Show Notes:

[00:02:31] – (First Question) - Trends in value investing

[00:02:52] – Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor

[00:04:43] – A look at Connor’s backstory and the history of IMC, the parent company of Golden Corral

[00:08:01] – Why Connor loves the public markets so much

[00:09:21] – The concept of intrinsic value when looking at companies

[00:12:36] – How Connor categorizes moats

[00:14:27] – Legacy moats

[00:16:11] – Reinvestment moats

[00:17:58] – Capital-light compounder moats

[00:20:00] – Why classifieds are an interesting business model

[00:25:12] – Looking at platform businesses

[00:26:56] – Looking at companies in the $500 million to $5 billion range and what makes it so enticing

[00:30:34] – What's Connor process to find investment opportunities

[00:36:15] – How Connor looks at industry classifications

[00:41:30] – Connor’s strategy for running his portfolio

[00:46:36] – The circumstances in which Connor would buy a legacy moat company

[00:49:21] – How do you pick managers that will beat the market

[00:52:21] – Second reason to buy a legacy moat

[00:54:48] – Comparing the reinvestment moat and capital-light compounder moat in Connor’s portfolio

[00:58:16] – Connor’s Mt. Rushmore of capital allocators

[01:00:03] – Impactful mentorships for Connor

[01:01:52] – Kindest thing anyone has done for Connor

[01:03:04] – What in his interview with the founder of IMC got him the job