capital allocation

Top-Down vs. Bottom-Up

There are two common categories of investors: “top-down” and “bottom–up.” These terms refer to an investor’s starting point when approaching a potential investment. Top-down investors begin by evaluating the macroeconomic environment, while bottom-up investors start by researching individual companies. The debate between top-down versus bottom-up investing is not new and there is strong conviction on… Continue reading “Top-Down vs. Bottom-Up”

The Outsiders

William Thorndike, Jr.’s book, The Outsiders: Eight Unconventional CEOs and their Radically Rational Blueprint for Success, has been making the rounds at Burgundy. It has received high praise in the industry, from hedge fund manager Bill Ackman, Peyto CEO Darren Gee, and (perhaps unsurprisingly) Warren Buffett himself. The subject matter is all there in the… Continue reading “The Outsiders”