Stuart Widdowson - The Public Market Private Equity Mindset

Guest: Stuart Widdowson – Co-Founder & Fund Manager, Odyssean Capital🔍 Episode OverviewIn this episode, Mike Allen welcomes Stuart Widdowson, one of the UK’s most respected small and mid-cap fund managers and co-founder of Odyssean Capital. With over two decades investing across public and private markets, Stuart shares deep insights on valuations, market inefficiencies, and why applying a private equity mindset to listed companies is one of the most compelling strategies in today’s market.Mike reflects on a 20-year professional relationship with Stuart, from sell-side meetings to deep strategic discussions — and now, the evolution of Odyssean Capital’s highly engaged approach to unlocking value in underappreciated UK businesses.💡 Key Insights & Takeaways• Private Equity Discipline in Public Markets Odyssean applies a focused, hands-on, long-term approach – more akin to buyout investing than conventional portfolio management.• The UK Small-Cap Discount Stuart believes many UK smaller companies trade at 30%+ below intrinsic value, with potential for significant re-rating as capital returns to the market.• Static vs Dynamic Valuation It’s not enough to buy cheap – the true opportunity lies in owning businesses capable of compounding value over five to ten years.• Public vs Private – Valuation Inversion Unusually, private markets now pay premiums over public equities. Stuart views this as a temporary anomaly and a major opportunity for quoted investors.• Looking Ahead – The Next Decade of Opportunity Engaged ownership, operational improvement, and overlooked UK quoted niche global leaders that could define the next cycle for UK equities.🗣 Memorable Quote“The irony today is that private equity managers are paying premiums for businesses that listed investors are ignoring in plain sight.” — Stuart Widdowson📚 Resources Mentioned• Odyssean Investment Trust (OIT)• UK Small & Mid-Cap research on valuation gaps• Public vs Private return dispersion studies🔁 Connect & Subscribe• Follow Ignite & Scale on Spotify / Apple• Discover more at cambriaprivatecapital.com• Follow Mike Allen for future episodes & insights