The 100 Year Thinkers: Long-Term Compounding in a Short-Term World The Elusive Search for the Perfect Business | Chris Mayer and Robert Hagstrom
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Nov 13, 2025 
Robert Hagstrom, a seasoned investor and author specializing in long-term compounding, and Chris Mayer, co-founder of Woodlock House Family Capital and author of 'The 100-Bagger', dive into what defines a perfect business. They discuss the challenges of holding investments through volatility and the importance of management quality and owner earnings over GAAP. Behavioral traps that lead to missed opportunities are explored, as well as navigating fast-changing industries with an eye on competitive advantages shaped by technology, networks, and scale.
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Three Sources Of Market Inefficiency
- Market inefficiencies come from information gaps, analytical laziness, and behavioral mistakes.
- Time arbitrage (being patient) and analytical work create a durable investor edge.
Mistakes Come From Overstaying Durability Bets
- Robert admits mistakes mostly stem from overestimating how long high returns will last.
- He sometimes sells early and later watches the stock rally above his sell price.
Omissions Sting—Apple Regret
- Both guests find errors of omission the most painful, citing Apple as a missed opportunity.
- Chris still regrets not buying Apple when Buffett bought it, even though his mother-in-law did.
