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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
James Davolos (Horizon Kinetics) - Elegant Equities for Higher Inflation
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James Davolos is a portfolio manager at Horizon Kinetics, a US-based asset manager with a distinctive and long-term investment approach. We discuss James' evolution as an investor, how the investment and inflation backdrop is changing, and the merits of capital-light, real asset businesses.
Show notes:
[01:48] James discusses how he got into investing
[04:18] The formative years
[06:29] The importance of having a good mentor
[08:47] Horizon Kinetics' core principles
[11:24] Going off the beaten path
[14:15] Capital-light, real asset businesses
[21:51] Structurally higher inflation
[26:30] Localised vs broad inflation
[30:11] LandBridge and Miami International
[36:19] Optionality
[40:00] The best time to be a royalty company is in a bear market
[43:29] Risks to be aware of
[46:26] Focus on what matters