Nick Train (Lindsell Train) - The Patient Optimist
Far From The Finishing Post - A podcast by Troy Asset Management
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Nick Train founded Lindsell Train, alongside Michael Lindsell, in 2000 and has generated outstanding returns by investing in a concentrated portfolio of exceptional companies. In a rich and varied discussion, Nick talks about the power of optimism, the rewards of being patient, and the value of semi-eternal brands in a rapidly changing world.Show notes:[1:13] Nick talks about how he got into the investment profession[3:48] GT Management[6:18] Learning from Warren Buffett and Alex Dundas[9:17] Investing in consumer brands[11:02] The power of being an optimist[14:49] Avoiding losing strategies[16:15] The benefits of being a boutique[17:59] The importance of having the support of like-minded people[19:06] The power of patience[21:42] Being a hoarder of valuable things[24:20] Hanging on to losers as well as winners[25:52] Investors’ perception of management is influenced by share prices[28:04] Investing in outstanding businesses when they are cheap[29:15] The rewards for corporate success are structurally higher in the 21st century[31:31] Investing in technology proxies[34:23] Digital permits higher cash flow returns on capital[36:24] The value of semi-eternal brands in a rapidly changing world[38:57] Owning defensive and diversified staples companies[41:37] Unilever’s adaptability[42:44] Do yoga
