a16z Live In the Vault: Public Market and Macro Perspectives with Mark Casey of Capital Group
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Jul 23, 2024 Mark Casey, an equity portfolio manager at Capital Group with over 20 years of experience, shares his long-term investment philosophy. He discusses his unique approach to customer-centric metrics and the importance of dividends in investing. Casey reflects on communicating with CEOs and what he learned from Jeff Bezos, emphasizing transparency in financial communication. He also delves into macro trends, the potential of AI, and highlights the essential qualities that make a great public company.
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Long-Term Investing
- Focus on long-term company earnings (4-8 years out) and apply a sensible valuation framework.
- Buy stocks based on this long-term view, regardless of short-term market fluctuations.
Barnacle Mode in 2022
- Mark Casey held onto stocks during the 2022 downturn ('barnacle mode'), despite some prior trimming.
- He admits to not trimming enough high-growth stocks at the end of 2021.
Challenging Bezos
- In 2012, Mark Casey questioned Jeff Bezos about Amazon's growth rate, which he found slow despite already fast growth.
- Bezos offered Casey a job in response to his critique.