6 Investing Podcasts Worth Your Time
Summer highlights
Thanks for hanging in there while I was away on my summer holidays. I got back from our family trip around Canada this week, and I listened to some great investing podcasts en route. I thought I’d share some of my favourites with you today. Normal service will resume next week, and there’ll be a special announcement before then too.
Before getting into the podcast recommendations, a word from this week’s sponsor:
The upcoming Quality-Growth Investor Conferences features the A-Team of Quality-Growth Managers. On 21st September there will be a headline Fireside Chat and Audience Q&A with Michael Mauboussin as well as presentations including detailed investment ideas from Baillie Gifford, Artisan Partners, Vontobel, Comgest, Harding Loevner, Bares, Baron Capital, Jennison, SGA, Jensen, J. Stern, Sarofim & Co, Morgan Stanley, Fiera Capital and the conference moderator will be Fabio Cecutto from WTW (Willis Towers Watson). If you’re interested to attend next month, you can see the conference website here and use the code “Behindthebalancesheet23” for a large discount of £240. Want to see the stocks presented at the QG Conference last year – which are up +37% on average? Then head to the homepage.
Before telling you about everyone else’s podcast, I haven’t mentioned my own for months. So let me update you on two wonderful conversations now available for your enjoyment. Both guests have had lunch with Warren Buffett, although on very different occasions.
August 2023 – Guy Spier Ep. 25
Guy Spier likely needs no introduction. He is a successful value investor and has spent considerable time creating an environment which will protect him and his fund from making mistakes through his own temperamental idiosyncrasies. He talks much more about environment design than valuation which is refreshingly different – I learned a lot.
We discuss why the best ideas are simple, yet analysts always want to impress with their understanding of complex situations. Guy talks about his university chums, David Cameron and Chris Hohn, He also reveals why his father entrusted his life savings to a young man with no investing experience and how that has coloured Guy’s investing approach. And of course we discuss that lunch with Warren Buffett.
I met Guy in Omaha at a dinner with Chris Bloomstran and a few others and Chris persuaded Guy that he should come on the podcast. We met up on his next visit to London in the summer and shared an enjoyable lunch after the podcast.
July 2023 – Beth Lilly Ep. 24
Beth Lilly will be known to fewer readers. I met her in Omaha at a dinner, sponsored by Mario Gabelli in aid of Columbia University. Beth was one of the speakers and I went up afterwards and persuaded her to do my podcast – I believe she has only ever done one other, so it was great to have her on the show.
Beth is a highly successful value investor and an amazing woman. She has set up two asset management firms, worked with and learned from some of the most famous and some of the most successful value investors in the world, and now runs money for the multi-billion Pohlad family in Minnesota.
We discuss the power of compounding, Beth’s research process and how she conducts company meetings. Beth explains how she approaches the management of inter-generational wealth and how she decides much cash to hold. We also debated private equity and disagreed about the attractiveness of auto dealerships.
I loved Beth’s explanation of how her grandparents sparked her interest in investing and how she persuaded her own children to take an interest too – I have invited her to my home on her next visit to London in the hope that she can interest my kids, something I have failed at.
As a young analyst, Beth used to meet Warren Buffett when he came to lunch with her boss – imagine what that could do for you.
James Aitken
James Aitken is the founder of macroeconomic consultancy Aitken Advisors. He is based in London but from his home in Wimbledon, rather than Mayfair. This conversation with Ted Seides of Capital Allocators focuses on how the US economy looks rather precarious given the combination of fiscal and monetary policy which James likens to having both the heating and air conditioning on at the same time. He talks about opportunities in US industrial companies from the Inflation Reduction Act, potential risks from volatility targeting, zombie businesses, and the lack of liquidity in many instruments. James is making his research more broadly available and it’s certainly worth listening to this excellent podcast.
David Einhorn
Einhorn has appeared on a number of podcasts recently, notably with Grant Williams (a subscription only podcast which I cannot recommend highly enough) and on Invest like the Best. This episode is taken from a live interview at the London Investor Conference with Simon Brewer of the Money Maze Podcast.
I wrote about this very interview with David in an earlier column, so I won’t repeat the summary here, but it’s definitely worth listening to the full session.
Seth Klarman
Similarly, Klarman has been doing the rounds recently to promote the Seventh Edition of Security Analysis, which he edited. I enjoyed this interview with Jim Grant on the Grant’s Current Yield podcast although Klarman’s interview with Ted Seides on Capital Allocators was also excellent.
Klarman talks about putting this new edition of Security Analysis together – I cannot wait to get my copy – and he and Jim Grant exchange quips which are simply full of investing wisdom. The mutual respect is obvious. You should not miss this discussion.
Lee Ainslie
The Maverick Capital founder was interviewed by Patrick O’Shaughnessy on Invest Like the Best. The discussion is full of investing wisdom and current actionable content. So much so, that paying subscribers can read on for some important takeaways.