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cover of episode TIP705: The Quiet Winners: Unveiling Hidden Value w/ Adam Wilk

TIP705: The Quiet Winners: Unveiling Hidden Value w/ Adam Wilk

2025/3/9
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We Study Billionaires - The Investor’s Podcast Network

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A
Adam Wilk
K
Kyle Grieve
投资分析师和播客主持人,专注于高质量股票分析和投资策略讨论。
Topics
Kyle Grieve: 本期节目讨论了小盘股投资的误区,以及如何利用市场中的低效率来获得超额收益。Adam Wilk 的基金 Greystone Capital Management 专注于微型股投资,取得了显著的回报,这表明市场对小盘股的普遍看法存在偏差。 Adam Wilk: 我将我的投资策略与我作为 NBA 球探的经验相结合,擅长在被忽视的地方寻找价值。价值投资与球探寻找人才类似,都在寻找被忽视的优秀机会。我的投资过程注重勤奋,并高度重视管理团队。勤奋的投资过程能发现市场上鲜为人知的投资机会。 我从圣安东尼奥马刺队学到了很多东西,包括如何发现被低估的人才,以及如何通过勤奋的工作来获得竞争优势。在小盘股投资中,尽职调查需要大量的人力投入,但这也带来了发现被低估机会的可能性。我将差异化策略、勤奋的工作和对企业文化的关注相结合,从而在市场中获得优势。 Adam Wilk: "Pound the rock" 的理念强调持续的努力和积累,小的进步最终会带来巨大的回报,这与复利和长期投资理念相符。投资是一个长期过程,每天的努力积累起来才能取得显著成果。巴菲特大部分财富是在50岁以后积累的,这说明长期坚持的重要性。投资是一个没有终点的长期实践,需要持续学习和改进。 从 NBA 球探的经验中,我学习到如何在被忽视的领域寻找被低估的资产,这与价值投资的理念相符。通过做与众不同的事情来获得竞争优势,专注于被低估的小盘股可以获得投资优势。小盘股中存在被低估的优质公司,需要深入研究才能发现。通过勤奋的工作和差异化策略,可以获得独特的投资洞察力。关注公司的企业文化,因为它会影响公司的长期发展。 独立管理基金的优势在于能够独立思考、降低成本和保持与投资者的长期一致性。低成本结构使基金在市场波动中更具韧性。独立管理基金使我能够专注于投资研究和管理,并吸引志同道合的投资者。我非常注重成本控制,认为低成本结构能够增强基金的抗风险能力。

Deep Dive

Chapters
Adam Wilk discusses the philosophy of "pounding the rock," emphasizing the power of incremental progress in achieving outsized returns over time. He draws parallels between this concept and compounding in investing, highlighting the importance of daily improvement and long-term perspective.
  • Small, consistent improvements lead to significant results over time.
  • Compounding is a key principle in investing.
  • Long-term perspective is crucial for success.

Shownotes Transcript

On today’s episode, Kyle Grieve chats with Adam Wilk about the powers of incremental improvement, what he learned as an NBA scout about finding hidden value, why making the investing process more labour intensive has led to outperformance, the hidden difficulties of identifying quality in small-cap stocks, how to utilize aspects of special situation investments to find hidden compounders, the shared qualities found in Adam’s best investments, and a whole lot more!

Adam Wilk is the Founder and Portfolio Manager of Greystone Capital Management, LLC, leading a concentrated small and micro-cap long-only strategy. With a background in professional sports, including roles as a scout for NBA teams like the Spurs and Rockets, Adam honed skills in talent evaluation, data analysis, and risk management. His passion for value investing began in 2013, inspired by Warren Buffett’s writings, leading to a career pivot and the creation of Greystone. Adam shares his investment insights through research reports and his blog, Pound the Rock Investing. 

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

04:14 - How small bits of incremental progress lead to outsized returns over time.

07:51 - Key insights in finding undervalued assets that he learned from looking for undervalued talent for an NBA team.

10:00 - Why making the investing process labour-intensive creates differentiated insights.

15:48 - Why keeping costs low in a fund decreases sensitivity to market volatility.

19:58 - Why identifying quality in small caps comes with inherent difficulty compared to more discovered businesses.

20:35 - Why change in expectations is such a powerful catalyst.

31:13 - How special situations can cause underappreciation of a quality business and obscure upside.

33:55 - Insights into how to evaluate and underwrite management teams.

35:22 - Some of the biggest lessons Adam learned about management from his greatest investment mistake.

49:28 - The qualities that have shown up in Adam's biggest winners.

And so much more!

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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