A.U.M.

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Conversations with some of the world's best asset managers. AUM explores what it takes to generate outstanding investment outcomes in modern financial markets. A.U.M. is a FinChat Podcast. FinChat is a stock research platform that provides complete financial data on all companies globally.

الحلقات

  1. Alex Fitch - Eliminating Ego and Finding Value

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    Alex Fitch - Eliminating Ego and Finding Value

    In this episode of AUM, we interview Alex Fitch, the Director of US Research at Harris | Oakmark. Alex discusses the complexities of investing, the importance of balancing ego and clear thinking, and the intrinsic challenges of admitting mistakes. Alex shares his journey into investing, his disciplined approach to value investing, and how he targeted working at Harris | Oakmark. Alex delves into Harris' unique team-based research process, their approach to evaluating management, and the crucial role of understanding the reasons behind a company's valuation. He also discusses his strategies for dealing with cyclicals, the significance of mid-cycle earnings, and the process of selecting and managing investments. Alex highlights specific companies such as Alphabet, Salesforce, and Lithia Motors. 02:09 Alex Fitch's Journey into Investing 04:03 Joining Harris Oakmark: The Path to Success 06:01 Evolution as an Investor 09:11 Harris Oakmark's Unique Research Process 14:51 Characteristics of a Potential Portfolio Company 17:25 Valuation and Mid-Cycle Earnings 21:48 Sell Discipline and Mistake Management 26:39 Evaluating Management Teams 29:29 Understanding Company Undervaluation 31:03 Researching Cyclical Companies 36:07 Valuing Software Businesses 40:14 Alphabet's Capital Expenditure 44:30 Lithia Motors' Acquisition Strategy 51:34 Biggest Investing Mistake 53:39 Advice for Aspiring Investors To learn more about Harris | Oakmark checkout: https://oakmark.com/

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  2. Barry Schwartz - What It Takes to Manage Other People's Money

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    Barry Schwartz - What It Takes to Manage Other People's Money

    In this episode of AUM, we interview Barry Schwartz, the Executive Vice President and Chief Investment Officer of Baskin Wealth Management. Barry shares insights from his 2+ decades of experience in the investment industry, discussing the evolution of markets from the dot-com bubble to today's AI and technology-driven environment. The conversation covers Baskin's investment philosophy, which centers on owning quality companies with strong management and sustainable growth. Barry elaborates on their decision-making process, how they manage client portfolios through separately managed accounts, and why they avoid certain industries. He also touches on some of Baskin's notable holdings, including Apple, Netflix, and Amazon, explaining the rationale behind these investments. 04:12 Barry Schwartz's Career Journey 06:23 Investment Philosophy and Strategy 08:38 Research and Portfolio Management 15:41 Focus on Quality Investments 21:18 Decision-Making in Selling Investments 22:57 Management Changes and Long-Term Ownership 24:32 Investment Rules and Business Models 26:45 Platform Businesses and Technology Investments 31:58 Apple: A Deep Dive 36:53 Netflix and the Streaming Wars 43:13 Advice for Aspiring Investors 46:09 Conclusion and Final Thoughts To see more of Barry's work check out: https://baskinwealth.com/

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  3. Todd Ahlsten - Durable Moats & Increasing Relevance

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    Todd Ahlsten - Durable Moats & Increasing Relevance

    In this episode of AUM, host Ryan Henderson sits down with Todd Ahlsten, Chief Investment Officer of Parnassus Investments. Todd shares his journey from a 22-year-old intern to leading a firm managing $46 billion in assets, reflecting on key experiences that shaped his investment philosophy. The conversation delves into the dynamics of the semiconductor industry, the importance of wide business moats and durable competitive advantages, and the evolving relevance of companies like John Deere and Waste Management. Todd also offers insights into the impact of AI on various sectors and highlights the critical traits for successful long-term investing. 02:13 Todd's Early Interest in Investing 04:35 Joining Parnassus Investments 05:38 Skills and Evolution in Investing 08:32 Navigating Market Noise 12:40 The Parnassus Investment Process 16:42 Idea Generation and Stock Selection 20:34 Traits of Innovative Companies 27:13 Management Traits and Avoiding Complacency 29:17 Deep Dive: John Deere 29:25 Agriculture Industry Overview 29:53 Deere's Cyclical Recovery and Secular Rerate 31:46 Technological Advancements in Agriculture 33:14 Investment Strategies During Economic Cycles 36:45 Waste Management's Competitive Edge 39:46 AI and Semiconductor Investment Trends 48:20 Evolution of Investment Strategies 53:18 Advice for Aspiring Investors Learn more about Parnassus Investments: https://www.parnassus.com/

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  4. Shreekkanth Viswanathan - A Concentrated, Quality Investor

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    Shreekkanth Viswanathan - A Concentrated, Quality Investor

    In this podcast, we interview Shreekkanth Viswanathan, founder and portfolio manager of SVN Capital. Shree shares his investment journey, from studying in India and moving to the US, to founding SVN Capital in 2018 after extensive experience in portfolio management at various firms. Shree discusses the importance of making independent investment decisions instead of relying on borrowed conviction and the conversation highlights his investment philosophy, including thoughts on a concentrated portfolio strategy, long-term investment outlook, and focus on quality businesses with strong management. The episode also delves into specific investments like Dino Polska and Kinsale Capital, offering insights into what makes a business worth investing in. 02:28 The Journey to Founding SVN Capital 07:23 Portfolio Strategy and Concentration 13:43 Investment Philosophy: Fully Invested Approach 18:39 The Importance of Independent Decision Making 24:30 Evaluating Potential Investments 27:12 Defining a Good Business 35:43 Understanding the Outsider's Perspective in Public Investments 37:30 Case Study: Hermes - A Legacy of Culture and Success 40:35 Valuation Work: Balancing History and Future Predictions 44:49 Company Spotlight: Dino Polska - A Unique Grocery Chain 54:09 Company Spotlight: Kinsale - A Unique Player in Insurance 01:05:18 Insights from Successful Investors To see more of Shree's work, check out: https://www.svncapital.com/

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  5. Jeremy Deal - Searching For Unrecognized Earnings Potential

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    Jeremy Deal - Searching For Unrecognized Earnings Potential

    In this episode of AUM, we are joined by Jeremy Deal, the founder and portfolio manager of JDP Capital Management. Jeremy shares insights from his non-traditional background in asset management and elaborates on his investment philosophy, which focuses on identifying companies with significant unrecognized earnings potential. Jeremy discusses the importance of understanding a company's competitive advantage and maintaining a long-term investment perspective. Jeremy also recounts his successful investment in Spotify, detailing his initial thesis and the journey through its ups and downs. Lastly, Jeremy emphasizes the value of letting winners run and learning from past mistakes to achieve exceptional investment outcomes. 01:30 Meet Jeremy Deal: Founder of JDP Capital Management 02:50 Early Career and Founding JDP Capital 05:49 Investment Philosophy and Strategy 08:33 Understanding Market Inefficiencies 12:15 The Importance of Competitive Advantage 18:19 Consumer Relationships as a Margin of Safety 22:41 Research Process and Discovering New Businesses 32:23 Building a Position: Patience and Strategy 33:28 Managing Portfolio Valuation and Drawdowns 38:55 Identifying Exciting Business Opportunities 44:18 The Spotify Investment Thesis 52:38 Learning from Investment Mistakes 59:06 Advice for Aspiring Investors To see more of Jeremy's work check out: https://jdpcap.com/

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  6. Jan van Eck - Finding Secular Trends Early

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    Jan van Eck - Finding Secular Trends Early

    In this episode of AUM, we are joined by Jan Van Eck, CEO of VanEck. VanEck has been a pioneer in asset management and ETF industry since 1991. Jan delves into the intricate dynamics of recessions, inflation, and government spending. They explore VanEck's investment strategy, focusing on macro trends such as technological advancements, political shifts, and economic policies. The discussion covers VanEck's early adoption of Bitcoin and ETFs, emerging markets like India and Vietnam, the future of blockchain technologies, and their unique approach to portfolio building. 01:26 Meet Jan Van Eck: CEO of Van Eck 01:57 Jan's Formative Years and Career Path 05:45 VanEck's Investment Philosophy and Macro Trends 07:43 Exploring India's Economic Growth 11:05 VanEck's Approach to ETFs and Emerging Markets 17:00 Bitcoin and the Future of Digital Assets 26:06 The U.S. Fiscal Reckoning 32:57 Technological and Geopolitical Themes 38:03 VanEck's Unique Portfolio Building Approach 39:35 Advice for Aspiring Investors See more about VanEck here: https://www.vaneck.com/us/en/

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  7. Bob Robotti - Finding Opportunities In Cyclical Industries

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    Bob Robotti - Finding Opportunities In Cyclical Industries

    In this episode of AUM, we are joined by Bob Robotti, President and Chief Investment Officer of Robotti & Co. Bob delves into his career in value investing that spans over five decades. Bob shares insights on the cyclical nature of finance versus the cumulative nature of science and engineering. He recounts his early auditing experiences with Tweedy Brown and Gabelli, highlighting how they shaped his investment approach. The discussion covers the importance of timing, identifying value investments in cyclical industries, and the competitive advantages of energy-intensive businesses in North America. Bob also talks about his investment process, the significance of board involvement, and advice for new investors entering the industry. 01:49 Bob's Early Career and First Exposure to Investing 04:24 The Rise of Value Investing 07:31 Learning from Industry Giants 10:46 Investment Process at Robotti Company 16:40 Challenges and Opportunities in Value Investing 20:15 Case Study: Builders FirstSource and Industry Consolidation 23:19 The Impact of Market Cycles on Business Consolidation 24:04 Mistakes Management Teams Make in Cyclical Industries 24:49 Case Study: Atwood Oceanics and Counter-Cyclical Investment 26:36 Strategies for Success at the Bottom of the Cycle 27:39 Understanding Grassroots Macroeconomics 28:42 Navigating Information Overload in Investing 32:21 The Future of Stock Picking vs. Index Investing 36:05 Energy Intensive Businesses in North America 38:05 The Impact of Tariffs on Industrial Companies 39:58 The Role and Value of Board Membership 41:50 Advice for Aspiring Investors To see more about Robotti & Co check out https://advisors.robotti.com/

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  8. Tobias Carlisle - Searching For Deep Value

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    Tobias Carlisle - Searching For Deep Value

    On this episode of AUM, we are joined by Tobias Carlisle, the Founder and Managing Director of Acquirers Funds. The discussion delves deep into Tobias' journey from corporate law in Australia to becoming a prominent figure in value investing. Tobias explains his investment strategy, including the development of the Acquirer's Multiple, and explores concepts such as mean reversion, value traps, and the challenges faced by management teams of undervalued companies. The conversation also touches on the historical performance of growth vs. value stocks and the potential catalysts for a shift in market trends. 01:44 Tobias Carlisle's Career Journey 08:57 The Acquirer's Multiple Explained 14:42 Mean Reversion in Deep Value Investing 17:49 Identifying and Avoiding Value Traps 21:01 Management Missteps in Undervalued Companies 26:23 Tobias'a Investment Process 29:34 Economic Sensitivity of Small Companies 32:04 Valuation and Market Sentiment 37:24 Concentration vs. Diversification in Portfolios 43:08 Historical Performance of Growth vs. Value 47:36 The Magnificent Seven and Market Trends 54:21 Advice for Aspiring Investors If you enjoyed this interview with Tobias, you can find more of his work at https://acquirersfunds.com/

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  9. Bill Nygren - A Modern Approach to Value Investing

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    Bill Nygren - A Modern Approach to Value Investing

    On this episode of AUM, we are joined by Bill Nygren, a renowned portfolio manager at Harris | Oakmark. Bill details Harris | Oakmark's rigorous investment process, including the pivotal Tuesday meetings, devil's advocate reviews, and the importance of intellectual tension. Bill also dives into some notable investments including General Motors and Delta Air Lines, the significance of management alignment, and the lessons learned from major investment mistakes like under-investing in Apple. Timestamps: 00:00 Introduction to the Show and Guest 01:31 Bill Nygren's Early Passion for Investing 03:58 College and Early Career Experiences 07:56 Joining Harris Associates 16:26 The Harris | Oakmark Investment Process 18:58 Tuesday Meetings and Analyst Expectations 28:23 Mistake Management Protocol 32:18 Intellectual Honesty at Harris | Oakmark 33:07 The Organized Chaos of Harris | Oakmark 34:18 The Intensity of Portfolio Discussions 35:39 Macro View and Portfolio Decisions 38:13 Industries and Investment Criteria 41:21 Case Studies: Delta and General Motors 48:40 Understanding Management Teams 54:42 Biggest Investing Mistakes and Lessons Learned 58:18 Advice for Aspiring Investors Find out more about the funds Bill manages here: oakmark.com

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  10. John Rotonti - Building a Winning Research Process

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    John Rotonti - Building a Winning Research Process

    On the inaugural episode of AUM, we are joined by John Rotonti, the Portfolio Manager of the Industrial and Infrastructure strategy at Islamorada Investment Management. John shares his experience from his early days at The Motley Fool and how personal circumstances led him into the world of finance. He discusses his investment process, role models, and the importance of thorough research and quality management in stock selection. John also talks about the sectors he's focused on, key investment lessons, and the types of businesses he avoids. He highlights two of his high-quality holdings, Amphenol and Trane Technologies, discussing their valuation and growth potential. 00:00 Introduction and Guest Welcome 01:45 John Rotonti's Investment Journey 03:26 Influential Investing Role Models 10:37 Launching the Industrial and Infrastructure Portfolio 12:34 Research and Investment Process 18:14 Idea Generation and Screening 22:31 Long-Term Investment Trends 30:54 The BlackBerry Investment Lesson 32:55 Surprising Upside Investments 40:43 Valuation Insights and Strategies 44:40 High-Quality Businesses at High Multiples 54:26 Advice for Aspiring Investors 57:17 Conclusion and Final Thoughts Find more of John's work here: https://lastbastion.com/author/jro/

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  11. Welcome to A.U.M.

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    Welcome to A.U.M.

    Welcome to AUM, the podcast that takes you behind the scenes with the world's premier asset managers. Each episode dives deep into the processes, strategies, methods, and hard-won lessons from investing masters who have achieved exceptional results in today's complex and adaptive markets. AUM is proudly produced by FinChat, an AI-powered equity research platform delivering complete financial data on global stocks. Many of our distinguished guests are active FinChat users. If you're looking to elevate your team's research capabilities, we invite you to explore what FinChat has to offer. Join us as we uncover the insights and approaches that drive outstanding investment performance in modern markets.

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Conversations with some of the world's best asset managers. AUM explores what it takes to generate outstanding investment outcomes in modern financial markets. A.U.M. is a FinChat Podcast. FinChat is a stock research platform that provides complete financial data on all companies globally.

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