Compounders Podcast

My guest on the show today is Bo Knudsen, the Managing Director of Global Equities at C Worldwide Asset Management. Many listeners may not be familiar with C Worldwide, but the Denmark-based firm manages over 20 billion dollars. Bo has been a portfolio manager since 1989 and has had his hand in some strategies that have generated incredible outperformance versus their benchmarks over long periods of time. In this insightful conversation, we discussed: The characteristics of a typical C Worldwide compounder; The investing culture that encourages employees to stay with the firm for decades; His history with the company Novo Nordisk, the Danish company that is now well-known for its weight loss drugs; How the firm approaches ethical and sustainable investing; and The elements that have allowed C Worldwide to generate such meaningful outperformance over time. For more information about C Worldwide Asset Management, please visit: https://www.cworldwide.com/ Listen to all Compounders Podcast episodes on either Apple or Spotify iTunes: https://apple.co/3xlUvPY Spotify: https://spoti.fi/3jxkxLl All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

My guest on the show today needs no introduction. Tobias Carlisle, Founder and Managing Director of Acquirers Funds and Co-Host, Value After Hours. He manages two ETFs, a larger-cap deep value ETF with the ticker ZIG—and a smaller cap one with the ticker DEEP. He is the author of several books on value investing and is the co-host of the popular podcast: Value After Hours. You also may know him by his Twitter handle, Greenbackd. In this conversation, which started at a lunch table and continued in the podcast studio, we covered: How he blends qualitative and quantitative research to construct his portfolios; The methodologies he uses to inform position sizing, rebalancing, and concentration; Why he requires the companies he owns to meet certain free cash and balance sheet criteria; The rationale for holding a diverse range of markets cap stocks in his ZIG ETF; and The difference between looking to be a contrarian and the willingness to be a contrarian. For more information about Acquirers Funds, please visit: https://acquirersfunds.com/ Listen to all Compounders Podcast episodes on either Apple or Spotify iTunes: https://apple.co/3xlUvPY Spotify: https://spoti.fi/3jxkxLl All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.  

Founder of Right Tail Capital discusses his investment strategy, position sizing, lessons learned from certain stocks, and the importance of owning high quality businesses. They focus on companies with long reinvestment runways and discuss the markers of a business with such runway, emphasizing market expansion and reinvestment potential. They also delve into position sizing strategies and the considerations involved in trimming or reallocating positions. Additionally, they share their approach to balancing maintenance and generating new ideas in investing, and the characteristics that pique their interest in potential new positions.

My guest on the show today is Tyler Hardt, the Senior Portfolio Manager at Seagate Capital Management. After spending about 9 years at Artisan Partners, Tyler decided to go out on his own and start his own firm in 2018. Tyler is an unabashed value investor who even wrote a book called, Value Investing: A Disciplined Framework. In this insightful conversation, we discussed: The founding story of Seagate Capital and why Tyler felt like he was ready to be an entrepreneur; How Tyler finds companies that both have sustainable competitive advantages and trade at reasonable valuations; Why he decided to write a book about value investing; What he learned about himself as an investor during a very difficult environment in 2020; and The guardrails he has put in place to help prevent his strategy from losing money. For more information about Seagate Capital Management (formerly Pelican Bay Capital Management), please visit: https://pelicanbaycap.com/ Listen to all Compounders Podcast episodes on either Apple or Spotify iTunes: https://apple.co/3xlUvPY Spotify: https://spoti.fi/3jxkxLl All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

My guest on the show today is Heather Brilliant, the CEO of publicly traded company, Diamond Hill Investment Group, Inc. (NASDAQ: DHIL). Heather became CEO in 2019 after putting together an enviable resume of experiences at other investment firms. As of the most recent quarter, Diamond Hill had about $26 billion of assets under management, but still considers itself a boutique firm. In this holistic conversation, we discussed: Heather’s experience becoming CEO right before the world shut down due to COVID; Diamond Hill’s unique capital allocation strategy as relates to returning cash to shareholders; How the firm differentiates its strategies despite lots of competitors offering similar products; The avenues available for the company to continue to build is AUM base; and The concept of building a brand within investment management. For full disclosure, I am not a Diamond Hill shareholder. For more information about Diamond Hill Investment Group, Inc., please visit: https://www.diamond-hill.com/ Listen to all Compounders Podcast episodes on either Apple or Spotify iTunes: https://apple.co/3xlUvPY Spotify: https://spoti.fi/3jxkxLl All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

My guest on the show today is Jake Wood, the founder and CEO of Groundswell. Jake is a former Marine who founded a non-profit organization called Team Rubicon, which has over 100,000 volunteers located around the world. Jake stepped back from being Team Rubicon’s CEO in 2021 to start Groundswell, a company that is attempting to transform employee giving through the use of technology. My guess is that most people haven’t thought deeply about the nuances of employee giving or are familiar with what are known as Donor Advised Funds. But, when I had a chance to use the Groundswell product, I immediately wanted to have Jake on the podcast to discuss what he and his team are building. Specifically, we covered: The founding story of Groundswell; Donor Advised Funds and some of the issues associated with legacy offerings; The idea of everyone having their own personal foundation; The ways in which Groundswell makes money; and What Jake hopes the business will look like in 5 years. For more information about Groundswell, please visit: https://groundswell.io/ Listen to all Compounders Podcast episodes on either Apple or Spotify iTunes: https://apple.co/3xlUvPY Spotify: https://spoti.fi/3jxkxLl All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

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.

In this episode, Aaron Wasserman, Partner at Third Period Capital, shares insights on analyzing company cultures and determining if they contribute to growth. He discusses his experience at Baron Capital, collaboration with Adam Grant, and his strategy of focusing on companies with exceptional cultures. They also explore the parallels between hockey and investing, the role of culture as a competitive advantage, and investing in global growth companies.

Sean Stannard-Stockton, President and CIO of Ensemble Capital, discusses the firm's competitive advantage framework, the benefits of having a wealth management arm, and the rationale behind their content creation. They explore the concept of compounders, the unique business of Perimeter Solutions, and lessons learned from MasterCard. They also talk about Ensemble Capital's vision for the future and the significance of making forecasts when investing.

Greg Dean, Founder and Lead of Investor at Langdon Equity Partners, discusses the challenges of managing compounder companies within small-cap strategies. He shares insights on building a new investment firm and the cultural elements that are important. The podcast also explores the evolution of compounders in investing and analyzes the success story of Royal Unibrew in Denmark.