Jonathan Tepper on The Myth of Capitalism, his "Shooting Up" memoir and $BKMG | S08 E07
Episode publishedPodcast: The Acquirers PodcastThe Acquirers Podcast
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It looks like we're live. This is Value After Hours. I'm Tobias Carlisle joined as always by my cohost, Jake Taylor. Our special guest today is Jonathan Tepper. He's the founder and portfolio manager of Previt Capital. How are you, Jonathan? Welcome.
Doing alright. Thank you so much for having me.
Thanks Tell us a little bit about Prevot.
Certainly. So we launched in 2020. We've been going for about six years now. We are 580,000,000 assets under management. The philosophy and the investment style is very simple. We're a long only fund, but we have an absolute return orientation. We try to buy quality companies, we try to buy them at a a discount to their intrinsic value. And we're we do deep analysis into companies and industries. We're trying to buy dominant companies, so companies that, you know, have a high market share ones that necessarily done so via, you know, mergers and regulatory barriers, but ones where, you know, we
And if Jonathan's name sounds familiar, it's he wrote a terrific book a while back called The Myth of Capitalism. And I was curious what in that book informs how you practice investing today.
Certainly. So I I think that, as I was doing a lot of research on the book, it was interesting that as I was finding industries that had become more concentrated and then just mapping out all different industries, often I was finding investors that I admired, obviously, and I mentioned Buffett. But, you know, you have other investors there like, you know, Chris Hone, Steve Mendel, and others owning some of these companies. And it seemed to me that, you know, if if you you can invest cyclically, you can buy cigar butts, and there's not only one way to invest, and, you know, it's one of the beau
Can you take us through the thesis on booking. When you bought it? What you saw that you thought was different from the way that the market was reading it?
Certainly. So Booking was actually very interesting because it it wasn't just COVID. Obviously, COVID, you know, people had questions about the duration of the lockdowns and the disruption of travel. And our view was that historically, when you'd seen, for example, there was the recession in 2001, 2002, and you had SARS and there were fears about travel, these tend to be temporary in nature. People want to travel, they want to see friends, they want to see relatives. Almost any interruption of travel historically had been brief, and our view was that that would be the case. The stock price was
It's a similar sort of question today, isn't it, with AI that folks could just tell their agent to go and book these flights? How do you how do you come to terms with that?
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