Compounding in Great Businesses
A fireside chat with Len Yiow of Aravt Global
Fielder interviews Yen Liow of hedge fund Aravt Global. Yen has made a science of searching for “compounders” – durable growth businesses in strong market structures led by exceptional leaders. Yen shares what he’s learned over the years - namely, why and how he focuses on buying and holding compounders.
Throw Out the Old Playbook
It's a New Game. Time for a New Game Plan
COVID has accelerated the change already underway in Federal Reserve and government policy. This has driven markets higher, yet introduces more risk into the system. Fielder Capital's Frank Byrd and Steve Korn explain why investors need to adapt their strategies for a very different environment.
Et Tu, Buffett?
Is alpha dead?
Why is Warren Buffett, the world’s greatest active investor, telling the public to forego active funds in favor of passive index funds? Frank explains to students at Columbia Business School how they should interpret Buffett’s remarks. Should they give up their aspirations of being active managers? Frank also shares how enterprising entrepreneurs can capitalize on the zeitgeist of these passive times. A transcript of this speech is available upon request HERE.
My Biggest Mistake
A case study on Borders Books
Frank shares his biggest mistake, Borders Books, with the Advanced Investment Research class at Columbia Business School. He discusses lessons learned and suggests a tool that would have likely prevented the mistake: Analysis of Competing Hypotheses (ACH). (March 30, 2015)
The Illusion of Knowledge
Ingenico Case Study
Frank Byrd speaks to the Advanced Value Investing Class at Columbia Business School. Using his work on Ingenico as a case study, Frank explains how analysts can structure their research process to develop a differentiated view and minimize first conclusion bias. (Oct. 22, 2014)
How to Value a Moat (Full Version)
The full length version
Frank’s lecture to the Applied Value Investing class at Columbia Business School (2013). Learn why return on capital is critical to appraising a firm’s intrinsic value. Frank also demonstrates why P/E can be misleading, explaining why a 10x P/E can be expensive or a 30x P/E cheap.
New Year, New Positioning
How We're Positioning for 2021 and Beyond
As Fielder looks to the future, we want to fortify our client portfolios and our operations to best navigate a fast-changing world. This 4-minute video outlines our thoughts on both fronts.
What We're Seeing & Thinking
How COVID affects our longer-term outlook
What does the COVID crisis mean for investors? Perhaps more importantly, how does Washington's evolving policy response affect our outlook? Frank Byrd and Steve Korn discuss these topics.
A neat trick - while it lasts.
Frank teaches students at Columbia Business School how to do a cool card trick – except that it’s not a trick. It merely playing odds that are so good that they’re like magic. It’s an great example of how human nature can create opportunities (and risks) that statisticians miss. (April 6, 2016)
The Truth Map
Analysis of Competing Hypotheses (ACH)
Frank presents the Analysis of Competing Hypotheses (ACH) process to the Investment Management Club at Columbia Business School. He explains how the ACH process can improve the odds of investment success. (April 2015)
How to Value a Moat (short version)
What’s a Truly Great Business Truly Worth?
This is an abbreviated 5-minute version of Frank’s 2013 lecture to Columbia Business School on “How to Value a Moat”. Frank explains why P/E and growth might not matter in determining the intrinsic value of a really great business.
House Hunting in China
A tour of 5 Chinese cities
Watch Frank’s tour of real estate during his 2011 visit to five cities in China. See footage of apartments in third tier cities that cost more than real estate in US cities like Denver or Minneapolis. (May 2011)
Important Disclaimers: While the information presented in the above videos is believed to be accurate, Fielder Capital Group LLC (Fielder) makes no express warranty as to the completeness or accuracy, nor can it accept responsibility for errors appearing therein. Fielder is under no obligation to notify you of any errors discovered later or of any subsequent changes in opinions. Nothing in these videos should be considered a recommendation to invest in any particular security or strategy, since they might be completely unsuitable for some investors. Speak with your financial adviser before investing. Fielder cannot promise any investment result. It should not be assumed that any of the securities, transactions, or holdings discussed will prove to be profitable in the future or that investment recommendations or decisions Fielder makes in the future will be profitable or will equal the investment performance of the securities discussed. Every investment strategy involves risk including even the complete loss of invested principal. Fielder or its employees may have an economic interest in securities mentioned herein.