Brent Beshore - Learnings from a Year of Unexpected Events

**Patrick O'Shaughnessy** (0:00)
This episode of Invest Like the Best is sponsored by Canalyst. Canalyst is the leading destination for public company data and analysis. I'd heard of Canalyst over the past few years and became more interested after meeting the founder and CEO last year to pick his brain about SaaS businesses.
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If you're a professional equity investor and haven't talked to Canalyst recently, you should give them a shout. Learn more and try Canalyst for yourself at canalist.com/patrick. That's canalyst.com/patrick. If you're curious to hear more about Canalyst, stay tuned at the end of the episode where I talk to Canalyst's new chief product officer, Jeremy Payne. This episode of Invest Like the Best is brought to you by Tegus. I started hearing about Tegus when several of my close professional investor friends sent me passages or ideas they'd found on the Tegus platform. Conducting effective primary research shouldn't take weeks. It should take hours. Searching for answers shouldn't be lengthy, cumbersome process. It should be easy and nearly immediate. Expert calls should not cost $1,000. Tegus solves these problems and makes primary research faster and better for professional investors. Tegus has built the most extensive primary information platform available for all investors. With Tegus, you can learn everything you'd want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 10,000 calls on Square, Snowflake or almost any company of interest. All you have to do is log in. Still want to do your own calls? Tegus has a solution. Experts that are just as good or better than what you'd find on other networks for just $300 per call, not the $1,000 or more that others charge. If you're curious about Tegus, call the top performing investment manager you can think of. They're probably already a Tegus customer and they'll point you in the right direction. Because customers, myself included, love Tegus. Visit tegus.co/patrick to learn more.
Hello and welcome everyone. I'm Patrick O'Shaughnessy and this is Invest Like the Best. This show is an open-ended exploration of markets, ideas, stories and strategies that will help you better invest both your time and your money. Invest Like the Best is part of the Colossus family of podcasts and you can access all our podcasts, including edited transcripts, show notes and other resources to keep learning at joincolossus.com.

**SPEAKER_3** (2:53)
Patrick O'Shaughnessy is the CEO of O'Shaughnessy Asset Management. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of O'Shaughnessy Asset Management. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Clients of O'Shaughnessy Asset Management may maintain positions in the securities discussed in this podcast.

**Patrick O'Shaughnessy** (3:18)
My guest today is Brent Beshore. For those that don't know Brent from his frequent appearances on this podcast, he runs Permanent Equity, a unique private equity firm that buys and holds companies indefinitely. Brent has also been a close friend for more than five years.
Brent and I revisit our conversation from the depths of the Covid crisis one year ago to touch on key lessons learned and where that leaves us today. Brent sits at a unique area of the economy. So I particularly enjoyed his anecdotes on inflation and how to operate around these dynamics. I hope you enjoyed my conversation with Brent Beshore.
So Brent, the last time we did this on the record, although we've probably talked a hundred times since, was in the depths of Covid and concerns over its impact on the economy. And I was doing this series with, I tried to get someone from every part of the market, from credit, from public equities, with you on private equities. And I think it would be fair to characterize that last conversation as pretty dour and dire, that we were both really concerned about the knock on effects that Covid might have. And here we are basically a year later, and I think it's gone about as well from an economic standpoint as we ever could have hoped in our bull case last year. I'd love you to begin by describing why you think that is. From your seat, you see a ton of businesses, a ton of sort of Main Street businesses all across the country. I'd love you to just talk through what's happened over the last year, what it feels like today and what's driven the change.