Joseph Shaposhnik

Joseph Shaposhnik, a seasoned Portfolio Manager at TCW, shares his high-quality investing philosophy. He discusses the importance of certainty in investing, emphasizing recurring revenue as a key criterion for evaluating business quality. Joseph critiques traditional advice on business selection, presenting his own investment approach developed under legendary mentors. He highlights his focus on growth in free cash flow and underscores the significance of management incentives in driving long-term shareholder value, using Meta as a case study to illustrate market volatility versus stability.

Joseph Shaposhnik, manager of the newly launched Rainwater Equity ETF, shares his insights on investing in businesses with recurring revenue. He discusses lessons learned from his day with Peter Lynch and critiques the broken active management industry. Joseph emphasizes the advantages of ETFs over mutual funds and explains why recurring revenue is crucial for stability and growth. He also reveals his top stock pick for the next 20 years and discusses his fascination with the aerospace aftermarket industry.

In this engaging discussion, Joseph Shaposhnik, a portfolio manager at TCW New America Premier Equities Fund, dives into the transformative journey of Roper Technologies. He highlights how Roper evolved from a traditional industrial manufacturer to a leader in the software sector, thanks to a savvy acquisition strategy. Their focus on high-margin niche markets and recurring revenue models distinguishes them from rivals like Constellation Software. Joseph also shares insights on effective leadership and the pivotal lessons that drive Roper's ongoing success.

Joseph Shaposhnik, Portfolio Manager at TCW and former Fidelity analyst, shares unconventional investment strategies shaped by legendary mentors. He discusses outperforming benchmarks and the significance of predictability in investments. Insights on top holdings like Constellation Software and FactSet reveal the importance of cash flow and insider ownership. Shaposhnik also challenges traditional wisdom, advocating for a focus on quality businesses and adaptability in the ever-changing market landscape. Intriguing anecdotes, including a conversation with Bill Gates, add depth to his investment philosophy.

Exploring the importance of predictability in cash flows, heavy weighting in Constellation Software, assessing management through relationships with CEOs, differentiating recurring revenue businesses, and why companies like Meta don't make the cut in the portfolio.