Talk Your Book: Investing in Quality Growth

Animal Spirits Podcast

The Compound

Business News, News, Investing, Business

4.7 • 2.1K Ratings

🗓️ 20 February 2023

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

On today's show, we are joined by Kevin Walkush, Portfolio Manager at Jensen Investment Management to discuss how return on equity works, dealing with changing moats, setting expectations for returns, and much more! Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation. (Wealthcast Media, an affiliate of Ritholtz Wealth Management, received compensation from the sponsor of this advertisement. 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. 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.) Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Today's animal spirits talk your book is brought to you by Jensen Investment Management.
0:03.7	Go to JensenInvestment.com to learn more about their high-quality growth equity strategies.
0:09.0	Welcome to Animal Spirits, a show about markets, life, and investing.
0:14.0	Join Michael Batnik and Ben Carlson as they talk about what they're reading, writing, and watching.
0:20.0	Michael Batnik and Ben Carlson work for RIT Holt's wealth management.
0:24.0	All opinions expressed by Michael and Ben or any podcast guests are solely their own opinions
0:28.0	and do not reflect the opinion of RIT Holt's wealth management.
0:31.0	This podcast is for informational purposes only and should not be relied upon for investment decisions.
0:36.0	Clients of RIT Holt's wealth management may maintain positions in the securities discussed in this podcast.
0:41.0	Welcome to Animal Spirits, talk your book with Michael and Ben.
0:45.0	Michael, on today's show, we had Kevin Walkush, who was a portfolio manager with Jensen Investment Management.
0:52.0	We've talked to people from Jensen before this first time talking with Kevin.
0:55.0	He brought up a very interesting point because he asked him, what is the difference between a concentrated portfolio of 25 to 30 stocks
1:02.0	where you're doing bottom-up investment research and talking to company management and doing your own financial statement analysis
1:08.0	versus just an ETF of high-quality names that is two to three hundred stocks that's picked by an algorithm centrally.
1:16.0	And his point was, well, that ETF is going to be backward-looking as an active manager and concentrated positions, you're going to have to be forward-looking.
1:24.0	And I think that is the right answer.
1:26.0	If you're going to be relying on someone who's making stock selections on your behalf in any sort of active framework,
1:33.0	they have to be forward-looking to think about what's coming next or what the pivot points are.
1:38.0	Obviously, not everyone's right, but that's the line of thinking, right?
1:41.0	And it kind of has to be concentrated as well, I think.
1:43.0	Yeah, I made the point in talking with Kevin that if you're going to pay for an active manager, you want something that in really no shape of form resembles an index.
	...

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