Episode Details

What happens when a private equity firm refuses to chase every new opportunity and spends 30 years getting better at one thing? David sits down with Michael Fisch, co-founder and CEO of American Securities, to unpack how the firm grew from a $71.4 million first fund to $23 billion in AUM without abandoning the investment discipline that got it there. Michael explains how private equity evolved from a sub-$1 billion institutional market into a multi-trillion-dollar industry, why American Securities resisted the temptation to expand into every adjacent asset class, and why seeing more deals matters almost as much as knowing which ones to reject.

Highlights:

• How private equity evolved from a niche strategy into a multi-trillion-dollar industry.
• Why cash flow changed the way Michael thought about buying companies.
• The discipline that helped American Securities scale without chasing adjacent strategies.
• Why the best investors need both a massive deal funnel and a narrow investment filter.
• What Michael learned from knowing Warren Buffett for decades.
• The hiring framework American Securities uses to reduce judgment errors.
• How an 80%+ CEO “win rate” reflects a different approach to private equity ownership.
• Why retail capital could create a new wave of demand for private equity.
• How AI could collapse finance’s traditional analyst pyramid.
• Why “make the call” remains one of Michael’s most important career lessons.

Guest Bio:

Michael Fisch is the co-founder and CEO of American Securities, where he is a member of the Investment Committee and has helped build the firm into a leading private equity platform. American Securities launched its first fund in 1994 with $71.4 million and today manages approximately $23 billion in AUM.

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We’d like to thank AlphaSense for sponsoring this episode!

Sponsor:

AlphaSense is the AI-powered market intelligence platform trusted by 85% of the S&P 100, helping investment professionals make faster, more confident, data-driven decisions. Built for hedge funds, asset allocators, private venture capital firms, and investment bankers, AlphaSense uses advanced AI and powerful search across premium proprietary content to surface the insights that matter most—before the market moves. Elevate your research and stay ahead of the competition. Visit https://www.alpha-sense.com/howiinvest/ to learn more.

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Stay Connected with Michael Fisch:

LinkedIn: https://www.linkedin.com/in/michaelfisch-americansecurities/

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Disclaimer:

This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Pierce. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past pe