Hi, this is a replay of the Will Thorn-Dike interview which originally aired on May 9th, 2017.

We will be back next week with a brand new interview for Invest like the best.

Hello and welcome everyone, I'm Patrick O'Shaunasey and this is Invest like the best.

This show is an open-ended exploration of markets, ideas, methods, stories,

and of strategies that will help you better invest both your time and your money.

You can learn more and stay up to date at investorfieldguide.com.

Patrick O'Shaunasey is a principal and portfolio manager at O'Shaunasey Asset Management.

All opinions expressed by Patrick and podcast guests are solely their own opinions

and do not reflect the opinion of O'Shaunasey Asset Management.

This podcast is for informational purposes only and should not be relied upon as a basis for

investment decisions. Clients of O'Shaunasey Asset Management may maintain positions in the

securities discussed in this podcast. This week's guest is Will Thorn-Dike,

an author and investor whose book The Outsiders is an all-time favorite of mine.

Our conversation is in two parts. First we dive deep into the lessons of his eight-year research

project, studying CEOs who are master capital allocators. These CEOs include Henry Singleton,

John Malone, Tom Murphy, Catherine Graham, and Warren Buffett. We discuss how these CEOs

tended to be contrarians on topics like dividends, buybacks, acquisitions, and the use of debt.

As we go through each of the tools in the Capital Allicators Toolkit,

you'll hear several useful lessons for running or evaluating a business.

In the second part, we cover Will's career in private equity. Will found it and continues to run

Housatonic Partners, investing in buyouts, recaps, and search funds. Will has been one of the most

active search fund investors for decades. And given how much time I've spent in past episodes

...