Preferred Shares Podcast

Preferred Shares Podcast

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

  1. May 25

    Duke Dynasty: The Legacy of the American Tobacco Monopoly

    Welcome to Episode 34 of the Preferred Shares Podcast. This episode (Part One of Two) explores the remarkable history of the Duke family and the rise of the American tobacco industry, focusing on innovation, resilience, and strategic business decisions that transformed a local operation into a global powerhouse. Explore the fascinating history of the American Tobacco Company, its dominance, legal battles, insights into antitrust laws, industry strategies, the impact on society, and the legacy of Buck Duke. In This Episode * The Duke Family Legacy Begins * Washington Duke’s Early Life and Challenges * The Birth of Brightleaf Tobacco * The Civil War’s Impact on the Duke Family * Rebuilding After the War * Transportation’s Role in Business Expansion * Education and Family Dynamics * Transition to Large Scale Operations * Buck Duke Takes Charge * Pivoting to Cigarettes * The Bonsack Machine Revolution * Innovations in Packaging and Cost Reduction * Marketing Strategies and Global Expansion * The Formation of the American Tobacco Company Charts and Images Sources Books * Farley, Jennifer Dawn. Duke Homestead and the American Tobacco Company, Arcadia Publishing, August 26, 2013 * American Tobacco Company, Sold American!: The First 50 Years of the American Tobacco Company, 1954 * Tennant, Richard B., The American Cigarette Industry, 1950 * Jenkins, John Wilber, James B. Duke, Master Builder, 1927 Other * The Duke Endowment * U.S. patent 238,640 granted March 8, 1881 * U.S. patent 247,795 granted October 4, 1881 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) * 📖 Think! or Surrender!! Lawrence Hamtil (Fortune Financial and @lhamtil) * 🎤 “How Tobacco Became One of The Greatest Investments in History”, Odd Lots Devin LaSarre (Invariant and @DevinLaSarre) * 📖 Haypp Group: Engine for the New Environment 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. At the time of publishing, clients of Andvari owned shares of Norfolk Southern. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. keywords Duke family, tobacco industry, innovation, business history, manufacturing, branding, cigarette machine, Bonsack machine, market strategy American Tobacco Company, Buck Duke, antitrust, monopoly, tobacco industry, Standard Oil, market share, mergers, regulation, history key topics The origins of the Duke family and their farm in North Carolina The development of Brightleaf tobacco and its regional dominance The invention and impact of the Bonsack cigarette machine Strategic moves in pricing, marketing, and branding The transition from local to global markets and the rise of cigarette consumption Buck Duke’s business strategy and industry dominance Legal battles and antitrust lawsuits against ATC Industry consolidation and market share evolution Titles The Duke Family’s Tobacco Empire: From Humble Beginnings to Global Domination How Innovation and Strategy Built the American Tobacco Industry 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

    56 min
  2. Class 1 Railroads with Matt Reustle of Business Breakdowns

    Apr 28

    Class 1 Railroads with Matt Reustle of Business Breakdowns

    Welcome to Episode 33 of the Preferred Shares Podcast. In this episode, we talk in depth about North American’s Class 1 Railroads and the pending merger between Union Pacific and Norfolk Southern. Joining the conversation is Matt Reustle, a former analyst with Goldman Sachs covering the transportation sector. More recently, Matt has been the long-time host of the great Business Breakdowns podcast. In This Episode Defining Class 1 Rails Key dynamics of the industry The formation of the ICC and historic regulation, including the Staggers Act E. Hunter Harrison and the rise of Precision Scheduled Railroading (PSR) The ICC’s last big decision: the BN and SF merger Key industry metrics and historical performance Exploring the potential likelihood and impact of the proposed UNP NSC merger 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. At the time of publishing, clients of Andvari owned shares of Norfolk Southern. 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

  3. Apr 16

    The Ferguson Water Thesis with Todd Wenning

    Welcome to Episode 32 of the Preferred Shares Podcast. In this episode, we explore the water thesis behind Ferguson Enterprises, a leading distributor of HVAC and plumbing solutions. To help walk us through the intricacies of the thesis, we are joined by Todd Wenning. Todd is a prior contributor at The Motley Fool, previously covered companies on the sell-side for Morningstar and the buy-side for Johnson Investment Counsel and Ensemble Capital Management. He’s a busy guy! He runs KNA Capital Management, LLC, an Ohio-registered investment advisor, and is the founder and editor of the newsletter Flyover Stocks. He is also currently teaching Portfolio Management at the University of Dayton. In This Episode The history of Ferguson — Its founding and early focus. The water thesis — Why now is the right time. The distributor model — How Ferguson’s position in the value chain makes it a prime beneficiary of the water thesis. Full scope — The expansive SKU listings, inventory management, and diversified suppliers and customer bases that work with Ferguson. The market — A look at market share and how competition has evolved. Capital Allocation — How Ferguson redeploys capital across organic investments, bolt-on acquisitions, and capital returns to shareholders. Reciprocity — How the HVAC and water sides of the business assist one another, creating a system greater than the sum of its parts. Management — Exploring compensation, alignment, and horizon. Risks — What could go wrong. Closing Thoughts — The key things to focus on, and, taking the other side to the risks, what could go ‘more right.’ 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) * 📖 Remembering Marlboro Friday * 📖 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 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

    45 min

  4. Mar 20

    Veteran Analyst Mark Purdy on Nestlé

    Welcome to Episode 31 of the Preferred Shares Podcast. In this episode, we continue our short series on Nestlé. We brought back our guest Mark Purdy (whom we interviewed about Lindt & Sprüngli) to chat about the company’s more recent history and its current set of challenges and opportunities. Mark is a veteran investment analyst with 40 years of experience with a particular focus on consumer brands. He’s now retired from full-time research and portfolio management, and he has set up Calabria Park Advisors, a boutique consultancy. In This Episode * Setting the Stage: Consumer Staples Under Pressure — Mark frames the last six years for the sector, covering the COVID distortion between in-home and out-of-home consumption, and the wave of inflation that followed. * Nestle’s Perfect Storm: Cocoa & Coffee Costs — Commodity prices hit Nestlé especially hard, with cocoa at one point nearly 5x its pre-spike level, squeezing margins. * CEO Carousel: Three Leaders in 18 Months — The show examines the transition from Paul Bulcke to Mark Schneider to Laurent Freixe and now Philippe Navratil, and how leadership instability can create internal distraction even at a resilient company. * The Case for Insider CEOs in Consumer Staples — Mark argues that the long-cycle nature of brand stewardship favors internal promotions, and why Navratil’s 20-year tenure and track record make him a credible candidate. * Brand Portfolio Sprawl — A discussion of how consumer goods giants naturally accumulate thousands of brands despite every CEO promising “fewer, bigger, better,” and what Nestlé should actually do about it. * M&A Winners and Losers: Ralston Purina vs. Health Science — Mark contrasts Nestlé’s successful acquisitions (Purina, the Starbucks licensing deal) against its costly failures in vitamins, wellness, and Jenny Craig, and explains why working capital mismatches can doom category expansions. * The KitKat Exception and Confectionery Regrets — Despite owning iconic Rowntree’s brands, Nestlé largely squandered its confectionery position — with KitKat the lone standout — while watching Lindt thrive on its doorstep. * Capital Allocation Priorities: Dividends, Debt, and RIG — Mark digs into Nestlé’s current financial constraints, a stretched ~70% dividend payout ratio, rising net debt, and why CEO Navratil’s new focus on Real Internal Growth (RIG) — a metric Nestlé itself invented — is the only viable path forward. * The L’Oreal Stake: Financial Asset or Get-Out-of-Jail Card? — Mark walks through the 50-year history of Nestlé’s ~20% stake in L’Oreal and the logic (and politics) of gradually selling it down. * Closing Advice to the Board — Mark’s prescription: Nestlé must recognize its genuine strengths (emerging market reach, scale, R&D); stop chasing growth through ill-fitting acquisitions; and be patient. A steady 3% real sales growth rate has historically been more than enough to create a very attractive shareholder return. [Charts and Pictures] The two charts below show the total increase decrease of Nestlé’s seven product categories over the last ten years. The two growth categories have been Powdered and Liquid Beverages and PetCare, while the others have been down or flat. The result has been total sales not increasing by much for Nestlé over the prior decade. 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 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

    1h 5m

  5. Feb 17

    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

  6. 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
  7. 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

  8. 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
See All (34)

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
    34
  • Rating
    Clean
  • Copyright
    © Preferred Shares Podcast
  • Show Website
    Preferred Shares Podcast

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