We cover how See's Candy exemplifies the theoretical perfect business model, why survival should be every investor's first priority, and the delicate balance between running concentrated portfolios that maximize returns versus diversified ones that investors can actually stick with through tough times. We also dig into the age-old debate of pure value versus quality value investing, with Toby sharing his data-driven insights on which approach truly works best.
We also explore the importance of writing down your investment thesis at the time you make it. As Toby explains, this simple practice helps prevent revisionist history and allows you to learn from both your successes and mistakes.
Throughout the episode, we weave in our own experiences and perspectives while maintaining the conversational, occasionally sugar-fueled style our listeners have come to expect. Whether you're a value investor, a financial planner, or just someone interested in improving your investment process, there are valuable takeaways here for everyone.
Join us for this candid discussion about what really matters in investing, sprinkled with just the right amount of Halloween candy references and questionable lighting setups.
0:00 - Introduction
3:49 - The Ideal Business: Toby on See's Candy and reinvestment
9:54 - "Survival First": Toby on why survival drives his investment decisions
14:11 - Portfolio Sizing: Toby on the Buffett influence and concentration
23:19 - Tech Giants: Toby on whether big tech's dominance will continue
32:13 - Value vs Quality: Toby on mixing quality with deep value
45:57 - Writing It Down: Toby on documenting your investment decisions
51:43 - Wrap up and outro
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