How Turtle Creek Beat the Market Since 1998 | Value Investing Masterclass w/ Andrew Brenton (TIP592)

Clay is joined by Andrew Brenton. Andrew Brenton is the CEO and co-founder of Turtle Creek.

Since its inception in 1998, Turtle Creek has achieved an average annual return of 20% versus just 7% for the market. $10,000 invested into their fund at inception would have grown to over $885,000 as of September 30, 2023, and had that money been invested in the market, it would have been worth just under $52,000.

IN THIS EPISODE, YOU’LL LEARN:
0:00:00 - Intro
0:00:47 - How Andrew’s experience in private markets prepared him to take on public markets.
0:05:51 - Turtle Creek’s distinguished approach to value investing.
0:14:16 - What makes for a great, unique business for Andrew to get interested in.
0:18:30 - Why Turtle Creek chose to focus on mid-caps.
0:22:11 - How Turtle Creek avoids losing money on almost every investment they make.
0:25:05 - Why overpaying is the biggest risk for Andrew.
0:32:14 - How Turtle Creek improves upon an approach of simply buying and holding great
businesses.
0:39:41 - What led Turtle Creek to set up a synthetic private equity fund.
0:41:14 - An investment case study of Automation Tooling Systems.
0:50:03 - How Andrew determined that 25-30 companies in the portfolio is the right amount.
0:55:27 - What’s next for Turtle Creek in the next 25 years.
1:04:05 - The story of Turtle Creek being the largest shareholder of Home Capital Group prior to Berkshire Hathaway taking a major stake.
1:10:10 - How continuous improvement has played a role in Turtle Creek’s success.

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