Episode 216 - Marks on the Market: America's Push to Reshore U.S. Manufacturing | Steve Cook (LFM Capital)

Faith Driven Investor Podcast - Episode 216

Join hosts Richard Cunningham and Luke Roush as they sit down with Steve Cook, Executive Managing Director of LFM Capital, for a deep dive into the state of US manufacturing and the reshoring revolution transforming American industry. From the deck of an aircraft carrier to the shop floor to private equity boardrooms, Steve brings a unique perspective on what it takes to build manufacturing companies that strengthen both portfolios and national security.

Key Investment Topics:

• The economics of reshoring: Why major manufacturers are bringing supply chains back to the US
• LFM Capital's operator-led approach to buyout private equity in manufacturing
• How tariffs, supply chain disruptions, and geopolitical tensions are reshaping investment opportunities
• Why aerospace, defense, and B2B manufacturing offer compelling risk-adjusted returns
• The role of leadership and operational excellence in driving EBITDA margins and enterprise value
• Interest rates, deal flow, and the creative structuring required in today's PE market

Powerful Quotes:

"We won World War One and Two predominantly because we had a strong industrial base that could step up and pivot when the country needed it. We're woefully unprepared for World War Three." - Steve Cook

"It costs more to hire an English-speaking manager in China than it does in the US today. Labor cost equilibrium is happening faster than anyone expected." - Steve Cook

"The absolute worst form of ownership I've ever seen is 50/50. Someone has to make the final decision - that's true in a company and true in a marriage." - Steve Cook

Episode Description:

What does it take to rebuild American manufacturing in an era of global uncertainty? Steve Cook knows firsthand. As a former Navy fighter pilot who flew combat missions during Desert Shield, then an operations leader at Dell managing 2,200 manufacturing employees, Steve brings unparalleled shop floor DNA to private equity investing. Now leading LFM Capital - a buyout firm exclusively focused on US manufacturing - he's witnessing the early stages of a reshoring revolution that could reshape both the American economy and investment portfolios.

This episode cuts through the headlines to reveal what's really happening on the ground with US manufacturing. Steve explains why companies are finally bringing production back home, which industries offer the most compelling opportunities, and how LFM's operator-first approach generates returns by elevating leadership and operational excellence rather than financial engineering. From the impact of Liberation Day tariffs to the quiet convergence of global labor costs, from AI's limited role on today's shop floor to the creative deal structures emerging in a higher interest rate environment, this conversation delivers actionable insights for investors seeking exposure to the manufacturing renaissance.

Steve also vulnerably shares lessons from Genesis on leadership, partnership, and the biblical principles that shape both his marriage and LFM's investment philosophy - including why 50/50 ownership structures consistently fail and what that reveals about decision-making authority in both business and family.

Guest Background:

Steve Cook is Executive Managing Director of LFM Capital, a Nashville-based private equity firm investing exclusively in US manufacturing companies. A graduate of the US Naval Academy and MIT's Leaders for Manufacturing program, Steve flew F/A-18s off aircraft carriers for seven years before transitioning to operations leadership roles at Dell and venture-backed technology companies. At LFM, he leads a team of operators and engineers who partner with manufacturing CEOs to build enterprise value through operational excellence, not financial engineering. Steve and his wife Shannon live in Nashville and are active members of Long Hollow Church.