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Irv Grossbeck

๐Ÿ‘ค Speaker
See mentions of this person in podcasts
420 total appearances

Appearances Over Time

Podcast Appearances

Invest Like the Best with Patrick O'Shaughnessy
Asurion: 50X Season Two - (50X, S2)

And we tried to price it as fairly as we possibly could at Continental.

Invest Like the Best with Patrick O'Shaughnessy
Asurion: 50X Season Two - (50X, S2)

Well, that point of view, I'm sure, bled over into my conversations with Kevin because I think it's attractive.

Invest Like the Best with Patrick O'Shaughnessy
Asurion: 50X Season Two - (50X, S2)

And by the way, back at Continental for one second, one of our major institutional investors was unalterably opposed.

Invest Like the Best with Patrick O'Shaughnessy
Asurion: 50X Season Two - (50X, S2)

to having us repurchase shares.

Invest Like the Best with Patrick O'Shaughnessy
Asurion: 50X Season Two - (50X, S2)

And we had a terrible time convincing that person that it was a good use of capital.

Invest Like the Best with Patrick O'Shaughnessy
Asurion: 50X Season Two - (50X, S2)

No, you should be expanding.

Invest Like the Best with Patrick O'Shaughnessy
Asurion: 50X Season Two - (50X, S2)

Look at all the opportunity and so forth.

Invest Like the Best with Patrick O'Shaughnessy
Asurion: 50X Season Two - (50X, S2)

So one of those investors wasn't thrilled with what we did.

Invest Like the Best with Patrick O'Shaughnessy
Asurion: 50X Season Two - (50X, S2)

But even then, being 2001 and thereafter, seemed to be a very attractive use of capital.

Invest Like the Best with Patrick O'Shaughnessy
Asurion: 50X Season Two - (50X, S2)

any free capital you could scrape up because who wouldn't want to invest in Asurion at that time, at least that was my point of view, with all of the opportunity that lay ahead for them and the quality of their management.

Invest Like the Best with Patrick O'Shaughnessy
Asurion: 50X Season Two - (50X, S2)

And it just seemed like they were in a real sweet spot.

Invest Like the Best with Patrick O'Shaughnessy
Asurion: 50X Season Two - (50X, S2)

Kevin and Brett were talking about LocLine and then nothing happened.

Invest Like the Best with Patrick O'Shaughnessy
Asurion: 50X Season Two - (50X, S2)

And then it would come up a year or so later and nothing happened.

Invest Like the Best with Patrick O'Shaughnessy
Asurion: 50X Season Two - (50X, S2)

And it seemed to me it was a few years that they had wanted to acquire LocLine and had been unable to.

Invest Like the Best with Patrick O'Shaughnessy
Asurion: 50X Season Two - (50X, S2)

And then what I remember is that they came to a board meeting and whenever it was and

Invest Like the Best with Patrick O'Shaughnessy
Asurion: 50X Season Two - (50X, S2)

They said, we just can't connect with this guy.

Invest Like the Best with Patrick O'Shaughnessy
Asurion: 50X Season Two - (50X, S2)

We haven't been able to do any good at all.

Invest Like the Best with Patrick O'Shaughnessy
Asurion: 50X Season Two - (50X, S2)

So I think I remember going to Kevin after the board meeting and saying, do you want me to take a crack at this guy whom I didn't know?

Invest Like the Best with Patrick O'Shaughnessy
Asurion: 50X Season Two - (50X, S2)

He lived in Kansas City, was running a small to medium sized public company of which Lockline was a part.