John Zolidis: The Million-Mile Investment Journey - 25 Years of Boots-on-Ground Research in Retail and Restaurants

[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/] John Zolidis is the president and founder of Quo Vadis Capital with 25+ years as one of Wall Street's most insightful retail and restaurant analysts, combining rigorous boots-on-ground research with philosophical training to identify fundamental drivers of consumer business success. 3:00 - Childhood in small-town Wisconsin; spent time alone in nature which created mental flexibility and creativity for investment thinking 6:00 - Million-mile flyer metaphor: investing isn't get-rich-quick, it's a long slog that rewards process over time 9:00 - Philosophy to finance transition: studied philosophy of language and symbolic logic, providing rigorous analytical framework for evaluating corporate strategy 12:00 - "Finance is just not nearly as robust of a difficult topic" - philosophical training made financial analysis easier 15:00 - Four-year news blackout in college; information diet philosophy - news means "new" not "relevant or valuable" 18:00 - Covetus Capital name origin: Latin "Quo Vadis" (where are you going?) - story of conviction with cautionary elements 22:00 - Investment philosophy: high-quality businesses with strong margins, cash flows, and ability to reinvest capital at high returns 24:00 - Unit economics methodology: analyzing component segments, comparing peer groups, tracking incremental profitability trends 26:00 - Sprouts Farmers Market case study: 14x inventory turns vs 4x industry average, misunderstood by street 40:00 - Consumer analysis: employment is #1 indicator, headlines create temporary psychological impact but don't change spending if people keep jobs 50:00 - Chipotle lesson: got shaken out during financial crisis, learned to focus on individual company fundamentals over macro movements Podcast Program – Disclosure Statement Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.