Aussie Firebug

97. Andrew Page - Strawman

Sep 14, 2025
In this conversation, Andrew Page, the founder of Strawman.com, dives deep into the world of investing with over 20 years of experience. He shares his belief in the ongoing relevance of stock picking, even amid the rise of index funds. Andrew discusses how to differentiate between strong and weak businesses, and he offers insights into evaluating company founders. The discussion also touches on his evolving perspective on Bitcoin and how it fits into the value investing landscape, alongside resources for investors looking to engage more actively.
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ANECDOTE

From Microbiology To Markets

  • Andrew Page stumbled into investing after studying microbiology and working in online broking during the tech boom.
  • He became cynical about the industry but ultimately embraced long-term investing as a lifestyle.
INSIGHT

Profit Comes From Right, Different Views

  • Variant perception (a different, correct view) creates the opportunity for outperformance.
  • You must believe others are missing something and have patience for the market to recognise it.
ADVICE

Only Pick Stocks If You Love The Work

  • If you can't commit to researching stocks, buy an index ETF and avoid stock-picking.
  • Only pick stocks if you love the work and accept it demands huge amounts of time and effort.
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