A.U.M.

• Alex Fitch - Eliminating Ego and Finding Value

  In this episode of AUM, we interview Alex Fitch, the Director of US Research at Harris | Oakmark. Alex discusses the complexities of investing, the importance of balancing ego and clear thinking, and the intrinsic challenges of admitting mistakes. Alex shares his journey into investing, his disciplined approach to value investing, and how he targeted working at Harris | Oakmark. Alex delves into Harris' unique team-based research process, their approach to evaluating management, and the crucial role of understanding the reasons behind a company's valuation. He also discusses his strategies for dealing with cyclicals, the significance of mid-cycle earnings, and the process of selecting and managing investments. Alex highlights specific companies such as Alphabet, Salesforce, and Lithia Motors. 02:09 Alex Fitch's Journey into Investing04:03 Joining Harris Oakmark: The Path to Success06:01 Evolution as an Investor09:11 Harris Oakmark's Unique Research Process14:51 Characteristics of a Potential Portfolio Company17:25 Valuation and Mid-Cycle Earnings21:48 Sell Discipline and Mistake Management26:39 Evaluating Management Teams29:29 Understanding Company Undervaluation31:03 Researching Cyclical Companies36:07 Valuing Software Businesses40:14 Alphabet's Capital Expenditure44:30 Lithia Motors' Acquisition Strategy51:34 Biggest Investing Mistake53:39 Advice for Aspiring InvestorsTo learn more about Harris | Oakmark checkout: https://oakmark.com/

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• Barry Schwartz - What It Takes to Manage Other People's Money

  In this episode of AUM, we interview Barry Schwartz, the Executive Vice President and Chief Investment Officer of Baskin Wealth Management. Barry shares insights from his 2+ decades of experience in the investment industry, discussing the evolution of markets from the dot-com bubble to today's AI and technology-driven environment. The conversation covers Baskin's investment philosophy, which centers on owning quality companies with strong management and sustainable growth. Barry elaborates on their decision-making process, how they manage client portfolios through separately managed accounts, and why they avoid certain industries. He also touches on some of Baskin's notable holdings, including Apple, Netflix, and Amazon, explaining the rationale behind these investments.04:12 Barry Schwartz's Career Journey06:23 Investment Philosophy and Strategy08:38 Research and Portfolio Management15:41 Focus on Quality Investments21:18 Decision-Making in Selling Investments22:57 Management Changes and Long-Term Ownership24:32 Investment Rules and Business Models26:45 Platform Businesses and Technology Investments31:58 Apple: A Deep Dive36:53 Netflix and the Streaming Wars43:13 Advice for Aspiring Investors46:09 Conclusion and Final ThoughtsTo see more of Barry's work check out: https://baskinwealth.com/

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• Todd Ahlsten - Durable Moats & Increasing Relevance

  In this episode of AUM, host Ryan Henderson sits down with Todd Ahlsten, Chief Investment Officer of Parnassus Investments. Todd shares his journey from a 22-year-old intern to leading a firm managing $46 billion in assets, reflecting on key experiences that shaped his investment philosophy. The conversation delves into the dynamics of the semiconductor industry, the importance of wide business moats and durable competitive advantages, and the evolving relevance of companies like John Deere and Waste Management. Todd also offers insights into the impact of AI on various sectors and highlights the critical traits for successful long-term investing. 02:13 Todd's Early Interest in Investing04:35 Joining Parnassus Investments05:38 Skills and Evolution in Investing08:32 Navigating Market Noise12:40 The Parnassus Investment Process16:42 Idea Generation and Stock Selection20:34 Traits of Innovative Companies27:13 Management Traits and Avoiding Complacency29:17 Deep Dive: John Deere29:25 Agriculture Industry Overview29:53 Deere's Cyclical Recovery and Secular Rerate31:46 Technological Advancements in Agriculture33:14 Investment Strategies During Economic Cycles36:45 Waste Management's Competitive Edge39:46 AI and Semiconductor Investment Trends48:20 Evolution of Investment Strategies53:18 Advice for Aspiring InvestorsLearn more about Parnassus Investments: https://www.parnassus.com/

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• Shreekkanth Viswanathan - A Concentrated, Quality Investor

  In this podcast, we interview Shreekkanth Viswanathan, founder and portfolio manager of SVN Capital.Shree shares his investment journey, from studying in India and moving to the US, to founding SVN Capital in 2018 after extensive experience in portfolio management at various firms. Shree discusses the importance of making independent investment decisions instead of relying on borrowed conviction and the conversation highlights his investment philosophy, including thoughts on a concentrated portfolio strategy, long-term investment outlook, and focus on quality businesses with strong management. The episode also delves into specific investments like Dino Polska and Kinsale Capital, offering insights into what makes a business worth investing in. 02:28 The Journey to Founding SVN Capital07:23 Portfolio Strategy and Concentration13:43 Investment Philosophy: Fully Invested Approach18:39 The Importance of Independent Decision Making24:30 Evaluating Potential Investments27:12 Defining a Good Business35:43 Understanding the Outsider's Perspective in Public Investments37:30 Case Study: Hermes - A Legacy of Culture and Success40:35 Valuation Work: Balancing History and Future Predictions44:49 Company Spotlight: Dino Polska - A Unique Grocery Chain54:09 Company Spotlight: Kinsale - A Unique Player in Insurance01:05:18 Insights from Successful InvestorsTo see more of Shree's work, check out: https://www.svncapital.com/

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• Jeremy Deal - Searching For Unrecognized Earnings Potential

  In this episode of AUM, we are joined by Jeremy Deal, the founder and portfolio manager of JDP Capital Management. Jeremy shares insights from his non-traditional background in asset management and elaborates on his investment philosophy, which focuses on identifying companies with significant unrecognized earnings potential. Jeremy discusses the importance of understanding a company's competitive advantage and maintaining a long-term investment perspective. Jeremy also recounts his successful investment in Spotify, detailing his initial thesis and the journey through its ups and downs. Lastly, Jeremy emphasizes the value of letting winners run and learning from past mistakes to achieve exceptional investment outcomes.01:30 Meet Jeremy Deal: Founder of JDP Capital Management02:50 Early Career and Founding JDP Capital05:49 Investment Philosophy and Strategy08:33 Understanding Market Inefficiencies12:15 The Importance of Competitive Advantage18:19 Consumer Relationships as a Margin of Safety22:41 Research Process and Discovering New Businesses32:23 Building a Position: Patience and Strategy33:28 Managing Portfolio Valuation and Drawdowns38:55 Identifying Exciting Business Opportunities44:18 The Spotify Investment Thesis52:38 Learning from Investment Mistakes59:06 Advice for Aspiring InvestorsTo see more of Jeremy's work check out: https://jdpcap.com/

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