Lessons From a Legendary Fund Manager with Joel Tillinghast

Рет қаралды 1,171

Күн бұрын

In this episode, we speak with Joel Tillinghast, who will retire as the manager of the Fidelity Low-Priced Stock Fund at the end of this year. Joel managed the fund for over 30 years and built an impressive track record, substantially outperforming the S&P 500 over his tenure. We talk to Joel about the biggest lessons from his career, his approach to finding undervalued stocks, what he learned from Peter Lynch, the most important advice he will give his successors and a lot more.
#fidelityinvestments #valueinvesting
00:00 - Intro
02:48 - How Joel got his job by cold calling Peter Lynch
07:41 - The biggest lessons Joel learned from Peter Lynch
10:21 - Why great fund managers are also great analysts
11:23 - How Joel would describe his investment strategy
15:39 - The pros and cons of talking to company management
17:41 - How Joel's strategy has evolved over the years
21:10 - The benefits of holding winning positions
25:41 - Joel's views on factor investing
28:43 - The role of screening/quantitative investing in Joel's process
30:58 - Putting inflation in a long-term context
35:20 - Navigating bear markets
41:58 - Joel's view on index investing
44:51 - The one lesson Joel would teach the average investor
SEE LATEST EPISODES OF EXCESS RETURNS
www.validea.com/excess-return...
FIND OUT MORE ABOUT VALIDEA
www.validea.com
FIND OUT MORE ABOUT VALIDEA CAPITAL
www.valideacapital.com
FOLLOW JACK
Twitter: / practicalquant
LinkedIn: / jack-forehand-8015094
FOLLOW JUSTIN
Twitter: / jjcarbonneau
LinkedIn: / jcarbonneau

Пікірлер: 4

@ericchang7706 7 ай бұрын

This was a great discussion. Much appreciation to you and Joel for doing this.

@sistermarmot 7 ай бұрын

great insight and thanks for doing the interview. Joel was spot on the terminal multiples that growth investor put to justify the valuation of high flyers in good times as well as the decisions and psychological struggle when your favourite stock is down 40% (do you buy more for more spectacular upside or sell to get rid of the pain and evidence ).... bad questions lead to bad answers in mgt meetings lol..... a little Advice to the host: perhaps more follow up questions especially for investors that are really giving real content rather than just rushing through your script (bear in mind that quirky and smart investors always go off tangent but it is when real insights are being given), if memories serve me right, you ask the comgest guy the same questions regarding use of mgt meetings, you can run the same questions for sure, but more follow up will be definitely appreciated more each individual case rather than go very quickly to the next topic. Also lastly please do slow down when you ask questions, thought I was running 2x when you are speaking and don't feel so obliged quoting from people like MM when speaking to a real practitioner, just let them flow...

@HepCatJack 7 ай бұрын

It's interesting that Joel mentioned electronic trading feature of the NASDAQ as the one good thing that Bernie Madoff did. My understanding is that warrants were invented by Ivar Krueger, aka the Match King who was paying twenty percent to early investors into his financial schemes. These investors spread the word far and wide to others about how well they had done setting up a new batch that ended up being fleeced. The innovation of the warrant remained long after Ivar Krueger was gone.

@HepCatJack 7 ай бұрын

RIP Charlie Munger