On today’s episode, Clay Finck is joined by Andrew Brenton to discuss the inefficiencies in the stock market as well as his investment thesis on Floor & Decor and Kinsale Capital. 
Andrew Brenton is the CEO and co-founder of Turtle Creek Asset Management. Since its inception in 1998, Turtle Creek has achieved an average annual return of 18.8% versus just 8.7% for the S&P 500. $10,000 invested in their fund at inception would have grown to over $1 million, and had that money been invested in the market, it would have been worth around $95,000. 

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:01:28 - Andrew’s thoughts on whether today’s markets are becoming more or less efficient
00:13:08 - How today’s market reminds him of the 1999 tech business
00:16:17 - His investment thesis and intrinsic value estimate of Floor & Decor
00:41:26 - Why Andrew is long Kinsale Capital in the fund
00:57:05 - Andrew’s thoughts on weathering periods of underperformance relative to the broader market

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES
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 <li>Join the exclusive <a href="https://www.theinvestorspodcast.com/mastermind-2/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a> to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.</li>
 <li>Cliff Asness’s paper: <a href="https://www.aqr.com/Insights/Perspectives/The-Less-Efficient-Market-Hypothesis">The Less-Efficient Market Hypothesis</a>.</li>
 <li>Check out <a href="https://www.turtlecreek.ca/">Turtle Creek Asset Management</a>.</li>
 <li>Related Episode: Listen to <a href="https://www.theinvestorspodcast.com/episodes/outperforming-the-market-since-1998-w-andrew-brenton/">TIP592: Outperforming the Market Since 1998 w/ Andrew Brenton</a>, or watch the <a href="https://www.theinvestorspodcast.com/episodes/outperforming-the-market-since-1998-w-andrew-brenton/">video</a>.</li>
 <li>Related Episode: <a href="https://www.theinvestorspodcast.com/episodes/outperforming-the-market-managing-risk-market-inefficiencies-andrew-brenton/">TIP674: Outperforming the Market, Managing Risk, & Market Inefficiencies w/ Andrew Brenton</a>, or watch the <a href="https://youtu.be/VffsZHSVGqg">video</a>.</li>
 <li>Follow Clay on <a href="https://twitter.com/Clay_Finck">⁠⁠X⁠⁠</a> and <a href="https://www.linkedin.com/in/clay-finck-8073a8a7/">⁠⁠LinkedIn⁠⁠</a>. </li>
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