Bill Martin - On The Short Side, Position Sizing Is The Biggest Driver Of Success | #170
In episode 170, we welcome our guest, Bill Martin. Bill and Meb start the conversation by diving into Bill’s early entrepreneurial experience running Ragingbull.com. He discusses the business, raising capital, and ultimately selling the business. After Ragingbull.com, he started a research business and InsiderScores before ultimately launching Raging Capital in 2006. Meb asks Bill to get into Raging Capital. Bill offers that the long side is fairly concentrated, focused on the long-term and thinking strategically about the businesses. The short side is where he and his team focus on a diverse basket of businesses they consider overvalued with fundamentally challenged business models.
Key Points
- The guest, founder and CIO of Raging Capital Management, shares insights into the craft of investing, emphasizing the importance of passion, intellectual curiosity, and a strategic, long-term mindset in both public and private markets.
- Themes such as the inefficiency of short selling, the discrepancies in valuation between S&P 500 and non-index companies, and the potential of MLPs in the current market are highlighted as areas of opportunity for investors.
- The guest discusses specific investment theses, including the potential overvaluation of public storage REITs, the challenges facing the auto industry, and the influence of easy money on corporate profit margins and returns.
Follow Bill: Website
Resources: InsiderScore
Chapters
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| 21:15 | |
| 28:14 | |
| 33:48 | |
| 37:33 | |
| 40:32 | |
| 52:05 | |
| 56:13 | |
| 57:40 |
Transcript
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