The JRo Show

Guest Steve Scruggs, Portfolio Manager of FPA Queens Road Small Cap Value Fund, discusses investment criteria, portfolio management philosophy, Four-Pillar investing framework, Mittelstand concept, small-cap valuations. Also covers insights into lead portfolio manager responsibilities, monitoring portfolio process, Midelstand companies, small team dynamics, valuation methods, MSC Industrial Direct investment thesis, and the art of reading and learning in investing.

Investment manager Bill Miller IV discusses Miller Value Partners' investing strategy, risk management, bitcoin thesis, and team structure. Topics include portfolio management philosophy, insider buying, idea generation, valuation, and incorporating macro factors in investing decisions.

Ric Dillon, co-founder and CEO of Vela Investment Management, previously led Diamond Hill Investments to acclaim. In this conversation, he shares Vela's unique valuation-centric investment philosophy and collaborative approach. Dillon explains the benefits of long/short strategies and options trading while discussing their iterative research process for idea generation. He underscores the importance of risk management and timing in investing, using a case study on Merck to illustrate key selling strategies, all while looking forward to Vela’s growth and future initiatives.

Chris Pavese, Portfolio manager at Broyhill Asset Management, discusses Broyhill's investment philosophy, risk management, research process, and macro outlook. He shares insights on valuation, when to sell, and his current reading list. The podcast provides valuable information for investors interested in global value investing.

Ryan Pape, CEO of XPEL, discusses their business model, market share, pricing strategy, future growth opportunities, and acquisition strategy. They delve into XPEL's culture, competitive advantages, and the importance of a positive workplace environment. The podcast also explores the financial impact of inventory growth, strategic acquisitions, and the risks of technological obsolescence in the auto paint industry.

The podcast features Win Murray, Director of Research at Diamond Hill, discussing equity analyst qualities, team dynamics, and transitioning team structures. Topics include analyst deliverables, hiring talent, analyst productivity, and the importance of concise communication in investment meetings.

Polen Capital's investing philosophy focuses on competitive advantages and concentrated portfolios. They analyze Visa, MasterCard, and cyclicals while emphasizing risk management and learning from mistakes. The team structure involves autonomous analysts and strict selling criteria.

Estimating mid-cycle, normalized earnings for value investing, discussions on CBRE and SCHW examples, adjustments for software companies like Salesforce, Amazon and Alphabet examples, P/E ratio determinations, Masco and American Express examples, dealing with stocks with wider range of outcomes, picking required rate of return, idea generation and research process at Harris Oakmark, qualities needed in an analyst, fostering a culture of humility and debate

Todd Ahlsten, Chief Investment Officer and Portfolio Manager of Parnassus Investments, discusses his background, investment process, and market insights. Topics include becoming CIO of Parnassus, qualities of successful investors, Parnassus' operation, 'short shelf-life information,' macroeconomic analysis, and valuation criteria.

Investor Chris Bloomstran discusses Semper Augustus investing philosophy, portfolio-level metrics, and why he thinks stocks are attractively valued today. He shares his lessons from studying high price-to-sales stocks and talks about his daily routine, favorite reading materials, and the value of ValueLine. The podcast also delves into Warren Buffett's investment strategy and Chris Bloomstran's future plans and aspirations.