The Acquirers Podcast

In this engaging conversation, Jonathan Boyer, Principal of Boyer Value, shares insights on his firm’s shift to quality investing. He discusses the challenges of market distortions, the importance of a thorough research process, and how to identify value traps. Boyer highlights notable investment strategies, including a high-conviction stance on Uber and the potential of Madison Square Garden Sports. He also reflects on macro trends, the impact of passive investing, and attractive picks in healthcare, providing an enlightening look at opportunistic value investing.

Seth Cogswell, founder of Running Oak, shares his 'consistently not stupid' investment philosophy, focusing on earnings growth and downside risk. He discusses how predictable businesses can be undervalued in the market, creating unique opportunities. The conversation dives into the risks of passive investing, highlighting how it can misallocate capital and create market fragility. Seth also unpacks the misunderstood impacts of AI in investing, including its effects on workforce dynamics and the sustainability of tech infrastructure.

Bogumil Baranowski, founder of Blue Infinitus Capital and host of the Talking Billions podcast, shares his insights on long-term, patient investing. He discusses shifting from cheap stocks to quality businesses and emphasizes simplicity in investing strategies. Growing up in Cold War Poland shaped his views on wealth and markets, leading to his belief in the importance of location for preserving family wealth. Bogumil also reflects on lessons from the pandemic, advocating for mindfulness and patience in both investing and life.

Adam Wilk, CIO of Greystone Capital and author of the Pound the Rock Investing newsletter, dives deep into the world of small and micro-cap investing. He discusses the coal royalty model of Natural Resource Partners (NRP) and explores its turnaround strategy. Adam highlights key investment drivers for Leon's Furniture, including housing dynamics and margin expansion. Additionally, he shares insights from API Group's recurring revenue and growth potential in the fire safety sector. This engaging discussion touches on unique evaluation strategies and the opportunities within small-cap markets.

Luca Dellanna, an author and consultant known for his insightful works on ergodicity, discusses fascinating ideas on long-term success. He shares how survival strategies often outshine short-term gains, illustrated through real-life scenarios. Dellanna critiques the finance sector's misunderstanding of ergodicity and emphasizes the importance of building sustainable relationships. He touches on how AI reflects human biases, the power of reproducible strategies versus luck, and the vital balance between short-term needs and long-range goals.

Colin King, founder of Circle City Capital Group and seasoned SMB acquirer, dives into his entrepreneurial journey from CPA to private equity. He shares how his first acquisition—a trucking business—taught him invaluable operational lessons. Colin discusses the shift to e-commerce and the importance of finding smaller, less complex businesses for acquisition. He emphasizes leveraging AI for efficiency and explores the current private market dynamics while providing sage advice for aspiring entrepreneurs in the search fund space.

Join Justin Carbonneau, a savvy investment professional, Jack Forehand, a value investing expert, and Matt Zeigler, a financial planner, as they dive into crucial investment insights. They discuss the importance of adaptable strategies over rigid theories, emphasizing that maintaining a commitment to a good approach often trumps perfection. They explore treating investments like owning a business, the impact of temperament on success, and the transformative role of AI in research. Plus, they stress prioritizing life goals over mere portfolio obsession.

Tobias Carlisle, author and investor, dives into his new book, highlighting the strategic parallels between Warren Buffett and Sun Tzu. He reveals how Buffett's skill shines through in modern deals like Apple, framing investors as soldiers battling luck. Carlisle explores Buffett's defensive strategies, including the merger with Gen Re and insights on BNSF's geographical advantages. He discusses the importance of patience, tactical cash deployment, and the modern application of ancient strategies, warning against the pitfalls of meme-driven stocks.

Will Thomson, Founder and Manager at Massif Capital, dives into the world of liquid real assets, emphasizing energy and critical minerals like tungsten and tin. He discusses how his concentrated portfolio approach thrives during tough market cycles, arguing that management often outweighs asset value. The conversation touches on the impact of political risk on investment strategies and the significance of timing in the resource sector. Thomson also reveals his bullish stance on European natural gas stocks, driven by geopolitical dynamics and dividend strength.

Kai Wu, Founder of Sparkline Capital, dives into the fascinating world of intangible value investing. He outlines Sparkline's unique approach that quantifies intellectual property and brand strength, alongside the pivotal role of human capital and network effects. The discussion explores the impact of AI on capital investments and how corporate cash strategies vary by industry lifecycle. Additionally, Kai adapts factor investing principles to the crypto space, emphasizing the predictive power of intangible metrics beyond just technology companies.