Adrian Meli is the co-CIO of Eagle Capital Management, a 36-year-old firm that manages $34 billion using a style-agnostic, long-only strategy. Adrian joined Eagle in 2008 from the hedge fund world and has helped build a team almost entirely comprised of analysts with similar DNA.

Our conversation covers Adrian’s early passion for finding value, path to investing, and transition from the hedge fund world to long-only at Eagle.  We discuss Adrian’s rationale for moving towards long-only, building a team of similar-minded analysts, finding a right to win, seeing around corners to identify outliers and research non-consensus ideas, and constructing a portfolio. Along the way, we discuss overcoming the challenges of active management, the growing inefficiencies in the public markets, and exciting current and potentially future opportunities.

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Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)