Dec 19, 2025
Ricky Sandler, founder, CEO, and CIO of Eminence Capital, joins hosts Michael Mauboussin and Tano Santos to explore a dynamic career spanning over three decades in long-short investing. Starting with stories from his upbringing and early career, Ricky unpacks the foundations of his investment philosophy centered around "change in perception" — a framework shaped by evolving market structures and investor behavior. He shares insights from navigating the 1998 crisis, outlines the value of rigorous risk management, and explains how quality businesses combined with contrarian thinking create lasting opportunities. The conversation also delves into quant integration, thoughtful activism, the nuances of portfolio construction, and his reflections on AI, market structure, and societal risks — and much more!
Key Topics:
● Ricky Sandler’s upbringing, tennis, and early exposure to
finance (0:00)
● The influence of
competitive tennis on his investing mindset (3:58)
● Why he
considered law before ultimately pursuing finance (5:55)
● Lessons from
early roles at Mark Asset and Fusion Capital (7:30)
● Insights from
the 1998 market crisis and developing better risk management
(10:06)
● Defining 'change
in perception' and its role in investment strategy (12:21)
● Understanding
shifts in market behavior post-GFC (14:42)
● COVID-era
investment case study: Red Rock Resorts (22:31)
● Portfolio
construction principles and balancing risk/reward (27:56)
● Integrating
quant and data science at Eminence Capital (33:44)
● Activism and
engaged ownership strategies (36:34)
● Thoughts on AI,
bubbles, and systemic market risks (38:36)
● Risk management
and portfolio design in volatile environments (41:06)
● How Ricky trains
his team to distill what matters in investing (42:39)
● AI’s role in
analyst work and future of research (44:27)
● Worries and
hopes for the future: market structure, government debt, and
optimism (46:39)
● Book and podcast
recommendations (49:30)
● Closing remarks
(51:02)
● And much
more!
Mentioned in this Episode:
● Eminence Capital
● Ashland Inc.
● Entain
● Red Rock
Resorts
● Live Nation
● Meta
● Tesla
● Salesforce
● Zillow
● KKR
● Pluralsight
● Autodesk
● Men's
Wearhouse
● Think Again by Adam Grant
● Grit by
Angela Duckworth
● Teaming
by Amy Edmondson
● Quit by
Annie Duke
● Mindset
by Carol Dweck
● Invisible
Influence by Jonah Berger
● Lessons of
the Titans by Tim Ferriss
● 1929 by
Andrew Ross Sorkin
Thanks for Listening!
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