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...
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 Investing04:24 The Rise of Value Investing07:31 Learning from Industry Giants10:46 Investment Process at Robotti Company16:40 Challenges and Opportunities in Value Investing20:15 Case Study: Builders FirstSource and Industry Consolidation23:19 The Impact of Market Cycles on Business Consolidation24:04 Mistakes Management Teams Make in Cyclical Industries24:49 Case Study: Atwood Oceanics and Counter-Cyclical Investment26:36 Strategies for Success at the Bottom of the Cycle27:39 Understanding Grassroots Macroeconomics28:42 Navigating Information Overload in Investing32:21 The Future of Stock Picking vs. Index Investing36:05 Energy Intensive Businesses in North America38:05 The Impact of Tariffs on Industrial Companies39:58 The Role and Value of Board Membership41:50 Advice for Aspiring InvestorsTo see more about Robotti & Co check out https://advisors.robotti.com/
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Tobias Carlisle - Searching For Deep Value
On this episode of AUM, we are joined by Tobias Carlisle, the Founder and Managing Director of Acquirers Funds. The discussion delves deep into Tobias' journey from corporate law in Australia to becoming a prominent figure in value investing. Tobias explains his investment strategy, including the development of the Acquirer's Multiple, and explores concepts such as mean reversion, value traps, and the challenges faced by management teams of undervalued companies. The conversation also touches on the historical performance of growth vs. value stocks and the potential catalysts for a shift in market trends.01:44 Tobias Carlisle's Career Journey08:57 The Acquirer's Multiple Explained14:42 Mean Reversion in Deep Value Investing17:49 Identifying and Avoiding Value Traps21:01 Management Missteps in Undervalued Companies26:23 Tobias'a Investment Process29:34 Economic Sensitivity of Small Companies32:04 Valuation and Market Sentiment37:24 Concentration vs. Diversification in Portfolios43:08 Historical Performance of Growth vs. Value47:36 The Magnificent Seven and Market Trends54:21 Advice for Aspiring InvestorsIf you enjoyed this interview with Tobias, you can find more of his work at https://acquirersfunds.com/
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Bill Nygren - A Modern Approach to Value Investing
On this episode of AUM, we are joined by Bill Nygren, a renowned portfolio manager at Harris | Oakmark. Bill details Harris | Oakmark's rigorous investment process, including the pivotal Tuesday meetings, devil's advocate reviews, and the importance of intellectual tension. Bill also dives into some notable investments including General Motors and Delta Air Lines, the significance of management alignment, and the lessons learned from major investment mistakes like under-investing in Apple. Timestamps:00:00 Introduction to the Show and Guest01:31 Bill Nygren's Early Passion for Investing03:58 College and Early Career Experiences07:56 Joining Harris Associates16:26 The Harris | Oakmark Investment Process18:58 Tuesday Meetings and Analyst Expectations28:23 Mistake Management Protocol32:18 Intellectual Honesty at Harris | Oakmark33:07 The Organized Chaos of Harris | Oakmark34:18 The Intensity of Portfolio Discussions35:39 Macro View and Portfolio Decisions38:13 Industries and Investment Criteria41:21 Case Studies: Delta and General Motors48:40 Understanding Management Teams54:42 Biggest Investing Mistakes and Lessons Learned58:18 Advice for Aspiring InvestorsFind out more about the funds Bill manages here: oakmark.com
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John Rotonti - Building a Winning Research Process
On the inaugural episode of AUM, we are joined by John Rotonti, the Portfolio Manager of the Industrial and Infrastructure strategy at Islamorada Investment Management.John shares his experience from his early days at The Motley Fool and how personal circumstances led him into the world of finance. He discusses his investment process, role models, and the importance of thorough research and quality management in stock selection.John also talks about the sectors he's focused on, key investment lessons, and the types of businesses he avoids. He highlights two of his high-quality holdings, Amphenol and Trane Technologies, discussing their valuation and growth potential.00:00 Introduction and Guest Welcome01:45 John Rotonti's Investment Journey03:26 Influential Investing Role Models10:37 Launching the Industrial and Infrastructure Portfolio12:34 Research and Investment Process18:14 Idea Generation and Screening22:31 Long-Term Investment Trends30:54 The BlackBerry Investment Lesson32:55 Surprising Upside Investments40:43 Valuation Insights and Strategies44:40 High-Quality Businesses at High Multiples54:26 Advice for Aspiring Investors57:17 Conclusion and Final ThoughtsFind more of John's work here: https://lastbastion.com/author/jro/
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Welcome to A.U.M.
Welcome to AUM, the podcast that takes you behind the scenes with the world's premier asset managers. Each episode dives deep into the processes, strategies, methods, and hard-won lessons from investing masters who have achieved exceptional results in today's complex and adaptive markets.AUM is proudly produced by FinChat, an AI-powered equity research platform delivering complete financial data on global stocks. Many of our distinguished guests are active FinChat users. If you're looking to elevate your team's research capabilities, we invite you to explore what FinChat has to offer.Join us as we uncover the insights and approaches that drive outstanding investment performance in modern markets.
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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