Invest Like The Best
Episode 236 Wisdom from Decades of Investing
Invest Like The Best

Episode 236: Wisdom from Decades of Investing

Invest Like The Best

Episode 236

Wisdom from Decades of Investing

Carl Kawaja is a long-time portfolio manager at Capital Group. We cover Carl’s criteria for building conviction around long-term holdings, his views on uncertainty, and his belief that failure is key to a great investing career.

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[00:03:38] - [First question] - The two companies he has owned the longest and what they’ve taught him as an investor 

[00:16:37] - Discussing his investment style through the lens of simplicity

[00:24:35] - A time where he worked to try and create a simplified equation but couldn’t 

[00:29:59] - Discussing his investment style through the lens of echolocation and ambiguity 

[00:36:03] - Thoughts on whether buying well or holding well is more difficult

[00:40:39] - Capital Group’s history and his river-rafting analogy in regards to the company

[00:47:48] - What he means by “The Empire Strikes Back” and relevant market themes

[00:54:50] - A brief summary of “The Empire Strikes Back”

[00:58:42] - Common reasons that he may have gotten something really wrong 

[01:03:34] - Impressions made on him by the poet Rilke

[01:09:00] - The work of Brunello Cucinelli and the nature of quality 

[01:13:08] - Advice for new investors who want to step into the field and set themselves up for success 

[01:17:39] - What he’s learned about kindness

[01:19:54] - The kindest thing that anyone has ever done for him

Wisdom from Decades of Investing

Introduction

Patrick
Today's conversation is one of my all time favorites with someone I've come to respect deeply in the field of investing. My guest is Carl Kawaja, who has served as a portfolio manager at Capital Group for decades. Capital Group is among the most respected shareholders in the world with over $2 trillion of assets, and listening to Carl, you'll hear why. In our conversation, we cover Carl's criteria for building conviction around long-term holdings, why he views uncertainty and ambiguity as healthy, and why tolerating failure is key to a great investing career. Throughout our discussion, Carl connects his lessons through a variety of direct experiences, personal analogies, and broader frameworks. I love his ability to talk in the weeds about his investments in Vale and TSMC, and then quickly shift his broader thematic views like The Empire Strikes Back. I hope you enjoy this great conversation with Carl Kawaja.

What TSMC & Vale Have Taught Carl

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