In episode 158 of Views from the Market, Jeffrey McCain of Woodward Capital joins me to discuss his firm’s evolution from traditional self-funded search into a broader investing platform participating across the capital stack (including LP positions in institutional funds and equity-gap situations). Jeff describes Woodward’s focus on trades-based businesses. HVAC, in particular, is attractive in light of the industry’s inherent stability, the frequency of succession-driven founder sales, and the ability to compound value through operational improvements. Jeff also provides an overview of the slightly different focus of JSM Capital, a new family office, which targets majority investments in infrastructure services platforms in the $5-15 million EBITDA range with a long-term hold strategy. Listen and subscribe on SoundCloud, Spotify, Apple Podcasts, and YouTube: redacted