Compounders Podcast Investing in World Class Companies Early with Jake Barfield of Asheville Capital Management
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Nov 21, 2025 
Jake Barfield, founder of Asheville Capital Management and host of the Quality Investing podcast, dives into his unique investment strategy. He seeks out world-class companies before they gain mainstream recognition, focusing on growth potential and capital efficiency. Jake discusses his interest in international markets, particularly Japan, and shares insights on position sizing and portfolio concentration. He also highlights the innovative InPost's locker-based delivery model, emphasizing the importance of deep fundamental research and holding investments for long-term compounding.
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Early Ownership Of World‑Class Businesses
- Jake Barfield invests in "world-class businesses before they are broadly appreciated as such," emphasizing quality plus early-stage ownership.
- He prioritizes durable competitive advantages, aligned founder-operators, and valuation timing to capture long compounding runways.
Why International Markets Offer Inefficiencies
- Jake finds international markets particularly attractive due to passive investing gaps and fewer private capital competitors.
- This allows earlier public listings and faster scalable growth with less competition than in the U.S.
Only Buy Losses With A Clear Path To Profit
- Own unprofitable companies only when there's a clear, logical path to profitability and high returns on incremental capital.
- Avoid firms that will likely remain unprofitable five years out with no defensible reinvestment economics.
