YouSaid · the spoken record

Joel Tillinghast

lines on the record: 76
first: 2022-11-27
most recent: 2022-11-27
sittings or episodes: 1
sources: podcast

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“Listen to everyone, observe everything, don't believe everything you think. Keep exploring. My dad was an exceptionally kind man. Keep learning. That's what he did all his life. It's an article in the Wall Street Journal about spiders and how they produce the web, which was actually his specialty. And I so miss his descriptions and knowledge. Apparently there's some moisture in it that is required to produce it, but then it dries off. But keeping learning, that's what he would say.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Think small. There's also a trustee at Westland University and trying to work with them. They do not, I'm on the campus affairs committee, not the investment committee. And so I'm pushing my thoughts where they're not really wanted. But I think the Write about university spending rules because I think that there is a problem with what they call the Tobin rule that really would be solved by looking more look through income.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“I sometimes wonder whether I want to rewrite and update the book because there are new stories and there's some topics that I think some might be left out, some might be added. So I'm not sure if I'm going to do that. And one of the things that I had talked about with my dad in the summer before he passed, he was not so keen on that. I was asking him about a book that he had worked on, but not published. And he was sort of pushing me. I had had some thoughts about international trade and how that affects economies and societies. And he thought that was very interesting. I might do that, although I think the likelihood is more that we will update the big money.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Glad the most fund holders have gotten a satisfactory return. And I'm also glad that there are up-and-coming people like Morgan and Sam at Fidelity who will continue to try to do that looking at the attention to shareholders. I can see people in the growth group who have been affected by Will's approach. producing satisfactory results for a lot of average people for a huge number of average people in developing talent in the next generation.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“And I think Will cares about it a great deal. But yeah, finance is not a business that is draped with a lot of human meaning, but there are places where you want it to be of service to someone.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Had a book, the most important thing, and the conclusion is there's not a most important thing in investing. There's a thousand little things. I think the really big thing is do what the shareholder would do for themselves if they had the knowledge that you have, which since we spend all day on it, we should have better knowledge, but do what they would do if they had the same knowledge.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Tried to do the right thing, try to, the fund is less volatile than the market. So it's somewhat easier to hang on to in down markets, although that doesn't mean that they're not as disappointed as I am. It's down and you can't avoid that. But I think it's less likely to make you sell at the wrong times. try to choose when they're available the best in class companies is what i'm trying to push to sam and morgan you know and that it's more like howard marks implied which is a thousand little things”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, absolutely. If you can't control it and wouldn't have made a better decision, then be gentle. And if you would have made a different decision with the information you had, then be darn sure that you learned that and remember that. In my case, having 12 of them in Coax and some beer is a really horrible idea. Be sure that you take away that and don't repeat it.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Give me patience to accept the things that I can control and accept the things that I can't just because it was a bad outcome. If you can't think of how you would have done it better with the information that you had at the time, then there's no sense or if you can't control it, there's no sense in beating yourself up on things you can't control things we're say, gosh if I had held on to Amazon for more than briefly would have been different. But in fact, yeah, I want companies that are good using current earnings in cash flow. So it was probably never meant to hold on to Amazon 20 years ago.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“I think that was part of it and hoped that I could write something as awesome as the Peter Lynch books, but he's a more gifted storyteller and too geeky and produced a book that's probably more for professional investors and really avid personal investors.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Was on the twenty third floor and the building was swaying. You could see it was rocking and the aftershocks continued in the midnight. Another member of our group went down to the front desk and started crying and she got transferred from like the 19th floor to the second floor because the spookier part was the rocking. I had wanted to tell my dad what was going on, but when I did call my uncle Howard had a stroke and he proceeded to die before I got home. And so I didn't tell my dad about the earthquake flights out and even trains to the airport and flights were all canceled. So I got delayed a day, did get out. The airline made an extra profit on that. But Fidelity thought that it was money well spent, and so did I to escape. Yeah, it was just a reminder that life can be short and unexpected.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Worried, and we walked down through the fire escape to the bottom floor. And in amazing Japanese politeness and kindness, they served us some free coffee, which I appreciated. But everybody went down to the bottom floor. I tried to get the taxi to take me back to the hotel, but the taxi never arrived. The cell phones went dead and went back to the office. So we walked back to the hotel, which was a pleasant walk rather than a horrific walk. And the mate was very difficult, a reception got moved from the top floor to the bottom floor of the hotel. And when my hotel room,”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“That was an especially in, I always had a conference in Japan, and there had been some tremors on Tuesday before the earthquake. And one of them was very brief. It might have been half a minute, and I looked at the company management and translator during that. And the translator said, oh, that was an earthquake or tremor. And since they did not seem freaked out, I was not freaked out since Gippo's reality is defined by what people around them think is real. Friday was different. We were in a company meeting and the cups started to slide around and were threatening to fall off the table and the company became increasingly”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“I think Will has absolutely followed that because I think today you will find in his ginormous funge some 7% bets, the SEC regulations limit the number of 5% and higher bets that you can have. And so I think he has followed that advice.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Certain expectations of my shareholders. I think also that the market for funds has changed and Peter went where the opportunity is or was. I tried to go where the opportunity is, if I can understand it. Well, Danoff goes to where a subset of the opportunity that he knows extremely well. Modern funds are sort of annoyingly pushing towards making you look like an index fund, which I think is not a favor to the fund holder because if you're going to hold a closet index fund, you might as well just hold the index fund.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think it is hard to tell. I think there's rarely been as much stuff that seemed crazy to me that was going on in financial markets and the rest of the real world than over the last two years. And it's hard to handicap it. But yeah, it was sort of emotionally exhausting. But the other thing that was going on was my dad was getting to the end of his life. And I guess that brings thoughts of mortality and he did finally pass in December last year, but realizing that, yeah, cowing, all of that was sort of a complicating factor along with the emotional disappointment about disappointing.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“About internet retailing, the possibility of the growth opportunities were somewhat challenged. And it was fairly valued, overvalued at 38 and 63. And so I sold. But if you were really unpleasant, you'd say you blew away a billion dollars worth of the bondholders money by selling at those prices and not waiting until it hit 350. And my only defense.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“And so when I bought it, it was a combination of I thought it was undervalued because it had been a consistent cash generator and a bit of reluctance to accept reality that indeed video game sales had changed and maybe their business was more impaired. So when I lifted it off from single digits and got to 38, they sold some of the stock and blew out pretty much all of the rest when it was 63. And from there, it went to like 350. So did I do what I was meant to do thinking about my approach? Yes, even with the help of the guy from Chewy, Brian Cohen, who”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“It was very painful. Yeah, it's very hard because I don't have any, there were a small band of value investors at Fidelity. And I wish during that period that I had something that was both comforting and productive to those people. And I had nothing. I had nothing to tell myself other than my stocks or selling for less than their fair value. And so I'm good with them. Of course it hurts. if you're a competitive person that you are behind the benchmark.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Value investors, fair markets are not as punishing. Why is that? It's because if you really thought that the intrinsic value of a stock was $50 and it's dropped from $40 to $20, it's like, wow, this is so compelling. This stock will work dealing with the underperformance during a raging and somewhat speculative bull market. It was a contributing factor to my decision to retire.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, but also saying the companies where you can look five years out or ten years out with confidence are rare unless you're Kathy Wood and even her list is not that long. So I think she won't disagree that looking out five or ten years with confidence is difficult. And it's easier to hold on to companies where you can look with at least some confidence.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Would have wanted that, and it's still the multiple was higher, but the earnings were much, much higher. They still had the same terrific management. They still didn't have debt. So what could go wrong? Well, the growth could stop, but consumer products, companies have more inertia than technology products or ladies' fashions, which annoyingly have almost no inertia, at least the stocks that I buy. One way that I presented it for the analyst was to take some of the amazing buffet winners and said, what was the PE entry and what was the PE five years later? And it was like, FACO was one time's earnings five years later. Wells Fargo, also a single digit. Even Coca-Cola was fairly modest. Multiple five years out.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Think it was about four years or five years later, the earnings per share were higher than the cost basis. And this is something that tried to push on analysts. What I really want is a low PE on earnings five years out where you're imagining a sustainable world. It's not so much shipping cycles. Oh my God. They could be huge and then they go bust. So that's not what I'm looking for. I'm looking for a huge growth in earnings and having had the growth in earnings and realized that when I was 20, I probably would have liked to monster drink a lot better than dropping no dos into a Coca-Cola, which is what I did. Then, yeah, I probably.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Great successes are going to complete surprise even to their beneficiaries. Don't sell luck short, but the odds were very much in my favor in that weirdly met them in American electronics association beverage service. And the stock was selling for, I think, 10 times earnings. I think it was debt-free. The earnings were growing. I like the products. and really, really liked the management because they seemed very intense like they'd had two or three monster beverages themselves. But yeah, they really seemed strategic and motivated. It wasn't going to go bankrupt because they had no debt. Free drinks, like that's not very economically cyclical. It's not going to get waylaid by cycles. Centimes earnings totally. Fine. That's 10% earnings yield.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Have you read any books or any good on what to say no to? I've seen books that correctly say it's a good thing to drop what you don't need, but I suck at doing it and looking for guidance on what not to do and what opportunities. I haven't seen it.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“I buy has to be as good as Wells Fargo needs to have a return on equity and growth prospects that are higher or the same as Wells Fargo and that has to be selling at a lower price to book or PE than Wells Fargo. So sometimes you can have a benchmark stock, but it's hard if I look at small cap healthcare and say everything has to be as good as United Health. There are companies that are as good as United Health, but they're much more expensive. There are companies that are less expensive than United Health, but they're not as good. So it sometimes helps to have a sort of benchmark stock that has to be taken. And I guess that would lead towards a more concentrated portfolio because some might say that's a, there's a message in there.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“That's true. They are the farm team, but it's also a set of comparators where if I'm looking at US banks and say, well, what are superior banks and have a list of a couple dozen of them and can mentally compare and say Eagle Bank of Maryland, how does that compare with East West Bank of California? And then let's compare that with Coderas Valley Bank. And then let's compare that with West Bank in Iowa. Let's compare them. Some of it is to give a comparison. The other way before Wells Fargo started to have their issues with compliance and overselling. My approach might be any bank”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Trying to signal to the companies, reach out to me and tell me more. And I add to those when I do get more and it's good more that here's an industry with barriers to entry. There's really top-notch management team or it's eight times earnings debt-free and earnings are growing where it is a request for information. Consultants absolutely hate that because you are supposed to leap through high conviction. I am still trying to learn and am eagerly looking for a book on what not to do, what signals do you ignore, what opportunities I think people like Buffett are great at saying, nope, not interested after two minutes. Peter also had that capability, although his conclusion was, I think, sometimes like mine, that it puts into the, I want to watch this space and find more.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“So we didn't get to the other 800 companies. Although some, it might have to be three because some of those are 25 basis points of the fund, but 10% of the company. So they're concentrated holdings of a small company. And on that, there are people who say it's too small to make a difference, but do it anyway. And think for terrific companies that are small. The fund does have a concentrated relative to the outstanding shares holding. But then there's the large amount of companies where I see something interesting going on, see either a possibly terrific business or a really dislocated valuation. We're begging the analysts to tell me more and begging brokerage researchers to tell me more.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“who don't yet is what will work for them because they want the fund to work for them. And I think they're still figuring out what works for them. But there was a hint that maybe 5% was too chunky because actually there are other fidelity funds that do not have any 5% bets, although Will Danoff has several. And so in a sense, I do have concentrated bets. And there are concentrated bets in the sense that the fund holds 10% of Metro Canadian supermarket, which is as large and is concentrated as the regulations allow.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Of it as two portfolios. One, although it could be more, but think of it as two portfolios. One of them is for long-standing high conviction holdings. I do have some fairly chunky holdings. United Health is over 5% of the fund. Metro, the Canadian supermarket is close behind autozone is also a very substantial halting. If you took just the top 50 or 100 stocks, you might say this is actually fairly concentrated fund, even relative to fidelity in one of the ongoing discussions that had with Morgan and Sam is”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“But It is and it's especially tough because the people who professionally play the game disproportionately went to selective schools and they know that they can't learn, but despite years of intermittent effort, I still don't get biotech. And it's kind of hard to tell yourself, yeah, there are plenty things that I'm not particularly good at.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, there are people like Fidelities, brilliant analyst, Irene Cantopoulos, and I trust her a great deal, but as a portfolio manager, I can't do it unless I can verify her thoughts to myself. And so it's an area that I stay away from.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“A different business than they realized, where if they looked at the derivatives, they'd say credit insurance is a low rate online for a highly correlated high severity, very low frequency business. And they would say, oh, that's kind of terrifying to an insurance company rather than this is kind of wild. Since I lost money on AIG, I'm bitter. And so I'm assuming that management might have not done this, biotech to my biologist dad's disappointment because there's so much cool experimentation. It's so hard for me to tell the path of innovation. There's phase one, there's phase two, there's phase three, there's commercialization. And sometimes even if it does get approved and goes on the market, the sales will disappoint. handicapping those odds is beyond my ability.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“How you'll react emotionally knowing your circle of competence or, I guess, more optimistically, the circle of expertise, where do you know more than the average guy about this industry? Do you know more than the average person about this specific company? And there are whole industries where insurance is difficult because it's a whole series of assumptions and you can generically know whether the assumptions that they're making are conservative, aggressive, or average, but that doesn't protect you when that's hard to verify. So there are parts of insurance that scare me. Anything the AIG was a case where they had gotten into”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Vendors are not shipping them merchandise. So I think some of the blind spots come from what your approach is and you have to be aware of those blind spots. Knowing yourself and how do you react to the setbacks and are you truthful to yourself? Are you going to come up with endless justifications for why what you did was not a mistake or will you go to the confessional and say yep, I blew it.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“What you're trying to do creates your blind spots. So most of the time, the fattest piece of the momentum, profits of the momentum investor come when the stock is above fair value and it's just a colossal piling on. So a value investor says, run, run, run, run, run, run, run, run away, but that's the wrong impulse if you're trying to be a skilled momentum investor, you might say. It's just now getting recognition and more people will recognize this stock. At the same time as a value investor, a kind of ignore short-term movements unless there's something that says, wow, this throws my whole expected value into the trash. There's no way the store will ever make the kind of profits I thought.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“I think you want to start by doing a little introspection about what do you think your approach is? Why might you have an edge? And if you're a momentum investor, actually, lots of successful momentum investors, maybe even more than I've seen successful value investors. But you should know that. you're in the second half of 2021 you have to realize things are not getting better in the tech stocks that had worked so well and you have to think about am i a growth investor am i a value investor or am i a in my case a value investor who tries to include some growth aspects because growth is part of value have to understand that and those”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Think it is because people, when you do it badly, it's called anecdotal and scientific. When you do it well, I guess Gladwell would call it thin slicing.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Yes, he absolutely did that as a natural gas analyst. If I got him the news that gas prices are up by 25 cents, he would say, what's that mean for the pipelines? What's that mean for the gas distribution companies? What's that mean for the producers? What's that mean for the petrochemical companies? And there's a whole bunch of knock-on, it may not be conclusive, but it tells you what you should be asking. all of those companies from one piece of information. And he was fantastic at that.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Not sure that I can copy his mantle flexibility. He totally willing to change his mind when the facts are different. And I think a lot of us get entrenched. And trying to delicately say this, I see a lot of this in politics in both parties where they're wrong and they pile on further justifications or mistakes that they made. Peter would have none of that or little of that. He would change his mind.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“He was always curious about how things worked. He did, of course, want companies that were getting much better right now, but there are companies that he held for several years, actually. Chrysler and Benny Mae, some others. But he was always checking in the conversations. He would invite. This will help you next year. This will help you in the years beyond where in Fannie Mae's case they had a bunch of high cost debt that was rolling off in the coming year, but also in the next year and the next year after that, so the visibility to improved interest margins and earnings was huge.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“It's hard to sustain. And that was why Peter needed the secret code to tell Carolyn what time he would be at. I think one of them was actually Mr. Johnson is coming in. So just put the food in the, leave the food in the oven because of course he wanted to talk to Mr. J.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, he was actually more intense than any of the people just referenced, which may be also why the years as an active fund manager were shorter.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Curiosity is like, why is this so? I think so many mistakes come because of the human capability of filling in what's not there and assuming too much about what it is you're looking at. And so curiosity is number one. And employers generally, they want people who really want the job. How often is too many times to tell someone, I love you? It's never too much. And the employers want to hear it, even if they know that you want the job, spell it out for them and make it real. Because in my case, it was easy because having had a disappointing employer or two, I really wanted to work for people who I totally respected. If you are interviewing with the job that you really, really want, don't be shy. Tell them.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Investing, period, I think it's hard. I never had a summer internship, but it's become much more important. Hiring process is too long and too bureaucratic for my taste, but it'd say someone like him should send a letter to both the director of research, which at Fidelity would be pamphlding and Tim Cohen, and they should also send one to the designated Human Resources recruiter and that you can find on the website. It is tough. It's the people who attended Harvard, Yale, and Princeton and Wharton are fabulous people, but they have the inside track on this because a lot of the interviews, I don't like the way this is. Yeah. Handled actually, but I'd say a person like him and all the hers who are out there should send a letter to the director of research at a firm that they want or to the HR department there.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“And Peter was trying to wind down for the day. And I think he did make one of those coded calls to Carolyn, his wife, forgot what it was, but he had a coded sort of way of saying, I'm arriving at five or I'm arriving at six, I'm arriving at seven. So the dinner would be all right. But around 4.45 cut it off. And it was just thrilled by watching all the people coming go and the different pitches. And my fabulous dad was waiting there down at the doorstep of Fidelity to meet with me and had been there her five hours, which was amazing.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Supposed to start at 9 o'clock, and I thought they would be done by Noonish. And my dad was going to meet me there, Nunish. But the interviews kept going on. And around 2 o'clock, it got brought over to Peter Leach's office. And Peter had lots of people dropping in. Peter was a great believer in the two-minute drill, the quick pitch. And as a screening device, he would consider absolutely anything. So the interview itself was somewhat distracting, but I was thrilled to watch Peter Lynch in action fielding all of these pitches. And we did actually have an interview-like component. But this was supposed to go from two o'clock to 2.30, then wind up, but it got to be about 4.45.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“The mutual share is gay. And I tried to get interviews with them, but didn't do very well. I did get to meet Mario Gabelli in person, but not the others at that time. And I called up Peter Lynch a couple of times, but his secretary, Paula Sullivan, finally said, who's calling? she put me through. And I was just horrid after my other job search I was expecting to go to a director of research or human resources department, all of which would be fine if it had produced the desired result, but we had a good call and talked about a few stocks. And I got an interview scheduled and I flew out. And the meeting or the interviews were”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, and looking for what I think Will is looking for, which is adaptive companies that have a strong hand to start with. Nobody knows the future, but some companies are more adaptive than others. Next, a UK retailer the fund holds, used to be mostly High Street stores with a catalog business. and they could have completely lost their position during the internet age, but in fact have repurposed catalog into internet selling, and now it's the majority of profits and is growing well. So there's a good adaptation. I think you always want an adaptive management team. And I think that's part of the secret sauce of why we'll spend so much time on meeting management. Standing there thinking.”
2022-11-27 · We Study Billionaires · RWH017: Fidelity Legend Joel Tillinghast · IDENTIFIED FROM THE TRANSCRIPT