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The Business Brew


Nov 24, 2021

The one and only David Gardner stops by The Business Brew for an interview Bill has been looking forward to for over a year.  David is a Co-Founder of The Motley Fool.  He is best known for his Rule Breaker investing strategy but Bill knows him as a person that forced Bill to contemplate how he looks at investing.   

You can find David’s Rule Breaker podcast at https://www.fool.com/podcasts/rule-breaker-investing/, follow him on Twitter at @DavidGFool, and sign up for The Motley Fool at https://www.fool.com/.   See also his podcasts with Invest Like The Best https://podcasts.apple.com/dk/podcast/david-gardner-finding-companies-that-break-the-rules/id1154105909?i=1000392148108 or https://open.spotify.com/episode/4bwyONARX4WeVcsPYosiuR?si=H8lR4qlwTgS92N5u6IQ2mA and Wealth Track https://wealthtrack.com/category/guests/david-gardner/

We hope you enjoy the discussion.  Detailed show notes below the Stream by Mosiac sponsor copy and thank yous.

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This episode is brought to you by Stream by Mosaic, a product that is integral to any fundamental research process.  Stream has developed an extensive library of expert interviews that cover a variety of industries.  https://streamrg.co/BB features over 300 expert interviews per week.  70% of Stream's experts are found exclusively on https://streamrg.co/BB.  Visit https://streamrg.co/BB today for a 14 day trial.  

Album art photo taken by Mike Ando.  Please see https://www.mikeando.com/

Thank you to @mathewpassy (on Twitter) for the show production.

Audio/YouTube

5:24  – David’s minimum investment time horizon 


8:30 - What running a business did for David’s investments


14:30 - Rule Breaking for the long term


19:30 – David’s thoughts on investing vs. trading  

 

27:40 - Interest rates and how they impacted Rule Breaker returns 

 

33:56 - Remarkable CEOs that can scale public companies 

 

40:40 - The importance of teams in investments 

 

42:50 - The Snap Test

 

48:50 – How Paul Gardner helped the Motley Fool get started

 

53:00 – David points out that he picks a lot of losing stocks too!

 

55:00 – The importance of the willingness to hold

 

62:50 – Spiffy pops

 

66:45 – What is an New and Important Industry?

 

71:21 – Adding to winners

 

77:44 – Being comfortable with concentration

 

83:00 – Chasin’ Teenies (this is a stock term)

 

86:45 – Winner math

 

91:17 – Live backwards and pick stocks today

 

94:34 – The risk that private equity and venture capital capture returns that used to be available to public market investors.

 

96:30 – What is next for David Gardner?

 

105:00 – The difficulty of internet advertising