Portfolio manager at Fidelity Investments, Joel Tillinghast, discusses his journey to Fidelity, investing strategies, and the importance of staying informed. He also explores the concept of data analysis, active vs passive investing, and achieving market-leading outcomes. Tillinghast shares insights on teaching the next generation of fund managers and reflects on the unpredictability of investing.

On today’s episode, Clay Finck reviews Joel Tillinghast’s book, Big Money Thinks Small, and does analysis on two companies built around acquisitions - Brown and Brown Insurance and Constellation Software.Joel is an incredible long-term investor as he has consistently outperformed the market and currently manages around $70 billion at Fidelity. Peter Lynch, who hired Joel at Fidelity, has described Joel as “one of the greatest, most successful stock pickers of all time.”IN THIS EPISODE YOU’LL LEARN:00:00 - Intro06:04 - Why some level of speculation is required in every investment.08:07 - What speculations are acceptable in Joel Tillinghast’s conservative investment approach.10:34 - What you need to understand about a company prior to investing.13:02 - Why Tillinghast avoids investing in gold.20:20 - Why investing in countries with the fastest GDP growth rate isn’t a wise investment strategy.29:52 - Clay’s insights into two acquisition-focused companies - Brown and Brown Insurance and Constellation Software.37:27 - Why Constellation Software may be worth further investigation for stock pickers interested in high quality businesses.Disclaimer: Slight discrepancies in the timestamps 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. Joel Tillinghast’s book Big Money Thinks Small. Newsletter: The Risks in Owning Chinese Equities. Listen to Trey’s Interview with Josh Young Covering Oil, or watch the video. Chris Mayer’s blog post on Constellation Software. Check out Clay’s episode covering legendary British Investor Terry Smith. Watch the video here. Don’t miss our review of Four Wide Moat Stocks for 2023. Watch the video here. Follow Clay on Twitter. 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.fm Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Trey chats with Joseph Shaposhnik. Joseph is the Portfolio Manager of TCW’s New America Premier Equities Fund. Joseph also serves as a Senior Equity Analyst in the equity research group with coverage responsibility for the industrials and basic materials sectors. Before joining TCW in 2011, he was an Equity Research Associate at Fidelity, focusing on the semiconductor and entertainment software sectors.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro01:52 - Unconventional wisdom and strategies that Joseph has learned from working under Joel Tillinghast, Will Danoff and under mentorship from Brian Jellison.28:40 - How he has shaped his strategy for his fund that has outperformed it’s benchmark by 3.5% since inception.37:16 - An overview of some of the funds top holdings, including Constellation Software, Factset and Broadcom. 50:17 - Insights from Buffett’s investment in TSM and Precision Castparts.And a lot more!Disclaimer: Slight discrepancies in the timestamps 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. TCW New America Premier Equities Fund. Joseph Shaposhnik Linkedin. Trey Lockerbie Twitter. Related Episode: Listen to Fidelity Legend Joel Tillinghast - RWH017 or watch the video. 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: Bluehost Fintool PrizePicks Vanta Onramp SimpleMining Fundrise TurboTax 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.fm Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

IN THIS EPISODE, YOU’LL LEARN: 03:07 - How Joel Tillinghast fell in love with investing as a boy of eight or nine. 07:51 - What he learned from his first investment, which he’s (so far) held for 54 years. 09:12 - Why it’s critical not to overpay, even when you’re investing in a superb business.  11:04 - How his approach differs from the strategy of another Fidelity legend, Will Danoff. 14:55 - What Joel admires about Cathie Wood. 19:20 - What he learned from a disastrous macroeconomic bet using borrowed money. 33:36 - Why it’s important to invest in “adaptive companies.” 34:50 - How he was hired at Fidelity after cold calling Peter Lynch. 39:56 - How young people can break into the investment business at a firm like Fidelity. 44:59 - What qualities made Peter Lynch a wildly successful stock picker. 53:38 - Why Joel avoids biotech stocks. 54:25 - Why it’s critical to know yourself & stick to games where you truly have an edge. 56:47 - How he thinks about diversification & why he owns a huge number of stocks. 1:11:07 - How he made more than 1,000 times his money investing in Monster Beverage. 1:10:08 - How emotional exhaustion led him to announce his retirement next year. 1:23:12 - How he was affected by a terrifying experience of an earthquake in Japan. 1:27:21 - How to handle adversity by letting go of what we can’t control. 1:29:26 - What he’s trying to teach Fidelity’s next generation of fund managers. 1:32:27 - What gives Joel satisfaction as he looks back on his extraordinary career. 1:35:24 - What he learned from his beloved father. Disclaimer: Slight discrepancies in the timestamps 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. Joel Tillinghast’s Fidelity Low-Priced Stock Fund.  Joel’s book, Big Money Thinks Small: Biases, Blind Spots, & Smarter Investing. William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book. William Green’s Twitter. 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 Sun Life The Bitcoin Way Range Rover Sound Advisory BAM Capital Fidelity SimpleMining Briggs & Riley Public Shopify 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.fm Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Renowned investors including Guy Spier, Rob Arnott, Michael Mauboussin, Steve Romick, Joel Tillinghast, Cem Karsan, Bob Ellott, and Jerry Parker share their most important investing lessons. Topics covered include self-forgiveness, action, and diversification, the importance of knowledge and flexibility, avoiding natural investing mistakes, analyzing the truth and geopolitics, investing in real opportunities, thorough homework and independent research, the significance of rebalancing, finding your investing philosophy, understanding the importance of perspective, the importance of price confirmation and having an open mind, maximizing contributions to retirement accounts, and teaching children about investing.