Capital Allocators – Inside the Institutional Investment Industry [REPLAY] Paul Black - Gratitude, Fun, and Growth Stocks (Capital Allocators, EP.51)
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Oct 27, 2025 Join Paul Black, Co-CEO of WCM Investment Management, as he discusses his unique journey from a $200 million firm to managing multibillion-dollar portfolios. He dives into the art of growth investing, defining great companies by their widening moats and culture, emphasizing the significance of optimism versus traditional value investing. Paul shares lessons from early mistakes and the pivotal shift in WCM's culture, driving home the importance of gratitude and fun in a successful investment environment.
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College Gold Trade That Started His Investing Path
- Paul bought highly leveraged South African gold shares in college and tracked daily gains which hooked him on investing.
- Early bank roles thrust him into managing large portfolios at 25 and exposed him to steep learning via mistakes.
Optimism Is A Core Investment Stance
- Growth investing requires optimism; skeptics often prefer value's pessimistic frame.
- Paul believes optimists win because they back long-term progress and great companies.
Direction Of The Moat Matters Most
- WCM emphasizes the direction of a company's competitive advantage, not just its current moat.
- Rising returns on invested capital over time predict far better long-term outcomes than static high ROIC.
