Kyler Hasson ([email protected]) stops by The Business Brew to discuss how he has morphed as an investor and as a Registered Investment Advisor. Kyler is one of Bill’s good friends and they’ve chatted about investments for a number of years now. Kyler is an investor that has gravitated to high quality businesses. He has also gravitated towards a less concentrated portfolio in order to fulfill client objectives. We hope you enjoy listening to the two of them sharing lessons they’ve learned.
We hope you enjoy the discussion. Detailed show notes below the Koyfin sponsor and thank yous.
Please leave us a rating in your favorite app store.
This episode is brought to you by Koyfin, one of the fastest-growing platforms for financial data and analytics to research stocks and understand market trends. Check out Koyfin.com to see what a Bloomberg-lite, with tons of high-quality fundamental data and a powerful graph engine looks like.
Album art photo taken by Mike Ando. Please see https://www.mikeando.com/.
Thank you to Mathew Passy for the podcast production. You can find Mathew at @MathewPassy on Twitter or at thepodcastconsultant.com.
In this episode you will learn how Kyler and Bill think about:
- 1:35 – How Kyler started his investing career
- 4:22 – How Kyler views being an RIA (Registered Investment Advisor)
- 7:17 – Tax drag and how that can hurt investment performance
- 11:04 – Why finding a great business that can compound returns over time may be a better strategy
- 15:00 – Mean reversion and risk
- 18:49 – Moving towards a more diversified portfolio and avoiding overconfidence bias
- 24:49 – Whether investors *really* want to be like Charlie Munger.
- 26:02 – A very cool class Kyler took in college
- 30:32 – Why certain tribe of investors talk past each other
- 34:12 – Being aware of behavioral biases
- 36:00 – Lessons from an energy investment
- 40:36 – Lessons from Altice and why demanding execution might have been a better idea
- 42:19 – Looking for high quality companies that sell off for non core reasons
- 48:00 – Culture compounding as a competitive advantage
- 52:54 – The individual investor’s greatest advantage
- 56:40 – Buying a new position or adding to an existing position
- 58:00 – Whether buying “cheap” is harder than owning fairly priced quality companies
- 1:05:00 – The need to keep evolving and learning
- 1:08:00 – Eliminating some stupidity
- 1:12:00 – Assessing opportunity costs and getting paid for the risks you are taking
- 1:16:00 – Some Constellation Software discussion
- 1:25:14 – Assessing how whether acquirers use debt or equity for acquisitions
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.