# E426: American Securities CEO on Warren Buffett, Private Equity & Playing the Long Game

Page: https://stenobird.com/podcast/how-i-invest-with-david-weisburd-6470713/e426-american-securities-ceo-on-warren-buffett-private-equity-playing-the-long-game
Text version: https://stenobird.com/podcast/how-i-invest-with-david-weisburd-6470713/e426-american-securities-ceo-on-warren-buffett-private-equity-playing-the-long-game.md
Podcast: [How I Invest with David Weisburd](https://stenobird.com/podcast/how-i-invest-with-david-weisburd-6470713)
Published: 2026-09-07T12:45:00+00:00
Episode link: https://howiinvestpodcast.com/episodes/T4oL3NP02aB
Audio file: https://dts.podtrac.com/redirect.mp3/media.podcastai.com/episodes/T4oL3NP02aB.mp3?u=1788786002
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Duration seconds: 3276

## Resource

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.

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## Transcript

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