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 keep up to date by visiting Capital Allocatorspodcast.com.

With so much of the institutional world focused on value investing, including my own training, I was pleasantly

surprised to learn about a large, high-performing growth stock manager located in a nondescript

building in Laguna Beach, California. My guest on today's show is Paul Black, portfolio

manager and co-CEO of WCM Investment Management, a $26 billion

manager of global equities that he joined when it was a $200 million boutique in 1989.

Paul's early career included positions at Wells Fargo Bank and Bank of America.

Our conversation starts with Paul's trial by fire entry into the business and turns to

growth stock investing, including defining a great growth company, searching for widening

moats, assessing a culture that's tied to competitive advantage, creating a positive culture within

WCM, learning from mistakes, identifying tailwinds, and protecting the downside.

Paul embodies the principles he preaches and offers some tasty food for thought.

Please enjoy my conversation with Paul Black.

Paul, it is great to be here with you.

I know we've been trying to do this for a while.

Why don't we start with how in the world

is there this $25 billion asset manager in Laguna Beach that I had never

heard of before?

Thank you, Ted. It's great to be here. And we wanted the same thing, frankly. You know,

...