Joel Tillinghast: The Art of Investing

The Long View

Morningstar

Finance, Dan Lefkovitz, Amy Arnott, Entrepreneurship, Investing Leaders, Jeff Ptak, Investors, Christine Benz, Influential Investors, Careers, Long-term Investing, Financial Services, Business, Investing, Morningstar

4.5 • 775 Ratings

🗓️ 30 May 2023

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

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Summary

The legendary Fidelity manager discusses his biggest investing mistake, the implications of AI for portfolio management, and how private equity affects investors in public securities.

Transcript

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0:00.0	At Jackson, we've created a digital retirement planning experience with you and mine.
0:05.5	Visit jackson.com to explore our easy-to-understand resources and user-friendly tools
0:10.1	that are designed to enable financial professionals and clients to plan a path to financial freedom.
0:15.5	Jackson is short for Jackson Financial Incorporated, Jackson National Life Insurance Company, Lansing, Michigan,
0:20.5	and Jackson National Life Insurance Company of New York, purchase New York.
0:26.6	Please stay tuned for important disclosure information at the conclusion of this episode.
0:32.9	Hi, and welcome to the Longview. I'm Adam Fleck, Director of Research for Ratings and ESG at Morningstar
0:38.0	Research Services. I'm filling in this week for Jeff Patak. And I'm Christine Ben's director of
0:43.2	personal finance and retirement planning for Morningstar. Our guest this week is Joel Tillinghast,
0:48.5	portfolio manager at Fidelity. Joel manages a number of equity funds focused on intrinsic value
0:53.4	and mostly small-cap stocks. Perhaps most notably the low-price stock fund, which he has managed since 1989.
1:00.0	Joel originally joined Fidelity as an equities analyst in 1986 after famously cold-calling Peter Lynch to secure a job interview,
1:06.8	he earned his bachelor's in economics from Wesleyan University, an MBA from the Kellogg School of Management at Northwestern, and is a CFA charter holder.
1:14.3	Joel's track record is simply impressive. Morningstar recognized him in 2021 as outstanding portfolio manager and in 2002 as domestic stock fund manager of the year.
1:24.4	More than 40 years in investing, Joel is slated to retire as a full-time portfolio
1:28.1	manager at the end of 2023, and we're so excited to host him on the podcast today to discuss
1:33.0	his career and his insights. Joel, thank you for being on the podcast today.
1:37.6	Thank you for having me.
1:39.6	Joel, when I think of the most successful fund managers, Your name is absolutely on my short list.
1:45.8	You've had a very impressive track record beating the market for nearly 35 years running the low-price stock fund.
1:52.9	And my first question is, what do you think has driven the mispricing of stocks over that time?
1:59.3	What are the other investors most often miss that allowed you
	...

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