The Bull of Wall Street10 Des 2025

#53 – Ron Baron and Michael Baron of Baron Capital on Long-Term Ownership, Conviction Investing, and Building Generational Wealth (recorded 12/10/25)

#53 – Baron Capital Founder and CEO Ron Baron and Co-President and Portfolio Manager Michael Baron on Long-Term Ownership, Conviction Investing, and Why Great Wealth Is Built by Owning Businesses

In this episode, Ron Baron, Founder and CEO of Baron Capital, and Michael Baron, Co-President and Portfolio Manager, join The Bull of Wall Street for a wide-ranging conversation on generational wealth, conviction investing, and why true long-term success comes from owning great businesses rather than trading headlines. Ron reflects on the personal experiences that shaped his philosophy, the discipline required to hold through volatility, and what he calls the true test of friendship in investing. The discussion also explores Baron Capital’s expansion into ETFs and how advisors can think about structure, implementation, and long-term portfolio construction in a rapidly changing market environment.

What you’ll learn:

Why Ron Baron believes generational wealth is created by owning businesses, not buying and selling stocks
How conviction is built through deep research and first-principles thinking
Lessons from holding investments through severe drawdowns
What the Elon Musk and X investment revealed about risk, patience, and partnership
How Baron Capital is translating its philosophy into ETF structures
Why active management still matters in transformational technology cycles
How advisors can frame volatility with clients through a business-owner mindset

Chapters

03:00 – From $100M to over $50B: the long road of ownership

05:30 – Why selling great companies too early taught Ron that wealth is built by holding.

08:30 – Michael’s perspective on growing into the process and building durable belief.

10:45 – What it means to stand by an investment when sentiment turns sharply negative.

16:30 – Why ETFs, why now

24:30 – Why transformational tech is not a bubble and why selectivity still matters.

32:30 – First principles and holding through volatility

40:00 – Why owning growing businesses remains the best defense against uncertainty.

Guest

Ron Baron – Founder, CEO, and Portfolio Manager, Baron Capital

Michael Baron – Co-President and Portfolio Manager, Baron Capital

Hosts

Jim Worden – Chief Investment Officer, WCG

Talley Leger – Chief Market Strategist, WCG

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