We Study Billionaires - The Investor’s Podcast Network TIP726: From Obscurity to Opportunity: Jon Cukierwar’s Investment Edge
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Jun 1, 2025 
In this chat with Kyle Grieve, Jon Cukierwar from Solar Peak Capital Partners shares his distinctive approach to global investing, targeting overlooked companies. He discusses valuable lessons learned under Bob Robotti, emphasizing the importance of quality and growth. Jon reveals how he counters biases when meeting charismatic CEOs and highlights the significance of local investor networks. He emphasizes prioritizing owners' earnings and identifies key traits that make investments a 'no-brainer.' Interestingly, he shares why he leans towards 'boring' low-tech businesses for potential gains.
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Independent Thinking Lesson
- Jon Cukierwar learned radical independent thinking and bottom-up research at Bob Rabadi's firm.
- The firm avoided market noise, focused on facts, and valued thorough fundamental analysis.
Quality and Growth Appeal
- Jon shifted from deep value to quality and growth investing influenced by a Columbia EMBA course.
- Combining valuation, quality, and growth suits his preference for durable free cash flows and reasonable multiples.
Benchmark with S&P 500
- Use the S&P 500 as a benchmark to measure true skill despite holding no S&P 500 stocks.
- It represents a tough benchmark and opportunity cost relevant to most investors.