💡 **创新投资模式**：5x5x5 Russo Student Investment Fund 旨在解决传统学生投资俱乐部价值不足的问题，通过设立长期持有（五年）的投资项目，强调学习和实践价值，而非短期交易。每年精选五项投资，并持有五年，以培养学生对长期价值的理解。

🎓 **奖学金支持机制**：项目结束后，基金将把经过通货膨胀调整的原始投资额回流至基金本身，而任何超出部分的收益将用于资助来自弱势群体的学生获得奖学金，体现了基金的社会责任和可持续发展理念。

🚀 **深入的公司分析**：节目中，学生们分享了他们对 Atlassian、Vestas Wind Systems 和 Gruma 等公司的投资理念。他们不仅阐述了选择这些公司的原因，还深入分析了它们的竞争优势、市场机遇、风险管理以及财务表现，展现了专业的研究能力和独到的见解。

🤝 **学生与导师的互动**：Tom Russo 与三位学生代表 Rainbow、Andreas 和 Ryan 的对话，突显了导师在指导学生进行投资决策中的重要作用。他们共同探讨了吸引力的来源、潜在的竞争优势以及关键的投资考量，营造了积极的学习和讨论氛围。

Not satisfied with the lack of value most student-run investment clubs offered to students, Tom Russo designed a better way.

Through the 5x5x5 Russo Student Investment Fund, he set out to prove the teaching value of a long-term fund rather than the conventional short-term activity that the existing systems favored.

Each year, students submit their ideas for new investments with five ideas ultimately being selected and held in their entirety for five years. At the end of those five years, the inflation-adjusted original amount is invested back into the fund and any other gains are used to support scholarships for traditionally under-represented members of the class.

Today I'm joined by Tom Russo himself to discuss this year's picks for the 5x5x5 fund with three of the students who pitched them. I continue to be impressed with the sophistication of the insights made by the students and the professional discussions that arise for each pitch.

In this episode, Tom, Rainbow, Andreas, Ryan, and I discuss why they were initially attracted to the companies they pitched, the competitive advantages and under-appreciated opportunities that exist, key factors that appealed to each of them for their selected companies, and so much more!

Key Topics:

The problem with most student-run investment clubs (1:18) How the 5x5x5 Russo Student Investment Fund started (2:22) Goals of the program (4:04) Performance of the Fund's international holdings (7:01) How personal experience drew Rainbow's interest in Atlassian (9:45) Atlassian's self-reinforcing competitive advantage (10:45) What makes Atlassian an extraordinary investment (12:10) Managing the risk of industry consolidation (15:59) Rainbow's initial research focus on Atlassian partners (18:05) Understanding the magnitude of investment and return on investment (19:32) The types of companies we like to invest in (22:54) What initially attracted Andreas to Vestas Wind Systems (24:36) Key facts about Vestas (25:39) The main elements that make Vestas an attractive investment (27:41) How Vestas' margins are impacted by the effects of Wright's Law (30:54) Why Andreas isn't concerned about the intermittent nature of wind power (33:06) Mitigating the core risks associated with Vestas (35:03) Understanding the real return on capital committed (36:47) Why Ryan became interested in Gruma (39:49) Key facts about Gruma (40:34) The investment opportunity Ryan sees in Gruma (43:44) Ryan's confidence in the founding family and management (47:01) The value of the Gruma brand and steady leadership (48:34) Underappreciated insights into Gruma (50:36) How Gruma handles distribution (53:40) Ryan's assessment of Gruma's Europe business (55:01) And much more!

Mentioned in this Episode:

5x5x5 Student Investment Fund
Rainbow Chik's Write-Up of Atlassian Andreas Helland's Write-Up of Vestas Wind Systems Ryan Albert's Write-Up of Gruma, S.A.B. de C.V.

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