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In this discussion, Chris Waller, founder and CIO of Plural Investing, a graduate of Oxford and the value investing program at Columbia Business School, provides insights into his approach to value investing in #smallcap stocks. Specifically, he discusses his fund strategy, which focuses on finding 7-8 significant investment ideas over a 3 to 5-year timeframe. He dives deep into his investments in Currency Exchange International (CXI) and Kyndryl, discussing their backgrounds, potential risks, and future prospects. He also touches on the importance of thorough research, industry checks, and growth potential for these small-cap companies. 00:00 Introduction and Guest Background 00:25 Chris Waller's Investment Strategy and Fund Overview 03:51 Deep Dive into CXI Stock 14:05 Discussion on Market Cap and Position Sizing 15:29 Exploration of Kyndryl Stock 22:02 Understanding the Risks and Catalysts 28:03 Wrap-up and Final Thoughts Investment Disclaimer: The information provided herein is for informational purposes only and should not be construed as investment advice, an endorsement, or a solicitation to buy or sell any securities or financial instruments. Investing in securities involves risks, including the potential loss of principal. Past performance is not indicative of future results. Any opinions, analyses, forecasts, projections, or other statements regarding future prospects of companies, sectors, or the market as a whole constitute the subjective views of the authors or contributors as of the date of preparation and are subject to change without notice. The accuracy, completeness, or reliability of the information cannot be guaranteed. Investors should conduct their own research and consult with a qualified investment professional before making any investment decisions. All investment decisions are the responsibility of the individual investor and should be made based on the investor's own objectives, risk tolerance, and financial circumstances. No representation or warranty, express or implied, is made regarding the accuracy or completeness of the information contained herein, and no liability shall be accepted for any direct, indirect, or consequential losses or damages arising from the use of this information or reliance on any statements contained herein. Investing in securities involves significant risks, including the potential loss of principal. Investors should carefully consider their investment objectives, risk tolerance, and time horizon before investing. Diversification does not ensure a profit or protect against loss in a declining market.

SumZero had the opportunity to sit down with Raj Shah and Cullen Rose, co-founders of Stoic Point Capital Management. Stoic Point manages two concentrated strategies: Stoic Onshore/Offshore is a long/short fund focused on #small- and #midcap North American securities. Stoic Point Alpha Capital is a long-biased fund focused on unique asymmetric opportunities. The founders invest in accordance with three core Investment Principles, focusing on change and disconnections between business quality and misunderstanding. The firm leverages proprietary idea generation tools, a defined processes, and risk management practices that carry over from the founders' prior experience working together. This discussion breaks down how Raj and Cullen came together to form Stoic Point and how they've approached the market since – specifically, continuing to find opportunities in #SPAC's and DeSPAC's even after an 80% drawdown in the broader space. They leave us with two examples, $EVLV and $JBI, both of which have performed well for them, despite being left for dead by many investors. 1:12 - Intro to Raj and Cullen 3:02 - The launch of Stoic Point 4:54 - Acceleration into #smallcap and #midcap stocks 5:49 - Stoic Point investment principles 6:25 - Getting involved in DeSPAC's and broken #ipo's 7:47 - Stoic Point strategies 9:13 - Where do DeSPAC's fit into the strategy and where do we see that market going 13:27 - Taking advantage of warrant arb 18:52 - Why we continue to look at the DeSPAC space and warrants 21:53 - How Stoic Point has navigated through recent shift in rates 24:52 - Broader DeSPAC market 26:18 - Re-underwriting and taking advantage of misunderstood opportunities 27:05 - $EVLV as a case study 37:44 - Focusing on high quality, growing businesses 38:52 - $JBI as a case study 41:41 - Where Stoic Point sees future opportunity 43:08 - Opportunities on the #short side, including #ai 44:38 - Where Stoic Point sees potential trouble with #saas businesses For more in-depth research and analysis, join us on SumZero today. https://sumzero.com/apply #valueinvesting #smallcap #midcapstocks

In this invigorating discussion, SumZero founder and CEO Divya Narendra had the opportunity to chat with Ted Rosenthal, the founder of TMR Capital. A prolific contributor to SumZero, Ted started TMR right out of college 4 years ago, and shares his insights on current opportunities in the market, and how he has positioned his fund to seize upon them. He elaborates on his interest in currently unprofitable but fast-growing consumer and tech companies, which have had huge drawdowns but possess viable economics for growth. More specific investment discussions include TMR's analysis and investment in Zenvia Inc., which he believes is currently undervalued and discusses the company's history, business model and the reasons behind its dramatic market cap drop. Ted also shares his perspectives on Harrow and the potential growth it can provide as a leading eye care pharmaceutical company. An illuminating conversation for those looking for off the radar investment opportunities. For more in-depth research and analysis, join us on SumZero today. https://sumzero.com/apply #valueinvesting #smallcap #midcapstocks #specialsituations00:00 Introduction and Guest Background 00:26 Ted's Investment Strategy and Market Opportunities 02:22 Deep Dive into Zenvia Inc. 05:43 Zenvia's Financials and Market Position 13:39 Zenvia's Risks and Potential Catalysts 16:02 Introduction to Harrow 16:24 Harrow's Business Model and Growth Potential 22:10 Harrow's Risks and Potential Catalysts 26:37 Closing Remarks

In this extensive interview, Joe Bergera, CEO of Iteris, a leader in the Smart Mobility Infrastructure Management industry, discusses various aspects of the company. Topics covered include the financial prospects of the company, the valuation metrics, their 2027 fiscal plans, and the future of the Smart Mobility Infrastructure Management Market. He also talks about the Iteris’ seven distinct categories in the market, the company's robust portfolio, and the innovative Clear Mobility platform and its implications for connected and automated vehicles. Additionally, Bergera sheds light on the company's evolving relationship with public and private entities and the benefits of federal infrastructure funding. The session concludes with a detailed discussion on their 'Vision 2027' targets and an overview of Iteris's future plans. 00:06 Introduction and Company Overview 00:59 Understanding ITI:US and Its Market 01:48 Exploring ITI:US Technology Solutions 04:15 Market Structure and Industry Trends 09:16 ITI:US Clear Mobility Platform 13:00 Revenue Breakdown and Gross Margins 20:45 Overcoming Supply Chain Challenges 25:29 Understanding ITI:US Customer Base 32:51 Growth in Deal Sizes and Bookings 37:49 Vision 2027: ITI:US Future Plans 44:14 Final Thoughts and Conclusion Investment Disclaimer: The information provided herein is for informational purposes only and should not be construed as investment advice, an endorsement, or a solicitation to buy or sell any securities or financial instruments. Investing in securities involves risks, including the potential loss of principal. Past performance is not indicative of future results. Any opinions, analyses, forecasts, projections, or other statements regarding future prospects of companies, sectors, or the market as a whole constitute the subjective views of the authors or contributors as of the date of preparation and are subject to change without notice. The accuracy, completeness, or reliability of the information cannot be guaranteed. Investors should conduct their own research and consult with a qualified investment professional before making any investment decisions. All investment decisions are the responsibility of the individual investor and should be made based on the investor's own objectives, risk tolerance, and financial circumstances. No representation or warranty, express or implied, is made regarding the accuracy or completeness of the information contained herein, and no liability shall be accepted for any direct, indirect, or consequential losses or damages arising from the use of this information or reliance on any statements contained herein. Investing in securities involves significant risks, including the potential loss of principal. Investors should carefully consider their investment objectives, risk tolerance, and time horizon before investing. Diversification does not ensure a profit or protect against loss in a declining market.

In this week's episode, SumZero sits down with the CEO of Sandstorm Gold Royalties, Nolan Watson, and the Founder and Portfolio Manager of White Falcon Capital Management to talk about the Gold Royalties business, the investment case for SAND, and much more. Find more at www.sumzero.com 0:00 Introduction and Disclaimer 7:45 Stream vs. Royalty business models 14:34 How does Sandstorm construct its portfolio and evaluate projects? 19:22 Sandstorm's Deal history 34:00 How the price of Gold factors into Sandstorm 43:48 Sandstorm's discount to peers #smallcap #investment #midcapstocks #finance #stocks #stockmarket #gold #business #personalfinance

SumZero had the opportunity to sit down with David Bastian and Michael Cooper, co-founders of Kingdom Capital Advisors. KCA's#investment strategy is designed to provide investors access to their actively-managed portfolio of #smallcap and #microcap #equities. KCA concentrates its portfolio in a limited number of high-conviction value investments. For more in-depth research and analysis, join us on SumZero today. https://sumzero.com/apply#valueinvesting #smallcap #microcap #midcapstocks

SumZero had the opportunity to sit down with Christopher Godfrey, founder and managing partner of Headwaters Capital Management. HCM's #investment strategy is designed to deliver tax-efficient, long-term capital appreciation by focusing on high quality small and mid-capitalization #stocks that have the opportunity to generate durable revenue and earnings growth over a multi-year time period. For more in-depth research and analysis, join us on SumZero today. https://sumzero.com/apply#valueinvesting #smallcap #midcapstocks

00:46: Jan looks back on his ERII thesis 2:38: ERII revenue growth 5:07: Intro to Biovica 7:47: Biomarker test for cancer detection – it's importance and accuracy 9:51: Biovica Sales strategy 11:49: Biovica background and basics 13:05: Biovica potential 15:17: Discussion around any plans for fundraising 18:02: Vicore Pharma – background and opportunity 21:05: Best market comp / peer 22:15: Catalyst for Vicore 24:08: Jan on position sizing in his book 24:58: Risks to Biovica and Vicore opportunities

In this discussion, SumZero has the opportunity to sit down with Rajeev Agrawal, Fund Manager and Managing Partner of DoorDarshi India Fund. Rajeev chats through the broader opportunity in India and then breaks down his thoughts on two opportunities – Ujjivan Financial and CSB Bank.

Timestamps: 5:54: India Macro 7:30: Finding good management 8:33: Rajeev's advantage of investing in India, living in the US 9:14: CSB Bank background 11:43: Rajeev's anecdote re: Fairfax Financial meeting 12:15: Rajeev digs into the CSB thesis 16:20: Discussion around % of people with bank accounts in India 19:24: CSB Bank competitive landscape 21:35: CSB valuation 23:39: Affect of interest rates changes in India on CSB 27:52: Catalysts for CSB 31:09: Intro to Ujjivan thesis 32:52: Reverse merger with Ujjivan 36:13: Background on Ujjivan 38:27: Ujjivan loan book 42:22: Ujjivan and CSB Bank vs. larger cap names

In this interview, long-time short seller Ben Axler of Spruce Point outlines his thesis on $PERI.

Adam Wilk, CIO and Founder of Greystone Capital Management breaks down his investment thesis on one of his newest positions, Sylogist.

Chris McIntyre, CIO and Founder of McIntyre Partnerships – a small and mid cap focused value fund – walks through his theses on OneSpaWorld ($OSW) and Sphere Entertainment ($SPHR) and why he sees very asymmetric risk reward profiles on both investments.

In a wide ranging discussion with legendary value investor Mohnish Pabrai, we hear about his investments in Reysas, Brookfield, his thoughts on position sizing and concentration as well as Big Tech and how ChatGPT (and others) might disrupt the space. For more access to investment discussions and actionable investment research, join the SumZero investment community by starting your free trial today – www.sumzero.com/apply

Jeffrey Edell, former chairman of Myspace, is the CEO of MeWe, a social platform with over 20 million users worldwide. MeWe is in the process of transitioning to a decentralized model built on Polkadot and will soon be the world's largest social platform built on the blockchain. Rabia Iqbal is the founder of Nural Capital, a crypto-focused fund of funds. Her firm invested in the seed round of Aptos, a layer 1 blockchain which spun off of Meta blockchain team. She talks about trends she's seeing in Defi and other opportunities emerging post FTX collapse.

In this fascinating conversation, we learn from Roli Saxena, Founder of Drona Capital, how she finds companies that she can invest in and hold ... forever.

Drona Capital is a long-only equity fund, seeking to invest in high-quality businesses available at a discount to their intrinsic value. Investment decisions are based on the company's historical financial and operational performance and its sustained and defensible competitive advantage over a long period of time, often exceeding decades. A high emphasis is given to active avoidance of risk. A concentrated portfolio of

Balkar Sivia is the founder of White Falcon Capital Management. The fund's mission is to compound capital on a risk adjusted basis with a value investing philosophy drawing inspiration from the teachings of Warren Buffett and Charlie Munger. In this interview, Balkar discusses his zero management fee structure and goes in depth on Diversey Holdings, Ltd. (DSEY) and EPAM Systems, Inc. (EPAM). For more access to investment discussions and actionable investment research, join the SumZero investment community by starting your free trial today – www.sumzero.com/apply

*Originally recorded February 2023

In a wide ranging discussion with legendary value investor Guy Spier, we hear about his biggest mistake, why he is fascinated by rating agencies, his positions in India Energy Exchange and Care Ratings and his current thoughts on Credit Suisse. For more access to investment discussions and actionable investment research, join the SumZero investment community by starting your free trial today – www.sumzero.com/apply

*Initially recorded February 2023

SumZero recently sat down with Hugh Dyus of Navis Jockey fund to follow up on our conversation with him regarding investments in China from 7 months back.

Mr. Dyus is a Partner of Navis focused on listed equity investment and fund management activities. He is the Portfolio Manager and an Investment Committee member for Navis’ listed equity funds. He joined Navis in 2015 to establish a new investment strategy focused on investing in Asian private equity backed companies through the listed equity markets.

Prior to joining Navis, Mr. Dyus was Head of Asia at Macquarie Investment Management for their private equity fund, co-investment and secondary investment activities. He has also worked across the Asia Pacific region as a private equity investment professional and as a M&A investment banker.

This week, we are joined by Andy Woltman and Chip Hodgkins, co-founders of Statera Capital, to discuss their private approach to commercial litigation finance. As previously covered on SumZero Headlines, litigation finance is a mature industry in Western Europe and Australia and growing rapidly in the US. With only 25% penetration in the US and over $10B raised over the last five years, litigation finance has produced outsize returns for the small cadre of funds currently involved. Statera Capital invests directly in small to mid-size commercial claims, providing working capital and access to justice for litigants who need it most. 

Ben Griffith of Miri Capital Management covers names you have probably never heard of in regions most investors shy away from. Over years of refining his strategy, Griffith has developed his own brand of friendly activist investing for emerging markets like Turkey, Bangladesh, Poland, and Vietnam to name a few. Where most investors see deficiencies, Griffith sees opportunities to correct international perception, craft a marketing narrative (often for the first time), refine the business model, and integrate ESG standards with his portfolio companies. In this week's episode, Griffith joins us to discuss his EM strategy, the reasons value becomes obfuscated outside of developed markets, and several case studies. 

This week, we are excited to share a conversation with Warren Fisher, Founder/PM of Manole Capital Management on the digital payment tools and digital asset exchanges reshaping the commerce and banking landscapes. Contactless payment, online shopping, and buy-now-pay-later are all fintech concepts that exploded during the COVID-19 pandemic with no signs of slowing down. Payment providers like Venmo and merchant acquirers like Square are consistently stealing market share from traditional banks, who will have to adapt to stay relevant. In this episode, we also touch on the growth of cryptocurrencies and exchanges like Coinbase and Kraken. 

This week, we sat down with Eric Gregg, founder/PM of Four Tree Island Advisory to get into the nuts and bolts of semiconductors and wafer fabrication equipment (WFE). Although WFE is less followed and certainly less research, Gregg encourages active investors to pay attention to these underlying semi components and their manufacturers. Increased computation, memory, and storage needs in every industry from automotive to telecommunications to military technology will mean increased demand for semiconductors. WFE is the number one capital expenditure for all major chipmakers and the WFE industry is largely US-centric. Wafers are a critical piece of the semiconductor supply chain, which according to Gregg has become as nationally important as oil. Please find Gregg's original research on Applied Materials and Lam Research on SumZero and the Four Tree Island Advisory profile on our Cap Intro platform.

This week, we sat down with Scott Preston, founder and CEO of Maven Group LLC, to dissect the GameStop saga and provide the fundamentally-driven narrative not being covered by major media outlets. According to Preston, who has held GME intermittently over the past decade, GameStop is a sound business with several growth opportunities and innovative leadership. In the last several years, management has moved to reshape the business model and consumer experience for modern day gaming. GameStop is no longer reliant on console cycles but actively expanding into eSports, direct-to-consumer marketing, social gaming, and rewards programs that promise substantial runway for recapitalization. The retail investor phenomenon and associated press have certainly helped raise GME's profile but they have not changed the fundamental value drivers that investors like Preston observe.

This week, we are pleased to share a conversation on the uranium opportunity with SumZero's #2 Energy Analyst, Will Thomson. Prior to founding Massif Capital in 2016, Thomson worked as a strategic adviser for NATO in Afghanistan and earned his Masters in Government from Harvard. In today's conversation, we discuss the political, environmental, and economic considerations in the nuclear debate and what role uranium should play in global efforts towards decarbonization. Thomson also shares key insights on the short-term effects of COVID-19 on uranium supply and Kazatomprom, his firm's core holding in the space.

This week, SumZero is excited to offer our very first corporate access event featuring Ken Londoner, CEO of BioSig Technologies (NASDAQ: BSGM). Londoner is a former buyside investor and entrepreneur, who founded BioSig in 2009 after years of analyzing early-stage growth companies in the medtech space. BioSig has patented its core product, Pure EP™ which provides bioelectronic signal processing technology to hospitals and innovation centers in their treatment of arrythmia. Londoner sheds light on the $5B electrophysiology market, BioSig's strategic partnership with the Mayo Clinic, and the far-reaching software applications for Pure EP™ beyond cardiac ablation. 

Last week, we discussed the strengths and weaknesses of Bitcoin with crypto funds, Permian Capital Management and WealthMark LLC.  Josh Kernan and Ian Del Balso of Permian Capital introduce several other digital assets & technologies including Basic Attention Token (BAT) and the Brave browser, which sits atop the Ethereum blockchain. With over 10M monthly active users, Brave experienced a 19% surge in usership between October and November '19. Next, Ben Esget of WealthMark walks us through the "stock to flow" valuation framework for Bitcoin, citing increasingly low interest rates and the Bitcoin halving process as growth catalysts.

Peter Galgay, CIO of Amitell Capital, joins us to take up the other side of the ongoing Burford Capital debate. Galgay and his team have spent years researching litigation finance as an asset class and are invested in a close competitor, IMF Bentham. Galgay draws comparisons between IMF and Burford and outlines investors' discomfort with Burford accounting methods among other insights.