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    About this Episode

    On today’s episode, Clay sits down with Chris Mayer to discuss the lessons from his book - 100 Baggers.   Chris is the author of 100 Baggers, and the portfolio manager of Woodlock House Family Capital. Chris’s book was published in 2018, and has quickly become a favorite within the investing community. The book very clearly explains the ingredients needed for a stock to compound and grow to 100 Bagger status, which we discuss during this episode. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 04:16 - The primary characteristics of companies that reached 100 Bagger status. 07:08 - How Chris views valuation when purchasing high-quality companies. 09:51 - How Chris assesses the durability of a moat. 18:15 - Why stocks are one of the best long-term protections against calamity and chaos. 44:27 - Why Chris prefers to own companies with management teams that own substantial portions of the company’s stock. 35:13 - Why Chris chose to concentrate his fund into only 10 holdings. 37:04 - Chris’s assessment of Constellation Software and why it’s one of his favorite holdings. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Tune into our previous episode covering The Joys of Compounding or watch the video. Check out our recent episode covering Mark Leonard's Letters and Constellation Software or watch the video. Chris’s fund: Woodlock House Family Capital. Chris Mayer’s book: 100 Baggers. Thomas Phelps’ book: 100 to 1 in the Stock Market. Barton Biggs’ book: War, Wealth & Wisdom. Follow Chris on Twitter. Follow Clay on Twitter. NEW TO THE SHOW? Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts.  SPONSORS Support our free podcast by supporting our sponsors: River Toyota Linkedin Marketing Solutions Fidelity Efani Shopify NDTCO Fundrise Wise NetSuite TurboTax Vacasa NerdWallet Babbel Learn more about your ad choices. Visit megaphone.fm/adchoices

    🔑 Key Takeaways

    • Focus on durable competitive advantage, strong management teams, and long-term compounding to identify high-quality, 100-bagger potential stocks. Own a concentrated portfolio and avoid frequent trading for long-term success.
    • Look for high-return-on-capital companies with a strong moat and backed by an entrepreneur. Focus on the business and keep a long-term investment horizon in mind. Learn from historical examples, such as Terry Smith's exercises.
    • Spend time assessing a company's competitive advantages and network effects to maintain a moat for a long period of time. Winners keep on winning, so choose wisely from the beginning and buy assets over the years for great returns.
    • A mix of index funds and researched stock picks can yield good returns in the long run. Investing in businesses with competitive advantages and insider ownership can offer protection during difficult times and provide consistent returns.
    • Investing in companies where managers have significant ownership and long-term vision will result in better outcomes as investments made by these managers will favor sustainable growth instead of short-term gains.
    • When investing, prioritize high-quality companies with a high return on capital. Aim for at least 15% compounded returns, and be transparent about your portfolio. Avoid selling prematurely, and always be patient and flexible with your investments to achieve long-term success.
    • Careful selection of high-performing stocks with entrenched competitive advantages plays a crucial role in minimizing risk of permanent impairment. A smaller number of well-understood stocks can increase comfort and lead to long-term ownership, but thorough research and analysis is crucial for success.
    • Constellation Software's frugal, data-driven approach to executive incentives and acquisitions has yielded remarkable growth through their M&A machine and decentralized model, but questions remain about compensation for employees.
    • Great capital allocators prioritize reinvesting over dividends when there are opportunities for growth within the business. Constellation, Topicus, and Copart have room for expansion and are capable of deploying capital in innovative ways.
    • Companies with potential for growth should prioritize reinvestment of profits instead of dividends. However, balancing returns and reinvestment is critical. Avoid investments in low-quality businesses and make decisions for long-term success.

    📝 Podcast Summary

    Insights for Finding High-Quality Companies with 100x Potential Returns

    Chris Mayer's book, 100 Baggers, offers valuable insights for investors looking to identify high-quality companies that have the potential to grow 100 times their initial investment. The book outlines key characteristics of companies that have reached 100-bagger status, including durable competitive advantage, strong management teams with substantial ownership in the company, and a long-term focus on compounding. Mayer also stresses the importance of infrequent trading, and owning a concentrated portfolio of around 10 high-conviction stocks. Overall, the book offers a valuable framework for investors who prioritize long-term, high-quality investments over short-term market fluctuations.

    Identifying 100 Baggers: Keys to Finding High-Performing Companies

    To find 100 baggers, one needs to focus on companies that have a long history of compounding capital at 20 to 25% a year for 20-25 years. High-return-on-capital companies that grow over time along with a strong moat and backed by an entrepreneur usually stand out. Even though such great companies carry premium valuations most of the time, it can still work out. It is essential to focus on the business while keeping a long-term investment horizon in mind. Terry Smith's exercises can serve as a good example while evaluating a company from a historical perspective.

    Investing in Businesses with a Durable Moat

    To make significant returns on investments, you need to invest in businesses with a durable moat. Spend time figuring out what makes a business special and why it's earning high returns on capital. Assess the company's competitive advantages and network effects, and be convinced that they can maintain the moat for a long period of time. Even if a stock seems expensive, if you're right about the business, you have more room on valuation than you probably think. Buying assets over the years is a wise approach and will leave you with great returns. Winners tend to keep on winning, so it's important to choose wisely from the beginning.

    The Benefits of Investing in Good Businesses and Owner-Operated Companies

    Investing in stocks of good businesses with competitive advantages and owning shares in owner-operated companies can offer protection during difficult times and provide good returns in the long term. It is not necessary to be in the market whole hog, but having a mix of index funds and researched stock picks can be effective. The winners tend to keep winning, as they have something special and a competitive edge. While diversifying into other asset classes like gold is necessary, owning a good business with insider ownership can navigate through difficult times better. Overall, ownership in good businesses with good management can provide consistent returns and is a key factor to consider in stock research.

    Insider Ownership and Long-term Growth: The Key to Successful Investment

    Investors should look for owner operator companies where managers have significant skin in the game and are committed to long-term growth and investment in the business. Studies show that people who own a lot of stock tend to behave differently and continue to invest even during downtimes. Family-owned businesses tend to have good behavioral patterns such as playing for long-term growth, less financial leverage, and fewer expectations for quarterly earnings gains. Incentives play a significant role in driving human behavior, and when someone owns a lot of stock, they are more likely to think long-term and make conservative decisions. Therefore, it is crucial to consider insider ownership and incentives while investing as these factors can significantly impact the growth and profitability of a business.

    Key principles for long-term investment success

    Focusing on high-quality companies with a high return on capital that can continue for years and years is the key to investing. Underwriting for at least 15% compounded with reasonable estimates for return on capital and reinvestment rate is Chris Mayer's preferred method. Although he favored smaller companies, he is not solely focused on market cap but rather on returns. He is transparent about his portfolio as it provides good training and gives him thick skin. Selling interrupts the 100 bagger process and requires starting over, making it important to bust your thesis before selling. Being flexible and patient with your investments is crucial to achieving long-term success.

    The Benefits of a Concentrated Portfolio

    Having a concentrated portfolio requires careful selection of stocks that produce a lot of cash, high returns on capital, and have entrenched competitive advantages to minimize the risk of permanent impairment. Diversification has its benefits but only up to a certain point. Owning a smaller number of stocks that you know well and understand deeply can increase your level of comfort and allow for long-term ownership. Chris Mayer's investment in Constellation Software was based on the founder Mark Leonard's letters expressing a strategy of acquiring small software businesses with profitable outcomes. Skeptical at first, reading the letters convinced Mayer of the company's validity. Thorough research and analysis is crucial in building and maintaining a successful portfolio.

    Constellation Software's Data-Driven Approach to Growth and Shareholder Value

    Constellation Software is a special company that is driven in a rational manner by incentives such as return on invested capital and growth rates. The executives have to use a portion of their bonus to buy shares, and the company has a frugal personality focused on shareholders. The company is data-driven, and they stick to their hurdle rates on acquisitions, displaying admirable discipline. Their M&A machine and decentralized model are remarkable, with the ability to farm out deals to six groups without centralizing them in headquarters. There may be issues with compensation for some of their employees, but turnover has been minimal, and they have an excellent growth runway that remains the big question.

    Opportunities for Growth and Great Capital Allocation in Constellation Shareholders' Concerns

    Constellation shareholder's biggest concern is how long they can keep going, but there are still plenty of opportunities for growth in the 100,000 plus database. Mark Leonard and his team are capable of deploying capital in interesting new ways, and if not, then they will return the capital. Similarly, Topicus is a mini Constellation with more room to grow. Copart still seems to get better with age and has plenty of room to expand overseas. The difference in returns between companies that pay dividends and reinvest is astounding, showing the importance of great capital allocation. Great capital allocators recognize that dividends aren't a great use of capital if there are reinvestment opportunities within the business.

    Making the Decision to Pay Dividends: Balancing Returns and Reinvestment

    Dividends may not always be the best option for companies with great potential for growth. If a company can reinvest its cash and achieve high returns, then it may be better to forgo dividends and continue to reinvest profits. However, if a company’s returns are not high enough, then dividend payments may be necessary to keep shareholders happy. The decision to pay dividends or not is a math problem that involves balancing returns and reinvestment. It's also important for companies to avoid investing in lower quality businesses or making bad acquisitions. Instead, they should focus on finding opportunities for growth and long-term success.

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    BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast)

    BTC179: The Business of Football and Bitcoin w/ Peter McCormack (Bitcoin Podcast)
    Join us as Peter McCormack shares insights on blending Bitcoin with football business. We delve into his club's dual promotions, strategic investor impacts from the Winklevoss twins, and the broader influence on Bedford, including a new Universal Studios park. Learn how Bitcoin plays a role in these developments and discover actionable strategies for integrating innovative concepts into local enterprises. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 06:20 - The strategic role of Bitcoin in advancing the success of a local football club. 08:11 - The impact of high-profile investors like the Winklevoss twins on the club. 08:11 - Highlights from the "Cheat Code" Bitcoin conference and its integration with local business. 13:05 - How the club manages competitive growth and future challenges with spending caps. 17:53 - Insights into Peter McCormack's journey of owning and promoting his football team. 22:07 - The significant developments in Bedford, including plans for a Universal Studios theme park. 32:08 - Lessons on leveraging cryptocurrency in traditional businesses and community development. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Buy your Real Bedford sporting attire here. Peter’s podcast, What Bitcoin Did. Learn more about the Cheat Code Conference. Peter's Twitter. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Check out our Bitcoin Fundamentals Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River Toyota Meyka AT&T Vacasa Fidelity Monarch Money Yahoo! Finance Long Angle Public USPS American Express Shopify Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

    TIP625: Berkshire Hathaway w/ Chris Bloomstran

    TIP625: Berkshire Hathaway w/ Chris Bloomstran
    Stig has invited legend investor Chris Bloomstran from Semper Augustus to teach us how to value Berkshire Hathaway on today's show. Semper Augustus has an outstanding track record with a compounded annual growth rate of 11.5% on equities since his fund's inception on 2/28/1999, compared to 7.6% for the S&P500.  IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:37 - The impact of holding cash on your portfolio returns.   24:07 - How to understand the five different components that make up stock market returns. 33:14 - How to estimate the expected return of being invested in the S&P500. 40:57 - What the intrinsic value of Berkshire Hathaway is. 45:51 - How Berkshire Hathaway has allocated capital since 2018. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Stig’s 2023 masterclass with Chris Bloomstran on valuing Berkshire Hathaway | YouTube Video. Stig’s 2022 masterclass with Chris Bloomstran on valuing Berkshire Hathaway | YouTube Video. Stig’s masterclass with Chris Bloomstran on equity valuations | YouTube Video. Chris Bloomstran’s website. Read Chris Bloomstran’s letters to his clients.  Buffett resource on CNBC. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River Toyota CI Financial Meyka Fundrise Yahoo! Finance Long Angle iFlex Stretch Studios Public American Express Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm