Preferred Shares Podcast

Welcome to Episode 28 of the Preferred Shares Podcast.In this episode, we interview David Gearhart, CEO and Chairman of Wilmington Holdings Corporation, a private holding company of several insurance businesses. David tells the story of how he decided to try to find and acquire a small insurance business. In 2017, he successfully acquired Wilmington Insurance Company. After eight years of growth, both organic and by acquisition, Wilmington Holdings now controls about $50 million of annual premiums and has $100 million of assets on its balance sheet.We discussed a variety of topics: * David Gearhart’s background and how the business bug bit him;* What the process was like to search for and acquire a private insurance company;* David’s search criteria;* The importance of disciplined underwriting and staying within their circle of competence;* The importance of people in the insurance business;* How David thinks about the trade-offs between investing in Wilmington’s insurance businesses versus investing the insurance float;* Key lessons David learned when he studied the history of National Indemnity Company;* David shared one of the mistakes he made and his takeaway;* David’s goals for Wilmington going forward.Enjoy this episode? Share it with someone who loves business history as much as you do!You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.Other SourcesDavid Gearhart also did an interview with At Home With Roby which was released on October 6, 2024.Additional Reading & ListeningCurious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently:* Douglas Ott (Andvari Associates and @yesandnotyes)* 📖 Cranberries & Ocean Spray: Part I* 📖 Constellation Software: A People Business* Devin LaSarre (Invariant and @DevinLaSarre)* 📖 Nicotine Certainty* 📖 Philip Morris International: ZYNsn’t It?* Lawrence Hamtil (Fortune Financial and @lhamtil)* 📖 Aerospace: After A Century of Growth; A Bright Future AheadEnjoy this episode? Share it with someone who loves business history as much as you do!You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.DisclaimerAll opinions expressed by Preferred Shares Hosts and guests are solely their own opinions and do not reflect the opinions of their current or former employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.Clients of Andvari Associates and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com

In this engaging discussion, Nick Longhurst, a portfolio manager at Marathon Asset Management with over 30 years in fund management, dives into the fascinating world of salmon farming. He explains why salmon stands out among fish, highlighting its high value and farming efficiency. Nick also details the industry’s history and the challenges faced by new entrants due to strict regulations and market consolidation. He compares major players like Mowi and SalMar while addressing risks and technological threats, providing a comprehensive overview of this unique sector.

Welcome to Episode 26 of the Preferred Shares Podcast.Fewer people have flown the Northrop Grumman B-2 stealth bomber than have traveled to space, which is why it was a great honor for Preferred Shares to interview Lt. Col. Todd Moenster, USAF, Retired, a former B-2 pilot.We discussed a variety of topics: * Why Todd became interested in becoming a pilot;* Air Force pilot selection and the training program;* Bomber aircraft characteristics and how the bomber training program differed from the programs for other aircraft;* The challenges of long missions and managing fatigue and discomfort;* Todd’s personal stories of operational incidents and the importance of technical redundancy; and* Todd’s transition to the private sector and his role as a leader in Garmin’s Government and Defense Aviation Business Development.Additional Reading & ListeningCurious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently:* Devin LaSarre (Invariant and @DevinLaSarre)* 📖 Nicotine Certainty* 📖 Philip Morris International: ZYNsn’t It?* Douglas Ott (Andvari Associates and @yesandnotyes)* 📖 The Story of Amphenol: 1987-1992* 📖 Constellation Software: A People Business* Lawrence Hamtil (Fortune Financial and @lhamtil)* 📖 Aerospace: After A Century of Growth; A Bright Future AheadEnjoy this episode? Share it with someone who loves business history as much as you do!You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.DisclaimerAll opinions expressed by Preferred Shares Hosts and guests are solely their own opinions and do not reflect the opinions of their current or former employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.Clients of Andvari Associates and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com

Welcome to Episode 25 of the Preferred Shares Podcast.In this episode of the Preferred Shares podcast, Doug provides a brief history of Pool Corp. and an overview of the current business. The co-hosts discuss the pros and cons of the business and why it might be a “high quality cyclical” enterprise.In This Episode[01:11] Early History and Founding[06:22] Current Market Position and Business Model of Pool Corp[10:25] Growth Trends and Market Dynamics[13:39] Financial Performance and Revenue Breakdown[17:46] Management Structure and Company Culture[20:13] Competitive Landscape and Market Challenges[22:20] Investment Considerations and Future Outlook[26:31] Doug Gives His Elevator PitchAdditional Reading & ListeningDid you miss our series on Amphenol? Check it out below.Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently:* Douglas Ott (Andvari Associates and @yesandnotyes) * Doug provides even more details, anecdotes, and financials on the early history of Amphenol.* 📖 The Story of Amphenol: 1932-1958* 📖 The Story of Amphenol: 1958-1971* 📖 The Story of Amphenol: 1971-1981* Lawrence Hamtil (Fortune Financial and @lhamtil)* 📖 Aerospace: After A Century of Growth; A Bright Future Ahead* Devin LaSarre (Invariant and @DevinLaSarre)* 📖 Per-Pouch Price Premium - Devin writes about the current state of the nicotine pouch market. Enjoy this episode? Share it with someone who loves business history as much as you do!You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.DisclaimerAll opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com

In this discussion, Will Kerwin, a Senior Equity Analyst at Morningstar, dives into the fascinating world of Amphenol, a key player in the connector industry. He explores its competitive market landscape and innovative strategies, highlighting growth in sectors like aerospace and defense. Kerwin sheds light on Amphenol's unique corporate culture that thrives on decentralization, and its smart capital allocation for future acquisitions. The conversation also touches on emerging trends, risks, and opportunities that could shape Amphenol’s path forward.

Explore the fascinating history of Amphenol, a connector giant that evolved from military innovations to consumer electronics prominence. Discover its significant role during World War II and the strategic acquisitions that shaped its growth. Learn about the IPO journey and the influence of private equity firm KKR. The discussion also highlights the enduring legacy of founder Arthur J. Schmidt, emphasizing the importance of adaptability and strong corporate culture in driving success.

Welcome to Episode 22 of the Preferred Shares Podcast.In this episode, we explore the evolution of the dry cleaning industry. To guide us, we are joined by Tim Maxwell. Tim is an industry veteran, having started working at his parent’s wholesale suede and leather cleaning business at age twelve and eventually founding a company that would ultimately disrupt the dry cleaning space; GreenEarth Cleaning.In This Episode[02:12] Tim’s background, the family business, education, and partnering[03:05] The idea behind GreenEarth Cleaning[03:45] Exiting the family business to pursue the new opportunity in 1999[08:25] The dynamics of a durable, multi-generation family business[14:40] Changing technologies in the dry cleaning space[19:00] Industry headwinds, trends, and adaptation[27:30] Additional margin pressures[30:40] The rise of green cleaning methods[44:20] Production, logistics, and the idea of being a partner rather than a vendor[52:00] The ultimate winners and losers of industry evolutionBelow, the Maxwell family is featured on the cover of FabricareCanada in 2005 celebrating 30 years of the family’s ownership of SuedeMaster. Tim had already left the family business in 1999 for the GreenEarth Cleaning opportunity.Below is Tim Maxwell (center in green shirt) with a handful of GreenEarth Cleaning teammates.DataSources* GreenEarth Cleaning website* 2025 State of the Dry Cleaning Industry ReportArticles* “Clean and Green”, Washington Post, Nov. 9, 2000.* “Tim Maxwell is GreenEarth's Man in Canada”, Fabricare Canada, Sept/Oct 2000: 24.* “New Formulas and Machines are Sprucing Up Dry Cleaning”, CityBusiness, The Business Journal, February 4, 2002.* “How Kimco is helping dry cleaners replace perc with environmentally safe alternative”, Kimco Blog, April 2012.* “How Well Do You Know Jim Douglas?”, Cleaner and Launderer, July 26, 2019.* GreenEarth co-founder, Jim Douglas, was inducted into the Drycleaning & Laundry Institute Hall of Fame in 2024.Additional Reading & ListeningCurious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently:* Douglas Ott (Andvari Associates and @yesandnotyes)* 📖 The Long Road From Metro-Tel to EVI Industries* Lawrence Hamtil (Fortune Financial and @lhamtil)* 🎙️ The Future of Defense — The History, Advances, And Outlook* Devin LaSarre (Invariant and @DevinLaSarre)* 📖 Nicotine in JapanEnjoy this episode? Share it with someone who loves business history as much as you do!You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.DisclaimerAll opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com

Welcome to Episode 21 of the Preferred Shares Podcast.This episode of the Preferred Shares podcast delves into the rich history of Beretta, a company that has been a significant player in the firearms industry for over 500 years. The hosts explore Beretta’s origins in Italy, its evolution through various historical conflicts, and its adaptation to changing markets. We discuss the company’s commitment to quality, innovation, and the dynamics of being a family-run business. Beretta’s resilience makes it one of the most fascinating case studies in all of business history.In This Episode[01:10] The Legacy of Beretta: A 500-Year Journey[03:30] The Rise of Gun Manufacturing in Italy[09:46] The Evolution of the Arms Industry[11:31] Beretta's Role in Historical Conflicts[17:45] The Impact of War and Plague on Beretta[22:07] Beretta's Growth and Adaptation in the 1700s[25:30] Modernization and Expansion in the 19th Century[29:49] Beretta in the 20th Century: War and Innovation[34:05] Beretta's Rise in the U.S. Market[38:44] The Shift in Revenue Sources[42:25] Quality Control and Artistry in Firearms[48:41] The Future of Beretta: Challenges and Innovations[56:07] Family Business Dynamics and LongevityPhotos, Ads and ChartsBelow is an advertisement for Beretta in the January 1893 issue of Folchetto. It translates as: “Hunters! If you want excellent weapons at very favorable prices, contact the Award-Winning Factory of PIETRO BERETTA in Gardone Valle Trompia…”SourcesBooks* Morin, Marco. Beretta: The World’s Oldest Industrial Dynasty. Acquafresca Editrice, 1980.* O’Hara, William T. Centuries of Success: Lessons from the World's Most Enduring Family Businesses. Avon, Mass.: Adams Media, 2004.* Wilson, R.L. World of Beretta: An International Legend. Chartwell Books, 2006.TGS Outdoors VideosA big shout out to Johnny Carter of TGS Outdoors for the fantastic videos of his tours of the Beretta factories.* “The Beretta Factory Tour”, TGS Outdoors, Dec. 4, 2022.* “Inside the Beretta Custom Shop - Beretta Due Factory Tour”, TGS Outdoors, Dec. 26. 2022.* “I was wrong about Beretta…”, TGS Outdoors, Aug. 31, 2023.* “Building my New Gun at the Beretta Custom Shop”, TGS Outdoors, Nov. 3, 2024.Other Videos* “Interviewing Franco Beretta: The President of Fabbrica d’Armi Beretta”, TFB TV, Jan. 1, 2023.Articles* Friedman, Alan. “Italian Engineering 2: Borrowing climate improves”, Financial Times, July 29, 1985.* Suro, Roberto. “In Italy, Business Is a Family Affair”, International Herald Tribune, June 8, 1987.* Muson, Howard. “How To Build a Dynasty”, Family Business, May 20, 1993.* Klebnikov, Paul and Morais, Richard. “Italy’s second Risorgimento”, Forbes, April 22, 1996.* “Italian designed, American made, Iraq deployed”, American Machinist, December 12, 2005.* Martin, Guy. “The House of Beretta”, Garden & Gun, December/January 2014.* “In the Field with Beretta”, International Institute for Management Development, 2020.* Lichtman, Sam. “Last Line of Defense: A History of the Beretta M9”, Marine Corps Association, March 15, 2023.* Bernet, Luzi. “The oldest company in the world: How does a company survive 500 years?”, NZZ, May 3, 2024.* Tognini, Giacomo. “How This 16th Century Gunmaker Keeps Reinventing Itself”, Forbes, March 25, 2025.Additional Reading & ListeningCurious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently:* Douglas Ott (Andvari Associates and @yesandnotyes)* 📖 TransDigm: The Early Years* Lawrence Hamtil (Fortune Financial and @lhamtil)* 🎙️ The Future of Defense — The History, Advances, And Outlook* Devin LaSarre (Invariant and @DevinLaSarre)* 📖 Foiled: A thesis on a company facing a confluence of headwindsEnjoy this episode? Share it with someone who loves business history as much as you do!You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.DisclaimerAll opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com

Welcome to Episode 20 of the Preferred Shares Podcast.We interviewed a special guest, Mark Purdy, about Lindt & Sprüngli, a Swiss chocolatier founded 180 years ago in 1845. Mark is a veteran investment analyst with a focus on consumer brands for the last forty years and is currently Portfolio Manager at Chelverton Asset Management’s Select Consumer Staples Fund.In This EpisodeHere are some highlights from the interview with Mark Purdy about Lindt:* 01:27 - Mark Purdy’s Background in Consumer Staples* 05:01 - Investment Metrics for Consumer Staples* 06:47 - Lindt’s Historical Success and Sales Growth* 10:37 - Lindt’s Premium Positioning and Market Strategy* 13:18 - Market Share Potential in the U.S. and Europe* 16:23 - Lindt’s Unique Retail Strategy and Store Performance* 19:12 - Sales Distribution Channels and Profitability* 22:30 - Acquisition Strategy and Capital Allocation* 25:22 - Buybacks and Dividend Policy* 29:37 - Long-Term Value and Consumer Staples Resilience* 33:31 - Economic Sensitivity and Market Performance* 36:22 - Navigating Economic Challenges: A Long-Term Perspective* 41:30 - Quality Over Short-Termism: The Lindt Philosophy* 44:20 - Cocoa Prices and Market Dynamics* 49:59 - Consumer Behavior and Premium Chocolate* 57:31 - Future Risks and Growth Opportunities for LindtAdditional Reading & ListeningCurious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently:* Douglas Ott (Andvari Associates and @yesandnotyes) has been writing about the history of Booz Allen Hamilton as well as the recent board shake-up at CoStar Group* 📖 Patience Wanes with CoStar’s Residential Foray: A Continuing State of “Show Me the Money”* 📖 History of Booz Allen Hamilton: Part I* Lawrence Hamtil (Fortune Financial and @lhamtil) * 📖 Lessons from The Chocolate Wars* Devin LaSarre (Invariant and @DevinLaSarre) continues his coverage of several tobacco businesses and also wrote a retrospective on the brand mismanagement of Schlitz beer* 📖 Philip Morris International: Blasphemy* 📖 Schlitz’s SouringEnjoy this episode? Share it with someone who loves business history as much as you do!You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.DisclaimerAll opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com

Chadd Garcia, Vice President & Portfolio Manager at Ave Maria Mutual Funds, shares his extensive experience in investment analysis, particularly focused on Texas Pacific Land Corporation (TPL). He dives into TPL's transformation from a railroad post-Civil War to a thriving resource management powerhouse. Chadd discusses the impact of fracking on land value, TPL's strategic entry into the water business, and its unique long-term shareholder base. He also critiques management's incentive structure and the recent shift from a trust to a corporation, raising concerns for investor alignment.