Phil Ruvinsky - Sustainable Competitive Advantages in Technology

In this episode, Michael Mauboussin welcomes Eddie Perkin, former Chief Investment Officer at Eaton Vance and Goldman Sachs Asset Management, to discuss the principles behind better investment decision-making. Eddie shares how his early experiences shaped his investment philosophy before examining quality value investing, behavioral biases, and the importance of process over outcomes. The conversation explores leadership, collaborative conflict, confirmation bias, portfolio construction, selling discipline, and how investment organizations can create environments that encourage independent thinking. Eddie also reflects on the future of investing, the opportunities created by technological change, and the books and ideas that continue to influence his thinking—and much more!

In this episode, hosts Tano Santos and Michael Mauboussin welcome Django Davidson, Partner and Portfolio Manager at Hosking Partners, for a discussion of the capital cycle approach to investing. Django shares how his unconventional upbringing, experience covering banks during the Global Financial Crisis, and early exposure to Warren Buffett's letters shaped his investment philosophy. The conversation explores the origins of the capital cycle framework, how investors can identify industries experiencing excessive capital formation or capital scarcity, and why patience and long-term capital are essential to capturing opportunities. They also examine current AI investment trends, the evolution of the semiconductor industry, Japan's corporate reforms, and several real-world investment case studies, including Micron Technology and Saga. The discussion concludes with reflections on industrial resilience, supply chains, and book recommendations—and much more!

Jim Flynn is the Managing Partner of Deerfield Management, a healthcare-focused investment firm overseeing approximately $16 billion in assets. In this episode, hosts Michael Mauboussin and Tano Santos speak with Jim about his path from studying biology and economics to leading one of the industry's most distinctive healthcare investment platforms. Jim explains how Deerfield evolved from a public-equity-focused firm into an organization spanning public markets, private investments, venture creation, drug development, data science, and philanthropy. The conversation examines the challenges of healthcare investing, the importance of probabilistic thinking, the role of artificial intelligence in healthcare delivery and drug discovery, and Deerfield's approach to identifying opportunities across the healthcare ecosystem. Jim also shares insights on senior housing, healthcare innovation, regulatory dynamics, and the skills required for the next generation of healthcare investors, and much more!

In this episode, hosts Tano Santos and Michael Mauboussin speak with Matthew Fine, portfolio manager at Third Avenue Management, about his path into investing and the firm's value-driven philosophy. Matthew reflects on lessons from early experiences like the Argentine crisis and explains how balance sheet strength and long-term thinking shape investment decisions. The conversation examines global opportunities across Europe, Japan, and commodities, along with the role of resource conversion in value creation. They also discuss market structure shifts, portfolio resilience during crises, and the challenges of identifying mispriced assets in a changing investment landscape and much more!

In this episode, hosts Michael Mauboussin and Tano Santos speak with Jenny Harrington, CEO of Gilman Hill Asset Management, about her approach to dividend-focused investing. Jenny shares her journey from early internships to portfolio management and explains how her strategy targets steady income through high-quality dividend-paying companies. The discussion examines risk management through cash flow, valuation discipline, and behavioral considerations that influence investor outcomes. Jenny also outlines her screening process, portfolio construction, and how she evaluates dividend sustainability. The conversation touches on lessons from market cycles, the role of communication in investing, and how technological changes may shape future opportunities and risks and much more!