Compounders Podcast

Willingness to Fade the Prevailing Narrative with Tobias Carlisle, Founder and Managing Director of Acquirers Funds and Co-Host, Value After Hours

My guest on the show today needs no introduction. Tobias Carlisle, Founder and Managing Director of Acquirers Funds and Co-Host, Value After Hours. He manages two ETFs, a larger-cap deep value ETF with the ticker ZIG—and a smaller cap one with the ticker DEEP. He is the author of several books on value investing and is the co-host of the popular podcast: Value After Hours. You also may know him by his Twitter handle, Greenbackd. In this conversation, which started at a lunch table and continued in the podcast studio, we covered:

• How he blends qualitative and quantitative research to construct his portfolios;
• The methodologies he uses to inform position sizing, rebalancing, and concentration;
• Why he requires the companies he owns to meet certain free cash and balance sheet criteria;
• The rationale for holding a diverse range of markets cap stocks in his ZIG ETF; and
• The difference between looking to be a contrarian and the willingness to be a contrarian.

For more information about Acquirers Funds, please visit: https://acquirersfunds.com/

Listen to all Compounders Podcast episodes on either Apple or Spotify

iTunes: https://apple.co/3xlUvPY

Spotify: https://spoti.fi/3jxkxLl

All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

 

Concentrating on Companies with Long Reinvestment Runways with Jeremy Kokemor, Founder of Right Tail Capital

My guest on the show today is Jeremy Kokemor, the Founder of Right Tail Capital. After several buyside stints, including at T. Rowe Price, Jeremy founded Right Tail in 2022. Jeremy runs a concentrated portfolio of high-quality companies that just happen to be trading at large discounts to intrinsic value. In this wide-ranging conversation, we discussed:

• Why he decided on the name Right Tail;
• His definition of a quality company;
• What concentration means to Jeremy and how that translates to position sizing;
• The ways in which he has intentionally created alignment between himself and his investors; and
• Stocks that have taught him lessons and served as mentors.

For more information about Right Tail Capital, please visit: https://www.righttailcapital.com/

Listen to all Compounders Podcast episodes on either Apple or Spotify

iTunes: https://apple.co/3xlUvPY

Spotify: https://spoti.fi/3jxkxLl

All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

Own Stocks that are Working with Tyler Hardt, Senior Portfolio Manager at Seagate Capital Management

My guest on the show today is Tyler Hardt, the Senior Portfolio Manager at Seagate Capital Management. After spending about 9 years at Artisan Partners, Tyler decided to go out on his own and start his own firm in 2018. Tyler is an unabashed value investor who even wrote a book called, Value Investing: A Disciplined Framework. In this insightful conversation, we discussed:

• The founding story of Seagate Capital and why Tyler felt like he was ready to be an entrepreneur;
• How Tyler finds companies that both have sustainable competitive advantages and trade at reasonable valuations;
• Why he decided to write a book about value investing;
• What he learned about himself as an investor during a very difficult environment in 2020; and
• The guardrails he has put in place to help prevent his strategy from losing money.

For more information about Seagate Capital Management (formerly Pelican Bay Capital Management), please visit: https://pelicanbaycap.com/

Listen to all Compounders Podcast episodes on either Apple or Spotify

iTunes: https://apple.co/3xlUvPY

Spotify: https://spoti.fi/3jxkxLl

All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

Long-Term Intrinsic Value Investing with Heather Brilliant, CEO of Diamond Hill Investment Group, Inc. (NASDAQ: DHIL)

My guest on the show today is Heather Brilliant, the CEO of publicly traded company, Diamond Hill Investment Group, Inc. (NASDAQ: DHIL). Heather became CEO in 2019 after putting together an enviable resume of experiences at other investment firms. As of the most recent quarter, Diamond Hill had about $26 billion of assets under management, but still considers itself a boutique firm. In this holistic conversation, we discussed:

• Heather’s experience becoming CEO right before the world shut down due to COVID;
• Diamond Hill’s unique capital allocation strategy as relates to returning cash to shareholders;
• How the firm differentiates its strategies despite lots of competitors offering similar products;
• The avenues available for the company to continue to build is AUM base; and
• The concept of building a brand within investment management.

For full disclosure, I am not a Diamond Hill shareholder. For more information about Diamond Hill Investment Group, Inc., please visit: https://www.diamond-hill.com/

Listen to all Compounders Podcast episodes on either Apple or Spotify

iTunes: https://apple.co/3xlUvPY

Spotify: https://spoti.fi/3jxkxLl

All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

Democratizing Philanthropy with Jake Wood, CEO of Groundswell

My guest on the show today is Jake Wood, the founder and CEO of Groundswell. Jake is a former Marine who founded a non-profit organization called Team Rubicon, which has over 100,000 volunteers located around the world. Jake stepped back from being Team Rubicon’s CEO in 2021 to start Groundswell, a company that is attempting to transform employee giving through the use of technology. My guess is that most people haven’t thought deeply about the nuances of employee giving or are familiar with what are known as Donor Advised Funds. But, when I had a chance to use the Groundswell product, I immediately wanted to have Jake on the podcast to discuss what he and his team are building.

Specifically, we covered:

• The founding story of Groundswell;
• Donor Advised Funds and some of the issues associated with legacy offerings;
• The idea of everyone having their own personal foundation;
• The ways in which Groundswell makes money; and
• What Jake hopes the business will look like in 5 years.

For more information about Groundswell, please visit: https://groundswell.io/

Listen to all Compounders Podcast episodes on either Apple or Spotify

iTunes: https://apple.co/3xlUvPY

Spotify: https://spoti.fi/3jxkxLl

All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

Buy What You Can Predict with Joseph Shaposhnik, Portfolio Manager of the TCW New Americas Premier Equities Fund

My guest on the show today is Joseph Shaposhnik, the portfolio manager of the TCW New Americas Premier Equities Fund. Joseph began managing the fund in 2015 and since then has assembled a concentrated portfolio of mostly US mid-to-large-cap stocks. Morningstar currently has a 4-star rating on the fund, which consists of a collection of high quality, recurring revenue businesses. In this conversation, we covered:

• Why predictability of cash flows is so important to Joseph;
• The rationale for having a heavy weighting in Constellation Software;
• What he has learned about assessing management through his relationship with successful CEOs;
• Why all recurring revenue businesses are not created equally; and
• Why a company like Meta doesn’t make the cut to be in his portfolio

For more information about Joseph Shaposhnik and TCW Group, please visit: https://www.tcw.com/

Listen to all Compounders Podcast episodes on either Apple or Spotify

iTunes: https://apple.co/3xlUvPY

Spotify: https://spoti.fi/3jxkxLl

All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

Unearthing Companies with Uniquely Supportive Cultures with Aaron Wasserman, Partner at Third Period Capital

Today’s episode is another in our series of interviews with emerging investment managers where we discuss how to build an investment firm that can compound. My guest on this show is Aaron Wasserman, a Partner at Third Period Capital. After a long and successful tenure at Baron Capital, in 2019 Aaron started Third Period, a long-only, global growth firm based in Los Angeles. Aaron believes he has cultivated an edge in identifying and owning companies with exceptional cultures—and he has engaged Wharton Professor and best-selling author Adam Grant to help widen his competitive advantage.

In this discussion, we covered:

• How to analyze company cultures and determine if they are additive to growth;
• What Aaron learned from working with Ron Baron for many years;
• What Adam Grant’s involvement brings to Third Period and to Aaron’s process;
• An example of a prototypical “Aaron stock” and
• The sectors that Aaron has chosen to focus on in this strategy

For more information about Third Period Capital, please visit: https://www.thirdperiodcapital.com/ 

Listen to all Compounders Podcast episodes on either Apple or Spotify

iTunes: https://apple.co/3xlUvPY

Spotify: https://spoti.fi/3jxkxLl

All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

Investing in Businesses that Create and Build Value with Sean Stannard-Stockton, President and CIO of Ensemble Capital

My guest on the show today is Sean Stannard-Stockton, the President and CIO of Ensemble Capital, an investment and wealth management firm that has built up quite a following on social media as a result of its consistent output of thoughtful content. Sean and his team of analysts manage over a billion dollars in equities, consisting of a concentrated portfolio of super high-quality businesses. The team has developed a rigorous competitive advantage assessment process that is designed to identify only those companies with durable moats.

In this wide-ranging conversation, Sean and I discuss:

• How Ensemble employs its competitive advantage framework when construction a portfolio;
• The benefits of having a wealth management arm alongside an investment management business;
• The rationale for creating and sharing so much thoughtful content on Twitter and the firm’s blog;
• His personal definition of a compounder; and
• What harmony and disharmony look like within an investment process

For more information about Ensemble Capital, please visit: https://ensemblecapital.com/

Listen to all Compounders Podcast episodes on either Apple or Spotify

iTunes: https://apple.co/3xlUvPY

Spotify: https://spoti.fi/3jxkxLl

All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

Shooting for Hall of Fame Returns and World Class Service with Greg Dean, Langdon Equity Partners

Today’s episode is the next in our series of profiles of emerging investment firms. In these interviews, we dive deep into the various components of building an investment firm that can compound. Our guest on the show today is Greg Dean, the Founder and Lead of Investor at Toronto-based Langdon Equity Partners. Greg founded Langdon in 2021 after successful stints at Fidelity and Cambridge Global Asset Management. Langdon describes itself as an “active and engaged owner of world class smaller companies.” The firm has assembled concentrated portfolios of companies with enterprise values between $500 million and $5 billion that are cash generative and are run by long-term-oriented executives.

In this conversation, we discuss:

• Why Greg wants the Langdon office to be more like a library than a train station;
• His definition of a compounder and the unique challenges of managing such companies within small cap strategies;
• How Langdon has tried to position itself differently from other small-cap-focused firms;
• The kinds of mistakes that prevent companies from realizing their full compounder potential; and
• The cultural elements that are most important when building a new investment firm.

Without any further ado, here is my conversation with Greg Dean of Langdon Equity Partners. For more information about Langdon Equity Partners, please visit: https://www.langdonpartners.com/

Listen to all Compounders Podcast episodes on either Apple or Spotify

iTunes: https://apple.co/3xlUvPY

Spotify: https://spoti.fi/3jxkxLl

All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

Climate Impact Investing in Public Markets with Heather Beatty & Robin Kollannur, ScopeFour Capital

My guests on the show to today are Heather Beatty and Robin Kollannur, the respective founder and Portfolio Manager of ScopeFour Capital. After a number of years working in business development at large investment firms, Heather started ScopeFour, a climate impact-focused firm, to take advantage of the investment opportunities associated with companies that are building impactful climate solutions. Robin has 30 years of experience in money management and has recently joined the firm to implement the ScopeFour process and vision.

In this extensive conversation, we discussed:

• The founding of ScopeFour and the investing opportunity set;
• The difference between investing for impact versus what has come to be known ESG;
• The intersection between a company that compounds over time and one that is making a positive impact on the climate;
• How Robin and Heather narrow down the universe of companies; and
• How to avoid paying too high a price for the companies that are likely to have the most positive impact.

Without any further ado, here is my conversation with Heather Beatty and Robin Kollannur of ScopeFour Capital. For more information about ScopeFour Capital, please visit: https://www.scopefourcapital.com/

Listen to all Compounders Podcast episodes on either Apple or Spotify

iTunes: https://apple.co/3xlUvPY

Spotify: https://spoti.fi/3jxkxLl

All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.