Shows
Preferred Shares PodcastNestlé: The Building of a Global BehemothWelcome to Episode 30 of the Preferred Shares Podcast.In this episode, we discussed the history and founding of Nestlé.* Origins of the company in 1867* The strategic 1905 merger with Anglo-Swiss Condensed Milk Company* Nestlé’s exceptional resilience and growing scale* Nestlé’s global dominance in the coffee market* The success of its Maggi brand* The organic and inorganic growth behind its Health Science and Medical Nutrition segmentAdditional Reading & ListeningCurious to see what else we’ve been working on? Check out some of t...
2026-02-1754 min
Preferred Shares PodcastForging a Family-Owned Legacy: The Story of Thompson TradersWelcome to Episode 29 of the Preferred Shares Podcast.In this episode, we interviewed Clifford Thompson of Thompson Traders, a family-owned business founded in 2002. Since then, Thompson Traders has carved out a niche in the high-end home fixture market with a focus on luxury copper and brass sinks, range hoods, innovative designs, and strong customer relationships.We discussed a variety of topics:* Cliff shares his journey in founding Thompson Traders;* The importance of cash flow in small businesses;* Thompson Traders evolving from importing to designing their own products;...
2026-01-0859 min
Preferred Shares PodcastDavid Gearhart's Journey in Building a Private Insurance Holding CompanyWelcome to Episode 28 of the Preferred Shares Podcast.In this episode, we interview David Gearhart, CEO and Chairman of Wilmington Holdings Corporation, a private holding company of several insurance businesses. David tells the story of how he decided to try to find and acquire a small insurance business. In 2017, he successfully acquired Wilmington Insurance Company. After eight years of growth, both organic and by acquisition, Wilmington Holdings now controls about $50 million of annual premiums and has $100 million of assets on its balance sheet.We discussed a variety of topics: * David Gearhart’s background an...
2025-12-0546 min
Preferred Shares PodcastA Primer on Salmon Farming with Nick Longhurst of Marathon Asset ManagementWelcome to Episode 27 of the Preferred Shares Podcast.In this episode, Nick Longhurst, portfolio manager at London’s famed Marathon Asset Management, gives us an overview of the incredibly interesting salmon farming industry.We discussed a variety of topics: * Nick’s background;* Marathon’s investment philosophy;* A brief history of the evolution of the salmon farming industry;* Why salmon over other types of fish?;* The various barriers to entry that exist in the industry;* The size and structure of the salmon farming industry;...
2025-11-2150 min
Preferred Shares PodcastEndurance: From the Track to the Cockpit, a B-2 Pilot's StoryWelcome to Episode 26 of the Preferred Shares Podcast.Fewer people have flown the Northrop Grumman B-2 stealth bomber than have traveled to space, which is why it was a great honor for Preferred Shares to interview Lt. Col. Todd Moenster, USAF, Retired, a former B-2 pilot.We discussed a variety of topics: * Why Todd became interested in becoming a pilot;* Air Force pilot selection and the training program;* Bomber aircraft characteristics and how the bomber training program differed from the programs for other aircraft;* The challenges of...
2025-11-061h 03
Preferred Shares PodcastPool Corp. (POOL)Welcome to Episode 25 of the Preferred Shares Podcast.In this episode of the Preferred Shares podcast, Doug provides a brief history of Pool Corp. and an overview of the current business. The co-hosts discuss the pros and cons of the business and why it might be a “high quality cyclical” enterprise.In This Episode[01:11] Early History and Founding[06:22] Current Market Position and Business Model of Pool Corp[10:25] Growth Trends and Market Dynamics[13:39] Financial Performance and Revenue Breakdown[17:46] Management Structure and Company Culture[20:13] Competitive Land...
2025-09-1933 min
Preferred Shares PodcastThe Untold Story of Amphenol: Part IIWelcome to Episode 24 of the Preferred Shares Podcast.In this episode of the Preferred Shares podcast, hosts Devin, Doug, and Lawrence interview Will Kerwin, a senior equity analyst for Morningstar, to provide a current overview of Amphenol. In This Episode[01:17] Guest Introduction and Background[02:29] Exploring Amphenol’s History and Industry[04:27] Amphenol’s Market Position and Competitors[10:06] Amphenol’s Diverse End Markets[11:59] Aerospace and Defense Opportunities[14:05] Amphenol’s Unique Corporate Culture[16:31] Capital Allocation Strategies[17:53] Acquisition Strategies and Market Dynamics[20:16...
2025-07-2153 min
Preferred Shares PodcastThe Untold Story of Amphenol: Part IWelcome to Episode 23 of the Preferred Shares Podcast.In this episode of the Preferred Shares podcast, hosts Devin, Doug, and Lawrence delve into the history and significance of Amphenol, a leading manufacturer of connectors. They explore the company’s evolution from its founding in the 1930s, its pivotal role during World War II, and its transition into the consumer electronics market. The discussion covers Amphenol’s IPO journey, acquisitions, and the influence of private equity firm KKR on its growth strategy. The episode concludes with insights into the company’s culture and the legacy of its founder, Arthur...
2025-07-1136 min
Preferred Shares PodcastThe Sweet, Storied Success of Lindt & SprüngliWelcome to Episode 20 of the Preferred Shares Podcast.We interviewed a special guest, Mark Purdy, about Lindt & Sprüngli, a Swiss chocolatier founded 180 years ago in 1845. Mark is a veteran investment analyst with a focus on consumer brands for the last forty years and is currently Portfolio Manager at Chelverton Asset Management’s Select Consumer Staples Fund.In This EpisodeHere are some highlights from the interview with Mark Purdy about Lindt:* 01:27 - Mark Purdy’s Background in Consumer Staples* 05:01 - Investment Metrics for Consumer Staples* 06:47 - Lindt...
2025-05-151h 12
Preferred Shares PodcastTexas Pacific Land Corporation: The Riches of RoyaltiesWelcome to Episode 19 of the Preferred Shares Podcast.We interviewed a special guest, Chadd Garcia, about Texas Pacific Land Corporation (TPL). Chadd is a veteran investment analyst, has worked in private equity, and is currently Vice President & Portfolio Manager at Ave Maria Mutual Funds.In This EpisodeHere are some highlights from the podcast episode about Texas Pacific Land Corporation (TPL):* [1:52] – Chadd explains how he became interested in TPL.* [2:53] – TPL’s early history* [4:48] – Oil was discovered in West Texas in the 1920s, but fracking in the 2010s signific...
2025-03-0351 min
Planet MicroCap Podcast | MicroCap Investing StrategiesCleaning Up Unclean Stories, Numbers, Narratives, Nicotine Industry + Haypp Group with Devin LaSarre, Founder & Editor of InvariantMy guest on the show today is with Devin LaSarre, Founder & Editor of Invariant. I've been following Devin for a while on social media, and invited him on to better understand his overall investing philosophy, and then specifically dig into an industry / idea a bit further. This episode I would say falls into the "ways of seeing" bucket, meaning, every once in a while I have a conversation on here with someone that has a completely different way they look at investing that I find very unique. In this case, Devin's focus on finding very "unclean" stories and doing...
2025-02-2053 min
Planet MicroCap Podcast | MicroCap Investing StrategiesCleaning Up Unclean Stories, Numbers, Narratives, Nicotine Industry + Haypp Group with Devin LaSarre, Founder & Editor of InvariantMy guest on the show today is with Devin LaSarre, Founder & Editor of Invariant. I've been following Devin for a while on social media, and invited him on to better understand his overall investing philosophy, and then specifically dig into an industry / idea a bit further. This episode I would say falls into the "ways of seeing" bucket, meaning, every once in a while I have a conversation on here with someone that has a completely different way they look at investing that I find very unique. In this case, Devin's focus on finding very "unclean" stories and doing...
2025-02-2053 min
Preferred Shares PodcastRae Maile: A Lifetime in TobaccoWelcome to Episode 13 of the Preferred Shares Podcast.We interviewed our friend and special guest, Rae Maile. Rae is a veteran analyst who has covered the tobacco industry for over 35 years. He has never held back his strong opinions, and always has the data to support them.In this episodeRae’s background in financial services, from junior analyst covering brewers and general retail to financials and tobaccoHow the tobacco industry has changed and stayed the sameThe perpetual lack of confidence about the tobacco industry - both fro...
2024-09-271h 16
Best Anchor Stocks9. The United States Is Going South w/ Lawrence Hamtil & Douglas OttWelcome back to another episode! This time I was lucky enough to be joined by Lawrence Hamtil and Douglas Ott to discuss a relevant migration taking place in the US. They recently uploaded a white paper on the topic discussing the industries and companies that could be most impacted by this trend. Here it is: https://andvariassociates.com/wp-content/uploads/2024/06/2024-06-Andvari-Fortune-Southern-migration.pdf Lawrence and Doug also host (together with Devin Lasarre) an excellent and atypical podcast called 'Preferred Shares', which I definitely recommend following: https://open.spotify.com/show/0eAZkSKXiEhqT7o2nNplrO?si=172375d7111...
2024-08-1552 min
Preferred Shares PodcastThe Rocks That Connect AmericaWelcome to Episode 11 of the Preferred Shares Podcast.In this episode—the second part in our series on the beneficiaries of the spending on the interstate highway system of the United States—Preferred Shares explores the aggregates industry. In particular, we go over the early history of Birmingham Slag, the family-owned business that evolved into Vulcan Materials Company (VMC).In this episodeInterstate Highway System background refresherThe unique qualities of the aggregates industryEarly Vulcan Materials historyRole of inheritance tax in driving industry consolidationSt...
2024-05-2955 min
Preferred Shares PodcastBreaking down the Utility Industry: Expert Insights From Ian Clark of Dichotomy CapitalWelcome to Episode 10 of the Preferred Shares Podcast.Lawrence Hamtil, of Fortune Financial Advisors, and Douglas Ott, of Andvari Associates, were the primary researchers for this episode. In this episode, we are joined by Ian Clark, founder and head of Dichotomy Capital, a power market focused investment manager that utilizes intensive research to find attractive opportunities in the public and private markets. In this episodeIan Clark’s personal and professional backgroundWhat is a fat pitch for an expert in the utility space?Difference between regulated and unregulated mar...
2024-04-251h 17
Chit Chat StocksThe State of the ~NICOTINE~ Industry With Devin LaSarreOn this episode of Chit Chat Stocks, Brett talks with Invariant's Devin LaSarre on the nicotine market and where the industry sits as of early 2024. They discuss:
(08:02) Regulatory Challenges in the Nicotine Industry
(30:20) The Potential of Nicotine Pouches and Next-Gen Products
(39:59) The Benefits of a Basket Approach for Investing in the Nicotine Sector
(55:26) The Impact of ESG Mandates on the Nicotine Industry
SUBSCRIBE to Devin's newsletter, Invariant: https://invariant.substack.com/
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2024-04-241h 09
Yet Another Value PodcastDevin LaSarre shares thesis on Haypp Group, Online Distributor of Snus and Nicotine PouchesDevin LaSarre, Founder and Editor of the Invariant Newsletter on Substack, joins the podcast to discuss his write-up and thesis on Haypp Group (HAYPP.ST).
Quick description on Haypp Group (according to their website): The Haypp Group is spearheading the global transformation from smoking to healthier product alternatives. With origins in Scandinavia our extensive experience from pioneering markets in smoke free alternatives, as well as being a leader in the e-commerce sector, we now fully take our vision to a global scale. With eleven e-commerce brands, the Haypp group is present in seven countries where we served...
2024-04-081h 25
Preferred Shares PodcastConnecting a Continent: The Rise of the United States Interstate Highway SystemWelcome to Episode 9 of the Preferred Shares Podcast.Lawrence Hamtil, of Fortune Financial Advisors, and Douglas Ott, of Andvari Associates, were the primary researchers for this episode.In this episode- The Federal Aid Road Act of 1916- Route 66- Strong road advocate Cyrus Avery- Dwight D. Eisenhower- Influences of the Trans-Continental Motor Truck Trip and German Autobahn- The Federal Aid Highway Act of 1956- Quantifying the enormity of resources needed to build the interstate system...
2024-04-0843 min
Preferred Shares PodcastBellerby & Co: The Rebirth of Artisanal GlobemakingWelcome to Episode 8 of the Preferred Shares Podcast.Devin LaSarre, of Invariant, was the primary researcher for this episode.In this episode- The unique origin story of Bellerby Globes- The complexities of artisanal globemaking- Bellerby’s current size, output, and price points- Custom products and the production process, start to finish- The importance of control and quality assurance- Attracting and retaining talented team members- Relationships with the suppliers of input materials- Pl...
2024-03-061h 04
Preferred Shares PodcastTrophy Assets: The Families That Built the NFLWelcome to Episode 7 of the Preferred Shares Podcast.Douglas Ott, of Andvari Associates, was the primary researcher for this episode.In this episode-The battle between the NFL and the AFL-The origins of specific franchises, including the Colts, Cardinals, and Giants-Lamar Hunt’s influence and the Hunt family’s wealth and other endeavors-Commonalities across original and current franchise owners-Long-term mentality and ‘permanent capital’-Future outlook for franchise and league expansionEpisode resourcesNational Football League, Wikiwand...
2024-02-0842 min
Preferred Shares PodcastThe Rat Man: Otto Orkin and the Birth of the Modern Pest Control IndustryWelcome to Episode 5 of the Preferred Shares Podcast.Lawrence Hamtil, of Fortune Financial Advisors, and Douglas Ott, of Andvari Associates, were the primary researchers for this episode.In this episode* Immigrating to the Unites States* Pest control on the family farm* Experimentation with poisons* Winning early clients* Lucky breaks* Family squabbles* The first leveraged buyout* Rapid, sustained growth* Reflections on seemingly unstoppable industry dynamicsEpisode resources* Q3 2023 Letter: Introducing Rollins, Douglas Ott, 11/7/2023
2023-12-181h 10
Preferred Shares PodcastMars Incorporated: Inside America's Most Secretive Consumer Goods EmpireWelcome to Episode 4 of the Preferred Shares Podcast.Lawrence Hamtil, of Fortune Financial Advisors, was the primary researcher for this episode.In this episode* Consecutive failures before rapid success* Family fallout* Suspected espionage* Corporate overhauls* Iteration and innovations* Principles for exceptional performance* True long-term orientation* An eye for global dominationEpisode resources* Brenner, Joël Glenn. The Emperors of Chocolate : Inside the Secret World of Hershey and Mars. New York :Random House, 1999* The E...
2023-11-161h 05
Chit Chat StocksAltria Group and the US Tobacco Market (Ticker: MO) with Devin LaSarreAltria (Ticker: MO) is a publicly traded company that owns major tobacco brands and is diversifying into alternative products and cannabis investments amid declining sales and increasing regulation. Listen as Brett and Ryan ask questions about the company, its business model, and valuation. Enjoy the show!
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This episode is sponsored by Stratosphere.io, a web-based terminal for financial data, KPIs, and more. Try it out for FREE or use code “CCM” for 15% off any paid plan. Sign up here: https://www.stratosphere.io/
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2023-04-061h 18
Chit Chat StocksBritish American Tobacco and The Past, Present, and Future of the Nicotine Industry With Devin LaSarreBritish American Tobacco provides tobacco and nicotine products to consumers worldwide. The company operates under different brands including popular names such as Lucky Strike, Camel, Natural American Spirit, and Modern Oral brands. Listen as Brett and Ryan ask Devin questions about the company, its business model, and valuation. Enjoy the show!
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This episode is sponsored by Quartr, the new way of doing company research. Access conference calls, presentations, transcripts, and more for FREE on your mobile device.
Download Quartr on the App Store here: https://apps.apple.com/us/app/quartr-investor-relations/id1552412128
2022-09-0958 min