We Study Billionaires - The Investor’s Podcast Network TIP649: Owning Stocks for the Long Run w/ Pierre-Olivier Langevin
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Aug 2, 2024 
Pierre-Olivier Langevin, a portfolio manager at Medici Private Wealth Management, shares insights into the firm’s impressive investment strategy. He emphasizes their ability to identify business moats and highlights successful portfolio holdings like Dollarama and Meta. Langevin discusses how Medici maintains a competitive edge through diverse perspectives in investment analysis and collaborative decision-making. He also dives into the contrasting performances of Dollarama and Dollar General and explores how major tech companies are evolving in the face of market challenges.
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O'Reilly's Growth
- Medici's committee initially underestimated O'Reilly Automotive's growth, misjudging its store expansion potential.
- Internal debate revealed O'Reilly's ability to displace smaller competitors, leading to continued holding.
Outside Advantage
- Non-investment backgrounds can be advantageous, fostering independent thinking and challenging conventional wisdom.
- The investment industry often prioritizes selling over actual investing.
Embrace Disagreement
- Encourage diversity of opinion and actively seek disconfirming evidence in investment discussions.
- Use a devil's advocate approach to challenge investment theses.