TIP649: Owning Stocks for the Long Run w/ Pierre-Olivier Langevin

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 2 August 2024

⏱️ 69 minutes

🔗️ Recording | iTunes | RSS

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Summary

On today’s episode, Clay Finck is joined by Pierre-Olivier Langevin to discuss the investment approach at Medici and several of their portfolio holdings. Medici boasts an exceptional investment track record, achieving 16.0% annualized returns since 2009 compared to 11.3% for their benchmark. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:35 - What led Pierre to join Medici just two years after they started. 06:08 - Medici’s formula for outperforming the market. 12:30 - How Pierre identifies the moat within a great business. 29:08 - Medici’s bull thesis on Dollarama. 38:36 - What keeps Medici in Meta stock. 49:36 - How Meta is approaching capital allocation. 56:05 - How Pierre gets comfortable with Meta given the level of change they are bound to see over the next decade. 01:04:19 - An investment overview of O’Reilly Automotive. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Check out Medici. Follow Pierre on LinkedIn. Related Episode: Listen to TIP626: Intelligent & Rational Long-Term Investing w/ Francois Rochon, or watch the video. Follow Clay on Twitter. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River Range Rover Public Toyota American Express Fundrise Vacasa USPS AT&T Sound Advisory BAM Capital Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TIP.
0:02.0	On today's episode, I'm joined by Pierre Olivier R. Langevin to discuss the investment approach
0:07.1	at Medici and several of their portfolio holdings.
0:10.0	In the world of investment managers, Medici stands above most other firms with an exceptional investment track record, achieving a 16% annualized return since 2009 compared to just 11.3% for their benchmark.
0:22.8	Medici is based in Montreal and the vast majority of their investors speak French,
0:27.1	so I was very happy to host the firm's first ever podcast interview in English.
0:31.6	During this episode, we cover what led Pierre to joining
0:34.2	Medici so early in the firm's existence, why Medici utilizes an investment
0:38.6	committee to select new stocks, an overview of their investment thesis in
0:42.2	Dollarama, Meta, and O'Reilly Automotive and much more.
0:46.2	With that I hope you enjoy today's episode with Pierre. Celebrating 10 years and more than 150 million downloads.
0:56.8	You are listening to the Investors Podcast Network.
0:59.6	Since 2014, we studied the financial markets and read the books that influence self-made
1:04.6	billionaires the most. We keep you informed and prepared for the unexpected. Now for
1:10.1	your host Clay Fink. Welcome to the investors podcast. I'm your host Clay Fink and today I'm very happy to be joined by Pierre
1:27.1	Oliviaar Langevin from Medici private wealth management. Pierre, it's so wonderful to have you with us today.
1:33.4	Well, thanks for having us and quite happy to be here.
1:37.0	So Medici has had this phenomenal track record since its founding as you've compounded capital at 16% per year
1:46.0	since the start of 2009 and that's versus your benchmark compounding at just 11.3%.
1:51.7	And Pierre you've been a part of a lot of that growth as a portfolio manager at
1:56.3	Medici and I wanted to start from the beginning so after you started your career in
2:01.3	industrial design you then transition to the investment industry when you
	...

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