TIP529: Joel Tillinghast & Uncovering the Art of Outperformance

<p>On today’s episode, Clay Finck reviews Joel Tillinghast’s book, Big Money Thinks Small, and does analysis on two companies built around acquisitions - Brown and Brown Insurance and Constellation Software.</p><p>Joel is an incredible long-term investor as he has consistently outperformed the market and currently manages around $70 billion at Fidelity. Peter Lynch, who hired Joel at Fidelity, has described Joel as “one of the greatest, most successful stock pickers of all time.”</p><p><br></p><p><strong>IN THIS EPISODE YOU’LL LEARN:</strong></p><p>00:00 - Intro</p><p>06:04 - Why some level of speculation is required in every investment.</p><p>08:07 - What speculations are acceptable in Joel Tillinghast’s conservative investment approach.</p><p>10:34 - What you need to understand about a company prior to investing.</p><p>13:02 - Why Tillinghast avoids investing in gold.</p><p>20:20 - Why investing in countries with the fastest GDP growth rate isn’t a wise investment strategy.</p><p>29:52 - Clay’s insights into two acquisition-focused companies - Brown and Brown Insurance and Constellation Software.</p><p>37:27 - Why Constellation Software may be worth further investigation for stock pickers interested in high quality businesses.</p><p><em>Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.</em></p><p><br></p><p><strong>BOOKS AND RESOURCES</strong></p><ul><li>Joel Tillinghast’s book <a href="https://www.amazon.com/Big-Money-Thinks-Small-Publishing-ebook/dp/B0743JNFBZ?keywords=joel+tillinghast&amp;qid=1676667604&amp;sprefix=joel+til%2Caps%2C144&amp;sr=8-1&amp;linkCode=ll1&amp;tag=tipnetwork-20&amp;linkId=2c623594d4dc54dce8afb3ce413ca711&amp;ref_=as_li_ss_tl" rel="noopener noreferrer" target="_blank"><strong>Big Money Thinks Small</strong></a>.</li><li>Newsletter: <a href="https://www.theinvestorspodcast.com/newsletter/the-risk-in-owning-chinese-equities/" rel="noopener noreferrer" target="_blank"><strong>The Risks in Owning Chinese Equities</strong></a>.</li><l