BusinessHistory

Preferred Shares Podcast

Exploring the rabbit holes of business, history, and business history.

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September 23 · 49 min
Corning in Today’s Data-Driven World
Welcome to Episode 37 of the Preferred Shares Podcast. This podcast is the second of two about Corning, an American business that has existed for 175 years. In this episode we interview William Kerwin, a senior equity analyst at Morningstar, about where Corning stands today and its current prospects for shareholders and investors. We hope you enjoy. * 01:25–03:39 — Intro & what Corning actually is (glass/tech/material science company spanning many end markets) * 03:39–09:07 — Revenue breakdown by segment and the AI-driven acceleration in fiber demand * 09:07–17:06 — Competitive moat: vertical integration, in-house equipment/IP reuse across decades, cost + technology leadership in fiber * 17:06–22:54 — China competition risk, pricing power, and Corning’s shift toward “solutions” for AI data centers * 22:54–32:50 — Customer co-location & co-investment model (Apple/Ceramic Shield, Amazon, Nvidia) and whether these deals de-risk growth or just pull it forward * 32:50–40:29 — Capital allocation (“3-4-5” framework), the photonics opportunity (~$10B by 2030), and CEO Wendell Weeks’ leadership * 40:29–48:53 — Other growth bets (solar), R&D spend vs. peers, lessons from 175 years of history, and surviving the Dot Com bust --------- At its May 2026 Investor Event, Corning updated its business plans. Specifically, the company thinks it can reach $20 billion of annualized sales by the end of its FY 2026 and then reach $40 billion of annualized sales by FY 2030. Corning estimates revenues from its Photonics and Enterprise segments will carry most of the growth, while all other businesses will provide a stable and base level of support. Below is one of Corning’s first hit products from the 1870s, a specialized durable signal glass for the railroad industry. --------- Additional Reading & Listening Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently: Douglas Ott (Andvari Associates and @yesandnotyes) * 📖 Rollins (ROL) Full Investment Report Lawrence Hamtil (Fortune Financial and @lhamtil) * 📖 Industrial Staples Devin LaSarre (Invariant and @DevinLaSarre) * 📖 Haypp Group: Welcome to the Jungle Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter. --------- Disclaimer All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
August 28 · 35 min
Corning: The Glass That Built America
Welcome to Episode 36 of the Preferred Shares Podcast. This podcast is the first of two about Corning, an American business that has existed for 175 years. We hope you enjoy. * Introduction and Company Origins (00:00 - 04:09): The early history of Corning, founded in 1858 by Amory Houghton in Cambridge, Massachusetts, before eventually relocating to Corning, New York. * Early Innovations in Railroads and Light Bulbs (04:09 - 09:02): The company pioneered durable ruby-colored railway signal lenses and later partnered with Thomas Edison in the 1920s to mass-produce light bulbs and secure its business against competitors. * Consumer Breakthroughs with Pyrex and Corningware (09:02 - 11:20): Corning expanded into household consumer goods by introducing Pyrex heat-resistant glassware and accidentally discovering “pyroceram” (Corningware), a durable ceramic material later repurposed for missile nose cones. * The Television Era and Market Shifts (11:20 - 17:52): Corning became the primary exclusive supplier of TV glass bulbs to companies like RCA, but ultimately exited the market in the 1960s. * Healthcare Expansion and Fiber Optics Breakthrough (17:52 - 20:12): The company diversified into healthcare diagnostics by acquiring Metpath in 1982 (later spun off as Quest Diagnostics). Corning also laid the foundation for the information age when its scientists proved light could carry data through glass via fiber optics in 1970. * Gorilla Glass and the Modern Information Economy (20:12 - 22:37): Prompted by Steve Jobs in 2007, Corning adapted its 1960s-era technology to create scratch-resistant Gorilla Glass touchscreen displays for the iPhone. * Key Strategic Takeaways and R&D Resilience (22:37 - 28:33): A review of Corning’s corporate philosophy highlights the importance of sustained R&D investment through downturns, seizing opportunities when competitors stumbled, and looking beyond legacy products. * Conclusion and Upcoming Interview (34:01 - 35:01): The hosts wrap up the history portion of the episode and announce a forthcoming part two featuring an interview with Will Kerwin from Morningstar to discuss Corning’s current financials and market prospects. Additional Reading & Listening Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently: Douglas Ott (Andvari Associates and @yesandnotyes) * 📖 Rollins (ROL) Full Investment Report Lawrence Hamtil (Fortune Financial and @lhamtil) * 📖 Industrial Staples Devin LaSarre (Invariant and @DevinLaSarre) * 📖 Haypp Group: Welcome to the Jungle Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter. Disclaimer All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
June 12 · 53 min
Duke Dynasty: The Legacy of the American Tobacco Monopoly, Part Two
Welcome to Episode 35 of the Preferred Shares Podcast. This podcast is the second and final part on our series on the American Tobacco Company and the founding Duke family. Part One covered the founding of the family tobacco business, and then the unbelievable hardships the family endured and overcame during and after the Civil War to re-start the business. We begin Part Two in 1890 with Buck Duke’s formation of the American Tobacco Company, which would become the dominant force in all the major forms of tobacco in the United States. We hope you enjoy. * The Antitrust Act and Market Dynamics * Antitrust Action Against American Tobacco Company * The Supreme Court’s Ruling on ATC * The Breakup of American Tobacco Company * Buck Duke’s Legacy and Diversification * The Impact of the Duke Endowment * Counterfactuals and the Future of Tobacco * Should We Celebrate Buck Duke? Images, Tables and Charts American Tobacco’s Losses on Plug Tobacco (1894-1898) ATC lost a cumulative $4 million on plug tobacco from 1894-1898. Robust profits from its cigarette business supported these losses. Billions of Cigarettes Sold in the U.S. (1890-1949) For a long time, cigarettes were insignificant compared to plug and chewing tobacco and cigars. However, with ATC’s unrelenting emphasis on scale and efficiency, the cigarette category grew rapidly. From 1910 to 1921, total industry cigarette volumes increased 5x. From 1910 to 1949, volumes increased 35x. Per Capita Consumption in Pounds of Various Tobacco Products (1904-1953) Cigarettes were a minor part of all tobacco products for several generations. It wasn’t until the 1920s that cigarettes overtook chewing tobacco, smoking tobacco, and cigars, on a per capita basis in the United States. Profitability of American Tobacco Company (1890-1908) ATC was tremendously profitable at its inception. However, profitability declined from 1890 to 1909 for two reasons. The first is ATC’s battles during the plug tobacco war from 1894-1898. Second, profitability declined as ATC consolidated and invested in other less profitable tobacco categories. Despite the profitability decline during the 1890s, ATC still managed to earn an average of 32.7% on tangible assets and an average profit of 20.6% on net sales from 1890-1909. Taxes and Dividends Paid by the American Tobacco Company (1904-1953) ATC paid a steadily growing amount of state and federal taxes. The dividends it paid to shareholders from 1910-1953 remained unchanged as it continually reinvested in its business. Statue of James Buchanan at Duke University Sources Books * Farley, Jennifer Dawn. Duke Homestead and the American Tobacco Company, Arcadia Publishing, August 26, 2013. * American Tobacco Company. Sold American!: The First 50 Years of the American Tobacco Company, 1954. * Tennant, Richard B. The American Cigarette Industry, 1950. * Jenkins, John Wilber. James B. Duke, Master Builder, 1927. Other * The Duke Endowment Additional Reading & Listening Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently: Devin LaSarre (Invariant and @DevinLaSarre) * 📖 Haypp Group: Engine for the New Environment Douglas Ott (Andvari Associates and @yesandnotyes) * 📖 Ingredion: A Low-Multiple, High Value-Added Business Near Inflection * 📖 Think! or Surrender!! - The Life and Wisdom of H. O. Hirt, co-founder of Erie Indemnity Lawrence Hamtil (Fortune Financial and @lhamtil) * 🎤 “How Tobacco Became One of The Greatest Investments in History”, Odd Lots Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter. Disclaimer All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
May 25 · 55 min
Duke Dynasty: The Legacy of the American Tobacco Monopoly
Welcome to Episode 34 of the Preferred Shares Podcast. This episode (Part One of Two) explores the remarkable history of the Duke family and the rise of the American tobacco industry, focusing on innovation, resilience, and strategic business decisions that transformed a local operation into a global powerhouse. Explore the fascinating history of the American Tobacco Company, its dominance, legal battles, insights into antitrust laws, industry strategies, the impact on society, and the legacy of Buck Duke. In This Episode * The Duke Family Legacy Begins * Washington Duke’s Early Life and Challenges * The Birth of Brightleaf Tobacco * The Civil War’s Impact on the Duke Family * Rebuilding After the War * Transportation’s Role in Business Expansion * Education and Family Dynamics * Transition to Large Scale Operations * Buck Duke Takes Charge * Pivoting to Cigarettes * The Bonsack Machine Revolution * Innovations in Packaging and Cost Reduction * Marketing Strategies and Global Expansion * The Formation of the American Tobacco Company Charts and Images Sources Books * Farley, Jennifer Dawn. Duke Homestead and the American Tobacco Company, Arcadia Publishing, August 26, 2013 * American Tobacco Company, Sold American!: The First 50 Years of the American Tobacco Company, 1954 * Tennant, Richard B., The American Cigarette Industry, 1950 * Jenkins, John Wilber, James B. Duke, Master Builder, 1927 Other * The Duke Endowment * U.S. patent 238,640 granted March 8, 1881 * U.S. patent 247,795 granted October 4, 1881 Additional Reading & Listening Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently: Douglas Ott (Andvari Associates and @yesandnotyes) * 📖 Think! or Surrender!! Lawrence Hamtil (Fortune Financial and @lhamtil) * 🎤 “How Tobacco Became One of The Greatest Investments in History”, Odd Lots Devin LaSarre (Invariant and @DevinLaSarre) * 📖 Haypp Group: Engine for the New Environment Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter. Disclaimer All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. At the time of publishing, clients of Andvari owned shares of Norfolk Southern. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. keywords Duke family, tobacco industry, innovation, business history, manufacturing, branding, cigarette machine, Bonsack machine, market strategy American Tobacco Company, Buck Duke, antitrust, monopoly, tobacco industry, Standard Oil, market share, mergers, regulation, history key topics The origins of the Duke family and their farm in North Carolina The development of Brightleaf tobacco and its regional dominance The invention and impact of the Bonsack cigarette machine Strategic moves in pricing, marketing, and branding The transition from local to global markets and the rise of cigarette consumption Buck Duke’s business strategy and industry dominance Legal battles and antitrust lawsuits against ATC Industry consolidation and market share evolution Titles The Duke Family’s Tobacco Empire: From Humble Beginnings to Global Domination How Innovation and Strategy Built the American Tobacco Industry This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
April 28 · 54 min
Class 1 Railroads with Matt Reustle of Business Breakdowns
Welcome to Episode 33 of the Preferred Shares Podcast. In this episode, we talk in depth about North American’s Class 1 Railroads and the pending merger between Union Pacific and Norfolk Southern. Joining the conversation is Matt Reustle, a former analyst with Goldman Sachs covering the transportation sector. More recently, Matt has been the long-time host of the great Business Breakdowns podcast. In This Episode Defining Class 1 Rails Key dynamics of the industry The formation of the ICC and historic regulation, including the Staggers Act E. Hunter Harrison and the rise of Precision Scheduled Railroading (PSR) The ICC’s last big decision: the BN and SF merger Key industry metrics and historical performance Exploring the potential likelihood and impact of the proposed UNP NSC merger Disclaimer All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. At the time of publishing, clients of Andvari owned shares of Norfolk Southern. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
April 16 · 45 min
The Ferguson Water Thesis with Todd Wenning
Welcome to Episode 32 of the Preferred Shares Podcast. In this episode, we explore the water thesis behind Ferguson Enterprises, a leading distributor of HVAC and plumbing solutions. To help walk us through the intricacies of the thesis, we are joined by Todd Wenning. Todd is a prior contributor at The Motley Fool, previously covered companies on the sell-side for Morningstar and the buy-side for Johnson Investment Counsel and Ensemble Capital Management. He’s a busy guy! He runs KNA Capital Management, LLC, an Ohio-registered investment advisor, and is the founder and editor of the newsletter Flyover Stocks. He is also currently teaching Portfolio Management at the University of Dayton. In This Episode The history of Ferguson — Its founding and early focus. The water thesis — Why now is the right time. The distributor model — How Ferguson’s position in the value chain makes it a prime beneficiary of the water thesis. Full scope — The expansive SKU listings, inventory management, and diversified suppliers and customer bases that work with Ferguson. The market — A look at market share and how competition has evolved. Capital Allocation — How Ferguson redeploys capital across organic investments, bolt-on acquisitions, and capital returns to shareholders. Reciprocity — How the HVAC and water sides of the business assist one another, creating a system greater than the sum of its parts. Management — Exploring compensation, alignment, and horizon. Risks — What could go wrong. Closing Thoughts — The key things to focus on, and, taking the other side to the risks, what could go ‘more right.’ Additional Reading & Listening Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently: Douglas Ott (Andvari Associates and @yesandnotyes) * 📖 Remembering Marlboro Friday * 📖 Tyler Technologies Investment Report Lawrence Hamtil (Fortune Financial and @lhamtil) * 📖 The Traits of an Ideal Industry Devin LaSarre (Invariant and @DevinLaSarre) * 📖 Edgar M. Cullman’s Brilliance * 📖 Edgar M. Cullman’s Brilliance, Part Two Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter. Disclaimer All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
March 20 · 1 hr 5 min
Veteran Analyst Mark Purdy on Nestlé
Welcome to Episode 31 of the Preferred Shares Podcast. In this episode, we continue our short series on Nestlé. We brought back our guest Mark Purdy (whom we interviewed about Lindt & Sprüngli) to chat about the company’s more recent history and its current set of challenges and opportunities. Mark is a veteran investment analyst with 40 years of experience with a particular focus on consumer brands. He’s now retired from full-time research and portfolio management, and he has set up Calabria Park Advisors, a boutique consultancy. In This Episode * Setting the Stage: Consumer Staples Under Pressure — Mark frames the last six years for the sector, covering the COVID distortion between in-home and out-of-home consumption, and the wave of inflation that followed. * Nestle’s Perfect Storm: Cocoa & Coffee Costs — Commodity prices hit Nestlé especially hard, with cocoa at one point nearly 5x its pre-spike level, squeezing margins. * CEO Carousel: Three Leaders in 18 Months — The show examines the transition from Paul Bulcke to Mark Schneider to Laurent Freixe and now Philippe Navratil, and how leadership instability can create internal distraction even at a resilient company. * The Case for Insider CEOs in Consumer Staples — Mark argues that the long-cycle nature of brand stewardship favors internal promotions, and why Navratil’s 20-year tenure and track record make him a credible candidate. * Brand Portfolio Sprawl — A discussion of how consumer goods giants naturally accumulate thousands of brands despite every CEO promising “fewer, bigger, better,” and what Nestlé should actually do about it. * M&A Winners and Losers: Ralston Purina vs. Health Science — Mark contrasts Nestlé’s successful acquisitions (Purina, the Starbucks licensing deal) against its costly failures in vitamins, wellness, and Jenny Craig, and explains why working capital mismatches can doom category expansions. * The KitKat Exception and Confectionery Regrets — Despite owning iconic Rowntree’s brands, Nestlé largely squandered its confectionery position — with KitKat the lone standout — while watching Lindt thrive on its doorstep. * Capital Allocation Priorities: Dividends, Debt, and RIG — Mark digs into Nestlé’s current financial constraints, a stretched ~70% dividend payout ratio, rising net debt, and why CEO Navratil’s new focus on Real Internal Growth (RIG) — a metric Nestlé itself invented — is the only viable path forward. * The L’Oreal Stake: Financial Asset or Get-Out-of-Jail Card? — Mark walks through the 50-year history of Nestlé’s ~20% stake in L’Oreal and the logic (and politics) of gradually selling it down. * Closing Advice to the Board — Mark’s prescription: Nestlé must recognize its genuine strengths (emerging market reach, scale, R&D); stop chasing growth through ill-fitting acquisitions; and be patient. A steady 3% real sales growth rate has historically been more than enough to create a very attractive shareholder return. [Charts and Pictures] The two charts below show the total increase decrease of Nestlé’s seven product categories over the last ten years. The two growth categories have been Powdered and Liquid Beverages and PetCare, while the others have been down or flat. The result has been total sales not increasing by much for Nestlé over the prior decade. Additional Reading & Listening Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently: * Douglas Ott (Andvari Associates and @yesandnotyes) * 📖 An AI Skeptic’s Primer * 📖 Tyler Technologies Investment Report * Lawrence Hamtil (Fortune Financial and @lhamtil) * 📖 The Traits of an Ideal Industry * Devin LaSarre (Invariant and @DevinLaSarre) * 📖 Edgar M. Cullman’s Brilliance * 📖 Edgar M. Cullman’s Brilliance, Part Two Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter. Disclaimer All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
February 17 · 54 min
Nestlé: The Building of a Global Behemoth
Welcome to Episode 30 of the Preferred Shares Podcast. In this episode, we discussed the history and founding of Nestlé. * Origins of the company in 1867 * The strategic 1905 merger with Anglo-Swiss Condensed Milk Company * Nestlé’s exceptional resilience and growing scale * Nestlé’s global dominance in the coffee market * The success of its Maggi brand * The organic and inorganic growth behind its Health Science and Medical Nutrition segment Additional Reading & Listening Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently: * Douglas Ott (Andvari Associates and @yesandnotyes) * 📖 An AI Skeptic’s Primer * 📖 Tyler Technologies Investment Report * Lawrence Hamtil (Fortune Financial and @lhamtil) * 📖 The Traits of an Ideal Industry * Devin LaSarre (Invariant and @DevinLaSarre) * 📖 Edgar M. Cullman’s Brilliance * 📖 Edgar M. Cullman’s Brilliance, Part Two Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on X. Disclaimer All opinions expressed by Preferred Shares Hosts and guests are solely their own opinions and do not reflect the opinions of their current or former employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari Associates and Fortune Financial may maintain positions in the securities discussed in this podcast. As of the date of this podcast, Andvari and Fortune Financial clients owned shares of Nestle. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
January 8 · 59 min
Forging a Family-Owned Legacy: The Story of Thompson Traders
Welcome to Episode 29 of the Preferred Shares Podcast. In this episode, we interviewed Clifford Thompson of Thompson Traders, a family-owned business founded in 2002. Since then, Thompson Traders has carved out a niche in the high-end home fixture market with a focus on luxury copper and brass sinks, range hoods, innovative designs, and strong customer relationships. We discussed a variety of topics: * Cliff shares his journey in founding Thompson Traders; * The importance of cash flow in small businesses; * Thompson Traders evolving from importing to designing their own products; * The intricacies of product design; * The impact material choices have on customer preferences and product durability; * How customer relationships are key to business success; * How Thompson Traders has navigated a competitive marketplace; and * The WSJ article in which Thompson Traders was featured and how tariffs have impacted small businesses like Thompson. To see Thompson Trader’s products in all their glory, please take a look at their most recent “Look Books” for 2025: Thompson Traders Photos Additional Reading & Listening Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently: * Douglas Ott (Andvari Associates and @yesandnotyes) * 📖 Cranberries & Ocean Spray: Part I * 📖 Constellation Software: A People Business * Devin LaSarre (Invariant and @DevinLaSarre) * 📖 2026 Nicotine Basket Snapshot * Lawrence Hamtil (Fortune Financial and @lhamtil) * 📖 Aerospace: After A Century of Growth; A Bright Future Ahead Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on X. Disclaimer All opinions expressed by Preferred Shares Hosts and guests are solely their own opinions and do not reflect the opinions of their current or former employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari Associates and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
Dec 5, 2025 · 46 min
David Gearhart's Journey in Building a Private Insurance Holding Company
Welcome to Episode 28 of the Preferred Shares Podcast. In this episode, we interview David Gearhart, CEO and Chairman of Wilmington Holdings Corporation, a private holding company of several insurance businesses. David tells the story of how he decided to try to find and acquire a small insurance business. In 2017, he successfully acquired Wilmington Insurance Company. After eight years of growth, both organic and by acquisition, Wilmington Holdings now controls about $50 million of annual premiums and has $100 million of assets on its balance sheet. We discussed a variety of topics: * David Gearhart’s background and how the business bug bit him; * What the process was like to search for and acquire a private insurance company; * David’s search criteria; * The importance of disciplined underwriting and staying within their circle of competence; * The importance of people in the insurance business; * How David thinks about the trade-offs between investing in Wilmington’s insurance businesses versus investing the insurance float; * Key lessons David learned when he studied the history of National Indemnity Company; * David shared one of the mistakes he made and his takeaway; * David’s goals for Wilmington going forward. Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter. Other Sources David Gearhart also did an interview with At Home With Roby which was released on October 6, 2024. Additional Reading & Listening Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently: * Douglas Ott (Andvari Associates and @yesandnotyes) * 📖 Cranberries & Ocean Spray: Part I * 📖 Constellation Software: A People Business * Devin LaSarre (Invariant and @DevinLaSarre) * 📖 Nicotine Certainty * 📖 Philip Morris International: ZYNsn’t It? * Lawrence Hamtil (Fortune Financial and @lhamtil) * 📖 Aerospace: After A Century of Growth; A Bright Future Ahead Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter. Disclaimer All opinions expressed by Preferred Shares Hosts and guests are solely their own opinions and do not reflect the opinions of their current or former employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari Associates and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
Nov 21, 2025 · 50 min
A Primer on Salmon Farming with Nick Longhurst of Marathon Asset Management
Welcome to Episode 27 of the Preferred Shares Podcast. In this episode, Nick Longhurst, portfolio manager at London’s famed Marathon Asset Management, gives us an overview of the incredibly interesting salmon farming industry. We discussed a variety of topics: * Nick’s background; * Marathon’s investment philosophy; * A brief history of the evolution of the salmon farming industry; * Why salmon over other types of fish?; * The various barriers to entry that exist in the industry; * The size and structure of the salmon farming industry; * Comparing and contrasting some of the large publicly traded salmon farming businesses; and * The headwinds and potential risks for the current participants of the industry. Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter. Other Sources * “Fish Tales”, The Capital Cycle Podcast, March 31, 2025. * “Searching for Resilience”, Edelweiss Journal, July 7, 2021. * 2025 Salmon Farming Industry Handbook by MOWI. * Norwegian Seafood Council. * Bakkafrost Reports and Presentations. Additional Reading & Listening Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently: * Devin LaSarre (Invariant and @DevinLaSarre) * 📖 Nicotine Certainty * 📖 Philip Morris International: ZYNsn’t It? * Douglas Ott (Andvari Associates and @yesandnotyes) * 📖 Cranberries & Ocean Spray: Part I * 📖 Constellation Software: A People Business * Lawrence Hamtil (Fortune Financial and @lhamtil) * 📖 Aerospace: After A Century of Growth; A Bright Future Ahead Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter. Disclaimer All opinions expressed by Preferred Shares Hosts and guests are solely their own opinions and do not reflect the opinions of their current or former employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari Associates and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
Nov 6, 2025 · 1 hr 3 min
Endurance: From the Track to the Cockpit, a B-2 Pilot's Story
Welcome to Episode 26 of the Preferred Shares Podcast. Fewer people have flown the Northrop Grumman B-2 stealth bomber than have traveled to space, which is why it was a great honor for Preferred Shares to interview Lt. Col. Todd Moenster, USAF, Retired, a former B-2 pilot. We discussed a variety of topics: * Why Todd became interested in becoming a pilot; * Air Force pilot selection and the training program; * Bomber aircraft characteristics and how the bomber training program differed from the programs for other aircraft; * The challenges of long missions and managing fatigue and discomfort; * Todd’s personal stories of operational incidents and the importance of technical redundancy; and * Todd’s transition to the private sector and his role as a leader in Garmin’s Government and Defense Aviation Business Development. Additional Reading & Listening Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently: * Devin LaSarre (Invariant and @DevinLaSarre) * 📖 Nicotine Certainty * 📖 Philip Morris International: ZYNsn’t It? * Douglas Ott (Andvari Associates and @yesandnotyes) * 📖 The Story of Amphenol: 1987-1992 * 📖 Constellation Software: A People Business * Lawrence Hamtil (Fortune Financial and @lhamtil) * 📖 Aerospace: After A Century of Growth; A Bright Future Ahead Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter. Disclaimer All opinions expressed by Preferred Shares Hosts and guests are solely their own opinions and do not reflect the opinions of their current or former employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari Associates and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
#25
Sep 19, 2025 · 33 min
Pool Corp. (POOL)
Welcome to Episode 25 of the Preferred Shares Podcast. In this episode of the Preferred Shares podcast, Doug provides a brief history of Pool Corp. and an overview of the current business. The co-hosts discuss the pros and cons of the business and why it might be a “high quality cyclical” enterprise. In This Episode [01:11] Early History and Founding [06:22] Current Market Position and Business Model of Pool Corp [10:25] Growth Trends and Market Dynamics [13:39] Financial Performance and Revenue Breakdown [17:46] Management Structure and Company Culture [20:13] Competitive Landscape and Market Challenges [22:20] Investment Considerations and Future Outlook [26:31] Doug Gives His Elevator Pitch Additional Reading & Listening Did you miss our series on Amphenol? Check it out below. Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently: * Douglas Ott (Andvari Associates and @yesandnotyes) * Doug provides even more details, anecdotes, and financials on the early history of Amphenol. * 📖 The Story of Amphenol: 1932-1958 * 📖 The Story of Amphenol: 1958-1971 * 📖 The Story of Amphenol: 1971-1981 * Lawrence Hamtil (Fortune Financial and @lhamtil) * 📖 Aerospace: After A Century of Growth; A Bright Future Ahead * Devin LaSarre (Invariant and @DevinLaSarre) * 📖 Per-Pouch Price Premium - Devin writes about the current state of the nicotine pouch market. Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter. Disclaimer All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
Jul 21, 2025 · 53 min
The Untold Story of Amphenol: Part II
Welcome to Episode 24 of the Preferred Shares Podcast. In this episode of the Preferred Shares podcast, hosts Devin, Doug, and Lawrence interview Will Kerwin, a senior equity analyst for Morningstar, to provide a current overview of Amphenol. In This Episode [01:17] Guest Introduction and Background [02:29] Exploring Amphenol’s History and Industry [04:27] Amphenol’s Market Position and Competitors [10:06] Amphenol’s Diverse End Markets [11:59] Aerospace and Defense Opportunities [14:05] Amphenol’s Unique Corporate Culture [16:31] Capital Allocation Strategies [17:53] Acquisition Strategies and Market Dynamics [20:16] Product Diversity and Co-Designing with Customers [25:55] Innovation and R&D Approaches [30:26] Pricing Power and Competitive Advantages [30:47] Talent Retention and Company Culture [32:43] Identifying Headwinds and Market Challenges [34:47] Long-Term Trends and Future Opportunities [38:46] Profitability and Margin Analysis [42:27] Supplier Relationships and Material Inputs [43:29] Future Risks and Succession Planning [47:11] Conclusion and Final Thoughts Additional Reading & Listening William Kerwin, CFA. Current coverage: Did you miss Part 1 of our series on Amphenol? Check it out below. Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently: * Douglas Ott (Andvari Associates and @yesandnotyes) * 📖 The Story of Amphenol: 1932-1958 - Doug provides even more details, anecdotes, and financials on the early history of Amphenol. * Lawrence Hamtil (Fortune Financial and @lhamtil) * 📖 Aerospace: After A Century of Growth; A Bright Future Ahead * Devin LaSarre (Invariant and @DevinLaSarre) * 📖 The Nicotine Horizon Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter. Disclaimer All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
Jul 11, 2025 · 36 min
The Untold Story of Amphenol: Part I
Welcome to Episode 23 of the Preferred Shares Podcast. In this episode of the Preferred Shares podcast, hosts Devin, Doug, and Lawrence delve into the history and significance of Amphenol, a leading manufacturer of connectors. They explore the company’s evolution from its founding in the 1930s, its pivotal role during World War II, and its transition into the consumer electronics market. The discussion covers Amphenol’s IPO journey, acquisitions, and the influence of private equity firm KKR on its growth strategy. The episode concludes with insights into the company’s culture and the legacy of its founder, Arthur J. Schmidt, highlighting the importance of innovation and adaptability. In This Episode [01:15] Exploring Amphenol: A Company of Significance [01:57] The Fascinating History of Amphenol [03:22] Amphenol’s Role in World War II [08:00] Post-War Transition and Consumer Electronics [09:01] The IPO Journey of Amphenol [16:17] Acquisition by LPL and Challenges Ahead [20:12] KKR’s Influence and Growth Strategy [22:56] Amphenol’s Market Position and Strategy [26:45] Cultural Insights and Leadership at Amphenol [30:05] Legacy of Arthur J. Schmidt and Future Outlook Images Sources Books Schaefer, Arthur J. Quest for Leadership: The Arthur J. Schmitt Story. Cathedral Publishing Company: Chicago, IL, 1985. Videos & Podcasts Additional Reading & Listening Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently: * Douglas Ott (Andvari Associates and @yesandnotyes) * 📖 An even more detailed history of Amphenol * 📖 TransDigm: The Early Years * Lawrence Hamtil (Fortune Financial and @lhamtil) * 🎙️ The Future of Defense — The History, Advances, And Outlook * Devin LaSarre (Invariant and @DevinLaSarre) * 📖 Foiled: A thesis on a company facing a confluence of headwinds Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter. Disclaimer All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
Jul 3, 2025 · 58 min
The Evolution of Dry Cleaning with GreenEarth Cleaning's Tim Maxwell
Welcome to Episode 22 of the Preferred Shares Podcast. In this episode, we explore the evolution of the dry cleaning industry. To guide us, we are joined by Tim Maxwell. Tim is an industry veteran, having started working at his parent’s wholesale suede and leather cleaning business at age twelve and eventually founding a company that would ultimately disrupt the dry cleaning space; GreenEarth Cleaning. In This Episode [02:12] Tim’s background, the family business, education, and partnering [03:05] The idea behind GreenEarth Cleaning [03:45] Exiting the family business to pursue the new opportunity in 1999 [08:25] The dynamics of a durable, multi-generation family business [14:40] Changing technologies in the dry cleaning space [19:00] Industry headwinds, trends, and adaptation [27:30] Additional margin pressures [30:40] The rise of green cleaning methods [44:20] Production, logistics, and the idea of being a partner rather than a vendor [52:00] The ultimate winners and losers of industry evolution Below, the Maxwell family is featured on the cover of FabricareCanada in 2005 celebrating 30 years of the family’s ownership of SuedeMaster. Tim had already left the family business in 1999 for the GreenEarth Cleaning opportunity. Below is Tim Maxwell (center in green shirt) with a handful of GreenEarth Cleaning teammates. Data Sources * GreenEarth Cleaning website * 2025 State of the Dry Cleaning Industry Report Articles * “Clean and Green”, Washington Post, Nov. 9, 2000. * “Tim Maxwell is GreenEarth's Man in Canada”, Fabricare Canada, Sept/Oct 2000: 24. * “New Formulas and Machines are Sprucing Up Dry Cleaning”, CityBusiness, The Business Journal, February 4, 2002. * “How Kimco is helping dry cleaners replace perc with environmentally safe alternative”, Kimco Blog, April 2012. * “How Well Do You Know Jim Douglas?”, Cleaner and Launderer, July 26, 2019. * GreenEarth co-founder, Jim Douglas, was inducted into the Drycleaning & Laundry Institute Hall of Fame in 2024. Additional Reading & Listening Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently: * Douglas Ott (Andvari Associates and @yesandnotyes) * 📖 The Long Road From Metro-Tel to EVI Industries * Lawrence Hamtil (Fortune Financial and @lhamtil) * 🎙️ The Future of Defense — The History, Advances, And Outlook * Devin LaSarre (Invariant and @DevinLaSarre) * 📖 Nicotine in Japan Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter. Disclaimer All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
Jun 25, 2025 · 1 hr 10 min
Beretta: 500 Years of Italian Exceptionalism
Welcome to Episode 21 of the Preferred Shares Podcast. This episode of the Preferred Shares podcast delves into the rich history of Beretta, a company that has been a significant player in the firearms industry for over 500 years. The hosts explore Beretta’s origins in Italy, its evolution through various historical conflicts, and its adaptation to changing markets. We discuss the company’s commitment to quality, innovation, and the dynamics of being a family-run business. Beretta’s resilience makes it one of the most fascinating case studies in all of business history. In This Episode [01:10] The Legacy of Beretta: A 500-Year Journey [03:30] The Rise of Gun Manufacturing in Italy [09:46] The Evolution of the Arms Industry [11:31] Beretta's Role in Historical Conflicts [17:45] The Impact of War and Plague on Beretta [22:07] Beretta's Growth and Adaptation in the 1700s [25:30] Modernization and Expansion in the 19th Century [29:49] Beretta in the 20th Century: War and Innovation [34:05] Beretta's Rise in the U.S. Market [38:44] The Shift in Revenue Sources [42:25] Quality Control and Artistry in Firearms [48:41] The Future of Beretta: Challenges and Innovations [56:07] Family Business Dynamics and Longevity Photos, Ads and Charts Below is an advertisement for Beretta in the January 1893 issue of Folchetto. It translates as: “Hunters! If you want excellent weapons at very favorable prices, contact the Award-Winning Factory of PIETRO BERETTA in Gardone Valle Trompia…” Sources Books * Morin, Marco. Beretta: The World’s Oldest Industrial Dynasty. Acquafresca Editrice, 1980. * O’Hara, William T. Centuries of Success: Lessons from the World's Most Enduring Family Businesses. Avon, Mass.: Adams Media, 2004. * Wilson, R.L. World of Beretta: An International Legend. Chartwell Books, 2006. TGS Outdoors Videos A big shout out to Johnny Carter of TGS Outdoors for the fantastic videos of his tours of the Beretta factories. * “The Beretta Factory Tour”, TGS Outdoors, Dec. 4, 2022. * “Inside the Beretta Custom Shop - Beretta Due Factory Tour”, TGS Outdoors, Dec. 26. 2022. * “I was wrong about Beretta…”, TGS Outdoors, Aug. 31, 2023. * “Building my New Gun at the Beretta Custom Shop”, TGS Outdoors, Nov. 3, 2024. Other Videos * “Interviewing Franco Beretta: The President of Fabbrica d’Armi Beretta”, TFB TV, Jan. 1, 2023. Articles * Friedman, Alan. “Italian Engineering 2: Borrowing climate improves”, Financial Times, July 29, 1985. * Suro, Roberto. “In Italy, Business Is a Family Affair”, International Herald Tribune, June 8, 1987. * Muson, Howard. “How To Build a Dynasty”, Family Business, May 20, 1993. * Klebnikov, Paul and Morais, Richard. “Italy’s second Risorgimento”, Forbes, April 22, 1996. * “Italian designed, American made, Iraq deployed”, American Machinist, December 12, 2005. * Martin, Guy. “The House of Beretta”, Garden & Gun, December/January 2014. * “In the Field with Beretta”, International Institute for Management Development, 2020. * Lichtman, Sam. “Last Line of Defense: A History of the Beretta M9”, Marine Corps Association, March 15, 2023. * Bernet, Luzi. “The oldest company in the world: How does a company survive 500 years?”, NZZ, May 3, 2024. * Tognini, Giacomo. “How This 16th Century Gunmaker Keeps Reinventing Itself”, Forbes, March 25, 2025. Additional Reading & Listening Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently: * Douglas Ott (Andvari Associates and @yesandnotyes) * 📖 TransDigm: The Early Years * Lawrence Hamtil (Fortune Financial and @lhamtil) * 🎙️ The Future of Defense — The History, Advances, And Outlook * Devin LaSarre (Invariant and @DevinLaSarre) * 📖 Foiled: A thesis on a company facing a confluence of headwinds Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter. Disclaimer All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
May 15, 2025 · 1 hr 12 min
The Sweet, Storied Success of Lindt & Sprüngli
Welcome to Episode 20 of the Preferred Shares Podcast. We interviewed a special guest, Mark Purdy, about Lindt & Sprüngli, a Swiss chocolatier founded 180 years ago in 1845. Mark is a veteran investment analyst with a focus on consumer brands for the last forty years and is currently Portfolio Manager at Chelverton Asset Management’s Select Consumer Staples Fund. In This Episode Here are some highlights from the interview with Mark Purdy about Lindt: * 01:27 - Mark Purdy’s Background in Consumer Staples * 05:01 - Investment Metrics for Consumer Staples * 06:47 - Lindt’s Historical Success and Sales Growth * 10:37 - Lindt’s Premium Positioning and Market Strategy * 13:18 - Market Share Potential in the U.S. and Europe * 16:23 - Lindt’s Unique Retail Strategy and Store Performance * 19:12 - Sales Distribution Channels and Profitability * 22:30 - Acquisition Strategy and Capital Allocation * 25:22 - Buybacks and Dividend Policy * 29:37 - Long-Term Value and Consumer Staples Resilience * 33:31 - Economic Sensitivity and Market Performance * 36:22 - Navigating Economic Challenges: A Long-Term Perspective * 41:30 - Quality Over Short-Termism: The Lindt Philosophy * 44:20 - Cocoa Prices and Market Dynamics * 49:59 - Consumer Behavior and Premium Chocolate * 57:31 - Future Risks and Growth Opportunities for Lindt Additional Reading & Listening Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently: * Douglas Ott (Andvari Associates and @yesandnotyes) has been writing about the history of Booz Allen Hamilton as well as the recent board shake-up at CoStar Group * 📖 Patience Wanes with CoStar’s Residential Foray: A Continuing State of “Show Me the Money” * 📖 History of Booz Allen Hamilton: Part I * Lawrence Hamtil (Fortune Financial and @lhamtil) * 📖 Lessons from The Chocolate Wars * Devin LaSarre (Invariant and @DevinLaSarre) continues his coverage of several tobacco businesses and also wrote a retrospective on the brand mismanagement of Schlitz beer * 📖 Philip Morris International: Blasphemy * 📖 Schlitz’s Souring Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter. Disclaimer All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
#19
Mar 3, 2025 · 51 min
Texas Pacific Land Corporation: The Riches of Royalties
Welcome to Episode 19 of the Preferred Shares Podcast. We interviewed a special guest, Chadd Garcia, about Texas Pacific Land Corporation (TPL). Chadd is a veteran investment analyst, has worked in private equity, and is currently Vice President & Portfolio Manager at Ave Maria Mutual Funds. In This Episode Here are some highlights from the podcast episode about Texas Pacific Land Corporation (TPL): * [1:52] – Chadd explains how he became interested in TPL. * [2:53] – TPL’s early history * [4:48] – Oil was discovered in West Texas in the 1920s, but fracking in the 2010s significantly increased the value of the land. * [6:17] – TPL’s decision to get in the water business to support fracking. * [11:12] – TPL’s unique shareholder base, comprised of long-term investors and Texas families. * [14:11] – The reasons for internally handling the water business. * [16:54] – The best way to assess TPL’s valuation, considering its unique advantages and potential call options. * [18:07] – Discussion about the potential of data centers in the Permian Basin. * [23:00] – Chadd shares his view that management would be better off allocating capital to share repurchases. * [31:04] – Chadd is generally not a fan of TPL acquiring royalties. * [36:14] – Discussion of how and why TPL recently became a corporation after being a trust for over 130 years. * [38:09] – Chadd shares some concerns with management’s compensation structure. * [40:22] – Appropriate incentive schemes for royalty companies. Additional Reading & Listening Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently: * Lawrence Hamtil (Fortune Financial and @lhamtil) was recently interviewed by Paul Cerro of Cedar Grove Capital. They discussed military history and the defense industry. * 🎙️ IC #4: The Future of Defense — The History, Advances, And Outlook * Douglas Ott (Andvari Associates and @yesandnotyes) wrote about the recent results of Mettler-Toledo and CoStar Group * 📖 The Mighty Florance — CoStar Group FY2024 Results: Margins Up, Growth Continues * 📖 Mettler-Toledo FY2024 Results — A Return to Positive Revenue Growth with Highest Gross Margins Ever * Devin LaSarre (Invariant and @DevinLaSarre) was interviewed recently about Haypp Group and has written about the results of Philip Morris International * 🎙️ Planet MicroCap — Cleaning Up Unclean Stories, Numbers, Narratives, Nicotine Industry + Haypp Group with Devin LaSarre, Founder & Editor of Invariant * 📖 Philip Morris International: Conquest Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter. Disclaimer All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com
Feb 17, 2025 · 55 min
Convair: The Rise and Fall of an Aerospace Titan - Part 2
Welcome to Episode 18. In this episode, Doug picks up the story from where we left off in Part 1: its November 1941, when Consolidated Aircraft founder Reuben Fleet decides to sell his personal stake in the company. Doug then shares how Consolidated became Convair, was then acquired by General Dynamics, its disastrous foray into the commercial jetliner market, and its eventual demise in the mid-1990s. In This Episode * (01:26) Reuben Fleet and his decision to sell Consolidated Aircraft. * (03:43) Fleet sells his entire personal stake in 1941. * (07:53) In 1943, Consolidated merges with Vultee Aircraft and becomes Convair. * (09:51) Reasons behind the sale. * (13:01) Rapid growth and decline of the aviation industry during and after World War II. * (14:50) Floyd Odlum and Atlas Corporation acquire a significant stake in Convair. * (16:04) Convair’s success in the 1950s. * (17:40) The B-36 bomber's development during World War II and its features, including its long-range capabilities and large crew, are described. * (20:01) General Dynamics acquires Convair in a two-step process. * (25:56) Convair gambles with Howard Hughes and the development of the Convair 880 jetliner. * Hughes runs into financial trouble and causes delays. * Convair eventually declares the largest losses in business history in the early 1960s due to its failed efforts in the commercial jetliner business. * (37:51) Henry Crown takes charge of General Dynamics to address losses from the Convair program. * (38:35) Convair shifts focus and becomes a subcontractor for the big commercial jetliners and also concentrates on its rocket and missile businesses. * (39:56) The defense industry consolidation in the post-Cold War era. * (42:21) General Dynamics sells off pieces of its Convair business and eventually shuts it all down. * (53:06) Reflection on Convair’s decline. * (57:42) The difficulty for defense companies trying to venture into the commercial space. * (65:14) Upcoming episodes. Resources Periodicals * Convairiety - 1950s * General Dynamics News - 1960s * General Dynamics World * Volume 21, Number 2, February 1991 * Volume 22, Number 1, April 1992 Articles * “So They Named It General Dynamics”, Fortune, April 1953. * “BOARDS APPROVE CONVAIR MERGER; General Dynamics to Step Up as Vast Defense Complex if Stockholders Concur”, NYT, March 2, 1954. * “Intercontinental Rocket Reported Being Built”, NYT, Dec. 16, 1954. * “SUPERSONIC B-58 FLIES FIRST TIME”, NYT, Nov. 12, 1956. * “American Raises Jet order by 50”, NYT, 7/31/1958. * “New Jet Passes Operation Tests; Convair 880 to Begin Flying Commercial Routes for Delta Line on May 15”, NYT, May 2, 1960. * “Jet Purchase Plan of TWA Approved”, NYT, June 25, 1960. * “CONVAIRS SLATED FOR T.W.A. LEASED; Northeast to Use Six Jets Idle Because of Hughes' Financial Problems”, NYT, Nov. 23, 1960. * “The Plane Makers Under Stress”, Forbes, June 1960. * “Defense Supplier Posts Loss for ‘60”, NYT, March 24, 1961. * Smith, Richard Austin. “How a Great Corporation Got Out of Control: Part 1”, Fortune, January 1962. * Smith, Richard Austin. “How a Great Corporation Got Out of Control: Part 2”, Fortune, February 1962. * “Lewis of Dynamics”, Fortune, March 1962. Books * Sweetman, William. A History of Passenger Aircraft. London: Hamlyn Publishing, 1979. * Steele, James B. Howard Hughes: His Life and Madness. New York: W.W. Norton, 1979 Videos and Podcasts * “The Story of Willow Run” — Building the B-24 bomber during WWII * Convair CV-440 Metropolitan Promo Film - 1955 * CONVAIR B-36 - Story of the Strategic Air Command's Masive Cold War Peacemaker! * “ON TARGET: THE ATLAS ICBM” — 1958 Convair Astronautics SM-65B Missile Launch documentary Additional Reading * Doug (Andvari’s Substack) writes more about Reuben Fleet in his post “Quality Over Quantity”, published December 2024. * Doug (Andvari’s Substack) also wrote Victor Emanuel of Aviation Corporation in his post “Victor Emanuel: Part 1, From Gilded Age Dealmaker to Turnaround Artist”, published January 26, 2025. * Devin (Invariant Substack) writes about the FY2024 results of Philip Morris in “Philip Morris International: Conquest”. * Lawrence (Fortune Financial) writes about “Exploring the Surprising Resilience of the Defense Industry”. Enjoy this episode? Share it with someone who loves business history as much as you do! You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter. Disclaimer All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Lawrence Hamtil and clients of Fortune Financial owned the securities of Lockheed Martin and Martin Marietta at the time of this publication. 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