50X By cover art

50X

By: Colossus
Listen for free

  • Summary

  • Dissecting the anatomy of extraordinary long-term investments. Learn more at 50Xpodcast.com.
    2023
    Show more Show less
Episodes
  • TransDigm: Private Equity in the Public Markets with Rob Small [50X, EP.4]

    TransDigm: Private Equity in the Public Markets with Rob Small [50X, EP.4]
    Aug 4 2022
    This is our final episode in a series of four on TransDigm. In this discussion, we contrast TransDigm with traditional private equity portfolio companies, examine the company’s approach to capital allocation, and dissect Berkshire’s and Stockbridge’s position management over time. Our guest is Rob Small, a Managing Director at Berkshire Partners and Stockbridge, as well as a Director at TransDigm. Under Rob’s direction, Stockbridge has maintained a concentrated position in TransDigm and demonstrated remarkable conviction to add (and occasionally trim) at opportune times.    For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. The team at Tegus has built a full company intelligence platform aimed at streamlining the investment research process. In preparation for the 50X series, we actively used Tegus to gain qualitative insights beyond traditional reported data. To learn more and enjoy a free trial, visit tegus.co/50x.    -----   50X is a podcast that dissects the anatomy of extraordinary long-term investments. The show is hosted by Will Thorndike and the team at Compounding Labs, and brought to you in partnership with Colossus.   In each episode of 50X, we look in detail at an investment that has appreciated at least 50-fold. From the seat of the professional investor and occasionally the CEO, we explore its origins, evolution, and eventual outcome, studying key themes around long-term value creation ranging from operations, capital allocation, and culture to pivotal buy and sell decisions. To enhance the quality and depth of our interviews, we rigorously study each asset in advance, diving into all available public and private resources.   Learn more and dive into our research at 50xpodcast.com   Follow us on Twitter: @50Xpodcast and @joincolossus   Show Notes [00:00:00] – 50X Introduction [00:02:04] – Sponsorship: Tegus [00:07:18] – [First Question] - Management Team [00:10:05] – Culture, Decentralization, & Compensation [00:19:04] – Evaluating Nick Howley as CEO [00:21:57] – Rob’s Service on the Board of Directors [00:27:47] – Approach to Capital Allocation [00:31:29] – Returning Capital to Shareholders [00:33:53] – Operating under Private vs. Public Ownership [00:36:41] – Sale Decisions for Private vs. Public Equity [00:40:41] – Stockbridge’s Major Buy/Sell Decisions [00:48:46] – TransDigm’s Influence on Rob’s Investment Philosophy [00:53:39] – Examining Stockbridge’s Approach to Selling [00:58:14] – TransDigm’s Future
    Show more Show less
    1 hr and 1 min
  • TransDigm: Operator to Capital Allocator with Nick Howley [50X, EP.3]

    TransDigm: Operator to Capital Allocator with Nick Howley [50X, EP.3]
    Jul 28 2022
    This is our third episode in a series of four on TransDigm. In this discussion, we study TransDigm’s evolution while under public ownership. Since 2006, the company has outperformed the S&P by 15-fold and its peer group by 9-fold. We unpack its approach to special dividends and leverage, examine meaningful acquisitions alongside disruptive crises, reflect on the prior three decades, and consider TransDigm’s future beyond $50 billion of Enterprise Value. Our guest is Nick Howley, the Founder and Executive Chairman of TransDigm.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. The team at Tegus has built a full company intelligence platform aimed at streamlining the investment research process. In preparation for the 50X series, we actively used Tegus to gain qualitative insights beyond traditional reported data. To learn more and enjoy a free trial, visit tegus.co/50x.    -----   50X is a podcast that dissects the anatomy of extraordinary long-term investments. The show is hosted by Will Thorndike and the team at Compounding Labs, and brought to you in partnership with Colossus.   In each episode of 50X, we look in detail at an investment that has appreciated at least 50-fold. From the seat of the professional investor and occasionally the CEO, we explore its origins, evolution, and eventual outcome, studying key themes around long-term value creation ranging from operations, capital allocation, and culture to pivotal buy and sell decisions. To enhance the quality and depth of our interviews, we rigorously study each asset in advance, diving into all available public and private resources.   Learn more and dive into our research at 50xpodcast.com   Follow us on Twitter: @50Xpodcast and @joincolossus   Show Notes [00:00:00] – 50X Introduction [00:01:56] – Sponsorship: Tegus [00:05:58] – CEO Time Allocation Post-IPO [00:09:08] – Attracting Long-Term Shareholders [00:10:00] – Evolution of Board Post-IPO [00:11:06] – Approach to Leverage and Protecting Downside [00:15:16] – Navigating the Great Financial Crisis [00:18:43] – Approach to Special Dividends [00:22:04] – Stock Repurchases as Alternative [00:23:00] – Kirkhill Acquisition [00:27:00] – Esterline Acquisition for $4 Billion [00:33:17] – Investing in Product, Quality, and Innovation [00:34:40] – Remaining M&A Runway [00:36:32] – Short Seller Assault in 2017 [00:42:26] – Navigating COVID-19 [00:46:59] – Approach to Managing through Crises [00:47:50] – Nick’s Transition from CEO to Chairman [00:56:30] – Managing Personal Liquidity [00:59:23] – The Howley Foundation [01:02:57] – Snapshot of TransDigm Today [01:05:11] – Lightening Round [01:10:18] – TransDigm’s Influence on Nick’s Life and Investment Philosophy
    Show more Show less
    1 hr and 9 mins
  • TransDigm: Redeeming the Most Painful Loss with Rob Small [50X, EP.2]

    TransDigm: Redeeming the Most Painful Loss with Rob Small [50X, EP.2]
    Jul 21 2022
    This is our second episode in a series of four on TransDigm, an aerospace components manufacturer that has returned over 1,750X since its inception nearly three decades earlier. If you haven’t listened to the first episode with TransDigm’s founder Nick Howley, we recommend starting there. Today, we are joined by Rob Small. Rob is a Managing Director at Berkshire Partners and has led Stockbridge, Berkshire’s public equities business, since its inception in 2007. Rob conducted diligence on TransDigm in its 2003 auction before investing personally following the IPO, building an anchor position with Stockbridge in 2007, and joining the Board of Directors in 2010.  In this discussion, we cover the core elements composing TransDigm’s business quality, Berkshire’s and Stockbridge’s initial investments, and the trajectory of Rob’s conviction.   For the full show notes, transcript, and links to mentioned content, check out the episode page here.   -----   This episode is brought to you by Tegus. The team at Tegus has built a full company intelligence platform aimed at streamlining the investment research process. In preparation for the 50X series, we actively used Tegus to gain qualitative insights beyond traditional reported data. To learn more and enjoy a free trial, visit tegus.co/50x.    -----   50X is a podcast that dissects the anatomy of extraordinary long-term investments. The show is hosted by Will Thorndike and the team at Compounding Labs, and brought to you in partnership with Colossus.   In each episode of 50X, we look in detail at an investment that has appreciated at least 50-fold. From the seat of the professional investor and occasionally the CEO, we explore its origins, evolution, and eventual outcome, studying key themes around long-term value creation ranging from operations, capital allocation, and culture to pivotal buy and sell decisions. To enhance the quality and depth of our interviews, we rigorously study each asset in advance, diving into all available public and private resources.   Learn more and dive into our research at 50xpodcast.com   Follow us on Twitter: @50Xpodcast and @joincolossus   Show Notes [00:00:00] – 50X Introduction [00:01:51] – Sponsorship: Tegus [00:07:19] – Introduction to the Episode and Rob Small [00:08:57] – Berkshire Partners’ Initial Exposure to TransDigm [00:10:57] – Auction in 2003 by Odyssey Investment Partners [00:14:35] – Contrast TransDigm with Hexcel [00:15:55] – Re-engaging with TransDigm post-IPO [00:18:33] – Origins of Stockbridge [00:24:53] – Core Elements of TransDigm’s Business Quality [00:29:52] – Investment Trajectory for Stockbridge and Berkshire Partners [00:33:31] – Rob’s Appointment to TransDigm’s Board of Directors [00:36:42] – Rob’s Trajectory of Conviction [00:42:59] – Translating Conviction to Position Size [00:43:50] – Persistent Undervaluation: Acquisition Pace and Exit Multiples
    Show more Show less
    48 mins
Management Economics Personal Finance
Show more Show less

What listeners say about 50X

Average customer ratings

Reviews - Please select the tabs below to change the source of reviews.

Audible.com reviews

Amazon reviews
No Reviews are Available