Rainwater Equity Podcast

In this conversation, Joseph Shaposhnik, Founder and Portfolio Manager of Rainwater Equity, sits down the hosts of Excess Returns to talk about investing through geopolitical shocks, AI disruption, and massive capital cycles.Joseph shares how disciplined investors can stay focused on durable businesses and long-term free cash flow—rather than reacting to short-term headlines. He also breaks down how his team evaluates opportunities across AI, defense, and broader markets, and where he sees the most compelling opportunities today.This video originally was posted on the Excess Returns Spotify channel. Rainwater Equity has received permission to repost this content.Find Out More About Joseph Shaposhnik:LinkedIn: https://www.linkedin.com/in/joseph-shaposhnik-21424a5/Follow on X: https://x.com/JShaposhnikDisclosurePerformance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so shares may be worth more or less when redeemed or sold. Current performance may be lower or higher than that quoted. Visit www.rainwateretf.com for the fund’s standardized performance and holdings details. Cash Flow refers to the net amount of cash and cash equivalents being transferred into and out of a business.The fund is distributed by Pine Distributors, LLC. Pine is not affiliated with Empowered Fund, LLC dba ETF Architect, which serves as the Adviser to the funds.

Rainwater Equity ETF - Overview Cash Flow refers to the net amount of cash and cash equivalents being transferred into and out of a business. DisclosurePerformance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so shares may be worth more or less when redeemed or sold. Current performance may be lower or higher than that quoted. Visit www.rainwateretf.com for the fund’s standardized performance and holdings details. Cash Flow refers to the net amount of cash and cash equivalents being transferred into and out of a business.The fund is distributed by Pine Distributors, LLC. Pine is not affiliated with Empowered Fund, LLC dba ETF Architect, which serves as the Adviser to the funds.

How can recurring-revenue businesses provide greater stability and long-term growth for investors? In this 2026 Shareholder Update, Joseph Shaposhnik, portfolio manager of the Rainwater Equity ETF (NYSE: RW), explains the fund’s investment process, reviews recent performance drivers, and discusses current portfolio positioning.The conversation also explores key themes including artificial intelligence (AI), Constellation Software, and investment lessons learned from working with Fidelity Contrafund manager Will Danoff. Designed for financial advisors and long-term investors, this update highlights how recurring-revenue business models can support more consistent growth and fewer surprises over a full market cycle.Find Out More About Joseph Shaposhnik:LinkedIn: https://www.linkedin.com/in/joseph-shaposhnik-21424a5/Follow on X: https://x.com/JShaposhnikDisclosurePerformance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so shares may be worth more or less when redeemed or sold. Current performance may be lower or higher than that quoted. Visit www.rainwateretf.com for the fund’s standardized performance and holdings details. Cash Flow refers to the net amount of cash and cash equivalents being transferred into and out of a business.The fund is distributed by Pine Distributors, LLC. Pine is not affiliated with Empowered Fund, LLC dba ETF Architect, which serves as the Adviser to the funds.

In this conversation, Joseph Shaposhnik, Founder and Portfolio Manager of Rainwater Equity, sits down the hosts of Excess Returns to share the core principles behind his long-term investment approach and the philosophy that has guided decades of successful investing. Joseph reflects on his time as a portfolio manager at TCW, discusses what truly drives durable outperformance, and explains why Rainwater focuses on businesses with recurring revenue, strong free cash flow, and management teams deeply committed to long-term value creation. The discussion also draws lessons from legendary investors including Warren Buffett, Bill Miller, and Peter Lynch, while addressing how valuation, portfolio construction, and market structure have evolved in an era dominated by passive investing. This episode offers a clear look into how Rainwater Equity thinks about owning businesses for many years – not trading headlines – and why compounding, patience, and discipline matter more than ever.Find Out More About Joseph Shaposhnik:LinkedIn: https://www.linkedin.com/in/joseph-shaposhnik-21424a5/Follow on X: https://x.com/JShaposhnikDisclosurePerformance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so shares may be worth more or less when redeemed or sold. Current performance may be lower or higher than that quoted. Visit www.rainwateretf.com for the fund’s standardized performance and holdings details. Cash Flow refers to the net amount of cash and cash equivalents being transferred into and out of a business.The fund is distributed by Pine Distributors, LLC. Pine is not affiliated with Empowered Fund, LLC dba ETF Architect, which serves as the Adviser to the funds.This video was originally produced and published by Excess Returns. While Rainwater Equity has received permission to repost this content, it does not necessarily endorse all views or advertisements presented by the original creator or the Spotify platform.

Discover why recurring revenue businesses are some of the most powerful long-term compounding opportunities in the stock market. In this inaugural Rainwater Equity ETF (NYSE: RW) webinar, Portfolio Manager Joseph Shaposhnik explains the rationale for launching RW, outlines the fund’s focus on predictable cash-flow businesses, and answers advisor questions on valuation, AI, global expansion, and ETF structure. This replay is designed for financial advisors, institutional investors, and long-term investors seeking durable growth strategies backed by recurring revenue.Find Out More About Joseph Shaposhnik:LinkedIn: https://www.linkedin.com/in/joseph-shaposhnik-21424a5/Follow on X: https://x.com/JShaposhnikDisclosurePerformance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so shares may be worth more or less when redeemed or sold. Current performance may be lower or higher than that quoted. Visit www.rainwateretf.com for the fund’s standardized performance and holdings details. Cash Flow refers to the net amount of cash and cash equivalents being transferred into and out of a business.The fund is distributed by Pine Distributors, LLC. Pine is not affiliated with Empowered Fund, LLC dba ETF Architect, which serves as the Adviser to the funds.

Clay talks with Joseph Shaposhnik about Owning Best-in-Class Businesses and his new ETF, Rainwater Equity (RW), launched on June 18th, 2025. The fund targets recurring revenue businesses and aims for above-average capital growth.Learn more about Rainwater Equity: https://rainwateretf.com .Visit rainwateretf.com for more information. Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so shares may be worth more or less when redeemed or sold. Current performance may be lower or higher than that quoted.Click here for more information: https://rainwateretf.com/glossary/