Far From The Finishing Post
Troy Asset Management
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Top 10 Far From The Finishing Post Episodes
Goodpods has curated a list of the 10 best Far From The Finishing Post episodes, ranked by the number of listens and likes each episode have garnered from our listeners. If you are listening to Far From The Finishing Post for the first time, there's no better place to start than with one of these standout episodes. If you are a fan of the show, vote for your favorite Far From The Finishing Post episode by adding your comments to the episode page.
Andrew Brenton (Turtle Creek) - A Different Kind Of Value Investing
Far From The Finishing Post
09/02/22 • 40 min
Andrew Brenton co-founded Turtle Creek, a Toronto-based asset manager, in the late 1990s. Since its inception, Turtle Creek has delivered outstanding returns by investing in mid-sized companies in the US and Canada. We discuss Andrew's formative experiences and evolution from private to public market investor, as well as the team's focus on unique companies and exceptional operators. We also talk about the emphasis Turtle Creek place on continuous portfolio optimisation, and other aspects of their process that make them a different kind of value investor.
Show notes:
[1:24] Andrew discusses his career and taking inspiration from John Maynard Keynes
[4:35] The benefits of public market vs private market investing
[7:59] Appreciating complexity in an uncertain world
[11:54] Competitive advantages
[15:01] The benefits of fragmented industries
[17:01] Focusing on unique companies
[19:49] Trusting great operators
[20:46] Getting the future right in a balanced way rather than being overly conservative
[23:38] Behavioural biases and collectively making intelligent decisions
[27:03] Valuing acquisitive companies
[29:27] Focusing on episodic rather than programmatic acquirers
[31:08] Portfolio construction and optimisation
[34:21] Appreciating qualitative factors and a human touch
[38:19] Turnover
[38:52] Have confidence in your views and act more quickly
Gary Channon (Phoenix Asset Management) - Experiments In Value Investing
Far From The Finishing Post
09/16/21 • 47 min
In this episode of Far From The Finishing Post we speak to Gary Channon. Gary founded Phoenix Asset Management in 1998 and is one of the UK's leading value investors. Gary discusses his early career as an investor and the development of Phoenix’s distinct investment philosophy and approach. He emphasises the importance of instilling a culture of continuous learning and improvement, as well as more recent initiatives to apply digital tools in the transformation of analogue businesses.
Show notes:
[1:23] Gary discusses how he caught the investment bug
[4:59] Thinking probabilistically
[6:23] Going deep and being focused
[9:33] What makes a great company
[13:00] Putting a high value on stability and predictability, whilst mining mistakes to continuously learn and improve
[15:52] Observing competitive dynamics through deep due diligence and monitoring
[18:38] Withstanding and exploiting volatility
[22:12] Psychological safety through process and structure
[24:44] Learning from mistakes and using checklists
[28:46] Investing in companies that are not being disrupted by technology
[30:03] Backing people
[32:43] The Castelnau Group and applying digital tools to improve analogue businesses
[38:23] Using technology to accelerate trial & error and to find customers
[43:22] Cultural transformation and winning hearts and minds at Dignity
[45:56] Experimenting at the beginning of your career and leading your own life
Prashant Khemka (White Oak) - A High-Performance Culture in Indian Equities
Far From The Finishing Post
06/02/23 • 39 min
Prashant Khemka has a strong track record managing capital in India and global emerging markets. He established Goldman Sachs Asset Management’s India franchise in 2006, was lead portfolio manager of Goldman’s India Equity and Global Emerging Market Equity strategies, and in 2017 founded White Oak Capital Management, where he has continued to deliver impressive returns. We discuss Prashant’s investment philosophy, how to build a high performing team, why investing is similar to elite sport, and the attractions of investing in India.
Show notes:
[01:27] Catching the investment bug
[04:04] Prashant’s early career
[06:16] Learning from a mentor
[08:10] Building a strong investment culture
[10:25] Having an elite performance mentality
[13:02] The key attributes of good stock pickers
[14:39] India is an alpha rich market
[15:46] The importance of good governance and a strong rule of law
[17:55] India’s equity market is becoming more efficient but it takes time
[20:26] India’s economic strength provides a solid foundation
[22:24] Growth is a function of change
[25:04] Investing in great businesses at attractive valuations
[29:10] Emerging market private sector banks offer more profitable opportunities with lower risk
[32:44] Indian equity valuations relative to history
[36:41] Growth is a critical component of the value equation
[38:47] Spend more time with family and focus on learning what you love
James Harries (Troy) - Exercising Discipline For Global Dividend Growth
Far From The Finishing Post
02/02/22 • 44 min
James Harries has a wealth of experience as a global income investor and manages the Trojan Global Income Fund and Securities Trust of Scotland. James talks about his journey from Royal Military Academy Sandhurst to a career in investing, how he has evolved as an investor and why income investing remains highly relevant in today's world.
Show notes:
[1:05] James talks about the start of his career and the lessons learnt at Sandhurst
[5:23] Being disciplined and allowing good habits to compound
[6:41] The importance of income investing
[9:47] Focusing on generating good returns whilst limiting drawdowns and volatility
[11:08] The income discipline
[13:08] Balancing quality, income and growth
[15:16] The progression to a more concentrated, lower turnover and higher quality-focused portfolio
[16:14] Emphasising quality above dividend yield
[18:11] Insulating the portfolio and benefiting from technological change
[21:37] How the deployment of technology is benefiting a broad range of companies in the portfolio.
[24:14] The tobacco industry's evolution
[27:58] Incorporating ESG considerations
[29:04] Focusing on deeper and longer-term issues to gain an edge
[31:53] Domino's Pizza
[34:49] Structuring the portfolio for resilience
[38:29] The macro backdrop
[42:28] Do something you enjoy, concentrate on what matters and be happy
Jim Strang (HgCapital Trust) - Building an Experience Curve in Business Software
Far From The Finishing Post
02/09/24 • 41 min
In this episode we speak to Jim Strang, Chairman of HGCapital Trust. The Trust has an outstanding track record investing in business-to-business software companies. We discuss the evolution in private markets over Jim’s career, the benefits of specialisation and the reasons behind Hg Capital’s success.
Show notes:
[01:15] Jim discusses his early career
[02:12] HgCapital Trust’s history
[03:41] The benefits of specialisation
[05:56] The importance of controlling the capital structure
[08:02] Characteristics of typical Hg investments
[10:07] The growth model
[11:29] End market fragmentation
[13:29] Being highly selective
[16:25] Having the flexibility to own the best businesses over the long run
[18:07] Replicating Hg’s success in the US
[19:58] Why Hg is an attractive owner for entrepreneurs
[22:35] Sustaining Hg’s culture and using greater scale to drive operational improvement.
[25:25] Objectively assessing each company’s potential
[27:03] Low loss rates and a few major successes
[27:57] Why things typically go wrong
[30:22] Leverage and the capital structure
[33:33] Valuing private companies
[38:43] M&A in a higher interest rate environment
[40:54] Trust your gut
Blake Hutchins (Troy) - The Sweet Spot for UK Equity Income
Far From The Finishing Post
03/24/23 • 31 min
Blake Hutchins manages the Trojan Income Fund and is co-manager of the Troy Income & Growth Trust. We discuss the changing investment environment, why it could be good for high-quality, dividend-paying companies, and where Blake is finding value in the UK market today.
Show notes:
[1:16] Being deliberate and patient during tough times
[3:30] Equity income investing in a different environment
[6:50] Striking the right balance between yield and dividend growth
[9:38] Why Blake doesn’t invest in banks and commodity businesses
[13:31] The power of incumbency
[16:27] The impact of higher inflation
[18:33] UK equity valuations
[21:30] UK domestic exposure
[23:58] How the portfolio has evolved
[25:39] The attractiveness of UK-listed consumer staples companies
[27:34] Dividends are on a more stable footing following the pandemic
[30:31] Growing the dividend in a resilient and consistent way
Richard de Lisle (De Lisle Partners) - The Greatest Game
Far From The Finishing Post
08/01/22 • 34 min
Richard de Lisle, founder of De Lisle Partners, has significantly outperformed US equity markets over the last 27 years by investing in US small-cap value stocks. We discuss what value investing means to Richard, his focus on themes and the advantages of taking a sociological perspective. We also explore the current environment, Richard’s investments in primary producers and why investing is the greatest game.
Show notes:
[1:05] Richard talks about how his father’s misfortune inspired him to start investing
[3:09] Don’t follow others as experts can be self-serving
[4:00] Richard’s career on the sell-side
[7:01] Equities were an unloved asset class in the 1970’s and early eighties
[8:18] Getting hooked on the American market’s intricacies
[9:13] Transitioning from the sell-side to the buy-side
[12:12] Why Richard focuses on US small cap value
[13:26] Small cap value’s outperformance between 1975 and 1983
[14:38] Ducking and weaving in difficult environments
[16:25] Taking a top down approach
[17:48] There is value in the least worst
[18:40] Looking backwards not forwards
[20:18] Identifying investment themes
[23:05] People often underestimate that value stocks can become growth stocks
[24:02] Reading broadly and taking a sociological perspective
[24:39] The advantage of being detached
[25:39] Investing is the greatest game
[26:51] Investing in primary producers in an inflationary environment
[29:46] Complacency around wage inflation
[31:21] Short duration stocks
[33:05] Work out what you want and set a plan to achieve it
Gabrielle Boyle (Troy) - An Outsider's Advantage
Far From The Finishing Post
10/18/21 • 37 min
In this episode of Far From The Finishing Post we speak to Gabrielle Boyle. Gabrielle heads up Troy's investment research and manages the Trojan Global Equity Fund and Electric & General Investment Fund. Gabrielle discusses her evolution as an investor and how being an outsider has helped her recognise and adapt to change to deliver strong compound returns.
Show notes:
[1:09] Gabrielle talks about how she got into the industry
[3:23] The wild west of Europe
[5:50]Learning at Lazard
[7:54] Gender diversity and being an outsider
[11:49] Girls Are INvestors (GAIN)
[12:41] Working at a boutique with a clear sense of identity
[15:36] Troy's evolution
[19:00] Adapting to change
[20:20] The fundamental importance of ESG
[21:39] ESG and stock selection
[25:16] Technological disruption and extraordinary 'tech staples'
[28:16] Discipline through concentration
[31:35] Intangible quality
[32:43] Being a long-term owner
[33:39] The surprising durability of great businesses
[35:59] Trust your instincts and enjoy yourself
Sebastian Lyon - Absolute Returns From A Plain Canvas
Far From The Finishing Post
03/31/21 • 45 min
In the inaugural episode of Far From The Finishing Post we speak to Sebastian Lyon, founder and chief investment officer of Troy Asset Management. In our conversation, we discuss the formative experiences Sebastian had when he first joined the industry, the founding of Troy Asset Management and how his investment philosophy and approach has evolved over the arc of his career.
Show notes:
[1:01] - Sebastian discusses the formative experiences early in his career
[4:52] - Meeting Lord Weinstock and founding Troy Asset Management
[9:05] - Learning from mistakes and having a consistent investment approach
[10:22] - Investing with an absolute return mindset and a plain canvas
[12:47] - Giving investors a smoother ride
[16:00] - Aligning interests through clear and transparent communication
[19:23] - Growing the business in a way that sustains Troy's culture
[21:05] - Managing business complexity and maintaining a team driven approach
[24:22] - The evolution of Troy's investment universe
[27:57] - Focusing on quality and business fundamentals
[31:35] - Investing in boring but predictable businesses
[34:01] - Some secular growth companies deserve higher multiples
[36:11] - Competitive edge from being unconstrained and investing for the long-term
[38:10] - Asset allocation in a low interest rate environment
[42:21] - The new blue chips
[43:51] - Thinking about businesses not stock prices
Nick Martin (Polar Capital) - Insuring A Richer Future
Far From The Finishing Post
08/19/21 • 43 min
In this episode of Far From The Finishing Post we speak to Nick Martin. Nick manages Polar Capital's Global Insurance strategy and has been investing in the insurance industry for 20 years. Nick does a great job of demystifying a complex industry and explaining why the best property & casualty insurers are strong and durable compounding machines.
Show notes:
[ 1:30] Nick talks about becoming an investor and joining Hiscox
[4:08] Thinking about the downside and not taking excessive risk
[5:34] Mapping out the non-life insurance industry
[6:56] Focusing on underwriting rather than macroeconomic conditions
[8:05] The importance of diversification for managing cycles and risks
[10:17] Knowing when to be aggressive and when to be patient and defensive
[12:11] Greater pricing discipline in specialty commercial versus personal lines
[13:58] The ingredients of a good insurer
[14:58] Will underwriters be replaced by machines
[16:32] Being outward-facing and open-minded to change
[18:27] How technology is changing the industry
[20:34] Success in insurance is cultural
[21:44] Berkshire Hathaway and decentralised models based on trust
[24:16] The importance of an owner mentality
[25:28] Incentivisation structures that encourage a long-term perspective
[27:07] Leveraging innovation to create competitive advantage in personal lines
[28:06] Network effects and pricing advantage
[29:58] Price-to-book as a key valuation metric for insurers
[31:52] The critical role insurers play in addressing climate change
[35:31] Assessing risk in a world where climate change is making historic data sets less relevant
[37:05] Encouraging risk mitigation rather than simply just putting up prices
[38:48] Low valuations and rising premiums
[40:44] The power of compounding in all aspects of life
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FAQ
How many episodes does Far From The Finishing Post have?
Far From The Finishing Post currently has 29 episodes available.
What topics does Far From The Finishing Post cover?
The podcast is about Learning, Investing, Asset Management, Money Management, Podcasts, Finance, Education and Business.
What is the most popular episode on Far From The Finishing Post?
The episode title 'Stuart Widdowson (Odyssean Capital) - Concentrating on UK Smaller Companies' is the most popular.
What is the average episode length on Far From The Finishing Post?
The average episode length on Far From The Finishing Post is 43 minutes.
How often are episodes of Far From The Finishing Post released?
Episodes of Far From The Finishing Post are typically released every 41 days, 23 hours.
When was the first episode of Far From The Finishing Post?
The first episode of Far From The Finishing Post was released on Mar 31, 2021.
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