#53 – Ron Baron and Michael Baron of Baron Capital on Long-Term Ownership, Conviction Investing, and Building Generational Wealth (recorded 12/10/25)
Description
#53 – Baron Capital Founder and CEO Ron Baron and Co-President and Portfolio Manager Michael Baron on Long-Term Ownership, Conviction Investing, and Why Great Wealth Is Built by Owning Businesses
In this episode, Ron Baron, Founder and CEO of Baron Capital, and Michael Baron, Co-President and Portfolio Manager, join The Bull of Wall Street for a wide-ranging conversation on generational wealth, conviction investing, and why true long-term success comes from owning great businesses rather than trading headlines. Ron reflects on the personal experiences that shaped his philosophy, the discipline required to hold through volatility, and what he calls the true test of friendship in investing. The discussion also explores Baron Capital’s expansion into ETFs and how advisors can think about structure, implementation, and long-term portfolio construction in a rapidly changing market environment.
What you’ll learn:
- Why Ron Baron believes generational wealth is created by owning businesses, not buying and selling stocks
- How conviction is built through deep research and first-principles thinking
- Lessons from holding investments through severe drawdowns
- What the Elon Musk and X investment revealed about risk, patience, and partnership
- How Baron Capital is translating its philosophy into ETF structures
- Why active management still matters in transformational technology cycles
- How advisors can frame volatility with clients through a business-owner mindset
Chapters
03:00 – From $100M to over $50B: the long road of ownership
05:30 – Why selling great companies too early taught Ron that wealth is built by holding.
08:30 – Michael’s perspective on growing into the process and building durable belief.
10:45 – What it means to stand by an investment when sentiment turns sharply negative.
16:30 – Why ETFs, why now
24:30 – Why transformational tech is not a bubble and why selectivity still matters.
32:30 – First principles and holding through volatility
40:00 – Why owning growing businesses remains the best defense against uncertainty.
Guest
Ron Baron – Founder, CEO, and Portfolio Manager, Baron Capital
Michael Baron – Co-President and Portfolio Manager, Baron Capital
Hosts
Jim Worden – Chief Investment Officer, WCG
Talley Leger – Chief Market Strategist, WCG
United States
