

[REPLAY] - Paul Black - Gratitude, Fun, and Growth Stocks (Capital Allocators, EP.51)
Sep 6, 2021
Paul Black, Co-CEO of WCM Investment Management, shares his remarkable journey from a $200 million boutique to managing $26 billion in global equities. He dives into the essence of growth stock investing, discussing the importance of company culture, identifying competitive advantages, and learning from mistakes. Paul highlights the significance of perseverance and a positive mindset in navigating challenges, along with insights into cultural dynamics in global markets. His engaging anecdotes bring a lively perspective on investment strategy and personal growth.
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Early Investing
- Paul Black's interest in investing began with a small inheritance invested in South African gold stocks.
- Witnessing substantial gains during college sparked his shift from marketing to finance.
Growth Investing Risks
- Paul Black learned early on about the risks of growth for growth's sake.
- He shifted clients from IBM to Digital Equipment, a faster-growing but ultimately unsuccessful company.
Optimism in Growth Investing
- Growth investing requires an optimistic outlook on the future, unlike value investing's focus on present value.
- Optimists tend to have a better long-term perspective, believing in the growth potential of markets and innovative companies.