Ben Beneche, co-founder of Tourbillon Partners, shares his insights as a global investor in durable businesses. He dives into the unique characteristics that make smaller and mid-sized companies resilient. Discussions include portfolio construction and the importance of cash flow, along with the cultural aspects of Japanese companies. Beneche also examines market dynamics in Japan's drugstore sector and the growth potential of Howden Joinery in the UK. Finally, he offers strategies for finding undervalued stocks, focusing on high-quality investments with a margin of safety.