MI313: Small Cap Mastery w/ Rayna Lesser Hannaway
The Intrinsic Value Podcast - The Investor’s Podcast Network
The Investor's Podcast Network
4.6 • 593 Ratings
🗓️ 19 December 2023
⏱️ 54 minutes
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Summary
Transcript
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| 0:00.0 | You're listening to TIP. |
| 0:03.0 | As you think about all of these pieces, they're all interconnected and they're mutually |
| 0:07.9 | reinforcing. A company with durable competitive advantages can attract top talent for its management |
| 0:14.8 | teams. Effective management can make informed decisions about where to reinvest for the future. |
| 0:21.4 | These pieces all work together to drive the compounding engine of a business. |
| 0:26.7 | And we require all of these pieces for every company that we invest in. |
| 0:34.9 | In this episode, I chat with Rainer Lesser Hannaway about her business flywheel model to identify |
| 0:39.9 | great businesses, a use case of the business flywheel on one of Poland capitals holdings, |
| 0:44.6 | Globont, the strengths of a business with repeatable sales, the advantage of investing in small |
| 0:49.7 | cap stocks, how to deal with valuations in high quality businesses, how to determine when to exit |
| 0:54.9 | an investment based on a business's fundamentals, and a whole lot more. |
| 0:58.9 | I'm a big fan of small cap businesses. |
| 1:01.1 | They offer very high upside for two main reasons. |
| 1:04.0 | First, many are in the early stages of their growth cycle and still have many years of growing |
| 1:08.4 | 20% plus for many years ahead. |
| 1:10.8 | Second, because they are smaller and less well known, there are less eyes on them. cycle and still have many years of growing 20% plus for many years ahead. |
| 1:15.0 | Second, because they are smaller and less well known, there are less eyes on them, |
| 1:17.4 | which can offer mispricings to patient investors. |
| 1:22.2 | Poland Capital is one such fund that has dedicated a lot of time and resources to looking just at these types of businesses. |
| 1:24.3 | So when I got the opportunity to speak to the head of their small company growth |
| 1:27.6 | team, I jumped at the opportunity. After reading their perspectives and about the systems |
| 1:32.0 | that Raina has put into place, I had many questions. I know Raina's answers will help listeners |
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