Will Thorndike - Lessons from the Eternal Outsider - [Joys of Compounding, EP.28]

In this episode of "Joys of Compounding," hosts Paul Duser and Rick Berman interview Will Thorndike, co-founder of Compounding Labs and author of "The Outsiders," to explore long-term value creation and capital allocation. They discuss Thorndike's background, the origins of his book, and his current work on long-duration serial acquisition holding companies. Thorndike shares insights on exceptional long-term performance, the importance of resource allocation, and the structural advantages of search funds. The conversation covers key influences in Thorndike's career, the evolution of search funds, and the attributes of successful, enduring businesses, highlighting the benefits of equity-efficient models and alignment between management and investors. The episode also touches on Thorndike's experiences with public companies like CNX Resources and Perimeter Solutions, and the compounding effects of learning, relationships, and reputation.