Over the last eight years, we’ve internally conducted over 2,500 calls with executives. We’ve also seen the internal process of many of the top fundamental equity hedge funds globally. While primary research can provide an edge when conducted correctly, it can be destructive when conducted poorly. IP Fieldwork is a free podcast that explores common mistakes, challenges and opportunities to improve the art and science of interviewing industry professionals.

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. After 2,500+ calls, we’ve made every mistake possible. We’ve entered executive calls unprepared, framed questions to confirm our priors, and often found ourselves prey to authority bias. We’ve even caught ourselves regurgitating an executive’s view as our own. No one is immune from such biases. We regularly see similar mistakes by investors at 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