Broyhill overview and investment philosophy Portfolio management Risk management Team size and research process and idea generation Macro outlook and incorporation into process Valuation When to sell What Chris is reading ********************************************************** Options are not suitable for all investors and carry significant risk.  Certain complex options strategies carry additional risk. Options can be risky and are not suitable for all investors. See the...

Business description Business Model Problems solving and value proposition Market share Pricing power and pricing strategy Balance Sheet Income statement and biggest costs/expenses Future growth opportunities Market penetration Ryan's history at XPEL Margins and returns on invested capital Asset turnover, inventory turnover, and cash conversion cycle Operating cash flow conversion Asset light and variable cost business model and the possibility of vertically integrating in the...

Diamond Hill is a philosophically pure intrinsic value investing firmLiving in Columbus, The Austin of OhioWhat makes a great equity analyst vs an average analystHow to determine investing team size (using math)Analyst productivity and how that leads to a better opportunity set and ultimately better client outcomesGeneralist vs specialist analyst team structureHow Diamond Hill is slowly, at the margin, transitioning from a strict sector specialist team structure to a more hybrid modelWhat is...

Polen Capital's culture: radical candor, autonomy, mastery, purpose Investing philosophy: competitive advantages, concentrated portfolios (20-25 stocks), position sizing Large Company Focus Growth Strategy: 132 stocks in 35 years, largest position in Amazon Risk management: eliminate risky businesses Analysis of Visa, MasterCard, cyclicals Team structure: meetings twice weekly, Polen One-Pagers Learning from mistakes: conservative margin modeling Investing spectrum: seek double-digit...

How Harris Oakmark thinks about and defines value investing Mid-cycle earnings and why they are important (using the coin flip analogy) CBRE example of mid-cycle earnings Banks and SCHW example of mid-cycle earnings Additional common adjustments they make to get to true normalized economic earnings power Estimating normalized earnings for software and faster-growing tech companies (and Salesforce example) Amazon and Alphabet examples Even more adjustments for SBC, amortization, and...

Todd Ahlsten is the Chief Investment Officer and Portfolio Manager of Parnassus Investments. Todd is also a panelist on the prestigious Barron's Roundtable. In this episode, we discuss Todd's background, investment process, and what he sees in the market today. Listen in for topics like: - How did Todd become CIO of Parnassus? - What makes a successful investor? - How does Parnassus operate? - What is "short shelf-life information"? - How does Todd look at the macro economy? - What kind...

2:00 On Semper Augustus investing philosophy and process 4:00 On what it means to be an “opportunistic” value investor 12:00 What the Semper Augustus portfolio-level metrics look like relative to the S&P 500 20:00 Why he thinks stocks are attractively valued today 24:00 On how he thinks about valuation 37:00 Chris shares his lessons from studying high price-to-sales stocks 45:00 How Chris spends his day, what he reads, and what podcasts he listens to, and how long he spends doing...

2:00 – Quoc’s concentrated investing philosophy and portfolio-level metrics 5:00 – Three different categories of stocks Quoc typically invests in 6:00 – Portfolio management philosophy 7:00 – Different layers of risk management 11:00 – On using data to make process improvements such as a moat trajectory review and ESG research 21:00 – Quoc dives deeper into his team’s step-by-step three-stage research process 38:00 – Incorporating a macro view into fundamental analysis 40:00 – Quoc on...

3:00 – Definition of value investing according to Dan 10:00 – Dan’s risk management and portfolio management philosophy 17:00 – when to sell a stock 22:00 – On how he incorporates a macro outlook into fundamental bottom-up stock picking on a global basis 32:00 – Dan describes his team’s equity research process including the reason for nurturing an absolute mindset, not a relative mindset 57:00 – How Dan spends his quiet time. 1:01:00 – How to be a global investor 1:07:00 – Dan thoughts...

Bill Nygren, Chief Investment Officer at Harris Associates, joins The JRo Show to discuss his team's research process. If you’ve ever wanted to know what it’s like to work at Harris Associates, this is the podcast for you! 2 min 15 seconds – Bill’s background and career. 9 min 20 seconds – Advice for new analysts 19 min 50 seconds – The research process at Harris Associates 26 min 20 seconds – The stock pitching process at Harris 47 min – What it takes to be a good portfolio manager. 59...