TIP731: Owning Best-in-Class Businesses w/ Joseph Shaposhnik
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You're listening to TIP. On today's episode, I'm pleased to be joined by Joseph Shapošnik to discuss the launch of his new ETF, Rainwater Equity. The Rainwater Equity ETF just launched on June 18th under the ticker RW, and its objective is to compound capital at an above average rate by investing in publicly listed recurring revenue businesses. The fund Joseph managed at his previous firm compounded at 16.7% since 2015. versus the S<unk>P 500's 13.1% over that same time period.
It was also the top performing fund out of 343 in its US large cap core equity category. During this episode, we cover what Joseph learned from spending a day with Peter Lynch, why the active management industry is broken, and how Joseph has set out to fix it, why Bill Miller provided a cornerstone investment for Joseph's new ETF, why recurring revenue is the ultimate business model, whether any of the magnificent seven companies fit into Joseph's recurring revenue framework, the role that valuation plays in Joseph's investment approach, Joseph's top stock pick to hold for the next 20 years, why he likes the aerospace aftermarket industry, and so much more. As a host here at TIP, I searched far and wide to try and interview the very best investors, and Joseph certainly fits the bill.
Also, Joseph will be joining us at our summit event in Big Sky, Montana. This is a special gathering that TIP will be hosting in September for a small group from our audience to network, Share ideas and enjoy great company in the mountains. There's limited spots, so if you're interested in joining us, you can click the link in the show notes. So with that, I really hope you enjoyed today's episode with Joseph Shaposhnik.
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