Playing the long game is the right strategy, the market's myopic, stick to your knitting.

But there are occasions where long-termism is a lazy crutch.

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

My guests on today's show are Mike Trigg and Sanjay Air, portfolio managers at WCM Investment Management,

$120 billion investor in growth companies, where Mike also serves as co-CEO.

I've had the opportunity to chronicle the growth of WCM over the years in conversations

with Paul Black, Mike, Sanjay, and other members of the team. Paul first joined the show in

2018, and WCM managed $25 billion, and Mike last appeared four years ago with Paul, describing

a piece they had just written entitled

How to Build a $100 billion Money Manager.

That podcast marked a near-term peak in assets for the firm, and subsequently offered a great case study in humility, adaptation, and evolution.

In this conversation, we unpack how WCM navigated its most difficult

stretch of performance in a long time, what they learned from it and how they came out stronger

on the other side. Mike and Sanjay discussed changes to their investment process, like putting

the trajectory back in moat trajectory, and searching for the cult in culture,

retooling the research funnel, integrating AI as a research partner, and expanding into private markets.

As always with WCM, a common thread throughout our discussion is doubling down on the firm's core values

to think different, get better, and serve others.

I hope you enjoy the show, and if you do, this week, why not reach out to your parents?

If they're anything like my folks, they probably aren't that technologically inclined

and might need to learn how to use the podcast app on their phone. Reach out to them,

send your love, and show them how to use the app, and then tell them

...