In this episode of Excess Returns, Matt Zeigler is joined by special co-host Bogumil Baranowski to sit down with Chris Mayer. As the author of the acclaimed book 100 Baggers: Stocks That Return 100-to-1 and How to Find Them, former editor of influential newsletters, and co-founder of Woodlock House Family Capital, Chris brings a wealth of experience and a unique perspective to the table. In this conversation, we dive deep into the world of long-term investing, exploring timeless principles, the impact of AI on future opportunities, and the mindset required to identify and hold onto extraordinary businesses. Whether you’re a seasoned investor or just starting out, this episode is packed with wisdom to help you navigate the markets with patience and purpose.
Main Topics Covered:
- The potential for 100-bagger stocks in emerging industries like AI and how time reveals the winners.
- The “twin engines” of growth and multiples, and why great businesses often trade at high valuations.
- The merits and challenges of concentrated investing in a market dominated by giants like the “Mag Seven.”
- Strategies for dealing with drawdowns and maintaining conviction in great companies through volatility.
- The importance of aligning investment strategies with the right type of capital, especially for family wealth.
- How experiences as a banker, newsletter editor, and board member shape a business-owner mindset.
- The role of boards in capital allocation and setting incentives that drive long-term value. Insights from general semantics as a tool for critical thinking and avoiding investment pitfalls.
- The power of journaling to track evolving thoughts and foster humility in investing. Why patience is the ultimate lesson for investors and how to tune out market noise.
