This series, written over a period of 40 years, is a detailed and engaging narrative of human history from prehistoric times to the late 18th century. It emphasizes the interconnectedness of historical events, cultural developments, and the lives of influential individuals. The Durants' approach is characterized by their attention to art, literature, music, and other aspects of culture, making history more accessible and engaging for a broad audience. Despite some criticisms for being Eurocentric and lacking in primary research, the series is praised for its thorough and personable style, making complex historical topics interesting and transparent[2][3][5].
In 'The Outsider,' Colin Wilson examines the psyche of the Outsider through the lives and works of various literary and cultural figures such as Albert Camus, Jean-Paul Sartre, Ernest Hemingway, Hermann Hesse, and Fyodor Dostoyevsky. The book delves into the Outsider's experience of dislocation and his struggle to find meaning and purpose in a world that seems devoid of it. Wilson argues that the Outsider is a metaphysical man who seeks a transcending meaning and purpose for human existence, often feeling isolated and disconnected from society. The book is both a study of the Outsider's predicament and an impassioned call for a new form of existentialism that could provide a satisfying and objective religious understanding of life.
The New Money Masters by John Train is a sequel to his earlier work, The Money Masters. It profiles eight prominent securities traders and mutual fund managers from the 1980s, offering insights into their investment techniques and philosophies. The book includes profiles of notable figures such as George Soros, Peter Lynch, and Jim Rogers, providing a glimpse into their approaches to investing during a volatile period in financial history.
Our teacher today is Will Thorndike, co-founder of Compounding Labs and author of the acclaimed book, “The Outsiders.” In our opinion, Will has emerged as one of the most influential and innovative investor minds of the past few decades. And if you care about long-term value creation and the art of capital allocation, chances are you've also benefited from some of his ideas.
In 1994, he founded Housatonic Partners, a pioneering private equity firm known for its unusually long holding periods and its leadership in the search fund space alongside his mentor and Stanford professor Irv Grousbeck. Will helped to originate the modern search fund model, backing early career CEOs to buy and grow businesses with long-term horizons and radically aligned incentives.
Since then, he has invested in the majority of the top 20 search fund outcomes to date, including Asurion, which he recently profiled on his podcast 50X.
We explore Will's full arc from the research that led to “The Outsiders” to his decades as an investor to the new frontier he's now helping to shape. We talk about what makes a business truly enduring, why great leadership and resource allocation remain so misunderstood, and how the right people, structure, and alignment enable companies to compound over time. Please enjoy this class with Will Thorndike.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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Joys of Compounding is a property of Pine Grove Studios in collaboration with Colossus, LLC. For more episodes of Joys of Compounding, visit joincolossus.com/episodes.
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Follow us on Twitter: @Buhrman_Rick | @PaulBuser | @JoinColossus
Show Notes
(00:00:00) Welcome to The Joys of Compounding
(00:00:57) Introducing Will Thorndike
(00:03:35) The Rise of Long Duration Serial Acquisition Holding Companies
(00:07:25) The 50X Podcast Journey
(00:16:29) The Origins of Will's Investing Career
(00:18:11) Stanford's Influence and Key Mentors
(00:23:48) The Search Fund Model Explained
(00:39:18) The Outsiders: From Concept to Acclaim
(00:46:33) The Influence of Leverage and Share Buybacks
(00:47:30) Personal Reflections on the Book's Impact
(00:52:54) Experiments in Public Markets: CNX and Perimeter
(00:58:35) The Evolution of Inorganic Growth Models
(01:02:52) The Power of Long-Term Ownership
(01:14:52) The Importance of Relationships and Learning
Joys of Compounding 
