David Gardner – An Investing Fool

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.

The one and only David Gardner stops by The Business Brew for an interview Bill has been looking forward to for over a year. David is a Co-Founder of The Motley Fool. He is best known for his Rule Breaker investing strategy but Bill knows him as a person that forced Bill to contemplate how he looks at investing.

You can find David’s Rule Breaker podcast at https://www.fool.com/podcasts/rule-breaker-investing/, follow him on Twitter at @DavidGFool, and sign up for The Motley Fool at https://www.fool.com/.

We hope you enjoy the discussion. Detailed show notes below the Stream by Mosiac sponsor copy and thank yous.

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This episode is brought to you by Stream by Mosaic, a product that is integral to any fundamental research process. Stream has developed an extensive library of expert interviews that cover a variety of industries. StreamRG.com features over 300 expert interviews. 70% of Stream’s experts are found exclusively on StreamRG.com. Visit StreamRG.com today for a 14 day trial. Tell them The Business Brew sent you!

Album art photo taken by Mike Ando. Please see https://www.mikeando.com/.

Thank you to @mathewpassy (on Twitter) for the show production.

Audio/YouTube:

  • 5:24 – David’s minimum investment time horizon
  • 8:30 – What running a business did for David’s investments
  • 14:30 – Rule Breaking for the long term
  • 19:30 – David’s thoughts on investing vs. trading
  • 27:40 – Interest rates and how they impacted Rule Breaker returns
  • 33:56 – Remarkable CEOs that can scale public companies
  • 40:40 – The importance of teams in investments
  • 42:50 – The Snap Test
  • 48:50 – How Paul Gardner helped the Motley Fool get started
  • 53:00 – David points out that he picks a lot of losing stocks too!
  • 55:00 – The importance of the willingness to hold
  • 62:50 – Spiffy pops
  • 66:45 – What is an New and Important Industry?
  • 71:21 – Adding to winners
  • 77:44 – Being comfortable with concentration
  • 83:00 – Chasin’ Teenies (this is a stock term)
  • 86:45 – Winner math
  • 91:17 – Live backwards and pick stocks today
  • 94:34 – The risk that private equity and venture capital capture returns that used to be available to public market investors.
  • 96:30 – What is next for David Gardner?
  • 105:00 – The difficulty of internet advertising

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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