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

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

Episoder(571)

Ben Horowitz - Backing America’s Future - [Invest Like the Best, EP.457]

Ben Horowitz - Backing America’s Future - [Invest Like the Best, EP.457]

My guest today is Ben Horowitz, the co-founder of Andreessen Horowitz. Since its founding in 2009, a16z has grown into one of the most influential firms in venture capital, reshaping how technology co...

3 Feb 55min

Gokul Rajaram - Lessons from Investing in 700 Companies - [Invest Like the Best, EP.456]

Gokul Rajaram - Lessons from Investing in 700 Companies - [Invest Like the Best, EP.456]

My guest today is ⁠Gokul Rajaram⁠, Founding Partner at Marathon Management. Gokul is one of the most prolific product builders and investors of the last twenty years. He has built the core ad and prod...

29 Jan 1h 16min

Patrick O’Shaughnessy - Creating on Principle - [Invest Like the Best, EP.455]

Patrick O’Shaughnessy - Creating on Principle - [Invest Like the Best, EP.455]

This week is a special episode. Only David Senra could get me to be on the other side of the mic. Because I don’t plan on being interviewed often, I wanted to share this conversation, which I so enjoy...

20 Jan 2h 6min

Tom Digan & Greg Stewart - Building the World’s Best Fitness App - [Invest Like the Best, EP.454]

Tom Digan & Greg Stewart - Building the World’s Best Fitness App - [Invest Like the Best, EP.454]

My guests today are Tom Digan and Greg Stewart. Tom is the co-founder of Ladder, and Greg is its CEO. Ladder was my first angel investment. What followed over the next seven years is one of the most ...

13 Jan 1h 14min

Reed Hastings - Building Netflix - [Invest Like the Best, EP.453]

Reed Hastings - Building Netflix - [Invest Like the Best, EP.453]

My guest today is Reed Hastings, the co-founder and former longtime CEO of Netflix. Netflix is an example of two ideas that everyone talks about, but are extremely hard to do in practice. The first i...

6 Jan 1h 2min

Nick Kokonas - Know What You Are Selling - [Invest Like The Best, REPLAY]

Nick Kokonas - Know What You Are Selling - [Invest Like The Best, REPLAY]

Today, I am replaying my conversation with Nick Kokonas, one of my favorites from the show. Nick is the co-founder of 3 of the best restaurants and bars in America - Alinea, Next, and The Aviary as...

30 Des 20251h 17min

Ric Elias - The Art of Living Well - [Invest Like The Best, CLASSICS]

Ric Elias - The Art of Living Well - [Invest Like The Best, CLASSICS]

Ric Elias - The Art of Living Well - [Invest Like The Best, CLASSICS] Welcome to this classic episode. Classics are my favorite episodes from the past 10 years, published once a month. These are N of...

23 Des 20251h 25min

Henry Ellenbogen - Man Versus Machine - [Invest Like the Best, EP.452]

Henry Ellenbogen - Man Versus Machine - [Invest Like the Best, EP.452]

My guest today is Henry Ellenbogen, founder and Managing Partner of Durable Capital Partners. Henry built his reputation at T. Rowe Price, where he led the New Horizons Fund and turned it into one of ...

16 Des 20251h 47min

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