Value Hive Podcast

I hope you guys enjoy my Twitter Spaces conversation on all things Deep Value Investing.

Big thanks to my two co-hosts @BuyCheapAndPray and @theotheraharon for making this Spaces worth the listen.

We cover a ton of ground during the conversation, including:

• Position sizing
• Research process
• Portfolio construction
• Investment criteria
• Lessons learned from mistakes
• Deep value mentors/idols

And more.

You're going to love this episode.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

This is a replay of our podcast in 2023.

This week we have Jeremy Rapper as a returning guest. We had a very interesting discussion on what I call Social Activism. He discusses lessons on shorting, including the Silicon Valley Bank case.

The conversation then shifts to event-driven investing with the Hunter Douglass Saga as an example of Social Activism.

Jeremy also provides insights on Japanese capitalism and the importance of idea generation through pattern recognition.

He mentions FAR Limited ($FAR.ASX) as another example of Social Activism and touches on commodity investing.

• [0:00] Catch Up since Last Podcast
• [4:00] Lessons on Shorting: Silicon Valley Bank
• [19:00] Event Driven Inverting: The Hunter Douglass Saga
• [38:00] Japanese Capitalism
• [58:00] Idea Generation < Pattern Recognition
• [1:02:00] FAR Limited ($FAR.ASX)
• [1:08:00] Commodity Investing
• [1:35:00] More from Jeremy and Closing Questions

I'm thrilled to have John Swallow, CEO of Idaho Strategic, back on the podcast.

John has been one of my favorite guests over the years. He's built Idaho Strategic $IDR from a near-bankrupt entity to a $160M+ company today (as of this podcast).

I first had John on the podcast last February. Things were a lot different then. Gold is much higher now. IDR is profitable. They have no net debt.

But John isn't satisfied. He's building a real company. One that will last for decades after he's gone.

This is the story on how he plans to do that, what makes IDR unique, and why building a business by starting small still makes sense.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

We're back at it with Q4 2024 Investor Audibles! This week we're listening to:

• Vlata Fund
• LVS Advisory
• Patient Capital Management

I think you'll enjoy this week's video.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

Peter Mantas is one of the smartest investors I know. Every time I talk with Peter I get smarter. You will too.

This week, Peter dissects bombed-out spaces like biotech, and discusses how to identify left and right tail investment ideas and industries.

I thoroughly enjoyed this conversation, and I hope you do too.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

I hope you guys enjoy the Q3 2024 Investor Audibles from:

- Saltlight Capital

- Fairlight Capital

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

I'm excited to share my conversation with @Erik_YWR. Erik runs the fantastic Substack YWR.world.

This conversation covers all things inflation. We discuss the main drivers of inflation/deflation, what has happened over the past 20 years in the US, why this time might be different, and how to profit from a higher-for-longer inflationary world.

I really hope you enjoy this as much as I did. If you want to learn more about Erik, check him out on Twitter @Erik_YWR.

Finally, a big thanks to the following sponsors for making the podcast a reality.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠⁠, a website for emerging manager stockpickers.

For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more!

Tegus

Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best.

I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to ⁠⁠⁠⁠⁠tegus.co/valuehive⁠⁠⁠⁠⁠ for a free trial to see for yourself.

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠⁠.

Will Thomson joins the show (for the second time) to discuss the copper market and pitch Zambia as a potential investment jurisdiction.

NOTHING YOU HEAR IS INVESTMENT ADVICE. DO YOUR OWN RESEARCH. THIS IS EDUCATION.

ANY STOCK YOU HEAR MAY OR MAY NOT BE OWNED BY THE GUEST OR HOST.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

Judd Arnold is back for another great episode. We cover so many topics in almost two hours. Stock pickers will love this episode.

We discuss:

• Data Centers (IREN)
• AI (NBIS)
• Offshore Energy (VAL/TDW)
• Bitcoin (CORZ)
• Special Situations (BNED)

I love talking stocks and there are few people I'd rather talk to than Judd.

NOTHING YOU HEAR IS INVESTMENT ADVICE. DO YOUR OWN RESEARCH. THIS IS EDUCATION.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

Evan Tindell runs Bireme Capital, a long/short value investment fund.

I loved this episode. We spent over an hour discussing:

• Investor psychology
• Shorting Costco
• Lessons from being a professional poker player
• Position sizing
• Betting big on META during its Hate Day
• SOTP valuation stories (Bollore & Vivendi)
• Japanese value stocks
• Allocating time

And more!

This was one of the most wide-ranging conversations I've had in a while, and I loved it.

If you like what you heard, follow Evan on Twitter @evantindell.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

Jason Jessup is the CEO/founder of Magna Mining $NICU. NICU is a junior copper, nickel, PGMs, and PM developer and producer in Sudbury, Canada.

I'll keep it simple. I think Jason is building the next multi-billion dollar mining company.

He's got everything in place ... the team, the assets, the opportunity. And I think he's the man for the job.

Give this podcast a listen and let me know what you think.

DISCLOSURE: NICU IS MY LARGEST PERSONAL HOLDING BY FAR. I AM BIASED. PLEASE DO YOUR OWN DUE DILIGENCE. THIS IS MINING, EVERYTHING CAN AND WILL GO WRONG. NOTHING IS ADVICE.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

I hope you guys enjoy the Q3 2024 Investor Audibles from:

- Gator Capital

- Alta Fox Capital

- Greenhaven Road Capital

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

This was a fun episode. I chatted stocks, trading, philosophy, and process with @PurpleDrinkCapital.

I like the way he approaches markets. He's honest about his process, and is eager to share his mistakes (which is a sign I love).

I hope you enjoy this episode.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

I'm excited to share my conversation with Stefan Lingmerth, founder of Sunshine Kapital (yes, with a K!).

Stefan is a distress/stress investor. He buys the common stock of bombed-out, left-for-dead companies that look like they're heading for bankruptcy.

If a stock is making new lows, there's a good chance Stefan knows about it and has already analyzed their balance sheet.

This week, we discuss distressed investing, Trinseo $TSE, and Borr Drilling $BORR.

Note: Stefan holds positions in the stocks mentioned at the time of recording. None of this is investment advice. Do your own work.

Also note: I do not own shares in any of the stocks mentioned at the time of recording, nor do I plan on buying shares in the coming weeks.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

Investor Audibles is back, baby!

I hope you enjoy listening to the following Q3 investor letters:

• Upslope Capital
• Rowan Capital
• JDP Capital Management

Let me know if there are other letters you want to hear!

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

I hope you guys enjoy my podcast with Alberto Alvarez. We discuss Boab Metals (BML), silver, tin, and mining stock valuations.

I loved this conversation and always enjoy Alberto's company.

Make sure you follow him on Twitter/X @AAGresearch.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

I'm stoked to have Jerome aka @UzoCapital on the podcast this week.

Jerome invests in off-the-beaten path ideas. His speciality of late has been de-SPAC'd companies, warrants, and private music royalties.

This was such a fun conversation. Jerome is a great dude, has broad taste and hobbies outside investing, and just loves talking stocks. You'll hear what I mean when you listen.

Make sure to follow Jerome on Twitter @UzoCapital.

Enjoy!

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

I hope you guys enjoy my podcast with Greg Orrell of OCM Gold Fund.

Greg has done what most gold fund managers haven't ... outperform GDX. In fact, Greg has crushed GDX, returning 81% since 2008 versus GDX's 6% during the same time period.

During the podcast, Greg dissects the gold miner industry and gives us a crash course on how to analyze, invest, and position size when buying gold producers.

If you're interested in gold and precious metals stocks, you will love this episode.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

Garrett Goggin is the founder of The Golden Portfolio, a newsletter that exclusively covers gold and silver mining stocks.

Garrett has over 15 years experience investing in junior precious metals miners. I spent over an hour picking his brain on portfolio construction, grade hurdle rates, red flags to avoid, and how to value a mining stock.

I think you'll like this one.

Please note that Garrett or myself might own any of the stocks mentioned in the podcast. None of this is investment advice. Do your own work. Mining investing is extremely risky. You've been warned.

Finally, a big thanks to the following sponsors for making the podcast a reality.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠⁠⁠, a website for emerging manager stockpickers.

For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more!

Tegus

Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best.

I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to ⁠⁠⁠⁠⁠⁠tegus.co/valuehive⁠⁠⁠⁠⁠⁠ for a free trial to see for yourself.

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠⁠⁠.

I'm very excited to share my conversation with John Swallow, CEO of Idaho Strategic Resources (IDR).

IDR is a small cap gold producer that does things differently. They generate cash flow. Then use that cash flow to explore their massive land package for gold and rare earth elements (REEs).

John is a true owner operator. Not only is he the CEO, he owns a lot of the company's stock, barely makes more than the average mining geologist on his team, and has a long-term ownership mindset.

Most junior mining companies are promotional gimmicks with a balance sheet and a story. IDR is different. They generate real cash flows and fund their business not on promises, but on results.

DISCLOSURE: I AM A SHAREHOLDER IN IDR AS OF THIS RECORDING. NONE OF THIS IS INVESTMENT ADVICE. DO YOUR OWN WORK. MAYBE YOU COME TO THE SAME CONCLUSIONS AS I DID. MAYBE NOT. WHO CARES.

Regardless of what you think of mining stocks, you will appreciate John's honest approach to his life's calling.

I hope you enjoy.

Finally, a big thanks to the following sponsors for making the podcast a reality.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠⁠⁠, a website for emerging manager stockpickers.

For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more!

Tegus

Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best.

I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to ⁠⁠⁠⁠⁠⁠tegus.co/valuehive⁠⁠⁠⁠⁠⁠ for a free trial to see for yourself.

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠⁠⁠.

Cody Shirk is a surfer, investor, and writer/founder of the Explorer Report.

Basically, I want to be like Cody when I grow up.

We spend 90 minutes discussing Cody's wild adventures traveling and investing in Latin America, his trip to Chernobyl to research uranium stocks, and how he thinks about gold, the US dollar, and other commodities.

This was, by far, one of the most fun conversations I've had this year on the podcast.

You're going to love it.

Make sure to check Cody's writing out at codyshirk.com.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

Josh Crumb talks all things commodities, green energy transition, mining labor shortage, and building Abaxx Futures Exchange.

I hope you enjoy.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

Dave Waters returns to The Value Hive Podcast to discuss all things illiquid stocks, dark stocks, the expert market, and lessons learned from past mistakes.

Investing nerds will love this episode.

Dave is one of the sharpest, most unique investors I know. You'll enjoy this conversation.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

Investor Audibles is back, baby!

I hope you enjoy listening to the following Q2 investor letters:

• Legacy Ridge Capital
• Kathmandu Capital
• Alluvial Capital

Let me know if there are other letters you want to hear!

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

I hope you guys enjoy my Twitter Spaces conversation on all things Deep Value Investing.

Big thanks to my two co-hosts @BuyCheapAndPray and @theotheraharon for making this Spaces worth the listen.

We cover a ton of ground during the conversation, including:

• Position sizing
• Research process
• Portfolio construction
• Investment criteria
• Lessons learned from mistakes
• Deep value mentors/idols

And more.

You're going to love this episode.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

I'm excited to share my latest conversation with Chris Abbott of 1035 Capital Management.

Chris buys stocks that you've never heard of. When you do hear about them, they make you want to vomit.

He dumpster dives into hated market corners, abandoned equities, and downright ugly situations.

This week Chris pitches three off-the-beaten path ideas: LLAP, FATBP, and ASPI.

I guarantee you'll learn something new because there's at least one company you haven't heard of here.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

This week we had a fantastic conversation with David Kaye, the president and co-founder of Snapshot Games. We talked about a variety of different topics such as David’s first video game company, how different types of video games companies will allocate capital, how NFTs could be used in the video game industry, Unity vs. Epic Games, and what are some KPIs that investor should look for when investing in the video game industry.

This episode is brought to you by BullpenCareers.com. BullpenCareers.com is a job board exclusively for finance jobs. If you or someone you know is looking for a job in finance, check out BullpenCareers.com today!

• [0:00] Who is David Kaye?
• [8:00] David’s First Company: Iron Realms.
• [14:00] Iron Realms’ Live Auction In-game Purchases.
• [22:00] Founding Snapshot Games
• [27:00] Capital Allocation in the Video games Industry
• [32:00] How to Increase Player Liquidity
• [41:00] Game Companies as Entertainment Power Houses
• [46:00] The Video Game Metaverse
• [48:00] NFTs in Video Games
• [54:00] Unity vs. Epic Games
• [1:01:00] What Investors Should Look For When Analyzing Video Game Companies
• [1:11:00] Closing Questions

If you liked what you heard and want to learn more about David Kaye, check out his Twitter @DavidKaye, and PLEASE follow him.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

Don Simmons is the CEO of Hemisphere Energy (HME), a Canadian heavy oil producer.

DISCLOSURE: WE/MACRO OPS OWNS SHARES IN HME AT THE TIME OF THIS PODCAST RELEASE. DO YOU OWN WORK. NONE OF THIS IS INVESTMENT ADVICE. SMALL CAP ENERGY STOCKS ARE RISKY.

With that out of the way, let's get to the podcast.

Don dives deep into his background and how he founded HME. The company takes a simple, yet unique approach to building an enduring and capital-returning E&P.

You'll find Don's common sense refreshing and yet so uncommon in E&Ps.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

Taylor Sulik is trying to solve a problem that we all face, but nobody wants to do ... revive domestic US critical mineral production.

And he's doing it with Tungsten (among other metals).

This podcast explores Taylor's path towards starting a mining company, how he's built his from scratch, and his plans for future production/development.

I loved this episode. Taylor's story is one every person should hear. He's doing the hard work while the rest of us, myself included, simply talk about it.

I hope you enjoy this as much as I did.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

Evan Tindell runs Bireme Capital, a long/short value investment fund.

I loved this episode. We spent over an hour discussing:

• Investor psychology
• Shorting Costco
• Lessons from being a professional poker player
• Position sizing
• Betting big on META during its Hate Day
• SOTP valuation stories (Bollore & Vivendi)
• Japanese value stocks
• Allocating time

And more!

This was one of the most wide-ranging conversations I've had in a while, and I loved it.

If you like what you heard, follow Evan on Twitter @evantindell.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

This is a replay of my 2023 conversation with Lobo Tiggre of Independent Speculator.

Lobo is one of the premier voices in junior mining speculation, and you can tell why throughout this podcast.

Lobo pulls no punches. He tells it like it is -- the good, the bad, and the ugly -- all while educating and entertaining you along the way.

It's a fantastic listen, and one that you will want to listen to multiple times to get the most out of the conversation.

If you like what you heard, go follow him on Twitter @duediligenceguy.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

This is a very different episode than usual. I don't think I've recorded a podcast specifically about net-net investing.

But it's something I've wanted to do for a long time.

That's why I'm excited to have Luis Sanchez on the podcast. Luis is a full-time net-net investor. He hunts in corners of the market you haven't even thought of.

During the podcast, we dive deep into Luis's process, how he selects net-net stocks, and how he thinks about portfolio construction.

If you're a fan of bottom-fishing, deep value, or net-nets, you will love this episode.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

I hope you guys enjoy my podcast with Greg Orrell of OCM Gold Fund.

Greg has done what most gold fund managers haven't ... outperform GDX. In fact, Greg has crushed GDX, returning 81% since 2008 versus GDX's 6% during the same time period.

During the podcast, Greg dissects the gold miner industry and gives us a crash course on how to analyze, invest, and position size when buying gold producers.

If you're interested in gold and precious metals stocks, you will love this episode.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

Just Judd Arnold pitching Navios Maritime $NMM and why he thinks its cheap and why it could reach $200/share in the future.

Remember guys, none of this is investment advice. It's shipping. You will probably lose all your money, This is for educational/entertainment purposes only.

Make sure you read Judd's 50-page memo on $NMM if you want to explore the idea further.

Big thanks to Judd for coming on the podcast. He's one of our most popular guests and I always come away smarter from talking to him.

And for full disclosure: I do not own $NMM stock at the time of this recording and publishing. That could change in the future.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.