Welcome to Patrick O’Shaughnessy's podcast series, Invest Like the Best.

In this episode, I continue to pull on one of the most interesting threads that I have uncovered in the course of producing this podcast: the world of permanent equity.My guests today are Royce Yudkoff and Rick Ruback, two Harvard Business School professors who have partnered to create a popular class that teaches students how to search for, acquire, and run a small business directly after graduation. The course is aimed at students who want hands-on, management experience as soon as possible. After purchase, there is no timetable for selling the business. Indeed, if done well, there is never any reason to sell because the free cash flow yields to owners are higher than most alternatives.

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For more episodes, go to:InvestorFieldGuide.com/podcast.