Sanjay Ayer (WCM) - Think Different, Get Better

Sanjay Ayer is a portfolio manager at WCM Investment Management, a California-based asset manager investing in good quality companies with strong cultures and improving competitive moats.  Sanjay talks about his evolution as an investor, how a good culture can reinforce a company's competitive advantage, and why it is so important for investors to learn from mistakes and compound knowledge to sustain success.Show notes:[1:15] Sanjay talks about his early career and moving from Morningstar to WCM[4:10] Why one should focus on companies that are expanding their competitive moat[6:46] Testing the trajectory of a moat[9:11] Amazon and Shopify[10:55] Compounding knowledge to sustain success[14:27] Learning from mistakes[16:26] Niche industrial and influencer typologies[20:00] The importance of culture[21:13] Cultural optionality and culture as a durable competitive advantage[25:23] Balancing centralisation and decentralisation in regulated industries[27:21] Cultural trajectory[29:12] Portfolio construction as a foundation for rational decision-making[32:19] The role of valuation[34:42] R&D to sustain an investors' competitive advantages[38:41] Persistent inefficiencies in the investment profession[42:30] Using growth and scale to advance culture[44:51] Embrace cognitive dissonance and consider return on time  

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Far From The Finishing Post explores the ideas and practices of leading investors in an effort to continuously grow our collective knowledge. This podcast is intended for UK listeners only. The views and information contained within this podcast do not constitute investment advice and should not be used as the basis for investment decisions. Any reference to securities should not be construed as a recommendation to buy or sell these securities. Any opinions expressed are those of the relevant individuals and do not necessarily reflect the views of Troy Asset Management and may be subject to change without notice. Past performance is not a guide to future performance and the value of an investment may fall as well as rise.