Our teacher today is Brent Beshore, founder and CEO of Permanent Equity, a firm that backs family-owned businesses across North America with no intention of ever selling.

As we explore what it means to build enduring companies and live a meaningful life, we turn to Brent’s unconventional path – one that challenges the core assumptions of modern private equity and the incentives that shape it.

Brent shares how his background in liberal arts and early experiences with success led him to question the traditional models of achievement, wealth, and performance. He describes why he rejected the “buy, lever, and flip” playbook in favor of permanent ownership, and how designing the right incentives can protect against short-term thinking and misaligned behavior.

This special session explores Brent’s journey from studying poverty and politics to building a different kind of investment firm, alongside deeper reflections on faith, introspection, relationships, and the pursuit of the good life. Please enjoy class with Brent Beshore.

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

-----

Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at ⁠colossus.com/subscribe⁠.

-----

This episode is brought to you by https://www.portraitanalytics.ai/ - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building.

Sign-up for a free trial today at https://www.portraitresearch.com

-----

This episode is brought to you by Eight Sleep — the Pod is a smart mattress cover designed to improve sleep by automatically cooling or heating your bed throughout the night. Built on the science that your body needs to cool down to reach deep sleep, it tracks your sleep and adjusts in real time to help you get better rest, recovery, and overall sleep quality. No wearables required.

Use the code JOYS at https://www.eightsleep.com/joys for up to $350 off the Pod 5.

-----

Joys of Compounding is a property of Pine Grove Studios in collaboration with Colossus, LLC. For more episodes of Joys of Compounding, visit⁠ colossus.com/episodes⁠. 

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠).

Follow us on Twitter: ⁠@Buhrman_Rick⁠  | ⁠@PaulBuser⁠ | ⁠@colossusmag

Timestamps

(00:00:00) Welcome to Joys of Compounding

(00:04:22) Washington & Lee and Finding Mentor Harlan Beckley

(00:07:27) Liberal Arts Education in the AI Era

(00:09:23) Why Brent Writes and Communicates Online

(00:11:40) Being the Same Person Everywhere

(00:15:29) Starting the 2025 Letter

(00:16:46) Performance Culture and Almost Losing It All

(00:18:23) God's Love vs. Performing for Approval

(00:21:25) Building Permanent Equity

(00:24:54) What is the Good Life?

(00:26:56) Joy in Relationships Over Circumstances

(00:29:43) Peace, Wholeness, and Lou Holtz on Happiness

(00:32:28) Vacation Misery and the Performance Trap

(00:34:58) Introspection vs. Rumination

(00:37:51) Peter Kaufman's Influence and Compounding Ideas

(00:42:31) Studying the Investment Greats

(00:55:49) The Notre Dame Meeting That Changed Everything

(00:59:36) Self-Education Through Reading and Study

(01:09:39) Fee Structure: 2% vs. Performance-Based Incentives

(01:13:16) Never Be a Forced Buyer or Seller

(01:16:01) Building Your Own Investment Mosaic

(01:19:15) Standing Out vs. Becoming a Commodity

(01:21:09) AI Transformation in the Last 18 Months

(01:24:14) Technology, Inequality, and Human Flourishing

(01:28:26) Change Management and Upskilling Teams

(01:31:34) Building Community at Main Street Summit

(01:37:08) Tennis: From Childhood to Identity Transformation

(01:42:40) Closing Reflections on Friendship

Our teacher today is Julian Flannery, co-founder and CEO of Summus, a company democratizing access to the world's leading doctors to drive better health outcomes and cost savings for employers and health plans. As we explore the future of human health, we turn to specialty care, where U.S. healthcare's spiraling costs, inadequate speed, and care disparities are most acute. Yet our system's greatest strength remains the expertise of our leading doctors—a national treasure that Summus was designed to connect with patients through an ecosystem of over 5,000 of the world's best physicians. 

This special session explores Julian’s fascinating journey from the White House and Morgan Stanley to pioneering the expert economy at GLG, and ultimately building what we can only describe as a miracle factory that's having an extraordinary impact on humanity. Please enjoy class with Julian Flannery

For the full show notes, transcript, and links to mentioned content, check out the episode page⁠ here.⁠

—--

This episode is brought to you by⁠ ⁠Portrait Analytics⁠⁠ - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before.

Sign-up for a free trial today at⁠ ⁠portraitresearch.com⁠⁠

—--

Joys of Compounding is a property of Pine Grove Studios in collaboration with Colossus, LLC. For more episodes of Joys of Compounding, visit⁠ joincolossus.com/episodes⁠. 

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠).

Follow us on Twitter: ⁠@Buhrman_Rick⁠  | ⁠@PaulBuser⁠ | ⁠@JoinColossus⁠

Show Notes

(00:00:00) Welcome to Joys of Compounding

(00:02:09) Julian's Personal Healthcare Journey

(00:02:41) Julian's Career and Leadership Insights

(00:06:14) Julian's Early Life and Influences

(00:13:18) Julian's College Years and Challenges

(00:15:27) From the White House to Business School

(00:22:03) Navigating the Business World

(00:35:46) Building Summus: The Vision and Impact

(00:42:51) Understanding the Healthcare System

(00:49:42) Navigating Complex Healthcare Costs

(00:50:44) Finding the Right Specialist

(00:51:45) Building an Expert Marketplace

(00:52:37) Challenges of Starting a Healthcare Startup

(00:54:06) Trust and Expertise in Healthcare

(00:56:02) How Summus Bridges Healthcare Gaps

(00:58:32) The Role of Technology and Service

(00:59:25) Creating a Doctor-First Culture

(01:00:33) Summus' Impact on Employers and Employees

(01:24:44) The Future of Healthcare and AI

(01:29:04) Leadership and Building a Great Team

(01:33:02) Personal Reflections and Gratitude

Our teacher today is Matteo Franceschetti, co-founder and CEO of Eight Sleep, whose Pod technology ranks among the top five products that have meaningfully improved my quality of life. This conversation launches our series on founders and investors revolutionizing human health, covering everything from diagnostics to longevity science to biotechnology.

Matteo's story is fascinating—he's an unlikely health tech founder who grew up in Italy pursuing law with little scientific or medical background, yet he's combined the discipline of an elite multi-sport athlete with the resilience of a serial entrepreneur to build a category-defining company. We discuss the challenges of building a consumer hardware company and how his team raised capital from world-renowned investors while achieving cash flow positivity to control their destiny. Please enjoy class with our friend Matteo Franceschetti.

For the full show notes, transcript, and links to mentioned content, check out the episode page⁠ here.⁠

—--

This episode is brought to you by⁠ ⁠Portrait Analytics⁠⁠ - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before.

Sign-up for a free trial today at⁠ ⁠portraitresearch.com⁠⁠

—--

Joys of Compounding is a property of Pine Grove Studios in collaboration with Colossus, LLC. For more episodes of Joys of Compounding, visit⁠ joincolossus.com/episodes⁠. 

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠).

Follow us on Twitter: ⁠@Buhrman_Rick⁠  | ⁠@PaulBuser⁠ | ⁠@JoinColossus⁠

Show Notes

(00:00:00) Welcome to The Joys of Compounding

(00:00:57) Meet Matteo Franceschetti: The Sleep Maestro

(00:01:48) Matteo's Journey: From Italy to Health Tech

(00:02:45) The Science and Impact of Sleep

(00:05:57) Personal Stories and Early Ventures

(00:15:23) From Law to Entrepreneurship

(00:27:54) The Birth of Eight Sleep

(00:32:20) Thought Partners and Business Ventures

(00:32:42) The Importance of Sleep: Insights from Experts

(00:34:29) The Evolution of Sleep Awareness

(00:35:22) Innovating Sleep Technology

(00:36:37) Building Eight Sleep: Challenges and Vision

(00:40:04) Understanding Sleep Stages and Optimization

(00:45:01) Balancing Execution and Vision in Business

(00:47:39) Fundraising Journey and Lessons Learned

(00:52:20) The Role of AI in Eight Sleep's Future

(01:00:09) Future Ambitions and Product Roadmap

Our teacher today is Jan Mohr, CEO of Chapters Group, a publicly traded serial acquisition holding company with ambitions of becoming one of Europe's technology champions.

Chapters' origins date back to a small software startup founded near Frankfurt in 1998. Twenty years later, the core business was sold to a strategic buyer, consolidating the market with the proceeds of the sale in 2018. With Jan's influence, the company embarked on a new chapter, pivoting to build the preferred home for mission-critical businesses across the old continent.

Over the last five years, they have been on an absolute tear, having founded four distinct acquisition platforms that collectively acquired around 60 operating companies, demonstrated the ability to build a prolific M&A machine, while also improving the operations of the companies they acquire.

Virtually every company in the world today is, on some level, thinking about AI in terms of threats, opportunities, and implications for their business. Perhaps nowhere is that discourse more animated right now than in the software industry. And as you'll hear from Jan, AI's potential to be a transformative force driving not only efficiencies, but also TAM expansion and most importantly, tangible customer value, is already evident throughout their business.

We hope you enjoy class today with our good friend and Chapter CEO, Jan Mohr.

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

—--

This episode is brought to you by ⁠Portrait Analytics⁠ - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before.

Sign-up for a free trial today at ⁠portraitresearch.com⁠

—--

Joys of Compounding is a property of Pine Grove Studios in collaboration with Colossus, LLC. For more episodes of Joys of Compounding, visit joincolossus.com/episodes. 

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Follow us on Twitter: @Buhrman_Rick  | @PaulBuser | @JoinColossus

Show Notes

(00:00:00) Welcome to The Joys of Compounding

(00:04:48) The Rise of Artificial Intelligence

(00:07:28) Jan's Vision for Chapters Group

(00:12:01) The Importance of Talent and Co-Founders

(00:15:48) Centralized Vision and Decentralized Operations

(00:18:59) AI's Impact on Business Efficiency

(00:27:42) AI in Public Sector and Enterprise

(00:43:02) Mission Criticality and Public Sector Focus

(00:45:57) Recruiting Talent for Clusters

(00:48:11) Cybersecurity and AI Integration

(00:50:09) European Market Dynamics

(00:55:43) Deal Making vs. Deal Doing

(01:14:11) Incentive Systems and Ownership

(01:21:05) Future Vision and Talent Development

Today's teacher is ⁠David Senra⁠. David is an absolute force of nature who is taking the world by storm with his podcast "Founders." In class today, we enjoy access to the full spectrum of learnings from his decade-long study of history's greatest entrepreneurs, artists, athletes, and leaders.

The library David built reflects a range of study that is boundless. From Alexander the Great to Catherine Graham to Alexander Graham Bell, from Warren to Jimmy Buffett, and from J. Gould all the way to Jay Z. He helps us gain an understanding of why virtually all of the greats in history devote themselves to the study of those that came before them. Please enjoy today's class with David Senra.

For the full show notes, transcript, and links to mentioned content, check out the episode page⁠ ⁠⁠here.⁠

Joys of Compounding is a property of Pine Grove Studios in collaboration with Colossus, LLC. For more episodes of Joys of Compounding, visit⁠ joincolossus.com/episodes⁠. 

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠).

Follow us on Twitter: ⁠@Buhrman_Rick⁠  | ⁠@PaulBuser⁠ | ⁠@JoinColossus⁠

Show Notes

(00:00:00) Welcome to Joys of Compounding

(00:05:23) Understanding the need to devote oneself to something

(00:09:10) The profound and helpful insights gained from learning about historical figures

(00:17:05) Advice for a 22-year-old about the value of relentless effort

(00:27:14) Hard work as a prerequisite for achieving greatness

(00:32:37) How time and effort influence the compound interest equation

(00:41:34) Factors that hinder the pursuit of greatness

(00:47:40) Seeking voices that guide you toward the right path

(00:56:02) Curiosity as an innate talent or a cultivated skill

(01:00:44) Letting go of interests that obstruct your goals

(01:08:45) Striking a balance between work and family for a fulfilling life

(01:14:50) Basic steps within our control to become the person we aspire to be

(01:19:10) The unique appeal of podcasting as a business

(01:24:19) Turning information from biographies into actionable knowledge.

Our teacher today is Steve Mandel, founder of Lone Pine Capital, one of the defining investment firms of our time. For starters, Steve is, without question, among the most important leaders in the investment management industry. Consider that Seth Klarman once called him, “the best industry analyst I've ever met, who became the best long short hedge fund manager of his generation.”

In our opinion, the magic of Lone Pine resides in the principles that form its foundation and the people that animate its culture. But to understand the organization, you really need to first understand its master builder, a man of unusual integrity whose reputation across every dimension of his life and at every chapter of his life is so consistent and compelling when it comes to investing.

Steve has an infectious Buffett-like love for the craft, and he's someone who seems more rooted in an orientation of service than any investor we've ever met. And one of the great paradoxes of this story is that from day one, Steve deliberately architected Lone Pine so that it would always be about more than just him.

Beyond Lone Pine, we also discuss the value of having heroes and mentors, how relationships can enrich an education and a career, the art of doing great research, and what is important when investing in periods of accelerated change.

John Gardner once said, “There are men and women who make the world better just by being the kind of people they are.” It's truly an honor to bring this conversation to you with one of those kinds of people. Please enjoy class with the one and only Steve Mandel.

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

—--

Joys of Compounding is a property of Pine Grove Studios in collaboration with Colossus, LLC. For more episodes of Joys of Compounding, visit joincolossus.com/episodes. 

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Follow us on Twitter: @Buhrman_Rick  | @PaulBuser | @JoinColossus

Show Notes

(00:00:00) Welcome to the Joys of Compounding

(00:02:15) The Evolution and Principles of Lone Pine Capital

(00:05:15) Steve's Early Life and Influences

(00:06:45) The Dartmouth Experience and Liberal Arts Education

(00:09:07) Harvard Business School and Early Career Lessons

(00:12:58) Mentorship and Learning from Industry Giants

(00:17:28) Founding Lone Pine Capital: Vision and Business Plan

(00:29:20) The Importance of Duration and Flexibility in Investing

(00:37:57) Early Days of Lone Pine: Building a Lasting Culture

(00:42:56) Retaining Talent: Key Factors

(00:43:34) Evolving Leadership and Team Development

(00:44:38) Portfolio Management Evolution

(00:47:05) Cross-Functional Growth and Development

(00:48:09) The Role of Analysts and Portfolio Managers

(00:50:39) Adapting to Market Changes and Technology

(00:54:04) Investment Strategies and Firm Philosophy

(00:57:43) Challenges and Future Directions

(01:08:45) Valuation and Investment Decisions

(01:11:17) Mentorship and Analyst Development

(01:20:07) Future Outlook

 We've got just the class to help you get back into that learning machine mode. We're stoked to be joined by our good friend Chris Begg, founder of East Coast Asset Management and adjunct Associate Professor at the Helibrunn Center for Graham and Dodd investing at Columbia Business School. He teaches security analysis, perhaps the most legendary investing course in higher education.

In today's class, we offer some historical context on the legacy of the adjunct investing professor, addressing why the practitioner teacher has played such a formative role for so many of the world's greatest investors. 

We also share our own teaching journey and the curriculum and guests that have helped make our respective classes so impactful. We even include a preview of our brand new class at Notre Dame, Investing in the Good Life, which is in partnership with the Shedi Family Program in Economy, Enterprise, and Society, and the College of Arts and Letters.

Please enjoy our Back to School Special with our friend and the dawn of compression, Chris Begg. 

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

—--

Joys of Compounding is a property of Pine Grove Studios in collaboration with Colossus, LLC. For more episodes of Joys of Compounding, visit joincolossus.com/episodes. 

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Follow us on Twitter: @Buhrman_Rick  | @PaulBuser | @JoinColossus

Show Notes

(00:00:00) Welcome to The Joys of Compounding

(00:03:23) Summer Highlights and Personal Reflections

(00:08:24) Music and Podcasts: Inspirations and Reflections

(00:16:43) The Art of Songwriting and AI

(00:21:48) Season Two Reflections and Guest Highlights

(00:33:18) The Legacy of Practitioner Teachers

(00:48:00) Influential Teachers and Their Impact

(00:50:24) Value Investing Principles and Classroom Dynamics

(00:52:32) Personal Teaching Journeys and Early Influences

(00:57:14) Memorable Teaching Experiences and Guest Lecturers

(01:11:57) The Role of AI in Education

(01:26:23) Future Plans and New Beginnings

 Our teacher today is Will Thorndike, co-founder of Compounding Labs and author of the acclaimed book, “The Outsiders.” In our opinion, Will has emerged as one of the most influential and innovative investor minds of the past few decades. And if you care about long-term value creation and the art of capital allocation, chances are you've also benefited from some of his ideas. 

In 1994, he founded Housatonic Partners, a pioneering private equity firm known for its unusually long holding periods and its leadership in the search fund space alongside his mentor and Stanford professor Irv Grousbeck. Will helped to originate the modern search fund model, backing early career CEOs to buy and grow businesses with long-term horizons and radically aligned incentives.

Since then, he has invested in the majority of the top 20 search fund outcomes to date, including Asurion, which he recently profiled on his podcast 50X. 

We explore Will's full arc from the research that led to “The Outsiders” to his decades as an investor to the new frontier he's now helping to shape. We talk about what makes a business truly enduring, why great leadership and resource allocation remain so misunderstood, and how the right people, structure, and alignment enable companies to compound over time. Please enjoy this class with Will Thorndike.

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

—--

Joys of Compounding is a property of Pine Grove Studios in collaboration with Colossus, LLC. For more episodes of Joys of Compounding, visit joincolossus.com/episodes. 

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Follow us on Twitter: @Buhrman_Rick  | @PaulBuser | @JoinColossus

Show Notes

(00:00:00) Welcome to The Joys of Compounding

(00:00:57) Introducing Will Thorndike

(00:03:35) The Rise of Long Duration Serial Acquisition Holding Companies

(00:07:25) The 50X Podcast Journey

(00:16:29) The Origins of Will's Investing Career

(00:18:11) Stanford's Influence and Key Mentors

(00:23:48) The Search Fund Model Explained

(00:39:18) The Outsiders: From Concept to Acclaim

(00:46:33) The Influence of Leverage and Share Buybacks

(00:47:30) Personal Reflections on the Book's Impact

(00:52:54) Experiments in Public Markets: CNX and Perimeter

(00:58:35) The Evolution of Inorganic Growth Models

(01:02:52) The Power of Long-Term Ownership

(01:14:52) The Importance of Relationships and Learning

Our teacher today is Katie Koch. Katie is the President and CEO of the TCW Group, a storied firm with over 200 billion in assets under management and a fascinating 50-year legacy as a pioneer in the investment industry. Katie just took the TCW reins in 2023 after more than 20 years at Goldman Sachs. She joined Goldman right after college as the self-proclaimed least capable person in the firm and rose to become chief investment officer of their 300-billion-dollar public equity business. 

Please enjoy our class with the wonderful force multiplier, Katie Koch.

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

-----

Joys of Compounding is a property of Pine Grove Studios in collaboration with Colossus, LLC. For more episodes of Art of Investing, visit joincolossus.com/episodes. 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

Follow us on Twitter: @ArtofInvest | @Buhrman_Rick  | @PaulBuser | @JoinColossus

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Show Notes

(00:00:00) Welcome to Art of Investing

(00:02:38) First Question - ‘What Choice Would You Make If You Knew You Would Not Fail?’

(00:05:00) Katie's Childhood and Lessons from Parents

(00:13:24) Her Experience at the University of Notre Dame

(00:24:15) Katie's 20-Year Career at Goldman Sachs

(00:36:16) The Importance of Mentorship and Sponsorship

(00:41:18) Building Meaningful Relationships for Career Growth

(00:43:24) The Transition from Goldman to TCW

(00:48:15) The Importance of Humility and Collaboration in Leadership

(01:01:35) The Significance of Diversity in Investment Firms

(01:07:30) The Role of a CEO and Building a Successful Team

(01:10:42) Transitioning from Investor to Operational Leadership

(01:12:06) Differentiating an Investment Organization

(01:15:59) Balancing Family and Career

 Our teacher today is Sebastian Mejia. He combines intellectual range with emotional depth and is the co-founder of Rappi, the on-demand delivery platform that has become one of Latin America's most influential tech companies.

 In this episode, we discuss resilience, identity, intuition, and building companies with a sense of urgency and wonder. We will go from Sebastian’s immigrant hustle in New York to billion-user ambitions in India, from early-stage chaos to the challenge of scaling a tech company across hundreds of Latin American cities.

Now, Sebastian is entering a new chapter, one that blends investing with company building. He's been asking bigger, more personal questions like what's enduring, what's authentic, and where can I bring my full self to the table? Please enjoy our class with Sebastian Mejia.

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

—--

Joys of Compounding is a property of Pine Grove Studios in collaboration with Colossus, LLC. For more episodes of Joys of Compounding, visit joincolossus.com/episodes. 

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Follow us on Twitter: @Buhrman_Rick  | @PaulBuser | @JoinColossus

Show Notes

(00:00:00) Welcome to The Joys of Compounding

(00:01:22) Sebastian's Early Life and Influences

(00:11:15) The Turning Point: Loss and Resilience

(00:17:06) Adventures in Spain and Beyond

(00:36:52) Building Rappi: From Concept to Reality

(00:46:06) Building a Multicultural Team

(00:53:30) The Intersection of Operating and Investing

(01:01:43) Building Tako: A Payroll Infrastructure Company

(01:06:46) The Impact of AI on Business

(01:17:45) Balancing Speed and Quality in Startups

(01:21:10) Zeal: Integrating Interests and Talents

(01:28:20) The Importance of Kindness and Purpose