The JRo Show

Interview with Todd Ahlsten of Parnassus Investments

Jan 24, 2024

Todd Ahlsten, Chief Investment Officer and Portfolio Manager of Parnassus Investments, discusses his background, investment process, and market insights. Topics include becoming CIO of Parnassus, qualities of successful investors, Parnassus' operation, 'short shelf-life information,' macroeconomic analysis, and valuation criteria.

01:10:12

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Episode guests

Todd Ahlsten

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Quick takeaways

Parnassus Investments focuses on finding socially responsible stocks with sustainable competitive advantages.

Todd Ahlsten emphasizes the importance of narratives and math in assessing stock potential and encourages creative thinking.

Valuation is a crucial factor at Parnassus Investments, with a focus on justifying premiums and aiming for 8-20% returns over three years.

Deep dives

Parnassus Investments: A Focus on Quality and Sustainability

Parnassus Investments is a unique company that focuses on finding stocks that can outperform over the long term while also being sustainable and socially responsible. They prioritize investing in businesses that are innovative, treat their employees well, and have a positive impact on the environment. Their investment philosophy revolves around growth at a reasonable price, looking for companies that are relevant in the economy and have sustainable competitive advantages. They aim to find both long-term compounders and companies that are part of exponential industries with short-term dynamics, such as semiconductors and life sciences. Communication and collaboration are key within the team, focusing on narratives, math, and sentiment to make informed investment decisions.

Balancing Macro and Bottoms-Up Analysis

01:07

Narrative and Math: Key to Investing Success

01:09

Contrarian Investing and the Importance of Emotional Stability

02:00

Diversifying Portfolio with Stocks for Multiple Market Regimes

01:03

Introduction

2min

Finding Quality Stocks for Long-Term Outperformance

16min

Building a Portfolio of Low Drama Quality Compounders

28min

Macro Outlook and Market Predictions

5min

Minimizing Noise and Distractions in Investment Strategies

14min

Lessons from 29 Years of Investing

3min

Insights on the Parnassus investing process and the future of active management

3min

Todd Ahlsten is the Chief Investment Officer and Portfolio Manager of Parnassus Investments. Todd is also a panelist on the prestigious Barron's Roundtable. In this episode, we discuss Todd's background, investment process, and what he sees in the market today. Listen in for topics like:

- How did Todd become CIO of Parnassus?

- What makes a successful investor?

- How does Parnassus operate?

- What is "short shelf-life information"?

- How does Todd look at the macro economy?

- What kind of valuations does Todd look for?

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The JRo Show

Interview with Todd Ahlsten of Parnassus Investments

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Parnassus Investments: A Focus on Quality and Sustainability

Todd Alston: Chief Investment Officer at Parnassus Investments

Valuation, Selling, and Portfolio Management at Parnassus Investments

Portfolio Construction and Risk Management

Investing Team and Research Process

Balancing Macro and Bottoms-Up Analysis

Narrative and Math: Key to Investing Success

Contrarian Investing and the Importance of Emotional Stability

Diversifying Portfolio with Stocks for Multiple Market Regimes

Get the Snipd
podcast app

AI-powered
podcast player

Discover
highlights

Save any
moment

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AI-powered
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Discover
highlights

The JRo Show

Interview with Todd Ahlsten of Parnassus Investments

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Parnassus Investments: A Focus on Quality and Sustainability

Todd Alston: Chief Investment Officer at Parnassus Investments

Valuation, Selling, and Portfolio Management at Parnassus Investments

Portfolio Construction and Risk Management

Investing Team and Research Process

Balancing Macro and Bottoms-Up Analysis

Narrative and Math: Key to Investing Success

Contrarian Investing and the Importance of Emotional Stability

Diversifying Portfolio with Stocks for Multiple Market Regimes

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