In this engaging conversation, Simon Kold, founder of Kold Investments and an investor with a unique background in theology and comedy, shares his journey to finance. He highlights the importance of understanding money, emphasizes durable business qualities, and discusses long-term incentives in management. Kold dives into competitive advantages, distinguishing between intensity and durability, while exploring strategic share buyback timing. Their discussion also covers the necessity of adaptability in investment strategies and rethinking value extraction in today's market.
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question_answer ANECDOTE
Unique Background
Simon Kold is a fund manager with an unusual background.
He has a degree in theology and was previously a stand-up comedian.
question_answer ANECDOTE
Early Life and Career Path
Simon Kold grew up in a mercantile city and had a passion for comedy.
He pursued theology, then business and finance, driven by self-study.
insights INSIGHT
Quality and Durability in Investing
High quality, durable companies possess higher value and lower risk.
Investing success relies on accurate quality assessment across future scenarios.
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In 'The Outsider,' Colin Wilson examines the psyche of the Outsider through the lives and works of various literary and cultural figures such as Albert Camus, Jean-Paul Sartre, Ernest Hemingway, Hermann Hesse, and Fyodor Dostoyevsky. The book delves into the Outsider's experience of dislocation and his struggle to find meaning and purpose in a world that seems devoid of it. Wilson argues that the Outsider is a metaphysical man who seeks a transcending meaning and purpose for human existence, often feeling isolated and disconnected from society. The book is both a study of the Outsider's predicament and an impassioned call for a new form of existentialism that could provide a satisfying and objective religious understanding of life.
On the Hunt for Great Companies
On the Hunt for Great Companies
Simon Kold
Winning on Purpose
Fred Reichheld
Simon Kold is the founder of Kold Investments, a Copenhagen-based investment firm. He was previously at Novo Holdings, one of the world’s largest investment organizations. His investment experience spans both public and private markets. Simon is one of the few fund managers who also has a degree in theology and had a stint in stand-up comedy.
His book, On the Hunt for Great Companies: An Investor's Guide to Evaluating Business Quality and Durability, was published by Wiley in late October.
Summary
In this conversation, Simon Kold, founder of Kold Investments, shares his unique journey from stand-up comedy and theology to becoming a successful fund manager. He discusses the importance of understanding one's relationship with money, the pursuit of durable companies, and the significance of passion in business.
Kold emphasizes the need for long-term incentives in management compensation and the critical role of capital allocation in quality businesses. He also delves into the concept of competitive advantage, highlighting the difference between intensity and durability. In this conversation, Simon Kold and Bogumil Baranowski explore various themes in investing, including the importance of recognizing competitive disadvantages, the balance between infinite investment horizons and finite assets, and the significance of staying power and adaptability in businesses.
They discuss the concept of fair value extraction, the characteristics of an ideal future business, and the various risks that investors face. The conversation concludes with reflections on success and the personal journey of writing a book that combines humor with investment philosophy.
You can find resources related to the book on Simon’s personal author website simonkold.com
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Talking Billions with Bogumil Baranowski 
