Flyover Stocks

Hosted by Todd Wenning

Business Investing

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Latest episode

Jun 2026

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EN-US

About the show

Flyover Stocks (www.flyoverstocks.com) is an investing newsletter focused on identifying overlooked companies with economic moats led by thoughtful stewards of shareholder capital. On this podcast, host and publisher Todd Wenning, CFA shares audio versions of written Flyover Stocks posts and the occasional audio-only episode. Register today at www.flyoverstocks.com to learn more about Flyover Stocks and get all the latest Flyover Stocks posts in your email. None of the content should be considered investment advice. Please do your own due diligence.

Listen to episodes

28 recent

June 5, 202644 min

Lawrence Hamtil: The Farmer Mentality, Software's Cycle, and Investing with Irreplaceable Capital

Todd sits down with Lawrence Hamtil, principal at Fortune Financial Advisors in Kansas, for a wide-ranging conversation on what it means to manage other people's money responsibly in a market fixated on AI and mega-cap momentum. Lawrence shares why a sector-neutral, roughly equal-weighted approach has served his clients well across cycles, how he thinks about position sizing as a fiduciary, and why he'd rather apologize for underperforming in a bull market than blow up a client's irreplaceable capital.The conversation also digs into the AI spending cycle and its parallels to the China commodity super-cycle of the 2000s, the bear and bull cases for software stocks after their massive multiple compression, and why the economics of AI monetization remain genuinely uncertain. Plus: what Midwestern roots actually mean for investment temperament, the fictional writers who shaped Lawrence's worldview, and why you won't be vibe coding the avionics on a Boeing 777 anytime soon.Topics covered: minimum volatility investing, equal-weighted portfolios, fiduciary risk management, AI capex cycle, software valuations, sector-neutral portfolio construction, Midwest investing culture, and more.Lawrence can be found on X at @lhamtil and at fortunefinancialadvisors.com. He also co-hosts the Preferred Shares podcast.

May 18, 20261 hr 8 min

"Find Your Way and Be Great at It" — John Rotonti on Quality, Culture, and the Art of Conviction Investing

Todd sits down with John Rotonti, portfolio manager at Bastion, for a wide-ranging conversation on what separates great investors from good ones, why there's no single "right way" to invest, and how to get comfortable paying a premium multiple for exceptional businesses. John shares key takeaways from his J-Ro Show, where he interviewed some of the top names in professional investment management, and breaks down the four growth engines he looks for in a portfolio company. The conversation covers position sizing, the Mittelstand concept, corporate culture as an undervalued moat, and why Amphenol's seat at the table with NVIDIA may be one of the most compelling stories in the market today.Topics covered: concentrated portfolios, justified P/E ratios, family-run businesses, acquisition machines, AI infrastructure, quality vs. valuation, and more.For more information, including important disclaimers, please ⁠⁠⁠visit the Flyover Stocks blog⁠⁠⁠.Flyover Stocks is an educational podcast hosted by Todd Wenning.Todd is the founder of KNA Capital, an investment adviser registered in the state of Ohio.The views expressed on this podcast — including those of any guests — are for informational purposes only and do not necessarily reflect the views of KNA Capital or its clients.Nothing discussed should be considered investment advice or a recommendation for any particular security.All investments involve risk, including possible loss of principal.For more information, please see KNA Capital’s Form ADV at ⁠⁠⁠www.kna-capital.com⁠⁠⁠.

April 23, 202659 min

Morgan Housel on Money in Your 40s and Beyond

Acclaimed writer Morgan Housel, the author of the international best sellers, The Psychology of Money, Same as Ever, and The Art of Spending and partner at The Collaborative Fund joined Flyover Stocks publisher Todd Wenning to discuss major money matters in our 40s. Included in this conversation:Morgan Housel's career journey and writing styleThe role of authentic storytelling in financeImpact of AI on human connection and storytellingHousing policy and its effect on affordabilityParenting, education, and societal expectations in the 40sFor more information, including important disclaimers, please ⁠⁠visit the blog⁠⁠.Flyover Stocks is an educational podcast hosted by Todd Wenning.Todd is the founder of KNA Capital, an investment adviser registered in the state of Ohio.The views expressed on this podcast — including those of any guests — are for informational purposes only and do not necessarily reflect the views of KNA Capital or its clients.Nothing discussed should be considered investment advice or a recommendation for any particular security.All investments involve risk, including possible loss of principal.For more information, please see KNA Capital’s Form ADV at ⁠⁠www.kna-capital.com⁠⁠.

January 22, 20268 min

When 40x P/E is a Bargain

In 1992, the bears called Fastenal "optically expensive" at 39x earnings. They were wrong. Today, we look at how persistent ROIC (Return on Invested Capital) allows elite companies to defy market expectations and "beat the fade." Learn why buying quality at a premium is a lapse in timing, but buying junk at a discount is a lapse in judgment. Featuring the four-point quality checklist used by the pros.For more information, including important disclaimers, please visit the blog.Flyover Stocks is an educational podcast hosted by Todd Wenning.Todd is the founder of KNA Capital, an investment adviser registered in the state of Ohio.The views expressed on this podcast — including those of any guests — are for informational purposes only and do not necessarily reflect the views of KNA Capital or its clients.Nothing discussed should be considered investment advice or a recommendation for any particular security.All investments involve risk, including possible loss of principal.For more information, please see KNA Capital’s Form ADV at www.kna-capital.com.

October 21, 202545 min

How Should Investors Think About AI Today? Todd Wenning and Jeff Fischer Discuss

In this episode, Todd Wenning and Jeff Fischer discuss a variety of topics around the state of today's market, what AI could mean for the economy, and how to monitor companies caught up in the AI cycle in both good and bad ways.For more information, including important disclaimers, please visit the Flyover Stocks blog.Jeff can be found on X @optionwell and Todd can be found @toddwenning.Flyover Stocks is an educational podcast hosted by Todd Wenning.Todd is the founder of KNA Capital, an investment adviser registered in the state of Ohio.The views expressed on this podcast — including those of any guests — are for informational purposes only and do not necessarily reflect the views of KNA Capital or its clients.Nothing discussed should be considered investment advice or a recommendation for any particular security.All investments involve risk, including possible loss of principal.For more information, please see KNA Capital’s Form ADV at www.kna-capital.com.

August 19, 20257 min

Does Moat Investing Work?

In this episode, Todd Wenning discusses why the presence of an economic moat is insufficient for investment. He considers the question philosophically but also practically by taking a look at available data.For more information, including important disclaimers, please visit the blog.

April 15, 20255 min

Selling a Stock to Buy a Stock; What Panic Really Looks Like

In this episode, Todd Wenning discusses the behavioral challenges related to selling one stock to buy another and shares one of his favorite articles from the depths of the financial crisis to illustrate what real market panic looks like.For more information, including important disclaimers, please visit the Flyover Stocks blog.

April 10, 20258 min

Navigating Finances in Your 40s: Essential Financial Strategies for Mid-Life

In this episode, Todd Wenning discusses some common challenges faced by those in their mid-life (35-50) and offers some suggestions for emerging from this busy time of life financially stronger and more confident as you approach retirement.For more information, including important disclaimers, please visit the Flyover Stocks blog.

December 19, 202458 min

Flyover Stocks Interview with Jeff Fischer

In this episode, Todd Wenning covers a variety of investing topics with his friend and mentor, Jeff Fischer. Among other topics, Todd and Jeff discuss their time together running the Motley Fool Pro newsletter through the Great Financial Crisis, how to use options as a part of a long-term investing strategy, the power of recurring revenue, the challenges of managing other people's money, and the bifurcation of the market. For more information, including important disclaimers, please visit the Flyover Stocks blog. Jeff can be found on X/Twitter @fooljefffischer and Todd can be found @toddwenning.

July 11, 202436 min

Flyover Stocks Interview with Lawrence Hamtil and Doug Ott

In this episode, Todd Wenning of Flyover Stocks and KNA Capital speaks with Lawrence Hamtil of Fortune Financial and Doug Ott of Andvari Associates about their recent white paper on the US population shift toward the Southeast, entitled "Going South: Implications of Business and Population Migration". Speakers, their families, and/or their firms may own shares of companies mentioned. None of this is financial advice and is meant for informational purposes only. Please see flyoverstocks.com for charts, tables, and other important disclosures. Disclaimers for KNA Capital Management, LLC can be found at www.kna-capital.com/disclaimer.