Chris Hohn Interview by Nicolai Tangen (Full Transcript)
With both interviewee and interviewer being exceptional investors, this is one of the best interviews on investing we have heard this year.
(This is an interview of Chris Hohn, founder of TCI, by Nicolai Tangen, currently head of Norges Bank Investment Management and previously founder of AKO Capital. We have taken the time to manually produce this transcript, because this is one of the best interviews on investing we have heard this year and we want to study it closely. Chris Hohn is one of the investors we most admire and, unusually, the interviewer is also an exceptional investor in his own right. The full interview can be viewed or heard on YouTube, Apple Podcasts, etc., as part of Nicolai Tangen’s “In Good Company” podcast series.)
Table of Contents
What Makes a Good Investment
Physical Assets as Moat & Aena
Other Moats & Aircraft Engines
Recurring vs. Predictable Revenues; Moody’s
The Value of Growth, Especially Price Growth
Airports: Dual-Till Regulation & Aena
Super-companies Have Pricing Power
“Apparent Competition” & GE Aerospace
Stock Exchanges: Deutsche Börse & LSE
Risky & Bad Industries TCI Don’t Invest In
Power of Incumbency: Microsoft & Alphabet
AI: Effects on Outsourcing & Company Values
TCI Approach to Valuation & Investment Process
Long-Termism as an Advantage
Intrinsic Value vs. Valuation: Moody’s
Public Markets Have Better Assets than Private Equity
When to Sell? Conviction vs. Valuation
What Makes Chris Hohn a Good Investor?
The Importance of Intuition
Activist Investing: Why TCI Now Does Less
ABN Amro: We Didn’t Know What We Were Doing
TCI Campaigns: Safran & Zodiac Acquisition
Wirecard Short & Pattern Recognition
TCI Culture & Team Size
What TCI Looks for in New Hires
Chris Hohn’s Philanthropy and Life Philosophy
Influence of Chris Hohn’s Family Background
The TCI Foundation & Its Work on Children’s Health
The TCI Foundation’s Work on Climate Change
Anti-ESG Backlash is a “Very Dark Thing”
Advice to Young People Today
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