In the Company of Mavericks: Finding wonder stocks with Jamie Ward

·42 min·4 clips

Jamie Ward reveals how to find stocks that could deliver 50 to 100-fold returns over the next decade.

The episode begins with host Jeremy McKeown introducing Jamie Ward, a Substack writer and investor focused on 'wonder stocks' that can produce 50 to 100-fold returns. Ward shares his background, growing up in Newark and developing an interest in the stock market through his father. He discusses his early career as a trainee fund manager at Brown Shipley and how the Great Financial Crisis shifted his mindset from optimism to cynicism. Ward explains a key realization: he transitioned from being a defensive portfolio manager to an offensive investor seeking high-growth opportunities. He defines wonder stocks as those that can achieve 20% annual returns for at least five years, emphasizing the need for discipline in filtering out noise. Ward cites Nick Sleep of Nomad Capital as a major influence, particularly Sleep's focus on businesses with unassailable competitive advantages like Amazon and Costco. The discussion turns to specific companies, with Ward analyzing Fraser's (Mike Ashley's business) as a potential wonder stock due to its history of compounding book value at high rates, despite city skepticism. He also praises Wise (formerly TransferWise) for its entrepreneurial approach, network effects, and growth potential, noting its revenue has increased four and a half fold since listing. Ward critiques passive investing, calling it a 'parasite' that harms price discovery and capital allocation, especially in small-cap UK markets. He argues this trend is anti-capitalist and makes it difficult for businesses to raise capital. Throughout, Ward stresses that successful investing requires blending cynicism with an open mind, focusing on management quality and communication, rather than just mathematical analysis. The episode concludes with Ward sharing how listeners can follow his work on Substack, X, and LinkedIn.

As heard by us

A clear, skeptical discussion of selling too early and why strong business growth can still sit beside a falling share price.

The episode moves the hunt for wonder stocks into less comfortable ground, where a business can perform strongly while its share price still disappoints.

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Why you'd press play

You like investing stories where a falling share price does not get the final word.

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