Compounders Podcast Investing in World Class Companies Early with Jake Barfield of Asheville Capital Management
7 snips
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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Stay Concentrated To Know Your Holdings
- Keep a concentrated portfolio (5–15 names), with a sweet spot around 8–12, to allow deep understanding.
- Accept increased concentration during drawdowns when expected returns diverge and opportunities arise.
Don't Rely Solely On DCFs
- Use DCFs to test business dynamics but avoid overreliance on output price targets.
- Focus more on price-implied expectations and the three engines: earnings growth, multiple change, and share count.
Engage Managers To Shape Capital Allocation
- Engage management to build trust and influence capital allocation, not to run operations.
- Offer candid feedback on acquisitions and advise on buybacks when cash accumulates at low multiples.
