EP. 82: Jeremy Deal: Cultivating the Investing Craft
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Jeremy Deal is the founder of JDP Capital Management. JDP is a private partnership that makes investments in public stocks where the quality and durability of future earnings power is not reflected in the price. The fund's goal is to buy and hold a handful of businesses that can survive and thrive over long periods of time.
Today, my guest shares his unique investing journey. Although he is a professional investor, he had never worked at an investment firm before launching his own private partnership. Jeremy tells me about the importance of independent thinking and the right environment to work in. We talk about the benefits of being an outsider. Stay tuned until the end, when my guest shares an anecdote and a lesson about investing as an emotional game and explains what it takes to develop and keep your conviction behind investment ideas. Last but not least, we discuss the value of having a community, a network of like-minded yet very different individuals in your professional life.
Please help me welcome a dear friend and fellow VALUEx’er, Jeremy Deal.
Summary
Summary
Jeremy Deal shares his journey from his early childhood in Oklahoma to becoming an investor. He discusses his fascination with money and the challenges his family faced in making ends meet. Jeremy's interest in business and investing led him to read about famous investors like Warren Buffett and George Soros. He eventually started his own investment partnership and learned the importance of independent thinking and understanding business operations.
Jeremy also highlights the value of appreciating the investing environment and the lessons learned from experiencing market downturns. In this part of the conversation, Jeremy discusses the importance of creating the right environment for thinking and working. He shares his experience of living in different places and how it has influenced his ability to focus and make rational decisions. Jeremy also talks about the benefits of being an outsider in the investment industry and how it allows for a different perspective and the ability to think independently.
Finally, he emphasizes the need for true passion in investing and the willingness to dedicate oneself to the craft, even in the face of challenges and setbacks. In this conversation, Jeremy Deal discusses his investment strategy and the type of businesses he looks for. He emphasizes the importance of finding businesses that can survive and thrive in a rapidly changing world. Jeremy also shares his perspective on the emotional journey of investing and the need for a supportive community. He defines success as having a free mind to grow and evolve in all aspects of life.
Takeaways:
Look for businesses that can survive and thrive in a changing world.
Understand the businesses you're competing with in the market.
Develop conviction and underwrite the trajectory of a business.
Success is having a free mind to grow and evolve.
Chapters:
05:00 Introduction and Setting the Tone
06:05 Jeremy's Early Childhood and Upbringing
12:57 Jeremy's Start in Investments
14:15 Starting in Investments Without Working for a Firm
26:23 The Value of Independent Thinking
27:43 Understanding Business Operations
28:12 Appreciating the Investing Environment
33:56 The Importance of Controlling Your Environment
36:35 The Benefits of Being an Outsider
45:29 The True Passion for Investing
52:17 Finding Businesses That Are Not for Sale
52:47 Investment Strategy and Unique Opportunities
54:07 Understanding the S&P 500 and Competing Businesses
55:17 The Impact of Technological and Cultural Change
56:41 Surviving and Thriving in the Market
58:12 Developing Conviction and Underwriting Business Trajectories
59:33 The Emotional Journey of Investing
01:01:00 The Importance of Community and Networks
01:11:15 The Value of ValueX and Diverse Perspectives 01:14:58 Defining Success: Having a Free Mind
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.