#53 – Ron Baron and Michael Baron of Baron Capital on Long-Term Ownership, Conviction Investing, and Building Generational Wealth (recorded 12/10/25)

#53 – Baron Capital Founder and CEO Ron Baron and Co-President and Portfolio Manager Michael Baron on Long-Term Ownership, Conviction Investing, and Why Great Wealth Is Built by Owning Businesses In this episode, Ron Baron, Founder and CEO of Baron Capital, and Michael Baron, Co-President and Portfolio Manager, join The Bull of Wall Street for a wide-ranging conversation on generational wealth, conviction investing, and why true long-term success comes from owning great businesses rather than trading headlines. Ron reflects on the personal experiences that shaped his philosophy, the discipline required to hold through volatility, and what he calls the true test of friendship in investing. The discussion also explores Baron Capital’s expansion into ETFs and how advisors can think about structure, implementation, and long-term portfolio construction in a rapidly changing market environment.What you’ll learn:Why Ron Baron believes generational wealth is created by owning businesses, not buying and selling stocksHow conviction is built through deep research and first-principles thinkingLessons from holding investments through severe drawdownsWhat the Elon Musk and X investment revealed about risk, patience, and partnershipHow Baron Capital is translating its philosophy into ETF structuresWhy active management still matters in transformational technology cyclesHow advisors can frame volatility with clients through a business-owner mindsetChapters03:00 – From $100M to over $50B: the long road of ownership05:30 – Why selling great companies too early taught Ron that wealth is built by holding.08:30 – Michael’s perspective on growing into the process and building durable belief.10:45 – What it means to stand by an investment when sentiment turns sharply negative.16:30 – Why ETFs, why now24:30 – Why transformational tech is not a bubble and why selectivity still matters.32:30 – First principles and holding through volatility40:00 – Why owning growing businesses remains the best defense against uncertainty. GuestRon Baron – Founder, CEO, and Portfolio Manager, Baron CapitalMichael Baron – Co-President and Portfolio Manager, Baron Capital HostsJim Worden – Chief Investment Officer, WCGTalley Leger – Chief Market Strategist, WCG