We deconstruct the performance of world beating investors. A former Tiger Cub hedge fund partner interviews top hedge fund & long only managers & leading commentators. Past guests include John Armitage, Mario Gabelli & Bill Nygren. We explore how professionals analyse & value businesses, capital cycles, forensic accounting, pick stocks, construct portfolios, generate alpha & manage risk. For private investors, analysts, PMs & students who want serious financial education, sharper investing insights & to master equity research, fundamental analysis & value investing. https://bit.ly/btbspod
Deep value investing requires a disciplined focus on avoiding catastrophic losses rather than merely maximizing gains. Tobias Carlisle, a prominent advocate for this strategy, draws parallels between Warren Buffett’s investment approach and Sun Tzu’s The Art of War, emphasizing the necessity of maintaining a margin of ...
Successful market outperformance relies on identifying top-dog, first-mover companies within emerging industries and holding them for decades. This "Rule Breaker" strategy prioritizes visionary management, strong consumer brands, and sustainable competitive advantages over traditional valuation metrics. Investors shoul...
Value investing requires high levels of concentration and direct, constructive engagement with management to unlock shareholder value. Alex Roepers, founder of Atlantic Investment, details his transition from a corporate background to managing regional funds that target deeply undervalued, mid-cap industrial businesses...
Deep value investing requires identifying high-quality businesses suffering from temporary, fixable earnings problems rather than permanent impairment. Rich Pzena, founder of Pzena Investment Management, emphasizes that successful value investing relies on a disciplined, logic-based approach to valuation, often requiri...
Global financial markets are undergoing a fundamental shift as the economy pivots from efficiency to resilience, driving structural inflation and higher long-term bond yields. Artificial intelligence represents a colossal secular trend, currently in a bottleneck phase that necessitates increased capital expenditure in ...
Market bubbles follow predictable patterns of peak profit margins and unsustainable valuations, often leading to severe economic contractions. Jeremy Grantham, a veteran investor, identifies the current AI-driven market as a bubble likely to experience a 50% correction, drawing parallels to the 1929 crash and the 1970s...
Michael Cembalest, Chair of Market and Investment Strategy at JP Morgan Asset and Wealth Management, examines the structural shifts in global markets and the evolving landscape of artificial intelligence. While the US maintains a dominant position due to energy independence, technological leadership, and deep capital m...
The conversation explores the intersection of marketing, behavioral science, and economics, questioning traditional business metrics and decision-making. Rory Sutherland, vice-chair of Ogilvy, argues that marketing's true value lies in its mindset, which prioritizes value creation from the customer's perspective. Suthe...
Jonathan Tepper, founder of Prevatt Capital and author, discusses his new book "Shooting Up," a memoir about his childhood in Madrid, where his parents ran a drug rehabilitation center. Tepper reflects on how experiencing loss at a young age shaped his serious, studious nature and influenced his academic drive. He also...
The podcast features an interview with Terry Smith, founder of Fundsmith, who discusses his investment philosophy, recent underperformance, and outlook on the market. Smith attributes recent underperformance to rising interest rates, the rise of the "Magnificent Seven," and the increasing dominance of index funds, whic...
The discussion centers on navigating the complexities and potential pitfalls of investing in innovative technologies, particularly AI and autonomous vehicles. James Anderson and Morgan Samet share their perspectives on the current investment landscape, drawing parallels between the AI boom and the dot-com era, cautioni...
Tom Gayner, CEO of Markel Group, joins the podcast to discuss his long-term investment strategies and the principles that have guided his career. Gayner emphasizes the importance of investing in profitable businesses with good returns on capital and management teams possessing both talent and integrity. He shares the s...
Tim Guinness, with over four decades of investment management experience, discusses his approach to growing and securing an asset management business. He favors a concentrated portfolio of 30 equally weighted stocks, selected using criteria like value, quality, earnings improvement, and stock momentum. Guinness emphasi...
Nick Train, a renowned UK investor with a 40-year track record, discusses his long-term investment philosophy, focusing on "eternal franchises" and rarely trading. Inspired by Warren Buffett and colleague Alex Dundas, Train explains his shift towards valuing capital-light digital businesses, citing Rightmove as an exam...
Christopher Tsai, a third-generation equities investor, discusses his value investing strategy, which focuses on identifying companies with deep moats and high returns on invested capital, even if they have high multiples. Tsai highlights Tesla as his largest holding, emphasizing its potential as a trillion-dollar star...
David Samra, an international value investor, shares his approach to investing, emphasizing the importance of buying good companies with strong balance sheets at a discount and holding them for the long term. He recounts formative experiences, including working with Mario Gabelli, and stresses the value of cumulative k...
The "Behind the Balance Sheet" podcast features an interview with George Michelakis, a chess international master and founder of the Lasker Fund, a long-short equity hedge fund. Michelakis discusses his investment philosophy, which emphasizes governance, timing, and understanding both the business and market perception...
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