Nick Train (Lindsell Train) - The Patient Optimist

Nick Train founded Lindsell Train, alongside Michael Lindsell, in 2000 and has generated outstanding returns by investing in a concentrated portfolio of exceptional companies.  In a rich and varied discussion, Nick talks about the power of optimism, the rewards of being patient, and the value of semi-eternal brands in a rapidly changing world.Show notes:[1:13] Nick talks about how he got into the investment profession[3:48] GT Management[6:18] Learning from Warren Buffett and Alex Dundas[9:17] Investing in consumer brands[11:02] The power of being an optimist[14:49] Avoiding losing strategies[16:15] The benefits of being a boutique[17:59] The importance of having the support of like-minded people[19:06] The power of patience[21:42] Being a hoarder of valuable things[24:20] Hanging on to losers as well as winners[25:52] Investors’ perception of management is influenced by share prices[28:04] Investing in outstanding businesses when they are cheap[29:15] The rewards for corporate success are structurally higher in the 21st century[31:31] Investing in technology proxies[34:23] Digital permits higher cash flow returns on capital[36:24] The value of semi-eternal brands in a rapidly changing world[38:57] Owning defensive and diversified staples companies[41:37] Unilever’s adaptability[42:44] Do yoga

Om Podcasten

Far From The Finishing Post explores the ideas and practices of leading investors in an effort to continuously grow our collective knowledge. This podcast is intended for UK listeners only. The views and information contained within this podcast do not constitute investment advice and should not be used as the basis for investment decisions. Any reference to securities should not be construed as a recommendation to buy or sell these securities. Any opinions expressed are those of the relevant individuals and do not necessarily reflect the views of Troy Asset Management and may be subject to change without notice. Past performance is not a guide to future performance and the value of an investment may fall as well as rise.