In this episode of Excess Returns, Matt Zeigler is joined by special co-host Bogumil Baranowski to sit down with Chris Mayer. As the author of the acclaimed book 100 Baggers: Stocks That Return 100-to-1 and How to Find Them, former editor of influential newsletters, and co-founder of Woodlock House Family Capital, Chris brings a wealth of experience and a unique perspective to the table. In this conversation, we dive deep into the world of long-term investing, exploring timeless principles, the impact of AI on future opportunities, and the mindset required to identify and hold onto extraordinary businesses. Whether you're a seasoned investor or just starting out, this episode is packed with wisdom to help you navigate the markets with patience and purpose.

Main Topics Covered:

The potential for 100-bagger stocks in emerging industries like AI and how time reveals the winners.

The "twin engines" of growth and multiples, and why great businesses often trade at high valuations.

The merits and challenges of concentrated investing in a market dominated by giants like the "Mag Seven."

Strategies for dealing with drawdowns and maintaining conviction in great companies through volatility.

The importance of aligning investment strategies with the right type of capital, especially for family wealth.

How experiences as a banker, newsletter editor, and board member shape a business-owner mindset.

The role of boards in capital allocation and setting incentives that drive long-term value.

Insights from general semantics as a tool for critical thinking and avoiding investment pitfalls.

The power of journaling to track evolving thoughts and foster humility in investing.

Why patience is the ultimate lesson for investors and how to tune out market noise.