Wilbur Ross - Risks and Returns

A Book with Legs

Smead Capital Management

Investing, Business, Management

4.2 • 1.1K Ratings

🗓️ 4 November 2024

⏱️ 73 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, seasoned investor-turned-commerce secretary Wilbur Ross joins Cole and Bill Smead to discuss his new book, "Risks and Returns," where he delves into the complex world of distressed asset investing. Ross shares his experiences and strategies for identifying undervalued opportunities, managing risk and maximizing returns, blending financial wisdom with personal anecdotes from a career spent transforming troubled companies intro profitable ventures.

Transcript

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0:00.0	You're listening to A Book with Legs, a podcast presented by Smead Capital Management.
0:08.0	At Smead Capital Management, we advise investors who fear stock market failure.
0:12.9	You can learn more at Smeadcap.com or by calling your financial advisor.
0:25.8	Welcome to a book with legs podcast. I'm Cole Smead, CEO and portfolio manager here at Smead Capital Management. At our firm, we are readers, and we believe in the power of books to help
0:30.9	shaped informed investors. In this podcast, we speak to great authors about their writings. The late
0:36.2	great Charlie Munger prescribed using multiple mental models and analysis.
0:40.4	We analyzed the work through the lens of business, markets, and people.
0:44.8	Joining me to host this episode with me is our chairman and chief investment officer, my dad, Bill Smead.
0:50.2	Thanks for joining me, dad.
0:50.8	Great to be here.
0:51.4	Thrilled to be here.
0:52.4	Yeah, this will be a lot of fun. So life is a journey, and I consider it an honor to talk about this man's path through his relationships, his business, and his political beliefs. Joining us for this episode is Wilbur Ross to discuss his recently published book, Risks and Returns, creating success in business and life. He needs no introduction, but for those of you that might
1:13.3	not be fully aware of Wilbur, I'll briefly give you some background. Wilbur Ross was the 39th U.S.
1:18.1	Secretary of Commerce from 2017 to 2021. Prior to his appointment, he was the chairman and chief
1:24.2	executive officer of W.L. Ross and company from 2000 to 2017. He for many
1:29.5	years ran the bankruptcy restructuring work at M.F. Rothschild in York. He received an MBA from Harvard
1:35.1	and a bachelor's degree from Yale. Wilbur, thanks for joining us today. Well, thank you for having me
1:40.6	on. Yeah, so we like asking this question just because it gives us a sense of the why and
1:45.4	the writing, but let's just start up by asking what compelled you to write this story.
1:50.6	Well, having left government in 2021, I was thinking about what I should do next. And way back when I was at Yale, I had wanted to be a writer.
2:06.1	But Yale had a very tough course called Daily Thames,
2:11.5	to which you had to submit thousand words of fiction every day by 10 o'clock. And by the end of the second week, I was out of
	...

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