We Study Billionaires - The Investor’s Podcast Network

TIP529: Joel Tillinghast & Uncovering the Art of Outperformance

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Feb 28, 2023

Discover the investment philosophies of Joel Tillinghast, a legendary stock picker known for his conservative strategies and consistent outperformance. Learn why a certain level of speculation is essential in investing and why Tillinghast avoids gold. Delve into insights on acquisition-focused companies, Brown and Brown Insurance and Constellation Software, and understand the importance of company research. Explore the value of exceptional leadership in successful investing, particularly through the lens of Constellation Software's impressive performance.

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INSIGHT

Speculation in Investing

Every investment involves some speculation about the future.
Speculating on share prices, commodity prices, and crowd psychology is treacherous.

ADVICE

Acceptable Speculations

Speculate on management decisions, industry risks, and security value.
Use executives' and industries' track records as indicators.

ADVICE

Understanding Businesses

Invest in businesses you understand well.
If you don't want to research, stick with low-cost index funds.

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