Finding Great Growth Companies with Wedgewood's David Rolfe

In this episode, we talk growth investing with Wedgewood Partners Chief Investment Officer David Rolfe. We discuss the characteristics of great growth companies and the details of their process to identify them. We cover the importance of dominant products, the characteristics of strong management teams, the role of valuation in growth investing and a lot more.

00:00 - Intro
01:28 - What led Dave to focus on growth investing
07:23 - Is being outside of Wall Street in St Louis an advantage?
10:16 - The evolution of growth investing over Dave's career
14:23 - Is it harder to find good growth investments in an expensive market?
17:10 - The characteristics of companies that sustainably dominate markets
21:11 - How Dave thinks about growth
24:11 - The challenges of using debt to finance growth
25:33 - The characteristics of strong management teams
27:48 - Valuing growth companies
29:55 - Narrowing the growth universe
34:16 - How the rise of intangible assets has changed growth investing
38:22 - How Dave views portfolio concentration
39:23 - How Dave views position sizing
45:00 - The challenge of when to sell growth companies
52:46 - Are consensus earnings estimate accurate for growth companies?
55:01 - The role of macro variables in Dave's investing process
57:11 - Comparing the current period to the 2000 dotcom bubble
01:00:05- The one lesson Dave would teach the average investor

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