About this episode

Django Davidson discusses the capital cycle approach to investing and shares insights from his unique background and experiences.

In this episode, hosts Tano Santos and Michael Mauboussin welcome Django Davidson, Partner and Portfolio Manager at Hosking Partners, for a discussion of the capital cycle approach to investing. Django shares how his unconventional upbringing, experience covering banks during the Global Financial Crisis, and early exposure to Warren Buffett's letters shaped his investment philosophy. The conversation explores the origins of the capital cycle framework, how investors can identify industries experiencing excessive capital formation or capital scarcity, and why patience and long-term capital are essential to capturing opportunities. They also examine current AI investment trends, the evolution of the semiconductor industry, Japan's corporate reforms, and several real-world investment case studies, including Micron Technology and Saga. The discussion concludes with reflections on industrial resilience, supply chains, and book recommendations—and much more! Key Topics: ● Django's upbringing, education, and path into investing (2:08) ● Lessons from covering banks during the Global Financial Crisis (3:50) ● Discovering Warren Buffett's letters and their influence on his investment…

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