On today’s Manager Meeting, Paul Black speaks to Ryan Batchelor. Paul is a popular past guest on the show and the Co-CEO of WCM Investment Management. Ryan is the Co-Founder and Portfolio Manager at Clifford Capital Partners, a $320 million value manager based in Alpine, Utah. Clifford employs a blend of core and deep value holdings selected through bottom-up research into sustainable wide-moat businesses for core holdings and out-of-favor stocks for deep-value holdings. The overlap of interest in moats led WCM to take an equity stake in Clifford three years ago. We’ll start with my chat with Paul about what led him to Ryan.