Beth Lilly is a highly successful value investor and an amazing woman. She has set up two asset management firms, worked with and learned from some of the most famous and some of the most successful value investors in the world, and now runs money for the multi-billion Pohlad family in Minnesota. We discuss the power of compounding, Beth’s research process and how she conducts company meetings. We disagree on the attractiveness of the auto dealership industry, and Beth explains how she approaches the management of inter-generational wealth, how she decides much cash to hold and we debate private equity. Full show notes here. If you like the show, it would mean a lot to us if you would please rate the show on Apple Podcasts or Spotify. If you don't enjoy this episode, please let us know why - you can reach Steve at [email protected]. He responds personally to every critical email.