Earlier this month, I had the privilege of spending two weeks traveling across the U.S. - a journey that blended markets, memories, and meetings with some of the most influential minds in investing. From New York to Miami to Omaha, we connected with legends like Bill Ackman, Leon Cooperman, Joel Greenblatt and Chuck Akre, visited iconic businesses like Heico and Nebraska Furniture Mart, and capped it all off at the Berkshire Hathaway Annual Meeting.

The journey took us through a wide-ranging conversation—economic outlooks, business models, market valuations, shifting investment approaches, and even the political leanings embedded in consumer brands. It was, in every sense, a Masters Tour.

What stood out across every stop? Optimism. Whether cautiously bullish or measured in their skepticism, every investor we met shared a conviction that the opportunity set ahead remains rich—for those willing to stay focused, flexible, and patient.

Miami, Day 1 – Heico Coporation

Our tour kicked off in Miami with a visit to Heico Corporation, the aerospace parts manufacturer. While Co-CEO Victor Mendelson may not be a traditional investor, his capital allocation instincts are world-class. Over the past 30 years, Heico has compounded at an astonishing 24% per annum—a 624x bagger!

Visiting Victor and Executive Vice President and CFO Carlos Macau on their home turf and touring the plant offered an invaluable look into the core drivers of Heico’s long-term success—culture, execution, humility, and a relentless focus on the long game. They walked us through what they look for in acquisitions and how Heico continues to sharpen its competitive edge. Victor was clear: “We don’t buy from serial entrepreneurs. We prefer business builders who may want to de-risk, take money off the table, and find a great home for their business. We honour that legacy.” He also emphasized a preference for high margins and stable, durable growth over volatility—even if the last two years have been especially strong.

The company’s in-house due diligence process is rooted in qualitative insights: staff turnover, innovation cadence, engineering capabilities, return and warranty logs, and—perhaps most telling—how management interacts with their people. “All due diligence is done by us,” Victor said. “You would farm it out if you don’t care about culture.” As he put it, Heico would rather buy excellent management in a good business than chase higher margins in a weak culture.

This isn’t a business you can understand by scanning a spreadsheet. From saving customers hundreds of millions, to building a 21,000+ part inventory, to turning a $5.5 million 401(k) employee plan into more than $3.5 billion, Heico’s advantage lies in deep operational discipline and cultural alignment. On the ground, we dug into the core questions that define its edge: Why can’t competitors replicate this model? Why don’t OEM suppliers cut prices to compete? How wide is Heico’s moat, and what is management doing to widen it? These aren’t theoretical questions—they go to the heart of how Heico sustains its lead and builds long-term value. Seeing it firsthand—and hearing directly from the people behind it—only strengthened my conviction that this is a truly differentiated business with a long runway for growth. Little wonder it’s turned up in Berkshire’s portfolio.

Miami, Day 2 – Polen Capital & Publix Super Markets

We began the day at Polen Capital with David Davidowitz. The firm manages over $50 billion in equities, grounded in a long-term, quality-growth philosophy established by the late founder David Polen. Their boardroom—decorated with images of a vintage stock ticker, Edison’s lightbulb, and Ford’s assembly line—reminded us that investing wisdom often starts with business history.

That wisdom has translated into results: since inception, Polen’s flagship Focus Growth strategy has delivered a gross annual return roughly 3.3% above the S&P 500 over more than 35 years. Compounded over decades, that edge is enormous—and it reflects Polen’s disciplined focus on durable, high-quality businesses with strong balance sheets and consistent earnings growth.

*Miami - Heico Corporation, Polen Capital, Publix.*

One of the most compelling takeaways from the meeting with Polen was their openness to evolving as investors. While the 2022 interest rate hikes prompted some reflection—particularly around the impact of higher rates on growth valuations—the more meaningful shift came from how they now handle company-specific setbacks.

Over more than three decades, Polen has held fewer than 140 stocks—a remarkably focused portfolio history that allowed them to study patterns in depth. What stood out most was the observation that the biggest drags on long-term performance came from companies facing setbacks lasting more than a year. These ranged from supply chain issues to ERP rollouts, management missteps, and regulatory friction.

Polen now buckets these challenges into two groups: short-term (resolvable within 12 months) and long-term (likely to persist). This framework has become central to their refined sell discipline. Long-term issues don’t just affect the troubled business—they put pressure on the rest of the portfolio to compensate and still hit their 15% earnings growth target.

By committing to exit businesses where setbacks are expected to extend beyond a year, Polen frees up capital for higher-conviction ideas. It’s a subtle but powerful shift—one that reflects both pattern recognition from decades of concentrated investing and a willingness to adapt when the evidence calls for it.

Still, exiting high-quality companies is never easy—especially when there's a real possibility they go on to become exceptional performers. To address this, Polen has added thoughtful mechanisms into their process. In some cases, they may retain a small position as a placeholder. In others, they define in advance the specific conditions that would need to be met for the fund to re-establish a position. These steps help sidestep the psychological hurdle of re-buying a business that’s been sold—ensuring the door stays open to great companies, even after a tough call.

On the topic of bias and decision-making, the team also highlighted the subtle but powerful role of unconscious influence. Occasionally, the team runs blind pitches—reviewing investment cases with company names removed—to isolate thesis quality from brand perception. In some cases, they realized they had passed on strong businesses due to unconscious bias. A thoughtful and practical process tweak that speaks volumes about their continuous improvement mindset.

Publix Super Markets, the country’s largest employee-owned business, offered another powerful example of culture in action. We visited several stores and spoke with frontline staff and managers. The sense of pride and ownership was unmistakable—many spoke about the opportunities they'd had to grow their careers within the company. That said, some noted that younger employees don’t always appreciate the long-term benefits of the employee share plan, particularly in an age of instant gratification.

New York , Day 1 - LTS One, Greenlight Capital & Pershing Square

New York kicked off with Munib Islam, former co-CIO of Third Point and now founder of LTS One. The firm was seeded by several family offices, including some of the 3G Capital partners—who famously teamed up with Warren Buffett in the acquisition of Heinz. Having previously invested across strategies ranging from activism to event-driven trades, Munib—like many great investors—has evolved to focus on high-quality businesses, a key learning he credits to his time with Dan Loeb.

For Munib, business quality always comes first. Only once that’s established is price even worth discussing. He highlighted the opportunity to buy similarly exceptional businesses overseas at meaningful discounts to their U.S. counterparts—some of which may even be joint venture partners. Munib also spoke about the importance of protecting his analysts from the daily noise of the markets—deep research, he believes, often requires tuning out the distractions of a Bloomberg terminal. Between leaving Third Point and launching LTS One, he took the time to distill his philosophy in writing.

*New York - Munib Islam, David Einhorn, Bill Ackman.*

Munib Islam’s LTS One Insights Library captures a career’s worth of thinking across business quality, capital allocation, leadership, and investing principles. His philosophy centers on the power of compounding—whether through moats, culture, or reinvestment—paired with a deep understanding of intangible factors like trust, incentives, and leadership style. Drawing inspiration from legendary operators and investors like Buffett, Bezos, Mark Leonard, Jim Sinegal, and Henry Singleton, his long-term orientation was grounded in curiosity, humility, and a commitment to continuous learning. It was a fascinating and empowering conversation. I found myself deeply aligned with Munib’s philosophy—long-term, business-focused, and grounded in timeless principles.

The supposed demise of long-short hedge funds hasn’t quite captured David Einhorn’s Greenlight Capital. If you’ve followed David’s investor letters, you’d know his market outlook is far from bullish. Despite this cautious stance, he remains optimistic about opportunities likely to emerge and has adjusted his portfolio accordingly. Both gross and net exposures are well below historic averages.

Einhorn expects the Fed to cut rates more aggressively than the market currently anticipates. He is also running short positions in a basket of retailers. Contrary to the conventional wisdom that low rates support consumer spending, he believes this relationship will break down. This reminded me of a quote from Ray Dalio I’ve long admired:

“People think that a thing called correlation exists. That’s wrong. What is really happening is that each market is behaving logically based on its own determinants, and as the nature of those determinants changes, what we call correlation changes.”

David recognizes that markets evolve and emphasizes the need for investors to adapt. Rather than complain about challenges like high-frequency trading or the difficulties of short-selling in a ‘meme’-driven market, he focuses on evolving his approach. One of the broader challenges he noted is the ongoing reduction in active investing, which means fewer participants are stepping in to close valuation gaps. I suggested that corporate buyers could play a bigger role in helping to bridge these gaps.

Nowadays, David is much more focused on portfolio management. While his stock-picking remains strong, his portfolio construction may have contributed to sub-optimal results in the past. He is locked and loaded, patiently biding his time for the next big opportunity.

We finished our day in the Hell's Kitchen neighborhood on Manhattan’s west side, near the Hudson River, meeting with Pershing Square’s Bill Ackman in the Gotham Room—an elegant space overlooking the river. Our conversation covered the evolution of Bill’s investment style, the move away from shorting, and his current approach to idea generation.

When it comes to macro opportunities, Bill noted that the short-term costs of implementing asymmetric trades—of the kind he’s become known for—have increased significantly with the recent rise in volatility. At the same time, changes in market structure—with stocks often trading at “any price”—have made shorting individual names far more hazardous. As a result, he has returned to the investing discipline he’s best known for: buying high-quality compounding machines. The goal is to build a portfolio of exceptional businesses, while maintaining flexibility to act when rare asymmetric opportunities do arise.

Like many of the investors we met on the tour, Bill didn’t appear particularly concerned about the potential fallout from tariffs or geopolitical tensions—certainly less so than the media or many offshore investors. That calm may reflect a confidence that, despite near-term noise, a sensible long-term outcome will ultimately prevail.

New York, Day 2 - KKR, Gotham Capital & Stewart Asset Management

I’ve long admired Pete Stavros, Co-Head of Global Private Equity at KKR, for his pioneering work in founding Ownership Works—a nonprofit dedicated to broadening equity ownership among employees and equipping them with the tools, data, and transparency needed to understand and drive business success. We were fortunate to spend time with Pete’s colleague, Kevin Murphy, who generously walked us through KKR’s involvement in the initiative and the compelling results they’ve seen across their portfolio companies.

Our first meeting of the day took place high above New York City, at the top of the Hudson Yards building, with panoramic views out to the Statue of Liberty—a fitting setting to discuss economic empowerment.

*New York - Kevin Murphy, Joel Greenblatt, Thomas Vanzeula.*

Empowering people, helping them understand their role in value creation, aligning them with a company’s mission, and recognizing their contributions are common threads I’ve seen in the most successful businesses—not just in the last few decades, but throughout history. I was particularly eager to learn how KKR is putting these principles into action within its private equity strategy.

KKR now has more than 50 portfolio companies adopting the Ownership Works model. This comes at a time when Gallup polls continue to show that a significant portion of the workforce is disengaged. When employees feel their work matters and that they’re part of something bigger, turnover drops, morale improves, and productivity rises.

While it’s still early days, the results are promising. KKR is seeing 4x returns in Ownership Works companies—well above the typical 2.5x in standard deals. But this is about more than just stronger investor outcomes; it’s also about narrowing the wealth gap and fueling broader economic growth. Lower-income employees tend to spend at 10 times the rate of top earners, meaning that sharing ownership not only lifts individuals but also stimulates the wider economy.

Equity ownership isn’t a zero-sum game. Providing equity and training drives cultural transformation, employee engagement, and ultimately maximizes investment returns. In the 1980s, private equity was known for junk bonds; in the 1990s, it was conglomerates. Today, ignoring the potential of human capital is one of the biggest inefficiencies in the economy. Tapping into it represents a rare opportunity—a win-win for all stakeholders.

Fresh from a conversation about aligning ownership and unlocking value at KKR, it was a treat to sit down with Joel Greenblatt—a legendary investor whose track record and writing have shaped the thinking of countless value investors, including me.

At Gotham Capital, Joel delivered an extraordinary 50% annual return from 1985 to 1995, cementing his reputation as someone worth studying closely. His first book, You Can Be a Stock Market Genius (1997), remains a cult classic. Despite its playful title, it’s a sharp, practical guide to special situation investing—focusing on spin-offs, restructurings, and mergers—designed for investors willing to do the hard work of digging into complex opportunities. It’s no surprise the book is recommended by the likes of Seth Klarman, Dan Loeb, and Bill Ackman.

I enjoyed sharing how much the book has influenced my own investing approach, including a current high-conviction position in our fund—a mispriced spin-off that we believed had all the hallmarks of Greenblatt’s framework. Less than a week after our meeting, the company was bid for by private equity.

Our conversation ranged widely—from the emotional challenges of managing outside capital, to preparing mentally for market drawdowns, to the sheer intensity required to run a highly concentrated, actively managed portfolio. Joel’s blend of humility, discipline, and intellectual rigor was as striking in person as it is on the page.

Our final meeting was with Thomas Valenzuela from Stewart Asset Management. The firm manages a concentrated portfolio of 15–20 high-growth, high-quality companies, and has outperformed the S&P 500 by nearly 2% per annum over the past decade.

Tom highlighted what sets Stewart Asset Management apart: applying Ben Graham’s principles to growth investing. As he explained, “As a company’s earnings grow, you’re effectively amortizing the P/E multiple. If you pay 20 times earnings for a business and it doubles its earnings over five years, it won’t be trading at 10 times earnings in five years.” While most investors focus on the current P/E, Stewart emphasizes the forward P/E—what the multiple will look like assuming the business delivers on its growth trajectory.

Their historical analysis shows that the market typically bottoms out around 11–12x forward earnings. During the April selloff, the market briefly dipped toward that level, and the firm used the opportunity to deploy more capital.

Tom’s long experience in markets was clear throughout the conversation. He left us with a timely reminder: “You have to be an optimist if you’re going to be an equity investor.”

New York, Day 3 - Leon Cooperman

To say I was looking forward to my final day in New York would be an understatement. Last year, I had the pleasure of bringing my three adult children to meet one of the kindest, most generous, and hardest-working investors you could ever encounter—Lee Cooperman. This time, I had the opportunity to spend the morning with him at his home, where he still runs his multi-billion-dollar portfolio.

Despite having faced serious health issues over the past year, Lee was as welcoming and engaged as ever—trading his portfolio like a market wizard.

While he remains cautious on the outlook for markets, Lee made it clear he’s navigated flat and down-trending environments before, and the key, in his view, is picking the right stocks. His portfolio is a highly eclectic mix, with few familiar names—an ‘active share’ so high it would send most fund managers into cardiac arrest.

“I don’t give a sh*t about the indices,” Lee told me bluntly.

Even after more than three decades in markets, I found myself awed by the precision and intensity with which he manages risk. It had been a turbulent few days in the market, and Lee spent the morning trading futures, rolling option contracts, and adjusting positions with a fluency that left my head spinning.

When it comes to stock picking, Lee looks for low-multiple businesses with strong free cash flow, smart management teams who aren’t afraid of buying back stock, and companies that are leaders in meaningful industries.

What’s even more remarkable is that Lee has pledged to give away the vast majority of his wealth to charitable causes, already having donated hundreds of millions through the Cooperman Family Foundation. His philanthropy is as focused and heartfelt as his investing—driven by a deep sense of gratitude and purpose.

Spending time with Lee was a true highlight of the trip—a reminder of what deep conviction, discipline, and generosity of spirit can look like when fully lived out. It’s a message he shared with my son again this year: be a ‘Capitalist with a Heart.’

Our pilgrimage to Wall Street, catching a Knicks game, seeing Ricky Gervais live, lunching in Bryant Park, and dining at Smith & Wollensky—Warren Buffett’s favorite New York steakhouse—were just a few of the highlights that made our time in the city so memorable. We even managed to squeeze in a few pints at Old Mate’s, a newly opened Australian pub tucked down at the southern tip of Manhattan.

Having recently read up on some iconic American businesses, I also made a point to visit a White Castle restaurant and the historic Woolworth Building—the tallest U.S. skyscraper from 1913 to 1930, built entirely with cash by retail magnate F.W. Woolworth.

While the White Castle origin story is inspiring, the soggy burgers and sterile atmosphere fell well short of the brand’s legacy. Old black-and-white photos of diners from the '50s and '60s aren't enough to create atmosphere—you need more than nostalgia to make a lasting impression.

*New York - Los Taco No.1, Radio City Hall, Madison Square Garden, White Castle.*

In contrast, our repeated visits to Los Tacos No.1 made clear what great fast food looks like in the modern age. These authentic Mexican taquerias are everywhere in NYC, usually with lines snaking out the door. It’s not just a meal—it’s a performance. Efficient, flavorful, and full of life, Los Tacos No.1 is one to watch.

Ultimately, New York City is the ultimate complex adaptive system—a place where decision-making at the edge creates a thriving, efficient, sustainable, and ever-evolving metropolis. Walking its streets, the buzz was unmistakable—restaurants full, ideas flowing, energy everywhere. Its vitality comes not from top-down control, but from the constant experimentation and initiative of its people, businesses, and institutions.

Omaha, Day 1 - Akre Capital, Rockbridge Capital, Nebraska Furniture Mart

Spending a few hours with two investing legends—Chuck Akre and Peter Keefe—was the perfect way to kick off the Omaha leg of our tour. Both are students of the quality investing school, where management integrity and capability sit squarely at the top of the checklist.

A central theme from our conversation was the primacy of leadership in quality investing. Great businesses are ultimately built and steered by great people. Both emphasized that the "jockey matters more than the horse," highlighting the importance of character, vision, execution, and capital allocation. One practical test they use: Would I be proud to introduce this CEO to my clients or friends? As long-term investors, they view each investment as subcontracting capital to a management team—so choosing the right stewards is critical.

Omaha - Akre Capital, Rockbridge Capital, Nebraska Furniture Mart, Gorat’s.

They also acknowledged the ongoing challenge of valuation. Many missed opportunities came from passing on great businesses that appeared too expensive at the time. This raises a key tension: Should one ever compromise on quality to remain invested? Their answer leaned toward discipline—holding cash when necessary—while constantly remaining curious and open-minded. In an environment where exceptional businesses are rare and leadership drives outcomes, the cost of handing over capital to the wrong people can be far greater than the opportunity cost of waiting.

After breakfast with Chuck and Peter, we met Ron and Irv Blumpkin—grandsons of Rose “Mrs. B” Blumpkin—at Nebraska Furniture Mart (NFM), the only Berkshire Hathaway business that still reported directly to Warren Buffett.

Ron welcomed us by saying, “Ask anything—about NFM, Warren, or our relationship.” The conversation that followed offered a rare glimpse into a business driven by loyalty, frugality, and long-term values. NFM is approaching 89 years in business with zero layoffs, over 500 employees with 20+ years of service, and a company-wide policy of 40 paid volunteer hours annually. “It’s culture-building,” Ron said.

Mrs. B, a poor immigrant who couldn’t read or write English, built the business with a simple motto: “Sell cheap, tell the truth.” She reinvested every cent, worked seven days a week, and made her customers feel loved—even if it meant screaming at staff in front of them. “You can’t sell to walls,” she’d say. “If we ever find it cheaper, we’ll discount it. We’re never going to be undersold.”

That mindset still drives NFM. “We’re cheaper than 98% of retailers,” Ron said. Prices are updated daily. “Sometimes we lose money on a sale—we don’t set our margin; our purchase price does.” Their deep vendor relationships mean that when inventory backs up, NFM gets the first call—and passes those savings to customers.

On today’s environment, Ron and Irv were pragmatic. They don’t expect tariffs to stay high forever, and trust that as long as the playing field is level, NFM will remain the low-price leader. “We improve people’s lifestyles,” Ron added, “by being smarter buyers.”

Buffett is a trusted sounding board, not a micromanager. “Warren will never tell us what to do,” Irv said. “But he’ll suggest things—always through the lens of life education: protect your reputation, surround yourself with people you admire, and take the long view.” They haven’t had a formal board meeting in 30 years, “but if we need him, we’ll hear from him in two seconds.”

With a Net Promoter Score of 80–83, NFM sits in the top 1% of retail—above Costco. Growth is cautious and deliberate. “You don’t expand on a timeline,” Ron said. “You expand when it makes sense.” They’ve studied IKEA carefully, but chart their own course: friendlier layouts, deeper service, and a culture that prioritizes people.

“Any staff member can ask management anything,” Ron concluded. “We embrace entrepreneurship—but with guardrails.” A deep-dive into an exceptional business, run by real characters, grounded in values, and full of Warren Buffett wisdom.

The day ended perfectly—steaks, stories, and more Berkshire lore over dinner at Gorat’s, Buffett’s favorite Omaha steakhouse.

Omaha, Day 2 - Berkshire Meeting

Buffett was in great form. Even after reading every letter and transcript he's produced, I still walked away with a mountainful of insight—into business, psychology, and what it means to live a full life. His clarity, wit, and long-term thinking remain a powerful reminder of how rare true wisdom is, and how valuable it can be when applied with patience and discipline.

From his comments on opportunism—“we made most of our money out of about eight or nine ideas over 50 years”—to his reminder that trust is the greatest reward in business, the day was filled with timeless lessons. He talked about how much of investing comes down to temperament: resisting the need to act constantly, ignoring noise, and waiting for rare fat pitches. As always, his anecdotes had an easy charm that masked the depth of thought behind them.

*Omaha - Berkshire Hathaway Meeting 2025.*

One standout was his take on the emotional aspect of markets: if a 15% drop shakes you, you need a different philosophy. “The world is not going to adapt to you—you’re going to have to adapt to the world.” And yet for all his warnings, his faith in America, capitalism, and human ingenuity remains undimmed. “It’s always been changing. That’s what makes it interesting.” He sees chaos not as a flaw, but a feature of the game.

To have brought my adult children to past meetings, and to experience what may be the final chapter in person, has been an absolute privilege. It's hard to overstate the impact these gatherings have had on how I think about life, business, and what really matters.

Saturday night we reminisced about the years gone by and considered what Berkshire might look like without Buffett at the helm. The enduring nature of what he’s built—a culture grounded in trust, integrity, and extreme patience—gives me confidence it will remain special. Catching up with a few of my favorite investors, including Francois Rochon and J.P. from Giverny Capital, at their drinks was a great way to round out the evening. The Berkshire weekend is as much about the community it gathers as it is about the main event.

We now know Buffett has officially stepped down from the Berkshire stage. He won’t be up front next year—but he plans to be in the audience. The wisdom, the humility, the long-term lens—it’s all still there. What he’s built will echo long after the lights dim in Omaha.

Omaha, Day 3 - Home Depot, Floor & Decor, Lowe’s, O’Reilly Automotive, AutoZone, + Jackson Street Booksellers

We spent part of our final day in Omaha visiting Lowe’s, Home Depot, Floor & Decor, Walmart, O’Reilly, and AutoZone. We took the opportunity to chat with front-line staff—always a good way to get a feel for what’s happening on the ground.

While it’s just a single-store sample, Lowe’s, Floor & Decor, and Walmart all showed signs of recent capital investment—clean, well-organized, and clearly maintained with care. Home Depot felt more utilitarian and contractor-focused (perhaps intentionally, as part of its competitive edge), but still solid. In contrast, the O’Reilly and, to a lesser extent, AutoZone stores felt a bit dated—tired lighting, scuffed floors, and in need of a refresh.

*Omaha - Jackson Street Booksellers, Lowe’s, Autozone, Walmart.*

The real highlight of the day was Jackson Street Booksellers in the Old Market—a dusty, overflowing haven for book lovers and easily one of the best second-hand bookstores I’ve visited. I walked out with a stack of old classics, from Merchants of Grain and The Empire of Oil to company histories on VF Corporation and Standard Oil (Indiana), plus a vintage hardcover of one of my all-time favorites, McDonald’s: Behind the Arches. It’s reason enough to come back to Omaha next year.

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