Kyler Hasson (Kyler@hassoninvestments.com) stops by The Business Brew to discuss how he has morphed as an investor and as a Registered Investment Advisor. Kyler is one of Bill's good friends and they've chatted about investments for a number of years now. Kyler is an investor that has gravitated to high quality businesses. He has also gravitated towards a less concentrated portfolio in order to fulfill client objectives. We hope you enjoy listening to the two of them sharing lessons they've learned.
We hope you enjoy the discussion. Detailed show notes below the Koyfin sponsor and thank yous.
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Thank you to Mathew Passy for the podcast production. You can find Mathew at @MathewPassy on Twitter or at thepodcastconsultant.com
In this episode you will learn how Kyler and Bill think about:
1:35 - How Kyler started his investing career
4:22 - How Kyler views being an RIA (Registered Investment Advisor)
7:17 - Tax drag and how that can hurt investment performance
11:04 - Why finding a great business that can compound returns over time may be a better strategy
15:00 - Mean reversion and risk
18:49 - Moving towards a more diversified portfolio and avoiding overconfidence bias
24:49 - Whether investors *really* want to be like Charlie Munger.
26:02 - A very cool class Kyler took in college
30:32 - Why certain tribe of investors talk past each other
34:12 - Being aware of behavioral biases
36:00 - Lessons from an energy investment
40:36 - Lessons from Altice and why demanding execution might have been a better idea
42:19 - Looking for high quality companies that sell off for non core reasons
48:00 - Culture compounding as a competitive advantage
52:54 - The individual investor's greatest advantage
56:40 - Buying a new position or adding to an existing position
58:00 - Whether buying "cheap" is harder than owning fairly priced quality companies