Over the last 11 years, we (IP co-founders Will Barnes and Will Oliver) have personally conducted over 2,700 interviews with industry operators as part of an investment research process.

We’ve also witnessed the approach to fieldwork of many of the top fundamental equity hedge funds globally, close-up. While primary research can provide an edge when conducted correctly, it can be highly value destructive when conducted without attention to best practices.

IP Fieldwork is a free podcast that explores the pitfalls, challenges and opportunities inherent in conducting fieldwork at a professional level - work that we consider is an art and a science.

You can follow IP Fieldwork on Spotify and Apple or add our feed to any podcast player here.

There are many biases and risks embedded within the process of interviewing industry executives. 2,700+ interviews deep into this journey, we feel safe saying we’ve made our fair share of mistakes. We’ve entered executive calls unprepared, framed questions to confirm our priors, and often found ourselves prey to authority bias. We’ve caught ourselves regurgitating an executive’s view as our own after interviews. No one is immune from such biases. We've seen similar mistakes made by fellow investors at some of the world's top funds. 

Poor primary research can hijack independent thinking. It leads to poor judgment. This is fatal in investing. While primary research is more art than science, we believe there are simple processes that investors can implement to improve outcomes. IP Fieldwork is an exploration of processes to help us all improve how we conduct primary research. 

Our “Primary Research Methods” series shares details of mistakes we’ve made, how our process has evolved, and how to prevent making important errors when conducting executive calls. We will also share case studies on companies we’re studying, how we source executives, and our process of publishing primary research. 

The most recent IP Fieldwork episodes are as follows:

Our Primary Research Philosophy (Spotify / Apple)

This is the first episode in our "Primary Research Methods" podcast series exploring the art and science of primary research:

• The IP primary research philosophy
• How we structure research projects
• How we approach conducting executive calls
• Biggest mistakes and risks we face conducting executive calls

Primary Research Methods 1: Working with Expert Networks (Spotify / Apple)

This episode focuses on common mistakes investors make when submitting research projects to expert networks. We explore: 

• How to submit executive call projects to expert networks
• Why understanding the org structure of the target company is important
• How to build relationships with account managers at ENs
• How to vet executives

Danaher: Cytiva’s Bioprocessing Moat (Spotify / Apple)

This podcast provides insight into our research process behind our recent published work on Danaher's Cytiva bioprocessing business. We explore:

• How we approached studying bioprocessing
• Bioprocessing's moats and customer switching costs
• Why Cytiva has enjoyed ~80%+ market share for decades
• Details of hypotheses we built throughout the process
• How we sourced executives to interview
• How we structured our written research

Upcoming episodes on Primary Research Methods

1. How to structure project requests to Expert Networks
2. Strategies for sourcing quality former executives 
3. How we vet executives
4. Common mistakes by Expert Networks
5. How to prepare for expert interviews
6. Structuring interview questions 
7. Building trust
8. Techniques for asking questions 
9. Questions vs line of questioning 
10. Common mistakes in asking questions 
11. Active listening
12. Post-call interview review process 
13. Our process of curating primary research

IP Fieldwork also includes our backlog of podcasts exploring the following companies:

1. Lifco vs Halma Org Structure
2. Loar Group: Aerospace Parts Quality
3. M&A and Purchase Price Accounting
4. Ashtead Investor Day 2024 Visit 
5. The Gym Group, Basic Fit & Discount Gyms
6. AMZN Retail & IP Company Learning Journeys
7. TransDigm Group & Aftermarket Pricing 
8. Spotify Podcast Advertising
9. Wayfair: CastleGate and Last Mile Delivery
10. Zara & SHEIN Supply Chain Analysis
11. Constellation Software: Operating KPIs
12. HEICO / Wencor
13. Credit Acceptance
14. Constellation Software & VMS Competition
15. Burford Capital
16. Costco UK & Europe Store Opportunity
17. Diploma PLC
18. Bergman & Beving
19. Serial Acquirers
20. Amazon Structural Advantages vs Traditional Retail