The Business Brew

The one and only John Huber stops by The Business Brew. John runs Saber Capital Management. Bill found John through Base Hit Investing back in the day. Today you can follow John's writing at Basehitinvesting.substack.com.

Bill admires John's mental flexibility, grit, and consistency. The Business Brew is happy to feature John this week!

🧠 What You’ll Learn in This Episode 
📌 Strategic insights into value investing 
📌 How to evaluate high-quality growth companies 
📌 The risks of overpaying and the dangers of outsourcing your thinking 
📌 Thoughts on Berkshire Hathaway’s future 
📌 Portfolio management and balancing writing with fund operations 
📌 Opportunities beyond the S&P 500 

🕰️ Timestamps 
00:00 – 👤 John Huber’s Introduction 
03:10 – 📉 Berkshire & Market Reflections 
06:22 – 💹 Investment Strategies & Market Insights 
11:10 – 🚀 Evaluating Growth Engines in Quality Companies 
17:02 – 🏢 Tech Giants & Capital Expenditure 
26:30 – 🏦 Banking Sector & Investment Risks 
34:48 – ⚠️ The Risk of Overpaying for Stocks 
36:00 – 🔄 Adapting Investment Strategies 
37:57 – 🧩 The Danger of Outsourcing Thinking 
40:51 – 🌍 Opportunities Outside the S&P 500 
47:24 – ✍️ Balancing Writing & Fund Management 
01:00:22 – 🔮 The Future of Berkshire Hathaway 
01:07:25 – 👋 Concluding Thoughts & Farewells 

Bill Chen's other episodes can be found at: https://www.youtube.com/watch?v=oyf41BmMYxU and https://www.youtube.com/watch?v=Tmoc2crT55U

For a different perspective on real estate investing check out Ryan Dobratz' episodes at https://www.youtube.com/watch?v=UIVr5Jvr-2M

Welcome to The Business Brew! Host Bill Brewster is joined by repeat guest Evan Tindell to delve into pressing investment topics for 2024. Evan is the founder and portfolio manager of Bireme Capital.  You can find his first episode here: https://creators.spotify.com/pod/show/william-brewster1/episodes/Evan-Tindell---Where-Poker-and-The-Market-Collide-e1nrbum (Spotify) or https://podcasts.apple.com/si/podcast/evan-tindell-where-poker-and-the-market-collide/id1540847053?i=1000579552480 (Apple).  

Together, they explore international valuation disparities, the pitfalls of shorting meme stocks, and the dynamics behind recent market movements. Evan shares his unique approach to investing and the lessons learned from challenging investment phases, including a critical analysis of MicroStrategy, GameStop, and meme stocks.  

They also discuss Japan's corporate governance reforms and the implications for global investors. Lastly, Evan and Bill touch on utilizing modern AI tools in investment processes, the future of software, and personal stories from Evan's adventurous journey to Zambia.  

As a reminder, nothing discussed constitutes investment advice and is for entertainment purposes only. Enjoy the engaging conversation! 

00:00 Welcome to The Business Brew 

01:20 Introducing Evan Tindell 

02:01 Discussing 2024 Performance 

03:09 Challenges of Shorting Meme Stocks 

05:14 Bitcoin Yield and MicroStrategy 

17:55 Market Inefficiencies and Opportunities 

30:59 Investing in Japan 

42:09 Investment Strategies and Market Insights 

43:17 Diverse Business Models in Japan 

44:58 Meeting the Emperor and Personal Anecdotes 

45:35 The Role of LLMs in Investment 

51:48 AI Tools and Their Impact on Daily Life 

56:10 Future of Software and Business Models 

01:07:12 Tobacco Industry Analysis 

01:15:12 Adventures in Zambia 

01:20:36 Conclusion and Farewell 

Join host Bill Brewster as he converses with the intriguing and often humorous anonymous guest, Le Shrub, in this episode of 'The Business Brew'. Le Shrub's writings can be found at https://www.shrubstack.com/ He can also be followed on Twitter/X at https://x.com/agnostoxxx

With a unique approach to investing, Le Shrub shares his thoughts on market trends, stock picks, and the rationale behind them. From discussing the importance of avoiding investment stupidity, analyzing specific stocks like Archer Aviation and Alibaba, to speculating on the economic impacts of a potential Ukraine ceasefire, this episode is packed with insightful observations and strategic thinking. Be prepared for an engaging mix of entertainment, education, and parody, underlined with Le Shrub's distinct charm.

Disclaimer: This is all for entertainment purposes and not financial advice.  Recorded 2/14/25

00:00 Introduction to the Business Brew 

00:54 Meet Les Shrub: The Anonymous Guest 

01:24 Investment Philosophy: Don't Be Stupid 

03:35 The Spinny Ponzi: A Deep Dive into Archer 

17:15 Biotech Investments: Blood in the Tweets 

21:00 The Future of Cancer Vaccines 

22:55 ClearPoint and Gene Therapy 

30:02 The Power of Community in Investing 

33:19 Navigating the Risks of Small Cap Stocks 

34:07 Options Trading Strategies 

35:36 The Risks of Investing in Alibaba 

36:13 Reasons for Investing in Alibaba 

36:38 China's Economic Strategies and Stimulus 

37:27 Alibaba's AI and Cloud Ventures 

39:00 Apple's Partnership with Alibaba 

40:31 The Impact of U.S. CapEx on AI 

41:19 Investing in Energy and Natural Gas 

44:38 The Barbell Portfolio Strategy 

45:17 Emerging Markets and Currency Devaluation 

52:53 The Potential Ceasefire in Ukraine 

59:15 Valuation and Investment Strategies 

01:04:19 Avoiding Shorts on Meme Stocks 

01:06:50 Recommended Reading: Capital Returns 

01:07:50 Conclusion and Final Thoughts 

Alex Morris, friend of the show (and IRL), author of TSOH Investment Research stops by to discuss his new book "Buffett and Munger Unscripted." The book offers three decades of insights from Berkshire Hathaway shareholder meetings, grouped by topic area to provide a coherent understanding of Warren Buffett and Charlie Munger's investment wisdom.

Alex shares his experience writing the book, including the extensive work involved and his communication with Berkshire. They also discuss various investment philosophies, the importance of transparency in investment research, and the challenges faced by consumer brands in today's market.

Further, they reflect on the impact and potential risks of long-term investments in businesses like Dollar Tree and the complexities of analyzing brands like Jack Daniels. 

00:00 Welcome to the Business Brew 

00:06 Introducing Alex Morris and His New Book 

02:02 Personal Anecdotes and Family Stories 

05:15 The Journey of Writing the Book 

12:23 Insights on Buffett and Munger's Investment Strategies 

28:53 Discussion on Dollar Stores and Retail Landscape 

34:19 Analyzing Dollar Tree's Market Position 

36:06 The Value Proposition of Dollar Stores 

38:08 Comparing Retail Strategies 

39:23 Brand Value and Pricing Power 

41:14 Consumer Brands and Retail Dynamics 

44:27 Investment Strategies and Portfolio Management 

49:11 The Philosophy of Investing 

55:01 The Business of Writing and Publishing 

01:00:44 Reflections and Future Plans 

Additionally, John talks about his elite banking symposium and unique forms of networking and learning in the banking sector.    You can find John's past symposiums here: ⁠https://www.thebankingsymposium.com/⁠ And his archive on ⁠https://www.maxfieldonbanks.com/⁠ Show Notes: 00:00 Welcome to the Business Brew 

01:23 Introducing John Maxfield 

01:54 The Art of Banking 

02:28 The Common Traits of Great Bankers 

16:22 Historical Perspectives on Banking 

20:16 The Free Banking Era 

25:03 Modern Banking Challenges and Innovations 

41:04 The Beale Model and Banking Risks 

41:45 Factoring Company Acquisition

  43:14 Blockchain in Trucking Industry 

44:03 Building a Competitive Network 

50:51 Banking Failures and Historical Insights 

56:08 The Role of AI in Banking Research 

01:00:48 Personal Stories and Networking 

01:05:45 Citigroup's Complexities and Global Role 

01:10:55 Elite Banking Symposium 

01:15:51 Final Thoughts and Farewell 

Mike Alkin of Sachem Cove Partners stops by The Business Brew to share his journey in uncovering the uranium investment thesis. Bill found out about Mike when he began listening to Mike's podcast in 2018/19. At that time, Mike was telling everyone that would listen about how asymmetric the opportunity was. Mike interviewed industry insiders, other investors, and laid out his thesis in public. Bill found it inspiring.

This conversation dives deep into the complexities of the uranium market. The discussion includes a detailed analysis of nuclear power, supply-demand dynamics, and the industry’s challenges. Mike also provides valuable advice for young analysts and highlights the significance of contrarian investing. Additionally, they explore recent advancements in nuclear energy and the evolving markets of EVs, wind, and solar energy.

As always, this episode is for educational and entertainment purposes only, not financial advice. 

  Michael (Mike) Alkin is a principal of Sachem Cove Partners, LLC, the general partner of Sachem Cove Special Opportunities Fund, LP. He is also the Chief Investment Officer of Public Equities of Lloyd Harbor Capital Management, LLC, the investment manager of the Fund, and in that role is responsible for the Fund’s investment process. He has nearly 30 years of hedge fund experience with extensive investing experience across many cyclical industries. Prior to Sachem Cove and Lloyd Harbor, he was an analyst and partner for 7 years at Knott Partners. Prior to Knott, amongst the firms where held similar roles were Walker Smith Capital, Zweig-DiMenna, and Windsor Partners. Detailed Show Notes

00:00 Welcome to the Business Brew 

00:08 Introducing Mike Alkin and the Uranium Thesis 

00:48 The Inspiration Behind the Podcast 

01:21 Disclaimer and Acknowledgements 

02:32 Deep Dive into the Uranium Market 

05:26 Challenges and Insights in the Uranium Industry 

09:13 Understanding Market Dynamics and Investor Behavior 

12:50 The Journey to Conviction in Uranium Investment 

17:40 The Role of Nuclear Power in the Energy Market 

42:39 The Impact of Geopolitical Risks on Uranium Supply 

44:32 The Fuel Cycle and U.S. Fuel Buyers 

45:23 Challenges with Industry Forecasts 

46:11 Presenting at the NEI Conference 

47:09 Confrontations and Convictions 

48:56 Expert Networks and Market Misconceptions 

52:10 Global Nuclear Power Dynamics 

01:01:24 Kazakhstan's Uranium Production 

01:10:42 The Future of Nuclear and Renewables 

01:18:01 Investment Strategies and Advice 

01:22:26 Conclusion and Final Thoughts 

Blake was recently featured in Barron's. You can find the article here: https://www.barrons.com/articles/paralympian-blake-haxton-high-yield-brandywine-global-6305e6e5

We hope you enjoy the conversation.

Detailed Show Notes:

4:00 - What Blake covers

5:10 - commodities are fairly tight from a supply demand perspective

8:00 - airline discussion

13:00 - energy as an example of how Brandywine looks to take advantage of capital cycles

16:00 - the prospective outlook for high yield

19:00 - how the high yield benchmark is different from the equity benchmark

24:00 - how the improvement in counterparty risk changed the risk/reward of lending to pipeline companies

28:25 - how to think about decline curves in the US vs. Canadian oil companies

30:25 - how differentials impact Canadian energy economics

38:30 - does it make sense to have an allocation to energy?

42:10 - a discussion about how assets generally are priced

52:00 - the pitch for debt vs. equities

54:45 - where is the US housing market in the cycle?

1:06:00 - trading down in credit quality for yield

1:13:00 - how ETFs can provide opportunities when they sell

1:21:00 - how was covering energy in COVID?

1:29:00 - what’s different today with shale as a key producer

Come see him at The CFA Society of New York on June 25th.

If you are interested in the golf events please send your information to businessbrewgolf@gmail.com.

Thank you as always for listening!

John Hempton on "When do you average down?"

Detailed Show Notes:

5:15 - Best investment setups/opportunities

7:30 - Conceptual position sizing

9:40 - ValueWorks different vehicles and philosophy

17:45 - How Charles built his firm around a philosophy

20:00 - Why Rivian may be a value investment

28:20 - Comcast

31:00 - How Charles manages different types of theses?

35:00 - Where are we in a market cycle?

39:30 - What stocks do you want into a top?

44:40 - What makes Charles tick

Hunter Hopcroft, Managing Director, Portfolio Solutions at Armada ETF Advisors, stops by The Business Brew to primarily discuss REITs. Hunter is quite a thinker and the conversation veers into other parts of markets such as AI, how the economy is changing and more. You can find Hunter's writing here: https://www.lewisenterprises.blog/

Bill pinged Hunter after someone (on the Twitter machine, so you know it's factual) made a comment that REITs are inherently bad investment vehicles. We hope this episode is informative and realistic about the investment vehicles. You may learn:

• The vast difference between market cap weighted public REIT allocations and private sector real estate allocations
• Why public market REITs have less leverage than their private peers
• A theory about why Blackstone bought $AIRC and what the true cap rate was
• Whether dividends are better than academia believes

As always, we hope you enjoy the show. Thank you for your time!

PS. Reach out if you are interested in sponsoring the show. You can contact Bill at bill@thebusinessbrew.com.

Detailed Show Notes:

3:00 - Hunter transitioned his career around an interest in REITs

7:00 - Private and public markets own basically the same assets

10:00 - How private markets create a lock in for RIAs that may help the RIAs' multiple when they sell the business

11:00 - Negative features of REITs

17:00 - The downside scenarios for multifamily housing

20:30 - What can dividend growth do for a portfolio?

27:30 - How Hunter thinks about the different REIT asset classes.

30:00 - The difference between private real estate allocations and public market market cap weighted allocations

41:00 - The different valuation methodologies to analyze $AIRC

48:00 - Why are private market cap rates still healthy relative to public markets?

52:00 - Hunter's view on markets and where they are right now

56:00 - Some riffing on AI

1:04:00 - In defense of Marty Whitman!

Matthew Sweeney, CFA, Managing Partner & Portfolio Manager of Laughing Water Capital stops by The Business Brew for a laid back conversation about how he approaching investing. Laughing Water Capital tends to focus on smaller companies in an effort to find overlooked opportunities. In the episode, Matt talks about his idea of "value," how he got started in the business, and why he prefers stocks with smaller ($500mm-$3Bn) market capitalizations.

We hope you enjoy the episode.

Sponsor Info:

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⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠scales the velocity of an investment team’s idea gen. Analysts spend less time locating and manually inputting meaningful disclosures into Excel and more time synthesizing in the minutes after the print. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠captures data from all company reported sources, including from footnotes, MD&As, and investor presentations.

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Bulge-bracket banks and major multi-managers are trusting ⁠⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠⁠for use in initiating coverage, building and maintaining industry dashboards, and keeping their models up to date.

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Hedda Nadler, co-founder of Mount & Nadler, stops by The Business Brew to discuss her career as one of the leading marketing practitioners serving professional money managers. Mount & Nadler represents a broad range of clientele in the financial and investment spheres, with an emphasis on investment companies and money managers.  This conversation gives the perspective of one of the people behind the scenes of finance.

Under Hedda's direction, Mount & Nadler is known among mutual funds, money managers and the media as a firm that provides excellent and responsive services whether the news is positive or negative. During her 40+ year career, Hedda also has ably handled PR for shareholder activists and lift-outs, as well as crisis counseling. Throughout, she has advised clients sensibly and effectively when dealing with the media.

Sponsor Info:

⁠⁠⁠⁠⁠⁠⁠⁠⁠Daloopa⁠⁠⁠⁠⁠⁠⁠ ⁠⁠is founded by a former hedge fund analyst to bring simplicity into the investment process. ⁠⁠ ⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠⁠⁠offers an AI driven single source for all company reported data, and allows for investment teams to make the most informed decisions in the shortest amount of time. 

⁠⁠⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠⁠⁠scales the velocity of an investment team’s idea gen. Analysts spend less time locating and manually inputting meaningful disclosures into Excel and more time synthesizing in the minutes after the print. ⁠⁠⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠⁠⁠captures data from all company reported sources, including from footnotes, MD&As, and investor presentations.

⁠⁠⁠⁠Daloopa's⁠⁠⁠⁠ data sheets include GAAP to non-GAAP adjustments, guidance, and all company specific KPIs. Each datapoint is auditable to the source for easy verification and accuracy. ⁠⁠⁠⁠⁠⁠⁠⁠⁠Daloopa’s ⁠⁠⁠⁠⁠⁠⁠⁠⁠Excel plugin can also update your existing models for the latest quarter in just a single click.

Bulge-bracket banks and major multi-managers are trusting ⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠for use in initiating coverage, building and maintaining industry dashboards, and keeping their models up to date.

Visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Daloopa.com/BusinessBrew⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to create a free account and learn more about how ⁠⁠⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠⁠⁠can help increase your team’s speed to differentiated insight.

⁠⁠⁠⁠⁠⁠⁠⁠Daloopa⁠⁠⁠⁠⁠⁠ ⁠⁠is founded by a former hedge fund analyst to bring simplicity into the investment process. ⁠⁠ ⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠⁠offers an AI driven single source for all company reported data, and allows for investment teams to make the most informed decisions in the shortest amount of time. 

⁠⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠⁠scales the velocity of an investment team’s idea gen. Analysts spend less time locating and manually inputting meaningful disclosures into Excel and more time synthesizing in the minutes after the print. ⁠⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠⁠captures data from all company reported sources, including from footnotes, MD&As, and investor presentations.

⁠⁠⁠Daloopa's⁠⁠⁠ data sheets include GAAP to non-GAAP adjustments, guidance, and all company specific KPIs. Each datapoint is auditable to the source for easy verification and accuracy. ⁠⁠⁠⁠⁠⁠⁠⁠Daloopa’s ⁠⁠⁠⁠⁠⁠⁠⁠Excel plugin can also update your existing models for the latest quarter in just a single click.

Bulge-bracket banks and major multi-managers are trusting ⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠for use in initiating coverage, building and maintaining industry dashboards, and keeping their models up to date.

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You can find more information at Return Stacked Portfolio Solutions.

Sponsor Info:

⁠⁠⁠⁠⁠⁠⁠Daloopa⁠⁠⁠⁠⁠ ⁠⁠is founded by a former hedge fund analyst to bring simplicity into the investment process. ⁠⁠ ⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠offers an AI driven single source for all company reported data, and allows for investment teams to make the most informed decisions in the shortest amount of time. 

⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠scales the velocity of an investment team’s idea gen. Analysts spend less time locating and manually inputting meaningful disclosures into Excel and more time synthesizing in the minutes after the print. ⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠captures data from all company reported sources, including from footnotes, MD&As, and investor presentations.

⁠⁠Daloopa's⁠⁠ data sheets include GAAP to non-GAAP adjustments, guidance, and all company specific KPIs. Each datapoint is auditable to the source for easy verification and accuracy. ⁠⁠⁠⁠⁠⁠⁠Daloopa’s ⁠⁠⁠⁠⁠⁠⁠Excel plugin can also update your existing models for the latest quarter in just a single click.

Bulge-bracket banks and major multi-managers are trusting ⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠for use in initiating coverage, building and maintaining industry dashboards, and keeping their models up to date.

Visit ⁠⁠⁠⁠⁠⁠⁠⁠Daloopa.com/BusinessBrew⁠⁠⁠⁠⁠⁠⁠⁠ to create a free account and learn more about how ⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠can help increase your team’s speed to differentiated insight.

You can find Massif Cap's letters here. The Q4 letter discusses lithium on Page 7. Whole letter is worth a read.

Sponsor Info:

⁠⁠⁠⁠⁠⁠Daloopa⁠⁠⁠⁠ ⁠⁠is founded by a former hedge fund analyst to bring simplicity into the investment process. ⁠⁠ ⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠offers an AI driven single source for all company reported data, and allows for investment teams to make the most informed decisions in the shortest amount of time. 

⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠scales the velocity of an investment team’s idea gen. Analysts spend less time locating and manually inputting meaningful disclosures into Excel and more time synthesizing in the minutes after the print. ⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠captures data from all company reported sources, including from footnotes, MD&As, and investor presentations.

⁠Daloopa's⁠ data sheets include GAAP to non-GAAP adjustments, guidance, and all company specific KPIs. Each datapoint is auditable to the source for easy verification and accuracy. ⁠⁠⁠⁠⁠⁠Daloopa’s ⁠⁠⁠⁠⁠⁠Excel plugin can also update your existing models for the latest quarter in just a single click.

Bulge-bracket banks and major multi-managers are trusting ⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠for use in initiating coverage, building and maintaining industry dashboards, and keeping their models up to date.

Visit ⁠⁠⁠⁠⁠⁠⁠Daloopa.com/BusinessBrew⁠⁠⁠⁠⁠⁠⁠ to create a free account and learn more about how ⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠can help increase your team’s speed to differentiated insight.

⁠⁠⁠⁠⁠Daloopa⁠⁠⁠ ⁠⁠is founded by a former hedge fund analyst to bring simplicity into the investment process. ⁠⁠ ⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠offers an AI driven single source for all company reported data, and allows for investment teams to make the most informed decisions in the shortest amount of time. 

⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠scales the velocity of an investment team’s idea gen. Analysts spend less time locating and manually inputting meaningful disclosures into Excel and more time synthesizing in the minutes after the print. ⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠captures data from all company reported sources, including from footnotes, MD&As, and investor presentations.

Daloopa's data sheets include GAAP to non-GAAP adjustments, guidance, and all company specific KPIs. Each datapoint is auditable to the source for easy verification and accuracy. ⁠⁠⁠⁠⁠Daloopa’s ⁠⁠⁠⁠⁠Excel plugin can also update your existing models for the latest quarter in just a single click.

Bulge-bracket banks and major multi-managers are trusting ⁠⁠⁠Daloopa ⁠⁠⁠for use in initiating coverage, building and maintaining industry dashboards, and keeping their models up to date.

Visit ⁠⁠⁠⁠⁠⁠Daloopa.com/BusinessBrew⁠⁠⁠⁠⁠⁠ to create a free account and learn more about how ⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠can help increase your team’s speed to differentiated insight.

The episode then goes on to discuss Calumet Specialty Products Partners. You can go back to last week's episode for a SAF primer. And you can also subscribe to https://yetanothervaluepodcast.substack.com/ to find Andrew's research on that company.

As always, we hope you enjoy the show.

Sponsor Info:

⁠⁠⁠⁠Daloopa⁠⁠ ⁠⁠is founded by a former hedge fund analyst to bring simplicity into the investment process. ⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠offers an AI driven single source for all company reported data, and allows for investment teams to make the most informed decisions in the shortest amount of time. ⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠scales the velocity of an investment team’s idea gen. Analysts spend less time locating and manually inputting meaningful disclosures into Excel and more time synthesizing in the minutes after the print. ⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠captures data from all company reported sources, including from footnotes, MD&As, and investor presentations. Our data sheets include GAAP to non-GAAP adjustments, guidance, and all company specific KPIs. Each datapoint is auditable to the source for easy verification and accuracy. ⁠⁠⁠⁠Daloopa’s ⁠⁠⁠⁠Excel plugin can also update your existing models for the latest quarter in just a single click.

Bulge-bracket banks and major multi-managers are trusting ⁠⁠Daloopa ⁠⁠for use in initiating coverage, building and maintaining industry dashboards, and keeping their models up to date.

Visit ⁠⁠⁠⁠⁠Daloopa.com/BusinessBrew⁠⁠⁠⁠⁠ to create a free account and learn more about how ⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠can help increase your team’s speed to differentiated insight.

Detailed Show Notes

2:16 - That hot hot song

3:00 - Andrew's reflections on Spirit

15:40 - Bill's Qurate experience

18:00 - The double edged sword of being public

22:00 - What is the duty to vet guests?

24:50 - Binary bets vs. slow bleed bets

29:45 Being aware of being on tilt

32:00 - Calumet Specialty Products discussion

Companies discussed include Darling (DAR), Calumet (CLMT), LanzaJet (LNZA) and more. Here is a link to one of Darling's early investor presentations about Diamond Green Diesel: https://www.sec.gov/Archives/edgar/data/916540/000119312511081529/dex991.htm

Sponsor Info:

⁠⁠⁠Daloopa⁠ ⁠⁠is founded by a former hedge fund analyst to bring simplicity into the investment process. ⁠⁠⁠Daloopa ⁠⁠⁠offers an AI driven single source for all company reported data, and allows for investment teams to make the most informed decisions in the shortest amount of time. ⁠⁠⁠Daloopa ⁠⁠⁠scales the velocity of an investment team’s idea gen. Analysts spend less time locating and manually inputting meaningful disclosures into Excel and more time synthesizing in the minutes after the print. ⁠⁠⁠Daloopa ⁠⁠⁠captures data from all company reported sources, including from footnotes, MD&As, and investor presentations. Our data sheets include GAAP to non-GAAP adjustments, guidance, and all company specific KPIs. Each datapoint is auditable to the source for easy verification and accuracy. ⁠⁠⁠Daloopa’s ⁠⁠⁠Excel plugin can also update your existing models for the latest quarter in just a single click.

Bulge-bracket banks and major multi-managers are trusting ⁠Daloopa ⁠for use in initiating coverage, building and maintaining industry dashboards, and keeping their models up to date.

Visit ⁠⁠⁠⁠Daloopa.com/BusinessBrew⁠⁠⁠⁠ to create a free account and learn more about how ⁠⁠⁠Daloopa ⁠⁠⁠can help increase your team’s speed to differentiated insight.

Sponsor Info: ⁠⁠⁠⁠⁠⁠Daloopa⁠⁠ ⁠⁠⁠⁠is founded by a former hedge fund analyst to bring simplicity into the investment process. ⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠offers an AI driven single source for all company reported data, and allows for investment teams to make the most informed decisions in the shortest amount of time. ⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠scales the velocity of an investment team’s idea gen. Analysts spend less time locating and manually inputting meaningful disclosures into Excel and more time synthesizing in the minutes after the print. ⁠⁠⁠⁠⁠⁠⁠⁠

⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠captures data from all company reported sources, including from footnotes, MD&As, and investor presentations. Our data sheets include GAAP to non-GAAP adjustments, guidance, and all company specific KPIs. Each datapoint is auditable to the source for easy verification and accuracy. 

⁠⁠⁠⁠⁠⁠Daloopa’s ⁠⁠⁠⁠⁠⁠Excel plugin can also update your existing models for the latest quarter in just a single click. Bulge-bracket banks and major multi-managers are trusting ⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠for use in initiating coverage, building and maintaining industry dashboards, and keeping their models up to date.

Visit ⁠⁠⁠⁠⁠⁠⁠Daloopa⁠⁠⁠⁠⁠ ⁠⁠to create a free account and learn more about how ⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠can help increase your team’s speed to differentiated insight.

Ben Jenkins, President and Chief Investment Officer at Digital Bridge Group Inc, stops by The Business Brew to have a discussion about professional development, mentorship, and investing in digital infrastructure.  Digital Bridge (NYSE: DBRG) is a leading global alternative asset manager dedicated to investing in digital infrastructure.  The firm has $75Bn of assets under management, 30+ portfolio companies, and over 100 digital infrastructure professionals (see https://ir.digitalbridge.com/static-files/0a038853-b7a3-43c0-93d3-c509ef638005).

Ben's official bio reads as follows:
Ben Jenkins is President and Chief Investment Officer at DigitalBridge. Mr. Jenkins is also the Co-Founder of Digital Bridge Holdings and the former Chairman of Global Tower Partners.

Prior to forming Digital Bridge Holdings, Mr. Jenkins was a Senior Managing Director and head of the Hong Kong office for The Blackstone Group. During his 12 years at Blackstone, Mr. Jenkins led over a dozen private equity investments (including Global Tower Partners) across a range of industries and geographies, including telecommunications deals in developed and emerging markets.

Prior to joining Blackstone, Mr. Jenkins was an associate at Saunders, Karp and Megrue (now Apax) and a financial analyst at Morgan Stanley.

Mr. Jenkins received a Bachelor of Arts with honors from Stanford University and an MBA with distinction from Harvard Business School.

Disclaimer:  Bill is long Digital Bridge and has been since 2020.  This is a long term hold for him.

Sponsor Info: ⁠⁠⁠⁠⁠Daloopa⁠⁠ ⁠⁠⁠is founded by a former hedge fund analyst to bring simplicity into the investment process. ⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠offers an AI driven single source for all company reported data, and allows for investment teams to make the most informed decisions in the shortest amount of time. ⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠scales the velocity of an investment team’s idea gen. Analysts spend less time locating and manually inputting meaningful disclosures into Excel and more time synthesizing in the minutes after the print. ⁠⁠⁠⁠⁠⁠

⁠Daloopa ⁠⁠⁠⁠⁠captures data from all company reported sources, including from footnotes, MD&As, and investor presentations. Our data sheets include GAAP to non-GAAP adjustments, guidance, and all company specific KPIs. Each datapoint is auditable to the source for easy verification and accuracy. 

⁠⁠⁠⁠⁠Daloopa’s ⁠⁠⁠⁠⁠Excel plugin can also update your existing models for the latest quarter in just a single click. Bulge-bracket banks and major multi-managers are trusting ⁠⁠⁠Daloopa ⁠⁠⁠for use in initiating coverage, building and maintaining industry dashboards, and keeping their models up to date.

Visit ⁠⁠⁠⁠⁠⁠Daloopa⁠⁠⁠⁠⁠ ⁠to create a free account and learn more about how ⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠can help increase your team’s speed to differentiated insight.

Sponsor Info: ⁠⁠⁠⁠Daloopa⁠⁠ ⁠⁠is founded by a former hedge fund analyst to bring simplicity into the investment process. ⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠offers an AI driven single source for all company reported data, and allows for investment teams to make the most informed decisions in the shortest amount of time. ⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠scales the velocity of an investment team’s idea gen. Analysts spend less time locating and manually inputting meaningful disclosures into Excel and more time synthesizing in the minutes after the print. ⁠⁠⁠⁠

Daloopa ⁠⁠⁠⁠captures data from all company reported sources, including from footnotes, MD&As, and investor presentations. Our data sheets include GAAP to non-GAAP adjustments, guidance, and all company specific KPIs. Each datapoint is auditable to the source for easy verification and accuracy. 

⁠⁠⁠⁠Daloopa’s ⁠⁠⁠⁠Excel plugin can also update your existing models for the latest quarter in just a single click. Bulge-bracket banks and major multi-managers are trusting ⁠⁠Daloopa ⁠⁠for use in initiating coverage, building and maintaining industry dashboards, and keeping their models up to date.

Visit ⁠⁠⁠⁠⁠Daloopa⁠⁠⁠⁠⁠ to create a free account and learn more about how ⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠can help increase your team’s speed to differentiated insight.

Andrew McAfee (@amcafee) stops by The Business Brew to discuss his new book The Geek Wayhttps://www.amazon.com/Geek-Way-Radical-Mindset-Extraordinary/dp/B0C1DQW5FC/ref=sr_1_1?keywords=Andrew+McAfee&qid=1700075448&s=audible&sr=1-1
Andrew is a Principal Research Scientist at the MIT Sloan School of Management, co-founder and co-director of MIT’s Initiative on the Digital Economy, and the inaugural Visiting Fellow at the Technology and Society organization at Google. He studies how technological progress changes the world. His previous books includeMore from Less and, with Erik Brynjolfsson, The Second Machine Age.
McAfee has written for publications including Foreign Affairs, Harvard Business Review, The Economist, The Wall Street Journal, and The New York Times. He's talked about his work on CNN and 60 Minutes, at the World Economic Forum, TED, and the Aspen Ideas Festival, with Tom Friedman and Fareed Zakaria, and in front of many international and domestic audiences. He’s also advised many of the world’s largest corporations and organizations ranging from the IMF to the Boston Red Sox to the US Intelligence Community.
McAfee and his frequent coauthor Erik Brynjolfsson are only people named to both the Thinkers50 list of the world’s top management thinkers and the Politico 50 group of people transforming American politics.

Jeremy Raper returns to The Business Brew to discuss what he has been up to lately.  Jeremy is currently focused on smaller situations and being the catalyst for value realization.  We hope this episode is entertaining and informative.  We also implore you to do your own research and due diligence.
His bio can be found at https://rapercapital.com.  He describes himself as follows:
Australian born and raised, I majored in History at Harvard University (Class of ’08). I have 12+ years of buy- and sell-side experience in a variety of roles, and currently manage my personal account full-time. I tend to view the equity markets through a credit analyst’s lens (‘thinking like a creditor rather than an owner’); I try to consider the whole capital structure of an enterprise when I invest; and I believe sustainable free cash flow is the primary foundation of business value. I have little interest in purported growth stocks (unless on the short side if there is a balance sheet/restructuring angle).

You can find his piece on Google's potential antitrust risk here:  https://assets.website-files.com/5fdcb736a43f592037fbd4b4/64f927a7f3a8d64b1a40ac64_21st%20Century%20Trust%20Busting%20and%20Tail%20Risks.pdf

Check this out as well!  https://twitter.com/aboveavgodds/status/1701620751210607072?s=46

Sponsor Info:
⁠⁠⁠Daloopa⁠ ⁠⁠is founded by a former hedge fund analyst to bring simplicity into the investment process. ⁠⁠⁠Daloopa ⁠⁠⁠offers an AI driven single source for all company reported data, and allows for investment teams to ake the most informed decisions in the shortest amount of time. ⁠⁠⁠Daloopa ⁠⁠⁠scales the velocity of an investment team’s idea gen. Analysts spend less time locating and manually inputting meaningful disclosures into Excel and more time synthesizing in the minutes after the print. ⁠⁠⁠Daloopa ⁠⁠⁠captures data from all company reported sources, including from footnotes, MD&As, and investor presentations. Our data sheets include GAAP to non-GAAP adjustments, guidance, and all company specific KPIs. Each datapoint is auditable to the source for easy verification and accuracy. ⁠⁠⁠Daloopa’s ⁠⁠⁠Excel plugin can also update your existing models for the latest quarter in just a single click.
Bulge-bracket banks and major multi-managers are trusting ⁠Daloopa ⁠for use in initiating coverage, building and maintaining industry dashboards, and keeping their models up to date.
Visit ⁠⁠⁠⁠Daloopa.com/BusinessBrew⁠⁠⁠⁠ to create a free account and learn more about how ⁠⁠⁠Daloopa ⁠⁠⁠can help increase your team’s speed to differentiated insight.

Peter Mantas of Logos LP, https://www.logoslp.com/, stops by The Business Brew to discuss the state of the life sciences industry.  Life sciences is an industry that has produced many stocks that generated abnormal returns.  We hope to unpack some of the reasons behind those returns in this discussion.  For more information on how Peter invests, please see https://podcasts.apple.com/us/podcast/peter-mantas-logos-lp-portfolio-construction-biotechs/id1492171651?i=1000537962817 on Apple or https://open.spotify.com/episode/6r003LhN4REFSxYxogPWXH?si=7ApTcSdmRzepl5oW44friw on Spotify.  

Sponsor Info:

⁠⁠⁠Daloopa⁠ ⁠⁠is founded by a former hedge fund analyst to bring simplicity into the investment process. ⁠⁠⁠Daloopa ⁠⁠⁠offers an AI driven single source for all company reported data, and allows for investment teams to ake the most informed decisions in the shortest amount of time. ⁠⁠⁠Daloopa ⁠⁠⁠scales the velocity of an investment team’s idea gen. Analysts spend less time locating and manually inputting meaningful disclosures into Excel and more time synthesizing in the minutes after the print. ⁠⁠⁠Daloopa ⁠⁠⁠captures data from all company reported sources, including from footnotes, MD&As, and investor presentations. Our data sheets include GAAP to non-GAAP adjustments, guidance, and all company specific KPIs. Each datapoint is auditable to the source for easy verification and accuracy. ⁠⁠⁠Daloopa’s ⁠⁠⁠Excel plugin can also update your existing models for the latest quarter in just a single click.

Bulge-bracket banks and major multi-managers are trusting ⁠Daloopa ⁠for use in initiating coverage, building and maintaining industry dashboards, and keeping their models up to date.

Visit ⁠⁠⁠⁠Daloopa.com/BusinessBrew⁠⁠⁠⁠ to create a free account and learn more about how ⁠⁠⁠Daloopa ⁠⁠⁠can help increase your team’s speed to differentiated insight.

Thank you to all the fans.  Looking forward to being back and putting some good content in your ears. 

Andrew Walker, author of Yet Another Value Blog, host of Yet Another Value Podcast, stops by The Business Brew to chat. Andrew hosts one of the best financial podcasts out there, and is a great writer. We both hope you enjoy this conversation!

Sponsor Info:

⁠⁠Daloopa ⁠⁠is founded by a former hedge fund analyst to bring simplicity into the investment process. ⁠⁠Daloopa ⁠⁠offers an AI driven single source for all company reported data, and allows for investment teams to ake the most informed decisions in the shortest amount of time. ⁠⁠Daloopa ⁠⁠scales the velocity of an investment team’s idea gen. Analysts spend less time locating and manually inputting meaningful disclosures into Excel and more time synthesizing in the minutes after the print. ⁠⁠Daloopa ⁠⁠captures data from all company reported sources, including from footnotes, MD&As, and investor presentations. Our data sheets include GAAP to non-GAAP adjustments, guidance, and all company specific KPIs. Each datapoint is auditable to the source for easy verification and accuracy. ⁠⁠Daloopa’s ⁠⁠Excel plugin can also update your existing models for the latest quarter in just a single click.

Bulge-bracket banks and major multi-managers are trusting Daloopa for use in initiating coverage, building and maintaining industry dashboards, and keeping their models up to date.

Visit ⁠⁠⁠Daloopa.com/BusinessBrew⁠⁠⁠ to create a free account and learn more about how ⁠⁠Daloopa ⁠⁠can help increase your team’s speed to differentiated insight.

Detailed Show Notes 6:00 - Microsoft Thought Exercise

14:00 - Quality vs. Price

22:00 - Delek

31:00 - Getting ideas from others

34:30 - What does the telco lead situation potentially mean for cable

39:00 - The potential for any investment to be a zero

43:00 - The bank thesis of May-ish

46:30 - Position sizing

49:30 - What's your edge?

52:00 - Activision and Microsoft

1:01:00 - Media overview

1:10:00 - Holdcos as an investment

1:18:00 - $RIDEQ

⁠⁠Daloopa ⁠⁠is founded by a former hedge fund analyst to bring simplicity into the investment process. ⁠⁠Daloopa ⁠⁠offers an AI driven single source for all company reported data, and allows for investment teams to ake the most informed decisions in the shortest amount of time. ⁠⁠Daloopa ⁠⁠scales the velocity of an investment team’s idea gen. Analysts spend less time locating and manually inputting meaningful disclosures into Excel and more time synthesizing in the minutes after the print. ⁠⁠Daloopa ⁠⁠captures data from all company reported sources, including from footnotes, MD&As, and investor presentations. Our data sheets include GAAP to non-GAAP adjustments, guidance, and all company specific KPIs. Each datapoint is auditable to the source for easy verification and accuracy. ⁠⁠Daloopa’s ⁠⁠Excel plugin can also update your existing models for the latest quarter in just a single click.

Bulge-bracket banks and major multi-managers are trusting Daloopa for use in initiating coverage, building and maintaining industry dashboards, and keeping their models up to date.

Visit ⁠⁠⁠Daloopa.com/BusinessBrew⁠⁠⁠ to create a free account and learn more about how ⁠⁠Daloopa ⁠⁠can help increase your team’s speed to differentiated insight.

Detailed Show Notes

4:24 - Backgrounds

9:01 - Fairfax gets interesting in Asheef's mind

11:43 - Pushback to the thesis

13:00 - Does Fairfax underwrite well?

17:00 - Why insurance companies shouldn't under reserve

25:00 - How good is Fairfax at investing in equities?

30:00 - The potential upside India brings to Fairfax

34:20 - Fairfax India background

42:55 - What people might not like about Fairfax India

45:40 - Fairfax's advantages

56:40 - What is the catalyst here?

62:00 - Does this pitch even need a catalyst?

64:00 - What does a bad outcome look like?

⁠⁠Daloopa ⁠⁠is founded by a former hedge fund analyst to bring simplicity into the investment process. ⁠⁠Daloopa ⁠⁠offers an AI driven single source for all company reported data, and allows for investment teams to ake the most informed decisions in the shortest amount of time. ⁠⁠Daloopa ⁠⁠scales the velocity of an investment team’s idea gen. Analysts spend less time locating and manually inputting meaningful disclosures into Excel and more time synthesizing in the minutes after the print. ⁠⁠Daloopa ⁠⁠captures data from all company reported sources, including from footnotes, MD&As, and investor presentations. Our data sheets include GAAP to non-GAAP adjustments, guidance, and all company specific KPIs. Each datapoint is auditable to the source for easy verification and accuracy. ⁠⁠Daloopa’s ⁠⁠Excel plugin can also update your existing models for the latest quarter in just a single click.

Bulge-bracket banks and major multi-managers are trusting Daloopa for use in initiating coverage, building and maintaining industry dashboards, and keeping their models up to date.

Visit ⁠⁠⁠Daloopa.com/BusinessBrew⁠⁠⁠ to create a free account and learn more about how ⁠⁠Daloopa ⁠⁠can help increase your team’s speed to differentiated insight.

Detailed Show Notes forthcoming.