The trait every long-term investor needs

In this episode, Robert sits down with Hayden Pester for their first one-on-one conversation on the podcast. Hayden recently joined Pure Value Capital after managing a real equity portfolio through the Titan Capital Management Program at Cal State Fullerton. This is a wide-ranging conversation on how his investment thinking has evolved, what he has learned since joining the firm, and how they approach the research process together.The episode covers the full arc of modern value investing — from Ben Graham's cigar butt approach to Charlie Munger's quality-at-fair-price framework to Phil Fisher's long-term compounding mindset — and how those philosophies blend into the way Pure Value operates today.What we cover:Hayden's background and path to Pure Value CapitalThe evolution from deep value to quality growth investingWhy value investing is not the same as cheap investingPricing power and switching costs — Spotify vs. Starbucks vs. AppleThe danger of confirmation bias in portfolio managementWhy holding is harder than buying or sellingWhen and why they changed their minds on Block (Square/Cash App)Incentive alignment — sell side vs. long-term ownership mindsetAsymmetric return framing — knowing your bear case before you investHow AI has changed the speed and depth of the research processPure Value's track record: 32.5% CAGR vs. S&P's 14.5% over nine yearsWhat it takes to 10X in 10 years — the math behind the goalBeing comfortable with discomfort as the foundation of long-term investingTimestamps:00:00 — Disclaimer00:31 — Intro and Hayden's background01:18 — Path to Pure Value: Titan Capital Management at CSUF04:47 — Investment philosophy evolution: Graham, Munger, Fisher07:02 — Value vs. growth: why the distinction is a false one08:51 — Pricing power, switching costs, moats12:07 — Hindsight bias and the danger of looking in the rearview mirror22:47 — Changing our minds: the Block thesis24:49 — Holding at higher valuations — the hardest lesson26:02 — Why holding is the real art of investing28:16 — Incentive alignment and the sell-side problem30:09 — Confirmation bias in the research process35:13 — Price matters: buying great companies at the wrong price41:52 — Pure Value's nine-year track record vs. S&P44:00 — The math of 10X in 10 years45:16 — How AI has changed the research process47:27 — The generalist framework: people, product, price01:29:02 — Final thoughts: be comfortable being uncomfortableHost: Robert, Principal Investment Manager, Pure Value CapitalGuest: Hayden Pester, Analyst, Pure Value CapitalThis podcast is for educational purposes only and does not constitute investment advice or represent an offer to buy or sell securities. Positions discussed may change. Please consult a qualified financial advisor before making investment decisions. Accredited investors may reach out to [email protected].