Adam Wyden - Discussing The Etymology of Returns

Adam Wyden, founder of ADW Capital, stops by The Business Brew to share his investing philosophy, discuss some ideas, and talk about lessons learned.  ADW is a concentrated, long biased investment partnership founded in 2010.  In this episode Adam cautions against idol worship, talks about how he monitors positions and companies, shares his thoughts on management character, and much more.  Bill's favorite line from this episode is "Invest with people that have more to lose than you do." We hope you enjoy the show. This episode is sponsored by Stratosphere.io.  Stratosphere.io is a web based terminal that has financial data, KPIs, links to filings, hedge fund letters, etc.  A key differentiator is Stratosphere.io’s segment data and KPIs, which are triple checked for accuracy.  Stratosphere saves users time, enables easy comparisons between companies, and offers company specific metrics such as subscriber counts, numbers of locations, etc. Head over to Stratosphere.io for a free trial.  Should you want to sign up for a paid offering please use the promo code BREW for 15% off. Thank you to the team at thepodcastconsultant.com for producing the show. Detailed Show Notes - 8:00 – Meeting Joel Greenblatt 14:45 – Lessons from Fiat 22:30 – How Ferrari could grow faster 30:30 – Adam’s background as an investor 40:40 – Pivoting to better businesses 43:00 – Being proud of admitting mistakes quickly 44:30 – Takeaways from 2022 48:00 – Where to hunt 51:50 – What is the etymology of a return? 54:00 – Monitoring a position over time 59:30 – Watch out for idol worship 1:10:00 – The biggest risk is (a) investing with sociopaths and (b) becoming one 1:18:15 – Further discussion about APi Group 1:30:30 – The comfort of owning assets with honorable managers