Stuart Widdowson - The Public Market Private Equity Mindset

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Ignite & Scale - The Cambria Private Capital Podcast with Mike Allen

Mike Allen

30 episodes

3 weeks ago

Our aim is to provide you, our listeners – whether you’re a budding founder, a keen investor, or simply an enthusiast of business innovation – with unique insights and perspectives that can only come from those who have truly walked the path of success. At Cambria Private Capital, we believe in more than just investment; we believe in nurturing potential, sparking growth, and building lasting relationships. Each episode is a step towards uncovering the strategies, challenges, and triumphs that define today’s business landscape. So, whether you're here to find your next investment opportunity or to gather inspiration for your entrepreneurial journey, you’re in the right place.

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Stuart Widdowson - The Public Market Private Equity Mindset

Ignite & Scale - The Cambria Private Capital Podcast with Mike Allen

23 minutes

3 weeks ago

Stuart Widdowson - The Public Market Private Equity Mindset

Guest: Stuart Widdowson – Co-Founder & Fund Manager, Odyssean Capital
🔍 Episode Overview
In this episode, Mike Allen welcomes Stuart Widdowson, one of the UK’s most respected small and mid-cap fund managers and co-founder of Odyssean Capital. With over two decades investing across public and private markets, Stuart shares deep insights on valuations, market inefficiencies, and why applying a private equity mindset to listed companies is one of the most compelling strategies in today’s market.

Mike reflects on a 20-year professional relationship with Stuart, from sell-side meetings to deep strategic discussions — and now, the evolution of Odyssean Capital’s highly engaged approach to unlocking value in underappreciated UK businesses.

💡 Key Insights & Takeaways
• Private Equity Discipline in Public Markets
Odyssean applies a focused, hands-on, long-term approach – more akin to buyout investing than conventional portfolio management.
• The UK Small-Cap Discount
Stuart believes many UK smaller companies trade at 30%+ below intrinsic value, with potential for significant re-rating as capital returns to the market.
• Static vs Dynamic Valuation
It’s not enough to buy cheap – the true opportunity lies in owning businesses capable of compounding value over five to ten years.
• Public vs Private – Valuation Inversion
Unusually, private markets now pay premiums over public equities. Stuart views this as a temporary anomaly and a major opportunity for quoted investors.
• Looking Ahead – The Next Decade of Opportunity
Engaged ownership, operational improvement, and overlooked UK quoted niche global leaders that could define the next cycle for UK equities.

🗣 Memorable Quote

“The irony today is that private equity managers are paying premiums for businesses that listed investors are ignoring in plain sight.” — Stuart Widdowson

📚 Resources Mentioned

• Odyssean Investment Trust (OIT)
• UK Small & Mid-Cap research on valuation gaps
• Public vs Private return dispersion studies

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