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b'My guest today is Chuck Akre, a now widely famous investor who founded Akre Capital Management in 1989, which now manages approximately $10B dollars. We discuss his investing style and his \\u201cthree-legged stool\\u201d for evaluating companies. Please enjoy this great conversation.\\xa0\\n For more episodes go to InvestorFieldGuide.com/podcast.\\n Sign up for the book club, where you\\u2019ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.\\n Follow Patrick on Twitter at @patrick_oshag\\n Show Notes\\n 1:06 - (First Question) \\u2013 Advantage of being in Middleburg, Virginia\\n 2:11 \\u2013 What a day looks like for Chuck\\n 3:06 \\u2013 Why imagination is more important than knowledge\\n 3:38 \\u2013 Difference between curiosity and imagination\\n 4:38 \\u2013 The origins of the Nirvana Three-Legged Stool concept\\n 10:14 \\u2013 First leg of the stool, Extraordinary business and ROE\\u2019s with a focus on Bandag.\\n 14:36 \\u2013 How his evaluations of value has changed over the last 10-15 years\\n 16:10 \\u2013 A look at recent businesses that he\\u2019s bought and why they are interesting\\n 19:56 \\u2013 Why they keep things simple\\n 21:35 \\u2013 Second leg of the stool, the people involved and characteristics of managers he has invested in\\n 23:20 \\u2013 Role of capital allocation in the people he focuses on\\n 28:03 \\u2013 Favorite biographies\\n \\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 28:22 \\u2013 100 to 1 in the Stock Market: A Distinguished Security Analyst Tells How to Make More of Your Investment Opportunities\\n 29:34 \\u2013 Third leg of the stool, reinvestment\\n 21:09 \\u2013 How does he think about diversifying across an investment area\\n 33:32 \\u2013 Great businesses wrapped in a bad balance sheet\\n 37:35 \\u2013 What would cause him to sell\\n 38:52 \\u2013 What does he look for in people\\n 43:27 \\u2013 How curiosity has impacted his interest in land conservation\\n 43:51 \\u2013 Advice for investors, especially younger ones\\n 46:14 \\u2013 Kindest thing anyone has done for him\\n Learn More\\n For more episodes go to InvestorFieldGuide.com/podcast.\\xa0\\n Sign up for the book club, where you\\u2019ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub\\n Follow Patrick on twitter at @patrick_oshag'