The JRo Show

The JRo Show interviews experts in and outside the field of investing to explore the themes of achieving mastery, sustained performance, and longevity. Does it really take 10,000 hours of deliberate practice to become a master? Listen in on Thursdays to find out.

Last refreshed: August 17th, 2025 at 12:46 AM ⓘ

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Episodes

Interview with Steve Scruggs, Portfolio Manager of the FPA Queens Road Small Cap Value Fund

About the FPA Queens Road Small Cap Value Fund What criterial he looks for when investing in a business Portfolio management philosophy and cash position Being a generalist Avoiding making macro predictions The research process and industries he tends to avoid His four-pillar investing framework and research process Valuation and DCF modeling What he looks for in management and corporate culture The concept of Mittelstand and how he incorporates it into his process His thoughts on current small-...

Jun 19, 2024•1 hr 16 min

Interview with Bill Miller IV of Miller Value Partners

About Miller Value Partners Investing strategy and philosophy Why being too dogmatic about the definition of value may not work in your favor Portfolio management philosophy Risk Management On why he doesn’t short or use options His thesis on bitcoin and why he considers himself to be a massive bitcoin bull Thesis on Microstrategy as the largest corporate owner of bitcoin Team structure and research process at Miller Value Partners Insider buying Idea generation Stock screens Technical and momen...

Jun 11, 2024•1 hr 7 min

Interview with Ric Dillon, founder and CEO of Vela Investment Management

About Vela Investment Management Vela investment philosophy Vela portfolio management philosophy Why he offers a long/short strategy and uses options Vela’s iterative research process Idea generation Ric’s macro views Vela’s valuation methodology Selling vs trimming What’s next for Vela Investment Management ********************************************************** Options are not suitable for all investors and carry significant risk. Certain complex options strategies carry additional risk. Op...

Jun 06, 2024•50 min

Interview with Chris Pavese of Broyhill Asset Management

Broyhill overview and investment philosophy Portfolio management Risk management Team size and research process and idea generation Macro outlook and incorporation into process Valuation When to sell What Chris is reading ********************************************************** Options are not suitable for all investors and carry significant risk. Certain complex options strategies carry additional risk. Options can be risky and are not suitable for all investors. See the ⁠⁠⁠ Characteristics a...

Apr 18, 2024•1 hr 35 min

Interview with XPEL CEO Ryan Pape

Business description Business Model Problems solving and value proposition Market share Pricing power and pricing strategy Balance Sheet Income statement and biggest costs/expenses Future growth opportunities Market penetration Ryan's history at XPEL Margins and returns on invested capital Asset turnover, inventory turnover, and cash conversion cycle Operating cash flow conversion Asset light and variable cost business model and the possibility of vertically integrating in the future Acquisition...

Apr 12, 2024•1 hr 30 min

Interview with Win Murray, Director of Research at Diamond Hill (former DoR at Harris Oakmark)

Diamond Hill is a philosophically pure intrinsic value investing firm Living in Columbus, The Austin of Ohio What makes a great equity analyst vs an average analyst How to determine investing team size (using math) Analyst productivity and how that leads to a better opportunity set and ultimately better client outcomes Generalist vs specialist analyst team structure How Diamond Hill is slowly, at the margin, transitioning from a strict sector specialist team structure to a more hybrid model What...

Mar 28, 2024•1 hr 21 min

Interview with Dan Davidowitz of Polen Capital

Polen Capital's culture: radical candor, autonomy, mastery, purpose Investing philosophy: competitive advantages, concentrated portfolios (20-25 stocks), position sizing Large Company Focus Growth Strategy: 132 stocks in 35 years, largest position in Amazon Risk management: eliminate risky businesses Analysis of Visa, MasterCard, cyclicals Team structure: meetings twice weekly, Polen One-Pagers Learning from mistakes: conservative margin modeling Investing spectrum: seek double-digit annualized ...

Mar 13, 2024•1 hr 32 min

Estimating mid-cycle, normalized earnings with Alex Fitch and Michael Nicolas from Harris Associates (Oakmark Funds)

How Harris Oakmark thinks about and defines value investing Mid-cycle earnings and why they are important (using the coin flip analogy) CBRE example of mid-cycle earnings Banks and SCHW example of mid-cycle earnings Additional common adjustments they make to get to true normalized economic earnings power Estimating normalized earnings for software and faster-growing tech companies (and Salesforce example) Amazon and Alphabet examples Even more adjustments for SBC, amortization, and non-recurring...

Feb 19, 2024•1 hr 6 min

Interview with Todd Ahlsten of Parnassus Investments

Todd Ahlsten is the Chief Investment Officer and Portfolio Manager of Parnassus Investments. Todd is also a panelist on the prestigious Barron's Roundtable. In this episode, we discuss Todd's background, investment process, and what he sees in the market today. Listen in for topics like: - How did Todd become CIO of Parnassus? - What makes a successful investor? - How does Parnassus operate? - What is "short shelf-life information"? - How does Todd look at the macro economy? - What kind of valua...

Jan 24, 2024•1 hr 10 min

Interview with Chris Bloomstran

2:00 On Semper Augustus investing philosophy and process 4:00 On what it means to be an “opportunistic” value investor 12:00 What the Semper Augustus portfolio-level metrics look like relative to the S&P 500 20:00 Why he thinks stocks are attractively valued today 24:00 On how he thinks about valuation 37:00 Chris shares his lessons from studying high price-to-sales stocks 45:00 How Chris spends his day, what he reads, and what podcasts he listens to, and how long he spends doing so 1:00:00 ...

Dec 04, 2023•1 hr 39 min

Interview with Quoc Tran

2:00 – Quoc’s concentrated investing philosophy and portfolio-level metrics 5:00 – Three different categories of stocks Quoc typically invests in 6:00 – Portfolio management philosophy 7:00 – Different layers of risk management 11:00 – On using data to make process improvements such as a moat trajectory review and ESG research 21:00 – Quoc dives deeper into his team’s step-by-step three-stage research process 38:00 – Incorporating a macro view into fundamental analysis 40:00 – Quoc on valuation ...

Nov 16, 2023•50 min

Interview with Dan O'Keefe

3:00 – Definition of value investing according to Dan 10:00 – Dan’s risk management and portfolio management philosophy 17:00 – when to sell a stock 22:00 – On how he incorporates a macro outlook into fundamental bottom-up stock picking on a global basis 32:00 – Dan describes his team’s equity research process including the reason for nurturing an absolute mindset, not a relative mindset 57:00 – How Dan spends his quiet time. 1:01:00 – How to be a global investor 1:07:00 – Dan thoughts on passiv...

Oct 19, 2023•1 hr 16 min

Interview with Bill Nygren

Bill Nygren, Chief Investment Officer at Harris Associates, joins The JRo Show to discuss his team's research process. If you’ve ever wanted to know what it’s like to work at Harris Associates, this is the podcast for you! 2 min 15 seconds – Bill’s background and career. 9 min 20 seconds – Advice for new analysts 19 min 50 seconds – The research process at Harris Associates 26 min 20 seconds – The stock pitching process at Harris 47 min – What it takes to be a good portfolio manager. 59 min 50 s...

Sep 28, 2023•1 hr 29 min

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