[REPLAY] Will Thorndike - How Skilled Capital Allocators Compound Capital - [Invest Like the Best, EP.36]

[REPLAY] Will Thorndike - How Skilled Capital Allocators Compound Capital - [Invest Like the Best, EP.36]

This week’s guest is Will Thorndike, 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 8-year research project studying CEOs who were master capital allocators. These CEOs include Henry Singleton, John Malone, Tom Murphy, Katherine 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 allocators 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 founded 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 on the searchers or operators in the micro-cap, permanent equity space, it was great to get the perspective of an experienced LP. As always, we also take time to survey the dangers and opportunities in today’s private equity market. For comprehensive show notes on this episode go to http://investorfieldguide.com/thorndike For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag

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Jeff Jordan - Building & Investing in Marketplaces - [Invest Like the Best, EP. 276]

Jeff Jordan - Building & Investing in Marketplaces - [Invest Like the Best, EP. 276]

My guest today is Jeff Jordan, General Partner at Andreessen Horowitz. Jeff has one of the most interesting set of experiences of guests that I’ve had on the show. As an operator, he has been the Gene...

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Eric Glyman - Reimagining Corporate Finance - [Invest Like the Best, EP. 275]

Eric Glyman - Reimagining Corporate Finance - [Invest Like the Best, EP. 275]

My guest today is Eric Glyman, co-founder and CEO of Ramp. Ramp is best known for its corporate cards but it has a range of software products to help finance teams save money and time. Since its found...

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Dmitry Balyasny - Building a Better Model - [Invest Like the Best, EP. 274]

Dmitry Balyasny - Building a Better Model - [Invest Like the Best, EP. 274]

My guest today is Dmitry Balyasny. Dmitry is the Managing Partner and CIO of Balyasny Asset Management, otherwise known as BAM. BAM runs a multi-strategy, multi-PM model that aims to produce consisten...

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Henry Ward - Transforming Private Markets - [Invest Like the Best, EP. 273]

Henry Ward - Transforming Private Markets - [Invest Like the Best, EP. 273]

My guest today is Henry Ward, co-founder and CEO of Carta. Started in 2012, Carta helps companies and investors manage their cap tables, equity plans, and ownership. Last year, they launched CartaX, a...

21 Huhti 20221h 24min

Alexandr Wang - A Primer on AI - [Invest Like the Best, EP. 272]

Alexandr Wang - A Primer on AI - [Invest Like the Best, EP. 272]

My guest today is Alexandr Wang, the CEO and founder of Scale AI. Alexandr founded Scale in 2016, having been inspired to accelerate the development of AI through his work at Quora and his studies at ...

12 Huhti 20221h 15min

Antonio Gracias - Pro-Entropic Investing - [Invest Like the Best, EP. 271]

Antonio Gracias - Pro-Entropic Investing - [Invest Like the Best, EP. 271]

My guest today is Antonio Gracias, founder, CIO, and CEO of Valor Equity Partners. Antonio is perhaps best known for his role at Tesla, as the earliest institutional investor and Director from 2007 to...

5 Huhti 20221h 14min

David Rubenstein - Life, Leadership, and LBOs - [Invest Like the Best, EP. 270]

David Rubenstein - Life, Leadership, and LBOs - [Invest Like the Best, EP. 270]

My guest today is David Rubenstein, co-founder of The Carlyle Group - one of the largest private equity firms in the world. David has worked in the White House, built a $300 billion investment instit...

29 Maalis 20221h 17min

Gaurav Kapadia - Everything Compounds - [Invest Like the Best, EP. 269]

Gaurav Kapadia - Everything Compounds - [Invest Like the Best, EP. 269]

My guest today is Gaurav Kapadia, founder of investment firm XN. Gaurav is a veteran of the investing arena. We cover his lessons while rising to partner at TPG Axon, co-founding Soroban Capital, and ...

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