The Value Perspective

The Value Perspective with Andrew Brenton

10 snips
Jul 3, 2025
Join Andrew Brenton, the Founding Partner of Turtle Creek Asset Management, as he shares insights from his impressive career. He discusses leveraging a private equity mindset in public markets and the nuances of long-term investing. Brenton reveals the intriguing backstory behind the firm's name and underscores the importance of understanding company fundamentals. He also touches on the active versus passive investment debate and draws lessons from military strategy that can be applied to business decision-making. Don't miss this engaging conversation!
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ANECDOTE

Career Pivot from Private Equity

  • Andrew Brenton started in investment banking focusing on mergers and acquisitions before running a private equity arm at a Canadian bank.
  • He and his partners pivoted from private equity to public markets 25 years ago, applying a private equity mindset to public investing.
INSIGHT

Core Investing Principle Endures

  • The fundamental principle of valuation is the present value of all future cash flows, which hasn't changed over time.
  • However, public markets have become less efficient due to more passive money and factor investing, accentuating share price noise.
ADVICE

Invest Like Buying Companies

  • Think of owning a stock as owning a piece of a company and invest as if buying the entire company.
  • Build thorough financial forecasts and assess if the share price offers a margin of safety below intrinsic value.
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