Rebellious Allocations
Bastion Fiduciary
Great investments often start out as underdogs. On Rebellious Allocations, we talk to the experts trying to find them - the contrarian and disciplined capital allocators doing deep, fundamental research in a time when speculation seems more popular than ever. Hosted by the team at Bastion Fiduciary, the podcast will feature in-depth conversations with portfolio managers, specialists and company executives across a broad range of industries. Episodes will highlight the frameworks, risks, and opportunities that define long-term value creation and bring a grounded perspective to today’s market.
Episodes
Mentioned books
Dec 10, 2025 • 47min
Nicholas Lieb on Vertiv (VRT)
Bastion Fiduciary portfolio manager John Rotonti and Morningstar analyst Nick Lieb discuss Vertiv’s corporate history, business model, position in the AI infrastructure ecosystem, competitive advantages, management team, growth opportunities, pricing power, margins and returns on capital, risks, and more.
16 snips
Nov 24, 2025 • 57min
Will Kerwin on Arista Networks (ANET)
Will Kerwin, a Senior Equity Analyst at Morningstar specializing in tech, dives into Arista Networks' pivotal role in AI infrastructure. He discusses the company's robust hardware and software portfolio, highlighting its 400-800G evolution to meet surging bandwidth needs. Kerwin explains why hyperscalers favor Arista for its performance and reliability, and analyzes competitive dynamics with Cisco and NVIDIA. He also sheds light on Arista's impressive margins and growth driven by AI, all while praising the exemplary leadership of Jayshree Ullal.
Oct 13, 2025 • 46min
Todd Wenning on Ferguson (FERG)
Todd Wenning (Part 2), founder of KNA Capital, shares his thoughts on what is happening in the plumbing and heating industry, Ferguson’s business model, competitive landscape, moat, management, corporate culture, and more.
Oct 13, 2025 • 45min
Will Kerwin on KLA Corp (KLAC)
Will Kerwin, technology analyst at Morningstar, shares his thoughts on KLA Corp’s business model, competitive landscape, technology transition, chip manufacturing, KLA’s moat, management, corporate culture, and more.
Oct 13, 2025 • 53min
Todd Wenning on Old Dominion Freight Line (ODFL)
Todd Wenning (Part 1), founder of KNA Capital, shares his thoughts on trucking and freight industry inflection points, Old Dominion’s business model, competitive landscape, moat trends, management, corporate culture, and more.
Oct 13, 2025 • 59min
Eric Markowitz on the importance of networking and field research in the AI age
Eric Markowitz, Director of Research at Nightview Capital discusses his investing philosophy, the importance of identifying industry change in the quest for value, AI as the new electricity, slowing down the research process, getting comfortable with short-term underperformance, and more.
