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b'This week\\u2019s conversation is an ode to old school, fundamental public market investing. My conversation is with IMC\\u2019s Connor Leonard, who spends most waking hours thinking and reading about markets. His mandate is to invest purely as if it was his own money, with no pressure to hug a benchmark, and no pressure to do much of anything other than earn strong long-term returns.\\n The portfolio that results from this approach is highly concentrated and unique. Connor\\u2019s strategy is to sort companies into four categories based on their type of sustainable competitive advantage. As you\\u2019ll hear, the vast majority fall into the first category, which means they don\\u2019t have such an advantage and therefore should be largely set aside.\\n We spend the majority of our conversation talking about the other three categories: 1) companies with a legacy moat, 2) companies with a re-investment moat, and 3) an interesting category Connor calls \\u201ccapital light compounders,\\u201d which we explore in detail.\\n When you step back and think about public markets, you realize how amazing it is that we can, from afar, buy an interest in so many companies around the world. A select few go on to deliver outstanding returns. This conversation highlights how hard that can be, but also how fun and ultimately rewarding. Please enjoy my talk with Connor Leonard.\\n \\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\n For more episodes go to InvestorFieldGuide.com/podcast.\\n To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.\\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 \\xa0\\n Books Referenced\\n Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor\\n The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success\\xa0\\xa0\\xa0\\xa0\\xa0\\n \\xa0\\n Links Referenced\\n Pat Dorsey Podcast Episode\\n David Tisch podcast\\xa0\\xa0\\xa0\\n Will Thorndike Podcast episode\\n \\xa0\\n Show Notes\\n 2:31 - (First Question) \\u2013 \\xa0\\xa0Trends in value investing\\n \\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 2:52 \\u2013 Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor\\n 4:43 \\u2013 A look at Connor\\u2019s backstory and the history of IMC, parent company of Golden Corral\\n 8:01 \\u2013 Why Connor loves the public markets so much \\xa0\\n 9:21 \\u2013 The concept of intrinsic value when looking at companies\\n 12:36 \\u2013 How Connor categorizes MOATS\\n \\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 13:21 \\u2013 Pat Dorsey Podcast Episode\\n 14:27 \\u2013 Legacy MOATS\\n 16:11 \\u2013 Reinvestment MOATS\\n 17:58 \\u2013 Capital light compounder MOAT\\n 20:00 \\u2013 Why classifieds are an interesting business model\\n 25:12 \\u2013 Looking at platform businesses\\n 26:56 \\u2013 Looking at companies in the 500 million to 5 billion range and what makes it so enticing\\n 30:34 \\u2013 What is the process that gets Connor to find investment opportunities\\n \\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 35:53 \\u2013 David Tisch podcast\\xa0\\xa0\\n 36:15 \\u2013 How Connor looks at industry classifications\\n 41:30 \\u2013 Connor\\u2019s strategy for running his portfolio\\n 46:36 \\u2013 The circumstances in which Conno would buy a legacy MOAT company\\n \\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 46:49 \\u2013 Will Thorndike Podcast episode\\n \\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 46:51 \\u2013 The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success\\xa0\\xa0\\xa0\\xa0\\n 49:21 \\u2013 How do you pick managers that will beat the markets\\n 52:21 \\u2013 Second reason to buy a legacy MOAT\\n 54:48 \\u2013 Comparing the reinvestment MOAT and Capital A compounder in Connor\\u2019s portfolio\\n 58:16 \\u2013 Connor\\u2019s Mt Rushmore of Capital Allocators\\n 1:00:03 \\u2013 Impactful mentorships for Connor\\n 1:01:52 \\u2013 kindest thing anyone has done for Connor\\n 103:04 \\u2013 What in the discussion with founder of IMC got him the job\\n \\xa0\\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'