We Study Billionaires - The Investor’s Podcast Network TIP440: Beating the S&P500 since 2004 w/ Bryan Lawrence
19 snips
Apr 17, 2022 
In this engaging conversation, Bryan Lawrence, founder of Oakcliff Capital, shares insights on his firm's impressive performance since 2004, outpacing the S&P 500. He explains his concentrated value investing strategy and how he evaluates potential investments, like Charter Communications. Bryan discusses the importance of cash reserves and navigating market volatility while revealing how outperformance sometimes requires short-term setbacks. His unique insights on aligning interests between managers and clients provide a fresh perspective for any investor.
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Deep Research Process
- Conduct deep research, like investigative journalism, by interviewing customers, competitors, and suppliers.
- Project cash flows for 5-10 years, aiming for a 20% IRR before investing.
Embrace Underperformance
- Expect periods of underperformance, even with successful strategies like concentrated value investing.
- Concentrated value investors often underperform the market 30-40% of the time.
Competitive Edge: Patient Capital
- Oakcliff Capital's competitive edge is structural, stemming from patient capital.
- Patient capital allows for a long-term focus, exploiting short-term uncertainties.
