Best of Outlier Academy: Dan Roller of Maran Capital on Investing in Buy-and-Build Compounders

We'll be back the week of November 29 with a brand new episode of Outlier Academy! In the meantime, we're sharing one of our most popular episodes with Dan Roller of Maran Capital.
“What you need to do, I think, is constantly update your thesis as you go, which can allow for longer holding periods, because things do change. And at the same time, I go into investments with a multi-year horizon—but my thesis might be disproven fairly quickly.” – Dan Roller
Dan Roller is Founder and Chief Investment Officer of Maran Capital Management, a boutique, value-driven investment manager with a carefully crafted portfolio of companies, including Clarus, Scott’s Liquid Gold, Turning Point Brands, and Pure Cycle. Prior to starting his own fun, Dan honed his investment philosophy and process for over a decade working in research analyst and portfolio management roles at well-regarded hedge funds in New York City, including Credit Suisse First Boston and Impala Asset Management.
Show notes with links, quotes, and a transcript of the episode:
https://www.danielscrivner.com/notes/dan-roller-outliers-show-notes
Chapters in this interview:

MOI Global

Dan’s background and start in the investment world

The formation of Maran Capital

Choosing your hunting ground and creating structural advantages 

Researching and choosing companies to invest in

How building investment knowledge is like training for the Ironman

Examples and basics of buy-and-build companies

How buy-and-build can go wrong

Investing in Clarus and Turning Point Brands

The value vs. growth debate

Investing in SPACs

Thesis drift and mental models

esources for learning about investing

 
Sign up here for Outlier Debrief, our Friday newsletter that highlights the latest episode, expands on important business and investing concepts, and contains the best of what we read each week.
Follow Outlier Academy on Twitter: https://twitter.com/OutlierAcademy
If you loved this episode, please share a quick review on Apple Podcasts.
Learn more about your ad choices. Visit megaphone.fm/adchoices

We'll be back the week of November 29 with a brand new episode of Outlier Academy! In the meantime, we're sharing one of our most popular episodes with Dan Roller of Maran Capital.

“What you need to do, I think, is constantly update your thesis as you go, which can allow for longer holding periods, because things do change. And at the same time, I go into investments with a multi-year horizon—but my thesis might be disproven fairly quickly.” – Dan Roller

Dan Roller is Founder and Chief Investment Officer of Maran Capital Management, a boutique, value-driven investment manager with a carefully crafted portfolio of companies, including Clarus, Scott’s Liquid Gold, Turning Point Brands, and Pure Cycle. Prior to starting his own fun, Dan honed his investment philosophy and process for over a decade working in research analyst and portfolio management roles at well-regarded hedge funds in New York City, including Credit Suisse First Boston and Impala Asset Management.

Show notes with links, quotes, and a transcript of the episode:

https://www.danielscrivner.com/notes/dan-roller-outliers-show-notes

Chapters in this interview:

MOI Global
Dan’s background and start in the investment world
The formation of Maran Capital
Choosing your hunting ground and creating structural advantages 
Researching and choosing companies to invest in
How building investment knowledge is like training for the Ironman
Examples and basics of buy-and-build companies
How buy-and-build can go wrong
Investing in Clarus and Turning Point Brands
The value vs. growth debate
Investing in SPACs
Thesis drift and mental models
esources for learning about investing

 

Sign up here for Outlier Debrief, our Friday newsletter that highlights the latest episode, expands on important business and investing concepts, and contains the best of what we read each week.

Follow Outlier Academy on Twitter: https://twitter.com/OutlierAcademy

If you loved this episode, please share a quick review on Apple Podcasts.

Learn more about your ad choices. Visit megaphone.fm/adchoices