Andrew Wellington joined Tobias Carlisle to discuss how Lyrical finds, analyzes, and holds value investments. Andrew traces his career from management consulting to Pzena Investment Management, where he learned the foundations of value investing, and then to Neuberger Berman, where running a mid-cap strategy taught him the importance of owning good businesses, not just cheap ones. Those experiences shaped the investment philosophy he brought to Lyrical when he co-founded the firm with Jeff Keswin in 2008, a moment most investors would consider the worst possible time to launch a fund, but one Andrew saw as an opportunity.

At the center of that philosophy is what Lyrical calls VQA: Value, Quality, and Analyzability. Andrew explains that buying businesses at a genuine discount to their intrinsic value is the starting point, but quality matters just as much. Lyrical defines quality primarily through return on invested capital, favoring capital-light businesses that are resilient and adaptable when the future unfolds differently than expected. Equally important is analyzability, the idea that a business should be simple enough to model with confidence. It is a substantive, grounded conversation about the patience and discipline that long-term value investing requires.

Worth a listen for any investor, allocator, or advisor who wants to understand how a disciplined value manager thinks about portfolio construction, idea generation, and staying the course through difficult markets.