Paul Black, Co-CEO and portfolio manager at WCM Investment Management, shares his wisdom on growth stock investing from his extensive experience in the financial industry. He defines what makes a great growth company and emphasizes the importance of corporate culture in driving success. Paul also discusses lessons learned from failures and the significance of perseverance. He provides insights into navigating market challenges and highlights the impact of a positive workplace culture on investment outcomes, ensuring a captivating discussion for investors and enthusiasts alike.
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question_answer ANECDOTE
Early Investing
Paul Black's interest in investing began with a small inheritance.
He bought South African gold stocks and made quick profits, sparking his passion for finance.
question_answer ANECDOTE
Trial by Fire
Paul Black's first job was at Bank of America in their private banking group.
At 25, he managed $200 million, learning through trial and error.
volunteer_activism ADVICE
Growth Investing
Be optimistic and focus on companies with strong competitive advantages and cultures.
Avoid value traps by analyzing a company's moat trajectory, not just its current width.
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Paul Black is Co-CEO and portfolio manager at WCM Investment Management, a $26 billion manager of global equities that he joined when it was a $200 million boutique in 1989. With so much of the institutional world, including my own training, focused on value investing, I was pleasantly surprised to learn about a large, high performing growth stock manager located in a non-descript building in Laguna Beach, California. Our conversation starts with Paul’s trial-by-fire entry into the business and turns to growth stock investing, including defining a great growth company, searching for widening moats, assessing a culture tied to competitive advantage, creating a positive culture, learning from mistakes, identifying tailwinds, and protecting the downside. Paul embodies the principals he preaches and offers some tasty food for thought. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership
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