Capital Allocators – Inside the Institutional Investment Industry

Paul Black - WCM Investment Management (First Meeting, EP.05)

Aug 5, 2019

Paul Black, Portfolio Manager and Co-CEO of WCM Investment Management, shares insights from his remarkable journey since joining the firm in 1989. He discusses the significance of corporate culture in defining successful investment strategies and emphasizes learning from failures. The conversation dives into growth stocks, examining the complexities of international markets, particularly Japan. Paul also highlights the transformational impact of company values on performance, offering valuable lessons on perseverance and maintaining a balanced approach in investing.

56:40

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Episode guests

Paul Black

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Episode notes

Intro

2min

Optimizing Scheduling and Client Relationships in Investment Management

2min

Growth Through Culture and Insight

31min

The Effectiveness of Active Management in Investment Strategy

3min

Transformational Lessons from Investment Failures

3min

Cultural Insights in International Markets

2min

Navigating Growth Stocks and Investment Strategies

17min

My guest on today’s first meeting is Paul Black of WCM Investment Management. This show is a replay of our conversation on Capital Allocators last year, and has been one of the most listened to conversations with a manager on the show. At the time, WCM managed $26 billion and since then they’ve continued to perform and grow. Today, WCM oversees $40 billion and earlier this year announced the sale of a minority stake in their business to Natixis Investment Managers.

Paul Black is portfolio manager and Co-CEO of WCM Investment Management, a $26 billion manager of global equities that he joined when it was a $200 million boutique in 1989. His early career included positions at Wells Fargo Bank and Bank of America.

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.

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