Dennis Lynch - Delivering Alpha in Adapting Markets

**Patrick O'Shaughnessy** (0:00)
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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.
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**SPEAKER_2** (2:41)
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** (3:04)
My guest today is Dennis Lynch, head of Counterpoint Global where he oversees over $100 billion in Asset Center Management and boasts one of the strongest track records of any public investor operating today. And having perhaps delivered as much or more dollar alpha to his investors as anyone I've had on the show before.
In our conversation, we cover Dennis' unique approach to building a research team, how misclassification of companies often creates the highest upside opportunities and how Dennis has adapted his investment process over the last 20 years. I think Dennis defines what it means to be intellectually honest and you will hear that in his answers throughout our discussion. I hope you enjoy this great conversation with Dennis Lynch.
So Dennis, after our original conversation many months ago, I've been toying with how to sort of structure this conversation, which is going to be a lot of fun. I thought a neat way to do that would be to ask this question. If you were teaching a class of 10 students, let's say these students were all high aptitude, super curious, wanted to be investors, and you knew that at the end of a semester long course, you had to hire all 10 of them to be on your team, how would you structure the syllabus of that course?

**Dennis Lynch** (4:16)
Wow, that's a good one.
I think the first thing I'd like to collect a list or present a list of books that I've found useful, starting as far back as like The Money Game, which is a fun book from the 70s that sort of gives you a perspective on what it can be like to be a public investor and the volatility that goes along with that.