In this episode of AUM, we are joined by Jeremy Deal, the founder and portfolio manager of JDP Capital Management.

Jeremy shares insights from his non-traditional background in asset management and elaborates on his investment philosophy, which focuses on identifying companies with significant unrecognized earnings potential.

Jeremy discusses the importance of understanding a company's competitive advantage and maintaining a long-term investment perspective. Jeremy also recounts his successful investment in Spotify, detailing his initial thesis and the journey through its ups and downs.

Lastly, Jeremy emphasizes the value of letting winners run and learning from past mistakes to achieve exceptional investment outcomes.

01:30 Meet Jeremy Deal: Founder of JDP Capital Management

02:50 Early Career and Founding JDP Capital

05:49 Investment Philosophy and Strategy

08:33 Understanding Market Inefficiencies

12:15 The Importance of Competitive Advantage

18:19 Consumer Relationships as a Margin of Safety

22:41 Research Process and Discovering New Businesses

32:23 Building a Position: Patience and Strategy

33:28 Managing Portfolio Valuation and Drawdowns

38:55 Identifying Exciting Business Opportunities

44:18 The Spotify Investment Thesis

52:38 Learning from Investment Mistakes

59:06 Advice for Aspiring Investors

To see more of Jeremy's work check out: https://jdpcap.com/

You Are What You Love | James K.A. Smith