be risky and destroy capital, as seen with Digital Equipment Corporation.
Optimism in Growth Investing
- Growth investing requires an optimistic outlook on the future, unlike the more pessimistic nature of value investing.
- Optimists tend to succeed in the long run, aligning with the idea of never betting against great growth companies with strong cultures.
