On today’s episode, Clay is joined by Dev Kantesaria to discuss the current market environment, the types of investments he is looking for, FICO, S&P Global, and much more.

Dev is the founder and portfolio manager at Valley Forge Capital Management. The firm has been highly successful since its inception in 2007, as it’s outperformed the S&P 500 by a wide margin and has over $4 billion in assets under management.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:46 - Dev’s view on the current market environment and the recent stock market rally.

05:02 - How Valley Forge Capital Management adopted Warren Buffett and Charlie Munger’s investment approach.

09:16 - Why predictability is an essential part of Dev’s investment approach.

11:32 - Why Dev has decided not to invest in any Big Tech companies.

37:11 - Why pricing power is the hallmark of a great business.

53:30 - Why Dev will continue to invest in the US despite optically higher valuations.

56:59 - The reason Dev loves compounding machines that perform share repurchases.

And so much more!

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
Check out Valley Forge Capital Management.
Related Episode: Listen to TIP389: Buffett's Core Principles w/ Dev Kantesaria, or watch the video.
Follow Clay on Twitter.
Check out all the books mentioned and discussed in our podcast episodes here.
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March 15, 2026 - Emma Ashford | Dr. Allen Frances | Justin Levitt