A.U.M.

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/

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/

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/

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/

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/

In this episode of AUM, we are joined by Jan Van Eck, CEO of VanEck.VanEck has been a pioneer in asset management and ETF industry since 1991. Jan delves into the intricate dynamics of recessions, inflation, and government spending. They explore VanEck's investment strategy, focusing on macro trends such as technological advancements, political shifts, and economic policies. The discussion covers VanEck's early adoption of Bitcoin and ETFs, emerging markets like India and Vietnam, the future of blockchain technologies, and their unique approach to portfolio building. 01:26 Meet Jan Van Eck: CEO of Van Eck01:57 Jan's Formative Years and Career Path05:45 VanEck's Investment Philosophy and Macro Trends07:43 Exploring India's Economic Growth11:05 VanEck's Approach to ETFs and Emerging Markets17:00 Bitcoin and the Future of Digital Assets26:06 The U.S. Fiscal Reckoning32:57 Technological and Geopolitical Themes38:03 VanEck's Unique Portfolio Building Approach39:35 Advice for Aspiring InvestorsSee more about VanEck here: https://www.vaneck.com/us/en/

In this episode of AUM, we are joined by Bob Robotti, President and Chief Investment Officer of Robotti & Co. Bob delves into his career in value investing that spans over five decades. Bob shares insights on the cyclical nature of finance versus the cumulative nature of science and engineering. He recounts his early auditing experiences with Tweedy Brown and Gabelli, highlighting how they shaped his investment approach. The discussion covers the importance of timing, identifying value investments in cyclical industries, and the competitive advantages of energy-intensive businesses in North America. Bob also talks about his investment process, the significance of board involvement, and advice for new investors entering the industry.01:49 Bob's Early Career and First Exposure to Investing04:24 The Rise of Value Investing07:31 Learning from Industry Giants10:46 Investment Process at Robotti Company16:40 Challenges and Opportunities in Value Investing20:15 Case Study: Builders FirstSource and Industry Consolidation23:19 The Impact of Market Cycles on Business Consolidation24:04 Mistakes Management Teams Make in Cyclical Industries24:49 Case Study: Atwood Oceanics and Counter-Cyclical Investment26:36 Strategies for Success at the Bottom of the Cycle27:39 Understanding Grassroots Macroeconomics28:42 Navigating Information Overload in Investing32:21 The Future of Stock Picking vs. Index Investing36:05 Energy Intensive Businesses in North America38:05 The Impact of Tariffs on Industrial Companies39:58 The Role and Value of Board Membership41:50 Advice for Aspiring InvestorsTo see more about Robotti & Co check out https://advisors.robotti.com/

On this episode of AUM, we are joined by Tobias Carlisle, the Founder and Managing Director of Acquirers Funds. The discussion delves deep into Tobias' journey from corporate law in Australia to becoming a prominent figure in value investing. Tobias explains his investment strategy, including the development of the Acquirer's Multiple, and explores concepts such as mean reversion, value traps, and the challenges faced by management teams of undervalued companies. The conversation also touches on the historical performance of growth vs. value stocks and the potential catalysts for a shift in market trends.01:44 Tobias Carlisle's Career Journey08:57 The Acquirer's Multiple Explained14:42 Mean Reversion in Deep Value Investing17:49 Identifying and Avoiding Value Traps21:01 Management Missteps in Undervalued Companies26:23 Tobias'a Investment Process29:34 Economic Sensitivity of Small Companies32:04 Valuation and Market Sentiment37:24 Concentration vs. Diversification in Portfolios43:08 Historical Performance of Growth vs. Value47:36 The Magnificent Seven and Market Trends54:21 Advice for Aspiring InvestorsIf you enjoyed this interview with Tobias, you can find more of his work at https://acquirersfunds.com/

On this episode of AUM, we are joined by Bill Nygren, a renowned portfolio manager at Harris | Oakmark. Bill details Harris | Oakmark's rigorous investment process, including the pivotal Tuesday meetings, devil's advocate reviews, and the importance of intellectual tension. Bill also dives into some notable investments including General Motors and Delta Air Lines, the significance of management alignment, and the lessons learned from major investment mistakes like under-investing in Apple. Timestamps:00:00 Introduction to the Show and Guest01:31 Bill Nygren's Early Passion for Investing03:58 College and Early Career Experiences07:56 Joining Harris Associates16:26 The Harris | Oakmark Investment Process18:58 Tuesday Meetings and Analyst Expectations28:23 Mistake Management Protocol32:18 Intellectual Honesty at Harris | Oakmark33:07 The Organized Chaos of Harris | Oakmark34:18 The Intensity of Portfolio Discussions35:39 Macro View and Portfolio Decisions38:13 Industries and Investment Criteria41:21 Case Studies: Delta and General Motors48:40 Understanding Management Teams54:42 Biggest Investing Mistakes and Lessons Learned58:18 Advice for Aspiring InvestorsFind out more about the funds Bill manages here: oakmark.com

On the inaugural episode of AUM, we are joined by John Rotonti, the Portfolio Manager of the Industrial and Infrastructure strategy at Islamorada Investment Management.John shares his experience from his early days at The Motley Fool and how personal circumstances led him into the world of finance. He discusses his investment process, role models, and the importance of thorough research and quality management in stock selection.John also talks about the sectors he's focused on, key investment lessons, and the types of businesses he avoids. He highlights two of his high-quality holdings, Amphenol and Trane Technologies, discussing their valuation and growth potential.00:00 Introduction and Guest Welcome01:45 John Rotonti's Investment Journey03:26 Influential Investing Role Models10:37 Launching the Industrial and Infrastructure Portfolio12:34 Research and Investment Process18:14 Idea Generation and Screening22:31 Long-Term Investment Trends30:54 The BlackBerry Investment Lesson32:55 Surprising Upside Investments40:43 Valuation Insights and Strategies44:40 High-Quality Businesses at High Multiples54:26 Advice for Aspiring Investors57:17 Conclusion and Final ThoughtsFind more of John's work here: https://lastbastion.com/author/jro/