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?
