David Gardner - Finding Companies That Break the Rules - [Invest Like the Best, EP.54]
Invest Like the Best with Patrick O'Shaughnessy
Colossus
4.8 • 2.4K Ratings
🗓️ 12 September 2017
⏱️ 77 minutes
🧾️ Download transcript
Summary
The investment strategy discussed in this week's episode is diametrically opposed to my own value tendencies, but it still one that has done exceptionally well.
My guest is David Gardner, co-founder of the Motley Fool. He is unique in that he is both a pure investor--a true stock junkie--and an entrepreneur. His energy is remarkable. His positive vibes are something to behold. You'll hear it over audio, but it's ever more palpable in person.
Our conversation is about finding companies which are breaking rules in the right way and reshaping industries. David's goal is to find these companies early in and hold them forever.
If you love investing, you are going to love this regardless of your prior beliefs. Please enjoy my conversation with David Gardner on rule breakers.
For comprehensive show notes on this episode go to http://investorfieldguide.com/gardner
For more episodes go to InvestorFieldGuide.com/podcast.
To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Books Referenced
The New Penguin Dictionary of Modern Quotations
Moneyball: The Art of Winning an Unfair Game
The Motley Fool Investment Guide: How The Fool Beats Wall Street's Wise Men And How You Can Too
The Motley Fools Rule Breakers Rule Makers : The Foolish Guide To Picking Stocks
Links Referenced
“I had a lover’s quarrel with the world” by Robert Frost
Invest Like the Best episod with Morgan Housel
Don't Be a Dip: The 1 Thing You Need to Know About Buying on Dips
Show Notes
2:03 – (First question) – Among the experiments that David has run in his podcast, which one has he enjoyed the most
3:42 – A deep dive into the rule breaker mentality that David uses
3:52 - How his model may mimic venture capital early stage investing
7:22 – What helps you to not sell a rule breaker amid big drawdowns.
7:33 – Totally Absorbed
8:32 – FANG stocks
12:25 – List of criteria in picking rule breaker stocks…starting with top dogs and first movers
19:34 – Second criteria…visionary leadership and the traits David looks for in a leader
22:02 – Henry Cloud (author)
22:58 – “I had a lover’s quarrel with the world” by Robert Frost
24:07 – Smart backing as part of that second criteria
26:16 – Third criteria – competitive advantage and moats
30:50 – Looking at the development of the Motley Fool brand and business
32:47 – The New Penguin Dictionary of Modern Quotations
32:49 – As You Like it (Shakespeare)
39:29 – Looking at David’s writing and how it has evolved over the years
40:36 – Moneyball: The Art of Winning an Unfair Game
41:31 – The Motley Fool Investment Guide: How The Fool Beats Wall Street's Wise Men And How You Can Too
42:43 – Invest Like the Best episod with Morgan Housel
42:45 – The Wisdom of Crowds
43:33 – Back to criteria, the fourth one, price momentum
45:47 – Don't Be a Dip: The 1 Thing You Need to Know About Buying on Dips
50:03 – Last criteria, something being overvalued and weigh that against the idea of whether a product or service is important based on whether people would miss it
52:10 – The Motley Fools Rule Breakers Rule Makers : The Foolish Guide To Picking Stocks
1:01:21 – Looking at David’s process for finding a stock and analyzing it
1:07:38 – The importance of taking these criteria in concert and how you can see the power of overvaluation
1:10:39 - Board Game Agricola
1:10:54 – Boardgamegeek.com
1:14:38 – Kindest thing anyone has done for David
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on twitter at @patrick_oshag
Transcript
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| 0:00.0 | This podcast is sponsored by CFA Institute, |
| 0:02.4 | the Global Association of Investment Professionals, |
| 0:04.8 | whose mission is to lead the investment profession |
| 0:06.9 | by promoting the highest standards of ethics, education, |
| 0:09.8 | and professional excellence |
| 0:10.9 | for the ultimate benefit of society. |
| 0:13.0 | CFA Institute serves a global community |
| 0:15.0 | of investment professionals, |
| 0:16.5 | working to build an investment industry |
| 0:18.2 | where investors' interests come first, |
| 0:20.2 | financial markets function at their best, |
| 0:22.4 | and economies grow. |
| 0:23.8 | The Chartered Financial Analyst credential |
| 0:25.5 | is the most respected and recognized |
| 0:27.5 | investment management designation in the world. |
| 0:30.2 | The views expressed in this podcast |
| 0:31.7 | do not necessarily represent the views of CFA Institute. |
| 0:34.8 | CFA Institute. |
| 0:38.8 | Hello and welcome everyone. |
| 0:40.2 | I'm Patrick O'Shaunasey, |
| 0:41.3 | and this is Invest Like The Best. |
| 0:43.2 | This show is an open-ended exploration |
... |
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