A.U.M.

In this episode of AUM, we interview Alex Fitch, the Director of US Research at Harris | Oakmark.
Alex discusses the complexities of investing, the importance of balancing ego and clear thinking, and the intrinsic challenges of admitting mistakes. Alex shares his journey into investing, his disciplined approach to value investing, and how he targeted working at Harris | Oakmark.
Alex delves into Harris' unique team-based research process, their approach to evaluating management, and the crucial role of understanding the reasons behind a company's valuation. He also discusses his strategies for dealing with cyclicals, the significance of mid-cycle earnings, and the process of selecting and managing investments.
Alex highlights specific companies such as Alphabet, Salesforce, and Lithia Motors.

02:09 Alex Fitch's Journey into Investing
04:03 Joining Harris Oakmark: The Path to Success
06:01 Evolution as an Investor
09:11 Harris Oakmark's Unique Research Process
14:51 Characteristics of a Potential Portfolio Company
17:25 Valuation and Mid-Cycle Earnings
21:48 Sell Discipline and Mistake Management
26:39 Evaluating Management Teams
29:29 Understanding Company Undervaluation
31:03 Researching Cyclical Companies
36:07 Valuing Software Businesses
40:14 Alphabet's Capital Expenditure
44:30 Lithia Motors' Acquisition Strategy
51:34 Biggest Investing Mistake
53:39 Advice for Aspiring Investors
To learn more about Harris | Oakmark checkout: https://oakmark.com/

In this episode of AUM, we interview Barry Schwartz, the Executive Vice President and Chief Investment Officer of Baskin Wealth Management.
Barry shares insights from his 2+ decades of experience in the investment industry, discussing the evolution of markets from the dot-com bubble to today's AI and technology-driven environment.
The conversation covers Baskin's investment philosophy, which centers on owning quality companies with strong management and sustainable growth. Barry elaborates on their decision-making process, how they manage client portfolios through separately managed accounts, and why they avoid certain industries.
He also touches on some of Baskin's notable holdings, including Apple, Netflix, and Amazon, explaining the rationale behind these investments.

04:12 Barry Schwartz's Career Journey
06:23 Investment Philosophy and Strategy
08:38 Research and Portfolio Management
15:41 Focus on Quality Investments
21:18 Decision-Making in Selling Investments
22:57 Management Changes and Long-Term Ownership
24:32 Investment Rules and Business Models
26:45 Platform Businesses and Technology Investments
31:58 Apple: A Deep Dive
36:53 Netflix and the Streaming Wars
43:13 Advice for Aspiring Investors
46:09 Conclusion and Final Thoughts
To see more of Barry's work check out: https://baskinwealth.com/

In this episode of AUM, host Ryan Henderson sits down with Todd Ahlsten, Chief Investment Officer of Parnassus Investments. Todd shares his journey from a 22-year-old intern to leading a firm managing $46 billion in assets, reflecting on key experiences that shaped his investment philosophy.
The conversation delves into the dynamics of the semiconductor industry, the importance of wide business moats and durable competitive advantages, and the evolving relevance of companies like John Deere and Waste Management.
Todd also offers insights into the impact of AI on various sectors and highlights the critical traits for successful long-term investing.
02:13 Todd's Early Interest in Investing
04:35 Joining Parnassus Investments
05:38 Skills and Evolution in Investing
08:32 Navigating Market Noise
12:40 The Parnassus Investment Process
16:42 Idea Generation and Stock Selection
20:34 Traits of Innovative Companies
27:13 Management Traits and Avoiding Complacency
29:17 Deep Dive: John Deere
29:25 Agriculture Industry Overview
29:53 Deere's Cyclical Recovery and Secular Rerate
31:46 Technological Advancements in Agriculture
33:14 Investment Strategies During Economic Cycles
36:45 Waste Management's Competitive Edge
39:46 AI and Semiconductor Investment Trends
48:20 Evolution of Investment Strategies
53:18 Advice for Aspiring Investors
Learn more about Parnassus Investments: https://www.parnassus.com/

In this podcast, we interview Shreekkanth Viswanathan, founder and portfolio manager of SVN Capital.
Shree shares his investment journey, from studying in India and moving to the US, to founding SVN Capital in 2018 after extensive experience in portfolio management at various firms.
Shree discusses the importance of making independent investment decisions instead of relying on borrowed conviction and the conversation highlights his investment philosophy, including thoughts on a concentrated portfolio strategy, long-term investment outlook, and focus on quality businesses with strong management.
The episode also delves into specific investments like Dino Polska and Kinsale Capital, offering insights into what makes a business worth investing in.
02:28 The Journey to Founding SVN Capital
07:23 Portfolio Strategy and Concentration
13:43 Investment Philosophy: Fully Invested Approach
18:39 The Importance of Independent Decision Making
24:30 Evaluating Potential Investments
27:12 Defining a Good Business
35:43 Understanding the Outsider's Perspective in Public Investments
37:30 Case Study: Hermes - A Legacy of Culture and Success
40:35 Valuation Work: Balancing History and Future Predictions
44:49 Company Spotlight: Dino Polska - A Unique Grocery Chain
54:09 Company Spotlight: Kinsale - A Unique Player in Insurance
01:05:18 Insights from Successful Investors
To see more of Shree's work, check out: https://www.svncapital.com/

In this episode of AUM, we are joined by Jeremy Deal, the founder and portfolio manager of JDP Capital Management.
Jeremy shares insights from his non-traditional background in asset management and elaborates on his investment philosophy, which focuses on identifying companies with significant unrecognized earnings potential.
Jeremy discusses the importance of understanding a company's competitive advantage and maintaining a long-term investment perspective. Jeremy also recounts his successful investment in Spotify, detailing his initial thesis and the journey through its ups and downs.
Lastly, Jeremy emphasizes the value of letting winners run and learning from past mistakes to achieve exceptional investment outcomes.
01:30 Meet Jeremy Deal: Founder of JDP Capital Management
02:50 Early Career and Founding JDP Capital
05:49 Investment Philosophy and Strategy
08:33 Understanding Market Inefficiencies
12:15 The Importance of Competitive Advantage
18:19 Consumer Relationships as a Margin of Safety
22:41 Research Process and Discovering New Businesses
32:23 Building a Position: Patience and Strategy
33:28 Managing Portfolio Valuation and Drawdowns
38:55 Identifying Exciting Business Opportunities
44:18 The Spotify Investment Thesis
52:38 Learning from Investment Mistakes
59:06 Advice for Aspiring Investors
To see more of Jeremy's work check out: https://jdpcap.com/