Intrinsic Investing

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Intrinsic Investing is a publication of Ensemble Capital Management, LLC. Ensemble Capital is a registered investment advisor located in San Francisco, CA. Since 1997, Ensemble Capital has been building focused portfolios to help clients preserve their success and enhance their future. The firm currently manages money on behalf of private clients, charitable institutions, and a publicly-traded mutual fund. Our goal for Intrinsic Investing is for it to be one of the ways that we communicate our thinking to clients and the general public. We believe that investing is an iterative process and we know of no better way to test our own thinking than to share it with others. We encourage readers to send us their thoughts about our posts or investing in general. You can find our contact information, a post defining “intrinsic investing” and the concept of “intrinsic value”, and a post explaining the motivation for content at https://intrinsicinvesting.com/ Please read important disclosures at www.ensemblecapital.com/holdings.

Ensemble Capital


    • Jul 16, 2024 LATEST EPISODE
    • monthly NEW EPISODES
    • 25m AVG DURATION
    • 46 EPISODES


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    Latest episodes from Intrinsic Investing

    Ensemble Capital Second Quarter 2024 Portfolio Update

    Play Episode Listen Later Jul 16, 2024 59:46


    During our second quarter 2024 portfolio update, Ensemble Capital's Chief Investment Officer Sean Stannard-Stockton, and Senior Investment Analysts Arif Karim and Eileen Segall discuss current market and economic conditions, few short updates on Analog Digital Devices (ADI), Illumina (ILMN) and Chipotle (CMG) as well as an introduction of Veeva Systems (VEEV). There's a Q&A with the team at the end of the presentation. This is an audio replay of the full webinar. Please read important disclosures at www.ensemblecapital.com/holdings.

    Ensemble Capital First Quarter 2024 Portfolio Update

    Play Episode Listen Later Apr 12, 2024 60:49


    During our first quarter 2024 portfolio update, Ensemble Capital's Chief Investment Officer Sean Stannard-Stockton, and Senior Investment Analysts Arif Karim and Eileen Segall discuss current market and economic conditions as well as Ferrari (RACE) & IDEX Corp (IEX). There's a Q&A with the team at the end of the presentation. This is an audio replay of the full webinar. Please read important disclosures at www.ensemblecapital.com/holdings.

    Ensemble Capital Fourth Quarter 2023 Portfolio Update

    Play Episode Listen Later Jan 18, 2024 61:31


    During our fourth quarter 2023 portfolio update, Ensemble Capital's Chief Investment Officer Sean Stannard-Stockton, and Senior Investment Analysts Arif Karim and Eileen Segall discuss current market and economic conditions as well as Netflix (NFLX). There's a Q&A with the team at the end of the presentation. This is an audio replay of the full webinar. Please read important disclosures at www.ensemblecapital.com/holdings.

    Ensemble Capital Third Quarter 2023 Webinar Replay

    Play Episode Listen Later Oct 23, 2023 60:30


    During our third quarter 2023 portfolio update, Ensemble Capital's Chief Investment Officer Sean Stannard-Stockton, and Senior Investment Analyst Arif Karim discuss current market and economic conditions as well as two of our holdings; Analog Devices, Inc. (ADI) and Mastercard, Inc. (MA). There's a Q&A with the team at the end of the presentation. This is an audio replay of the full webinar. Please read important disclosures at www.ensemblecapital.com/holdings  

    Ensemble Capital Second Quarter 2023 Webinar Replay

    Play Episode Listen Later Jul 18, 2023 57:34


    During our second quarter 2023 portfolio update, Ensemble Capital's Chief Investment Officer Sean Stannard-Stockton, and Senior Investment Analysts Arif Karim and Todd Wenning, discussed holdings Alphabet Inc. and ServiceNow, the current market and economic situation, as well as our framework when looking at the housing shortage of the country. There's a Q&A with the team at the end of the presentation. This is an audio replay of the full webinar. Please read important disclosures at www.ensemblecapital.com/holdings

    Building a Fortress: Finding Companies with Intangible and Tangible Moats

    Play Episode Listen Later Jul 6, 2023 7:26


    While the economy has become intangible-asset driven, the potential low cost advantages of tangible assets shouldn't be overlooked. Our ideal company has both intangible and tangible asset advantages.

    Ensemble Capital Becomes a Certified B Corporation

    Play Episode Listen Later Jun 26, 2023 5:51


    In this episode, Ensemble's president announces that the company has obtained B Corporation certification and explains the connection between B Corporations and Ensemble's approach to stakeholder value analysis.

    The Future of Growth Companies: The Visionary-Optimizer Challenge

    Play Episode Listen Later Jun 1, 2023 7:01


    Many companies that experienced high growth in recent years are entering the difficult transition period from visionary- to optimizer-led growth. How each company handles that challenge will drive much of their performance in the next decade and beyond.

    “That 70's Show” – Lessons of the 1970's and the Course Ahead

    Play Episode Listen Later Apr 27, 2023 14:59


    We examine the economic and market history of the 1970s and put it into the context of what to expect from a longer-term perspective.

    Value, Growth & Intrinsic Investing Revisited Part II

    Play Episode Listen Later Apr 24, 2023 11:12


    In part II of our discussion of the math that supports superior investment returns, and how growth and value investors solve for superior returns differently, we look at Warren Buffett's investment in Coke to illustrate why long term superior returns must come from elevated growth rates.

    Ensemble Capital First Quarter 2023 Webinar Replay

    Play Episode Listen Later Apr 19, 2023 57:32


    Chief Investment Officer Sean Stannard-Stockton addresses First Republic Bank (FRC) and the broader impact of the banking crisis on the economy and financial markets. He also outlines our outlook for our strategy over the balance of 2023 and into 2024 and the economic drivers of why many of our holdings were up this quarter.   Please read important disclosure at www.ensemblecapital.com/holdings.

    Why Regret and Good Investing Don't Mix

    Play Episode Listen Later Mar 2, 2023 7:07


    Bad outcomes are a natural part of investing. Todd Wenning discusses why it does no good to dwell on regrets about decisions where a good process led to a bad outcome. Please read important disclosures at www.ensemblecapital.com/holdings.

    Value, Growth & Intrinsic Investing Revisited

    Play Episode Listen Later Feb 21, 2023 12:30


    Value and Growth are not opposite approaches to investing. In this episode we explore why Warren Buffett says that a stock with a low valuation multiple may not be a good value, and how Ensemble Capital thinks about evaluating high growth and low growth businesses with an eye towards generating high rates of return.

    Playing Long Games: Focus on Companies with Moats and Relevant Products

    Play Episode Listen Later Feb 2, 2023 8:22


    In this episode, Todd Wenning discusses how companies with economic moats and relevant products can extend their competitive lifecycles for decades or more.  Please read important disclosures at www.ensemblecapital.com/holdings.

    The Equity Anxiety Premium

    Play Episode Listen Later Jan 18, 2023 16:39


    In this episode, Sean Stannard-Stockton discusses why equity investors earn premium returns over bond investors in exchange for managing anxiety, and how equity investors should think about how to manage this challenge.

    Ensemble Capital Fourth Quarter 2022 Webinar Replay

    Play Episode Listen Later Jan 13, 2023 62:37


    During our fourth quarter 2022 portfolio update, Ensemble Capital's Chief Investment Officer Sean Stannard-Stockton, and Senior Investment Analysts Arif Karim and Todd Wenning, discussed holdings Masimo and Paychex, the current market and economic situation, as well as recent portfolio performance. There's a Q&A with the team at the end of the presentation. This is an audio replay of the full webinar. Please read important disclosures at www.ensemblecapital.com/holdings.

    3 Ways to Measure Management Integrity

    Play Episode Listen Later Jan 5, 2023 7:02


    Quality investors often cite integrity as a characteristic they look for in management teams, but they rarely define what they mean. We aim to do that here by focusing on three ways we measure management integrity. Please read important disclosures at www.ensemblecapital.com/holdings.

    When the Moat is in Your Mind

    Play Episode Listen Later Nov 7, 2022 6:07


    Not every brand is a defensible competitive advantages. Some brands, however, have nestled themselves in your mind and memories and are much harder to disrupt. Please read important disclosures at www.ensemblecapital.com/holdings.

    Ensemble Capital Third Quarter 2022 Webinar Replay

    Play Episode Listen Later Oct 17, 2022 62:28


    During our third quarter 2022 portfolio update, Ensemble Capital's Chief Investment Officer Sean Stannard-Stockton, and Senior Investment Analysts Arif Karim and Todd Wenning, discussed holdings NVR and Schwab, the current market and economic situation, as well as recent portfolio performance. There's a Q&A with the team at the end of the presentation. This is an audio replay of the full webinar. Please read important disclosures at www.ensemblecapital.com/holdings.

    Equity Duration & Inflation: Nifty Fifty

    Play Episode Listen Later Sep 13, 2022 13:19


    The Nifty Fifty stocks from the 1970s were not the bubble they are thought of as today. We explore the lessons to be learned for investors today. Please read important disclosures at www.ensemblecapital.com/holdings.

    Equity Duration & Inflation: Viewing Stocks as Bonds

    Play Episode Listen Later Sep 9, 2022 9:38


    An exploration of the concept of duration in bond investing and how it is highly applicable to equity valuation as well. Please read important disclosures at www.ensemblecapital.com/holdings.

    Equity Duration & Inflation: Defining Equity Duration

    Play Episode Listen Later Aug 30, 2022 11:53


    Long-duration stocks are more sensitive to recessions and interest rate changes, but get hit particularly hard in stagflationary environments. We address how investors should think about long duration equities in today's market. Please read important disclosures at www.ensemblecapital.com/holdings.

    Seeking Treasures from the Storm

    Play Episode Listen Later Jul 21, 2022 5:54


    Please read important disclosures at www.ensemblecapital.com/holdings. 2022 has been a brutal year for quality focused investors like us at Ensemble Capital. Rather than see the storm as a threat, we see it as an opportunity to look for what treasures have been left behind.

    Ensemble Capital Second Quarter 2022 Portfolio Update

    Play Episode Listen Later Jul 18, 2022 79:06


    Please read important disclosures at www.ensemblecapital.com/holdings. During our second quarter 2022 portfolio update, Ensemble Capital's Chief Investment Officer Sean Stannard-Stockton, and Senior Investment Analysts Arif Karim and Todd Wenning, discussed the current market and economic situation, as well as recent portfolio performance. There's a Q&A with the team at the end of the presentation. This is an audio replay of the full webinar.

    Ensemble Capital First Quarter 2022 Portfolio Update

    Play Episode Listen Later Apr 20, 2022 59:12


    Please read important disclosures at www.ensemblecapital.com/holdings. During our first quarter 2022 portfolio update, Ensemble Capital's Chief Investment Officer Sean Stannard-Stockton, and Senior Investment Analysts Arif Karim and Todd Wenning, discussed the current market and economic situation, and two of our holdings, Alphabet (Google) and Chipotle. There's a Q&A with the team at the end of the presentation. This is an audio replay of the full webinar.

    Great Companies are Forged in Crisis

    Play Episode Listen Later Apr 4, 2022 6:57


    Please read important disclosures at www.ensemblecapital.com/holdings. If you're a long-term investor, every one of your companies will go through at least one crisis. What type of companies do you want to own when other investors are losing their nerve?

    The Risk of War to the US Stock Market

    Play Episode Listen Later Mar 11, 2022 9:37


    Please read important disclosures at www.ensemblecapital.com/holdings. We examine the history of how the US stock market has reacted to various military conflicts in the past and we offer our thinking on how investors should be thinking about the impact of the invasion of Ukraine on US stocks.

    A Stagflationary Panic Grips The Stock Market

    Play Episode Listen Later Mar 10, 2022 25:14


    Please read important disclosures at www.ensemblecapital.com/holdings. Investors have begun to panic that strong consumer demand in excess of economic supply, paired with the war in Ukraine sending oil prices skyrocketing, may result in a stagflationary economic environment. In this episode, we discuss why this outlook has caused weakness in our investment strategy, why we believe the market action is significantly overdone, why we think our portfolio holding are well positioned to navigate a stagflationary environment, and why stagflation may not even actually arrive.

    Pricing Power and Inflation

    Play Episode Listen Later Feb 16, 2022 6:24


    Please read important disclosures at www.ensemblecapital.com/holdings. With inflation rates at 40 year highs, we discuss how to tell the difference between companies with and without true pricing power.

    Netflix's Man Overboard Moment

    Play Episode Listen Later Jan 24, 2022 28:30


    Please read important disclosures at www.ensemblecapital.com/holdings. A deep dive analysis of the purported reasons behind Netflix's recent 22% one day stock price decline and an explanation of why the company's long term growth opportunity remains intact.

    Ensemble Capital Fourth Quarter 2021 Portfolio Update

    Play Episode Listen Later Jan 20, 2022 54:57


    Please read important disclosures at www.ensemblecapital.com/holdings. During our third quarter 2021 portfolio update, Ensemble Capital's Chief Investment Officer Sean Stannard-Stockton, and Senior Investment Analysts Arif Karim and Todd Wenning, discussed the current market and economic situation, and two of our holdings, Blackline and Costco. There's a Q&A with the team at the end of the presentation. This is an audio replay of the full webinar.

    The Critical Role of Empathy in Investing

    Play Episode Listen Later Jan 3, 2022 13:24


    Please read important disclosures at www.ensemblecapital.com/holdings.  The concept of “design thinking,” the role of empathy, and its applicability to the investment process is explored.

    Nintendo Comes to a Fork in the Road

    Play Episode Listen Later Dec 9, 2021 14:10


    Please read important disclosures at www.ensemblecapital.com/holdings.  Historically, the best time to have sold Nintendo's stock is when demand for the current console waned. We think Switch will prove different.

    15 of Our Favorite Investment Patterns

    Play Episode Listen Later Oct 28, 2021 11:05


    Please read important disclosures at www.ensemblecapital.com/holdings. With thousands of stocks to choose from for your portfolio, it helps to recognize promising patterns of great companies. In this episode, we provide a list of some of our favorite investment patterns that help us sort through companies, so that we can focus our attention on understanding the best of the best.

    Ensemble Capital Third Quarter 2021 Portfolio Update

    Play Episode Listen Later Oct 19, 2021 61:19


    Please read important disclosures at www.ensemblecapital.com/holdings. During our third quarter 2021 portfolio update, Ensemble Capital's Chief Investment Officer Sean Stannard-Stockton, and Senior Investment Analysts Arif Karim and Todd Wenning, discussed the current market and economic situation, and two of our holdings, Booking Holdings and Landstar. There's a Q&A with the team at the end of the presentation. This is an audio replay of the full webinar.

    Forecasting Growth Part V-Category Killers & Positive Feedback Loops

    Play Episode Listen Later Oct 8, 2021 11:37


    Please read important disclosures at www.ensemblecapital.com/holdings.  There are some companies that broad base rates do not add value to as part of the forecasting process. We examine a collection of these types of businesses and offer Intuitive as a case study.

    Forecasting Growth Part IV-Beyond Base Rates

    Play Episode Listen Later Oct 7, 2021 8:44


    Please read important disclosures at www.ensemblecapital.com/holdings. We examine as a case study of Netflix for moving beyond base rates.

    Forecasting Growth Part III-Problems with Base Rates

    Play Episode Listen Later Oct 6, 2021 10:20


    Please read important disclosures at www.ensemblecapital.com/holdings. Base rates are useful forecasting tools, but there are important problems with base rates that investors must keep in mind.

    Forecasting Growth Part II-Using Base Rates

    Play Episode Listen Later Oct 5, 2021 10:21


    Please read important disclosures at www.ensemblecapital.com/holdings. By using “base rates” investors can improve forecasting accuracy.

    Forecasting Growth Part I-The Siren Song of Growth

    Play Episode Listen Later Oct 4, 2021 7:13


    Please read important disclosures at www.ensemblecapital.com/holdings.  Forecasting corporate growth and something investors as a group have a bad track record of doing well.

    There's No Such Thing as Buy and Hold

    Play Episode Listen Later Aug 16, 2021 6:55


    Please read important disclosures at www.ensemblecapital.com/holdings. Companies are not static assets like gold or artwork, but in a state of constant change. Over a long enough timeline, the company you own today will be quite different from the one you originally bought. As long-term investors, then, we need to periodically reaffirm or alter our perceptions of the companies we own. Buying a company and passively holding it is something other than investing.

    When Quality Companies Face a Reckoning

    Play Episode Listen Later Jul 27, 2021 6:38


    Please read important disclosures at www.ensemblecapital.com/holdings. Even the highest quality companies will likely encounter large sell-offs over a decade. Sometimes those sell-offs are justified, other times they present tremendous buying opportunities. Long-term investors need to know the difference. This episode discusses how Ensemble evaluates such events and determine whether to buy, sell, or hold.  

    Understanding Stakeholder Value

    Play Episode Listen Later Jul 23, 2021 25:22


    Please read important disclosures at www.ensemblecapital.com/holdings. Milton Friedman's concept of shareholder primacy is outdated. While the goal of shareholders is to earn profits, these profits are the outcome of successfully creating stakeholder value on behalf of customers, employees, suppliers and society at a large.

    Ensemble Capital Second Quarter 2021 Portfolio Update

    Play Episode Listen Later Jul 22, 2021 56:10


    Please read important disclosures at www.ensemblecapital.com/holdings. During our second quarter 2021 portfolio update, Ensemble Capital's Chief Investment Officer Sean Stannard-Stockton, and Senior Investment Analysts Arif Karim and Todd Wenning, discussed the current market and economic situation, and two of our holdings, Illumina and Nintendo. This is an audio replay of the full webinar.

    Companies Doing Unsustainable Things Sustainably

    Play Episode Listen Later Jun 24, 2021 8:32


    Please read important disclosures at www.ensemblecapital.com/holdings. At times, companies can get caught up in what's working now and ignore that the present circumstances are unsustainable. Unless they course-correct, they are creating an off-balance sheet liability for shareholders. 

    Pay Attention to the Castles Behind the Moats

    Play Episode Listen Later Jun 23, 2021 6:01


    Please read important disclosures at www.ensemblecapital.com/holdings. Quality investors often focus too much on the moat and not enough on the castle (i.e. the business), but the moat doesn't matter if the castle it's protecting is deteriorating.

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