Last month, Ensemble’s CIO sat down for a longform interview on the Talking Billions podcast. Host Bogumil Baranowski used the conversation to dig deep into the Intrinsic Investing archives to get Sean to elaborate on many of the themes explored on the blog. In the interview, Sean and Bogumil discussed:

• How Sean’s sociology and psychology minded parents influenced how he thinks about investing.
• The linkages between the first blog post on Intrinsic Investing in early 2016 to the posts published this year that explored the Charlie Munger quote, “Over the long term, it’s hard for a stock to earn a much better return than the business which underlies it earns… even if you originally buy it at a huge discount.”
• Why the elevated returns earned by equity investors vs bond investors comes in exchange not for volatility, as academic work suggests, but rather from the anxiety which equity investors must manage.
• The concept of equity duration and the lessons we can learn from the 1970s on how inflation, duration, and growth impact the path of equity returns.
• The role of empathy in investing and why it is a critical element of expanding an investor’s circle of competence.

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