Joseph Shaposhnik

Joseph Shaposhnik, manager of the newly launched Rainwater Equity ETF, shares his insights on investing in businesses with recurring revenue. He discusses lessons learned from his day with Peter Lynch and critiques the broken active management industry. Joseph emphasizes the advantages of ETFs over mutual funds and explains why recurring revenue is crucial for stability and growth. He also reveals his top stock pick for the next 20 years and discusses his fascination with the aerospace aftermarket industry.

Joseph Shaposhnik, a seasoned Portfolio Manager at TCW, shares his high-quality investing philosophy. He discusses the importance of certainty in investing, emphasizing recurring revenue as a key criterion for evaluating business quality. Joseph critiques traditional advice on business selection, presenting his own investment approach developed under legendary mentors. He highlights his focus on growth in free cash flow and underscores the significance of management incentives in driving long-term shareholder value, using Meta as a case study to illustrate market volatility versus stability.

In this engaging discussion, Joseph Shaposhnik, a portfolio manager at TCW New America Premier Equities Fund, dives into the transformative journey of Roper Technologies. He highlights how Roper evolved from a traditional industrial manufacturer to a leader in the software sector, thanks to a savvy acquisition strategy. Their focus on high-margin niche markets and recurring revenue models distinguishes them from rivals like Constellation Software. Joseph also shares insights on effective leadership and the pivotal lessons that drive Roper's ongoing success.

In this engaging discussion, Joseph Shaposhnik, founder of Rainwater Equity and former TCW portfolio manager, reveals his investment philosophy emphasizing recurring-revenue businesses and the importance of management quality. He shares insights on learning from legends like Warren Buffett and Bill Miller, while dissecting red flags in management practices. Joseph also dives into the rationale for maintaining concentrated portfolios, disciplined selling strategies, and the impact of passive investing in today’s market. A must-listen for aspiring investors!

Joseph Shaposhnik, Rainwater Equity ETF portfolio manager who focuses on long-term, recurring-revenue businesses. He discusses how durable cash-flow compounding firms weather geopolitical shocks. He maps AI winners and losers across semiconductors, software, hyperscalers, and industrials. He also covers capital intensity, concentration risk, and what traits make companies anti-fragile in an AI-driven world.