This podcast features an interview with Joel Tillinghast, a legendary Fidelity Low-Priced Stock Fund manager, discussing his 34-year career and investment philosophy. The conversation covers his early interest in investing, his career path, and his remarkably successful strategy of identifying undervalued companies, emphasizing the importance of free cash flow and avoiding companies with poor management or unsustainable business models. Tillinghast highlights his approach of value investing with a touch of growth, maintaining a large number of holdings to track various sectors and gradually increasing positions in high-conviction companies. He shares anecdotes about his biggest wins and losses, emphasizing the importance of learning from mistakes and adapting one's strategy. The interview concludes with advice for aspiring investors and reflections on the ever-changing world of investing.
