In the inaugural episode of Far From The Finishing Post we speak to Sebastian Lyon, founder and chief investment officer of Troy Asset Management.  In our conversation, we discuss the  formative experiences Sebastian had when he first joined the industry, the founding of Troy Asset Management and how his investment philosophy and approach has evolved over the arc of his career.

Show notes:
[1:01] - Sebastian discusses the formative experiences early in his career
[4:52] - Meeting Lord Weinstock and founding Troy Asset Management
[9:05] - Learning from mistakes and having a consistent investment approach
[10:22] - Investing with an absolute return mindset and a plain canvas
[12:47] - Giving investors a smoother ride
[16:00] - Aligning interests through clear and transparent communication
[19:23] - Growing the business in a way that sustains Troy's culture
[21:05] - Managing business complexity and maintaining a team driven approach
[24:22] - The evolution of Troy's investment universe
[27:57] - Focusing on quality and business fundamentals
[31:35] - Investing in boring but predictable businesses
[34:01] - Some secular growth companies deserve higher multiples
[36:11] - Competitive edge from being unconstrained and investing for the long-term
[38:10] - Asset allocation in a low interest rate environment
[42:21] - The new blue chips
[43:51] - Thinking about businesses not stock prices