TIP770: MASTERING THE MARKETS

W/ ANDREW BRENTON

TIP770: MASTERING THE MARKETS W/ ANDREW BRENTON

20 November 2025

On today’s episode, Clay is joined by Andrew Brenton to discuss the inefficiencies in the stock market as well as his investment thesis on Floor & Decor and Kinsale Capital. 

Andrew Brenton is the CEO and co-founder of Turtle Creek Asset Management. Since its inception in 1998, Turtle Creek has achieved an average annual return of 18.8% versus just 8.7% for the S&P 500. $10,000 invested in their fund at inception would have grown to over $1 million, and had that money been invested in the market, it would have been worth around $95,000.

SUBSCRIBE

IN THIS EPISODE, YOU’LL LEARN:

  • Andrew’s thoughts on whether today’s markets are becoming more or less efficient
  • How today’s market reminds him of the 1999 tech business
  • His investment thesis and intrinsic value estimate of Floor & Decor
  • Why Andrew is long Kinsale Capital in the fund
  • Andrew’s thoughts on weathering periods of underperformance relative to the broader market
  • And so much more!

TRANSCRIPT

Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

[00:00:00] Clay Finck: On today’s episode, I’m joined by Andrew Brenton to discuss the inefficiencies he’s seeing in today’s market. Andrew’s the CEO and co-founder of Turtle Creek Asset Management. Since its inception in 1998, Turtle Creek has achieved an average annual return of 18.8% versus just 8.7% for the S&P $510,000 invested in their fund at inception would’ve grown to over $1 million today.

[00:00:26] Clay Finck: And had that money been invested in the market, it would’ve been worth around $95,000. During this conversation, we’ll cover Cliff Asness’s recent paper on the efficiency of markets, whether today’s market resembles the 1999 tech bubble. And Andrew also gives an overview of his investment thesis on Floor & Decor and Kinsale Capital.

[00:00:44] Clay Finck: So with that, I hope you enjoy today’s discussion with Andrew Brenton.

[00:00:51] Intro: Since 2014, and through more than 180 million downloads, we’ve studied the financial markets and read the books that influenced self-made billionaires the most. We keep you informed and prepared for the unexpected. Now for your host, Clay Finck.

[00:01:15] Clay Finck: Hey everybody. Welcome back to The Investor’s Podcast. I’m your host, Clay Finck, and today I’m pleased to be joined again by Andrew Brenton from Turtle Creek Asset Management. Andrew, welcome back to the show.

[00:01:26] Andrew Brenton: Great to be back, Clay.

[00:01:28] Clay Finck: So you’ve been a guest a few times on the show now, and I’m, I’m thrilled to have you back.

[00:01:32] Clay Finck: We’re going to be chatting about today’s market as well as a couple of your holdings a bit later. Let’s talk by talking a bit about the efficiency of markets. So, as you know, value investors will shun the efficient market hypothesis and pride themselves on trying to spot the market’s biggest inefficiencies.

[00:01:51] Clay Finck: How about we start by discussing why having efficient markets are important and something that we should even care about?

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

BOOKS AND RESOURCES

NEW TO THE SHOW?

SPONSORS

Support our free podcast by supporting our sponsors:

Disclosure: The Investor’s Podcast Network is an Amazon Associate. We may earn commission from qualifying purchases made through our affiliate links.

CONNECT WITH CLAY

CONNECT WITH ANDREW

PROMOTIONS

Check out our latest offer for all The Investor’s Podcast Network listeners!

WSB + BFF + RWH Promotions

The Intrinsic Value Newsletter