My guest today is John Harris, Managing Partner of Ruane, Cunniff & Goldfarb, where the flagship Sequoia Fund has an incredible 50-year track record running a highly concentrated portfolio of equities. In our conversation, we cover John’s approach to finding businesses that can be owned for the long-term, what goes into their diligence process, and the importance of resilience for investors. I think many of the stock pickers will enjoy many of the points on good management, good businesses, and using imagination. I hope you enjoy my conversation with John.   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. Tegus has built the most extensive primary information platform available for investors.   With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 10,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more.   ------ This episode is brought to you by Paxos. Paxos offers your customers crypto buying, selling, transferring, and more with easy to integrate APIs. Whether you’re a small fintech or a large financial institution, Paxos takes care of everything in the backend – from licensing and compliance to custody and exchange. You can start offering crypto to your customers within months. To learn more, visit paxos.com/patrick.   ------ Invest Like the Best is a property of Colossus, Inc. For more episodes of Invest Like the Best, 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: @patrick_oshag | @JoinColossus   Show Notes [00:03:48] - [First question] - How markets undervalue long-duration growth of companies [00:07:21] - Why should one even do DCFs at all [00:10:01] - Defining homework when studying a business and what getting better as you do your homework tends to look like [00:12:24] - How the market still underestimates how the quality of a company reduces risk [00:15:09] - Reinvestment opportunity and risk and why they’re important for long term returns [00:17:14] - Lessons learned owning Google stock options for over a decade [00:22:02] - Skill versus luck when it comes to investing psychology [00:24:32] - Perspectives on big market cap companies in a portfolio when success often comes from smaller-cap non-linear growth  [00:26:47] - Features of the current market landscape that he finds interesting [00:31:24] - What buying behavior looks like in the demand side of the business equation [00:34:10] - Discovering a company that served the customer and was a delight to discover [00:37:58] - Analysing getting one's hands dirty to get a competitive advantage in serving the customer [00:39:24] - The hardest episode of his investing career and what he learned from it [00:43:03] - Reasons why a company succeeded after doing a deep dive but not buying in [00:43:54] - One of the CEOs he finds most remarkable [00:47:20] - Examples of businesses where scale isn’t the driver of competitive advantage [00:49:50] - A company they owned that did well but didn’t have the strongest company culture [00:50:56] - His view on the investment industry today writ large [00:52:16] - Ways investors could expand their imagination when analyzing businesses [00:53:07] - The kindest thing anyone has ever done for him

John Harris ist der Gründer und Chefredakteur von Politico und besitzt Jahrzehnte an Erfahrung im politischen Journalismus. Er analysiert, warum die Demokraten besorgt sind, dass Trump die Wahl gewinnen könnte und welche Strategien Kamala Harris verfolgt. Außerdem diskutieren sie das Endorsement von Robert F. Kennedy für Trump und dessen Auswirkungen auf den Wahlkampf. Die Darstellung von Wählerverhalten und die Herausforderungen für Journalisten bei der Berichterstattung über Trump und Harris werden ebenfalls beleuchtet.

John Harris, a prominent journalist and commentator for The Guardian, shares a curated list of must-read books, captivating albums, and eye-opening documentaries from 2024. He dives into the complexities of the British Empire's legacy, urging listeners to confront their past. Harris also highlights the fragility of global supply chains and discusses the dark side of human exploitation. The conversation touches on the rise of authoritarianism in the U.S. while celebrating music that tackles social issues and honors historical events like the miners' strike.

Join John Harris along with political editor Pippa Crerar and political correspondent Kiran Stacey as they discuss Labour's ambitious plans highlighted in the King's Speech. Delve into topics such as re-nationalization of railways, housing reforms, global tensions, and the Labour party's response. Explore the challenges ahead and the importance of transparency in decision-making.

Labour's landslide victory and potential new era for the country are discussed by The Guardian's John Harris, political editor Pippa Crerar, and correspondent Kiran Stacey. They delve into the emotional impact, voter sentiments, leadership contenders, and potential foreign policy focuses of the new government.

The Guardian's political team discusses Labour's landslide victory, the new government era under Keir Starmer, and the potential challenges ahead. They explore the aftermath of the election, Conservative leadership contenders, Labour's new cabinet appointments, and upcoming policy focuses.

Journalists from The Guardian analyze the UK general election announcement, discussing Tory party's response and campaign strategies. They critique political finesse during campaign events, delve into economic data, and speculate on motivations behind the early election call. The podcast also explores transportation methods in campaigns, strategic shifts of political parties, and anticipates electoral drama.

Jeremy Hunt, former Treasury minister, joins John Harris and Pippa Crerar to discuss tax cuts, getting people back to work, and the challenges the government faces. They also touch on the impact of the benefits system on the unemployed, the political debate on economic growth, and the government's failure to invest in infrastructure.

John Harris from Politico discusses the launch of a European edition. Katie Hopkins defends her controversial comments. The European Commission files a complaint against Google. Labour's Chris Bryant talks about the party's media policy.

In this podcast, Darren Grey, Keith Burgun, and John Harris discuss score systems in Roguelikes. They explore issues with global leaderboards, scoring exploits in NetHack, adaptations from other games, scoring systems in video games, scoring in Crawl, and the concept of scoring systems in games.