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cover of episode TIP723: The Art of Buying Growth Companies for Value Prices w/ Jim Zimmerman and Abigail Zimmerman

TIP723: The Art of Buying Growth Companies for Value Prices w/ Jim Zimmerman and Abigail Zimmerman

2025/5/23
logo of podcast We Study Billionaires - The Investor’s Podcast Network

We Study Billionaires - The Investor’s Podcast Network
AI Deep Dive AI Chapters Transcript
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A
Abigail Zimmerman
J
James Zimmerman
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: Lowell Capital的投资策略核心在于寻找具有弹性和现金流的优质企业，并以价值价格买入。他们特别关注那些拥有稳健资产负债表和增长潜力的被市场低估的公司，并利用现金作为战略工具来应对市场的不确定性。 James Zimmerman: 我们的投资方法非常简单，就是评估企业并关注其现金流。我们寻找那些能够产生现金并利用这些现金实现增长的公司。我们重视“诺克斯堡”式的资产负债表，因为它能显著降低风险。我们通过阅读电话会议记录来评估管理团队，并寻找那些能够兑现承诺、低估承诺和超额交付的管理团队。 Abigail Zimmerman: 我们会通过Value Investor Club等渠道寻找投资标的，但会避开生物科技、金融服务等波动性较大的行业，而更倾向于服务、软件和工业IT公司。我们寻找简单易懂、具有可持续竞争优势的企业。我们非常重视自由现金流收益率，并寻找那些具有强大经济护城河、低资本密集度和内部驱动因素的企业。

Deep Dive

Chapters
The Zimmermans share their idea generation process, focusing on resources like the Value Investor Club, SumZero, and MOI Global. They emphasize sticking to their circle of competence, which includes service and software companies, and prioritizing simple, cash-generating businesses with strong balance sheets.
  • Utilize resources like Value Investor Club, SumZero, and MOI Global for investment ideas.
  • Focus on simple, cash-generating businesses within their circle of competence (excluding biotech, financial services, real estate, oil & gas).
  • Prioritize companies with "Fort Knox" balance sheets (low or no debt).
  • Deep due diligence, including direct calls with management teams and thorough financial analysis.

Shownotes Transcript

On today’s episode, Kyle Grieve chats with James and Abigail Zimmerman about the strength of growing and sustainable cash flowing businesses; the importance of strong balance sheets; how they navigate their circle of competence, and the steps they take to expand it; why simplicity is so important in an age of complexity, how they use cash as a boost, and not a drag on returns, and much more.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:28 - How communities—public and private—can spark better investment ideas.

07:06 - Why free cash flow yield is their north star metric.

10:09 - How to tell if value drivers are simple or deceptively complex.

14:00 - Why staying inside your circle of competence protects your downside.

19:22 - How “Fort Knox” balance sheets help survive any market storm.

28:23 - Key signals that suggest a business can sustain high ROIC.

32:56 - What truly shows management is aligned, not just insider ownership.

43:25 - The hidden risks that make many retailers dangerous investments.

53:07 - How an equity-bond lens helps compare all asset classes.

01:06:39 - When to double down on winners.

And so much more!

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

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