Invest Like the Best with Patrick O’Shaughnessy
Business:Investing
My guest today is Dennis Lynch, Head of Counterpoint Global, where he oversees over $100bn in AUM and boasts one of the strongest track records of any public investor. In our conversation, we cover Dennis's unique approach to building a research team, how misclassification of companies often creates the highest upside opportunities, and how Dennis has adapted his investment process over the past 20 years. I think Dennis defines what it means to be intellectually honest, and you will hear that in his answers throughout our discussion. I hope you enjoy my conversation with Dennis Lynch.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
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This episode is brought to you by MIT Investment Management Company (MITIMCo), the endowment office of MIT. MITIMCo seeks to find people who are focused on achieving exceptional long-term investment returns, partner with these firms early, and stick around for the very long term.
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Show Notes
[00:03:47] - [First question] - How he would teach potential students to be investors
[00:04:26] - The Money Game
[00:04:40] - Moneyball
[00:05:59] - Pros and cons of volatility when investing
[00:08:55] - Emotional response to volatility
[00:12:44] - Training to have a better temperament
[00:14:20] - What is his investing game
[00:15:17] - The Ethical Algorithm
[00:16:44] - How time horizon impacts their investment strategy
[00:20:53] - Assessing a company’s earnings power
[00:26:12] - Shifting business models vs. evolving within a business model
[00:32:32] - Understanding how to invest in disruptive businesses
[00:35:26] - Why he’s skeptical on Growth and Value investing strategies
[00:38:42] - Expectations Investing
[00:38:55] - How his view of assessing businesses has changed
[00:43:56] - Defining unit economics
[00:45:41] - Taking on uncertainty risk in the portfolio
[00:50:38] - The business that taught him the most; Amazon
[00:53:32] - Dealing with massive amounts of change
[00:56:01] - The Big Short
[00:59:46] - Interest in psychedelic research
[01:01:02] - What has changed the most in investing from when he started
[01:04:19] - Kindest thing anyone has done for him
Adam Sandow - The Power of Print Media - [Invest Like the Best, EP.376]
Howie Liu - Building Airtable - [Invest Like the Best, EP.375]
Mark Groden - The Future of Flying - [Invest Like the Best, EP.374]
Dev Ittycheria - The Database Evolution - [Invest Like the Best, EP.373]
Nico Wittenborn - Finding the Adjacent Possible - [Invest Like the Best, EP.372]
Mitch Rales: The Art of Compounding - [Art of Investing, Forever Episode]
Marc Lasry - Making Bucks in Credit and Sports - [Invest Like the Best, EP.371]
Bill Gurley & Michael Mauboussin - Putting Theory into Practice - [Invest Like the Best, EP.370]
Tim Ferriss - Curating Curiosities - [Invest Like the Best, EP.369]
Ken Langone - The American Dream - [Invest Like the Best, EP.368]
Robin Dunbar - Optimizing Human Connection (Dunbar's Number) - [Invest Like the Best, EP.367]
Sean Feeney - Reinventing the Restaurant Business - [Invest Like the Best, EP.366]
Dave Fontenot - The Monastery of Code - [Invest Like the Best, EP.365]
Anne-Marie Peterson - The Capital System - [Invest Like the Best, EP.364]
Aravind Srinivas - Building An Answer Engine - [Invest Like the Best, EP.363]
Ali Hamed - Building an Investment Firm - [Invest Like the Best, EP.362]
Cyan Banister - Investing for a Higher Purpose - [Invest Like the Best, EP.361]
Danny Meyer - The Power of Hospitality - [Invest Like the Best, REPLAY]
Chuck Akre - The Three Legged Stool - [Invest Like the Best, REPLAY]
Alex Telford - Unlocking Innovation in Pharma - [Invest Like the Best, EP.360]
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