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b'I believe that any investment strategy that will deliver strong returns in the future must evolve. Any strategy should rest on rock solid foundational principles, which change rarely if ever\\u2014things like price discipline, or business growth. But the features of the strategy must keep getting better, because the marketplace is incredibly competitive.\\n That evolution is the topic of today\\u2019s conversation with Jason Karp. Jason is the founder and CIO of Tourbillon Capital Partners, a multi-billion dollar asset manager based in New York City.\\n We cover a ton of interesting ground. We start with what has happened in public and private markets, discussing the role of quants, passive indexes, and value vs. deep value investing. We compare the relative merits of investing in private equities, and where and how opportunities arise.\\n We then focus in on two interesting private investing trends: the health and wellness sector and the cannabis industry. First, we discuss Hu kitchen and Hu Products, the food business that Jason started with his family several years ago in response to personal health challenges. Second, we discuss his evolved views on Cannabis as an investment space and why it may also represent a massive growth opportunity.\\n You all know I value transparency, so it is important to note that since I recorded the conversation, my family became an investor in Hu Products. It has been a fascinating means to learn about the food, health, and wellness industry which has grown rapidly in recent years. We were customers of Hu in New York City long before I even knew Jason, which made that part of the conversation especially interesting for me.\\n This episode re-enforced my believe in pushing one\\u2019s investing strategy to adapt to change market conditions and competitive pressures. If we have any hope of beating Vanguard, we can\\u2019t ever rest on our laurels.\\n This was an especially eclectic and fun conversation, I hope you enjoy my chat with Jason Karp.\\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 \\xa0\\n Show Notes\\n 3:06 \\u2013 (First question) \\u2013 \\xa0Jason\\u2019s view on private markets vs public markets and how his view has evolved\\n 6:02 \\u2013 Phase of the private markets where companies can achieve huge size and scale without going public\\n 10:31 \\u2013 Framework of Jason\\u2019s value-based investing strategy\\n 13:47 \\u2013 Reverse discounted cash flow\\n 16:27 \\u2013 Are there areas of the market that are easier to predict using Jason\\u2019s models\\n 20:29 \\u2013 Tech dominance the longer they are around\\n \\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 21:01 \\u2013 Jerry Neumann Podcast Episode\\n 22:08 \\u2013 How markets have changed over Jason\\u2019s career\\n 25:58 \\u2013 Types of edge that you can have in the market\\n 30:00 \\u2013 Broad examples of sectors that are high-quality, but momentum is hurting them\\n 31:32 \\u2013 Backstory of Hu Kitchen\\n 38:33 \\u2013 Investment research into health and wellness\\n 42:56 \\u2013 State of acquisitions, particularly in consumer product goods\\n 47:13 \\u2013 Jason\\u2019s research into Cannabis\\n 50:43 \\u2013 The misperceptions of Cannabis\\n 56:30 \\u2013 Why cannabis is a more important sector to consider than crypto\\n 57:51 \\u2013 What are the most important levers to growing a business\\n 1:02:24 \\u2013 Biggest lessons learned in hiring good people\\n 1:06:10 \\u2013 Investing lessons\\n 1:09:27 \\u2013 Kindest thing anyone has done for Jason\\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'