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Phil TownGuestBrandon BeavisHost
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Phil TownGuestBrandon BeavisHostI'm interested, 'cause you don't work alone, you work with your portfolio managers, Travis, Austin, Hunter, et cetera.
Do you guys have like a process how you work together to kind of check each other's homework and also like any sort of tricks or checks that you do with companies to make sure you don't accidentally fall into confirmation bias or you don't end up kind of hyping each other up on businesses too much?
I don't know that we ever get away from it, right? Because if you're putting in 100 hours on a company doing a really deep dive and it's really good all the way down, all the way down, right? It's really hard not to become biased against data or information that says you're wrong.
Some quality of believing that you really know this business now creeps in there, which was hubris, and it creeps in and then you start to think, "Well, that, that data, I understand where that's coming from and that's not really a critical inversion to this company." And, and, and you kind of slide it along, particularly if you don't really understand the business.
And we started, years ago, we would basically collaborate on everything, right? We'd all be in it reading the same stuff and looking at all the same stuff, and it's not an efficient way to dig through hundreds if not thousands of companies.
Not only that, but we found that it's really easy to point the finger at the other guy [laughs] when nobody's really responsible for saying go on that company.
So over the years we've just brought it back down to what you would do as a individual investor is we individually do the work.
And we'll keep each other apprised, right? We, we meet every morning and like, "How's that going? What's going on with that?" And you just kind of give a, a quick overview that you're still in it and still looking.
You know, "What about this? What about this? Can you find some problem with this?" And that is really, really useful.
... that's what we are living, right? Is we try to poke holes in everything or do our very best to not invest in something.
I'm interested, 'cause you don't work alone, you work with your portfolio managers, Travis, Austin, Hunter, et cetera.
Do you guys have like a process how you work together to kind of check each other's homework and also like any sort of tricks or checks that you do with companies to make sure you don't accidentally fall into confirmation bias or you don't end up kind of hyping each other up on businesses too much?
I don't know that we ever get away from it, right? Because if you're putting in 100 hours on a company doing a really deep dive and it's really good all the way down, all the way down, right? It's really hard not to become biased against data or information that says you're wrong.
Some quality of believing that you really know this business now creeps in there, which was hubris, and it creeps in and then you start to think, "Well, that, that data, I understand where that's coming from and that's not really a critical inversion to this company." And, and, and you kind of slide it along, particularly if you don't really understand the business.
And we started, years ago, we would basically collaborate on everything, right? We'd all be in it reading the same stuff and looking at all the same stuff, and it's not an efficient way to dig through hundreds if not thousands of companies.
Not only that, but we found that it's really easy to point the finger at the other guy [laughs] when nobody's really responsible for saying go on that company.
So over the years we've just brought it back down to what you would do as a individual investor is we individually do the work.
And we'll keep each other apprised, right? We, we meet every morning and like, "How's that going? What's going on with that?" And you just kind of give a, a quick overview that you're still in it and still looking.
You know, "What about this? What about this? Can you find some problem with this?" And that is really, really useful.
... that's what we are living, right? Is we try to poke holes in everything or do our very best to not invest in something.
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