David Barr – A True Business Owner

Hosted by
Bill Brewster

Bill Brewster is a private investor. He cohosts the podcast Value: After Hours with Tobias Carlisle and Jake Taylor. Tobias, Jake and Bill met at a Berkshire Hathaway meeting and formed a lasting friendship. And, as it turns out, people really like the podcast.

While Bill tries to replicate Warren Buffett and Charlie Munger’s thought processes, he is heavily influenced by Bill Miller III, Stan Druckenmiller, and others. This podcast is his attempt to dig deeper into other investing/business philosophies and share the knowledge with the world.

David Barr (@PenderDave on Twitter) is the President and Portfolio Manager at Pender Fund Capital Management. He focuses primarily on Canadian small cap equities, but is not limited to that subset of investments. Bill met Dave at an MOI Global event in 2019 and was very excited for Dave to join The Business Brew because Dave truly loves stock picking.

Dave is extremely well respected, high integrity, and looks at the world through a unique lens. While some people see small cap investing as riskier, Dave sees it as an opportunity. Perhaps it’s because of his background in venture capital (“VC”). Perhaps it’s because he does better “work” than others.  

Whatever the reason, The Business Brew is grateful for his time and hope we introduce an investor that warrants respect.

Topics discussed include:

~2:50 – Bill and Dave discuss MOI Global as a community
~4:30 – Dave discusses small cap investing
~7:40 – “Microcap draws people who are business analysts”
~8:35 – How venture capital influenced Dave
~10:00 – Why redemptions disproportionately influenced small caps in 2018
~13:00 – How Dave thinks about marrying VC thinking with equity investing
~15:50 – How journaling helped Dave remember what COVID was really like
~20:00 – Avoiding envy in a social media world
~22:00 – Dave’s experience getting “active” (read: constructive) with his holdings
~28:00 – What the Canadian Venture Exchange is and why companies are going public now
~35:00 – How Canada can lead in the financial trends and a discussion on how bubbles form
~45:00 – Dave’s thoughts on balancing a portfolio of “compounders” and rerating investments
~49:00 – Are public markets really “long term?”
~53:00 – Is it possible to fully appreciate the right tail of outcomes?
~1:00:00 – Companies are people organizations now; reflexivity matters
~1:04:00 – Follow @PenderFelix!
~1:09:00 – Why Dave is respected by colleagues and how he’s been able to achieve success
~1:15:00 – What to learn from Buffett
~1:20:00 – Founder/CEO turnover in smaller cap companies as a risk factor
~1:34:00 – Som SPAC talk

Disclaimer: Bill manages a portfolio under the name of Sullimar Capital Group. This podcast is for informational and educational purposes only. Nothing in this podcast or on SullimarCapital.Group is investment advice. All information in this is opinion based, potentially biased, and requires verification.

Bill and his guests make no representation, warranty or undertaking, express or implied, as to the accuracy, reliability, completeness or reasonableness of the information contained in these podcasts. Any assumptions, opinions and estimates expressed constitute the participant’s judgment as of the date thereof and are subject to change without notice. Any projections contained in the information are based on a number of assumptions as to market conditions and there can be no guarantee that any projected outcomes will be achieved. This podcast does not accept any liability for any direct, consequential or other loss arising from reliance on the contents of this presentation.

This podcast series DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICIATION OF AN OFFER TO BUY ANY SECURITIES MENTIONED OR DISCUSSED. Seek the your financial, tax, legal, accounting, or other advisor’s advice before making any investment decisions. We are not your fiduciary or advisor.

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Episode 32