Why does Worm Capital invest in disruptor stocks like Tesla and Spotify?

In this interview, Eric Markowitz and Dan Crowley gave me interesting insights into the way the outperforming funds of Worm Capital are “engineered”. We also discussed Tesla and Spotify.

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0:00 Intro
1:07 How do you see Worm Capital in 5 years?
3:35 A shoutout to Stream
4:38 Value vs Growth – how Worm Capital sees it
7:51 Why Arne couldn’t participate in the interview
9:30 What Dan and Eric’s are doing at Worm Capital
15:28 How to filter noise and signal
18:15 What does Worm Capital’s new approach mean?
23:43 What kind of companies do they like to invest in
26:39 What role does historical data play for you?
30:57 The top sectors in Worm Capital’s focus
33:19 What gives you confidence?
35:53 Are you shorting in the energy sector? And also why you are shorting?
40:16 Why the effort of shorting?
41:24 What are the principles of your company?
46:36 How does digging work
49:55 What digging you did for the big positions for Tesla?
57:07 What else is misunderstood in Tesla?
1:03:09 Where did you get an idea to invest in Spotify?
1:06:12 What options could become real businesses at Spotify?
1:07:40 Why do you prefer Spotify instead of the music labels?
1:08:45 How much the self-disruption is embedded in the DNA of Worm Capital?
1:11:17 Something to add?

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Tilman is a very enthusiastic, long-term investor. Over the last years he has taught himself important investing concepts autodidactically. He tries to combine a positive climate and environmental impact with his investments.
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