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Invest Like the Best

Exploring the ideas, methods, and stories of people that will help you better invest your time and money. Learn more and stay-up-to-date at InvestorFieldGuide.com
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Sep 17, 2019

My guest this week is Albert Wenger, a managing partner at Union Square Ventures and the author of the book World After Capital.

Albert studied economics at Harvard and earned a PhD in information from technology, but if you’d asked me to guess before looking those up, I’d have guessed that he studied philosophy because of how widely he has thought about the world and the impact of technology.

Our conversation is about how technology is changing the world from an Industrial Age to a knowledge age. We explore how cryptocurrencies, low cost computing, and regulation will impact our future and why the transition may require delicate care.

I loved this conversation because of my obsession with the concept of scarcity. We explore what has been scarce through time and what may be scarce in the future. Albert is one of the most interesting thinkers I’ve come across and was a pleasure to speak with. I hope you enjoy our conversation.

Hash Power is presented by Fidelity Investments

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Links Referenced

World After Capital

Show Notes

2:16 – (First Question) –  Defining what it means to be human

            2:58 – World After Capital

3:56 – Trans-humans vs neo-humans

4:37 – The concept of Qualia

5:25 – Albert’s investment philosophy=

8:27 – How Albert began his exploration into cryptocurrencies

12:59 – Most exciting things blockchains could enable

14:27 – How does Albert view blockchain technology from the view of an venture capital investor

17:00 -  Why Albert thinks that the dominate cryptocurrency of our time may not exist just yet and what he is looking for in protocols that will become the leader in the space

20:16 – What are the central functions that will be important in cryptocurrencies

21:22 -   The state of regulation in the cryptocurrency space

27:37 – What has Albert most excited for the future of blockchain

29:10 – The idea of universal basic income

32:26 – How do you solve the problem of giving money value in a world of universal basic income

35:00 – How scarcity has changed over time

39:01 – Role of financial capital in the last 200 years of civilization

42:39 – Are we as a society only capable of solving problems once they become an immediate threat

44:15 – Explaining the idea of attention as a scarce resource

47:56 – The two key drivers of change; zero marginal cost distribution and universality of computational power

53:13 -  What should we as investors and inventors be focusing on as the new objective function

57:24 – Scariest aspect of this transition into the knowledge age

59:45 – Three basic freedoms we all seek; informational, economic, psychological

1:02:13 – Fermi’s paradox and the scarcity of attention

1:02:56 – How Albert thinks about his own day and wellbeing given all of this information

1:05:01 – Kindest thing anyone has done for Albert

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Sep 11, 2019

My guest this week are Matt Smith and Ian singer of Deep Basin Capital, a hedge fund specializing in the energy sector.

I first met Matt almost 10 years and, in that time, I’ve grown to respect him as much as any investor that I’ve ever met. Now having spent time with Ian, who specializes in oil and gas field exploration companies and the rest of the Deep Basin team, I have similar respect and admiration for all of them.

Deep Basin does almost the exact opposite of what us quants do. In fact, their entire goal is to build a portfolio of mostly idiosyncratic or stock specific risk, the very thing us quants mostly remove from portfolios. Deep Basin positions the portfolio to make a series of carefully constructed bets, long and short, without taking market risk, style-factor risk, or even commodity risk. They use a hybrid fundamental and quantitative process which we explore in detail.  This is definitely another good example of who we are all up against in public markets.

What makes this story unique is that we are investors in Deep Basin’s management company and so have a clear interest in their ongoing success. Listeners know that I want to be as transparent as possible on this podcast so we event spend a little time telling the story about how it all came together a few years ago.

I have learned a ton about investing from my countless hours with this team and hope that this conversation gives you a glimpse into what is happening at the cutting edge of investing in the world of hedge funds.

Please enjoy my conversation with Deep Basin

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Books Referenced

Expectations Investing: Reading Stock Prices for Better Returns

 

Show Notes

2:47 – (First Question) –  Looking at the universe of the energy space that they are focusing on

7:48 – Breaking down the important components and their labels in this space

10:27 – What makes energy companies distinct from the broader market.

12:52 – How the isolate unique value creation

14:58 – Ian’s take on the upstream part of the business where he has spent a lot of time

18:35 – How does Deep Basin use data and what edge do they derive from it.

21:31 – What insight are they looking for from updated well data

23:59 – How do they use combine the business value that they measure with the market price that is being forecasted

            24:40 – Expectations Investing: Reading Stock Prices for Better Returns

29:34 – How do they build an actual portfolio

31:51 – Their systematic approach to energy investing

37:53 – What are their thoughts about using leverage when making investments in the energy space

40:53 – A look at the changes to the hedge fund industry over the entirety of their careers

45:46 – Defining the culture of Deep Basin

49:15 – The story of how OSAM and the O’Shaughnessy’s came to be investors in the Deep Basin

54:13 – Kindest thing anyone has done for each of them

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Aug 27, 2019

My guest this week is Pat Dorsey, who was the longtime director of equity research at Morningstar, where he specialized in economic moats: sources of sustained competitive advantage that allow a few companies to deliver huge returns over time. Several years ago he left Morningstar to form his own asset management firm, Dorsey asset management, and build a portfolio of companies with wide moats like those he studied at Morningstar. And while moats are critical, equally important is how companies allocate the capital generated--or made possible--by the existence of the moat.  

A special thank you to Brian Bares who introduced me to Pat, and to Will Thorndike--an earlier guest on the show. In the vast majority of conversations you hear on this show, I'm meeting the guest for the first time. I mention this to encourage you to connect me with anyone whose story or way of looking at the world might resonate. Always feel free to contact me with ideas.  

Pat and I begin our discussion with the key differences between the sell side and the buy side, and then discuss all aspects of moats and capital allocation. 

 

For comprehensive show notes on this episode go to http://investorfieldguide.com/dorsey

For more episodes go to InvestorFieldGuide.com/podcast.

To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

2:23 – (First question) – Transition from the sell side to the buy side and the biggest surprise 

3:40 – What is a moat 

5:16 – What part of the stock market universe has a moat 

6:57 – Pat’s framework for identifying moat, starting with intangibles 

8:32 – The power of brands 

9:44 – what chance does an upstart have to come in and usurp a well-established brand   

12:24 – Switching costs as part of the framework for identifying a moat 

14:55 – The third component of identifying a moat, network effects, and what businesses should do to effectively build one 

17:29 – Last component, cost advantages/economies of scale 

19:29 – How do you analyze these four components into an investing framework that can be built into an actual strategy 

21:13 – How does Pat think about this from a mis-pricing standpoint 

23:37  – How does Pat incorporate current price of a company in consideration for future returns when pricing a moat 

25:39 – How should a company with a moat operate to protect that characteristic, especially when it comes to their capital allocation 

26:51 – Which characteristic of a moat does Pat find most intriguing 

30:35 – What makes for good and smart capital allocation 

35:58 – What is Pat’s process for identifying the best investment opportunities 

38:38 – What are good economics when looking at a company 

41:03 – If Pat could take any business, but have to swap leadership, what would he choose. 

44:13 – Back to his process of finding investment opportunities 

46:05 – Kindest thing anyone has ever done for Pat

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag


Read more at https://investlikethebest.libsyn.com/pat-dorsey-buying-companies-with-economic-moats-invest-like-the-best-ep51#oBGdOp1br4EMtORd.99

Aug 20, 2019

My guest this week is Joe McLean, the founder of Intersect Capital, which provides financial advisory services to a variety of clients, including a number of NBA players and other professional athletes. 

What I loved about this conversation was the weaving of sport, coaching, and finance into a cohesive whole. There’s so much to take from this discussion—from the importance of service and low self-orientation to the impact of strict standards for who you work with, to common mistakes we all tend to make with money.

Please enjoy my conversation with Joe McLean.

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

1:18 - (First Question) – His backstory and the combination of athleticism and finance

2:43 – His time in Ireland

3:29 – Moving away from basketball and into finance

6:08 – What the Intersect business is today and his early lessons

7:55 – Most important coach/mentor

8:59 – Where the name Intersect came from

10:22 – Setting high standards early on

12:35 – Biggest mistakes he saw in his early clients

14:04 – Developing his value proposition to clients

14:24 – Michael Kitces Podcast Episode

16:57 – Process when he’s working with a client signing a new athletic contract

19:53 – The concept of a Pro’s Pro and Top 50 Reasons Professional Athletes Remain Wealthy

22:40 – Managing clients’ interest in creating businesses off their brand

24:20 – The role media plays in athletes’ long-term strategies

25:40 – Getting early clients into compliance with his strategy

28:24 – Daily maintenance role he plays with clients

32:24 – What has impressed him most from his young clients

33:36 – What makes for a great coach

34:50 – The meaning of “all in” to Joe

35:54 – His assessment of the financial services industry today

37:32 – Where his value in service came from

39:05 – Longer term vision for his business

40:33 – Unique ways he finds himself helping his clients

43:49 – Watching his client’s mentor the next generation

45:10 – Historical players and teams he personally admires

46:22 – Athletes and venture capital investing

47:38 – Who makes up his trust network

49:09 – What he’s most excited about for the future of the business

49:46 – Kindest thing anyone has done for Joe

50:24 – Biggest impact a coach had on his life

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Aug 13, 2019

This week’s guest is, Zack Kanter, the founder and CEO of the Stedi.  Zack and I decided not to talk much about his business on this podcast and opted instead to explore more generally, so a bit of an introduction to what they do may be helpful here for some extra context. Stedi is a platform for exchanging and automating 300+ types of business-to-business transactions - transactions like purchase orders, invoices, etc. It’s a modern take on an archaic protocol called EDI - electronic data interchange, something I’d never even heard of until several months ago. Learning about EDI is a bit like finding out about the Matrix - every physical object you come across, from the food you ate for breakfast to the clothes you’re wearing and consumer electronics you use - anything with a barcode on it - was likely touched by EDI, often dozens of times before making it into your hands. Stedi is the first update to this messaging later in decades.

Our conversation in this podcast is about business in general, starting with Zack’s fascination with Walmart and Amazon. I should also not that my family is a recent investor in Stedi, and I’m thankful to have learned a great deal from him over the past few months. Please enjoy our conversation. 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

1:52 - (First Question) – Interest in Walmart and Amazon

            4:02 – Sam Walton: Made In America

4:49 – What from their success can be applied elsewhere

11:07– The idea of tempo with a business

17:17 – Ability for a business to expand laterally

24:33 - Magic of Amazon as a constitution

26:24 – The concept of the OODA loop

            26:40 – Boyd: The Fighter Pilot Who Changed the Art of War

31:51 – Orientation within software businesses

            32:24 – The Systems Bible: The Beginner's Guide to Systems Large and Small

38:03 – Lessons in building software

            38:37– Certain to Win: The Strategy of John Boyd, Applied to Business

41:51 – Setting a common vision for a company

44:14 – Changing the dynamic of teams and how different size teams can accomplish different things

48:00 – How leaders should think about build vs buy

51:07 – The different types of value propositions

53:07 – Utility for companies

57:31 – Concept of network health and the best question from VCs

1:04:04 – Massive projects are less frequent in a world where we can do a lot quickly

            1:04:08 – Wait but Why

1:09:37 – Just in time vs just in case learning framework

1:11:55 – His favorite question

1:13:39 – Why is most commonly heard advice wrong

1:18:06 – Kindest thing anyone has done for Zack

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Aug 6, 2019

My guest this week is Chris Bloomstran, the president and chief investment officer of Semper Augustus Investments Group. He became famous in investing circles a few years back for his incredibly detailed investigations of Berkshire Hathaway. While we do cover Berkshire towards the end of the conversation, we spend most of our time talking about what makes for a quality business. I loved some of his angles on the current landscape, including our discussion of companies like Richemont and Disney which are actively taking distribution back in house. Please enjoy our conversation.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

1:18 - (First Question) – Largest investing error

4:52 – Defining quality investor and their investment strategy

11:48 – Incremental return on capital and other themes that they focus on with investments

15:33 – Importance of unique business models

22:58 – Ownership of the customer relationship

28:06 – Bringing distribution back in house

29:55 – Doing something unique with owned distribution

32:40 – His thoughts on growth and value

            32:42 – Chuck Akre podcast episode

37:12 – History of his interest in Berkshire Hathaway and he characterizes the business

53:29 – How is Berkshire protected into the future

59:17 – Most important trends in adjustments

1:08:00 – Which sectors or industries would he focus on

1:10:02 – Most intriguing business he’s unlikely to own

1:11:44 – Kindest thing anyone has done for him

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Jul 30, 2019

My guest this week is Brian Christian, the author of two of my favorite recent books: Algorithms to Live By and The Most Human Human. Our conversation covers the present and future of how humans interact with and use computers. Brian’s thoughts on the nature of intelligence and what it means to be human continue to make me think about what works, and life, will be like in the future. I hope you enjoy our conversation.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

1:11 - (First Question) – Summarizing his collection of interests that led to his three books

2:59 – Biggest questions in AI

3:43 – Defining AGI (Artificial General Intelligence) and its history

            5:18 – Computing Machinery and Intelligence

7:54 – The idea of the most human human

9:59 – Tactics that have changed the most in learning to be the most human human

16:10 –Tests for measuring AGI and updates made to them

20:12 – Concerns for once we have AGI

26:06 – Self-awareness as a threshold for AGI

31:58 – Skeptics’ take on AGI

37:14 – Advice for people building careers and how AGI will impact work

38:16 – Explore/Exploit trade-off

44:57 – How to explore/exploit applies to business concepts

49:16 – Impacts of AGI on the economy

52:40 – Highlights from his second book

57:39 – Kindest thing anyone has done for Brian

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Jul 23, 2019

My guest this week is Eric Sorensen, the CEO of Panagora asset management, which manages more than $46B for clients across a variety of strategies.

Eric began his career serving in the Air Force as both a pilot and instructor in high-performance jet aircraft. He then accumulated 40 years of quantitative research and investment experience, with a Ph.D. along the way.

Please enjoy our conversation on the changing landscape of quantitative investment strategies.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

1:15 - (First Question) – His background in the Air Force

            1:23 – Boyd: The Fighter Pilot Who Changed the Art of War

3:18 – Training people on high-performance machines

4:47 – Traits that made for better pilots

5:51 – The evolution of quantitative equity research and its stages

7:56 – How his research led to becoming a practitioner

9:10 - The early feature sets in his research

10:44 – Tradeoffs in the spectrum of interpretability

12:08 – Early days of his practitioner career

13:24 – Risk Premia and the 5 C’s

14:28 – Quantitative Equity Portfolio Management: Modern Techniques and Applications

17:13 – Applying the 5 C’s to value investing

18:38 – Knowing when a strategy/signal is broken

21:24 – What does this strategy plan mean for his firm today

24:56 – Mixing expert systems and portfolio construction

30:07 – Natural language processing

32:00 – The cultivating the power and creativity to ask good questions

35:13 – The concept of a research graveyard

37:45 – State of risk premia today

40:04 – Active equity process

46:37 – Frontiers of research that he’s excited about

48:53 – Safe havens for non-quantitative investors

52:16– Advice for young quants

54:36 – Quants on the buy-side that he admires

55:41 – Kindest thing anyone has done for him

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on Twitter at @patrick_oshag

Jul 16, 2019

Jane McGonigal, PhD is a world-renowned designer of alternate reality games — or, games that are designed to improve real lives and solve real problems.

She is the Author of Reality is Broken: Why Games Make Us Better and How They Can Change the World and is the inventor and co-founder of SuperBetter, a game that has helped nearly a million players tackle real-life health challenges such as depression, anxiety, chronic pain, and traumatic brain injury.

Our conversation is about how to design useful games, how games effect us and our kids, and what the future might hold. Please enjoy.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

1:22 - (First Question) – Her take on the history of gaming and studying the players themselves

3:44 – Where her passion for gaming really started

4:55 – Her take on flow states

7:47 – Kids and gaming

10:32 – Advice for parents when it comes to the role of games

            11:06 – SuperBetter: A Revolutionary Approach to Getting Stronger, Happier, Braver and More Resilient--Powered by the Science of Games

13:53 – Types of games that develop the right skills for kids

16:20 – Four things all games share in common

            16:23 – Reality Is Broken: Why Games Make Us Better and How They Can Change the World   

20:50 – Her take on Carse’s theory about infinite gaming

            21:04 – Finite and Infinite Games

26:28 – How to understand gaming culture if you’ve never played a game before

28:28 – Amazon and gaming

31:18 – How fun makes anything more enjoyable

34:55 – How game designers calibrate feedback loops

39:14 – The good and bad of gamifying life

45:01 – What is the superbetter app

52:43 - Why powerups and bad guys are so important in games

57:03 – Secret identity

59:04 – Playing with boundaries

1:00:36 – Most worried about in the gaming world, and most exited about

1:07:32 – Kindest thing anyone has done for Jane

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Jul 2, 2019

My guest this week is Bill Gurley, a general partner at Benchmark Capital and one my favorite investment thinkers. As you’ll hear, despite enormous success through his career, Bill is clearly still in love with business and investing. Where many might discuss past glories, I’ve been incredibly impressed with how both Bill and his partners emphasize the current portfolio and market landscape. I’m thankful to have had the chance to speak with him in this format. I hope you enjoy our conversation.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

1:13 - (First Question) – The idea of increasing returns

            1:21 – Competiting Technologies, Increasing Returns, and Lock-in By Historical Events

            2:07 – Complex Systems Theory – Santa Fe Institute

4:35 – Markers that could be a sign of network effect in a company

6:27 – The opportunities for companies to capture network effect

8:46 – Are there certain teams/leaders that are more conducive to leading a network effect company

11:55 – Liquidity quality

13:35 – How important is the revenue model at the beginning

15:59 – Fascination with Nextdoor

            17:56 – Paradox of Choice

18:39 – Finding opportunities

20:17 – Potential marketplaces and assets that could be commoditized

            20:20 – All Markets Are Not Created Equal: 10 Factors To Consider When Evaluating Digital Marketplaces

21:39 – Usage yield on the world’s assets

23:50 – Has technology changed the world of value investing

26:28 – Hyper niche marketplaces

27:52 – Challenges of labor marketplaces

30:12 – User generated content businesses

32:44 – People who are capable of building UGC businesses

33:16 – His interest in Discord

34:31 – Factors of a healthy marketplace

37:57 – Fools’ gold in marketplace businesses

39:04 – How influx of cash is impacting the marketplace business landscape

            40:43 – All Revenue is Not Created Equal: The Keys to the 10X Revenue Club

43:20 – How does the influx of money into the space impact him

46:44 – Spending money to attack top brands

50:32 – Regulatory capture

53:36 – His thoughts on the IPO market

57:49 – How did he realize this was his passion

1:00:42 – Qualifying his passion

1:01:52 – Favorite thing about working with entrepreneurs

102:48 – Honing your craft

1:04:33 – Making yourself a good mentor

1:05:56 – Kindest thing anyone has done for him

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

 

Jun 25, 2019

This week I have a very special guest years in the making. Like another favorite episode, with anonymous guest Modest Proposal, this conversation is with one of the stars of the financial twitter universe who writes anonymously and goes by the pseudonym Jesse Livermore. I met Jesse 6 years ago after reading his unbelievably unique investing research, which tackled all the big and interesting issues in markets. He now also works with me as a research partner at OSAM, where’s he’s used our data to continue to his search for truth in markets. Despite being one of the brightest minds I’ve encountered he is also as humble and unassuming as they come. I’m at least a slightly better person because of trying to emulate how he conducts himself. I get to have many conversations with him that go from 0-100 fast, and I’m thrilled to be able to share one of those with you.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

1:33 - (First Question) – Jesse’s origin story for investing

4:37 – Exploring his ways of problem solving starting with intuitive

            7:53 – David Epstein Podcast Episode

11:46 – Looking at the analytical way of problem solving

15:42 – Statistical inference

24:45 – Should we opt for simplicity in the investment process

25:26 – Does his own investing include all three, intuition, analysis, and statistics

26:09 – The evolution of his research, process, and thinking on various investment factors.

31:38 – Thoughts on inflation and its impact on market valuation

40:05 – The Earnings Mirage

46:25 – Free Cash flow and valuations

50:51 – What should investors take away from this research

53:01 – Thoughts on trend as an interesting market signal

59:00 – The problems with trend

1:00:34 – Post on “The Single Greatest Predictor of Future Stock Market Returns

1:11:15 – His work into understanding factors

1:15:36 – Looking at momentum

1:18:16 – His curiosity into the current market cycle

1:20:04 – Lessons learned from his time in the military, an effective way to create an environment where people can safely disagree with their co-workers

1:30:10 – The concept of progress in meaningful work

1:33:08 – Kindest thing anyone has done for him

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Jun 18, 2019

My guest today is Chuck Akre, a now widely famous investor who founded Akre Capital Management in 1989, which now manages approximately $10B dollars. We discuss his investing style and his “three-legged stool” for evaluating companies. Please enjoy this great conversation. 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Show Notes

1:06 - (First Question) – Advantage of being in Middleburg, Virginia

2:11 – What a day looks like for Chuck

3:06 – Why imagination is more important than knowledge

3:38 – Difference between curiosity and imagination

4:38 – The origins of the Nirvana Three-Legged Stool concept

10:14 – First leg of the stool, Extraordinary business and ROE’s with a focus on Bandag.

14:36 – How his evaluations of value has changed over the last 10-15 years

16:10 – A look at recent businesses that he’s bought and why they are interesting

19:56 – Why they keep things simple

21:35 – Second leg of the stool, the people involved and characteristics of managers he has invested in

23:20 – Role of capital allocation in the people he focuses on

28:03 – Favorite biographies

            28:22 – 100 to 1 in the Stock Market: A Distinguished Security Analyst Tells How to Make More of Your Investment Opportunities

29:34 – Third leg of the stool, reinvestment

21:09 – How does he think about diversifying across an investment area

33:32 – Great businesses wrapped in a bad balance sheet

37:35 – What would cause him to sell

38:52 – What does he look for in people

43:27 – How curiosity has impacted his interest in land conservation

43:51 – Advice for investors, especially younger ones

46:14 – Kindest thing anyone has done for him

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Jun 11, 2019

My guest this week is Jerry Neumann. Jerry is one of the most thoughtful early stage investors that I’ve encountered, and his writings at reactionwheel.net are my favorite on this topic. He applies an incredibly structured way of thinking to a notoriously mysterious investment category. This is our second conversation, in which we cover why investing with one’s gut is a bad idea and why some of the popular edges in startups, like network effects, may be picked over. Please enjoy our conversation.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

1:17 - (First Question) – His take on the venture landscape and the type of investments new VC’s are making vs what they should be making

3:44 – Most important implications of excess VC firms

5:32 – Misalignment of incentives in the VC space

8:19 – What he does differently from angel investors or VC’s

10:11 – The notion of risk and the types of risk the people he invests in takes

14:33 – Protections that he thinks about when it comes to the ideas he invests in

19:37 – Is there an area of expertise that provides an edge for startups

20:11 – Network effects are picked over

21:35 – IP protection

23:08 – One of the two most interesting things for VC’s to go after, brands

25:13 – The other most important thing, the value chain

27:42 – A current example of a disruptive value chain

29:14 – Innovation as the source of profit

            29:16 – Schumpeter on Strategy

31:50 – Efficiency innovation vs value innovation

            31:52 – Energy and Civilization: A History

35:50 – Efficiency investments he’s made

37:13 – Investment in Unsupervised and the machine learning landscape

41:25 – Investment in Sila

43:14 – Investment in Edmit

44:44 – investing on gut

50:32 – Black boxes and their value in investments

53:23 – Metrics about the predictive level of whether people are going to succeed

54:45 – What defines good people worth backing

57:50 – Advice for LP investors in this space and how they should evaluate VC’s in this space

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Jun 4, 2019

I came across this week’s guest thanks to the overlap of three passions of mine: data informed investing, value creation, and basketball. 

Sam Hinkie worked for more than a decade in the NBA with the Houston Rockets, and then most recently as the President and GM of the Philadelphia 76ers. He helped launch basketball's analytics movement when he joined the Houston Rockets in 2005, and is known for unique trade structuring and a keen focus on acquiring undervalued players. Today, he is also an investor and advisor to a limited number of young companies in which he feels his experience can improve outcomes. 

At one point in our conversation, Sam mentions that he tracked success via future financial outcomes, so I did some research and found many interesting stats about the 76ers surrounding Sam’s tenure. When he took over the franchise, it was 24th in ESPN’s franchise rankings, and today it is 4th. This is the result of an impressive crop of young talent—players like All-Star Joel Embiid and Ben Simmons—which resulted in large part from unconventional decisions Sam and his team made. 

While I’m sure these estimates are imperfect, Forbes estimated the 76ers value at around $418M when Sam took over and $1.2B a few months ago. NBA teams in general have grown in value, so a lot of that appreciation is obviously “beta,” but given that the 76ers had the top percentage growth number more recently of any team, some of it is “alpha,” too. While we can’t parse the exact amount, it seems his unique approach to building a team clearly created some large amount of current franchise equity value. And it looks like the dividends from those decisions will compound for many years to come. 

While basketball was where Sam plied his talents in the past, his approach is more elemental. It is about finding great people, using data, and structuring decisions that create the possibility of huge returns, be they financial or otherwise. I don’t know what Sam will do next, be it investing in companies, running one, or taking over another team, but I know it will be fun to watch. 

Please enjoy this unique episode with Sam Hinkie. 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Books Referenced

Empire of the Summer Moon: Quanah Parker and the Rise and Fall of the Comanches, the Most Powerful Indian Tribe in American History

Selfish Reasons to Have More Kids: Why Being a Great Parent is Less Work and More Fun Than You Think

Links Referenced

International Justice Mission

Show Notes

3:24 – (First Question) Advantages of having a long view and how to structurally harness one

6:08 – Using technology to foster an innovative culture

            6:18– Empire of the Summer Moon: Quanah Parker and the Rise and Fall of the Comanches, the Most Powerful Indian Tribe in American History

10:16 – Favorite example of applied innovation from Sam’s career

11:34 - Most fun aspect of doing data analytics early on the Houston Rockets

13:38 - Is there anything more important than courage in asymmetric outcomes

14:29 – How does Sam know when to let the art of decision making finish where the data started

16:29 - Pros and cons of a contrarian mindset

17:26 – Where he wanted to apply his knowledge in sports when first getting out of school and how his thinking is best applied in the current sports landscape

21:39 – How does he think about trying to find the equivalent of mispriced assets in the NBA

23:12 – Where tradition can be an impediment to innovation

25:07 – What did the team and workflow of the team look like in the front office

27:03 -  The measure of truth in a sports complex

29:10 – What were the early factors coming out of the data that helped to shape NBA teams

30:42 – Best tactics for hiring

33:59 – Process of recruiting spectacular people

35:39 – Thoughts on fostering a good marriage

37:57 – Picking your kids traits in your spouse

            38:02 – Selfish Reasons to Have More Kids: Why Being a Great Parent is Less Work and More Fun Than You Think

40:45 – What kind of markers does he look for when evaluating long term investment ideas

42:44 – His interest in machine learning

45:55 – What’s more exciting, the actual advances in machine learning or the applications that can be imagined as a result

            47:15– International Justice Mission

48:11 – How he got started teaching negotiations and some of the points he makes in that class

49:16 – Effective techniques for negotiating

50:03 – Is negotiating contentious, do you need empathy

50:41 – A Rorschach test of Sam based on his reading of Lessons of History (book)

53:01 – Biggest risk Sam took in his career

54:37 – Biggest risks Sam took while with the 76ers

58:09 – Do people undervalue asymmetric outcomes in the NBA
1:00:11 – The players Sam has enjoyed watching over the years

1:02:45 – Why Robert Caro is a favorite author of his

1:04:30 – Kindest thing anyone has done for Sam

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

May 28, 2019

My guest this week is David Epstein. David is a writer and researcher extraordinaire and the author of two great books. His second, Range, is out today and I highly recommend it.

We discuss the pros and cons of both the generalist and specialist mindsets in detail and go down many interesting trails along the way. Please enjoy our conversation.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

1:12 - (First Question) – What he uncovered in “The Sports Gene: Inside the Science of Extraordinary Athletic Performance” that led him to his latest book

            2:38 – Debate with Malcolm Gladwell (YouTube)

4:12 – What did the public pay most attention to and what did they gloss over

7:56 – How his views on nature vs nurture shifted during the process of writing The Sports Gene

10:05 – Blending practice with your nature

13:04 – His process of reading 10 journal articles a day as part of his research

19:06 – Exploring his new book “Range: Why Generalists Triumph in a Specialized World”, and his idea of Martian tennis

23:03 – Idea of the cult of the head start and how we set up our own feedback loops

28:58 – What does his research say about the nations education system

30:42 – The Flynn Effect chapter

33:54 – Hacks for learning

37:52 – The concept of struggle and harnessing the power of it

46:31 – Personality changes and how to drive those changes in a positive way

52:00 – Using the outside perspective in businesses for more productive outcomes and how it applied to Nintendo

            52:59 – Josh Wolfe Podcast Episode

1:04:45 – Other examples of using withered technologies, 3M

1:09:00 – The arc of his work and how it has evolved

1:13:54 – Taking a different view on problems

            1:17:52 – Ending Medical Reversal: Improving Outcomes, Saving Lives

1:18:04– Anyway to change these bad trends with new strategies

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

May 21, 2019

This week I’m hosting an investor retreat and so thought it fitting to release this conversation with Priya Parker on the art of gathering.

I’ve been interested in the topic of community and gathering for some time and along with the book The Art of Community, Priya’s book on the art of gathering is by far the best I’ve read. It is both conceptually interesting and extremely practical. In the book there is literally a table for how big a gathering space should be per person, sorted by the type of vibe you are after.

We had a time constraint but I could have talked to Priya for much longer. I hope you enjoy our conversation as much as I did, and that it inspires you to do something new and different with friends, family, or colleagues.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

1:23 - (First Question) – Overview on what she does as a conflict resolution facilitator

            1:38 – The Art of Gathering: How We Meet and Why It Matters

4:45 – Lessons about structuring a gathering from her early very difficult work and the idea of sustained dialogue

7:43 – First event she facilitated

9:38 – Importance of a good opening for any gathering

12:30 – Identifying a good purpose for a gathering

15:06 – Why being specific on rules/code of conduct leads to more success

18:54 – Do rules help facilitate more creativity in groups

21:22 – Segregating a good from bad purpose

24:34 – Identity and good/bad gatherings

26:50 – Purpose and the guest list for a gathering

31:03 – Community building is line drawing

            32:27 – Dreams from My Father: A Story of Race and Inheritance

34:29 – Importance of well crafted invitations

35:17 – Making the middle of gatherings interesting

39:21 – Exploring risk at gatherings

            41:28 – Patterns of Transformation

41:43 – The hero’s journey

46:54 – Making a meaningful transition out of these gatherings

52:39 – Kindest thing anyone has done for Priya

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

May 14, 2019

This week’s conversation is about artificial intelligence and interplanetary travel. Its about content creation, thinking from first principles, and death progress units. Its about brain machine interfaces and why it is crucial that you be a chef and not a cook. 

My guest is Tim Urban, along with his business partner Andrew Finn. Tim is the most entertaining writer I’ve come across in years, who explains complicated and interesting topics to his millions of dedicated readers on the website “Wait, But Why.” As an example, Tim’s last post on Elon Musk’s neurlink venture is 40,000 words long, roughly the length of a short book. It explains almost all of human progress and our potential future using drawings and cartoons. Its impossible to stop reading.

While this conversation is wildly entertaining, it is also chock full of metaphors and lessons that will be useful to anyone doing creative work or building a company. I hope this leaves you as energized as it left me. I called this episode Grand Theft Life because that is the name that Tim and Andrew give to their worldview, which I think will change the way you behave, too. Please enjoy my conversation with Tim Urban.

 

For comprehensive show notes on this episode go to http://investorfieldguide.com/urban

For more episodes go to InvestorFieldGuide.com/podcast.

To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Books Referenced

Superintelligence: Paths, Dangers, Strategies

 

Links Referenced

The Cook and the Chef: Musk’s Secret Sauce

Wait But Why

Neuralink and the Brain’s Magical Future

Wait But Hi

YouTube Channel  Kurzgesagt – In a Nutshell

 

Show Notes

1:50 – (First question) –  Explaining his concept of planets 1, 2, 3 and 4 and understanding the human colossus

5:46 – Tim’s favorite idea of the human knowledge compounding

7:52 – Die Progress Units (DPU)

9:45 – Different stages of AI and the positives and negatives of each stage

14;04 – What happens when AI gains breadth and general intelligence

16:23 – The idea of a cook vs a chef and how Tim had the chance to interview Elon Musk

17:48 – Why you should reason from first principles instead of reasoning by analogies

25:19 – Why it’s possible to turn a cook into a chef

30:08 – Why being a chef is the safer route in a world with AI and what Tim has changed in himself as to why.

31:22 – Looking at the discovery process

            34:39 – Superintelligence: Paths, Dangers, Strategies\

40:01 – Being the person who creates the metaphor vs being the people who simply using them

            43:41 – YouTube Channel  Kurzgesagt – In a Nutshell

44:54 – Most fun that Tim has had researching a topic

46:08 – Musk model for attaining your goals

53:43 – Why not caring what people think is one of the world’s best superpowers, grand theft life

56:50 – Neuralink – what is it and how did Tim come to research it

1:02:38 – Elon Musk’s concerns about AI

1:14:28 – What then if the Neuralink concept works out

1:18:02 – Kindest thing anyone has done for Tim

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

May 7, 2019

My guest this week is Stephanie Cohen, who is the chief strategy officer for Goldman Sachs and a member of their management committee. Prior to her current role, she spent the majority of her career in the investment banking and M&A divisions at Goldman. 

We discuss lessons learned from her career in M&A and the many initiatives she now leads at the firm. I really enjoyed her perspective on how a big, established firm like Goldman can balance innovation with improving existing businesses. Please enjoy our conversation.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

1:15 - (First Question) –  Motives on both sides for doing M&A

3:26 – Most difficult deal she worked on

4:50 – Biggest value add she brought from her seat on the Fiat deal

5:59 – Biggest changes since she started to today

8:31 – Smartest ways for companies who want to be acquired to be prepared

10:14 – Best M&A banker she’s seen

11:13 – What should businesses looking to make an acquisition be thinking about

15:16 – What does a strategy from her perspective mean

17:16 – Tension between innovation and change

19:46 – Difference between bottom-up and top-down components of strategy

22:15 – Exploration vs exploitation

26:28 – Submission process within accelerate

29:37 – Next step after you see a good idea

31:05 – Her take on FinTech and Industrials and their collision

35:15 – Lessons from elite early stage investors

37:21 – The origins of the LAUNCH program

40:06 – Important pieces beyond just the capital

42:42 – How they market to women starting business

44:56 – Lessons that she has learned about narrative and communications

47:07 – How she handles developing talent internally

49:28 – Managing her time

59:28 – Biggest concerns about OKR’s?

52:09 – Kindest thing anyone has done for Stephanie

53:07 – Kids in the area of competing

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Apr 30, 2019

This week’s guest is Will Thorndike, an author and investor whose book The Outsiders is an all-time favorite of mine. Our conversation is in two parts. First, we dive deep into the lessons of his 8-year research project studying CEOs who were master capital allocators. These CEOs include Henry Singleton, John Malone, Tom Murphy, Katherine Graham, and Warren Buffett. We discuss how these CEOs tended to be contrarians on topics like dividends, buybacks, acquisitions, and the use of debt. As we go through each of the tools in the capital allocators toolkit, you’ll hear several useful lessons for running or evaluating a business.

In the second part, we cover Will’s career in private equity. Will founded and continues to run Housatonic Partners, investing in buyouts, recaps, and search funds. Will has been one of the most active search fund investors for decades, and given how much time I’ve spent in past episodes on the searchers or operators in the micro-cap, permanent equity space, it was great to get the perspective of an experienced LP. As always, we also take time to survey the dangers and opportunities in today’s private equity market.

For comprehensive show notes on this episode go to http://investorfieldguide.com/thorndike

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Apr 23, 2019

My guest this week is Josh Wolfe, co-founder and managing partner at Lux Capital. I had Josh on the podcast last year which was one of the most popular episodes in the shows history. This is a continuation of our ongoing conversation about investing in the frontiers of technology. My favorite thing about Josh and the way that he invests is the mosaic that he and his team at Lux are constantly building to understand the world and where new companies may fit in. We cover a crazy variety of topics from business model innovation, roles of a CEO, the military, the death of privacy, and arrows of human progress. Please enjoy round two with Josh Wolfe.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Show Notes

1:22 - (First Question) –Ability to tackle massive scale problems

4:05 – Key roles of leaders and his checklist for evaluating them

5:55 – Common traits among founders that make them incredible storytellers and leaders

10:22 – The concept of ill-liquidity

14:53 – Thoughts on the types of companies going public

16:41 – Most innovative business models

19:14 - Advice for LP’s

23:51 – Common devil

            24:01 – The True Believer: Thoughts on the Nature of Mass Movements

25:09 – Big internal debates at his firm, starting with price discipline

28:45 – The value debate internally

33:34 – CRISPR from an investment standpoint

36:50 – Edge cases they are looking at

46:52 – How they target ideas in a single concept

            50:01 – The Coast of Utopia: Voyage, Shipwreck, Salvage

51:04 – New theses that they chase

56:31 – Recent adventure with special operations guys

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Apr 16, 2019

My guest this week is Katherine Collins, who is the head of sustainable investing at Putnam Investments, a portfolio manager on two of Putnam’s sustainable investing funds, and the author of the book The Nature of Investing: Resilient Investment Strategies through Biomimicry.

Our conversation is on the ins and outs of ESG and impact investing, a young but increasingly common topic in the investing world. This is challenging ground for me as a quant, because the data available is so new and limited—so Katherine’s perspective was very helpful as we continue to learn. Given the importance of this topic, I’m also searching for more guests with both positive and negative views on the role of ESG in an investing framework, and welcome suggestions for future guests. Please enjoy my conversation with Katherine Collins.

 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

1:29 - (First Question) –Mechanical vs human judgement processes

4:21 – ESG, and the non-utility portion of it.

7:11 – Data behind the objective function that is different from returns

12:34 – What are the most interesting data sets

16:04 – How does she determine what factors to target

19:31 – Why do we know that diversity of experience/opinion/background is good for a company

21:30 – The social vertical and how it plays into her investing system and better returns

            25:51 – Corporate Sustainability: First Evidence on Materiality

27:00 – Environmental factors and the issues that jump to mind

29:48 – Importance of signing the UNPRI and is it just box checking

32:33 – Data for companies on the solution oriented companies

34:53 – Why doesn’t the market recognize the Alpha

36:17 – LP interest in ESG investing

38:25 – How other groups of investors approach ESG

40:03 – Best practices at business making an impact in ESG

44:01 – Unique or interesting tactics in environmental

46:33 – Who is the biggest opponent or position in opposition of ESG

47:37 – Most interesting edge

48:20 – Playbook for business managers thinking about social for the first time

49:59 – Measurements vs principles/values

51:21 – Advice to quants trying to use ESG in how they gather data

53:04 – Most memorable encounter with a company through the lens of ESG

53:53 – Where to learn more about ESG

54:50 – How much role regulation plays in the future of business sustainability

56:30 – Any more lessons from her research into natural systems

57:05 – Kindest thing anyone has done for her

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Apr 9, 2019

My guest this week Geoffrey Batt and the topic of our conversation is how to earn transformational returns in very hard markets. In his case, that means Iraqi equities which we cover in detail. He now runs a large pool of capital in Iraqi stocks through his firm Euphrates, but the journey was arduous to say the least. This is one of my favorite boots on the ground contrarian investments stories thus far on the podcast. I hope you enjoy the story and the lessons that Geoff has to offer. 

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

1:15 - (First Question) – What does it take to earn transformational returns

4:43 – How he deals with LPs, especially given the volatility of the market he invests in

10:26 – Why LPs have to think about the other investors in a fund

1:17 – How Geoffrey got interested in the Iraqi market

16:15 – Factors he was considering when exploring Iraq

            16:53 – Harvey Sawikin Podcast Episode

19:20 – Visiting companies in Iraq

22:30 – Most memorable meeting with a company on his first trip

27:18 – Size and nature of Iraqi market when he first got interested

30:44 – A specific allocator in Iraq

34:37 – Does price reflect the work over there

37:51 - What does he perceive as his role in the changes to Iraq’s equity market

40:12 - How do Iraqi equities look today compared to when he started and is the opportunity still interesting

44:14 – How businesses perceive him now that the market has opened up more

47:28 – Scale of potential return and where it comes from

49:51 – Advice for younger aspiring investors exploring frontier markets

52:16 – Kindest thing anyone has done for Geoffrey

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Apr 2, 2019

My guest this week is Brian Singerman, a partner at the venture capital firm Founders Fund. Founder’s Fund is widely considered one of the top VC firms and its partners are known to have diverse investment strategies.

Brian invests across industries and focuses on backing exceptional founders. You’ll hear right off the bat that he cares about moat, market, and strong execution. I love his point that the only way to become a good investor is to do a lot of investing. He describes himself an investor who uses his gut a lot, which took me a while to get used to in our conversation. But I have to say that at the end of this episode I felt refreshed and generally excited to keep putting in reps in my own way, both in the podcast and the quant research settings. I hope you enjoy.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notesd

1:28 - (First Question) – What Brian looks for when evaluating companies

2:38 – What a moat looks like in investing

3:11 – Most memorable initial moat

4:17 – How he evaluates a potential market

5:28 – Attributes they look for in founders

6:24 – Most significant technological changes and how they have impacted his investment strategy

8:57 – The sourcing of his deals

13:00 – Qualities he likes at various stages of deal sourcing

13:46 – How he evaluates the teams he may fund

15:17 – His take on the pricing landscape for deals

16:13 – How he allocates his time as a board member

17:16 – Thoughts on long term stock exchange

18:26 – How much research does he do on an industry in order to stay on top of his investments

20:10 – Outside information he follows

21:20 -  Other investors he’s learned a lot from

23:12 – What values does Peter Thiel instill in the partners

24:05 – Process of StemCentrics

26:03 – Other places holding his interest today

26:57 – His interest in e-sports

31:44 – Interactions with LP’s

32:51 – What they look for in recruiting new partners

34:32 – How geography impacts the opportunity for new ideas

36:24 – Opportunities in public companies and other investment types

37:57 – Aspects of overseeing a startup venture

39:26 – Kindest thing anyone has done for him

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Mar 26, 2019

My guest this week for the third time is Michael Mauboussin. If there is a major question about markets and investing, Michael has usually written one of the best pieces of research on that topic. Today’s conversation is a mix of several of his research pieces, but focuses on the sources of alpha.

The framing of the conversation is the brilliant question “who is on the other side” of a given trade. If you are buying, who is selling, and why? Knowing the answer to this question is one key to understanding where excess return comes from. As is usual with Michael, we also explore tons of other interesting ideas that will serve as food for thought. Please enjoy.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

1:23 - (First Question) – An outline of the syllabus for the course he teaches

4:02 – What are smart people missing when it comes to decision making

5:33 – Why Michael went down the path of defining major investing concepts

            7:41 – On the impossibility of informational inefficient markets

9:14 – Beware behavioral finance

12:03 – What are the behavioral errors that people can take advantage of in a trade

15:14 – Timing opportunities

            17:25 – Modest Proposal Podcast Episode

17:47 – Where the analytical edge comes from

21:16 – Is there an advantage to exhibit time arbitrage

23:53 – Technical arbitrage

29:34 – What impact do flows into ETFs play on the market

32:25 – Informational edge and how you source that edge

36:39 – Biggest changes that he has seen on the buy side

43:18 -  How would Michael apply this as a sports GM

48:35 – His views on stock buybacks

            51:02 – The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success

52:55 – EBIT to EBITDA paper

            54:43 – What Does a PE Multiple Mean?

59:28 – The concept of benign myths

1:02:06 – What the future holds of Michael

            1:04:17 – The Myth of Capitalism: Monopolies and the Death of Competition

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

Mar 19, 2019

My guest this week is with Annie Duke, and the topic of our discussion is how to improve decision making.

We break decisions down into their component parts: values, beliefs, decisions, randomness, and outcomes. After diving into each, we discuss how to make better decisions, how to work in group settings, and how to harness power of tribes and identity to improve our behavior.

Annie has thought about this as much as anyone, and her various tricks for getting us to think in probabilities and to stop evaluating decisions based on outcomes that have been tainted by randomness will be useful for anyone listening.

Please enjoy.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

1:23 - (First Question) – Why people don’t take the best investing advice

2:11 – Investing tribes

            4:21 – Jay Van Bavel twitter

6:34 – Rule setting as a way of crafting an investment strategy

11:13 – How much control do we have in choosing our values  

15:52 – Anatomy of a decision

19:28 – Her concept of resulting

26:47 -  How beliefs impact your decision making

34:28 – Tact’s for making the best decision

42:40 – Ego and decision making

47:06 – People who are exceptional at changing their decision making

48:18 – How often do people who change their decision making, stick with the rules of the game

            50:07 – Finite and Infinite Games

50:28 – Psychology of making decision that involves other people

59:20 -  Never close doors on other people

1:01:57 – Best decision that Annie made

1:04:24 – Kindest thing anyone has done for Annie

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

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