In this episode of The Investor's Podcast, Clay Finck interviews Joseph Shaposhnik about the launch of his new ETF, Rainwater Equity (RW), which focuses on investing in publicly listed recurring revenue businesses. Joseph discusses his investment philosophy, emphasizing the importance of recurring revenue, exceptional management teams, and long-term stock holdings. He shares insights from his experiences with legendary investors like Peter Lynch and Will Danoff, and explains why he believes the active management industry is broken. Joseph also touches on the role of valuation, the potential impact of AI, and highlights Constellation Software as his top stock pick for the next 20 years, while also diving into the aerospace aftermarket industry and his investment in Lore Holdings.
