Talk Your Book: Compounding with Concentrated Portfolios

Animal Spirits Podcast

The Compound

Investing, Business News, News, Business

4.7 • 2.1K Ratings

🗓️ 7 August 2023

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

On today's show, Michael and Ben are joined by John Neff, Partner and Portfolio Manager of AKRE Capital Management to discuss: the AI investing craze, the creation of fundamental analysis, compounding returns with Warren Buffett, running a highly concentrated portfolio, and much more! Find complete show notes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation. Check out the latest in financial blogger fashion at The Compound shop: https://www.idontshop.com Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: https://ritholtzwealth.com/podcast-youtube-disclosures/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Today's Animal Spirits is brought to you by Acre Capital to learn more about
0:05.0	Investing in the Acre Focus Fund go to
0:08.2	Acre Capital dot com that's a K R E capital dot com
0:13.2	All right, Ben. We had a very interesting conversation with John Neff about
0:18.6	The three likes of their stool how they think about long-term investing concentrated investing
0:24.2	This is not this is no closet index fund. They are really going for it and
0:29.3	One of their big things is
0:32.2	long-term
0:33.9	Moats
0:35.1	Sustainable growth all that sort of stuff and I'm looking at a chart from
0:40.9	Alex Moore is at the science of hitting and the chart that I'm looking at is the Costco annual membership fees
0:47.9	Which just eyeball this it was about five hundred million dollars in
0:53.1	1998 at that line Ben has gone one direction up
0:57.3	Up until the right with very few hiccups. Are you a member net? What's that you remember? I'm not Costco. I'm not we are
1:06.8	So now that is so five hundred million dollars in 1998
1:11.9	4.3 billion dollars in 2022. I don't know what the K-Gur on that is, but it's impressive anyway
1:19.8	point is
1:21.3	companies like this exist
1:23.9	They're out there and
1:26.8	It's very
1:28.8	Difficult to do two things of course, you know if you knew this in 1998 you would have put your your you know
1:34.4	You would have mortgaged the house by Costco, but compounding is the point that I'm getting at like it's so hard to really really really really really think
	...

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