TIP529: Joel Tillinghast & Uncovering the Art of Outperformance

On today’s episode, Clay Finck reviews Joel Tillinghast’s book, Big Money Thinks Small, and does analysis on two companies built around acquisitions - Brown and Brown Insurance and Constellation Software.

Joel is an incredible long-term investor as he has consistently outperformed the market and currently manages around $70 billion at Fidelity. Peter Lynch, who hired Joel at Fidelity, has described Joel as “one of the greatest, most successful stock pickers of all time.”

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

06:04 - Why some level of speculation is required in every investment.

08:07 - What speculations are acceptable in Joel Tillinghast’s conservative investment approach.

10:34 - What you need to understand about a company prior to investing.

13:02 - Why Tillinghast avoids investing in gold.

20:20 - Why investing in countries with the fastest GDP growth rate isn’t a wise investment strategy.

29:52 - Clay’s insights into two acquisition-focused companies - Brown and Brown Insurance and Constellation Software.

37:27 - Why Constellation Software may be worth further investigation for stock pickers interested in high quality businesses.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
• Joel Tillinghast’s book Big Money Thinks Small.
• Newsletter: The Risks in Owning Chinese Equities.
• Listen to Trey’s Interview with Josh Young Covering Oil, or watch the video.
• Chris Mayer’s blog post on Constellation Software.
• Check out Clay’s episode covering legendary British Investor Terry Smith. Watch the video here.
• Don’t miss our review of Four Wide Moat Stocks for 2023. Watch the video here.
• Follow Clay on Twitter.

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