We Study Billionaires - The Investor’s Podcast Network

TIP529: Joel Tillinghast & Uncovering the Art of Outperformance

Feb 28, 2023

57:18

Highlights

AI Chapters

Episode notes

How to Find Undervalued Stocks

02:25

Investing Internationally Is a Good Idea

04:40

Investing in Value - A 4-Point Checklist

04:51

Introduction

2min

Investing by Avoiding Investment Mishaps by Joel Tillinghouse

6min

Investing in Value - A 4-Point Checklist

5min

The Perma Bears and Gold Bugs

6min

Stock Picking 101 - Is There a Catch?

2min

College Ave Student Loans

3min

Investing Internationally Is a Good Idea

5min

How to Find Undervalued Stocks

2min

Warren Buffett vs Jack Bogle

5min

10.

The Growth of Brown and Brown Insurance

6min

11.

Millennial Investing

2min

12.

Is Constellation Software Your Kind of God?

3min

13.

What Makes a Great Manager?

4min

14.

Constellation Software, a Vertical Market Software Company in Canada, the US, and the Rest of Europe

4min

15.

Constellation's Return on Invested Capital Is Incredible

5min

16.

Millennial Investing by the Investors Podcast Network

2min

On today’s episode, Clay Finck reviews Joel Tillinghast’s book, Big Money Thinks Small, and does analysis on two companies built around acquisitions - Brown and Brown Insurance and Constellation Software.

Joel is an incredible long-term investor as he has consistently outperformed the market and currently manages around $70 billion at Fidelity. Peter Lynch, who hired Joel at Fidelity, has described Joel as “one of the greatest, most successful stock pickers of all time.”

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

06:04 - Why some level of speculation is required in every investment.

08:07 - What speculations are acceptable in Joel Tillinghast’s conservative investment approach.

10:34 - What you need to understand about a company prior to investing.

13:02 - Why Tillinghast avoids investing in gold.

20:20 - Why investing in countries with the fastest GDP growth rate isn’t a wise investment strategy.

29:52 - Clay’s insights into two acquisition-focused companies - Brown and Brown Insurance and Constellation Software.

37:27 - Why Constellation Software may be worth further investigation for stock pickers interested in high quality businesses.

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, and the other community members.
Joel Tillinghast’s book Big Money Thinks Small.
Newsletter: The Risks in Owning Chinese Equities.
Listen to Trey’s Interview with Josh Young Covering Oil, or watch the video.
Chris Mayer’s blog post on Constellation Software.
Check out Clay’s episode covering legendary British Investor Terry Smith. Watch the video here.
Don’t miss our review of Four Wide Moat Stocks for 2023. Watch the video here.
Follow Clay on Twitter.

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