Adam Patinkin
Appearances
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
So when you think about how the CPI is calculated, a lot of the categories are lagged. It's not a real-time measure. There's a lot of categories in CPI that are lagged by a year, two years, three years. So it's not a real-time measure of prices. Another issue is some of the categories are just blank.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
There's one category called household operations, which is about 1% of CPI, has printed no reading in 15 of the last 18 months. That's crazy, right? But it's in there with CPI. And let me give you a third one. So Scott, how much do you think health insurance costs are up over the last five years, if you had to guess?
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
Yeah, I mean, I think you're probably right, but let me tell you what the CPI says. The CPI says health insurance costs over the last five years are down by 15%.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
And then we also have an investment for a management company and a private company called Flamingo, which is a SaaS company for the multifamily apartment industry. And I sit on the board of that company as well.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
down by 15 percent and that's crazy that doesn't match any of our experience right and the reason is because they calculate it by looking at the retained earnings of the u.s health insurance industry based on uh data from a trade association and so when you look at all of this you got to really understand the model to get a view as to where inflation is and ultimately kind of here's the punch line it's that when you look at core inflation in the u.s and how it's calculated 45 of it is shelter
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
It's essentially your cost to be in your home. And it's rental costs. It's not the cost of a transaction. It's rental costs. And when you look at it, it's on a big lag. This rental costs are on a big lag, you know, a multi-year lag because it's in-force pricing, not current pricing.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
And so if you look at data sets that are real time from Zillow, from apartment list, they show that rental prices are actually down slightly year over year. Apartment list is negative 0.4% year over year. but CPI is still showing it up over 4%. It was up over 8% at one point, but now it's up over 4%. It's coming down very rapidly. And I find it very hard for inflation to get out of control.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
If you have your biggest input, shelter, 45% of core CPI, where it's catching down, it is catching towards that 0% or negative 0.4%, and right now it's sitting at 4%. So that's going to be a weight on inflation going forward.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
So we do a number of different things, but for the most part, our focus is on finding these really terrific undervalued businesses with a clear catalyst event path across developed markets and the public markets and investing in them.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
Yeah, so if you look at the tariffs, just to size it, the U.S. economy is $30 trillion in GDP. Imports are about $3.5 trillion. Exports are $2.3 trillion, so just about 7.5% of GDP. These aren't big numbers. Canada exports are 25% of their GDP, right? So this is much more meaningful to other countries than it is for the U.S.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
And then when you look at the tariffs that we have, so again, remember, it's 12% of GDP is inputs. The tariffs that were announced yesterday, they don't apply to Canada and Mexico, two of our three biggest trading partners that represent a third of our imports. They exempted pharmaceuticals, semiconductors, lumber, energy. steel, aluminum, copper, gold, like all these categories are exempted.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
And so ultimately, what you're talking about is maybe a mid single digit percentage of GDP is even affected by these tariffs. It's a relatively small number in the grand scheme of things. And then I'll just say one thing to just bring it back to chicken. I've studied the chicken industry for a long time and followed it. And I remember, Russia was always a big importer of chicken from the US.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
And every 12 or 18 months, there would be some diplomatic issue between the US and Russia. And Russia would pause its imports of chicken for some made-up reason, and the chicken markets would go haywire for a couple of weeks.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
And then everybody would realize, wait a second, the amount of people eating chicken hasn't changed, the number of people producing chicken hasn't changed, and markets adapt, humans adapt, and we would start sending our chicken instead of directly to Russia, it would be sent to Hong Kong and relabeled, and it would end up in Russia anyways. People find ways around these tariff barriers.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
And after a couple of weeks, it would settle down and the chicken markets would settle down. And we have many other examples of this, you know, washing machines in the first Trump administration in 2018 to 2020, the same thing happened. And so ultimately, like, yes, in the very short term, could there be additional uncertainty that could affect the economy? Of course. But I think that tariffs
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
over time, you know, you just, people adapt, businesses adapt, we figure out our way around it. And maybe a good way to end it, I just want to, I pulled this quote this morning. One of my favorite people who I follow on supply chains and logistics in the US is a guy named Craig Fuller.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
And he tweeted this morning that it's far easier and faster to move a manufacturing supply chain to another country than it was 100 years ago. Things will normalize much faster than most people expect. Supply chain pros that have been paying attention have been making plans for an alternative to global sourcing for the past few years. And I think that's right, Scott.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
I think that tariffs obviously capture a lot of headlines and will add to uncertainty, no doubt. But ultimately, in the long run, I think that we'll figure it out.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
Well, I think, I'm not sure if you knew this, but my very first job was working at Wrigley Field as a seat vendor walking up and down the aisles selling peanuts and hot dogs, so I think that you will appreciate that I am a dive hard Cubs fan, and that's for sure where my allegiances lie. In terms of the Bears, invest in the trenches, man.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
That's how you win games, invest in the trenches, and that seems to be what they're doing this year, and I hope that Caleb Williams takes a big leap. I'm definitely going to be rooting him on. But I guess that's the perspective of an ever hopeful Bears fan.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
Yeah, I mean, the thing the Cubs have been missing for a long time is a big bat in the middle of the order. And we'll see how long he sticks around. But we've acquired Kyle Tucker from the Astros in the offseason. Kyle Tucker is probably one of the top five or ten hitters in all of baseball.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
It's the first time we've had a big bat in the middle of the order, maybe since Sammy Sosa, and it's really exciting. I can't wait to watch him at Wrigley this year.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
I think that that is a question that is better directed to my wife, but I think that that might be a tall task. I'm sure that my parents want as many grandkids as they can have, so don't ask them. But for me, I think that sounds like a big number.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
Yeah. So when I was little and growing up, I loved sports, as you can imagine. And I would, I kind of learned to do math by going through baseball, you know, box scores. And if a hitter goes two for three, what's his batting average? If he goes three for five, what's his batting average? And I got really into numbers. And I think I always
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
had a facility with numbers and wanted to use that in some way. And so I met with a family friend when I was early on in college and I said, you know, I'm thinking about doing something in the business world. What should I do? And he said, you should go work for a hedge fund. And I said, what's a hedge fund? And he said, let me let me make some introductions for you.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
So he made some introductions. And one of them was with Brian Felsen, who's this amazing, wonderful person here in Chicago who ran Sheffield, continues to run Sheffield. And I met with him and he gave me a list of books to read. And a year later, I came back and met with him and he said, oh, did you ever read any of those books on the list? You know, the 30 or 40 books they gave you.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
And I said, yeah, I read them all. And I think he kind of was surprised by that because no one read all the books on the list. And I think that kind of opened the door. He gave me a shot to be a consultant for a couple of weeks and then he hired me full time to join. And so that's kind of my path to being in the investment world.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
It was kind of the facility with numbers, getting a couple introductions and then kind of making the most of it.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
Yeah, so I appreciate that, Scott. So on Monday of this week, so this is fresh news, I joined a company called Kingsway Financial Services. The company is listed on the New York Stock Exchange under the ticker KFS, KFS. And what Kingsway is, is it is essentially they've taken the search fund model and made it or adopted it to the public markets.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
And so this firm has permanent capital and they have taken the search fund model and deployed it in a way where, you know, this is kind of a difficult model to access in the private markets. But they've made it accessible for everyone in the public market.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
So just for folks who may not be familiar with it, if you look at all of the asset classes out there, private equity, venture capital, hedge funds, equities, credit, I don't know of any asset class that's performed better than search funds. Stanford Business School does a biennial survey.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
And over the last 40 years, the annual return of search funds across every search fund that's ever existed, good ones, bad ones, whatever, is 35% per year. And it just blows away everything else. It's an amazing model. And there's no guarantees that that's what will be in the future. But that's what it's been in the past.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
Yeah, great. Scott, thank you so much for having me. It's a pleasure to be with you, and I've been really looking forward to this conversation. So just a quick background. I'm a Chicago guy, as you know. Went out east to college, and after graduating, I joined a long-short equity hedge fund here in Chicago called Sheffield Asset Management. They managed about a half a billion dollars.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
Yeah, so it's essentially where you have someone who's young, who's hungry, and almost always is a recent graduate of one of the top business schools in the U.S. And they want to go run a company. They might have spent a decade working at various other organizations, but they feel like that they are hungry and have some of the qualities and self-confidence that they want to run a business.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
But they don't have a company to inherit. They don't have an idea where they could go and get venture capital backing. And so what they do is they go raise money essentially from friends and family and from some of the folks in the search fund industry to go buy a small business that they can then run.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
And when this concept kind of came up in the 80s, what I think they found was that there's a lot of folks who are willing sellers to these searchers. The best profile is maybe someone who's ready to retire. They've got a business with a couple, 3 million of EBITDA. and they don't have a natural person to hand the business off to. There's no kid they can hand the business to.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
There's no number two in the company who can afford to buy it from them. They're looking for an exit to pay for their retirement. Private equity is not a good fit a lot of times because private equity is looking to back a CEO, not to help a CEO exit. And so it tends not to be a great fit. And so they're kind of stuck because really their only sale option is to sell to a competitor.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
And if they sell to a competitor, the competitor might lay off a third of the people and get rid of the name of the company. And this is something that maybe the owner has worked his or her for a significant portion of their life to build and to see their friends get laid off and to have their name gone and their legacy kind of tarnished, that's a bad outcome.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
And along comes a searcher who's maybe 40 years old and says, I'm young, I'm hungry, I'm smart, I'm talented. I'll buy the business from you. I will run it. Instead of laying anyone off, I'm going to add more people to the business. I'm going to grow it. I'm going to keep your name. And that is really appealing. They say, hey, just give me a turn less or a couple turns less on the multiple.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
I'll still give you a good exit where you can retire and be happy and all of that. But you get all of these other things where your legacy is preserved and your friends still have their jobs. And it really works because then these young, hungry, talented, oftentimes post-MBA individuals come in. And they professionalize the business. Maybe they replace pen and paper with technology.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
They go from founder-led sales to a professional business development team. And they grow the EBITDA over time. And the multiple tends to go up as well as the business gets to scale. And so the model really, really works. And that's exactly what Kingsway is doing. Kingsway has – they get 100 applicants for every seat that they have.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
And then they have all the infrastructure to support these searchers as they go out, find a wonderful business to buy, and then help them grow the business. And so now over time, Kingsway has built this wonderful collection of these high quality asset light recurring revenue services businesses.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
they keep buying them and they keep adding them to the portfolio and the EBITDA keeps going up and over time you know our view is that this can be a much more profitable and much larger company following this wonderful search fund model and and just to add one final kind of coda to a final point to it for some historical reasons the the structure of Kingsways the Kingsways corporate structure
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
It was formerly an insurance company that almost went bankrupt and it generated almost a billion dollars in tax losses. And as a result, they have these net operating loss carry forwards that essentially mean that Kingsway can keep buying these businesses and growing its profitability and compounding at a high rate.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
And then when I was 25 years old, the principals there offered to back me to go out on my own. And so I created David Capital Partners. We're a long-term oriented alternative investment firm based here in Chicago. Our flagship strategy is a long-short equity strategy where we purchase stocks that we think are undervalued but have a clear catalyst path to being fairly valued.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
And they don't have to pay taxes for a while because they've got these net operating loss carry forwards. And so for me, what was attractive was I get to join this company that I think has a wonderful model that's the only way to invest behind search in the public markets is in Kingsway KFS. And it also has this tax advantage structure and a really wonderful management team and a great board.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
I mean, it's the people that matter most. And it's a great set of people. And as the flywheel is really kicking in here, I'm excited to be a part of it.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
Yeah, so I think that our approach is bottom up. So we're looking at individual companies doing heavy amounts of due diligence, really understanding them inside and out and kind of the rifle approach where we're finding these great undervalued businesses and then buying them for the long term. But every now and then, It's not the micro that matters. It's the macro that matters.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
And one of those times was in inflation in 2022. I mean, if you remember that, the market was in full meltdown. It was pretty scary. CNN has a fear and greed index, and it literally registered zero on a zero to 100 scale. In other words, maximum fear. And it was all around whether inflation was out of control.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
And so we did our homework right in these moments when the macro is all that matters, we will do our work around the macro and really try to understand it in a deep way. And we did our homework, built a model of, of CPI of, of inflation, uh, the main gauge used by the federal reserve. And we came to the conclusion that inflation was not out of control.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
And instead that inflation was going to mean revert a lot lower back to normal. And that's essentially what's turned out to happen. Headline inflation is down from 9.1% at peak to 2.8%. Core inflation is down from 6.6% to 3.1%. Our thesis has really played out. And I think that we had two key insights at that time. One was, what was the cause of inflation?
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
I think that there was a lot of worry that it was caused by monetary policy or fiscal expansion policy, but our conclusion was different. We thought that it was caused by a supply shock, that when COVID lockdowns happened, it caused a lot of capacity to come out of the market. You know, you might have 100 retail stores. You shut them all down during lockdowns.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
And when you go to reopen them, well, you don't reopen the 10 that were losing money. And the same thing happens across the supply chain, across manufacturing, across all these different industries. And so we ended up having this huge supply shock that caused prices to go up.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
And as my grandfather, who bought a small farm in northwestern Illinois half a century ago, used to tell me, he would say, Adam, the best cure for high prices is high prices. And that's exactly what happened.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
These high prices caused by the supply shock led to a significant supply response that caused in category after category after category, whether it was airfares or shipping expenses or whatever it was, prices came down. And that's the reason why inflation has moderated so much. It was a supply shock that market horses resolved.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
And we also go short companies that we think are overvalued and that we call supply-side shorts, where there's a lot of supply coming in, overbuilding of an asset class, too much production, competition, something supply driven to cause the share price to go down. And we've been doing it for over a dozen years. And that's our main focus. In addition, we also manage some co-investments.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
Hit me with it.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
Yeah, so I think that cattle prices can stay high for a good amount of time, and I think it has to do with the biology of the animals. So it's really interesting when you look at chicken. You know, you can lay eggs, and you have a chicken that can – be a mama hen and start producing within 90 days. I mean, literally, you have the supply responses within a few months.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
With pork, you're talking about a little bit longer, but, you know, a little longer gestation period, et cetera. But, you know, within a year, you can have a pretty significant supply response with pork. That's not the case for cattle. It's a 10-month gestation period.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
Then you got to get them to over a heifer to over a year, and then you drop another calf, and then it's another year before you slaughter the calf. or sort of the yearling. And so it can take three, four, five years before there's a supply recovery in beef. So it can happen much quicker in chicken and pork, but in beef, it takes a long time for a supply response to be solved.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
Yeah, I mean, maybe let me just use that question to kind of pivot back to the inflation conversation, because I know it's so important here. The things that you learn in life, including with sports, how to train, how to work hard, being on a team, all of those things, that really has an application in the investing world.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
You want to make sure that you use your team and the resources that you have to really do your best to understand How, you know, what the facts are. And ultimately, when you think about investing, the biggest mistakes that people tend to make in investing is when they allow, for example, their politics. They say, look, this guy got elected or that guy didn't get elected.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
And therefore, I'm going to sell all my stocks or I'm going to buy all my stocks. That's a very bad way to approach investing. What you really want to do is look at the facts. be apolitical, look at the evidence, and then make your decisions.
Becker Private Equity & Business Podcast
Investing, Inflation, Tariffs and the Search Fund Model with Adam Patinkin, of David Capital Partners LLC 4-3-25
And so when we were thinking about that inflation and really doing the deep dive into it, one of the things that we did was we built a model of CPI and how it works. And we found that the CPI calculation is kind of a mess. And there's all these disjointed things in it that you really have to dig in and do your work to understand. maybe just a couple of them to share.