Far From The Finishing Post
Troy Asset Management
Far From The Finishing Post explores the ideas and practices of leading investors in an effort to continuously grow our collective knowledge. This podcast is intended for UK listeners only. The views and information contained within this podcast do not constitute investment advice and should not be used as the basis for investment decisions. Any reference to securities should not be construed as a recommendation to buy or sell these securities. Any opinions expressed are those of the relevant individuals and do not necessarily reflect the views of Troy Asset Management and may be subject to change without notice. Past performance is not a guide to future performance and the value of an investment may fall as well as rise.
Episodes
Mentioned books
May 7, 2021 • 41min
Blake Hutchins - Playing To Your Strengths For Sustainable Income Growth
In this episode of Far From The Finishing Post we speak to Blake Hutchins, co-portfolio manager of the Trojan Income Fund. Blake discusses his upbringing in a family of professional tennis players, drawing analogies between sport and investing, before diving deeper into his investment philosophy of owning good quality businesses that can sustain and grow dividends over the long term.Show notes:[1:21] Blake talks about his upbringing and draws parallels between professional sport and investing[4:45] Individual responsibility within a small and focused team structure[6:44] Minimising mistakes, maximising strengths and knowing your game[8:19] Blake's investment philosophy[11:31] The mistake of simply focusing on dividend yield[13:54] Blake talks about the subsect of UK companies he favours[17:03] Combining smaller companies with larger and more predictable ones[19:37] Discussion around Fever-Tree and managing the distribution of potential outcomes[25:38] Thinking in ranges rather than having precise valuation targets[29:21] The resilience and adaptability of quality companies with good economics[32:31] The importance of good corporate culture[35:29] The benefits of thinking globally[40:01] Be deliberate and optimistic
Mar 31, 2021 • 46min
Sebastian Lyon - Absolute Returns From A Plain Canvas
In the inaugural episode of Far From The Finishing Post we speak to Sebastian Lyon, founder and chief investment officer of Troy Asset Management. In our conversation, we discuss the formative experiences Sebastian had when he first joined the industry, the founding of Troy Asset Management and how his investment philosophy and approach has evolved over the arc of his career.Show notes:[1:01] - Sebastian discusses the formative experiences early in his career[4:52] - Meeting Lord Weinstock and founding Troy Asset Management[9:05] - Learning from mistakes and having a consistent investment approach[10:22] - Investing with an absolute return mindset and a plain canvas[12:47] - Giving investors a smoother ride[16:00] - Aligning interests through clear and transparent communication[19:23] - Growing the business in a way that sustains Troy's culture[21:05] - Managing business complexity and maintaining a team driven approach[24:22] - The evolution of Troy's investment universe[27:57] - Focusing on quality and business fundamentals[31:35] - Investing in boring but predictable businesses[34:01] - Some secular growth companies deserve higher multiples[36:11] - Competitive edge from being unconstrained and investing for the long-term[38:10] - Asset allocation in a low interest rate environment[42:21] - The new blue chips[43:51] - Thinking about businesses not stock prices
