In this episode of Invest Like the Best, Patrick O'Shaughnessy interviews Antonio Gracias, founder, CIO, and CEO of Valor Equity Partners, focusing on Valor's investment philosophy centered around "pro-entropic" companies—those that thrive amidst chaos. Antonio explains the concept of pro-entropic investing, contrasting it with resilience and durability, and emphasizes the importance of identifying both pro-entropic companies and leaders. The conversation explores the sources of chaos in the modern world, including deglobalization, technological disruption, and climate change, and how Valor assesses companies for their ability to benefit from these forces. Antonio shares the story of Valor's evolution, from traditional private equity to a technology-focused firm, highlighting the role of operational expertise and a staged deployment of capital strategy. The discussion also delves into the psychological aspects of leadership, the impact of cognitive and emotional biases, and the importance of building a strong, value-driven culture within Valor.
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