TIP772: How Great Compounders Turn Time Into a Superpower w/ Kyle Grieve
Host Kyle Grieve analyzes the book "The Compounders" and explores why a small group of exceptional businesses can compound capital at high rates for decades. He explains the central importance of maintaining returns on invested capital above the cost of capital, sustaining high reinvestment rates, and leveraging time, while highlighting the roles of decentralization, culture, incentives, and working capital discipline. The episode walks through multiple case studies, including Nvidia, Lifco, Indutrade, Bergman & Beving, AdTech, Constellation Software, Heico, Ametek, and Judges Scientific, to illustrate how great compounders turn time into a superpower.
TIP770: Mastering the Markets w/ Andrew Brenton
Host Clay Fink interviews Andrew Brenton of Turtle Creek Asset Management about why he believes public markets have become less efficient and how that shapes his value-oriented investing approach. They discuss Cliff Asness's "The Less Efficient Market Hypothesis," behavioral biases, bubbles, and the impact of passive flows and short-termism. Brenton then walks through Turtle Creek's investment theses and valuation approach for Floor & Decor and Kinsale Capital, and explains how he thinks about cyclicality, intrinsic value, portfolio optimization, and sticking with a high-active-share strategy through periods of underperformance.
TIP763: Investing Lessons for My 18-Year-Old Self w/ Clay Finck
Host Clay Finck delivers a solo episode structured as a letter to his 18-year-old self, sharing 12 key lessons from his investing journey, including starting early, using index funds, focusing on great businesses, and managing emotions. He explains why beating the market is difficult but possible, how patience and time horizons create an edge, and why moats, management quality, and megatrends matter more than simple valuation metrics like P/E. The episode also covers investor psychology, avoiding unnecessary complexity, building a peer network, and developing an independent, process-driven investment philosophy that fits one's personality and goals.
TIP755: My Process for Finding Great Investments w/ Kyle Grieve
Host Kyle Grieve shares his personal investing philosophy, tracing how early speculative losses in cryptocurrencies led him toward disciplined value investing in equities. He explains his return goals, focus on absolute rather than relative performance, a two-bucket framework (quality compounders and microcap inflection-point stocks), detailed criteria for evaluating management and capital efficiency, and his sell and portfolio management rules. Kyle also covers concepts like circle of competence, behavioral biases, environment design for inaction, and reflects candidly on mistakes of commission and omission to illustrate how he continues refining his process.