Think Like an Owner

Sieva Kozinsky - Long-Term Thinking is an Advantage - Ep.212 [TLAO Replay]

Feb 27, 2024

Sieva Kozinsky discusses the advantage of long-term thinking and compounding in business. He prefers buying over building, studies successful companies, and emphasizes documenting beliefs. The shift to long-term investments, optimizing incentives, and lessons on owning businesses are explored. Operational experience, effective learning strategies, and successful business tactics like Costco's pricing strategy are also discussed.

01:14:47

Episode guests

Sieva Kozinsky

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Quick takeaways

Long-term thinking is a significant advantage in business and investing, emphasizing the importance of compounding and reputation beyond capital alone.

Tax diligence in quality of earnings reports is crucial, highlighting risks related to payroll and sales taxes, and the impact of changing regulations on potential liabilities.

Shifting focus from VC-backed growth to profitable and sustainable business acquisitions, prioritizing cash flow generation for future investments and long-term financial success.

Deep dives

CIVA Kaczynski's Background and Enduring Ventures' Strategy

CIVA Kaczynski, the co-founder of Enduring Ventures, discusses his background as a founder and how it influences Enduring Ventures' strategy as a diversified holding company. He emphasizes the importance of being a better buyer than a builder, focusing on studying successful companies and founders to extract valuable lessons.

Aligning Incentives with Ownership

04:47

The Power of Collective Buying

01:12

Introduction

2min

Analysis of Tax Diligence in Quality of Earnings Reports for Small Businesses

2min

Importance of Documenting Beliefs and Long-Term Structures in Business

5min

Exploring the Shift from Short-Term to Long-Term Thinking in Investments

3min

Lessons on Incentives, Ownership Mentality, and Business Growth Strategies

24min

Founding and Operating Businesses: The Crucial Role of Prior Experience

29min

Effective Learning Strategies and Retention Techniques

5min

Exploring Successful Business Strategies and Buying Groups

4min

Ep.212: Alex Bridgeman (@aebridgeman) is joined by Sieva Kozinsky (@sievakozinsky).

My guest on this episode is Sieva Kozinsky, co-founder of Enduring Ventures, a holding company founded in 2019 with 17 acquisitions to date. Sieva and I met at a dinner following the Berkshire Hathaway meeting in Omaha, his first time attending the meeting. A theme from our first conversations in Omaha that continues through this episode is long-term thinking being a huge advantage, and that compounding happens everywhere. Reputation, lessons, and learning - well beyond capital alone.

Given that our guest last week, Eric Jorgenson, is the CEO of one of Enduring's companies, I thought this would be a timely episode to bring back to the top of the feed

We talk about Sieva’s background as a founder and how it impacts his role at Enduring Ventures, how he discovered he is a better buyer than a builder, great companies and founders he’s studied and taken lessons from, and much more. Enjoy!

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Links:

Titan: The Life of John D. Rockefeller by Ron Chernow

The Gambler: How Penniless Kirk Kerkorian Became the Greatest Deal Maker in Capitalist History by William Rempel

Topics:

(00:00:00) - Intro

(00:04:27) Belief Documents

(00:09:13) Long-termism trends