TIP781: MY PORTFOLIO & CURRENT MARKET CONDITIONS

W/ CLAY FINCK & STIG BRODERSEN

TIP781: MY PORTFOLIO & CURRENT MARKET CONDITIONS W/ CLAY FINCK & STIG BRODERSEN

03 January 2026

In this episode, Stig Brodersen sits down with Clay Finck to reflect on Clay’s portfolio decisions, investment philosophy, and personal evolution as an investor. Clay walks through the rationale behind recent additions to his portfolio, how his thinking on valuation versus quality has matured, and why he increasingly prioritizes businesses led by exceptional operators with long runways for compounding.

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IN THIS EPISODE, YOU’LL LEARN:

  • Which stocks Clay added to his portfolio in 2025
  • How “sidecar investing” with exceptional founder-operators shapes Clay’s portfolio.
  • How short-term market narratives can diverge from changes in intrinsic value.
  • How Clay approaches position sizing, opportunity cost, and staying invested.
  • Why geography, currency risk, and capital flows matter in global investing.
  • How value investing principles influence Clay’s views on money, career, and happiness.
  • And so much more!

Disclosure: This episode and the resources on this page are for informational and educational purposes only and do not constitute financial, investment, tax, or legal advice. For full disclosures, see link.

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.

[00:00:02] Stig Brodersen: Every year I sit down with my friend and co-host Clay Finck to reflect on his portfolio and how his investment process continues to evolve. We discuss which companies he added and how his framework around quality, valuation, and long-term compounding has matured. We talk about investing alongside exceptional founder operators, how narratives around AI and microcyles can divert wildly from intrinsic value and why some of the hardest decisions in investing aren’t about what to buy, but what not to sell.

[00:00:31] Stig Brodersen: In the second half of the episode, the conversation goes far beyond stocks. We explore how value investing principals shape clear view on money, career choice, happiness, and building a life with margin of safety. If you’re curious how long-term investing personal values and thoughtful relationships intersect, I think you really enjoy this conversation.

[00:00:54] 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 hosts, Stig Brodersen and Clay Finck.

[00:01:21] Stig Brodersen: Welcome to The Investor’s Podcast. I’m your host, Stig Brodersen, and today I’m here with my friend and co-host Clay Finck. Clay, how are you?

[00:01:29] Clay Finck: Hey, Stig. Doing great.

[00:01:31] Stig Brodersen: Fantastic and so let’s just jump right into it. We are going to talk about your portfolio and all that happened here in 2025. Well, perhaps whenever someone, someone is turning in, it might be 2026, but we want to look at your portfolio here in 2025 and see everything that’s been going on.

[00:01:48] Stig Brodersen: And I know that you added a few stocks to your portfolio. Now, was this a question of the stocks being on your watch list and then hit a price target? Or did you learn perhaps new amount of models and then saw some stocks in different light?

[00:02:05] Clay Finck: Yeah, so going into the year, I did want to further expand my portfolio and add a few more quality companies, but in previous years, I had a fairly strong bias against large cap US companies, and this led me to invest outside the US in great businesses like Constellation Software, Topicus, Dino, Polska, and I still believe these are all great businesses, but are a bit relatively less well known and just not on everyone’s radar and.

[00:02:38] Clay Finck: I’ve expanded my horizons a bit this year as I’ve really gained more of an appreciation for just how dominant many US franchises are. And part of this is speaking to several of the guests that I do here on the show. So this year I added shares of Meta Interactive Brokers and Booking Holdings to my portfolio.

[00:02:59] Clay Finck: So I covered booking on the show earlier this year in 2025, and added shares during the tariff tantrum during the spring. And Meta and Interactive Brokers are more recent additions to my portfolio. So back on episode 7 34, I shared some thoughts around my investment investing philosophy, and I shared the mental model of sidecar investing.

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