July 7, 2022
The Journey from Start Up
In this special episode David Barr, CEO and Portfolio Manager is joined by Felix Narhi, Pender’s Chief Investment Officer and Portfolio Manager, Maria Pacella, Managing Partner of Pender Ventures and Geoff Castle, Portfolio Manager.
Subtitle: Celebrating a wonderful milestone in Pender’s history.
In this special episode David Barr, CEO and Portfolio Manager is joined by Felix Narhi, Pender’s Chief Investment Officer and Portfolio Manager, Maria Pacella, Managing Partner of Pender Ventures and Geoff Castle, Portfolio Manager. Together they celebrate episode 100 by looking back on the journey that has brought Pender to where it stands today. The group discusses the Pender way of doing things, growing the team and how processes and the business have evolved over the years. They also look back at some of their favorite moments from featured guests in our podcasts to major milestones for the firm. The podcast ends with a message from Dave to our listeners and the team.
Key Takeaways
| [1:17] | When did Dave join Pender and the origin story of Pender’s investment philosophy. |
| [4:02] | Is Dave a reformed venture capitalist or an evolved venture capitalist, and almost as importantly, did he have a Blackberry? The role Phil Fisher played in Pender’s investment approach. |
| [7:39] | The 10-year job interview, Dave, and Felix bounce investment ideas around before working together formally and started getting more value than they were paying for. |
| [11:05] | Stacking the odds in our favor through circles of competence, an analytical or behavioral edge, time horizons and more. |
| [15:20] | Pender’s Trinity of Risk and mispriced asset classes providing opportunities to outperform. |
| [16:40] | Geoff joins and can answer: “What is the difference and what is the same for equity and credit analysis?” |
| [26:10] | Building out the Fixed Income team: Geoff no longer needs to have conversations with just himself. |
| [28:00] | Fixed income fund buckets, from liquidity to distressed debt. |
| [30:00] | We come full circle back to venture in the conversation; we talk about cycles in the VC environment – what’s changed and what has stayed the same in the last 20 years. |
| [35:30] | How Pender Ventures differentiates itself to attract entrepreneurial partners: people, systems, process. |
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