In a captivating discussion, Dev Kantesaria, founder and portfolio manager of Valley Forge Capital Management, shares insights from his successful investment approach inspired by Warren Buffett and Charlie Munger. He explores the predictability of excellent businesses and why he's steering clear of Big Tech. Dev emphasizes the importance of pricing power and long-term growth strategies, all while maintaining a bullish view on U.S. investments despite market fluctuations. His passion for compounding machines and share repurchases further sheds light on his investment philosophy.

Trey Lockerbie chats with Dev Kantesaria. Dev is the Managing Partner of Valley Forge Capital Management, which currently has $2.7 billion in assets. Dev holds an undergrad from MIT and was top of his class at Harvard Medical School before pivoting and going into venture instead of medicine 14 years ago. Dev is also a big Buffett and Munger fan and follows their principles closely.IN THIS EPISODE, YOU'LL LEARN: 17:27 - How to invest through recessions.  19:23 - Why Dev no longer invests in Biotech after he spent 18 years in Biotech Ventures. 48:21 - The value of running a highly concentrated portfolio. And a whole lot more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Valley Forge Capital Management's Website. CNBC Buffett resources' Website. Trey Lockerbie's Twitter. Read the 9 Key Steps to Effective Personal Financial Management. NEW TO THE SHOW? Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts.  SPONSORSSupport our free podcast by supporting our sponsors: River Toyota Range Rover Fundrise AT&T The Bitcoin Way USPS American Express Onramp SimpleMining Public Vacasa Shopify HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

This is Zack Fuss, an investor at Irenic Capital, and today we’re breaking down Fair Isaac Corporation, commonly known as FICO. FICO is best known for its consumer credit scores product, which has become a common language across the world of consumer loans and banking. Less well known, but a major piece of the business, is FICO’s software offering that helps financial businesses with fraud detection, CRM, and loan origination. Between these two offerings – scores and software – FICO earned $1.3 billion last year.To break down the business, I’m joined by Dev Kantesaria, managing partner at Valley Forge Capital Management. In going through its history and business units, Dev explains why it would be tough to design a better business model than FICO. Please enjoy this breakdown of FICO. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. -----This episode is brought to you by Tegus, the modern research platform for leading investors. Tired of running your own expert calls to get up to speed on a company? Tegus lets you ramp faster and find answers to critical questions more efficiently than any alternative method. The gold standard for research, the Tegus platform delivers unmatched access to timely, qualitative insights through the largest and most differentiated expert call transcript database. With over 55,000 transcripts spanning 22,000 public and private companies, investors can accelerate their fundamental research process by discovering highly-differentiated and reliable insights that can’t be found anywhere else in the market. As a listener, drive your next investment thesis forward with Tegus for free at tegus.co/patrick.-----Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss | @ReustleMatt | @domcookeShow Notes(00:02:40) - (First question) - What attracted him to FICO as a business(00:03:31) - An overview of their key products and the value they provide(00:06:01) - How FICO collaborates and competes with credit bureaus(00:11:23) - Their ability to sustain steady growth in a cyclical environment(00:12:48) - How FICO's software offerings complement their credit score business(00:14:13) - Who their competitors are(00:23:16) - The potential competitive risks of emerging A.I. technology(00:25:57) - Why the push for VantageScore in the mortgage industry created more competition for credit bureaus (00:27:58) - The differences between their B2C and scores businesses (00:30:38) - A breakdown of the software side of the business and its significance(00:34:26) - All about FICO’s Falcon Fraud Manager and Triad Customer Manager (00:39:20) - FICO’s capital-light business model in detail(00:41:59) - The aspects of the business that investors often overlook or underestimate(00:45:18) - Lessons learned from studying FICO 

Dev Kantesaria from Valley Forge Capital Management discusses his high-quality approach to investing, emphasizing emotional discipline and managing groupthink. Topics include starting over in a new field, historic lessons, and reflections on Amazon. He also shares insights on pricing power, management, and the current market conditions.

Dev Kantesaria, founder and portfolio manager of Valley Forge Capital Management, shares his unique investment strategies and insights. He emphasizes the importance of in-depth research and understanding diverse business models while navigating today’s market challenges. The conversation highlights the dominance of semiconductor giants like ASML and TSMC, and Kantesaria's preference for public equities due to their transparency. Additionally, they discuss the impact of AI on investments and the necessity of maintaining traditional evaluation methods amidst technological changes.