![Chuck Akre – The Three-Legged Stool - [Invest Like the Best, EP.135]](https://megaphone.imgix.net/podcasts/0f2ff2bc-ccce-11ed-87bf-031fc4531a9e/image/Chuck_Akre.png?ixlib=rails-4.3.1&max-w=3000&max-h=3000&fit=crop&auto=format,compress)
Invest Like the Best with Patrick O'Shaughnessy
Chuck Akre – The Three-Legged Stool - [Invest Like the Best, EP.135]
Conversations with the best investors and business leaders in the world. We explore their ideas, methods, and stories to help you better invest your time and money. Hear stock market and boardroom insights you can't find anywhere else. If you're a professional investor, CEO, entrepreneur, or business strategist, this is for you. Explore all our episodes and learn more at https://www.colossus.com
Show Notes
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My guest today is Chuck Akre, a now widely famous investor who founded Akre Capital Management in 1989, which now manages approximately $10B dollars. We discuss his investing style and his “three-legged stool” for evaluating companies. Please enjoy this great conversation.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
(First Question) – Advantage of being in Middleburg, Virginia
– What a day looks like for Chuck
– Why imagination is more important than knowledge
– Difference between curiosity and imagination
– The origins of the Nirvana Three-Legged Stool concept
– First leg of the stool, Extraordinary business and ROE’s with a focus on Bandag.
– How his evaluations of value has changed over the last 10-15 years
– A look at recent businesses that he’s bought and why they are interesting
– Why they keep things simple
– Second leg of the stool, the people involved and characteristics of managers he has invested in
– Role of capital allocation in the people he focuses on
– Favorite biographies
– 100 to 1 in the Stock Market: A Distinguished Security Analyst Tells How to Make More of Your Investment Opportunities
– Third leg of the stool, reinvestment
– How does he think about diversifying across an investment area
– Great businesses wrapped in a bad balance sheet
– What would cause him to sell
– What does he look for in people
– How curiosity has impacted his interest in land conservation
– Advice for investors, especially younger ones
– Kindest thing anyone has done for him
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on twitter at @patrick_oshag
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