Ricky Sandler, CEO and CIO at Eminence Capital, is a pioneer in long-short equity investing, managing over $7 billion. He shares insights from his three-decade journey in finance, discussing the evolution of long-short strategies and the critical adaptations necessary in changing markets. Sandler emphasizes the importance of a collaborative culture and the challenges of short selling in today's volatile environment. He also touches on valuable lessons from sports, highlighting personal growth and the significance of well-being in both life and investing.

Join Ricky Sandler, CEO and chief investment officer at Eminence Capital, as he shares insights from his 30-year journey in long-short equity investing. He discusses the evolution of investment strategies amidst changing market dynamics and the importance of firm culture. Ricky emphasizes the blend of quantitative analysis with fundamental research and illustrates how adaptive thinking can lead to success. He also reflects on parenting philosophies, personal growth, and the balance between competition and well-being, all while navigating a dynamic financial landscape.

Ricky Sandler, the founder and CIO of Eminence Capital, discusses the evolving landscape of investing as he shares insights from his impressive career. He elaborates on the importance of blending active and passive strategies for robust portfolios. The conversation delves into the short selling intricacies and challenges posed by market shifts, using GameStop as a case study. Sandler emphasizes retail investing's rise, fueled by technology, and reflects on the lessons learned from navigating a volatile market.

My guest today is Ricky Sandler, founder of Eminence Capital. Ricky is a hedge fund veteran managing over $8bn of assets across Eminence's strategies. We cover Ricky's evolution as an active investor, why he thinks this is a stock-picker's environment, and what keeps him competitive after a long and successful career. Please enjoy my conversation with Ricky Sandler.   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: Canalyst. Canalyst is the leading destination for public company data and analysis. If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalyst.com/Patrick.   -----   This episode is brought to you by Levels. As one of their early access members, Levels was one of the most interesting products I've used. Levels is attempting to make continuous glucose monitoring mainstream by using real-time biosensors to see how food affects your health. Using Levels made me realize how little we understand about what's happening in our bodies - and it was the only product that has ever made me willing to log food. If you want early access to become a member of their private beta, (the waitlist is currently at 150K+ people), use this link – levels.link/PATRICK   -----   Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.    Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.   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 [00:02:42] - [First question] Whether or not great investment firms should be led by a single investor [00:03:25] - Episodes where singular investment power has proven effective and powerful [00:05:06] - Where he finds joy in the investing process on a regular basis [00:06:19] - Ways he’s learned to become better at guiding and helping teams he works with [00:08:14] - The most common types of fool's gold he comes across [00:11:00] - Evolution of the pricing mechanisms in ever-evolving markets [00:16:14] - Common features of a good mispricing opportunity [00:18:42] - How he interacts with other hedge funds and long-only investors [00:21:14] - An investor he often disagrees with but loves talking to  [00:22:13] - The investment he’s most proud of historically [00:25:11] - What the healthy draw that keeps him coming back to investing is [00:28:31] - His opinion on crossover funds and their growing popularity [00:32:09] - What the world in 2022 looks like to him and what both excites and worries him [00:38:19] - Key contributors that influence liquidity and how it flows into equity prices [00:41:26] - A macro view of the healthcare sector and why it’s so interesting today [00:42:59] - Lessons from the Titans [00:43:52] - Advice he’d give to younger investors for stepping into the space  [00:46:45] - The kindest thing anyone has ever done for him

Ricky Sandler, Founder and CEO of Eminence Capital, discusses valuation vs. mispricing in investing. Insights from Hearts and Minds conference, team structures, Ashland Global analysis, investment strategies, company attributes, and valuable advice on past decisions.