Joys of Compounding

Our teacher today is Brad Gerstner, founder of Altimeter Capital. Brad is an exceptional investor and gifted teacher with a unique ability to distill complex ideas into clear, qualitative insights.

In this session, Brad will share lessons learned across the full arc of his career that has spanned everything from RV manufacturing to politics to founding and operating several technology companies to building Altimeter into one of the preeminent technology investors across all stages, public and private.

We also discuss Invest America, a bipartisan grassroots movement led by Brad to make every child in the US a saver and investor beginning the day they are born. We're delighted to bring this class to you in collaboration with Notre Dame professor Jim Sullivan, co-founder of the Lab for Economic Opportunity, and inaugural chair of the Notre Dame Poverty Initiative.

Please enjoy our class with the wonderful Brad Gerstner. 

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

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This episode is brought to you by Summus. Summus is a revolutionary health benefits solution, driving superior employee engagement while dramatically lowering your company's enterprise-level healthcare spend. They're completely transforming the world of health benefits by providing employers and their employees in any location, fast access to over 5,100 of the top medical specialists from America's very best medical centers for support across all health questions. If you're looking for a benefit that drives your employee engagement, truly takes care of your people in their most scary and vulnerable times, all while improving your healthcare ROI, visit GoSummus.info/AOI.

This episode is brought to you by Hunt Club. Hunt Club unlocks relationships and helps companies grow. Whether it's recruiting your next hire, landing your next big partner, or financing your business, a trusted introduction always works more effectively. Hunt Club’s tech-enabled search model leverages the largest community of its kind to refer amazing talent on your behalf. Additionally, its software program, Atlas, helps organize the entire network of a company or fund and assists in streamlining the right introductions. If you're looking for the ideal solution for all of your talent needs, visit HuntClub.com/AOI.

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

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

Show Notes

(00:02:12) - (First question) - Tracing Brad's evolution as an investor

(00:08:48) - Reflecting on his parents' tangible contributions to his career

(00:10:43) - Examining the influence of his college and law school experiences

(00:15:16) - Key figures and events shaping Altimeter Capital

(00:19:18) - Crafting a company with substantial impact

(00:21:27) - Choosing an unconventional route

(00:33:09) - Significant relationships that fostered the development of Altimeter Capital

(00:44:47) - Implementing the principles of Essentialism in life and business

(00:51:50) - Launching the Invest America program

(01:04:07) - Evaluating the S&P 500 as an investment tool for Invest America

(01:09:36) - Recognizing and leveraging market trends

(01:27:49) - Contemplating the desired legacy of Brad's life's work

Our teacher today is Jan Mohr. Jan is an investor turned operator who is currently CEO of Chapters Group, a publicly traded holding company building Europe's home for mission-critical businesses. This class is first and foremost about a young aspiring value investor who embodies a fascinating combination of German discipline and sensibility with a more American risk-taking and entrepreneurial spirit on his quest to continue reimagining what's possible in a life and career. 

At just 33, he has already traveled well up the compounding curve and has a great deal of wisdom and lessons to share. We hope you enjoy our class today with Jan Mohr. 

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

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This episode is brought to you by Summus. Summus is a revolutionary health benefits solution, driving superior employee engagement while dramatically lowering your company's enterprise-level healthcare spend. They're completely transforming the world of health benefits by providing employers and their employees in any location, fast access to over 5,100 of the top medical specialists from America's very best medical centers for support across all health questions. If you're looking for a benefit that drives your employee engagement, truly takes care of your people in their most scary and vulnerable times, all while improving your healthcare ROI, visit GoSummus.info/AOI.

This episode is brought to you by Hunt Club. Hunt Club unlocks relationships and helps companies grow. Whether it's recruiting your next hire, landing your next big partner, or financing your business, a trusted introduction always works more effectively. Hunt Club’s tech-enabled search model leverages the largest community of its kind to refer amazing talent on your behalf. Additionally, its software program, Atlas, helps organize the entire network of a company or fund and assists in streamlining the right introductions. If you're looking for the ideal solution for all of your talent needs, visit HuntClub.com/AOI.

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

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

Show Notes

(00:04:41) - (First question) - Jan's Journey: From Investor to CEO

(00:07:10) - The Genesis of Chapters Group

(00:15:390 - The Unique Challenges and Opportunities of Vertical Market Software

(00:21:20) - Building a Strong Team and Culture at Chapters Group

(00:22:48) - The Power of Mentorship and Reaching Out to Your Idols

(00:28:14) - The Importance of Conviction and Focus in Business

(00:30:19) - The Role of Time Horizon in Business Growth

(00:33:09) - The Next Five Years for Chapters Group

(00:39:54) - Lessons from Mentors and Outside Influences

(00:43:38) - The Importance of Explicit Values

(00:46:35) - Exploring the Potential of Vertical Market Software

(00:48:44) - The Attractiveness of Small Markets

(00:51:00) - Deep Dive into their Symphony Software Platform

(00:54:38) - Understanding the European Landscape for Business Building 

(01:01:43) - Building a Shareholder Base

(01:13:18) - The Vision for Chapters Group

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.

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This episode is brought to you by Summus. Summus is a revolutionary health benefits solution, driving superior employee engagement while dramatically lowering your company's enterprise-level healthcare spend. They're completely transforming the world of health benefits by providing employers and their employees in any location, fast access to over 5,100 of the top medical specialists from America's very best medical centers for support across all health questions. If you're looking for a benefit that drives your employee engagement, truly takes care of your people in their most scary and vulnerable times, all while improving your healthcare ROI, visit SummusGlobal.com.

This episode is brought to you by Hunt Club. Hunt Club unlocks relationships and helps companies grow. Whether it's recruiting your next hire, landing your next big partner, or financing your business, a trusted introduction always works more effectively. Hunt Club’s tech-enabled search model leverages the largest community of its kind to refer amazing talent on your behalf. Additionally, its software program, Atlas, helps organize the entire network of a company or fund and assists in streamlining the right introductions. If you're looking for the ideal solution for all of your talent needs, visit HuntClub.com/AOI.

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Art of Investing 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

Show Notes

(00:05:23) - (First question) 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.

Today's teacher is Ho Nam, co-founder of Altos Ventures. As the numbers go, Altos is one of the greatest venture capital firms of the last quarter century. We unpack Ho's origin story and the values that shaped him most as a person and investor, and then we then turn to Altos itself. Altos has emerged as one of the most elite venture investors by breaking traditional VC rules, by backing hedgehogs rather than foxes, by focusing relentlessly on capital efficiency, by investing at all stages of a company, and by displaying an unusual dose of kindness and patience along the way.

This is a remarkable story of the art of what's possible when a group of investors are first and foremost in service to founders. It is also a tale of great struggle and resilience, constant evolution and self-discovery, and the courage to be different. Please enjoy our class with Ho Nam.

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

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This episode is brought to you by Summus. Summus is a revolutionary health benefits solution, driving superior employee engagement while dramatically lowering your company's enterprise-level healthcare spend. They're completely transforming the world of health benefits by providing employers and their employees in any location, fast access to over 5,100 of the top medical specialists from America's very best medical centers for support across all health questions. If you're looking for a benefit that drives your employee engagement, truly takes care of your people in their most scary and vulnerable times, all while improving your healthcare ROI, visit SummusGlobal.com.

This episode is brought to you by Hunt Club. Hunt Club unlocks relationships and helps companies grow. Whether it's recruiting your next hire, landing your next big partner, or financing your business, a trusted introduction always works more effectively. Hunt Club’s tech-enabled search model leverages the largest community of its kind to refer amazing talent on your behalf. Additionally, its software program, Atlas, helps organize the entire network of a company or fund and assists in streamlining the right introductions. If you're looking for the ideal solution for all of your talent needs, visit HuntClub.com/AOI.

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

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

Show Notes

(00:02:19) - (First question) - Ho’s early life and formation leading up to Altos Ventures

(00:09:00) - How seeing his parents at work shaped his career and investing perspectives

(00:12:53) - Developing a habit of hard work before finding the thing you love

(00:17:53) - The inter-title organisms and what drew him to Harvey Mudd

(00:22:56) - Working on a summer project with Henry Singleton; The Outsiders

(00:24:06) - Early career experiences that shaped the kind of investor he is today

(00:37:10) - Why getting into Stanford was yet another “sliding door” moment 

(00:40:54) - The decision he took that lead to founding Altos and becoming an entrepreneur

(00:45:42) - Whether or not their initial mission aligned with what Altos eventually became

(00:55:54) - How critical points of differentiation came together and where the courage came to double down on them 

(01:01:40) - An overview of the hedgehog concept 

(01:07:29) - How to adhere to the hedgehog concept in light of so much noise today writ large

(01:11:40) - What makes an Altos investment and where it starts

(01:25:32) - How he works with entrepreneurs and helps them along the way 

(01:34:24) - The importance of conviction rather than convention 

(01:40:12) - Reflections on what he hopes to get out of the rest of his life

Today's teachers are Ben Gilbert and David Rosenthal, founders of Acquired, the podcasting sensation telling the stories and strategies of the world's great companies. In this episode, we turn the tables on Ben and David in order to discover their own stories and the fairy dust behind Acquired's success.

We'll cover the history of the formation of one of the most successful podcasts in the world, why having a co-founder & friend is vital to building an enduring company throughout the highs and lows, and their most valuable lessons learned from dissecting the greatest stories in business, investing, and entrepreneurship. Please enjoy our class with Ben Gilbert and David Rosenthal.

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

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This episode is brought to you by Summus. Summus is a revolutionary health benefits solution, driving superior employee engagement while dramatically lowering your company's enterprise-level healthcare spend. They're completely transforming the world of health benefits by providing employers and their employees in any location, fast access to over 5,100 of the top medical specialists from America's very best medical centers for support across all health questions. If you're looking for a benefit that drives your employee engagement, truly takes care of your people in their most scary and vulnerable times, all while improving your healthcare ROI, visit GoSummus.info/AOI.

This episode is brought to you by Hunt Club. Hunt Club unlocks relationships and helps companies grow. Whether it's recruiting your next hire, landing your next big partner, or financing your business, a trusted introduction always works more effectively. Hunt Club’s tech-enabled search model leverages the largest community of its kind to refer amazing talent on your behalf. Additionally, its software program, Atlas, helps organize the entire network of a company or fund and assists in streamlining the right introductions. If you're looking for the ideal solution for all of your talent needs, visit HuntClub.com/AOI.

-----

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

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

Show Notes

(00:05:36) - (First question) - Acquired podcast's journey, founders' insights, and entrepreneurial lessons

(00:11:00) - David Rosenthal's journey from 80s Pennsylvania to entrepreneurship

(00:23:12)- How David's exposure to entrepreneurship shaped his beliefs and co-founder dynamics

(00:14:12) - How Ben and David forged a unique friendship through their shared passions

(00:30:54) - Exploring side hustles & transforming hobbies into career opportunities

(00:42:07) - Why building success requires nurturing intrinsic compounding factors

(00:52:15) - The roles of luck and persistence in achieving success

(00:56:35) - Prioritizing product over monetization for long-term success

(00:60:57) - The importance of staying authentic amidst success

(01:08:15) - Balancing success and well-being with Acquired's freedom-driven approach

(01:10:37) - Recognizing the value of ownership in the journey to success

(01:15:32) - The power of optimism in overcoming challenges and achieving success

(01:19:27) - The significance of authenticity in long-term success

(01:25:07)- Upholding integrity in interactions as an essential component of success

(01:35:04) - Why successful companies often mirror the founder's personality

(01:43:17) - Acquired's biggest strength and the potential risk on the horizon

This is Rick Buhrman and Paul Buser. If you've listened to our Art of Investing trailer, then you'll already know that it was Patrick O'Shaughnessy who first got us into this whole crazy podcast mess.

We recently went on Patrick's show, Invest Like the Best, and wanted to share it to give you a better sense for Art of Investing's ethos and vision. Please enjoy our conversation with the very 'grovey' Patrick O'Shaughnessy.

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

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This episode is brought to you by Tegus. Tegus, the modern research platform for leading investors. Tired of running your own expert calls to get up to speed on a company? Tegus lets you ramp faster and find answers to critical questions more efficiently than any alternative method. The gold standard for research, the Tegus platform delivers unmatched access to timely, qualitative insights through the largest and most differentiated expert call transcript database. With over 60,000 transcripts spanning 22,000 public and private companies, investors can accelerate their fundamental research process by discovering highly-differentiated and reliable insights that can’t be found anywhere else in the market. As a listener, drive your next investment thesis forward with Tegus for free at tegus.co/patrick.

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Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, 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 | @patrick_oshag | @JoinColossus

Show Notes

(00:04:00) - (First question) - Shifting from Notre Dame to Sator Grove, preserving integration and embracing change

(00:07:50) - An overview of Sator Grove

(00:13:19) - Launching in April 2021, they manage $300M for diverse, flexible investments

(00:17:17) - Investing in meaningful projects with trust, long-term focus, and high potential

(00:22:59) - Investors who they feel are dedicated to a greater purpose

(00:27:00) - Why Mitch Rales, Sator Grove's largest shareholder, embodies insatiable curiosity and lifelong learning

(00:31:39) - Learning from great investors by studying their strategies and evolution

(00:41:03) - Embracing change, adapting, and experimenting for success

(00:43:19) - How investors learn from failed companies and guard against survivorship bias

(00:53:39) - Investment success hinges on talent's judgment, character, adaptability, and trust

(00:58:23) - What they found concerning in firms and teams when assessing managers

(01:03:46) - Analyzing asset allocation challenges, including short horizons and over-diversification

(01:08:09) - Teaching compounding's power in everyday life and fostering disciplined habits for growth

(01:14:36) - The importance of nurturing compounding and learning throughout one's life

(01:22:51) - Creating meaningful connections and providing lifelong lessons

(01:28:38) - Wisdom from their mentors and its impact on their investing philosophy

(01:45:19) - Defining the good life: Quality projects, quality people, and meaningful integration

(01:46:59) - The defining moments of their investing careers so far

(01:49:29) - The kindest thing anyone has ever done for them

Today’s teacher is Todd Combs, Investment Manager at Berkshire Hathaway and CEO of Geico. In this episode, Todd will share lessons learned across the full arc of his career, beginning in the halls of the Florida state regulator and all the way through to the great plains of Omaha, Nebraska, home of the eternal compounder.

Warren Buffett and Charlie Munger are two of the greatest business minds in history with an eye for talent and character. If we were to sum up this class into a single topic, it would be exploring what these two investing giants saw in Todd to select him out of the almost 8 billion other people in the world.

Todd is a compounding machine and a terrific storyteller, full of insights and advice that all of us can benefit from. Please enjoy this class with Todd Combs. 

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

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This episode is brought to you by Summus. Summus is a revolutionary health benefit solution, driving superior employee engagement while dramatically lowering your company's enterprise level healthcare spend. They're completely transforming the world of health benefits by providing employers and their employees in any location with fast access to over 5,100 of the top medical specialists from America's very best medical centers for support across all health questions. No bot interactions, just the best doctors, helping you through whatever health obstacle is in your path. If you're looking for a benefit that drives your employee engagement, truly takes care of your people in their most scary and vulnerable times, all while improving your healthcare ROI, visit GoSummus.info/AOI.

This episode is brought to you by Hunt Club. Hunt Club unlocks relationships and helps companies grow. Whether it's recruiting your next hire, landing your next big partner, or financing your business, a trusted introduction always works more effectively. Hunt Club’s tech enabled search model leverages the largest community of its kind to refer amazing talent on your behalf. Additionally, its software program, Atlas, helps organize the entire network of a company or fund and assisting in streamlining the right introductions. If you're looking for the ideal solution for all of your talent needs, visit HuntClub.com/AOI.

-----

Art of Investing 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

Show Notes

(00:06:36) - (First question) - How Todd’s pre-college life helped shape him

(00:09:36) - Reflecting on past curiosity and how it was directed

(00:12:10) - Undergrad years and memories he holds dear to his heart

(00:13:57) - Specialization versus generalization  

(00:16:48) - Creating greatness in all fields through patience

(00:19:18) - Why Todd attended business school 

(00:26:27) - The numerous job avenues students can take to become successful investors

(00:30:53) - Rick tells the history of Blue Ridge and Tiger

(00:35:53) - How Todd's experience in short selling shaped him as an investor today

(00:41:18) - Meeting Warren Buffett and Charlie Munger 

(00:43:15) - Finding the motivation to succeed in your early career life

(00:46:38) - Todd's experience building Castle Point 

(00:55:29) - The will to keep pursuing his career after years and decades

(00:60:48) - What he thinks Buffett and Munger saw in him

(01:09:57) - What it’s been like to be mentored by Buffett and Munger through the years

Welcome to Art of Investing, a 'podclass' with Sator Grove Holding's co-founders Rick Buhrman and Paul Buser. This dialogue is devoted to exploring the vast and endless joys of compounding with the help of some of the world's great investors, company builders, athletes, academics and human beings. In this trailer, Rick and Paul share the vision behind the class and the value they hope to bring to all of you.