Hello, I'm Ted Sides, and this is Capital Allocators.

This show is an open exploration of the people and process behind capital allocation.

Through conversations with leaders in the money game, we learn how these holders of the keys to the

kingdom allocate their time and their capital. You can join our mailing list and access premium

content at capital allocators.com. All opinions expressed by TED and podcast guests are

solely their own opinions and do not reflect the opinion of capital

allocators or their firms. This podcast is for informational purposes only and should not be relied

upon as a basis for investment decisions. Clients of capital allocators or podcast guests may

maintain positions and securities discussed on this podcast. My guest on today's sponsored

insight is Adam Carr, president and portfolio manager at Orbis,

a $35 billion global equity manager founded in 1989 by legendary Fidelity alum Alan Gray.

Orbis blends unique business practices with a long-term intrinsic value investment model designed to

invest differently. Our conversation dives into Orbis' business practices intended to create alignment,

including a fee structure with rebates and permanent ownership model. We then go through the

investment approach that features 35 analyst shadow portfolios to bring data

and independent thinking to portfolio construction.

Orbis' model has rich lessons for managers and allocators alike.

Before we get going, it's that special time of year when the summer winds down and we get

back to school.

But the school you have in mind isn't the one I'm talking about. Sure, back to school means kids finally get back in their routines

and leave a little more quiet around the house. Not so good for them, pretty darn good for us.

But it also means it's back to football and time to school those in your fantasy football league.

...