Show notes
This is a special podcast, capturing an interview that I gave to MOI Global. In it, we discuss the book, Fabric of Success and investing themes more generally, including the importance of management, capital allocation, the importance of location, dividend policy and so much more. Enjoy!About MOI GlobalMOI Global, which originated from ‘The Manual of Ideas’ over a decade ago, has evolved into an exclusive, invitation-only community for intelligent investors passionate about lifelong learning.The community, created by John Mihaljevic, aims to support its members throughout their investing journey and remains committed to building a unique environment for high-caliber investors to connect, learn, and grow together.Initially focused on content creation for value-oriented investors, the organization recognized the strength of the tight-knit value investing community and expanded its offerings to include member publications, online events, and offline experiences. Today, MOI Global provides a platform for exceptional investors to share their wisdom, fosters a global network of like-minded individuals, and offers a range of benefits to its members, including access to curated investment idea presentations, conferences, and local chapter meetings worldwide.It is an exclusive, invitation only, membership body in which members have typically introduced others if they believe that they are able to add value to the community. However, it closed its doors to new members in 2017, although it does maintain a waiting list for those interested in membership.About the Book, “Fabric of Success”Most businesses are mediocre at best, but a small percentage stand out as exceptional. One thing distinguishes one type from the other – the management.In 1997, Apple was on the brink of collapse with less than 90 days of cash flow remaining, yet today it stands as one of the greatest businesses on the planet. The pivot occurred when Steve Jobs took over from John Sculley. The same company, with different management, produced dramatically different outcomes.Similarly, while most airlines struggle with profitability and often succumb to bankruptcy, Southwest Airlines achieved 40 years of uninterrupted profitability, making it best in class by a country mile. Its secret was Herb Kelleher, its brilliant and unconventional CEO.This pattern repeats in every industry from freight, textile mills and car rentals, to tire-fitting, technology and fashion. The book unravels the golden threads that run through the tapestry of all of these wonderful businesses. Get full access to Rock & Turner Investment Analysis at rockandturner.substack.com/subscribe