A.U.M.

FinChat.io

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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  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. 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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  3. 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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  4. 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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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.