We are exploring capital allocation in private markets with the CEO of Permanent Equity, Brent Beshore. Brent started out as an entrepreneur and through his own M&A strategies has now found himself purchasing small to midsize companies with the intention of holding forever. IN THIS EPISODE, YOU'LL LEARN: 0:00:00 - Intro 0:00:20 - What Led Brent Beshore to Permanent Equity 0:01:33 - What Brent Beshore Love About Marketing and Does He Apply Them Today 0:04:29 - Investing in Mediacross 0:07:00 - Dinner With Warren Buffett 0:10:32 - Key Lessons in Approaching Acquisitions 0:14:07 - What He Has Learned From Breaking Bread With the Likes of Warren Buffett and Charlie Munger 0:18:38 - Developing Fee Structure in Permanent Equity 0:25:26 - Locking up Capital for 3 Decades 0:29:23 - Playbook That Helped Brent Beshore Start Getting Momentum in Private Equity 0:31:48 - Operation Leverage and No Transaction Debt 0:34:38 - Circle of Competence 0:39:02 - Observation on Family Businesses 0:41:28 - Learnings From the First Acquisition and Importance of Culture Fit 0:44:29 - Managing Styles and the Importance of Autonomy 0:47:17 - Learnings From the Private Market That Translate to the Public Markets 0:50:19 - Finding Deals 0:53:56 - Correlation of Multiples in Private Market to Public Market 0:55:57 - How Early Does Permanent Equity Float Prices at Companies 0:58:12 - Mistakes of Omission 0:59:40 - Biggest Mistake and What Brent Beshore Learned From It 1:03:30 - Books That Made an Impact to Brent Beshore 📖 BOOK MENTIONED: - The Messy Marketplace: Selling Your Business in a World of Imperfect Buyers by Brent Beshore - https://amzn.to/2Y6g9vS - Berkshire Hathaway Letters to Shareholders by Warren Buffett - https://amzn.to/2ZSLG5a - The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor - https://amzn.to/2YhQW1K Disclosure: Some of the links above are affiliate links that we may earn commission from. This helps keep our show going! 😁 ✔️ Subscribe to Bitcoin Fundamentals/We Study Billionaires podcast show: https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP 🖊️ Access our free show notes and transcript here: https://www.theinvestorspodcast.com/episodes/fundamentals-for-private-deals-w-brent-beshore/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ LISTEN 🎧 TO OTHER SHOWS FROM OUR NETWORK: ₿ If you're interested in Bitcoin, checkout our Bitcoin Fundamentals podcast show: https://youtube.com/playlist?list=PL_xlkwLDH1F8wOLjjwNCM5B1qFdrtTdTZ 🏘 Learn the ins and outs of real estate investing with our Real Estate 101 podcast show: https://youtube.com/playlist?list=PL_xlkwLDH1F8Yw_8xO2nk-RD7fhb3yktn 💸Get introduced to the world of investing with our Millennial Investing podcast show: https://youtube.com/playlist?list=PL_xlkwLDH1F_p00VYv3psJ8rhDAGOvR5W ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ FOLLOW US ON SOCIAL MEDIA📱: 💻 Facebook: https://www.facebook.com/groups/theinvestorspodcast 👔 Linkedin: https://www.linkedin.com/company/the-investor's-podcast 🐦Twitter: https://twitter.com/tip_network?lang=en ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ Download Stig & Preston's 1-page checklist for finding great stock picks: https://www.theinvestorspodcast.com/form-youtube-checklist/ Have a question? Get your voice heard on the show: https://www.theinvestorspodcast.com/your-questions/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ DISCLAIMER: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting.