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Value Hive Podcast

Value Hive Podcast

By Brandon Beylo
Welcome to The Hive! It's nice in here, isn't it?

The Hive is a collection of investors, entrepreneurs, thinkers and individuals dedicated to getting a little smarter each day.

If you're a fan of value investing, business models, eclectic success and failure stories -- this is your podcast.

Our goal is to provide you the highest quality interviews with new twists on old topics. Fresh perspectives on antiquated ideas. Passionate discourse on all things investing.

Join us as we strive to improve a little bit each day: macro-ops.com/

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Innovative Technology Investing w/ Brett Winton, Ark Investment (Episode 54)

Value Hive Podcast

Innovative Technology Investing w/ Brett Winton, Ark Investment (Episode 54)

Value Hive Podcast

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Bauncey Chillups (@PrefShares): Court Vision, Financial Models & Video Game/Home Improvement Stocks
This week we've got FinTwit Anon Bauncey Chillups or @PrefShares on Twitter. Bauncey dives deep into a host of topics, including:  Court vision: Bauncey's metaphor of basketball and investing The Dangers of Complex Financial Modeling Home Improvement Stocks Transition Investors Lessons Learned From Investing in Asset Plays  Call Options Embedded in AAA Video Game Stocks I thoroughly enjoyed this podcast. Bauncey is someone I've wanted to get on the podcast for a long time and I'm glad he took the time to do it. I learned a ton and I know you will too.  You can check out our time-stamp below:  [4:00] Court Vision [20:00] Financial Modeling and buying businesses that excite you [60:00] Home Depot $HD and Lowe's $LOW [67:00] Investing in Water Rights [73:00] General Dangers of Asset Play Investing [76:00] The Mt. Rushmore of Transition Investors [89:00] Bull Case on AAA Video Game Stocks [101:00] Closing Questions Also big thanks to the following sponsors for making the podcast a reality! MIT Investment Company (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 with a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. In order to help the emerging manager community more broadly, they created emergingmanagers.org, a website for emerging manager stockpickers. For those looking to start a stockpicking fund, or those 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 stockpickers, and more. MITIMCo also occasionally and opportunistically hires new members for their investment team. To view the job description, please visit mitimco.org/global-investor - [that's M-I-T-I-M-C-O dot O-R-G slash global dash investor]. The MITIMCo team spends their time learning about great businesses and investments, working with exceptional investors around the world in order to support generations of MIT innovators. Tegus.co 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. Since joining, 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. Quartr App Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from twelve countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them. You can learn more about Quartr by visiting their site,
01:32:27
October 22, 2021
Bluth Capital: Lessons From VC, The New Four Horsemen & SPAC Attacks
Hey guys! Todays guest is the anonymous account on Twitter @bluth_capital. Bluth has decided to surface from his interweb lair and join the podcast! We're going to discuss his VC journey and how it relates to big tech and SPACs. We're also going to discuss moats and the four horsemen of the new venture know-how (you'll find out what that means!). We'll then talk about the biggest risk that Bluth is acutely studying as we're 11 years into a bull market. Finally, we'll hit on NFTs, a commodities super-cycle, and some passive macro bail-outs. This is a loaded episode so I hope you strap in and enjoy! If you like what you heard, please follow Bluth on Twitter @BluthCapital [1:30] Why Join Twitter? [4:00] Bluth’s VC journey and how it relates to Big Tech. [13:00] SPAC Attack Thread: Virgin Galactic (SPCE) and 23andMe (ME) [27:00] How to Find the Strongest Moats? [40:00] The Four Horsemen of the New Venture Know-How: CVS, PM, F and GOOG [53:00] Passive Macro Bail Outs. [1:07:00] The New Antirust Paradigm [1:10:00] Commodities Super Cycle. [1:12:00] Possible New Investment: Yelp [1:17:00] More from @bluth_capital and closing questions. This episode is also brought to you by Quartr. Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from twelve countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them. You can learn more about Quartr by visiting their site, Quartr.se If you're interested in changing the way you research companies, download the app today and give it a try on Apple and Android. Finally, we're proud to announce our newest sponsor, 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. Since joining, 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. We're also excited to partner with MITIMCo, the investment office of MIT. In order to help the emerging manager community more broadly, they created emergingmanagers.org, a website for emerging manager stock-pickers. For those looking to start a stock-picking fund, or those 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 stock-pickers, and more. Check them out at mitimco.org/global-investor today!
01:22:48
October 15, 2021
Peter Mantas (Logos Capital): Portfolio Construction, Biotechs & Value Re-Booted
This week we have Peter Mantas, GP at Logos LP. This podcast is all about idea generation, how modern data and technical analysis can be applied to value investing, how he manages his portfolio construction, how drawdowns can really jeopardize your mental capital, as well Peter Mantas shares with us some tips and tricks on how he analyzes biotechnology companies and the rise of intangible assets. If you like what you heard, please follow Peter on Twitter @Logos_LP Check out the time-stamp below:  [0:00] Who is Peter Mantas? [8:40] Why go into Law School? [14:30] Peter’s Investment Strategy: Cash Park, Peripherals, Core [20:00] Duration Curve and Duration Spectrum [30:00] Drawdowns are present in Great Business [39:00] Idea Generation: Biotechnology [50:00] Biotech’s Prism of Risk  [1:02:00] Biotech 101: How to Start Investing. [1:09:00] Using Technical Analysis in Value Investing [1:20:00] The Rise of Intangible Assets [1:28:00] Areas to Improve as an Investor [1:37:00] More from Peter Mantas and Closing Questions This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap, and enterprise value. Also, they've introduced their new Global Stock Screener. Check it out now! I couldn't be more excited to partner with TIKR This episode is also brought to you by Quartr. Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from twelve countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them. You can learn more about Quartr by visiting their site, Quartr.se If you're interested in changing the way you research companies, download the app today and give it a try on Apple and Android. Finally, we're proud to announce our newest sponsor, 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. Since joining, 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. We're also excited to partner with MITIMCo, the investment office of MIT. In order 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 those 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 stock-pickers, and more. Check them out at mitimco.org/global-investor today!
01:48:24
October 8, 2021
Tom Morgan: How To Become A Curiosity Sherpa
This week we have Tom Morgan, Director of Communication and Content at the KCP Group.  This episode we will focus on how to become a curiosity sherpa and what that really means, how we can close the gap between map and territory, how to lean into your impulse, how investors fall in love with their own thesis and why we should destroy our mental models. We also discuss Tom’s thoughts on the potential global face change, and we’ll finish the conversation on the flow of networks and systems: how to understand it all? If you enjoyed this podcast, please follow Tom on Twitter @tom_morganKCP  Also, please read Tom's work here.  Check out the time-stamp below:  [0:00] Who is Tom Morgan?  [8:10] Destroying Mental Models [14:00] How To Do Strategic Rehearsals  [26:00] Closing The Gap Between The Map & Territory  [40:00] Falling in Love With Your Own Thesis [58:00] What is The Potential Global Phase Change? [1:07:00] NFTs, DAOs, and Bubbles [1:10:30] The Flow of Networks: The Second Derivatives [1:15:00] The ESG Mandate [1:24:00] The Future Successful Investor [1:29:30] What is Tom Morgan working on? [1:35:00] Closing Questions This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap, and enterprise value. Also, they've introduced their new Global Stock Screener. Check it out now! I couldn't be more excited to partner with TIKR This episode is also brought to you by Quartr. Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from twelve countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them. You can learn more about Quartr by visiting their site, Quartr.se If you're interested in changing the way you research companies, download the app today and give it a try on Apple and Android. We're also excited to partner with MITIMCo, the investment office of MIT. In order 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 those 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 stock-pickers, and more.   Check them out at mitimco.org/global-investor today! Finally, we're proud to announce our newest sponsor, 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. Since joining, I spend nearly all my time reading Tegus calls on existin
01:39:15
October 1, 2021
Adam Singer: Investing in Life Sciences, Tech Dystopia, and Online Worlds
Hey guys! This week we have a special guest Adam Singer, the VP of marketing and LEX Markets. We covered a variety of topics ranging from working for Google, investing in life sciences companies such Invitae (NVTA), what is LEX Markets plus we get to know Adam’s early life, how he became a DJ and music composer, he explains to us what are Potemkin numbers and how fishing, poker, and investing are very similar and last but not least we talked about  technology dystopia and if we are becoming an ant colony? This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap, and enterprise value. Also, they've introduced their new Global Stock Screener. Check it out now! I couldn't be more excited to partner with TIKR This episode is also brought to you by Quartr. Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from twelve countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them. You can learn more about Quartr by visiting their site, Quartr.se If you're interested in changing the way you research companies, download the app today and give it a try on Apple and Android. Finally, we're proud to announce our newest sponsor, 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. Since joining, 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. Check out our time-stamp below:  [0:00] Who is Adam Singer? [14:00] Joining Google  [19:00] Life Sciences Investing: Invitae (NVTA)  [36:00] Joining LEX Markets [44:00] Becoming a DJ and Composing Music  [50:00] Are we relying too much on Technology?  [1:05:00] Technology Dystopia: Are we becoming an ant colony?  [1:10:00] Enhancing your first life with your second life.  [1:20:00] Everything should be like Youtube and Soundcloud. [1:25:00] Fishing, Poker and Investing. [1:37:00] NFTs’ Future  [1:43:00] Potemkin NUmbera and Faking Clout. [1:49:00] More from Adam Singer and Closing Question If you like what you hear from Adam, please follow him on Twitter @AdamSinger. 
01:58:23
September 24, 2021
Shreekkanth Viswanathan: Finding Great Businesses Outside The US (SHVA.TSE & LVC.WSE)
Shreekkanth Viswanathan is the founder and portfolio manager at SVN Capital. In this episode we had an amazing conversation about Shreekkanth’s investment criteria, his M&A background, his time at Advisory Research, founding SVN Capital  idea generation, idea sourcing, and we discussed two ex-US investing: Automatic Bank Services (SHVA) located in Israel and Livechat Software (LVC) located in Poland. Check out the time-stamp below:  [1:18] The State of the Investment Union  [5:00] Evolution Gaming  [8:00] Shreekkanth Investment Criteria [16:00] Shreekkanth’s M&A Background  [21:00] Advisory Research Type of Investments [27:00] Does Valuation Matter in the Current Environment?  [32:00] Founding SVN Capital.  [42:50] Ex-Us Ideas: Automatic Bank Services (SHVA) [1:03:00] Ex-Us Ideas: Livechat Software (LVC) [1:19:00] More from Shreekkanth and Closing Questions This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap, and enterprise value. Also, they've introduced their new Global Stock Screener. Check it out now! I couldn't be more excited to partner with TIKR This episode is also brought to you by Quartr. Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from twelve countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them. You can learn more about Quartr by visiting their site, Quartr.se If you're interested in changing the way you research companies, download the app today and give it a try on Apple and Android. Finally, we're proud to announce our newest sponsor, 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. Since joining, 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.
01:27:24
September 17, 2021
Ben Kovler: Live Q&A w/ Founder/CEO of Green Thumb Industries $GTII
Hey gang! I'm stoked to bring you my Twitter Spaces interview and Q&A with Ben Kovler, founder and CEO of Green Thumb Industries $GTII.  GTII is a cannabis MSO (multi-state operator) betting big on consumer brands in the recreational cannabis space. The company sports a $7B market cap and generates over $750M in annual revenue.  During the Spaces, I give Ben a more formal 1v1 interview about the business, long-term strategies, and how he thinks about branding. After that, we open the floor to live Q&A from those in attendance.  I can't thank Ben and the listeners enough. Listeners asked great questions and Ben was extremely generous with his time in giving us over an hour on a Labor Day Sunday.  If you like what you heard, give Ben a follow here.  Please note: I do not hold any GTII stock as of the date of this recording.  This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap, and enterprise value. Also, they've introduced their new Global Stock Screener. Check it out now! I couldn't be more excited to partner with TIKR This episode is also brought to you by Quartr. Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from twelve countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them. You can learn more about Quartr by visiting their site, Quartr.se If you're interested in changing the way you research companies, download the app today and give it a try on Apple and Android. Finally, we're proud to announce our newest sponsor, 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. Since joining, 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.
01:18:52
September 15, 2021
Louisa Nicola: How To Supercharge Decision-Making
This week we're diving into the physiology, biology and neurological side of investing and general performance with Louisa Nicola a Neuroscientist, Neurophysiologist and founder of Neuro Athletics. We learn a little bit about Louisa’s life, how she went from being an elite olympic level athlete to being a neuroscientist, neurophysiologist, and founding Neuro Athletics. What some of the misconceptions about neurology, how our “brain endurance” help us in making sharp decisions, how we can use dopamine so we can achieve our goals, and last, but not least, the importance of sleep in our everyday life and how we can improve it. [0:00] Who is Louisa Nicola? [2:50] Recovering from a Car Accident [10:00] Misconceptions about Neurology [12:40] Andy Murray and Warren Buffet: Making Sharp Decisions. [22:00] Reward Prediction Error: Dopamine the Motivation Molecule.   [33:00] What To Do If You Are Underperforming? [37:00] Louisa’s Steel Tunnel Analogy.  [53:00] How to Improve Your Sleep?  [1:00:00] Micro-dosing and the Future of Consumer Psychedelics. [1:08:00] Closing Questions If you enjoyed the podcast please follow Louisa on Twitter here and check out her SubStack Neuro Athletics.  This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap, and enterprise value. Also, they've introduced their new Global Stock Screener. Check it out now! I couldn't be more excited to partner with TIKR This episode is also brought to you by Quartr. Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from twelve countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them. You can learn more about Quartr by visiting their site, Quartr.se If you're interested in changing the way you research companies, download the app today and give it a try on Apple and Android. Finally, we're proud to announce our newest sponsor, 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. Since joining, 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.
01:17:33
September 10, 2021
David Polansky: Babushkas & The Quest For 20% IRRs
This week we chat with David Polanksy, co-founder and managing partner at Immersion Investments.  David is a terrific investor, independent thinker, and an all-around great guy. He's also CRIMINALLY under-followed on Twitter with less than 500 followers.  Let's change that, folks.  David and I spend two hours discussing myriad topics, including:  David's Investing Guiding Principles The Five Types of Investments David Makes eDreams Odigeo (EDR) BasicFit (BFIT) I thoroughly enjoyed this conversation and I know you will too. David drops plenty of knowledge bombs during the podcast and I know you'll be smarter for it.  This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap, and enterprise value. Also, they've introduced their new Global Stock Screener. Check it out now! I couldn't be more excited to partner with TIKR This episode is also brought to you by Quartr. Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from twelve countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them. You can learn more about Quartr by visiting their site, Quartr.se If you're interested in changing the way you research companies, download the app today and give it a try on Apple and Android. Finally, we're proud to announce our newest sponsor, 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.  Since joining, 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. 
01:54:07
September 3, 2021
Adam Wilk: From Spurs To Stocks & The Power of Doing Nothing
Today we had the privilege of speaking with Adam Wilk, Founder and Portfolio Manager of Greystone Capital Management LLC. He has a very interesting background, he worked with the San Antonio Spurs on the Acquisition Department, we discussed the intricacies of basketball analytics, what does his research process looks like, from initial due diligence to deep dives, and how much he spends on research, we also talked about two of his ideas At Home (HOME) and Thunderbird Entertainment Group (TBRD) and we wrapped our conversation with tips and tricks on learning how to do nothing.  [0:00] Introduction  [4:40] How Did You End Up Working with the San Antonio Spurs? [11:00] Parallels Between Basketball Operations and Investing [18:30] Is it Possible to Do a DCF on a Basketball Player? [28:00] The Key Main Drivers For Valuing a Player [39:00] A Day in the Life of Adam Wilk [45:00] Adam’s Bread and Butter Investment [50:00] How to Manage a Watchlist [1:00:00] At Home (HOME): Why Was It an Attractive Business?  [1:09:00] HOME's Private Equity Takeover  [1:19:00] Private Deals at the Expense of Shareholder Value  [1:24:00] Thunderbird Entertainment Group (TBRD)  [1:29:00] TBRD’s Bear Thesis  [1:30:00] Learning to Do Nothing  [1:42:00] Adam’s Hobbies  [1:50:00] More from Adam Wilk If you enjoyed this podcast please follow Adam on Twitter @AKWilk
02:03:50
August 27, 2021
Dan McMurtrie: Research Process, Inverted Shorts & Post-Consciousness
This week we chat with Dan McMurtrie, co-founder and Portfolio Manager of Tyro Partners. Tyro manages assets for Institutions and High Net Worth Individuals. We utilize a deep dive research process focused on evaluating the secular trends and supply chains driving Technology, Healthcare, Industrial, and Consumer markets. Today Dan joins The Hive for a three-hour podcast with topics ranging from post-consciousness, Maslow's Hierarchy of Needs, Fad Investing, and Lessons For Emerging Managers.  Dan is a fantastic investor and an even better human. I hope you listen to the show in its entirety as Dan continually drops knowledge bombs about life as an emerging manager.  If you don't already, please follow Dan on Twitter @SuperMugatu. Also, if you're interested in Dan's firm Tyro Partners, check them out here.  This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap, and enterprise value. Also, they've introduced their new Global Stock Screener. Check it out now! I couldn't be more excited to partner with TIKR We're also proud to introduce our newest sponsor, Quartr! Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from twelve countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them. You can learn more about Quartr by visiting their site, Quartr.se If you're interested in changing the way you research companies, download the app today and give it a try on Apple and Android.
03:11:53
August 20, 2021
Steven Wood: Constructivism & The Psychology of A Great Investor
This week we had a conversation with Steven Wood founder of Greenwood Investors. We covered a variety of topics ranging from joining the board of 500-year-old Portuguese Institution, Steven’s latest book “The Builders” and how he is writing it, the white paper he is publishing on how family businesses operate plus Steven is a huge psychology geek and he gave us an insight on how our left and right brain interact and what we can do to take full advantage of both sides. Here are the time-stamps:  [0:00] Who is Steven Wood? [4:00] Misunderstood Quality. [8:20] Activism vs Constructivism. [19:30] Asking tough Questions to Managers. [26:00] The Role of a Board Member in Public Company. [36:00] The Journey from Investor to Board Member: CCT.   [55:00] Steven Wood’s Book: The Builders. [1:10:00] The Left and Right Brain in Investing. [1:20:00] Why Steven Woods loves Running.   [1:36:00] More from Steven Wood and Closing Questions If you enjoyed the conversation and want to learn more, follow Steven on Twitter here and check out his website here.  This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap, and enterprise value. Also, they've introduced their new Global Stock Screener. Check it out now! I couldn't be more excited to partner with TIKR We're also proud to introduce our newest sponsor, Quartr! Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from twelve countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them. You can learn more about Quartr by visiting their site, Quartr.se If you're interested in changing the way you research companies, download the app today and give it a try on Apple and Android.
01:43:25
August 13, 2021
Omri Velvart: Value Investing At The Age of Acceleration
This week we had a conversation we Omri Velvart Founder & CIO @ Legacy Value Partner. We dive into his journey from being a Deep Value Investor to investing in Quality, why he invested in Salesforce (CRM) and Facebook (FB), what is Value Chain Investing, and last but not least we had a conversation about investing in Israel businesses. Please do yourself a favor and follow Omri on Twitter (here). He is criminally underfollowed and I hope we can change that! If you're interested in what he's doing at Legacy Value Partners, check out their Twitter page, here.  Here is the conversation time-stamp:  [0:00] Who is Omri Velvet? [13:30] From Deep Value Investing to Quality Investing [17:00] Advantages of Being Small [20:00] Investing in Salesforce (CRM) [32:00] Value Chain Investing: Facebook [44:00] Mistakes on Value Chain Investing: Semiconductor Industry [54:00] Investing in Tech Israel Businesses [1:05:00] Possible Red Flags on Investing in Israel [1:12:00] Exciting Businesses to Invest in [1:13:00] Talkspace, Inc (TALK)  [1:27:30] Omri Velvart’s Interests [1:32:00] More from Omri Velvart and Closing Questions This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap, and enterprise value. Also, they've introduced their new Global Stock Screener. Check it out now! I couldn't be more excited to partner with TIKR We're also proud to introduce our newest sponsor, Quartr! Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from twelve countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them. You can learn more about Quartr by visiting their site, Quartr.se If you're interested in changing the way you research companies, download the app today and give it a try on Apple and Android.
01:37:49
August 6, 2021
China Tech Sell-off Explained: Twitter Spaces Feat. Rui Ma
This week we're releasing the recording of a Twitter Spaces I hosted on Tuesday (07/27).  Topic: China Tech Sell-Off  Co-hosts: Rui Ma (@ruima), Jessica Ablamsky (@jablamsky), BuyandHold (@BuyandHoldd), and Mayhem For Markets (@Mayhem4Markets) This was a fantastic discussion on all things Chinese investing from VIEs to venture capital flows, and even a few stock pitches. At one point we had nearly 300 people listening to the conversation.  I learned a ton about the Chinese public and private markets through this conversation, and I know you'll learn just as much! Please follow the co-hosts on Twitter, your feed will be better for it.  As always, if you like what we're doing, please subscribe and tell your friends about the podcast. It's a great (and free!) way to help grow our audience and produce even better content.  This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap, and enterprise value. Also, they've introduced their new Global Stock Screener. Check it out now! I couldn't be more excited to partner with TIKR We're also proud to introduce our newest sponsor, Quartr! Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from twelve countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them. You can learn more about Quartr by visiting their site, Quartr.se If you're interested in changing the way you research companies, download the app today and give it a try on Apple and Android.
01:41:24
July 30, 2021
SinStockPapi: Tobacco Stocks, ESG Signaling & Limbic Investing
This week we have @sinstockpapi joining the Value Hive. We dive into why invests in sin stocks, what is limbic capitalism, everything you need to know about tobacco companies such as British Tobacco, what is the Lindy Effect, the bull and bear case for Swedish Match, his thoughts on ESG investing, and a Q&A from the FinTwit Community.  Here is the time-stamp:  [0:00] Who is @sinstockpapi? [4:30] Investment Philosophy  [9:00] Understanding the Business as a Customer [13:00] Lessons Learned from the Covid 19 Crash  [16:00] Sins Stock: What is Limbic Capitalism? [22:00] Sin Stocks’ Misconceptions: Tobacco  [26:00] Making Money on Tobacco Stocks. [29:00] What It feels to have a Nicotine Withdrawal.  [33:00] What is the Lindy Effect? [39:00] Sinstockpapi’s Portfolio  [40:30] British Tobacco (BTI)  [43:00] Who is Kenneth Darth? [44:00] The Bull Case for Swedish Match (SWMA)  [49:00] The Bear Case for Swedish Match (SWMA) [52:00] ESG Investing [56:00] Twiter Q&A  [57:00] Is TPB a future 10x Compounder?  [1:02:00] Unlevered vs Levered Multiples when Analyzing Tobacco Companies [1:04:00] Favorite Juul Flavor?  [1:05:00] Why is SWMA better than BTI?  [1:07:00] Should Tobacco Companies Abolish Dividends? [1:09:00] Closing questions Make sure to check out SinStockPapi's new Substack here.  We're also proud to introduce our newest sponsor, Quartr! Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from twelve countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them. You can learn more about Quartr by visiting their site, Quartr.se If you're interested in changing the way you research companies, download the app today and give it a try on Apple and Android.
01:19:24
July 23, 2021
Kyla Scanlon: Tik-Tok, Creator Economies, and DAOs
This week’s guest is the one and only FinTwit/TikTok celebrity Kyla Scanlon. Kyla tells her experience on creating financial content specifically for Tik Tok. She gives us an insight into the creative content grind: how she comes up with ideas, how she produces her videos, managing feedback, mistakes learned, creator wellness and burnouts. Plus we have a little side conversation about Decentralized Autonomous Organizations (DAOs). [3:00] Kyla’s First TikTok Video [7:30] The Creative Process of Producing a Finance Tok Tok Video [11:20] TikTok as a Platform for Financial Education/Content? [13:00] Video Mistakes [16:00] Working with Patrick O’Shaughnessy on the Business Breakdowns Podcast. [19:00] What are Decentralized Autonomous Organizations (DAOs)? [25:00] The Grind of Creating Content [30:00] What is Creator Wellness [34:00] Receiving Positive and Negative Feedback  [38:00] More from Kyla Scanlon and Closing Questions If you want to learn more about Kyla or watch her awesome videos, check her out at these links:  Kyla's Twitter Kyla's Substack We're also proud to introduce our newest sponsor, Quartr! Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from twelve countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them. You can learn more about Quartr by visiting their site, Quartr.se If you're interested in changing the way you research companies, download the app today and give it a try on Apple and Android.
43:41
July 16, 2021
Harris Perlman: Finding Hidden Treasure w/ @OtterMarket
We're stoked to have Harris Perlman join The Hive this week. Harris is a full time investor specializing in micro-cap/nano-cap stocks all across the globe. If it's tiny, obscure, off-the-beaten-path and with a bit of hair, odds are Harris has studied it. To get an idea of who he is, know this. Harris has gone from A-Z on both the OTC Market Exchange and the Canadian TSX Exchange. Yep, that's dedication. This week Harris dives deep into his investment process and philosophy. He shares mistakes he's made along the way, lessons learned from past (and current) winners, as well as revealing his process for finding such unique stocks. There are loads of golden information nuggets along our 1.5HR conversation. I know you'll love it. Here are the time-stamps: [2:00] Intro Questions [4:00] Finding Patterns in Companies [16:00] Learning From Past Mistakes [28:00] Starting With The A's ... And Actually Finishing [36:00] All Things Energy Stocks [50:00] XPEL & Finding Your Strike Zone [69:00] Modeling & Conviction Levels [90:00] Closing Questions If you liked Harris please follow him on Twitter @OtterMarket 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! We're also proud to introduce our newest sponsor, Quartr! Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from twelve countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them. You can learn more about Quartr by visiting their site, Quartr.se  If you're interested in changing the way you research companies, download the app today and give it a try on Apple and Android. 
01:23:49
July 9, 2021
Robert Mulcahy: Tiny Stocks, Lemonade $LMND, and Letting Winners Run
This week is all about the micro-cap space and we have Robert Mulcahy or the @tinystockninja on Twitter. We covered a variety of topics ranging from how Robert started his investing journey, identifying mistakes and how to correct them, how he manages his portfolio and allocates capital, his view, as former insurance professional, on the $LMND AI Twitter debacle, and last but not least his bull thesis on his latest high conviction micro-cap bet: Crexendo ($CXDO). 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! We're also proud to introduce our newest sponsor, Quartr! Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from twelve countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them.  You can learn more about Quartr by visiting their site, Quartr.se If you're interested in changing the way you research companies, download the app today and give it a try! Here's this week's timestamp:  [0:00] Who is Robert Mulcahy? [4:00] Rob’s Investing Philosophy [6:00] Selling to Early: $JYNT and $ROKU [15:30] When to Update Your Estimated Fair Value  [19:00] Portfolio Management  [23:00] Artificial Intelligence in the Insurance Industry? $LMND   [30:00] What is $LMND’s Bull Case? [35:00] Disrupting the Insurance Industry  [39:30] Crexendo ($CXDO)  [47:40] Rob’s Screening Process [49:00] Crexendo’s Value  [53:00] Crexendo’s Bear Thesis [1:00:00] The First 1 Trillion Market Cap. [1:03:00] What’s on Rob’s Radar? [1:08:00] More from Rob and Closing Questions
01:12:45
July 2, 2021
David Kaye: The Business of Video Game Development
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. 
01:13:45
June 25, 2021
Chris Barto: Mitek Systems $MITK, Swing Trading w/ Options, & Fiducia Invest
This week we're stoked to have Chris Barto join The Hive. Chris is a former investment analyst at a boutique RIA in Pittsburgh and current founder of Fiducia Investment Research LLC. Chris runs a concentrated, transparent, and in-depth research service covering high-quality businesses with durable competitive advantages. The site is perfect for people who are interested in learning about different businesses, read market commentary, as well as develop a place to interact with other investors who are willing to put in the time to read and learn. During our hour-long chat, Chris and I discuss the absence of valuation in today's investing framework, how Chris developed his own investment philosophy, an overview of Mitek Systems $MITK, and his short-term options swing trading system.  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! Here is the time stamp:  3:12 - Working At Boutique RIA Firm 13:34 - Making The Decision To Start Fiducia Invest 26:40 - Bad Investment Idea: $CSCO 37:09 - Mitek Systems $MITK 43:28 - Options Swing-Trading Strategy 50:36 - Just Doing Shorter-Term Trading 56:09 - Long-term Vision For Fiducia Investment Research LLC 58:37 - Closing Questions If you liked what you heard and what to learn more about Chris and his service, check him out on Twitter @FiduciaInvest and his website 
01:00:42
June 18, 2021
@the10thman1: Carvana $CVNA Deep Dive
Today’s episode we had a conversation with the anonymous twitter account @the10thman1 about his exceptional Carvana’s bull thesis. We covered everything that an investor needs to know about Carvana, whether it is Carvana’s history, the used car industry, Carvana’s Competitive advantages, what Carvana needs to improve in order to succeed, the bear thesis against Carvana and @the10thman1’s fair value for Carvana. [0:00] Who is @the10thman1? [8:30] Expectation Investing [12:00] From Energy to Carvana ($CVNA ) [15:30] CVNA’s History [19:40] The Used Car Industry   [26:00] A Better Way to Present Inventory Online [28:00] Exceptional Quality Control  [30:00] Test Driving an used card with CVNA  [31:30] Seamless, Easy and Fast with CVNA  [36:00] CVNA’s Competitive Advantages   [36:10] Market Network Effects  [40:00] Economies of Scale [44:00] Increasing Retail GPU  [55:00] Customer Financing  [58:00] Carvana Will Issue Equity  [1:00:00] CVNA’s Bear Thesis  [1:01:00] Insiders are Selling  [1:04:00] Trusting Management with a Rocky Past  [1:06:00] Competition  [1:08:00] Carvana’s Fair Value [1:15:00] @the10thman1’s watchlist [1:17:00] Closing Questions If you liked what you heard, PLEASE go follow @the10thman1 on Twitter and subscribe to his website. He writes excellent content that's always worth a read. 
01:19:36
June 11, 2021
Utako Kojima & Aya Weissman: Special Situation Investing In Japan
This week I'm thrilled to be joined by Utako Kojima and Aya Weissman. Both women work at Horizon Kinetics and help run the Japan Special Opportunity Strategy.  Aya is a Co-Portfolio Manager and Director of Asia Strategy at Horizon. With over 30 years of investment experience, Aya was previously a founder and Chief Investment Officer of AS Hirota Capital Management, LLC.  Prior to that, her experiences included acting as a portfolio manager specializing in Japanese securities for Kingdon Capital Management, LLC, a New York–based hedge fund; two years as a partner and Portfolio Manager of Feirstein Hirota Japan Partners, a Japanese long/short hedge fund; and 12 years at Salomon Smith Barney Asset Management, as a Managing Director and Senior Portfolio manager in the US value equity group where she was a founding member of the large cap value equity group, with responsibility for approximately $2 billion in assets Utako joined the Firm in 2010 as a Portfolio Analyst, primarily focusing on the Firm’s Asia Strategy. Prior to this, Utako was an equity analyst at AS Hirota Capital Management, LLC. Her experience includes consulting in the Valuation Division at Shin-Nihon Ernst & Young Transaction Advisory Services, Tokyo, Japan. Aya and Utako join the podcast to discuss a unique investment opportunity in Japan called the Parent-Subsidiary Relationship. In short, there's tremendous alpha to be had investing in smaller subsidiaries of larger companies at the point of inflection when the larger company buys back its smaller subsidiary.  The near hour-long conversation dives deep into the strategy, how they filter the 3,800 Japanese equity universe, The Mother's Index, and the changing cultural dynamics in Japanese business. 
54:58
June 4, 2021
Thomas Bachrach: Kaspi.kz $KSPI, Allegiance Coal $AHQ, & Exotic Ideas
This week we have another returning guest, Thomas Bachrach! Thomas Bachrach is PFH Capital’s Principal and an OG Value Hive guest! He focuses on esoteric, off-the-beaten-path micro-cap companies, and on this episode, he shares two of his latest investments: Kaspi ($KSPI), a Kazakhstan fin-tech business, and Allegiance Coal ($AHQ.ASX), an Australian Coal Company. He also shares how he finds, researches, and manages companies located in different countries, and the investment mistakes he made in 2020, and what he learned from those mistakes. [0:00] Who is Thomas Bachrach? [4:00] What is PFH Capital’s Strategy? [5:30] 2020 Mistakes [13:00] Managing Investments in Different Countries During Covid.  [17:00] Why not invest in China? [23:00] How to Find Companies in Different Countries? [26:00] Investments in Malaysia: $MYEG [32:00] Investment Thesis: Kaspien ($KSPI) [43:00] Kazakhstan: The Asian Geneva  [50:00] Why Kaspien is so cheap? [1:01:00] Investment Thesis: Allegiance Coal ($AHQ) [1:23:00] Closing Questions If you want to learn more about Thomas or his strategy at PFH Capital, check out these links:  Thomas Bachrach Twitter PFH Capital Website
01:26:46
May 28, 2021
Harris Kupperman: IPO Unlocks, KEDM.com, Tankers & More!
Welcome back Harris Kupperman! This is the second time Kuppy is on the Value Hive Podcast. This time around we talked about different event-driven strategies found on his Kuppy’s Event Driven Monitor (KEDM) such as investing in post-bankruptcy stocks and IPO unlocks ($AFRM), what is like managing an event-driven portfolio and at the end of the episode, he answered some of the questions from the Twitter community! 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! Here is the time stamp: [0:00] Intro [1:30] What is the IPO Unlocks Arbitrage Trade. [5:40] IPO Unlocks: $AFRM [11:00] Kuppy’s Event Driven Monitor (KEDM) [16:00] Event Driven Strategies: Post-Bankruptcy [23:00] Managing an Event Driven Portfolios [33:00] $POWW [35:00] Bitcoin [43:00] Michael Burry’s Portfolio [46:00] Tankers Bull Thesis ($STNG) [50:00] Inflection Point Investing [52:00] Twitter Q&A [52:00] How to use the KEDM as a noob investor? [54:00] Uranium Equities? [1:00:00] Playboy [1:03:00] Why is $JOE not moving? [1:04:00] Kuppy’s Future If you liked what you heard and want to learn more about Kuppy, follow him on Twitter here. You can also check out his website AdventuresInCapitalism.com, and for qualified investors, his fund Praetorian Capital.
01:12:58
May 21, 2021
James Davolos: The Best Businesses To Own During Inflation
Let’s talk about the 4.2% elephant in the room, that’s right! This week is all about inflation and luckily we had the privilege to talk to James Davolos, Portfolio Manager at Horizon Kinetics, to help us understand inflation at a deep level.  We talked about what is the CPI and how it is measured, the effect that inflation has on risk assets, what is duration on risk assets, how not to hedge against inflation, but most importantly he shared how we can effectively hedge against inflation by investing in companies that are Direct Beneficiaries, Indirect Beneficiaries or Opportunistic Beneficiaries of Inflation, which are exactly the types of companies that you can find on Horizon Kinetics’ Inflation Beneficiary ETF ($INFL). 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 James Davolos?  [3:44] What is the CPI and How is it Measured?  [8:15] Fiat Currencies Always Go to Zero  [10:30] Modern Monetary Theory [14:20] What Inflation Means to Risk Assets [15:00] What is Duration on a Risk Assets? [20:00] The Inflationary Beneficiary ETF [21:00] What are Hard Assets?  [23:00] Direct Beneficiaries, Indirect Beneficiaries, Opportunistic Beneficiaries of Inflation   [32:00] TIPS: The Biggest Misconception Regarding Inflation Hedging. [35:00] Cryptocurrency  [37:00] Western Ideology vs Eastern Ideology for Gold [40:00] Texas Pacific Land Corp ($TPL ) [42:00] Exchanges The Ultimate Indirect Beneficiaries of Inflation: London Stock Exchange ($LSEG), Honk Kong Stock Exchange ($388), Singapore Exchange ($SGXR) [50:00] How not to Hedge Against Inflation [53:00] Closing Questions and More from James Davolos If you want to learn more about Horizon Kinetics, check them out on Twitter and their website. 
57:03
May 14, 2021
Michael Fritzell: Investing Opportunities In Asia & Beyond
Michael Fritzell is a Swedish Investor based in Singapore and the owner of the Asian Century Stocks Newsletter.  During our talk Fritz shares the path that took him to live in Beijing, the cultural differences that he noticed while living there, the geopolitical issues between China and Taiwan, and of course his investing experience as a Swedish investor in the Asian equities market, including:  Diligence for Asian companies The role of the Chinese Government inside companies Some misconceptions that investors have about investing in China Why he is bullish on Delfi ($P34), China Unicom ($762) and Sanrio Company ($8126). Here is the time-stamp:  [0:00] Who is Fritz? [4:00] Learning Chinese in Beijing [7:00] Major differences between living in Sweden and China. [11:00] Being a Buy Side Analyst Based in Shanghai  [13:00] The Chinese Government’s Role Inside Companies  [21:00] Chinese State Owned Enterprises [24:00] The Chinese Invasion Threat [25:00] The CCP wants to invade Taiwan before 2049 [34:00] Delfi ($P34) [44:00] China Unicom ($762) [52:00] Sanrio Company ($8136)  [1:01:00] Misconceptions about investing in China. [1:08:00] Closing Questions and More from Fritz If you want to learn more about Fritz, shoot him a follow on Twitter and subscribe to his Substack Newsletter!
01:13:12
May 7, 2021
Myles Danielsen: An Inside Look at Institutional Allocators
Myles Danielsen joins the Hive this week to chat all things Institutional Investment Allocation. According to his firm's website, Myles is a Principal at Hall Capital Partners LLC in the Public Equity group, responsible for research, identification, due diligence, and monitoring of long-only public equity investments and long-short equity hedge funds. In addition to his core role in public equities, he is a key member of the Cross Asset Research & Strategy team. Myles spends an hour and a half dissecting the institutional investment business, giving us an inside look at where allocators invest, why they choose one firm over another, and where they see opportunities ahead.  This podcast is a MUST LISTEN for new/emerging fund managers who want to learn what it takes to get a check from an institutional allocator.  We discuss a wide range of topics, including:  Emerging market investing Why Institutional investing is a black box Personality and its role as a deal-breaker/maker Why track record isn't the only thing that matters Crypto investing  Japanese Mother's Market If you want to learn more about Myles, check him out on Twitter! You can also reach him at his firm's website, Hall Capital. 
01:38:44
April 30, 2021
Kyler Hasson: Buying Quality Compounders At A Fair Price
This week I chat with Kyler Hasson, investment manager and founder of ConcentratedCapital.com. Kyler loves buying great businesses that can compound invested capital over long periods of time. In other words, he's a Compounder Bro. Kyler didn't follow the "normal" investor path, if there is one.  He started dabbling in investing at age 18 and was immediately hooked on quality investing. Hasson skipped much of the cigar-butt stage and instead spent his time learning about the best businesses possible, and trying to hold them for long periods of time.  Our conversation covered a wide breadth of topics, including:  Competitive advantages and churn rates in banking Quality and Valuation  Portfolio Allocation Psychology of managing other people's money  And more! Here is the show time-stamp:  1:00 - Intro 9:11 - TransDigm $TDG 20:44 - Portfolio Construction  28:05 - Underwriting Returns 36:59 - Banking and Competitive Advantages 43:04 - Holding Only The Best Ideas 49:58 - Managing Other People's Money  58:24 - When To Give People Their Money Back 65:51 - Where Kyler's Finding Ideas  75:06 - Closing Questions If you want to learn more about Kyler, check out these resources:  Concentrated Compounding Website Twitter
01:18:23
April 23, 2021
Kelvin Seetoh (@SlingshotCap): How To Spot Emerging Moats & ORGS Deep Dive
Kelvin Seetoh (aka @SlingshotCap on Twitter) joins the Hive this week to chat about all things emerging moats, $ORGS, and the importance of staying young in investing.  I recorded this episode at 9:00 PM my time (EST), so big thanks to Kelvin for showing up with his A-game at 9 AM sharp Singapore time! If you like what you heard from Kelvin, make sure to follow him on Twitter @SlingShotCap.  The Value Hive Podcast is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better, including a new Business Owner Mode that hides share count, market cap, and enterprise value. I couldn't be more excited to partner with TIKR. We're also excited to announce our newest sponsor, Eight Sleep! Eight Sleep makes products that improve your sleep through personalized temperature, smarter data, and patented technology. There is truly nothing like Eight Sleep on the market. With Eight Sleep, you can see exactly how well you sleep, how often you toss and turn, resting/variable heart rate, and more! The technology is unlike anything you've seen from a mattress company. Try an Eight Sleep mattress yourself! Use the code HIVE to get $100 off your mattress purchase!
01:13:45
April 16, 2021
Rob Mahan: Deep Value Investing in Eastern Europe
This week we chat with Rob Mahan. Rob's a part-time investor and founder of DeepValueInvestments.wordpress.com. Rob's blog is dedicated to finding massively discounted stocks from every part of the world. His findings take him through Eastern Europe, Asia, and all across the market cap spectrum.  Rob is a traditional deep value investor. He seeks businesses trading
01:11:41
April 9, 2021
Jason Greenwald: Luck, Real Estate and The Power of Ego
This week we're stoked to bring you our conversation with Jason Greenwald. Jason is a full-time investor allocating capital between private real estate and public markets. On the real estate side, Jason buys all his properties in foreclosure auctions. In public equities, he wants to buy great businesses at great prices.  Jason's real estate experience biases him towards a long-term public equity mindset. He'll gladly buy and hold investments as long as the thesis is working and his returns are as good or better than his real estate holdings.  We covered a whole host of topics, including:  The power of luck Stories from the live auctions Staying patient when others are greedy  Buying at the right price Knowing when your ego is getting in the way  And more!  This was my first free-form podcast format and I loved it. Please let me know what you think with a rating and review. Do you want to see more free-form styles? If so, let me know! Make sure to follow Jason @JGreenwald86 The Value Hive Podcast is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better, including a new Business Owner Mode that hides share count, market cap, and enterprise value. I couldn't be more excited to partner with TIKR. We're also excited to announce our newest sponsor, Eight Sleep! Eight Sleep makes products that improve your sleep through personalized temperature, smarter data, and patented technology. There is truly nothing like Eight Sleep on the market. With Eight Sleep, you can see exactly how well you sleep, how often you toss and turn, resting/variable heart rate, and more! The technology is unlike anything you've seen from a mattress company. Try an Eight Sleep mattress yourself! Use the code HIVE to get $100 off your mattress purchase!
01:14:50
April 2, 2021
Ben Gordon: The Hunt For Extraordinary Returns
This week I had the privilege to talk with Ben Gordon. He is the founder and head portfolio manager at Blue Grotto Capital. This episode is a deep dive into Ben’s process of researching and finding ideas, why he started Blue Grotto, his prior work at GMT, why he went long on Spectrum Brands and Cedar Fair Entertainment, and why shorting is a dark art. Here is the time-stamp:  [0:00] The Story Behind Blue Grotto [3:00] Who is Ben Gordon? [6:40] From Analyst to PM: Emerging Markets Wireless Carriers  [10:00] Reply and Smurfit Kappa [12:05] Using Regressions to Find Ideas  [16:30] The IT Business  [18:20] Lessons from Bad Investment Ideas: Michael Kors [22:10] Importance of Walking Away from an Investment Theme [30:00] The Catalyst to start Blue Grotto [36:05] Spectrum Brands  [46:00] Cedar Fair Entertainment: The Theme Park Business a Regional Monopoly [49:10] Shorting: The Dark Art  [55:30] Shorting Orthopediatrics $KIDS [1:00:00] Position Sizing while Shorting [1:04:00] VMware: Optionality and Themes Case Study [1:12:40] Ben Gordon’s Investing Mosaic [1:22:00] Improving Weaknesses   [1:27:10] More from Ben and Closing Questions If you liked what you heard, check out Ben's website here.  The Value Hive Podcast is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better, including a new Business Owner Mode that hides share count, market cap, and enterprise value. I couldn't be more excited to partner with TIKR. We're also excited to announce our newest sponsor, Eight Sleep! Eight Sleep makes products that improve your sleep through personalized temperature, smarter data, and patented technology. There is truly nothing like Eight Sleep on the market. With Eight Sleep, you can see exactly how well you sleep, how often you toss and turn, resting/variable heart rate, and more! The technology is unlike anything you've seen from a mattress company. Try an Eight Sleep mattress yourself! Use the code HIVE to get $100 off your mattress purchase!
01:30:23
March 26, 2021
Nik Lentz: UFC, Insane Discipline, and Trading Stories
In this week’s episode, we had a conversation with Nik Lentz a former UFC fighter with a 30-12 fighting record that has a passion for trading. He is arguably one of the most unique guests of the show. During our conversation, Nik shared why he became a UFC fighter and what it's like to be a UFC fighter, how he got into trading options and derivatives, and of course, tells us about the parallels that exist between fighting and trading. [0:00] Nik’s Fighting Journey. [3:00] How Nik Became A UFC Fighter [20:00] From Fighting to Trading [40:00] Nik’s Trading Strategy [55:00] Nik’s View on Shorting Stocks [1:00:00] Wall street Bets and Breaking Points  [1:13:00] Best Part of the UFC   [1:19:00] Closing Questions If you liked the conversation and want to learn more about Nik Lentz, follow him on Twitter @NikLentz The Value Hive Podcast is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better, including a new Business Owner Mode that hides share count, market cap, and enterprise value. I couldn't be more excited to partner with TIKR. We're also excited to announce our newest sponsor, Eight Sleep! Eight Sleep makes products that improve your sleep through personalized temperature, smarter data, and patented technology. There is truly nothing like Eight Sleep on the market. With Eight Sleep, you can see exactly how well you sleep, how often you toss and turn, resting/variable heart rate, and more! The technology is unlike anything you've seen from a mattress company. Try an Eight Sleep mattress yourself! Use the code HIVE to get $100 off your mattress purchase!
01:24:01
March 19, 2021
Tyler Kirkpatrick: Dream Unlimited (DRM), AutoCanada (ACQ) & All Things Canadian Value
The Value Hive Podcast is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better, including a new Business Owner Mode that hides share count, market cap, and enterprise value. I couldn't be more excited to partner with TIKR. We're also excited to announce our newest sponsor, Eight Sleep! Eight Sleep makes products that improve your sleep through personalized temperature, smarter data, and patented technology. There is truly nothing like Eight Sleep on the market. With Eight Sleep, you can see exactly how well you sleep, how often you toss and turn, resting/variable heart rate, and more! The technology is unlike anything you've seen from a mattress company. Try an Eight Sleep mattress yourself! Use the code HIVE to get $100 off your mattress purchase! Alright, now onto this week's show! Tyler Kirkpatrick runs the Canadian Value Stocks Blog. He is a production manager at a waste container company that has achieved a 19.19% annualized return from 2016 to 2020, which outperforms the S&P 500 by 53%. In this week’s episode, we get to know him, why he invests in Canada, his best investment yet, his two highest conviction bets, and what other companies he has his eye on. Tyler’s success shows that value investing is alive and well in Canada! [0:00] Who is Tyler Patrick? [8:30] Why invest in Canada?  [16:00] Integrated Asset Management [25:00] Outsiders CEOs [33:00] Dream Unlimited (DRM) Bull Thesis [53:00] AutoCanada (ACQ) Bull Thesis [1:08:00] Tyler’s Watchlist [1:15:00] Closing Questions If you like what you heard and want to learn more about Tyler, check out these links:  Tyler's Twitter Canadian Value Stock Blog
01:20:12
March 12, 2021
Matteo Franceschetti: Building A Data-First Sleep Powerhouse
The Value Hive Podcast is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap, and enterprise value. I couldn't be more excited to partner with TIKR. This week I chat with Matteo Franceschetti, founder and CEO of Eight Sleep. Eight Sleep is revolutionizing the way we think about sleep, performance, and health. Matteo's company reminds me of Netflix, Roku and Peloton wrapped in one. Matteo's journey to founding Eight Sleep is a winding (and exciting) venture. He spent time playing tennis, racing cars, and building start-ups before launching Eight Sleep in his garage.  During our conversation, Matteo shares his stories of the early days at Eight Sleep, how he thinks about product iteration, and why data is so important in the age of sleep performance. I hope you notice how Matteo thinks about sleep and how he's constantly framing sleep from something passive we do to an active part of our overall health.  Here's the time-stamp:  [1:04] Matteo’s Favorite Tennis Player [5:35] The Start of Eight Sleep [12:43] Developing A Better Mattress [19:20] Why Framing Matters [24:41] The Place To Go About Sleep [33:17] Matteo’s Time As A Race Car Driver [38:08] Brand Awareness [41:54] Closing Questions If you like what you heard and want to learn more, follow Matteo here:  Matteo's Twitter Eight Sleep Website
44:37
March 5, 2021
ARK Enters The Bear Cave w/ Edwin Dorsey
The Value Hive Podcast is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap, and enterprise value. I couldn't be more excited to partner with TIKR. This week I chat with Edwin Dorsey, founder, and author of The Bear Cave. The Bear Cave is a short-focused newsletter dedicated to finding interesting companies doing sketchy things. Edwin began his obsession with the stock market in the second grade. As we discuss in the podcast, Edwin was born to be a short seller.  Our chat covers a few key topics around short-selling, including:  What Makes A Great Short Idea (Hint: it's not "astronomical valuation") The Importance of Shorting in Capital Markets ETF Mechanics & The Impact of Front-Running Redemptions The bulk of the podcast focuses on the current ARK ETF dynamics and the potential of a severe redemption event. Edwin does a fantastic job describing the inner mechanics of ETFs and why the same "rails" that drove ARK up the AUM ladder could bring them down in the blink of an eye.  Here's the timestamp:  [1:20] Is A Short Seller Born or Made?  [4:10] What Makes A Great Short Idea?  [8:00] Root Insurance $ROOT [17:05] Interning at SEC Enforcement Division [20:23] ARK Enters The Bear Cave [35:12] What Makes 2021 Different Than The 2020 Flash Crash?  [44:57] Vuzix Corp $VUZI [58:04] Future of Bear Cave Newsletter [61:00] Closing Questions If you like what you heard and you want to learn more about Edwin, check out these resources:  Bear Cave Newsletter Edwin Dorsey Twitter
01:17:28
February 26, 2021
Finding The Best Brand-Building Businesses w/ Kristen LaFrance
The Value Hive Podcast is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap, and enterprise value. I couldn't be more excited to partner with TIKR. In this week’s episode, we give you our conversation with Kristen LaFrance. Kristen LaFrance is the host of Shopify's Resilient Retail series. Prior to joining the Shopify team, she hosted two eCommerce podcasts: Playing for Keeps and eComm Noms. As the official mayor of DTC Twitter, Kristen is an expert on omnichannel customer retention and helping online and offline brands connect with customers, craft remarkable experiences, & build resilience for long-term success. During our chat, Kristen discusses the transformation that the retail industry had to endure in a global and local level during 2020.  She also helps us identify the actual value that is created by retail companies by bringing and explaining a plethora of examples such as Chewy, Casper, Battlbox, and more.  Here's the timestamp:  [0:00] WTF is Clubhouse? [3:00] Who is Kristen LaFrance? [12:00] Working at Shopify [18:30] Resilient Retail: Season 2 [22:00] Retail: Before, During and After COVID [29:30] Best Practices of Customer Retention  [45:00] How to Identify a Community at an Early Stage? [57:00] Status as a Service. [1:01:20] Does NPS Cover Everything? [1:08:00] Perceived Value vs Actual Value  [1:13:00] Closing Questions If you like what you heard and want to learn more about Kristen, check out these links:  Kristen's Twitter Kristen's Blog 
01:20:37
February 19, 2021
Investing in Nordic & African Businesses w/ Erick Mokaya
The Value Hive Podcast is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap, and enterprise value. I couldn't be more excited to partner with TIKR. This week we chat with Erick Mokaya. Erick is a Ph.D. student at the Stockholm School of Economics, lead author for Transcript, and a life-long learner. He loves studying businesses and finding companies in the Nordic and African markets. Our conversation starts with Erick's inspirational background, working harder than anyone else to get into the best schools. Erick got his work ethic from his mother. There are some great stories in there about her work ethic too.  From there, we dive into the opportunity set in Nordic countries, discuss the importance of Africa as the next investment frontier, and end with a few closing questions.  You can find the time-stamp below:  1:05 - Intro Questions & Why Erick Works So Hard 6:05 - From Kenya to Sweden 11:33 - Ted Lasso & Warren Buffett 17:25 - Working At Colossus 19:01 - Learning The Power of Inactivity 26:23 - Investing in Nordic Markets 37:26 - Where To Find Value in Nordic Markets 46:10 - Why You Need To Care About Africa 54:01 - Jumia (JMIA) 61:01 - Africa: The Fast-Growing Continent 64:09 - Closing Questions If you like what you heard and want to learn more about Erick, check out these links:  Erick's Twitter Erick's Website
01:08:42
February 12, 2021
Pinterest (PINS) Deep Dive w/ Rihard Jarc
This week we chat with Rihard Jarc, SaaS founder and author of the Uncover Alpha SubStack newsletter. Rihard has spent his life analyzing, investing, and creating software-based businesses. If you go by his Twitter bio, he's a growth investor, ex-portfolio manager, and CEO of TyplessAPI. Rihard's background makes him the perfect investor to dive deep into the Pinterest (PINS) bull thesis. PINS is one of Rihard's largest holdings and one he started buying for around $20. Our conversation dives deep into Rihard's bull pitch, the future of AR-based realities, and why PINS is just getting started with monetizing its audience. We also spend the early part of our conversation on Rihard's background before investing and what he thinks is his market edge over competitors. Here's the time-stamp: [0:00] Who is Rihard Jarc? [3:00] Rihard’s Start-Ups. [17:30] Qualities of a Fantastic Technology Business. [24:40] Major Red Flags of a Technology Company. [35:00] Assessing Early Customer Base in Businesses. [39:00] Pinterest [43:00] Pinterest’s Demographics, Behavior, and Growth [50:00] The Pinterest Experience [1:02:00] Pinterest Comparables [1:08:00] Augmented Reality [1:12:00] Pinterest’s ARPU [1:16:00] Valuing Pinterest [1:23:00] Pinterest Risks [1:27:00] Rihard Jarc's Watchlist [1:32:00] Closing Questions If you liked our conversation and want to learn more about Rihard Jarc, check out these links: Rihard's Twitter Uncover Alpha Newsletter The Value Hive Podcast is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap, and enterprise value. I couldn't be more excited to partner with TIKR.
01:37:46
February 5, 2021
Emerging Markets, Alternative Assets & Worldly Wisdom w/ Tiho Brkan
The Value Hive Podcast is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap, and enterprise value. I couldn't be more excited to partner with TIKR. This week I chat with Tiho Brkan. Tiho is a private investor managing a family office. Tiho provides HNWIs & Family Offices with attractive deal flow from Real Estate (Rehab, Developments, Distressed) & Stock market (Indexes & Sectors) asset buckets. I'm stoked to bring you this conversation. Tiho is an incredible investor, thinker, and genuinely great human being. Listening to him talk you can feel the excitement he has for his craft. He's a devout student of history, which you'll learn as you listen. Our conversation runs the gambit and includes: How to find deals Lessons from the family business What it means to invest globally Why you should travel if you want to invest around the world The power of studying history Finding asymmetric and uncorrelated ideas And more! Here's the time-stamp: [4:10] Tiho's Early Life And Background [19:17] Asia's Exploding Middle Class [35:01] Tremendous Opportunity In Europe [51:02] Investment Idea: Litigation Finance [75:05] High Valuations & High Returns ... For How Long [93:42] 50%+ Returns in Luxury Real Estate [111:18] You Can Be Bearish & Long [116:13] Closing Questions If you enjoyed our conversation please leaving a rating and review! It helps spread the word about our podcast and helps us make it better.
02:02:57
January 29, 2021
Chasing Gem Dealers & Great Stocks w/ Alex Barrow, Macro-Ops.com
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap, and enterprise value. I couldn't be more excited to partner with TIKR. Alex Barrow is the Co-Founder and Cheif Market Strategist at Macro-Ops.com. Alex joined the US Marine Corps on his 18th birthday just one month after the 9/11 terrorist attacks. He subsequently spent a decade in the military. Serving in various capacities from scout sniper to interrogator and counterintelligence specialist. Following his military service, he worked as a contract intelligence professional for a number of US agencies (from the DIA to FBI) with a focus on counterintelligence and terrorist financing. He also spent time consulting for a tech company that specialized in building analytic software for finance and intelligence analysis. After leaving the field of intelligence he went to work at a global macro hedge fund. He's been professionally involved in markets since 2005, has consulted with a number of the leading names in the hedge fund space, and now manages his own family office while running Macro Ops. He's published over 300 white papers on complex financial and macroeconomic topics, writes regularly about investment/market trends, and frequently speaks at conferences on trading and investing. This conversation spanned EVERYTHING from Alex's time at the Marines to his days as a bodyguard for Brittney Spears. We even managed to fit in some market discussions and our 2020 Macro Ops Portfolio Performance.  Here's the time-stamp:  [5:34] Cold Calling Jack Schwager [14:32] Working at Bridgewater [23:13] How Alex Became A Bodyguard For A Gem Dealer [33:13] Lessons Learned From Losing $100K+  [47:58] Transparency in The Newsletter Business [57:56] When Does Cloning Go Too Far?  [67:13] Alex's Biggest Errors of 2020 [78:56] Aligning Micro With Macro [80:04] What We Did Right & Wrong in The Portfolio [86:26] Closing Questions If you like what you heard, check us out over at Macro-Ops.com. And make sure to follow Alex on Twitter @MacroOps
01:31:39
January 22, 2021
KKR, MCFT and The CLCT/NLAB Saga w/ Yaron Naymark, 1 Main Capital
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap, and enterprise value. I couldn't be more excited to partner with TIKR. Yaron Naymark is the founder and portfolio manager of 1 Main Capital. On his website, Yaron "makes concentrated investments in high-quality reasonably valued businesses with long reinvestment runways and in special situations that are experiencing a temporary dislocation or undergoing an element of change that will cause investors to revalue an investment in the near term." This week we dive deep into a few specific companies:  KKR RCI Hospitality (RICK)  Mastercraft (MCFT) Malibu Boating (MBUU)  We also discuss the two latest minority shareholder sagas penetrating the FinTwit universe:  Collectors Universe (CLCT) Enlabs, Inc. (NLAB) I also enjoyed our conversation on position sizing, risk management, and how to analyze errors of omission. Then we ended the podcast dreaming about having dinner with the one and only, Bill Gates.  Here's the time-stamp:  1:09 - Yaron’s Background 11:18 - Selling Too Early: Xpel, Inc. 27:07 - Robinhood/FinTwit Traders 37:43 - CLCT & NLAB Buyout Hysteria 51:42 - The RCI Bull Thesis 62: 51 - The Future of RICK 74:35 - Water Sports (MBUU, MCFT) 81:33 - COVID & Boating Thesis 86:37 - KKR Bull Thesis 98:19 - Closing Questions If you like Yaron's philosophy on investing and want to learn more, you can find more information here:  Yaron's Twitter 1 Main Capital Website
01:41:58
January 15, 2021
Six Industries With Durable Moats w/ Lawrence Hamtil, Fortune Financial Advisors
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap, and enterprise value. I couldn't be more excited to partner with TIKR. Lawrence Hamtil is a sixteen-year veteran of the financial services industry, having served clients in all aspects of the business during his career, which started in 2002. In 2005, he joined Dennis Wallace of Fortune Financial Services, LLC, becoming, at the time, one of Multi-Financial Securities, Inc’s youngest registered representatives. We spend our time discussing six industries ESG investors love to hate: tobacco, railroads, defense, waste disposal, airports and specialty chemicals. We also chat about virtue signaling, brand building, and weightlifting.  If you like what you hear, please give Lawrence a follow on Twitter @lhamtil.  Here's the time-stamp:  [0:00] Intro questions [12:35] Quality Tilt To Moat Businesses [21:22] Six Types of Durable Moat Industries [28:46] International Investing Approach [40:14] Railroads [49:11] Ark Invest's Bad Ideas Report [51:53] Get Rich Slowly  [64:09] Craft Breweries & Brand Disruption [75:32] Barbell Portfolio [81:18] Bitcoin & Speculative Investments
01:30:34
January 8, 2021
Movies, SPACs and IPO Manias with Michael Batnick, Irrelevant Investor (02.01)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap, and enterprise value. I couldn't be more excited to partner with TIKR. Michael Batnick is the author of Irrelevant Investor, Director of Research at Ritholz Wealth Management, and co-host of the Animal Spirits Podcast with Ben Carlson.  Michael is one of the most prolific finance thinkers on Twitter and often provides high-quality, comedic insight into myriad financial topics. I had a blast chatting with Michael and cannot wait to bring you our conversation. We start by discussing favorite finance/non-finance movies, while I reveal how little I've actually seen.  From there we dive into the craziness in the IPO and SPAC IPO markets and see where the Animal Spirits hide in the market. After that we discuss the ever-challenging topic of "when to sell". You're going to love Michael's answer to this by the way.  Finally we wrap up with Michael's thoughts on various investment strategies for beginners/amateurs and why its helpful to think of markets like golf.  Here's the time-stamp:  [0:00] The best movies [6:40] IPO Mania? [19:00] SPACs [30:00] When to Sell? [38:00] Investment Strategies for the Average Investor [49:00]More from Michael Batnick and Closing Questions If you want more Michael Batnick content, check out these links:  Michael's Twitter Animal Spirits Podcast Irrelevant Investor Blog
55:33
January 1, 2021
All Things Enterprise Software w/ Shomik Ghosh, Boldstart VC (Ep. 57)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap, and enterprise value. I couldn't be more excited to partner with TIKR. Shomik Ghosh is a principal at Boldstart VC by day and resident Enterprise Software savant by night. Shomik's job at Boldstart VC is to find and become Day One partners with passionate, technical Enterprise Founders. This means Shomik spends all his time thinking, analyzing, and valuing enterprise software businesses.  Our conversation dives deep into the world of Enterprise Software. More importantly, Shomik takes us on a journey through his slide deck "Framework For Evaluating Enterprise Software Companies". This is one of those podcasts you'll want to listen to twice. Shomik breaks down competitive advantages, favorite stacks within Enterprise Software, as well as rebuking common myths investors believe about the space.  Here are the show-notes:  [0:00] Who is Shomik? [6:00] The Importance of Founders [10:00] Differences between Investing in the Private Markets and Public Markets [16:00] 6 Steps for Evaluating Enterprise Software Companies. [20:00] What is Alignment of Cost Structures? [27:00] The Importance of Switching Costs [45:00] Distribution in Software Companies [53:00] Security as Enterprise Software [1:03:00] Exciting Areas in the Enterprise Software Industry [1:13:00] More from Shomik and Closing Questions If you like what you heard from Shomik, check him out on Twitter @shomikghosh21
01:21:47
December 25, 2020
The History of (Value) Investing w/ Jamie Catherwood, Investor Amnesia (Ep. 56)
Jamie Catherwood is a Client Portfolio Associate at O’Shaughnessy Asset Management. He’s also the founder of Investor Amnesia. Investor Amnesia is passionate about bringing the world of financial history to life. Jamie’s passion for history started at an early age, and in his eyes, is a family affair. His father loves history. And his uncle was a historian by trade. Jamie provides a weekly read for subscribers every Sunday filled with financial history literature, stories of human psychology and bubbles gone by. From reading Jamie’s content one thing is certain: markets change, humans dont. Our broad-ranging conversation dives into the history of railroad stocks, Cicero the value investor, and Jamie’s latest research course. Check out the time-stamp below: [0:00] Who is Jamie Catherwood? [18:00] The First Value Investor [25:00] History of Railroad Stocks [39:00] Are Tobacco and Energy Stocks the Railroad Stocks of Today? [40:00] Investing Across Different Countries and Time. [50:00] Investor Amnesia: Bubbles, Manias & Fraud [1:02:00] More from Jamie and Closing Questions If you liked what you heard and are interested in learning more about Jamie, check out these resources: Jamie’s Twitter Investor Amnesia Investor Amnesia Course
01:07:49
December 18, 2020
Emerging Technology, Writing and Process w/ Packy McCormick (Ep. 55)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. Packy McCormick is the founder and creator of The Not Boring Newsletter and Not Boring Syndicate. What started as a COVID side-hustle quickly spiraled into a full-time job and never-ending passion. After graduating from Duke, Packy went to work as an investment banking associate at Bank of America Merrill Lynch. From there he joined a start-up, Breather, and became VP of Experience.  Today Packy writes a weekly newsletter for thousands of technology investors, thinkers and entrepreneurs. And he's loving every bit of it.  I’m a huge fan of Packy’s writing and he’s quickly becoming one of my favorite reads on the internet. Our wide-ranging conversation dives deep into Packy’s writing and research process, how Packy creates new frameworks from old ideas, lessons learned from David Perrell’s writing course, emerging markets and his pitch on FEMSA. We end our conversation with Packy’s plans for the future of Not Boring, and which President he’d like to shoot hoops with. If you liked what you heard, please check out Packy at the following links:  Packy's Twitter Not Boring Newsletter Not Boring Syndicate Mainstreet.us I want to thank Packy again for coming on the show. I know we'll have him on again soon!
01:12:47
December 11, 2020
Innovative Technology Investing w/ Brett Winton, Ark Investment (Episode 54)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. Brett Winton is the Head of Research at Ark Investment Management. Winton manages a team of analysts and helps forecast disruptive technologies. If that sounds like a hard job, it's because it is. And Brett will be the first to tell you that.  I learned so much from this conversation and I couldn't wait to share it with you.  Brett and I discuss all things innovative disruption, growth investing, venture capital and how Brett thinks about valuing these high growth names. We also touch on Tesla (TSLA) and what Ark went through when they released their open source valuation model on the company in 2018. We finished our chat discussing ways Brett's improved over the year and what he wants to improve on in 2021.  Here's the time-stamp of the podcast:  [2:42] Brett's Early Days Working With Cathy Wood [11:48] Forecasts and Embedded Price Expectations [24:23] Deep Value Investments in Technology  [40:35] Why You Need A Unique Perspective To Succeed [52:10] The Rapid Acceleration of Technological Improvement [1:01:23] Neural Networks [1:11:03] Closing Questions  If you liked what you heard from Brett, please give him a follow on Twitter @wintonARK. While you're at it, check out Ark Investment's website. They have a ton of great white-papers that make for excellent weekend reads.  Thanks again to Brett for coming on the show, you don't know how much it means to me and my listeners. 
01:15:58
December 4, 2020
How To Find Life-Changing Stocks w/ @FromValue (Episode 53)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. Kris (@FromValue on Twitter) is the author of From Value To Growth premium research service on Seeking Alpha. Kris has grown his audience to >21K followers on Twitter and Seeking Alpha each. Kris' job is simple: he tries to find stocks that he can own for the next 10-20 years. Then he wants to hold them for the long-term. Some of his most recent winners include Shopify (up >1,000%), Livongo (up >400%) and Okta (up >200%).  Here's Kris' investment thesis from his Seeking Alpha page: "That means that I look for stocks that have either growth or value or combine the two. It has been proven that the group of dividend initiators and fastest dividend growers outperforms the markets by far in the long run. So I select stocks from this group, although I also select high growth non-dividend payers that I believe will grow out to great multibaggers." I loved this conversation as it got to the heart of why we invest: to create life-changing wealth through high risk-adjusted compound returns. Here's the time-stamp:  [0:00] Who is Kris? [10:00] Kris’ Investing Style [14:00] Potential Multi baggers [18:00] Portfolio Management [22:00] Kris’ Exclusive Metrics [30:00] Is Value Investing Market Timing? [35:00]  How to Cope with Drawdowns? [44:00] Multi Baggers can Change Lives [50:00] Conviction in your Investments [56:00] Beginners Mistakes [59:00] More from Kris and Closing Questions If you liked this conversation, check out some more @FromValue resources:  FromValue Twitter From Growth To Value Seeking Alpha
01:06:21
November 27, 2020
Working With Tiger Cubs & Spotting Frauds w/ Stephen Clapham, (Episode 52)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. Stephen Clapham has one of the most decorated resumes of any guest I've interviewed. He's traveled Europe as an equity analyst. Worked his way up to partnership status at multiple multi-billion dollar hedge funds. And now he runs a website dedicated to training investment analysts in the art of reading financial statements.  Clapham's learned A LOT over his tenure as an investment analyst and coach and he joined the Hive to share his knowledge with us. Along with the podcast, Clapham just finished writing a new book: The Smart Money Method -- which listeners can get for $1.99 on Kindle by the end of this Sunday.  Our conversation spanned myriad topics including:  Working for a Tiger Cub Investing in IPOs How To Plan Your Day As An Investor How To Spot Frauds and more! I thoroughly enjoyed this conversation and look forward to chatting with Stephen again soon. Check out the time-stamp below:  [0:00] Who is Stephen Clapham? [12:00] Working for Hedge Funds? [20:00] IPOs [27:00] Writing a Book [33:00] Planning in the Stock Market [37:30] What is an Easy Idea? [41:30] Horrible Investments [47:06] Shady Accounting [58:00] From the Hedge Fund World to Training Analysts t[1:07:50] More from Stephen Clapham & Closing Questions If you liked listening and want to learn more about Stephen Clapham, check out these links:  Behind The Balance Sheet The Smart Money Method Stephen Clapham Twitter
01:11:56
November 20, 2020
All Things Semiconductor Investing w/ @FoolAllTheTime (Episode 51)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. There's a theory that the best and smartest analysts on Twitter are anonymous. Our guest this week fits that mold. Mule (@FoolAllTheTime) is a generalist investment analyst with a passion for the semiconductor industry. The conversation covers a wide range of semiconductor topics like Intel as a value trap, a better play than Micron (MU) and why Mule loves Discord.  You can easily tell the passion Mule has for the semis space and its various end-markets. Check out the time-stamp below:  [0:00] What got Mosfet Mule into Semiconductors? [4:00] Moore’s Law is Dead [8:00] Mosfet Mule’s Alpha [10:00] Discord [15:30] Heterogeneous Compute [22:00] CPU, GPU, FPGA, ASIC for AI? [27:30] NVIDIA and ARM [31:00] Google’s TPU [37:00] AI and First Move Advantage  [39:00] INTEL ($INTC) a Value Trap? [48:00] Lam Research ($LRCX)  [57:30] Common Questions about Semiconductors. [1:04:20] Where to find semiconductor ideas? [1:06:00] The CDT Hike [1:08:00] More about Mule [1:10:00] Closing Questions We can't wait to have Mule back on the show and are extremely humbled to host their first-ever podcast appearance.  If you liked this podcast and want to learn more about Mule, check out the following links:  @FoolAllTheTime Twitter Mule's Substack Newsletter
01:13:10
November 13, 2020
$GOCO, $GDRX and Healthcare Investing w/ Richard Chu, Saga Partners (Episode 50)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. Richard Chu is an investment analyst at Saga Partners where he seeks to find high-growth, highly asymmetric investment opportunities. How Richard ended up at Saga Partners is anything but traditional. Chu didn't have much investing experience after graduating college. Yet his passion for compounding wealth and knowledge boiled over into his first public investment write-up: Livongo (now, TDOC).  Richard's first write-up caught the eyes of Joe Frankenfield at Saga Partners. This led to a conversation and eventual job for Chu at the firm. Now, Richard spends his time scouring the markets for new ideas.  I loved this conversation as we covered a lot of ground. Our focus was on a few key topics:  GoHealth (GOCO) GoodRx (GDRX) Healthcare Investing UnHealthcare (Book) Here's the time-stamp:  [0:00] Who is Richard Chu? [10:30] Why Healthcare? [13:40] The Journey to Zero to One in Finance [16:50] What is it like working for Saga Partners? [19:40] Go Health ($GOCO) [38:40] Go Health’s Competitors: Walmart [48:40] Go Health’s Valuation [1:02:00] Richard’s Next Ideas [1:13:50] A Day in The Life of Richard Chu [1:16:00] Closing Questions If you'd like to learn more about Richard, check out these links:  Richard's Twitter Richard's Substack Newsletter
01:27:39
November 6, 2020
$CRWD, CANSLIM and High Growth Stocks w/ Christopher Seifel (Episode 49)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. Christopher Seifel is an equity research analyst and runs the newsletter Seifel Capital (link here). Chris is one of the sharpest investors/analysts on Twitter, and it shows. He's quickly grown his Twitter following to over 13K. Chris focuses on high growth companies, portfolio construction and general market commentary. His newsletter articles feature deep dives on new and interesting companies while distilling the thesis down into the 1-3 most important drivers. It's a tremendous skill and something I'm constantly working on.  We spend over an hour discussing Crowdstrike $CRWD (Chris' largest holding), Unity Technology $U (disc: I am a shareholder), the CANSLIM method and how to do deep work analysis on an investment. This is one of those episodes you'll have to hear twice.  Here's the time-stamp for the conversation:  [0:00] Who is Chris Seifel? [3:00] Life’s Inflection Points [6:40]  Growth Investing [10:30] Technicals and Value Investing [14:00] Risk and Portfolio Management [22:00] The Five Rules [36:00] Deep Diving into a Stock [40:00] Generalist vs Specialist [43:00] Crowdstrike ($CRWD) [58:40] BAIT Framework [1:04:00] Crowdstrike’s Risks [1:12:00] DCF: What discount rate to use? [1:14:00]  Chris’ Newsletter [1:31:00] Closing Questions If you want to learn more about Chris and his newsletter, check out the following links:  Chris Seifel Substack Chris Seifel Twitter As always, big thanks to Chris for coming on the show! I already know we'll have him back on in the future. And thanks again to you, the listener for taking the time out of your day to learn alongside us. We can't thank you enough. If you like what we're doing, please leave a rating and review on Apple Podcasts. It helps get the word out about what we're doing here.  ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.**
01:35:52
October 30, 2020
Deep Value Opportunities in Japan & Australia w/ Will Thrower, Dumile Capital (Episode 48)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. Will Thrower is one of the most under-followed investors on Twitter. In fact, his Twitter profile is like the companies he hunts for: undervalued with long runways for growth. Our conversation took us from chicken farms in China to equity trading offices in London. How Will got started in markets is such a fascinating story. It was one blog post, picked up by Bloomberg, that led to a job as an equity analyst.  We spend over an hour discussing how Will finds ideas, the opportunity set in Japan and Australia, and why US investors should think twice before passing over an International business because, "A US competitor can do the same thing." Here's the time-stamp for our chat:  [0:00] The Chicken Farm [5:30] What led you to become an equity researcher? [20:30] The Beenos Thesis (3328.T) [33:20] Questions that You Want Management to Answer. [35:20] An Ideal Investment [40:40] Nano Cap Investments and Competitive Advantages  [54:00] Positioning Sizing [1:01:10] Advance Nano Tek (ASX: $ANO) [1:16:00] More from Will Thrower [1:19:22] Closing Questions If you enjoyed our conversation and want to learn more about Will, check out the following resources:  Will's Twitter  Will's Personal Investment Blog ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.**
01:24:34
October 23, 2020
How To Write A Great Investment Thesis & More w/ Morgan Housel, Collaborative Fund (Episode: 47)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. Morgan Housel is a man that needs no introduction. He's a NY Times Bestseller, prolific writer for Collaborative Fund and great conversationalist. I'm still amazed I was able to swindle him into joining the podcast this week. As a writer, I've wanted to chat with him and pick his brain about his writing process, how he thinks about new topics and the power of reading.  Morgan and I spend an hour discussing investment philosophy, the power of writing and what makes a great investment thesis. This was arguably my favorite and most challenging podcast to plan. I struggled with the question, "What do I ask the man that's been asked every question under the sun?"  Well, here's how it turned out:  [0:00] Who is Morgan Housel? [1:32] Most Challenging Parts of Writing a Book. [7:45] Investing Psychology [14:10] Topics that Haven’t Been Written About in WW2 and in Finance. [19:50] Becoming a Writer [28:00] How to Write an Investment Thesis? [30:00] Examples of Good Investment Theses: Dandelion Energy & Beyond Meat [34:00] The Reasons Behind Complex Business Models [39:00] How to Look for Ideas. [45:00] Writing is a Thinking Process. [48:00] How Has Writing Changed Your Life? [50:00] Closing Questions: What Writer Would You Like to Write Your Biography? This episode is a testament to scratching my own itch. Asking questions because I wanted to know the answer, not because I thought it would make for a great podcast. I hope you enjoy this episode as much as I did.  Thanks again to Morgan for coming on the show. If you want to learn more about Morgan, check out the following links:  Morgan Housel on Twitter The Psychology of Money  Collaborative Fund
55:24
October 16, 2020
$NTDOY, $TWTR and The Dangers of Overworking w/ Aaron Edelheit, Mindset Capital (Episode 46)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. Aaron Edelheit is the CEO of Mindset Capital and author of the book, The Hard Break: The Case for a 24/6 Lifestyle. He also runs the newsletter, Mindsetvalue. Aaron's a tried-and-true value investor searching the globe for undervalued businesses. We spend the early portion of the podcast discussing Aaron's early investment philosophy and how he grew his small partnership into $25M.  From there, we talk biggest winners/losers over his investing career and why he wrote The Hard Break.  Finally, we spend the bulk of the conversation diving deep into Nintendo ($NTDOY) and Twitter ($TWTR). Aaron lays out the NTDOY bull case, the bear case and exciting new technologies on the horizon for NTDOY. Aaron also dives into TWTR's bull thesis, the bear thesis and what investors should know about the company's future.  Here's the time-stamp:     [0:00] Who is Aaron and how did you get started in investing? [6:33] What was your style for growing a small sum into 25 million? [7:00] Biggest Winners: ATL Ultrasound [12:00] Biggest Losers? Doesn’t matter how people sound or how they look, you really need to be very skepticism. [17:15] The dangers of overworking and Aaron’s Book “The Hard Break: The Case For The 24/6 Lifestyle” [35:00] Nintendo: A 2013 MSFT? [56:00] Risks for Nintendo [1:01:00] Value investor’s case for Twitter [1:22:00] Besides Nintendo and Twitter where can value be found? (Energy and Lincoln Educational Services) [1:32:00] International Investments: Japan [1:40:00] Closing Thoughts and Questions If you want to learn more about Aaron, check out these links:  Aaron's Twitter Aaron's Newsletter The Hard Break book ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.***
01:44:08
October 9, 2020
$SE, $GRVY and Digital Transformation w/ Mads Christiansen (Episode 45)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. Mads Christiansen is a private investor specializing in digital transformation, e-gaming and technology. He freely shares his thoughts and ideas on Twitter and also runs a YouTube channel (both you can find in links below). Mads got his investing capital from his job as a medical practitioner. While working, he parked his money in passive index funds.  As his itch for investing grew, he found himself drawn to e-sports, gaming and digital transformation companies,. These are companies with long secular tailwinds at their backs. To Mads, if you start your fishing trip in the best ponds, you'll end up catching a few big winners. And that's exactly what he's done. A couple of Mads' big winners include Sea, Ltd. (SE) and Gravity (GRVY).  Mads and I chat about poker, investing, bet size, portfolio management and specific investment ideas. Check out the time-stamp below:  [0:00] Who is Mad Christiansen? [4:30] Specialization vs Generalization [8:00] How to develop the specialization skill? [11:00] How to not suffer from FOMO? [13:00] Poker and Investing: $MELI Case [20:00] Gaming and eSports [24:30] Challenges in Analyzing the Gaming Industry [27:30] eSports [30:30] Mads’ Portfolio Picks: $SE and $GRVY [35:00] Valuing $SE [41:00] $GRVY [47:00] Portfolio Construction [49:50] Customer Attention and the importance of it for a Value Investor. [56:00] New Opportunities [57:00] Closing Thoughts [1:00:40] Closing Questions If you liked our conversation, consider following more of Mads' thoughts:  Mads' Twitter Mads' YouTube ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.***
01:03:09
October 2, 2020
$UBER Deep Dive w/ Abdullah, Mostly Borrowed Ideas (Episode 44)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.*** Abdullah runs the Mostly Borrowed Ideas newsletter and Twitter account. He's one of the sharpest value investors on Twitter and I look forward to his emails every month. Abdullah got his start as an equity analyst and realized he wanted to create his own newsletter and achieve financial freedom. The ability to work anywhere and do what he loves. You can hear his passion in the way he talks about business models, valuation and investing.  We spend the early part of the show discussing Abdullah's background and general investment philosophy. After that, we dive deep into Abdullah's latest research report: Uber (U).  There's a lot of information in this podcast, so you might want to listen twice. Abdullah walks through the bullish thesis, Uber's specific risk points/competitive challenges and valuation. What I loved about Abdullah's research is that he ended the report not bullish on the company.  Pay close attention to his thoughts on valuation and how he backs into it using an Expectations Investing approach.  Here's the time-stamp:  [3:23] Intro Questions [9:13] Why did you start a newsletter ? [16:34] Uber Deep Dive [22:04] Why People Use Uber [28:06] The Troubling Economics of Uber [39:26] Driver & Customer Incentive Structures [42:18] Uber Eats Unit Economics [53:15] The Consumer Disincentive for Uber Eats [63:12] Performance-Based RSU’s [69:34] Closing Questions If you want to learn more about Abdullah and his newsletter, check out the following links:  Mostly Borrowed Ideas Newsletter Mostly Borrowed Ideas Twitter
01:15:19
September 25, 2020
Unity Software ($U) Deep Dive w/ Aaron Bush, The Motley Fool (Episode 43)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.*** Aaron Bush is an investor and writer for The Motley Fool. When's he's not researching stocks for The Fool, he's busy working on his other project, Master The Meta, a SubStack dedicated to all things esports and gaming. I've followed Aaron on Twitter and read his work regularly.  I wanted him on the show after reading his 5,000 word essay on Unity Software (U). Aaron's post came days after I published my long Twitter Thread on the company, and I wanted to chat about what he found.  This episode is for those that love deep dives on singular names. We spend nearly the entire podcast discussing Unity's competitive advantages, potential TAM, future growth opportunities, and potential risks to their bull thesis.  We also discuss the Gartner Hype Cycle and where Unity stands on its graph.  Here's the time-stamp:  [1:00] Intro Questions [7:04] What It's Like To Work at The Motley Fool [10:21] Average Day For Aaron [16:01] Unity Software Breakdown [24:05] Unity Take Rate Analysis  [28:19] Gaming First Company [38:02] Measuring Success at Unity  [41:24] Unity Operating Results & Metrics [51:43] The Gartner Hype Cycle [59:01] The Verdict on Unity  If you liked this conversation and want to learn more about Aaron and The Motley Fool, check out these links:  Aaron Bush Twitter Master The Meta SubStack The Motley Fool
01:02:48
September 18, 2020
The Future of Esports, Sports Betting and Gaming w/ Will Hershey, Roundhill Investments (Episode 42)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.*** Will Hershey is the co-founder and President of Roundhill Investments. He started in the energy space, but luckily moved into eSports and gaming before the energy crash of 2020. Roundhill is an RIA creating thematic ETFs on market-altering trends. Will and I spend an hour discussing what it's like to start an ETF, why Roundhill chose esports and sports betting as thematics and the power of being a thematic expert.  Specifically we dive into the the shift in the indexing business and why weighting by theme (not market cap) is important.  At Macro Ops, we're extremely interested in eSports and gaming. In fact, its one of our core thematics over the next 5-10 years. We're always searching for new investment ideas in this space, and Will's ETF offers the perfect springboard.  Here's the time stamp: [0:30] Intro Questions [9:15] From Energy To eSports [15:05] Unity, Metaverses and The Gaming Industry  [22:12] The Shift in the Index Industry  [27:09] What Does eSports Mean?  [34:45] How To Become an Industry Expert [38:04] CDProjekt (CDR) -- *disclosure: podcast host owns shares in CDR* [42:02] Developing The Sports Betting ETF (BETZ) [50:22] The Guise of Bad Businesses [55:00] Closing Questions If you want to learn more about Will and Roundhill Investments, check out the links below:  Will Hershey Twitter Roundhill Investments Twitter Roundhill Investments Website
56:51
September 11, 2020
What Makes Companies Like Shopify and Nike Great with Brett Bivens (Episode 41)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.*** Brett Bivens is an investor and researcher at Tech Nexus. He also writes the popular Substack Newsletter, Venture Desktop. I was thrilled to get Brett on the show because I wanted to pick his brain on his most popular articles.  Brett's essays span wide-ranging topics, including:  Bottoms-up investing The Metaverse of healthcare Empowerment Loops Complexity Investing Enablers vs. Growers We spend over an hour discussing these topics and the intricacies of companies like Shopify, Spotify, Facebook and Twitter.  Here's the time-stamp:  [0:31] Intro Questions [3:00] What is TechNexus? [7:00] Brett's Role at TechNexus [11:20] Merits of Bottoms-Up Investing [15:15] Don't Invest In What's Trending [20:23] Complexity Investing [25:43] Metaverse of Healthcare [38:14] Empowerment Loops [47:45] Enablers vs. Growers [55:05] How To Find Underrated Markets [67:10] Examples of Underrated Markets [77:00] Closing Questions If you want to learn more about Brett, check out these links:  Brett's Newsletter Venture Desktop  Brett's Twitter @brettbivens
01:09:56
September 4, 2020
Business Mispricings, Risk Management and Sticking To Your Process w/ Gary Mishuris, Silver Ring Value Partners (Episode 40)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.*** Gary Mishuris is the managing partner and Chief Investment Officer of Silver Ring Value Partners. After working his way through the Mutual Fund world, Gary founded Silver Ring Value Partners. The Fund utilizes a concentrated intrinsic value approach in seeking to safely compound capital over the long term. Gary is a class-act investor and even better person. I met him in 2019 at the ValueX Vail conference. We played cornhole and I think we won. Our hour-and-a-half conversation covers business valuation, mispricings, investor psychology and how to create a solid investment partnership.  I learned a ton from listening to Gary so I know you will too.  Here's the time-stamp:  [2:54] Lessons From Fidelity [8:15] Managing Billions Out of College [12:45] Gary’s Christmas Eve Nightmare [20:46] Great Businesses Are Rarely Mispriced [27:52] Mutual Funds Don’t Foster Long-Term Investing [32:18] Prioritizing Luxuries of Life (When You Don’t Need More) [39:50] How Gary Structured His Partnership [45:05] Soup-to-Nuts Process: Covetrus (CVET) [59:47] The Key To Position Sizing [63:30] Portfolio At Risk [70:05] Implementing Your Process vs. Judging Performance [79:46] The Power of Quora For Audience Growth [85:25] From Russia To USA, Gary’s Immigrant Story [90:20] Closing Questions If you want to learn more about Gary, check out these resources:  Gary's LinkedIn Profile Behavioral Value Investor Gary's Quora Gary's YouTube Channel
01:33:30
August 28, 2020
What You Learn From 1,000+ CEO Interviews w/ Bobby Kraft, SNN Wire (Episode 39)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better. I couldn't be more excited to partner with TIKR. ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.*** This week I chat with Bobby Kraft of SNN Wire and host of The Planet Micro Cap Podcast. Bobby is a titan in the micro-cap industry. He's recorded over 130 podcast episodes and interviewed thousands of CEOs. The work he's done to bring positive news and information to the micro cap community cannot be understated.  I've wanted to get Bobby on the show for a while. I'm stoked he agreed to do it.  We spend over an hour discussing Bobby's background, what he looks for in an interview with a CEO, and how regular retail investors can gain an edge in interviewing company management. This was one of the most laid-back conversations I've had, and I enjoyed the heck out of it.  Here's the time-stamp for the conversation:  [0:00] Bobby's Journey To SNN & Planet Micro Cap Podcast [6:25] Having Fun in Argentina  [13:18] Bobby's Mentors & Inspirations  [22:36] What Investors Want To Hear From CEOs [27:56] The Power of Strategies & Conviction [35:26] How To Spot Great Managers & Poor Managers [45:17] Actions Speak Louder Than Words (Buybacks) [54:33] Joke About Disclosures on Stocks  [63:07] SNN's New Podcast Network [67:03] What Does Bobby Do Off Camera?  [73:47] Closing Questions If you want more information on Bobby or SNN, check out these links:  Bobby Kraft on Twitter StockNewsNow.com
01:15:51
August 21, 2020
The Power of Stock Checklists w/ Brian Feroldi, The Motley Fool (Episode 38)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better. I couldn't be more excited to partner with TIKR. ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.*** Brian Feroldi is an investor and writer for the Motley Fool. His main interests involve the healthcare and technology industries. His goal is to buy the highest quality companies he can find, then hold on to let compounding do its thing. We spend an hour discussing his start in investing, biggest mistakes, and the checklist he uses to analyze every investment idea.  Here's the time-stamp:  [0:47] Brian's Intro To Investing [4:43] Writing For The Motley Fool [6:36] Personal Finance & Investment Strategy [10:45] Brian's Biggest Losing Trade ($KMI) [16:34] Creating The Stock System Checklist [22:19] Look For 70s and 80s [25:50] How Brian Analyzes Management [29:32] Adding Glassdoor.com To Research Process [32:01] Mercado Libre $MELI Checklist [49:02] Running $MELI Through The Gauntlet [54:05] Brian's Favorite New Ideas [58:00] Closing Questions If you want to learn more about Brian, check out the links below:  Brian's Motley Fool Articles Investment Checklist Brian's Twitter
59:20
August 14, 2020
Industrials, Cyclicals and a New Idea w/ Alex Jones, Porter Street Research (Episode 37)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better. I couldn't be more excited to partner with TIKR. ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.*** My guest this week is Alex Jones. No, not that Alex Jones. Alex is an independent investment consultant working with hedge fund/institutional clients. He started his investing career at Cambridge Associates. After a stint there, he moved into a money manager role for an Endowment. It was here Alex got his first taste in asset management and investment/investor allocation.  From there, he worked as an analyst for author and investor Chris Mayer.  Our conversation dives deep into industrial and cyclical stocks. We cap the discussion with Alex's latest investment idea: Orion Engineered Carbon (OEC). Alex shares what he learned from his 43-page deep dive on the company, and why it might be a great idea over the next 5-7 years.  Here's the time-stamp:  [1:10] Who is Alex Jones & How He Got Started Investing [4:05] What It's Like Being Chris Mayer's Analyst [7:53] Making The Plunge To Independent Research [14:41] Alex's Favorite Accounting Books [20:21] How Alex Finds Stocks [27:05] Why Casual Dining Restaurants Are Terrible Investments [32:54] Why Alex Likes Cyclical, Hairy Businesses [34:26] Deep Dive: Orion Engineered Carbon (OEC) [46:42] Navigating Commodity Risks [54:06] Thinking About Replacement Value [59:01] Specialty Carbon Black Value Proposition [71:15] What Are The Insider Incentives?  [76:09] Valuation Process [83:33] Risks w/ OEC [91:04] Where To Find Alex & Closing Questions If you want to learn more about Alex, check out the links below:  Alex Jones Twitter Porter Street Research Website
01:35:59
August 7, 2020
Micro Cap Mastery & Lessons in Unit Economics w/ Connor Haley, Alta Fox Capital (Episode 36)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better. I couldn't be more excited to partner with TIKR. ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.*** Connor Haley is the founder and managing partner of Alta Fox Capital. If you haven't heard of Connor, here's a few highlights:  Graduated Harvard University  Founded Alta Fox Capital in 2018 and has generated (to date) 40% gross annualized returns #1 Micro Cap Investor on Micro Cap Club Connor is a fantastic investor and great business thinker. He focuses all his attention on the fundamental unit economics of business, as well as what makes for a lasting competitive advantage.  He fishes in overlooked areas (small-micro cap stocks) and routinely hunts overseas in search of attractive IRRs.  We spend an hour diving into the nuances of business fundamentals, unit economics and why Connor rarely does a DCF model.  Here's the time-stamp:  [1:36] Intro Questions [7:12] Traditional Education & Self-Taught Investors [13:36] Lessons From The Best Chess Players [17:21] Skewed Institutional Incentives [19:56] Top-Ranked Micro Cap Club Member [22:17] Connor's 3-Pronged Strategy During COVID [27:17] Understanding How Competitors Compete [28:41] The Power of Unit Economic Analysis [34:44] Asking Questions Like An Owner [39:52] Stop Worrying About P/E Ratios [47:11] 3-5 Year Time Horizons & Multiples [51:35] Connor's Q2 Letter & Highlights [55:05] Don't Focus on the Market Narrative [59:47] Looking International For Ideas [60:00] Closing Questions If you're interested in learning more about Connor and Alta Fox, check out the following links:  Connor's Twitter Alta Fox Capital Website
01:06:45
July 31, 2020
Compounding Knowledge, Investments and Passion w/ Gautam Baid (Episode 35)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better. I couldn't be more excited to partner with TIKR. Our guest this week is Gautam Baid, author of The Joys of Compounding.  Gautam Baid, CFA, is portfolio manager at an SEC-registered investment advisor based in Salt Lake City, Utah. Previously, he served at the Mumbai, London, and Hong Kong offices of Citigroup and Deutsche Bank as senior analyst in their healthcare investment banking teams. Baid is a CFA charterholder and member of CFA Institute, and in 2018 and 2019, he was profiled in Morningstar's Learn From The Masters series.  During our chat we discuss passion, flexible thinking, why P/E ratios aren't everything and more! Here's the time-stamp:  [1:02] How Gautam Got Started in Investing [7:30] Gautam's First Role as Portfolio Manager [8:45] Resilience & Persistance as a Superpower  [14:01] Writing The Joys of Compounding [20:48] The Feynman Technique of Learning [22:45] Using The Feynman Technique for New Stocks [31:25] There's More To Stocks Than P/E Ratios [39:05] The Moat Erosion of Brand-Name Stocks [46:10] Why You Should Journal  [51:05] Investor Biases & How To Tell if You're Wrong [61:21] Insatiable Curiosity  [64:57] Closing Questions Want to learn more about Gautam? Check out these resources:  Website Twitter
01:08:32
July 24, 2020
How To Find Long-Term Winners Early w/ Turner Novak, Gelt VC (Episode 34)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better. I couldn't be more excited to partner with TIKR. I use it every single day. Alright, back to the podcast.  Turner Novak is a venture capitalist and partner at Gelt VC. Turner came from a single-parent, low-income household and worked his way to becoming one of the more popular venture capital thinkers on Twitter today. Through hard work and sharing his thoughts online, Turner began finding his venture voice.  But it wasn't until Turner created his Fantasy VC portfolio that he got past the hurdle of people taking him seriously.  Turner and I chat about strategies as a venture capital, how VC is different from public markets, key man risk and attaching numbers to narratives in valuation.  Here's the topic timestamps:  [1:11] How Tuner Got Started in Venture [6:40] Strategies as a Venture Capitalist [13:50] How VC Is Different From Public Markets [25:50] Elon Musk & Key Man Risk [27:15] Turner's Fantasy Portfolio & How He Found His Fantasy Investments [36:20] Attaching Numbers To Narratives [46:00] Child-Care as An Attractive Industry [51:32] Three Industries Turner's Excited About [57:00] Building Businesses Off Existing Platforms [60:05] Closing Questions If you like what you heard from Turner, make sure to follow him on Twitter @TurnerNovak. Also, make sure to subscribe to his Substack newsletter (here). Finally, find out what Turner's doing over at Gelt VC. 
01:03:05
July 17, 2020
[REPLAY] Long-Term & Differentiated Thinking with Clifford Sosin, CAS Investment Partners (Episode 33)
[REPLAY NOTE]: Due to scheduling and travel I was not able to get a new podcast to you this week. I apologize and do not expect something like this to happen again. I chose Cliff's episode for a replay because it is one of my favorites, and also one of my first. New listeners will learn so much from Cliff's thoughts. Thank you for your support! Clifford Sosin runs CAS Investment Partners. The fund is a value oriented partnership focusing on investing in great businesses at discounted prices to their future value. Cliff discusses his early days at UBS, the genius of the bankruptcy system, how he finds ideas and mental models. Cliff also reveals how to fix the banking system as we know it. The conversation covers a wide array of topics and was one of our longer episodes. I hope you find Cliff's insights as interesting as I did. Make sure you follow him on Twitter @CliffordSosin Also, if you're interested in his co-authored white-paper on global banking, check it out here.
02:09:46
July 10, 2020
Dissecting Network Effects & Local Economies w/ Keith Smith, Bonhoeffer Capital (Episode 32)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. Keith Smith is the portfolio manager of Bonhoeffer Capital. Bonhoeffer is a global-oriented fund focused on finding compound mispricings across the capital structure. The fund looks for misunderstood businesses and poke around unconventional fishing holes on their quest for alpha generation.  Keith joins the show to discuss his investment process, local scale economies and finding hidden opportunities across the globe.  If you want to learn more about Keith, follow him on Twitter @Bonhoeffer_KDS. You can also check out his website here.  Here's the show outline:  [1:33] Intro and Background on Keith [6:05] Viewing Your Job as An Asset w/ Recurring Revenue [13:03] What Keith's Investment s Looked Like in 1990s [34:05] Why Keith Invests Across The Globe [46:19] Investing in South Africa [49:50] Compound Mispricings [59:34] Investing in Businesses w/ Local Economies of Scale [66:32] The Power of Wegman's  [67:03] Bringing Local Economies To The Internet Economy [76:13] Win-Win Investment Opportunities [88:37] How Keith Finds Incentive Structures [95:34] Fallibility & Changing Investment Models [102:32] Closing Questions If you like what we're doing, please subscribe and give us a rating on Apple Podcasts, or wherever you listen to this podcast. 
01:57:03
July 3, 2020
ETFs, Deep Value and Lessons From Podcasting w/ Tobias Carlisle, Acquirer's Funds (Episode 31)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. We're stoked to bring you this week's guest: Tobias Carlisle. Tobias is a Renaissance man in the investing community. He's written four books, captains two podcasts and runs two ETFs. Along with that he's a husband and a father to a beautiful family.  Tobias is usually on the other end of these interviews.  We chat about ETFs, daily routines, Berkshire Hathaway, asking better questions and more! Here's the show outline:  [2:12] Tobias' Daily Routine [4:01] The ZIG ETF [9:21] Accounting For Negative FCF [13:06] Trusting The Process During Uncertainty [16:02] Hertz $HTZ [18:22] CNBC and Buying Mentality  [22:07] Randomness in Investing [24:05] Why Tobi Started an ETF [31:19] That Time Tobi Toured Google [39:35] Don't Watch The Market [40:31] What is Tobias' Edge? [45:41] Developing a Mental Edge [50:28] Tobi's Mt. Rushmore of Podcast Guests [54:40] The Trouble w/ Paying For Growth [59:51] Closing Questions If you want to check out Tobi's book, click the links below:  Deep Value The Acquirer's Multiple Concentrated Investing Quantitative Value Also, check out Tobias on Twitter here and his website here. 
01:04:19
June 26, 2020
Finding Your Competitive Edge (& Lessons From Pro Volleyball) w/ Ryan Doherty (Episode 30)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. Our 30th episode was one of the most esoteric conversations yet. This week, I had the pleasure of chatting with Ryan Doherty. Ryan was a former professional baseball pitcher (and at one point, the tallest professional player ever) turned professional volleyball player.  Ryan went from never playing volleyball to beating gold medalist team Phil Dalhausser and Todd Rogers.  We spend over an hour discussing passion, competition, mental edge and process improvement. I had a blast.  Here's the outline:  [1:30] Who is Ryan Doherty [7:19] Meeting Hall of Famer Randy Johnson [10:58] Ryan’s Dark Days & Identity Crisis [20:29] Leaving For CA w/ $5K and Nothing Else [26:29] Burnout & Losing The Love of The Game [29:55] The Pressure of Being The Weak Link [34:32] Lessons from Traveling >20 Countries [40:55] Ryan’s Start in Investing [46:26] How Ryan’s Investment Philosophy Changed [50:05] 2020 Doesn’t Look Like The CFA Exams [54:54] Competitiveness as an Edge [57:41] How To Keep Your Ego in Check [65:00] Figure Out What You’re Working On [68:00] Progression Through Self-Reflection [71:10] How To Track Your Investment Progress [74:35] Learning Python for Software Investing [78:10] Closing Questions If you want to learn more about Ryan, follow him on Twitter @ryandoherty47 Also, if you want to learn more about Python for Investing, check out Quantopian. 
01:19:60
June 19, 2020
Spin-off Extravaganza (OTIS, MSGE, IAC/MTCH) w/ Richard Howe, StockSpinOffInvesting.com (Episode 29)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. Richard Howe joins the Hive for the second time! It's our first guest with a second appearance and we're stoked to bring you this conversation.  This episode is IDEA HEAVY and features 5-6 new spin-off ideas for you to research, study and add to your watchlist. Rich dives deep into the following spin-offs:  Otis Worldwide (OTIS) Carrier (CARR) Ecolab (ECL) Madison Square Garden Entertainment (MSGE) IAC/Interactive (IAC) Match Group (MTCH) Kontoor Brands (KTB) Howmet Aerospace (HWM) We also discuss shorting micro-cap stocks, Rich's friends asking for stock gambles and how Rich finds interesting, low-risk arbitrage situations in the markets.  Here's the show outline:  3:25 - Recent Spin-offs (MSGE, OTIS, CARR, ECO) 5:14 - MSGE Bull Thesis 11:24 - How To Capitalize Lease Payments 17:40 - MSGE Pre-Mortum 22:03 - Otis Worldwide (OTIS) 24:25 - Carrier (CARR) 30:00 - Normalizing Cyclical Earnings 34:35 - Ecolab Spin-off Arbitrage 45:54 - Howmet Aerospace (HWM) 52:30 - IAC/Interactive & Match Group (MTCH) 68:11 - Front-Running an ETF with Kontoor Brands (KTB) 76:10 - Shorting Micro-Cap Stocks (ZOOM) 83: 45 - Position-Sizing Shorts 88:25 - When Your Friends Ask For Stock Gambles 91:00 - Closing Questions As always, thanks so much for listening! If you like what we're doing, please subscribe and leave a rating and review wherever you're listening. It goes a long way.  If you're interested in Rich's premium service, click here and use the code "Macroops" for a 25% discount. Make sure to follow Rich on Twitter @Stockspinoffss
01:38:42
June 12, 2020
Global Investing & Finding Your Edge w/ Brad Hathaway, Far View Capital (Episode 28)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive.  This week we chat with Brad Hathaway, managing partner of Far View Capital. Far View Capital invests around the globe on the hunt for special situations. Brad graduated from Yale University with a Political Science degree and quickly found his way to the hedge fund/private equity world.  After honing his skills, Brad set off to start Far View Capital Management (website here). I loved this conversation. You can tell Brad bleeds Investing, business and continual learning.  Here's the show outline:  [4:08] When Brad's Investment Passion Clicked [11:56] Taking The Leap & Starting Far View Capital  [17:04] Personal Psychology As A Differentiator  [23:20] Examples of Early Wins & Early Losses [31:05] Keyword-Based Searching To Find Ideas [38:10] Understanding The Few Key Variables [47:43] The Value of Depth vs. Breadth [53:45] Arrogance vs. Humility  [70:10] Why Is This Being Sold?  [77:54] Global Spin-offs Are Great Hunting Grounds [81:11] US Frameworks on Non-US Companies [90:36] How Brad Likes To Short [95:10] Spending Time Away From Screens [104:05] Who Can Find Brad Hathaway on Twitter! [105:25] Closing Questions Big thanks again to Brad for coming on the show!  Also, check out Broadview's Investor letter (and reference to Samurai scoring) here. If you find Brad's Twitter handle please email me brandon@macro-ops.com for verification. I will personally send you the book You Can Be A Stock Market Genius.  Make sure to check out Far View Capital's website here. 
01:50:59
June 5, 2020
Equity Investing Through a Creditor's Lens w/ Jeremy Raper, Raper Capital (Episode 27)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive Today's guest is Jeremy Raper. Jeremy runs RaperCapital.com and recently launched a premium investment research service.  Jeremy looks at public markets through the eyes of a credit analyst. This gives him a unique perception on markets, companies and capital structure situations. He's not afraid to invest all along the capital structure, and often writes about unique long/short bond opportunities.  Before launching his premium research service, Jeremy worked over a decade on both the buy and sell side research departments. He even spent time in Japan doing equity/credit analysis.  During our chat we talk about Jeremy's investment process, the edges gained while living/working in Japan, how he finds ideas and how he thinks about valuation/risk.  Here's the podcast outline:  [1:10] - Lessons From Playing Tennis [3:00] How Jeremy Got Started In Markets [6:15] Lessons From The Buy & Sell Side [8:35] Jeremy's First Taste in Credit Instruments [26:00] Jeremy's Four Pillars of Investing [32:12] Portfolio Construction and Allocation [35:24] How To Extract Value From Net Nets [39:51] The Pendulum of Shareholder vs. Customer Focus [43:42] Returns ON Capital vs. Return OF Capital  [56:00] How To Avoid Value Traps [60:00] Sustainable Free Cash Flow Definitions [69:00] Jeremy's Three Buckets of Idea  [74:28] How To Prioritize New Investment Ideas [80:00] Kill Your Ideas Quickly [84:33] If The Price Is Right, Look Deeper (CLMT) [93:18] Real-Time Example of Credit Analysis (361 Degrees) [105:46] Finding The Main Drivers of an Investment [108:19] Raper Capital Premium -- What To Expect  [118:28] Closing Questions If you want to learn more about Jeremy's research, head over to his site RaperCapital.com. Also make sure to follow him on Twitter @puppyeh1
02:02:15
May 29, 2020
A Permanent Place For Hyper-Niche Software w/ Michael Girdley, Dura Software (Episode 26)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive This week we chat with Michael Girdley. Michael's list of accomplishments and ventures would take up the rest of this description! In short, he loves building businesses and creating products that resonate with customers.  He's the founder of Geekdom Fund, CodeUp and his newly launched fund, Dura Software.  The conversation covers all things venture capital, start-up business, as well as Michael's personal background and passions. We also discuss the types of companies Michael looks to invest in, as well as pitfalls of traditional value-based investment strategies.  Here's the outline:  [2:00] Michael's Early Interest in Computers [7:00] Working For The Family Fireworks Business [16:00] The Struggle with Delayed Feedback in Business & Investing [26:00] Michael's CodeUp Start-up Story [31:00] The Power of A Fully Refundable Education [35:00] Creating Stories Through Brands [37:51] Net Promoter Score & Why It Matters [53:00] What Did & Didn't Work at Geekdom Fund [55:00] What Michael Looks For In Investments [67:00] Zoom & Shopify's Valuation [77:00] The Transition from Geekdom to Dura Software [90:00] Why Value Screens Remove Great, Venture-Like Companies [97:00] Michaels Favorite Books of 2019  [107:00] Closing Questions  If you enjoyed this conversation and want to learn more about Michael, give him a follow on Twitter here.  Also, if you or someone you know is interested in selling their software business, check out Dura Software. 
01:48:31
May 22, 2020
How To Create Your Own Float w/ Kirk Du Plessis, OptionAlpha (Episode 25)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive Can't believe we've made it 25 episodes!  We couldn't have done it without our AMAZING followers and guests. I know everyone likes to say that, but it's true. You, our listeners don't download episodes to hear my endless drivel. And you, our guests, don't come on the show without knowing your voice will be heard.  We're creating a tremendous flywheel and we're just getting started! This week we feature our conversation with Kirk Du Plessis, founder of OptionAlpha.com.  Kirk started OptionAlpha.com as a personal blog to track his option trading education. From there, he's turned the site into the resource for options education. OptionAlpha has over 200K email subscribers and they're doing really cool things in the coming years (which we talk about).  Our conversation covers all things options, personal life, successes, struggles and finding what works for you.  Here's the outline:  [1:54] Who is Kirk Du Plessis [5:30] What Kirk Learned From His Days as a REIT Analyst [10:32] Kirk’s First Taste of Options Trading [15:30] How Kirk Started OptionAlpha.com [16:35] Screw Emails, Just Make Some Content [21:00] How Kirk’s Strategy Has Changed Over The Years [30:46] Getting Into The Nitty Gritty of Options Trading [31:21] The Biggest Misconceptions About Options Trading [38:39] What COVID Has Done To The Options Market [49:00] Don’t Fight The Losses [53:20] Using Options To Create Insurance Float [58:00] Soup-to-Nuts Example of Creating Float [74:00] Finding Your Sweet Spot [79:00] Integrating OptionAlpha with Brokers [87:00] How To Automate Options Trading [96:00] Closing Questions If you like what we're doing, please leave a rating and review on Apple Podcasts.  Also, make sure to follow Kirk and OptionAlpha on Twitter!
01:40:57
May 15, 2020
More Than Shipping Stocks w/ Harris Kupperman, Praetorian Capital (Episode 24)
I'm thrilled to bring you Episode 24, my chat with Harris Kupperman (aka Kuppy) of Praetorian Capital. Kuppy is known for his views on all things tankers and shipping stocks.  But he's more than that. Way more than that. Our conversation dives deep into Kuppy's overall investment philosophy, how he stumbled upon investing, his love for travel and some crazy adventure stories.  If you're looking for the latest opinion on tankers, this isn't your podcast. But if you're looking for actionable, timeless investment thought and wisdom, you're in the right place.  Here's the podcast outline:  [0:00 - 4:00] Kuppy's First Dip in The Stock Market [5:00 - 10:00] Charts and Value Investing [11:00 - 20:00] Downside Protection & Why People Love Cheap [25:00 - 32:00] An Example of Kuppy's Investment Process [33:00 - 39:00] How Kuppy Thinks About Valuation [40:00 - 46:00] Breathe-Right Example [47:00 - 50:00] Cap-Ex Disguises Earnings Power [51:00 - 54:00] Operating Leverage  [55:00 - 58:00] Kuppy's Ideal Investment Situations [60:00 - 65:00] The Importance of Gut Feeling [66:00 - 76:00] Investing in Frontier Markets [77:00 - end] Kuppy's Travel Adventures If you like what we're doing, please leave a rating and review on Apple Podcasts! Also, if you want to learn more about Kuppy, check him out on Twitter @hkuppy
01:26:46
May 8, 2020
Managing Through A Crisis w/ Bill Brewster, SCG Capital (Episode 23)
Today's guest is Bill Brewster. Bill is the founder and portfolio manager of Sullimar Capital Group.  I'm excited to share our conversation as Bill's quickly becoming one of my favorite investment thinkers. I found him on Twitter, and after following his tweets and blog, I reached out asking him to come on the show.  During the conversation, we talk baseball, Charlie Munger, airlines and travel and everything in between.  Here's the timeline:  [0:00 - 6:00] Who is Bill Brewster? [7:00 - 10:00] How Bill's Investment Style Has Changed [11:00 - 19:00] Thinking About CEO Pay  [20:00 - 27:00] The Power of Surviving [28:00 - 37:00] Lessons From Bill's Mistakes [38:00 - 44:00] RH & Bill's Investment Process [46:00 - 55:00] How Bill Thinks About Valuation [56:00 - 60:00] Capital Accounts Blog Post [61:00 - 72:00] Incremental Free Cash Flow & Industry Analysis [73:00 - End] Airline Industries & What Bill Would Tell Young Investors Make sure you follow Bill on Twitter. His handle is @BillBrewsterSCG You can also follow his blog at https://sullimarcapital.group/
01:26:43
May 1, 2020
Mid-Caps & More with George Livadas, Upslope Capital (Episode 22)
Episode 22 is live! This week we've got George Livadas on the show. George is the founder and portfolio manager of Upslope Capital. George graduated with a Russian degree, but found his way into investment banking at Citigroup. He worked in IB covering the brokerage and can producer industries (to name a couple).  George loves investing, but he didn't start out like many traditional value investors. He didn't read Buffett's letter, he didn't read Graham's doctrine. He developed a passion for investing by learning about business.  George founded Upslope Capital to invest his own way -- a differentiated way. George employs a long and short strategy at Upslope. He prefers to hunt in the mid-cap space for ideas, and has a soft-spot for boring, unloved businesses.  Here's what we cover in the conversation:  [0:00 - 5:00] Who is George Livadas [6:00 - 11:00] What Works For George in Investing [12:00 - 17:00] Why Mid-Caps & The Power of Simplicity  [18:00 - 22:00] What Makes A Good Investment?  [23:00 - 30:00] From Idea Generation To Investment  [31:00 - 42:00] George's Investment Process  [43:00 - 49:00] George's Thoughts on Shorting [50:00 - 55:00] Corporate Governance & COKE [56:00 - 60:00] Knowing Yourself & Being Wrong [63:00 - End] Concluding Questions If you want to learn more about George, check out these links:  Upslope Capital Website: https://www.upslopecapital.com/ George Livadas Twitter: https://twitter.com/UpslopeCapital Also, if you're interested in the McKinsey Book on Valuation: https://amzn.to/2VTqHcK
01:09:28
April 24, 2020
How To Fix A Business In 100 Days w/ Jeff Sands, Dorset Partners (Episode 21)
Excited to share Episode 21 with y'all!  What better time to have a turnaround expert on the show, right?  Jeff Sands is a 3x winner of the Turnaround Of The Year award (2017-2019), and he's got a good shot at 2020. He spent his early career working in his family business. When outside pressures rattled the company, Jeff realized two things: a) the importance of cash and b) that nobody taught him how to manage this crisis.  Jeff's passion is turning around troubled businesses, and he's one of the best in the world at it.  During our chat, we discuss:  [0:00 - 9:00] Introduction and Background [10:00 - 13:00] Why Stubbornness Is Death in Turnarounds [14:00-20:00] Jeff's Tools For Turnarounds [21:00-27:00] Why Jeff Doesn't Look at The P&L [28:00-30:00] First Steps in Any Turnaround [31:00-34:00] How To Coach A Bank [35:00-41:00] Founding Dorset Partners [42:00-56:00] Real World Turnaround Examples [57:00-59:00] How To Identify A Core Business [60:00-66:00] Jeff's Failures in Turnarounds [67:00-69:00] How To Spot Failed Turnarounds in Public Companies [70:00-end] Concluding Questions If you want to learn more about Jeff (and his book), check out these links:  Jeff's Twitter Jeff's Book Dorset Partners website If you like what we're doing, please leave us a rating and review on Apple Podcasts.  
01:12:59
April 17, 2020
Survival of The Permanent w/ Brent Beshore, Permanent Equity (Episode 20)
We've made it to a huge milestone: 20 podcast episodes.  We couldn't have done it without you, our listener base. Y'all keep the lights on and help spread the word about what we're doing. For our 20th episode, we chat with Brent Beshore, CEO and Founder of Permanent Equity.  We're living in unprecedented times. COVID-19 is wreaking havoc on our day-to-day lives. It's shutting down businesses and entire economies. We don't know when we'll return to "normal". And when we do, we don't know what that new "normal" will look like.  In this episode I ask Brent to flesh out some of his latest essay pieces on mental models, cutting expenses and the new normal for life and business.  Here's the podcast timeline:  [0:00 - 6:00] Introduction [7:00 - 18:00] Cutting Fat, Muscle and Bone [20:00 - 30:00] Intricate Challenges Small Businesses Face [35:00 - 42:00] Capitalism & Eminent Domain [43:00 - 47:00] Permanent Equity's Safe Harbor [57:00 - 59:00] The Benefits of In-Person Meetings [60:00 - 65:00] The V-Bottom Reversal is Dead [66:00 - 70:00] Faith & Getting Back To What Matters [71:00 - End] How Brent Structures His Day If you like what we're doing with the podcast, please leave a rating and review on Apple Podcasts.  Also, check out our free, weekly investing newsletter. We deliver actionable value investing content straight to your inbox. Every Wednesday. For Free. Forever. 
01:19:21
April 10, 2020
What I Learned From Over 600 Blog Posts, The Science of Hitting (Episode 19)
Episode 19 is here! I'm excited to bring y'all my conversation with Alex (aka, The Science of Hitting). Alex is a both a writer and investor. When he's not thinking about which businesses to buy, he's writing about them on GuruFocus.  Alex has over 600 blog posts on GuruFocus to date, a feat few others can claim. I've enjoyed Alex's content for years and getting the chance to chat with him about investing was a blast.  Here's what we cover:  [0:00 - 6:00] Introduction [7:00 - 14:00] Quality vs. Price [15:00 - 23:00] TSOH's Investment Process (Soup to nuts) [24:00 - 40:00] Can you pay too much for a quality business? [42:00 - 57:00] Lessons Learned From 600+ Blog Posts [60:07 - 70:00] Charles Schwab (SCHW) and Match (MTCH) [71:00 - end] Short-term volatility and closing questions I had a blast recording this podcast. I learned a ton and I know you will too.  Do yourself a favor and follow TSOH on Twitter @TSOH_Investing. You can also check out his articles on GuruFocus here.  Also, if you love the podcast, consider subscribing to our free, weekly value investing newsletter: The Value Hive. 
01:32:34
April 3, 2020
Lessons in Options Trading, Credit Markets and Balance Sheets w/ Fil Zucchi (Episode 18)
Better late than never, right?  On Episode 18 of the Value Hive Podcast I chat with Fil Zucchi. Fil is an independent options trader and former bankruptcy lawyer. I first met Fil at last years ValueX Vail Investors Conference.  Fil brings a unique look to equity and credit markets. He expresses his thoughts and opinions through options trading. He's a market veteran with over 30 years of experience.  Here's the crazy part: in 30 years of trading, Fil's never seen markets like the one we're in now.  We dive deep into options trading, balance sheets, bond markets and what to look for in troubled companies. Fil provides insight into why credit markets lead equity markets, and how equity investors can leverage bond markets to gain additional insight.  Podcast Timeline:  [0:00-5:00] Introduction and Background [6:00-11:00] Why Credit Leads Equity  [12:00-20:00] Understanding Capital Flows in Credit Markets [21:00-26:00] Current State of the Credit Markets [27:00-38:00] Deep Dive into Options Trading [39:00-49:00] LEAPS & Using Options on Value Stocks [50:00-58:00] Lessons Learned From Best & Worst Options Trades [59:00 - 109:00] Why Equity Investors Should Follow Bond Markets [110:00 - 113:00] Lessons Learned from Days as Bankruptcy Lawyer [end] Concluding Thoughts & Last Question If you want to learn more about Fil, or follow his thoughts, check him out on Twitter @FZucchi Thanks for listening. If you like what we're doing, please leave us a rating and review on Apple Podcasts. 
01:21:13
March 28, 2020
The Power of Owner Operators with Chris Mayer, Woodlock House Family Capital (Episode 17)
Chris Mayer is an author and fund manager. He's written three books and in 2018, started managing Woodlock House Family Capital.  Many investors have heard of Chris' name from his (now cult-following phenomenon) book, 100-Baggers. In that book, Chris dives into common characteristics of companies that returned 100-to-1 for their investors. Some of those characteristics include:  Revenue and earnings growth Founder-led or owner-operator at the helm Tremendous drawdowns in share price During the podcast, we chat about the following topics:  What Chris wished he knew when he started investing  Why Chris prefers owner-operators What gives Chris his edge in the markets What are shared qualities of some of Chris' biggest winners Why Chris loves markets and investing and more! If you're interested in learning more about Chris, check out his books:  100 Baggers World Right Side Up: Investing Across Six Continents How Do You Know?: A Guide to Clear Thinking About Wall Street, Investing & Life Invest Like a Dealmaker: Secrets from a Former Banking Insider Also you can find him on Twitter and his blog.  Podcast Time-line:  [0:00-10:00] What Chris Wish He Knew When He Started Investing [11:00-19:00] Process over Outcome  [19:30-27:00] Qualities of an Owner-Operator [28:00-37:00] Why Chris is a Global Investor [38:00-49:00] How To Sell [50:00-52:00] What is Chris' Biggest Weakness [53:00-58:00] Owning A Few Great Businesses [59:00-67:00] What Gives Chris His Edge in Markets [67:30-End] Closing Questions
01:10:16
March 20, 2020
Reminiscences of a Deep Value Investor, ValueStockGeek (Episode 16)
ValueStockGeek runs a deep-value investing blog and is active on Twitter. I originally found him when setting up my own investment blog.  We've ping-ponged back and forth with times to chat and call, and after a few months we finally synched up.  I'm excited to have ValueStockGeek on the podcast for a few reasons:  We share similar investment styles and philosophies His transparency is refreshing He offers unique insights into macro themes as well as micro, company-specific write-ups During the chat we discuss the following:  [2:00-10:00] Introduction to ValueStockGeek [11:00-14:30] Maintaining Rationality During Volatility [15:00-21:00] Recession Talk [21:00-31:00] Why Stocks Are Still Expensive [32:00-50:00] ValueStockGeek's Lazy Portfolio [51:00-57:00] ValueStockGeek's Investment Process [60:00-71:00] How ValueStockGeek Values Companies [72:00-End] Final Comments & Last Question If you want to learn more about ValueStockGeek, check out his website and Twitter (links below):  Twitter ValueStockGeek Website
01:23:47
March 13, 2020
Buying A Job & Creating A Platform with Nick Haschka, The Wright Gardner & Cub Investments (Episode 15)
In this week's episode I chat with Nick Haschka. Nick is the founder of Cub Investments and Co-Owner of The Wright Gardner. He wears many hats, but if you were to ask him what he does, he boils it down to two things: investor and CEO of a plant company.  Nick's journey towards small business ownership was a winding road. After graduating from MIT, he went to work for McKinsey. After consulting, he found a passion in clean tech and clean energy with NRG Group, leading their high-tech ventures program.  It was around this time Nick decided he wanted to own a small business. He stressed the importance of living a balanced life, and forming your business around the life you want to live. Not the other way around.  Nick found The Wright Gardener after a month of searching. After becoming CEO he proceeded to do five bolt-on acquisitions to grow the company.  Realizing his passion for investments and acquiring businesses, Nick set up Cub Investments. Cub Investments is a small private equity company whose goal is to buy small, local businesses and hold them forever.  I really enjoyed my chat with Nick. His sense on balance between work and life was refreshing. And you can ALWAYS learn something from talking to an MIT grad. I know you'll learn a lot too.  [0:00-5:00] Introduction & Background on Nick [12:00-16:00 ] Nick's Passion for Clean Energy  [18:30 - 23:00] Why Nick Decided To Buy A Small Business [26:00-35:00] How Nick Found The Wright Gardener & First Steps In Ownership [40:00-45:00] Why It's Important to Plan For Change  [56:00-64:00] Why Nick Started Cub Investments & His Investment Criteria [65:00-end] Closing Thoughts  Here's where you can find Nick:  LinkedIn Twitter The Wright Gardener Cub Investments
01:12:43
March 6, 2020
High Growth, High Quality Businesses - Ryan Reeves, InvestingCity.org (Episode 14)
Ryan Reeves is the founder/CEO of InvestingCity.org. InvestingCity.org was built around one idea: save time and boost returns. Ryan started the business in 2016 after writing a newsletter for his friends, and realizing the gap in solid, financial analysis for the every day investor. Reeves' passion for investing began early, around the age of 12. After graduating Pepperdine, he worked at Morgan Stanley, The Motley Fool and Seeking Alpha.  I thoroughly enjoyed my conversation with Ryan. He's humble, honest and full of compounded investing knowledge.  Here's what we discussed:  [0-14min] - Ryan’s background [15:00] - How Ryan Started InvestingCity.org [25:00] - The State of Financial Education in America [30:00] - Ryan’s Research Process [50:00] - Ryan’s Thoughts on Charlie Munger’s DJO Meeting [53:00] - How Ryan Thinks About Valuation [56:00] - Ryan’s Worst Investment [60:00] - Costco’s Business Model If you want to learn more about Ryan (or InvestingCity), check out the following:  Ryan's Twitter: @investing_city Investing City's Website: InvestingCity.org If you like what we're doing, leave us a rating and review on Apple Podcasts. 
01:14:50
February 28, 2020
Deep Value Investing in LA Real Estate, Moses Kagan of AdaptiveRealty.com (Episode 13)
I had the privilege to chat with Moses Kagan, founder of Adaptive Realty. I call Moses a Deep Value Investor in LA Real Estate because that's exactly what he does.  Moses finds beaten-down, ugly, overlooked buildings in Los Angeles, CA. He buys them, does a complete gut and renovation, and rents them out at attractive rates of return for his investors.  While not an investor in public equities, Moses' analysis of cash flows, determination to find great deals, and knowledge of the power of relationships applies to any investment field.  During the podcast we dive into the following topics:  Who is Moses Kagan? [0:00 - 6:00] Why Moses Hated Working For Someone Else [16:00] Why Moses Chose Real Estate [28:00] Moses' First Few Deals [35:00] The Power of Long-Term Relationships [60:00] How To Quickly Value an Apartment Building [85:00] If you want to learn more about Moses, check out these links:  Twitter: @MosesKagan Moses' Company: Adaptive Realty Moses' Blog: KagansBlog.com If you liked the episode and like what we're doing on the show, please leave us a rating and review on Apple Podcasts. It goes a long way in helping spread the word about The Value Hive Podcast
01:29:34
February 22, 2020
Building A Great Product w/ Robert Koyfman, Founder of Koyfin.com (Episode 12)
Rob Koyfman is the founder and CEO of Koyfin.com. Rob has a tremendous background in the world of finance, investment and trading. He's a CFA Charterholder and former Goldman Sachs VP.  In 2015 Rob left the corporate world to start Koyfin.com. A one man operation. Rob grew Koyfin into a fast-growing financial analysis website. Rob's vision for Koyfin is simple. He wants to provide better analytics for investors.  During the podcast we chat about the following:  First 15 minutes ...  Rob's background and experience at Goldman Sachs  What Rob learned while working for PMs and CIOs  15 minute - 30 minute mark ...  Why Rob started Koyfin The importance of clean UI 30 minute - 1 hour mark ...  Future Aspirations of Koyfin Why Rob is passionate about good looking charts and more! If you want more info on Koyfin, check out their website: www.koyfin.com You can also follow Rob on twitter @KoyfinCharts or email him at rob@koyfin.com. If you like what we're doing, please take the time to leave a rating and review on Apple Podcasts. It helps spread the word about the show, and helps us keep great guests on the platform. You can find the link here. 
01:10:06
February 14, 2020
Long-Term & Differentiated Thinking with Clifford Sosin, CAS Investment Partners (Episode 11)
Clifford Sosin runs CAS Investment Partners. The fund is a value oriented partnership focusing on investing in great businesses at discounted prices to their future value.  Cliff discusses his early days at UBS, the genius of the bankruptcy system, how he finds ideas and mental models. Cliff also reveals how to fix the banking system as we know it.  The conversation covers a wide array of topics and was one of our longer episodes. I hope you find Cliff's insights as interesting as I did.  Make sure you follow him on Twitter @CliffordSosin Also, if you're interested in his co-authored white-paper on global banking, check it out here. 
02:09:12
February 7, 2020
Maj Soueidan, GeoInvesting.com (Episode 10)
Maj Soueidan is Co-Founder of GeoInvesting.com. GeoInvesting navigates investment risk by interviewing company management, dissecting conference calls, interacting with our wide network of investors and scouring financial documents for hidden clues. GeoInvesting provides quick, concise and efficient research instead of hundreds of pages of financial jargon. Maj and his team focus on micro cap stocks. If you want to know why, I highly encourage you to read this article.  When they're not looking for Tier-1 micro-caps, Maj and his team investigate potential Chinese frauds listed on US exchanges.  Maj and I chatted about various topics, including:  Maj's background and how he started investing GeoInvesting's 6 Core Principles What makes GeoInvesting different What types of companies Maj profiles on GeoInvesting Why micro-caps are last place for informational edge What the next 12 years might look like for GeoInvesting and more! Make sure to follow Maj on twitter @majgeoinvesting Check out his website if you want to learn more about GeoInvesting: GeoInvesting.com Also, if you like what we're doing, subscribe and leave a rating/comment on Apple Podcasts. It goes a long way in helping spread the word about our podcast. 
01:28:21
January 31, 2020
OTC Adventures with Dave Waters, Alluvial Capital (Episode 9)
Dave Waters, CFA is Alluvial’s managing member. Since launching Alluvial in 2014, Mr. Waters has focused on delivering exceptional results for Alluvial’s investors. Dave also runs OTCAdventures.com.  I first found Dave after reading a write-up from his blog. This led to a Twitter follow, and then frequent, spam-like messaging asking Dave about various OTC stock ideas.  Dave is unique in his investment approach. He searches the darkest, most illiquid corners of the markets in his search for great, obscure companies.  Dave and I cover a lot of ground in this 1 hour 30 minute conversation. Topics include:  Personal background and blog Pitching his fund to prospective LPs Dave's Investment Process Immediate Red Flags in Companies Why Illiquid Stocks?  Weird stories about dark, OTC companies Why Dave's strategy works for smaller accounts The benefits of publishing ideas online and more! If you like what we're doing, hit that subscribe button and leave a review on Apple Podcasts. It goes a long way in helping spread the word about the Value Hive movement.  You can find Dave on Twitter: @alluvialcapital You can also find information on his Fund at his website, alluvialcapital.com Finally, check out his blog, OTCAdventures.com
01:32:12
January 24, 2020
Andrew Kingston & Shawn Shewchuk: Special Situations, Technical Analysis and Hockey (Episode 8)
Thanks for tuning into Episode 7 of the Value Hive Podcast. If you like what we're doing, drop us a rating and review on your favorite podcast platform. It goes a long way.  While you're at it, make sure to subscribe to our weekly newsletter. We deliver curated, value investing news straight to your inbox. For free. Forever. You can subscribe here! On today's episode I chat with Andrew Kingston and Shawn Shewchuk. Andrew and Shawn are portfolio managers for Gavin Croup, CA. Gavin Group is a unique investment services business. They pride themselves on being Hockey Wealth Specialists and provide three main services: investment management, cash flow management and tax minimization.  Andrew and Shawn manage investment portfolios for the firm. Their backgrounds are unique. Andrew graduated with a biochemistry degree, and Shawn ended college a chemical engineer. Yet both found their way to the investment world.  Listen in as we chat about spin-offs, special situations, owner operators, and more. We find out what they think makes a great business, how they allocate each position, as well as incorporating technicals into the investment process.  You can find Andrew on Twitter @a_j_kingston and Shawn @shawn_shewchuk If you want more information on Gavin Group, check out their website here. 
01:05:43
January 17, 2020
Dr. Andrew Wittman: Achieving A Warrior Mindset & Asking Better Questions (Episode 7)
Dr. Andrew Wittman is the founder of the Mental Toughness Training Center, a leadership consultancy specializing in peak performance, team dynamics, resolving conflict in the workplace and is the author of the book, “Ground Zero Leadership: CEO of You” (2016). A Marine Corps infantry combat veteran and former federal agent, he holds a Doctorate of Philosophy in Theology, is a guest lecturer at Clemson University, and co-hosts the radio call-in show, “Get Warrior Tough.” As a leadership and peak-performance expert working across five continents, Andrew has successfully added tens of millions in profit to his clients’ bottom line, through his trade-mark cellular problem-solving methods before becoming a motivational keynote speaker. In this episode, Dr. Wittman discusses mindset, how to improve corporate culture, how to ask better questions and why he's so against positive thinking.  If you want to find out more about Dr. Wittman, check out his website: www.getwarriortough.com   Also find him on Twitter @WarriorToughPhD and email andrew@getwarriortough.com  Make sure to rate us and leave us a review -- it goes a long way. While you're at it. Subscribe to our free, weekly newsletter Value Hive. Value Hive provides curated, value investing content straight to your inbox. For free. Forever. Check it out here!
01:02:12
January 10, 2020
Joe Boskovich and Brian Laks, Old West Capital (Episode 6)
Joe Boskovich and Brian Laks run Old West Capital Management. The firm describes its investment process as "A focus on people forms the core of Old West's investment process. As a first principle, we believe that the soundest way to protect and grow our capital is by aligning ourselves with management teams who have high stock ownership and smart pay." Joe started the company with his father.  I chat with the guys about their investment approach, capital allocation and the importance of owner-operators. Joe discusses Howard Jonas' collection of assets and capital allocation strategies. We also dive into Old West's investment filtering criteria, and their focus on insider purchasing.  We end the conversation with Brian Laks' bullish case on uranium. Old West opened a separate opportunity-specific fund that's focused exclusively on uranium investments.  If you want to find out more information, here's where to go: - Joe's Twitter: https://twitter.com/boskovic64 - Brian's Twitter: https://twitter.com/brianlaks - Old West website: https://www.oldwestim.com/
01:09:17
January 6, 2020
Darren Fong: Everything You Need To Know About Canadian Small-Cap Investing (Episode 5)
In today's episode I chat with Darren Fong. Darren is a portfolio manager at Calgary-based Investment firm Acumen Capital. Since the Fund's inception (March, 11 2016), Darren's outperformed the TSX Small Cap Index by nearly 600bps annually. Darren dives into the nuances of investing in Canadian small-cap companies. Differences in Canadian management teams and how they allocate capital. We then chat about Darren's investment process, how he finds stocks, and what makes his process unique. Finally, Darren breaks down how first-time investors should approach the Canadian markets (it's not all energy companies!) If you want to know more about Darren, check him out on Twitter @dsunfong or his firm's website acumencapital.com While you're at it, make sure to give our podcast a like and a review on whatever medium you're listening on! Also, please subscribe to our newsletter Value Hive. We bring curated, value investing content straight to your inbox. Every week. For free. Here's the link: https://valuehive.safechkout.net/
54:30
December 30, 2019
Callum Laing: Business, Brands and Creating a Legacy (Episode 4)
Callum Laing joins the Value Hive podcast for what is the most eclectic interview to date. Callum chats about private investing, partnerships, learning from mistakes and investment philosophy. He also revealed how he took down all of Italy's internet in one fell swoop, and how he created one of the most enviable networks in all of Asia. This episode oozes nuggets of wisdom, and it was a privilege to interview such a decorated entrepreneur. Free Book for Value Hive Listeners! Click here to get the book! Callum was gracious enough to give away his first book, Progressive Partnerships, for FREE. This offer only applies to Value Hive subscribers. Make sure to subscribe here to receive your free copy. Where you can find Callum:  1. Twitter: @LaingCallum 2. LinkedIn: https://www.linkedin.com/in/CallumLaing Also, make sure to subscribe to the Value Hive Newsletter. We send you curated Value Investing news and stories every week. For free. Check it out here: https://valuehive.safechkout.net/
01:28:39
December 27, 2019
Thomas Bachrach: Fishing Where They Ain't & Global Micro-Cap Investing (Episode 3)
Thomas Bachrach is Principal of PFH Capital. PFH is a one-man investment fund focused on global, micro-cap investing. Thomas isn't afraid to go where others won't. He scours the corners of the globe to find interesting, off-the-beaten path securities. In this episode, Thomas discusses his investment process, where he's finding value in the global markets, and the importance of going global. He shares stories of his time as an accountant for a large, Egyptian company, as well as war stories from investments gone bad. Finally, we touch on specific markets that are ripe for investment (hint: it's Poland). You can find Thomas on Twitter @pfhcapital and his website, pfhcapital.com
01:16:57
December 23, 2019
Andrew Walker: Sports Rights, Media Investments and Cookies (Episode 2)
Andrew Walker is co-founder of Rangeley Capital and founder/writer of Yet Another Value Blog.  In this episode, Andrew and I discuss media investments, review his media guide blog posts (here's parts 1, 2 and 3) and highlight specific ways to play the coming un-bundling phenomenon.  Andrew is a media investment savant. This is a must listen for anyone interested in media stocks, sports rights or legacy cable companies. He's also a diehard sports fan. We end up chatting about various sports teams that could use some fresh ownership (Redskins -- I'm looking at you). If you want to know more about Andrew, check out the following links: His twitter: @AndrewRangeley His website: YetAnotherValueBlog.com His fund: Rangeley Capital
01:16:56
December 20, 2019
Spin-off Investing with Richard Howe (Episode 1)
This is an all-out spin-off podcast. Brandon chats with Richard Howe, founder of StockSpinoffInvesting.com. Brandon and Richard discuss everything spin-off related. Richard focuses on smaller-cap spin-offs, and goes deep into his research process. The hour-long episode covers current ideas, past ideas, the history behind spin-off investing and what Richard likes going forward. Show-notes: Richard's website: stockspinoffinvesting.com Richard Howe on Twitter: @stockspinoffss (with two 's') Value Hive Newsletter: https://macro-ops.com/value-hive/ Books Mentioned: Tim Ferriss' 4-Hour Work Week, Joel Greenblatt's You Can Be A Stock Market Genius
01:05:56
December 16, 2019