Kaluzny's biggest regret: sticking to value and missing the recent growth boom
Stefan Kaluzny · Stefan Kaluzny – Sycamore Partners [Manager Meetings, EP.16] · Oct 21, 2021 · at 23:36
Sycamore Partners founder Stefan Kaluzny explains to Kim Liu how his penny-pinching background caused him to miss high-multiple growth opportunities.
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“Candidly, the single largest investment regret I have is having traditionally been a value investor, not having recognized the power of growth over the last five years. And pivoting our portfolio to embrace those models at what appeared to me to be relatively high multiples because having had a history of counting pennies and being thoughtful and worried about what can go wrong and worried about falling backwards rather than the unabashed pursuit of risk. I'm not suggesting that's the case where that's the right answer, but Balancing that has probably been the largest missed opportunity over the last three or four years in particular, where growth has particularly outstripped value, or where there have been a lot of opportunities in higher multiple companies that have gone much higher yet again.”
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