Preferred Shares Podcast

Welcome to Episode 35 of the Preferred Shares Podcast. This podcast is the second and final part on our series on the American Tobacco Company and the founding Duke family. Part One covered the founding of the family tobacco business, and then the unbelievable hardships the family endured and overcame during and after the Civil War to re-start the business. We begin Part Two in 1890 with Buck Duke...

Welcome to Episode 34 of the Preferred Shares Podcast. This episode (Part One of Two) explores the remarkable history of the Duke family and the rise of the American tobacco industry, focusing on innovation, resilience, and strategic business decisions that transformed a local operation into a global powerhouse. Explore the fascinating history of the American Tobacco Company, its dominance, legal...

Welcome to Episode 33 of the Preferred Shares Podcast. In this episode, we talk in depth about North American’s Class 1 Railroads and the pending merger between Union Pacific and Norfolk Southern . Joining the conversation is Matt Reustle, a former analyst with Goldman Sachs covering the transportation sector. More recently, Matt has been the long-time host of the great Business Breakdowns podcast...

Welcome to Episode 32 of the Preferred Shares Podcast. In this episode, we explore the water thesis behind Ferguson Enterprises , a leading distributor of HVAC and plumbing solutions. To help walk us through the intricacies of the thesis, we are joined by Todd Wenning. Todd is a prior contributor at The Motley Fool, previously covered companies on the sell-side for Morningstar and the buy-side for...

Welcome to Episode 31 of the Preferred Shares Podcast. In this episode, we continue our short series on Nestlé. We brought back our guest Mark Purdy ( whom we interviewed about Lindt & Sprüngli ) to chat about the company’s more recent history and its current set of challenges and opportunities. Mark is a veteran investment analyst with 40 years of experience with a particular focus on consumer br...

Welcome to Episode 30 of the Preferred Shares Podcast. In this episode, we discussed the history and founding of Nestlé. * Origins of the company in 1867 * The strategic 1905 merger with Anglo-Swiss Condensed Milk Company * Nestlé’s exceptional resilience and growing scale * Nestlé’s global dominance in the coffee market * The success of its Maggi brand * The organic and inorganic growth behind it...

Welcome to Episode 29 of the Preferred Shares Podcast. In this episode, we interviewed Clifford Thompson of Thompson Traders, a family-owned business founded in 2002. Since then, Thompson Traders has carved out a niche in the high-end home fixture market with a focus on luxury copper and brass sinks, range hoods, innovative designs, and strong customer relationships. We discussed a variety of topi...

Welcome to Episode 28 of the Preferred Shares Podcast. In this episode, we interview David Gearhart , CEO and Chairman of Wilmington Holdings Corporation , a private holding company of several insurance businesses. David tells the story of how he decided to try to find and acquire a small insurance business. In 2017, he successfully acquired Wilmington Insurance Company. After eight years of growt...

Welcome to Episode 27 of the Preferred Shares Podcast. In this episode, Nick Longhurst , portfolio manager at London’s famed Marathon Asset Management , gives us an overview of the incredibly interesting salmon farming industry. We discussed a variety of topics: * Nick’s background; * Marathon’s investment philosophy; * A brief history of the evolution of the salmon farming industry; * Why salmon...

Welcome to Episode 26 of the Preferred Shares Podcast. Fewer people have flown the Northrop Grumman B-2 stealth bomber than have traveled to space, which is why it was a great honor for Preferred Shares to interview Lt. Col. Todd Moenster, USAF, Retired , a former B-2 pilot. We discussed a variety of topics: * Why Todd became interested in becoming a pilot; * Air Force pilot selection and the trai...

Welcome to Episode 25 of the Preferred Shares Podcast. In this episode of the Preferred Shares podcast, Doug provides a brief history of Pool Corp. and an overview of the current business. The co-hosts discuss the pros and cons of the business and why it might be a “high quality cyclical” enterprise. In This Episode [01:11] Early History and Founding [06:22] Current Market Position and Business Mo...

Welcome to Episode 24 of the Preferred Shares Podcast. In this episode of the Preferred Shares podcast, hosts Devin, Doug, and Lawrence interview Will Kerwin , a senior equity analyst for Morningstar, to provide a current overview of Amphenol . In This Episode [01:17] Guest Introduction and Background [02:29] Exploring Amphenol’s History and Industry [04:27] Amphenol’s Market Position and Competit...

Welcome to Episode 23 of the Preferred Shares Podcast. In this episode of the Preferred Shares podcast, hosts Devin, Doug, and Lawrence delve into the history and significance of Amphenol , a leading manufacturer of connectors. They explore the company’s evolution from its founding in the 1930s, its pivotal role during World War II, and its transition into the consumer electronics market. The disc...

Welcome to Episode 22 of the Preferred Shares Podcast. In this episode, we explore the evolution of the dry cleaning industry. To guide us, we are joined by Tim Maxwell. Tim is an industry veteran, having started working at his parent’s wholesale suede and leather cleaning business at age twelve and eventually founding a company that would ultimately disrupt the dry cleaning space; GreenEarth Clea...

Welcome to Episode 21 of the Preferred Shares Podcast. This episode of the Preferred Shares podcast delves into the rich history of Beretta , a company that has been a significant player in the firearms industry for over 500 years. The hosts explore Beretta’s origins in Italy, its evolution through various historical conflicts, and its adaptation to changing markets. We discuss the company’s commi...

Welcome to Episode 20 of the Preferred Shares Podcast. We interviewed a special guest, Mark Purdy, about Lindt & Sprüngli , a Swiss chocolatier founded 180 years ago in 1845. Mark is a veteran investment analyst with a focus on consumer brands for the last forty years and is currently Portfolio Manager at Chelverton Asset Management’s Select Consumer Staples Fund . In This Episode Here are some hi...

Welcome to Episode 19 of the Preferred Shares Podcast. We interviewed a special guest, Chadd Garcia, about Texas Pacific Land Corporation (TPL). Chadd is a veteran investment analyst, has worked in private equity, and is currently Vice President & Portfolio Manager at Ave Maria Mutual Funds . In This Episode Here are some highlights from the podcast episode about Texas Pacific Land Corporation (TP...

Welcome to Episode 18. In this episode, Doug picks up the story from where we left off in Part 1 : its November 1941, when Consolidated Aircraft founder Reuben Fleet decides to sell his personal stake in the company. Doug then shares how Consolidated became Convair, was then acquired by General Dynamics, its disastrous foray into the commercial jetliner market, and its eventual demise in the mid-1...

Welcome to Episode 17 of the Preferred Shares Podcast. In this episode, Doug shares his research on the early years of Consolidated Aircraft and its founder, Major Reuben Fleet. Consolidated became one of the major aircraft makers during World War II with its B-24 Liberator bomber and its Catalina flying patrol boat. This is a public episode. If you would like to discuss this with other subscriber...

Welcome to Episode 16 of the Preferred Shares Podcast. In this episode, Douglas Ott walks us through the origin story of Tyler Technologies to the present day. In this episode Introduction to Tyler Technologies [0:00-1:40] Tyler Technologies is described as a “big fish in a small pond,” focusing on software solutions for municipalities and state/local governments. The market is around $24 billion...

Welcome to Episode 15 of the Preferred Shares Podcast. In this episode—another in our series on the beneficiaries of the spending on the interstate highway system of the United States —we take turns discussing Howard Johnson’s, McDonald’s, and KFC. In this episode The Johnson’s family cigar business Howard Johnson quitting school at age 12 Worked at a drug store until buying it out, expanding sale...

Welcome to Episode 14 of the Preferred Shares Podcast. In this episode, Preferred Shares explores the evolution of grocery retailing in the United States with a focus on the rise of A&P, it becoming the largest retailer in the world, and the company’s ultimate demise. To help tell this story, there is no better expert than historian, author, and economist Marc Levinson, author of The Great A&P and...

Welcome to Episode 13 of the Preferred Shares Podcast. We interviewed our friend and special guest, Rae Maile. Rae is a veteran analyst who has covered the tobacco industry for over 35 years. He has never held back his strong opinions, and always has the data to support them. In this episode Rae’s background in financial services, from junior analyst covering brewers and general retail to financia...

Welcome to Episode 12 of the Preferred Shares Podcast. In this episode—the third in our series on the beneficiaries of the spending on the interstate highway system of the United States —Preferred Shares does a deep dive into the life of businessman and investor, Henry Crown. In this episode Henry Crown is born in Chicago in 1896 to a family of poor immigrants. Henry and his brother Sol started Ma...

Welcome to Episode 11 of the Preferred Shares Podcast. In this episode—the second part in our series on the beneficiaries of the spending on the interstate highway system of the United States —Preferred Shares explores the aggregates industry. In particular, we go over the early history of Birmingham Slag, the family-owned business that evolved into Vulcan Materials Company (VMC). In this episode...