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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Jan van Eck - Finding Secular Trends Early
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/
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Bob Robotti - Finding Opportunities In Cyclical Industries
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/
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Tobias Carlisle - Searching For Deep Value
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/
Conversations with some of the world's best asset managers. AUM explores what it takes to generate outstanding investment outcomes in modern financial markets.A.U.M. is a FinChat Podcast. FinChat is a stock research platform that provides complete financial data on all companies globally.
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