ACQ2 by Acquired

Comparing the Dotcom Crash to Today (with Tom Cowan from TDM)

Jun 20, 2023

Tom Cowan, co-founder of TDM Growth Partners, shares insights from an investment firm that boasts a remarkable 26% annual return over 18 years. He discusses historical comparisons between the dot-com crash and today's market, emphasizing how high-growth companies behave during downturns. Cowan highlights the importance of emotional discipline and sound valuations for investors. He also reflects on how flexibility and a long-term investment philosophy are essential in navigating today's market uncertainties.

01:13:28

Creator website

Episode guests

Tom Cowan

Highlights

AI Chapters

Episode notes

TDM investment model

03:45

The Importance of Slowly Deploying Capital and Dollar Cost Averaging

01:38

The Differences Between S&P 500 and NASDAQ

00:46

Intro

4min

Market Lessons: Past to Present

16min

Long-Term Investment Philosophy

13min

Navigating Volatility Through Reflective Memos

2min

Navigating Market Volatility

4min

Navigating Market Flexibility

5min

Market Mindsets: Understanding Investing Dynamics

10min

Lessons from Market Crashes

12min

The Critical Role of People and Culture in Investments

3min

10.

The Role of Company Culture in Investment Strategies

4min

Every now and then, we come across super interesting and under-the-radar (at least to us!) public markets folks like NZS Capital who make us think differently about the art of investing. TDM is another one of those groups — founded 18 years ago in Australia, they’ve compounded a single, private pool of capital at 26% per annum over nearly two decades. That’s Warren & Charlie territory!

TDM recently published a memo comparing the current “post ZIRP bubble” market with what happened in the years following both the dot-com crash and the GFC in 2008. As always, past performance isn’t necessarily predictive of the future, but what happened back then surprised us and might surprise you too. More importantly, it gave us the perfect excuse to sit down with TDM cofounder Tom Cowan and share the conversation with you all. Tune in and learn alongside us!

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