Preferred Shares Podcast

Preferred Shares Podcast
  • 5.0 (18)
  • BUSINESS
  • UPDATED MONTHLY

Exploring the rabbit holes of business, history, and business history. www.preferredsharespodcast.com

  1. 5D AGO

    Nestlé: The Building of a Global Behemoth

    Welcome to Episode 30 of the Preferred Shares Podcast. In this episode, we discussed the history and founding of Nestlé. * Origins of the company in 1867 * The strategic 1905 merger with Anglo-Swiss Condensed Milk Company * Nestlé’s exceptional resilience and growing scale * Nestlé’s global dominance in the coffee market * The success of its Maggi brand * The organic and inorganic growth behind its Health Science and Medical Nutrition segment Additional Reading & Listening Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently: * Douglas Ott (Andvari Associates and @yesandnotyes) * 📖 An AI Skeptic’s Primer * 📖 Tyler Technologies Investment Report * Lawrence Hamtil (Fortune Financial and @lhamtil) * 📖 The Traits of an Ideal Industry * Devin LaSarre (Invariant and @DevinLaSarre) * 📖 Edgar M. Cullman’s Brilliance * 📖 Edgar M. Cullman’s Brilliance, Part Two Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on X. Disclaimer All opinions expressed by Preferred Shares Hosts and guests are solely their own opinions and do not reflect the opinions of their current or former employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari Associates and Fortune Financial may maintain positions in the securities discussed in this podcast. As of the date of this podcast, Andvari and Fortune Financial clients owned shares of Nestle. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com

    54 min

  2. JAN 8

    Forging a Family-Owned Legacy: The Story of Thompson Traders

    Welcome to Episode 29 of the Preferred Shares Podcast. In this episode, we interviewed Clifford Thompson of Thompson Traders, a family-owned business founded in 2002. Since then, Thompson Traders has carved out a niche in the high-end home fixture market with a focus on luxury copper and brass sinks, range hoods, innovative designs, and strong customer relationships. We discussed a variety of topics: * Cliff shares his journey in founding Thompson Traders; * The importance of cash flow in small businesses; * Thompson Traders evolving from importing to designing their own products; * The intricacies of product design; * The impact material choices have on customer preferences and product durability; * How customer relationships are key to business success; * How Thompson Traders has navigated a competitive marketplace; and * The WSJ article in which Thompson Traders was featured and how tariffs have impacted small businesses like Thompson. To see Thompson Trader’s products in all their glory, please take a look at their most recent “Look Books” for 2025: Thompson Traders Photos Additional Reading & Listening Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently: * Douglas Ott (Andvari Associates and @yesandnotyes) * 📖 Cranberries & Ocean Spray: Part I * 📖 Constellation Software: A People Business * Devin LaSarre (Invariant and @DevinLaSarre) * 📖 2026 Nicotine Basket Snapshot * Lawrence Hamtil (Fortune Financial and @lhamtil) * 📖 Aerospace: After A Century of Growth; A Bright Future Ahead Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on X. Disclaimer All opinions expressed by Preferred Shares Hosts and guests are solely their own opinions and do not reflect the opinions of their current or former employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari Associates and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com

    1 hr
  3. David Gearhart's Journey in Building a Private Insurance Holding Company

    12/05/2025

    David Gearhart's Journey in Building a Private Insurance Holding Company

    Welcome to Episode 28 of the Preferred Shares Podcast. In this episode, we interview David Gearhart, CEO and Chairman of Wilmington Holdings Corporation, a private holding company of several insurance businesses. David tells the story of how he decided to try to find and acquire a small insurance business. In 2017, he successfully acquired Wilmington Insurance Company. After eight years of growth, both organic and by acquisition, Wilmington Holdings now controls about $50 million of annual premiums and has $100 million of assets on its balance sheet. We discussed a variety of topics: * David Gearhart’s background and how the business bug bit him; * What the process was like to search for and acquire a private insurance company; * David’s search criteria; * The importance of disciplined underwriting and staying within their circle of competence; * The importance of people in the insurance business; * How David thinks about the trade-offs between investing in Wilmington’s insurance businesses versus investing the insurance float; * Key lessons David learned when he studied the history of National Indemnity Company; * David shared one of the mistakes he made and his takeaway; * David’s goals for Wilmington going forward. Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter. Other Sources David Gearhart also did an interview with At Home With Roby which was released on October 6, 2024. Additional Reading & Listening Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently: * Douglas Ott (Andvari Associates and @yesandnotyes) * 📖 Cranberries & Ocean Spray: Part I * 📖 Constellation Software: A People Business * Devin LaSarre (Invariant and @DevinLaSarre) * 📖 Nicotine Certainty * 📖 Philip Morris International: ZYNsn’t It? * Lawrence Hamtil (Fortune Financial and @lhamtil) * 📖 Aerospace: After A Century of Growth; A Bright Future Ahead Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter. Disclaimer All opinions expressed by Preferred Shares Hosts and guests are solely their own opinions and do not reflect the opinions of their current or former employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari Associates and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com

    47 min

  4. 11/21/2025

    A Primer on Salmon Farming with Nick Longhurst of Marathon Asset Management

    Welcome to Episode 27 of the Preferred Shares Podcast. In this episode, Nick Longhurst, portfolio manager at London’s famed Marathon Asset Management, gives us an overview of the incredibly interesting salmon farming industry. We discussed a variety of topics: * Nick’s background; * Marathon’s investment philosophy; * A brief history of the evolution of the salmon farming industry; * Why salmon over other types of fish?; * The various barriers to entry that exist in the industry; * The size and structure of the salmon farming industry; * Comparing and contrasting some of the large publicly traded salmon farming businesses; and * The headwinds and potential risks for the current participants of the industry. Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter. Other Sources * “Fish Tales”, The Capital Cycle Podcast, March 31, 2025. * “Searching for Resilience”, Edelweiss Journal, July 7, 2021. * 2025 Salmon Farming Industry Handbook by MOWI. * Norwegian Seafood Council. * Bakkafrost Reports and Presentations. Additional Reading & Listening Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently: * Devin LaSarre (Invariant and @DevinLaSarre) * 📖 Nicotine Certainty * 📖 Philip Morris International: ZYNsn’t It? * Douglas Ott (Andvari Associates and @yesandnotyes) * 📖 Cranberries & Ocean Spray: Part I * 📖 Constellation Software: A People Business * Lawrence Hamtil (Fortune Financial and @lhamtil) * 📖 Aerospace: After A Century of Growth; A Bright Future Ahead Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter. Disclaimer All opinions expressed by Preferred Shares Hosts and guests are solely their own opinions and do not reflect the opinions of their current or former employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari Associates and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com

    51 min

  5. 11/06/2025

    Endurance: From the Track to the Cockpit, a B-2 Pilot's Story

    Welcome to Episode 26 of the Preferred Shares Podcast. Fewer people have flown the Northrop Grumman B-2 stealth bomber than have traveled to space, which is why it was a great honor for Preferred Shares to interview Lt. Col. Todd Moenster, USAF, Retired, a former B-2 pilot. We discussed a variety of topics: * Why Todd became interested in becoming a pilot; * Air Force pilot selection and the training program; * Bomber aircraft characteristics and how the bomber training program differed from the programs for other aircraft; * The challenges of long missions and managing fatigue and discomfort; * Todd’s personal stories of operational incidents and the importance of technical redundancy; and * Todd’s transition to the private sector and his role as a leader in Garmin’s Government and Defense Aviation Business Development. Additional Reading & Listening Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently: * Devin LaSarre (Invariant and @DevinLaSarre) * 📖 Nicotine Certainty * 📖 Philip Morris International: ZYNsn’t It? * Douglas Ott (Andvari Associates and @yesandnotyes) * 📖 The Story of Amphenol: 1987-1992 * 📖 Constellation Software: A People Business * Lawrence Hamtil (Fortune Financial and @lhamtil) * 📖 Aerospace: After A Century of Growth; A Bright Future Ahead Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter. Disclaimer All opinions expressed by Preferred Shares Hosts and guests are solely their own opinions and do not reflect the opinions of their current or former employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari Associates and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com

    1h 3m
  6. Pool Corp. (POOL)

    09/19/2025

    Pool Corp. (POOL)

    Welcome to Episode 25 of the Preferred Shares Podcast. In this episode of the Preferred Shares podcast, Doug provides a brief history of Pool Corp. and an overview of the current business. The co-hosts discuss the pros and cons of the business and why it might be a “high quality cyclical” enterprise. In This Episode [01:11] Early History and Founding [06:22] Current Market Position and Business Model of Pool Corp [10:25] Growth Trends and Market Dynamics [13:39] Financial Performance and Revenue Breakdown [17:46] Management Structure and Company Culture [20:13] Competitive Landscape and Market Challenges [22:20] Investment Considerations and Future Outlook [26:31] Doug Gives His Elevator Pitch Additional Reading & Listening Did you miss our series on Amphenol? Check it out below. Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently: * Douglas Ott (Andvari Associates and @yesandnotyes) * Doug provides even more details, anecdotes, and financials on the early history of Amphenol. * 📖 The Story of Amphenol: 1932-1958 * 📖 The Story of Amphenol: 1958-1971 * 📖 The Story of Amphenol: 1971-1981 * Lawrence Hamtil (Fortune Financial and @lhamtil) * 📖 Aerospace: After A Century of Growth; A Bright Future Ahead * Devin LaSarre (Invariant and @DevinLaSarre) * 📖 Per-Pouch Price Premium - Devin writes about the current state of the nicotine pouch market. Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter. Disclaimer All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com

    33 min

  7. 07/21/2025

    The Untold Story of Amphenol: Part II

    Welcome to Episode 24 of the Preferred Shares Podcast. In this episode of the Preferred Shares podcast, hosts Devin, Doug, and Lawrence interview Will Kerwin, a senior equity analyst for Morningstar, to provide a current overview of Amphenol. In This Episode [01:17] Guest Introduction and Background [02:29] Exploring Amphenol’s History and Industry [04:27] Amphenol’s Market Position and Competitors [10:06] Amphenol’s Diverse End Markets [11:59] Aerospace and Defense Opportunities [14:05] Amphenol’s Unique Corporate Culture [16:31] Capital Allocation Strategies [17:53] Acquisition Strategies and Market Dynamics [20:16] Product Diversity and Co-Designing with Customers [25:55] Innovation and R&D Approaches [30:26] Pricing Power and Competitive Advantages [30:47] Talent Retention and Company Culture [32:43] Identifying Headwinds and Market Challenges [34:47] Long-Term Trends and Future Opportunities [38:46] Profitability and Margin Analysis [42:27] Supplier Relationships and Material Inputs [43:29] Future Risks and Succession Planning [47:11] Conclusion and Final Thoughts Additional Reading & Listening William Kerwin, CFA. Current coverage: Did you miss Part 1 of our series on Amphenol? Check it out below. Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently: * Douglas Ott (Andvari Associates and @yesandnotyes) * 📖 The Story of Amphenol: 1932-1958 - Doug provides even more details, anecdotes, and financials on the early history of Amphenol. * Lawrence Hamtil (Fortune Financial and @lhamtil) * 📖 Aerospace: After A Century of Growth; A Bright Future Ahead * Devin LaSarre (Invariant and @DevinLaSarre) * 📖 The Nicotine Horizon Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter. Disclaimer All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com

    54 min

  8. 07/11/2025

    The Untold Story of Amphenol: Part I

    Welcome to Episode 23 of the Preferred Shares Podcast. In this episode of the Preferred Shares podcast, hosts Devin, Doug, and Lawrence delve into the history and significance of Amphenol, a leading manufacturer of connectors. They explore the company’s evolution from its founding in the 1930s, its pivotal role during World War II, and its transition into the consumer electronics market. The discussion covers Amphenol’s IPO journey, acquisitions, and the influence of private equity firm KKR on its growth strategy. The episode concludes with insights into the company’s culture and the legacy of its founder, Arthur J. Schmidt, highlighting the importance of innovation and adaptability. In This Episode [01:15] Exploring Amphenol: A Company of Significance [01:57] The Fascinating History of Amphenol [03:22] Amphenol’s Role in World War II [08:00] Post-War Transition and Consumer Electronics [09:01] The IPO Journey of Amphenol [16:17] Acquisition by LPL and Challenges Ahead [20:12] KKR’s Influence and Growth Strategy [22:56] Amphenol’s Market Position and Strategy [26:45] Cultural Insights and Leadership at Amphenol [30:05] Legacy of Arthur J. Schmidt and Future Outlook Images Sources Books Schaefer, Arthur J. Quest for Leadership: The Arthur J. Schmitt Story. Cathedral Publishing Company: Chicago, IL, 1985. Videos & Podcasts Additional Reading & Listening Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently: * Douglas Ott (Andvari Associates and @yesandnotyes) * 📖 An even more detailed history of Amphenol * 📖 TransDigm: The Early Years * Lawrence Hamtil (Fortune Financial and @lhamtil) * 🎙️ The Future of Defense — The History, Advances, And Outlook * Devin LaSarre (Invariant and @DevinLaSarre) * 📖 Foiled: A thesis on a company facing a confluence of headwinds Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter. Disclaimer All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com

    37 min
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5
out of 5
18 Ratings

About

Exploring the rabbit holes of business, history, and business history. www.preferredsharespodcast.com

Information

  • Creator
    Preferred Shares Podcast
  • Years Active
    2023 - 2026
  • Episodes
    30
  • Rating
    Clean
  • Copyright
    © Preferred Shares Podcast
  • Show Website
    Preferred Shares Podcast

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