WOA RoW Presents... The Boring Portfolio In An "Exciting" Market

​Dev Kantesaria is the Founder and Managing Partner of Valley Forge Capital, a U.S.-based public equities fund that has run a concentrated portfolio of 8 to 12 businesses since July 2007, building one of the best long-term equity track records of the last two decades.

​While markets have become increasingly focused on artificial intelligence, semiconductors, and massive technology investment, Valley Forge has remained focused on a different question: What makes a business exceptional over the long term?

​In this fireside conversation with Shinya Deguchi, Dev will discuss how he evaluates business quality, competitive advantages, pricing power, reinvestment opportunities, and valuation across different industries and market environments. He will also discuss how he thinks about investing in a rapidly changing technological landscape, including the challenge of distinguishing enduring economic value from excitement around a theme.

​The conversation will explore margin of safety, valuation discipline, capital allocation, and why a long-term investor can remain disciplined even when the market is rewarding very different characteristics.