YouSaid · the spoken record

John Rogers

lines on the record: 60
first: 2017-02-28
most recent: 2017-02-28
sittings or episodes: 1
sources: podcast

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“Of the kind of industries that fit the kind of consistent earnings growth that we like to see, the kind of industries and the companies that have the appropriate debt levels and the appropriate evaluation levels, because we think we can find a great business that isn't overleared and you can buy it at the right price, you're going to end up with really, really good results. But a key part of that process, though, as I've said earlier, is that you've got no substitute for getting out and doing the homework and seeing that management team, looking people in the eyes, seeing them face to face, going to the conferences, going to the trade shows, talking to competitors, talking to customers, talking to other people who own the stock, talking to the sell side, you know, you've got to do all of that is a big part of the process and has to be done consistently every single time. Charlie Brubrinsko, our head of the research group, and Tim Feidler, our director of research, they're responsible to making sure that process is done consistently. Now, I think the things that”
2017-02-28 · Invest Like the Best · John Rogers – Slow and Steady Wins the Race - [Invest Like the Best, EP.26] · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, that's an interesting way you talked about that because I think the process is actually different than the edge because for us, I think that it's important to have the processes I said earlier to make sure you do things consistently and the research reports are written thoughtfully and as thoroughly as possible and that you've explored everything and that each of our analysts knows their industries extremely well so they know the best companies in their sector and the worst companies in their sector and they know the cheapest stocks in their sector and the most expensive stocks in their sector and so for us as a process you've got to make sure that the analysts who are the experts in industries are constantly resorting their names and understanding which ones are the ones that have the best opportunity for us to look at. And I think that's really, really important. We're going to use computer screens also to enhance that, to make sure we're looking for companies that meet our basic criteria.”
2017-02-28 · Invest Like the Best · John Rogers – Slow and Steady Wins the Race - [Invest Like the Best, EP.26] · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, what we do, and I'm sure a lot of firms do this, so I don't think it's too creative or original, but we do try to do postmortems on the companies that have not worked and to make sure that we come in prepared where everyone is read everything and reread the research reports that we created ourselves, reread thoughts from other analysts and sell side and buy side, and then come in and say, you know, what were we thinking? How do we miss this? We really do think that's an important part of the discipline of putting everyone sort of back where they were when we made that decision and to try to create an atmosphere so we understand what went wrong the last time so we don't replicate that mistake in the future. I think that's probably the number one key thing that we try to do that sort of sit consistent with what Coach would have taught us to do.”
2017-02-28 · Invest Like the Best · John Rogers – Slow and Steady Wins the Race - [Invest Like the Best, EP.26] · IDENTIFIED FROM THE TRANSCRIPT · source
“While everyone else is kind of rattled, it is an important skill in this industry. You already mentioned an example of that idea of consistency of always preparing the same way and doing the work. I'd be curious what the cleanest analog is.”
2017-02-28 · Invest Like the Best · John Rogers – Slow and Steady Wins the Race - [Invest Like the Best, EP.26] · IDENTIFIED FROM THE TRANSCRIPT · source
“Second thing about doing things the right way every time, you know, when we do our research reports and we're thinking about companies talking about companies, we want to make sure you don't take shortcuts. You get to know your companies extremely well. You try to prepare for the meetings with management teams. You want to read everything there is to read. And you're going to do it every time with precision and consistency. And that's something that I try to pound home here. And sometimes I think I take it for granted that everyone had the same experience that I did. And I have to remind people of how important it is. And then finally, the idea of concentration is, you know, this market are so volatile, especially the last 10 years, and the stress and strains of the ups and the downs and what's happening, whether it's the financial crisis or what's happening in Greece or the United States debt being downgraded, you've got to be able to keep your wits about you when there's enormous amount of stress going on and so much change going on. And I think being able to concentrate and stay calm.”
2017-02-28 · Invest Like the Best · John Rogers – Slow and Steady Wins the Race - [Invest Like the Best, EP.26] · IDENTIFIED FROM THE TRANSCRIPT · source
“To create a sense that this is a team here. We're all in this together. Everybody owns stock in the company. We try to make decisions collaboratively and make sure that everyone's views and perspectives are heard and that people understand it doesn't matter what your title is, that everybody has important things they can contribute to the team.”
2017-02-28 · Invest Like the Best · John Rogers – Slow and Steady Wins the Race - [Invest Like the Best, EP.26] · IDENTIFIED FROM THE TRANSCRIPT · source
“With precision and excellence each and every time, and there was no excuse for doing it in a way that wasn't the right way every time. And he would just stop practice, put everyone back where they were, and show you exactly what you should have been doing. And he understood what you were thinking when you made the mistakes. So that idea of precision is something that was drilled into you to do it the right way every single time. And then the final thing that I've gotten is I've gotten older, I've learned to appreciate is he taught you to concentrate that every possession mattered and every moment that you're on the court mattered. You could never take a play off in practice, let alone take a playoff in a game. And so, you know, as I think about it, that ability to concentrate for long periods of time is something that I think is something that we learned playing basketball at Princeton that's really very, very critical. And all three of those things, I think, are very important to what we do here at Ariel, just to bring it full circle.”
2017-02-28 · Invest Like the Best · John Rogers – Slow and Steady Wins the Race - [Invest Like the Best, EP.26] · IDENTIFIED FROM THE TRANSCRIPT · source
“No excuse for selfishness, and that it was just totally unacceptable. And he pounded it home very strongly and very clearly, but he also taught you to understand how when you helped others, you helped yourself in the end of the day and you helped the team win. And he would be able to show you and stop practice and show you how the unselfish acts led to really great outcomes. And it just was just terrific. That was the number one value. As time's gone on, the other things that I've learned that appreciate the second thing was that he was someone who believed that you did things the same way every single time. That every pass had to be right in the right spot for the other, for your teammate to catch it. Every cut had to be made with the right angle. Every time you dribble and hand it off, you had to have the exact right angle. You couldn't do it a little bit of a banana cut here or a little bit of a softer cut there. It had to be done.”
2017-02-28 · Invest Like the Best · John Rogers – Slow and Steady Wins the Race - [Invest Like the Best, EP.26] · IDENTIFIED FROM THE TRANSCRIPT · source
“Literally, you know, back when I was playing, freshmen couldn't play Bars League basketball. You had to play in the freshman team. And then sophomore year, I was the last man on the team. There's 15 uniforms. I got the 15th uniform, and I barely made it. And even after I made the team, as he was going down the line talking about each player after practice one day, he said, you know, I'm not sure how long I can keep you around, Johnny Rogers. You have absolutely no idea what you're doing. You're not a basketball player. No one wants to play with you. So the fact that I got to be captain a couple years later was just a complete miracle. But again, it changed my life. The values in the beginning values that I understood originally have been expanded over time. The key value in the beginning that I focused on that he taught was that he really made you understand that when you're on the basketball court, you always are thinking about your teammates first.”
2017-02-28 · Invest Like the Best · John Rogers – Slow and Steady Wins the Race - [Invest Like the Best, EP.26] · IDENTIFIED FROM THE TRANSCRIPT · source
“John, thank you very much for joining me today. This is going to be a blast, and I always try to find somewhere interesting or not obvious to start. So I'd love to start with basketball, if we could. You were the captain of the Ivy Championship team at Princeton, your senior year, and I'm always amazed by how many ex-athletes you find in the investing world. It seems to be a good indicator of people that go on to have success. So I'd love to hear a bit about your experience playing basketball, and maybe more importantly, the key lessons that you learned on that team that have carried over into a business career. Well, thank you. You probably noticed when you came, we're actually meeting in the Pete Corrill room, which is named after my coach at Princeton. And he's actually a genius. He's someone that is one of the smartest people that I've ever come across. And the time that I had a chance to play basketball at Princeton really did change my life. And I was very fortunate because I was...”
2017-02-28 · Invest Like the Best · John Rogers – Slow and Steady Wins the Race - [Invest Like the Best, EP.26] · IDENTIFIED FROM THE TRANSCRIPT · source