A.U.M.

In this conversation, Alex Fitch, Director of US Research at Harris Oakmark and Portfolio Manager, shares his expertise in value investing. He reveals the psychological challenges of overcoming ego in investing and the necessity of recognizing mistakes. Alex discusses the unique team-based research process at Harris, emphasizing the evaluation of management teams and the importance of mid-cycle earnings. He dives into specific companies like Alphabet and Lithia Motors, showcasing their strategic approaches and how market shifts present new opportunities. A must-listen for aspiring investors!

In this episode of AUM, we interview Barry Schwartz, the Executive Vice President and Chief Investment Officer of Baskin Wealth Management. Barry shares insights from his 2+ decades of experience in the investment industry, discussing the evolution of markets from the dot-com bubble to today's AI and technology-driven environment. The conversation covers Baskin's investment philosophy, which centers on owning quality companies with strong management and sustainable growth. Barry elaborates on their decision-making process, how they manage client portfolios through separately managed accounts, and why they avoid certain industries. He also touches on some of Baskin's notable holdings, including Apple, Netflix, and Amazon, explaining the rationale behind these investments.04:12 Barry Schwartz's Career Journey06:23 Investment Philosophy and Strategy08:38 Research and Portfolio Management15:41 Focus on Quality Investments21:18 Decision-Making in Selling Investments22:57 Management Changes and Long-Term Ownership24:32 Investment Rules and Business Models26:45 Platform Businesses and Technology Investments31:58 Apple: A Deep Dive36:53 Netflix and the Streaming Wars43:13 Advice for Aspiring Investors46:09 Conclusion and Final ThoughtsTo see more of Barry's work check out: https://baskinwealth.com/

Todd Ahlsten, Chief Investment Officer at Parnassus Investments, shares his journey from intern to investment leader managing $46 billion. He dives into the semiconductor industry's dynamics and the significance of durable competitive advantages in investing. Todd highlights John Deere's resilience amid market fluctuations and Waste Management's competitive edge through AI integration. He discusses essential traits for successful management teams and the evolving relevance of investments in light of AI advancements, offering valuable insights for aspiring investors.

Shreekkanth Viswanathan, founder of SVN Capital, shares his rich investment journey, moving from India to the US and establishing his firm in 2018. He emphasizes the importance of independent decision-making in investing, advocating for a focused portfolio strategy. The discussion explores successful investments like Dino Polska and Kinsale Capital, shedding light on their unique business operations. Shree also delves into the balance between qualitative and quantitative analyses, providing invaluable insights for aspiring investors.

Join Jeremy Deal, founder of JDP Capital Management, as he shares his non-traditional journey in asset management. He highlights his investment philosophy centered on uncovering companies with unrecognized earnings potential. Fascinating insights emerge about the importance of understanding a company's competitive advantage and the power of consumer relationships. Jeremy's successful Spotify investment reveals key strategies for navigating market volatility, while his reflections on learning from past mistakes underscore the value of patience and long-term thinking in investing.

In this episode of AUM, we are joined by Jan Van Eck, CEO of VanEck.VanEck has been a pioneer in asset management and ETF industry since 1991. Jan delves into the intricate dynamics of recessions, inflation, and government spending. They explore VanEck's investment strategy, focusing on macro trends such as technological advancements, political shifts, and economic policies. The discussion covers VanEck's early adoption of Bitcoin and ETFs, emerging markets like India and Vietnam, the future of blockchain technologies, and their unique approach to portfolio building. 01:26 Meet Jan Van Eck: CEO of Van Eck01:57 Jan's Formative Years and Career Path05:45 VanEck's Investment Philosophy and Macro Trends07:43 Exploring India's Economic Growth11:05 VanEck's Approach to ETFs and Emerging Markets17:00 Bitcoin and the Future of Digital Assets26:06 The U.S. Fiscal Reckoning32:57 Technological and Geopolitical Themes38:03 VanEck's Unique Portfolio Building Approach39:35 Advice for Aspiring InvestorsSee more about VanEck here: https://www.vaneck.com/us/en/

In this episode of AUM, we are joined by Bob Robotti, President and Chief Investment Officer of Robotti & Co. Bob delves into his career in value investing that spans over five decades. Bob shares insights on the cyclical nature of finance versus the cumulative nature of science and engineering. He recounts his early auditing experiences with Tweedy Brown and Gabelli, highlighting how they shaped his investment approach. The discussion covers the importance of timing, identifying value investments in cyclical industries, and the competitive advantages of energy-intensive businesses in North America. Bob also talks about his investment process, the significance of board involvement, and advice for new investors entering the industry.01:49 Bob's Early Career and First Exposure to Investing04:24 The Rise of Value Investing07:31 Learning from Industry Giants10:46 Investment Process at Robotti Company16:40 Challenges and Opportunities in Value Investing20:15 Case Study: Builders FirstSource and Industry Consolidation23:19 The Impact of Market Cycles on Business Consolidation24:04 Mistakes Management Teams Make in Cyclical Industries24:49 Case Study: Atwood Oceanics and Counter-Cyclical Investment26:36 Strategies for Success at the Bottom of the Cycle27:39 Understanding Grassroots Macroeconomics28:42 Navigating Information Overload in Investing32:21 The Future of Stock Picking vs. Index Investing36:05 Energy Intensive Businesses in North America38:05 The Impact of Tariffs on Industrial Companies39:58 The Role and Value of Board Membership41:50 Advice for Aspiring InvestorsTo see more about Robotti & Co check out https://advisors.robotti.com/

On this episode of AUM, we are joined by Tobias Carlisle, the Founder and Managing Director of Acquirers Funds. The discussion delves deep into Tobias' journey from corporate law in Australia to becoming a prominent figure in value investing. Tobias explains his investment strategy, including the development of the Acquirer's Multiple, and explores concepts such as mean reversion, value traps, and the challenges faced by management teams of undervalued companies. The conversation also touches on the historical performance of growth vs. value stocks and the potential catalysts for a shift in market trends.01:44 Tobias Carlisle's Career Journey08:57 The Acquirer's Multiple Explained14:42 Mean Reversion in Deep Value Investing17:49 Identifying and Avoiding Value Traps21:01 Management Missteps in Undervalued Companies26:23 Tobias'a Investment Process29:34 Economic Sensitivity of Small Companies32:04 Valuation and Market Sentiment37:24 Concentration vs. Diversification in Portfolios43:08 Historical Performance of Growth vs. Value47:36 The Magnificent Seven and Market Trends54:21 Advice for Aspiring InvestorsIf you enjoyed this interview with Tobias, you can find more of his work at https://acquirersfunds.com/

Bill Nygren, a prominent portfolio manager at Harris | Oakmark, shares his insights into value investing. He discusses the rigorous investment process that includes pivotal Tuesday meetings and the importance of intellectual tension. Nygren highlights notable investments like Delta Air Lines and General Motors, emphasizing management alignment with shareholder interests. He reflects on lessons learned from major mistakes, including undervaluing Apple, and offers valuable advice for aspiring investors, stressing the need for passion and curiosity in the field.

John Rotonti, Portfolio Manager at Islamorada Investment Management and former Motley Fool analyst, shares insights from his investment journey shaped by icons like Peter Lynch and Warren Buffett. He emphasizes the power of thorough research, balancing traditional valuations with innovative strategies. John dissects investment pitfalls, highlighting valuable lessons learned from past investments like BlackBerry. He also discusses his high-quality picks, Amphenol and Trane Technologies, and offers essential advice for aspiring investors on cultivating independent thinking and community engagement.