The Meb Faber Show
Welcome to The Meb Faber Show, where the focus is on helping you grow and preserve your wealth. Join us as we discuss the craft of investing and uncover new and profitable ideas, all to help you grow wealthier and wiser. Better investing starts here.
Damon Ficklin, Polen Capital – Even Though We Are Clearly A Growth Manager, A Lot Of Us Have Value-Oriented Roots | #304
In episode 304, we welcome our guest, Damon Ficklin, Polen Capital’s head of the Large Company Growth Team and the lead portfolio manager of the firm’s Global Growth strategy. In today’s episode, we’re talking high quality, concentrated growth investing. Damon starts by describing his process for analyzing companies and the key metrics they look for when doing so. Then he covers the paradigm shift we’ve seen in the last year and how companies have adapted to the new norm. We talk about companies that have navigated the shift to e-commerce like Estee Lauder, and others that have transformed their business model like Adobe.
Key Points
- Poland Capital's investment philosophy hinges on high-quality, concentrated growth investing, focusing on businesses with sustainable competitive advantages, high returns on equity, strong margins, low debt, and organic revenue growth.
- The pandemic accelerated the transition to digital and online platforms, benefiting companies like Estee Lauder and Nike, which adapted by shifting their business models to direct-to-consumer sales and online engagement.
- Despite market fluctuations and a variety of macroeconomic factors, Poland Capital maintains a long-term investment horizon, with a typical holding period of around five years, ensuring their portfolio decisions are driven by fundamental business performance rather than short-term market movements.
Follow Damon: Website
Chapters
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| 1:18 | |
| 10:25 | |
| 15:28 | |
| 18:01 | |
| 24:22 | |
| 27:53 | |
| 39:36 | |
| 43:59 | |
| 53:45 | |
| 58:50 | |
| 59:16 |
Transcript
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