John Rogers, successful investor and industry titan, discusses his formative experiences, his investment philosophy focused on patience and long-term thinking, and his roles on corporate boards where he emphasizes the importance of diversity and equal opportunities for minority businesses.
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question_answer ANECDOTE
1987 Crash Defined Ariel's Strategy
The 1987 market crash was a defining moment for Ariel Investments.
John Rogers saw it as a once-in-a-lifetime opportunity to buy bargains and proactively called clients to invest more.
volunteer_activism ADVICE
Emphasize Patience and Deep Research
Take a long-term view and be patient with investments.
Use comprehensive research including discounted cash flow and margin of safety to find undervalued stocks.
insights INSIGHT
Behavioral Finance Improves Investing
Markets are highly efficient, making outperformance extremely challenging.
Incorporating behavioral finance helps recognize biases and improve decision-making.
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John Rogers isn't just a successful investor; he's an industry titan. As the founder of a reputable investment firm, he's made a name for himself with his contrarian value investing strategies. But he's not just a practitioner; he's an educator, avidly reading and contributing to seminal works in investment literature. John’s journey began with an early fascination for finance from his youthful days. A Princeton alumnus, he entered the turbulent waters of the stock market and turned a calamity—the infamous crash of 1987—into a career-defining opportunity. In today's episode, John joins us to discuss his formative experiences, the philosophical underpinning of his investment strategy, and the importance of thinking long-term. We also delve into his roles on various corporate boards, where he weighs in on 401k plans, corporate governance, the pivotal role of diversity in creating equal opportunities for minority businesses, and so much more!
Key Topics:
An overview of John’s professional background (2:15)
John's journey from William Blair to founding Ariel Investments (07:42)
The 1987 market crash as a turning point for Ariel's value investing approach (10:04)
John's philosophy on patient, research-heavy, value-based investing (13:07)
How longevity in markets solidified John's faith in efficiency (19:15)
The mechanics of idea generation at Ariel Investments (23:30)
Ariel's methodology for dissecting investment errors (29:53)
Drawing teamwork and pressure-handling lessons from Coach Carril (35:20)
How board experience informs his investing (37:47)
John's focus on value investing and cautious approach to buybacks (42:20)
Why John is optimistic about The Sphere in Las Vegas and Adelum (46:18)
John's fulfillment from social engagement and its business impact (50:18)
What keeps John up at night and excited about the future (55:48)
Value Investing with Legends