About this episode

Stephen Arnold discusses the importance of owning fewer, high-quality stocks and the investment strategy of Aoris.

Most investors spend their time looking for the next stock to buy, Stephen Arnold, Founder and CIO of Aoris, argues that great investing starts by knowing what not to own. In this episode, he explains Aoris’ quality-first approach, why the fund avoids entire sectors like banks, mining and biotech, and how a concentrated portfolio of just 15 businesses helps them focus on companies with durable advantages, strong cultures and long runways for growth. In this episode: 00:00 – Why Aoris runs a concentrated portfolio 02:22 – What “quality-first value investing” means 07:52 – Red flags and Aoris’ no-go zones 09:29 – Compass Group: The world's largest contract caterer 18:29 – Cintas: The boring compounder hiding in plain sight 25:06 – The importance of defining what not to buy 27:13 – Why Aoris avoids banks, mining, biotech and more 35:19 – Why only 15 stocks and lessons for investors Thanks to Aoris for sponsoring this episode and helping to keep our content free. The Aoris International Fund is available as an Active ETF, via the following ASX listed products: ASX: BAOR: Aoris International Fund Active ETF (Class B) & ASX: DAOR: Aoris International Fund Active ETF (Class D)…

People in this episode

Host: Equity Mates Media

Guest: Stephen Arnold

Topics covered

• quality-first investing
• concentrated portfolio
• investment strategy
• sector avoidance
• durable advantages
• long-term growth

Keywords

• investing
• stocks
• Aoris
• quality-first
• concentrated portfolio
• investment strategy
• sector avoidance

Sponsors

Aoris

Mentioned in this episode

Organizations: Aoris, Compass Group, Cintas, Microsoft, Alphabet, Amazon, Nvidia

Products: Aoris International Fund Active ETF (Class B), Aoris International Fund Active ETF (Class D)

More episodes of Equity Mates Investing Podcast

• The stock market’s $400 billion test, Bryce’s thesis card reveal & a 3-in-1 pitch for the Community Portfolio · June 10, 2026 · 34 min
• The Inside Story of Eucalyptus: Tim Doyle on Starting, Scaling and Selling a $1.6 billion business · June 8, 2026 · 1h 5m

Explore listener stats, chart rankings, contacts and more on the Equity Mates Investing Podcast podcast page.