I’ve been an avid reader of Sean’s articles for many years. Sean and his team have a very thoughtful way of presenting sometimes not so intuitive or easy investment concepts. Sean together with Todd Wenning have been regularly sharing their experience and knowledge through writing. I highly recommend checking the episode notes for links, and looking up their work and articles. Sean Stannard-Stockton is president and chief investment officer of Ensemble Capital, which he co-founded in 2004. Ensemble manages $1.5 billion on behalf of approximately 240 high net worth families and institutions. Their core equity strategy is a focused portfolio of 20 to 25 competitively advantaged companies. • We talked about Sean's childhood and upbringing, exploring how it influenced him and paved his career path. • We discussed Sean's article on Value, Growth, Intrinsic Investing. • Sean shared insights into the intriguing concept of the equity anxiety premium, explaining how "premium returns come from the successful management of anxiety." • We touched upon the idea of equity duration. Sean elaborated on how stocks can be viewed as bonds, and lessons from the Nifty Fifty stocks of the 1970s. • Sean shared his experiences with COVID-era pandemic investing, reflecting on the unique challenges and insights from his perspective during this time. • Sean shared his thoughts on an interesting theme he's touched upon in his writings: the consistent underpricing of wonderful companies in the market. • We discussed portfolio construction in detail, exploring topics like the number of stocks, sizes, turnover, holding period. • We also talk about remote work, and Sean’s firm’s experience working remotely. • To conclude, we talked about Sean's personal and professional definitions of success, getting a deeper understanding of what drives and motivates him. • Stay tuned until the end, when we discuss benchmarks and outperformance. Company site: https://ensemblecapital.com/ Blog: https://intrinsicinvesting.com/ Twitter: https://twitter.com/IntrinsicInv ---- ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Crisis Investing: 100 Essays⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - My new book. To get regular updates and bonus content, please sign-up for my substack: ⁠⁠⁠⁠⁠⁠⁠⁠https://bogumilbaranowski.substack.com/⁠⁠⁠⁠⁠⁠⁠⁠ Follow me on Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/bogumil_nyc⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Learn more about ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Bogumil Baranowski⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Learn more about ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sicart Associates, LLC⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. NEVER INVESTMENT ADVICE. IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks. The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠adviserinfo.sec.gov⁠⁠⁠ --- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message