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Anne-Marie Peterson

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59
first
2024-03-12
most recent
2024-03-12
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1
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podcast

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  1. “Colleague Greg Johnson pulled me aside. He had been in a couple of my meetings. These meetings, you can go over any topic. It's important real estate. What are the two things you want to get out of this meeting? What does success look like when we get out of here? Because we need to translate whatever that is into what's going to happen to the stock over the next three to five years. So what are those things? Two or three things, all those meetings should tie back to that. So I think one, identifying in advance what success looks like. Almost in my head now I've got the note you want to write at the end of it. Another one of my colleagues, Claudia Huntington, whose retired told me, you know what? Best investors read the best meetings. And you know why that is? It's because they figure out what matters and they use the meetings to get to the heart of it. So one, you have to understand what are the big things that matter here, one or two. And usually it's just one or two for the investment case. There's a lot of complexity that goes into it, but you have to be right about.”

    2024-03-12 · Invest Like the Best · Anne-Marie Peterson - The Capital System - [Invest Like the Best, EP.364] · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “There are these rituals of celebrating the individual, their accomplishments, but they always involve some teasing. We can't take ourselves too seriously. And I feel like this system, people who want to leave here, even my friend Dina Perry was managing when she was 75. She went through two cancer treatments and calling in from hemo, like saying what she thinks, what we're missing. She's a deep contrarian. She was one of John Lovelace's people. She immigrated from Israel as a child and ended up as an economist at IBM in a day where there were no women in finance. And Sean Lovelace found her and brought her here. And she was just an incredibly passionate, talented fighting against the system. She always wanted to go the other way. But when she got sick and after a chemo, we all flew to New York to have dinner with her and did a special dinner. It's not family because it's a business.”

    2024-03-12 · Invest Like the Best · Anne-Marie Peterson - The Capital System - [Invest Like the Best, EP.364] · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “And to have these types of conversations to kind of unlock people, you have to build trust. What we are doing is you're just going to be wrong. It's part of the job. You're going to look stupid. So you have to create the conditions where people can challenge each other when it's okay to look stupid. It's okay to feel like you're selling at the bottom or buying at the top. You have to spend time together and like each other and have to have these conversations. And we celebrate each other. So when you join your first retreat, someone has picked to tease you through a video about you or your life. For me, and I was shocked, they called my mother and recorded her and asked her to tell them all these stories about me as a child. And my mom has no filter. So it was a little bit humiliating, but it was fun. And so we had fun with each other and we do that for five-year anniversaries, 10-year anniversaries, 15-year anniversaries, 20-year anniversaries.”

    2024-03-12 · Invest Like the Best · Anne-Marie Peterson - The Capital System - [Invest Like the Best, EP.364] · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “DAO ages ago, and I brought the analyst report from like the 40s and just had such a fun. We have these long heritages with companies. And when you're the analyst covering a sector, I was hired to do retail. You almost look at it like you're the ambassador for capital to that sector. And there's a handoff on the relationship. And then you hand it off again. That's capital and the way that people are incentivized all ties back to the behavior, but we want one way that I think I evaluate culture is what are like the practices that you have that are special that reflect your culture that are weird. For us, we have retreats. We retreat a lot. I mean, to the point where sometimes people like, oh my gosh, we're going on another retreat. Some of them are really work heavy. Some of them are fun.”

    2024-03-12 · Invest Like the Best · Anne-Marie Peterson - The Capital System - [Invest Like the Best, EP.364] · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Class from small cap to income so you have like PMs with like a lens of different mandate lens or a different regional lens and then you have analysts with different lenses across different industries. The analysts are organized in industry clusters and some PMs are in that where they travel together. Anybody who covers something in the industrials complex, they travel together. They see companies together. They push on each other's ideas. And then the analysts manage money out of the gate. They manage 20% of the portfolios on average. And once you're up and running, you manage the portfolio. And the PMs manage 80%. So the analysts are sort of like the menu and the PMs are the leverage. And so for something to get big in the portfolios, my colleague Martin Rome always says multiple people have to arrive at the same conclusion from very different perspectives. The other thing I'd say is we have these long-term relationships with companies. You can look since we've been around so long. I was researched from the 1930s meeting with the”

    2024-03-12 · Invest Like the Best · Anne-Marie Peterson - The Capital System - [Invest Like the Best, EP.364] · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Years many of these companies we've helped for much, much much, much longer, and we've known them. And then it's really all about the people. We hire for a person that we think would fit culture. We're balancing the individual and the collective. So the people we hire, you may start covering as an analyst one industry, but if we give you something else, if we think you're, yeah, that person's really not great at turnarounds, that industry's turnarounds, let's let them try something else. So we try to give you a lot of different experiences to see where you shine. And the more reps we get with people, the more precise we can get at putting people into positions to shine. And then the last thing I would say is multiple perspectives. This whole system is designed on individual freedom, but also the team and your responsibility to the collective. You get to do what you want, but you have to share why you're doing it and you have to share why you're not doing it. And then we invest across every asset.”

    2024-03-12 · Invest Like the Best · Anne-Marie Peterson - The Capital System - [Invest Like the Best, EP.364] · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Top and it's still very diffused. So I think those are really important spreading the wealth and like thinking about the team. And then it's the culture. And so in this culture, it's really one, you know, the shareholders, the true north. And we have this history of evolving our products and how we do things and how we even structure our investment process and the roles and the teams to address that, which is fascinating. every seven years the firm looks at how can we mix things up a little bit and we purposely put stress on the system to ensure that it's fresh and we're addressing that then there are just some core principles that are easy to say really really hard to do long term in everything it's even when we hire somebody we give them a wrong time we think it takes a whole cycle to figure out how somebody might invest that's how we approach our investments our average holding periods for”

    2024-03-12 · Invest Like the Best · Anne-Marie Peterson - The Capital System - [Invest Like the Best, EP.364] · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Who really took capital to where it was, and his interest, he wasn't a star, he was interested in assembling at a collection of people that were different and distinctive, women and men to manage money. And he was really good at assembling teams, trying to figure out who was great of what, where they shined. So it was really never about him. It was always about a collection of individuals and then empowering them and giving them freedom. A lot of investment firms are the star manager who's out raising money. This in our DNA, you go back to the very beginning, it's not that. And that DNA persists. It is not a star system. And the second thing that the family did is the Lovelace family gave away the firm to the employees. And so we were private. We held the employees, our shareholders. And so we are owners. It wasn't concentrated at the”

    2024-03-12 · Invest Like the Best · Anne-Marie Peterson - The Capital System - [Invest Like the Best, EP.364] · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Capital is very special. We're about to celebrate our 100 year anniversary and we have 2.5 trillion that we invest on our clients. And most of that is equity, but we have a large fixed income business as well. But what's special is in an industry that hasn't scaled, most don't scale, and most don't endure, capital has. I know you're interested in companies like that. I'm interested in investing companies like that, but capital itself is sort of a case study in some deeply special. And so why is that? There are a couple reasons. The first is our founder, John Lovelace. His father founded the business in the 30s. He was investing right after the Great Depression. He came to Los Angeles after the crash to basically launch an investment management firm. His son came along. John Lovelle.”

    2024-03-12 · Invest Like the Best · Anne-Marie Peterson - The Capital System - [Invest Like the Best, EP.364] · IDENTIFIED FROM THE TRANSCRIPT · source