🎙TRANSCRIPT: Dan McMurtrie: Resilience, Recovery, and Longevity in Investing

“You'll hear a lot of managers say, Hey, I bought the market in the financial crisis, but they're probably not going to get on TV and say, and I threw up in the trashcan for it.”

Frederik Gieschen: Hello everyone. I'm Frederik Gieschen, the author of Insecurity Analysis. And today I'm very excited to share with you a conversation with my friend, Dan McMurtry, the co-founder and portfolio manager at Tyro partners. And we're going to be talking about resilience and longevity in investing, which I think is an important yet under-discussed topic for three reasons. First, if you study great investors and traders, you'll find that when they end their careers, there is a lot of cases where burnout or just sheer physical and mental exhaustion seems to play a role. It's not something that's openly discussed in public much, but if you read between the lines, it's, it's a theme.

And I think the second reason, which is why this isn't discussed in public is that professional investors I think are inclined to project strength to their peers and to their, to their LPs, to their investors. And so they'll shy away from this topic, at least in public. And the third reason why it's important is that we're coming out of a 10 plus year bull market.

And not that many investors have lived through longer, longer bear markets like post 2000 or let alone the seventies. And so this feels like a topic that's both under-discussed and something that one should prepare for, but it's hard to find good information. It's hard to find case studies. And I want to thank Dan for being open and willing to talk about this and sort of share his views.

Everything is just his and my opinion. And with that, let’s go.