Kyle Grieve spoke with Scott Barbee about maintaining a deep value-based strategy, the three risk assessment buckets, the power of being a contrarian, the future of fossil fuels, navigating a 72% drawdown during the GFC, and more. Scott is the founder of the Aegis Value Fund, which was created in 1998. Prior to Aegis, Scott worked as an analyst covering oilfield services at Simmons & Company. He also had a stint as a deep value advisor for Donald Smith & Company. He received his MBA from the Wharton School and the University of Pennsylvania. He also holds a B.S. in Engineering and a B.A. in Economics. IN THIS EPISODE YOU’LL LEARN: 00:00:00 - Intro 00:00:26 - Some of the key lessons he learned from investing legends like Bill Ackman, Bob Robotti, Peter Cundill, and Walter Schloss 00:10:09 - How Scott has managed to maintain a value-based strategy when many investors have bailed to chase more expensive stocks 00:15:26 - Scott's three buckets of investing risk 00:21:06 - A breakdown of the concept of a "genetic contrarian." 00:23:00 - Why risk management is key to investing in businesses with high levels of uncertainty and how to take advantage of it 00:39:36 - Scott's views on energy and how fossil fuels are unlikely to disappear anytime soon 00:48:19 - The potential downsides Scott sees in super high-quality businesses 00:50:04 - Why lower-quality businesses with volatile earnings look very attractive right now due to a widespread de-leveraging 01:04:27 - How to manage through major drawdowns and maintain conviction in your ideas and strategy 🤝 Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members: https://theinvestorspodcast.com/mastermind 📚 Start accelerating your learning journey today. Sign up and listen to Richer, Wiser, Happier for free at https://theinvestorspodcast.com/audible 💰Click here to download your FREE guide to Stop Worrying About Your Finances In 4 Simple Steps: https://www.theinvestorspodcast.com/subscribe-youtube/ ▶️ RELATED EPISODES: - Value Investing Fundamentals & Current Market Conditions w/ John Huber: https://youtu.be/AFCtP2EfJs4 - Buying and Holding Stocks for the Long Run w/ Pierre-Olivier Langevin: https://youtu.be/uiPujfiL8ro - Winning the Long Game: Global & Contrarian Value Investing w/ Soo Chuen Tan: https://youtu.be/k_w7zvU9mAg - How Turtle Creek Beat the Market Since 1998 | Value Investing Masterclass w/ Andrew Brenton: https://youtu.be/VfCJk7Wvldk 🎧 Listen to our episodes here: https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP 🖊️ Access the transcript and learn more about the guest here: https://www.theinvestorspodcast.com/episodes/value-investing-in-a-growth-obsessed-market-w-scott-barbee/ 💡 OTHER RESOURCES - Seeking Alpha is a crowd-sourced content service for financial markets. Take control of your financial future — Use our link here for a 14-day free trial: https://www.sahg6dtr.com/59QC8Z/R74QP/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ABOUT OUR SHOW 🎙  On We Study Billionaires, we interview and study famous financial billionaires including Warren Buffett, Bill Gates, and Ray Dalio. We teach you what we learn and how you can apply their investment strategies in the stock market. 🌍 Website: https://www.theinvestorspodcast.com/we-study-billionaires/  📝 Help us understand our audience better so we can create a more intentional user experience by answering this survey! https://www.theinvestorspodcast.com/survey2023-youtube ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ 📚OUR FREE INVESTING COURSES/RESOURCES https://www.theinvestorspodcast.com/tip-academy/ 📊TRY OUR STOCK INVESTING TOOL: TIP FINANCE https://www.theinvestorspodcast.com/tip-finance/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ❗ DISCLAIMER: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting.