Investing often comes down to making forecasts about an uncertain future, but some businesses are inherently more predictable than others. In this episode of Inside Active, host David Cohne, mutual fund and active management analyst at Bloomberg Intelligence, speaks with Joseph Shaposhnik, portfolio manager of the Rainwater Equity ETF (RW), about his philosophy of investing exclusively in businesses with durable, recurring-revenue models. They discuss why predictability can be a competitive advantage, how free cash flow and disciplined capital allocation drive long-term value creation, and what separates exceptional management teams from the rest. They also explore how Shaposhnik identifies recurring-revenue businesses across industries, why avoiding negative surprises is as important as finding winners, and where he sees opportunities as investors continue to concentrate capital in AI-related companies. Recorded July 16.  See omnystudio.com/listener for privacy information.