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Far From The Finishing Post
Far From The Finishing Post explores the ideas and practices of leading investors in an effort to continuously grow our collective knowledge. This podcast is intended for UK listeners only. The views and information contained within this podcast do not constitute investment advice and should not be used as the basis for investment decisions. Any reference to securities should not be construed as a recommendation to buy or sell these securities. Any opinions expressed are those of the relevant individuals and do not necessarily reflect the views of Troy Asset Management and may be subject to change without notice. Past performance is not a guide to future performance and the value of an investment may fall as well as rise.
Far From The Finishing Post
Seth Brennan (Lincoln Peak Capital) - Partnership, Autonomy, Alignment
Seth Brennan is co-founder of Lincoln Peak Capital, which owns minority stakes in several asset management companies, including Troy. We discuss Lincoln Peak's long-term partnership model and the importance of autonomy and a strong alignment of interests as foundations for success.
Show notes:
[01:15] Seth discusses how he got into the industry
[02:49] Joining Affiliated Managers Group
[03:43] Lessons from AMG
[06:37] Setting up Lincoln Peak
[07:51] Starting a business in 2008
[10:01] The importance of having long-term capital
[14:10] Lincoln Peak’s long-term ambitions
[16:20] Exits
[18:51] The due diligence process and reasons for a transaction
[22:53] Importance of autonomy and alignment
[25:01] Adding value to partner firms
[28:26] Avoiding the temptation to intervene
[31:52] Continuing relevance of active management
[34:44] Catalyst for Troy transaction
[35:35] Why Lincoln Peak is a good partner for Troy
[37:14] Sebastian’s strengths as an investor
[38:35] Be curious and ask questions