4min chapter

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Value Situations' Conor Maguire shares Marlowe plc $MRL.L thesis + TIC segment catalyst

Yet Another Value Podcast

CHAPTER

Investment Strategy and Focus on Real Assets

The guest discusses their investment strategy, focusing on real assets and higher inflation. They believe that real assets like energy, commodities, real estate, and essential service companies will thrive in this cycle.

00:00
Speaker 2
And now a quick word from our sponsor. Our traditional expert calls in the investment world becoming obsolete, according to Stream, they are. And you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts powered by AI search technology. Plus, they provide competitive rates on expert call services. And you can even have an experienced buy side analysts conduct the calls for you. But that's not all. Stream also provides the ability to engage with experts one on one and get your calls transcribed free of charge, all for 40% less than you would pay for 20 calls and a traditional expert network model. So if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at stream rg.com to learn more. Thanks for listening and we'll catch you next time. Last question I want to ask you, and then we're running long and I'll let you go. So again, people know I had you on to the first time I had you on again. I'm an active subscriber. I really enjoy your subscription service. I also, because of that, I've read all your ideas and I know like you are a big believer in inflation kind of being sticky or higher than normal. And a lot of your ideas have centered around, I don't want to pitch them all, but they've centered around that idea. You know, we've got you and I share a MLP royalty play that gets, you know, a natural gas prices as they go higher, I won't share it. But we've both we've looked at that pond. You've shared a lot of ideas that kind of benefit or take the idea of sticky or higher inflation. Now, this is a good business with great recurring soft, great recurring revenue characteristics. If you believe the numbers, cash flow comes in, you know, these types of businesses tend to do well in any environment. But a lot of your investments have centered on that kind of core thesis. So I just want to ask like, this is a little bit different. It does speak to your history as like a value investor, it's very private equity-ish, but it's different than a lot of your other things. Like what attracted you, obviously, this is a catalyst here, but how does this kind of fit into your overall framework? That's a little bit of a different question I did. But when your service recommends like eight plays that have higher inflation, higher commodities, that type of stuff invested in this long play that is great business, private equity characteristics, catalyst driven, just kind of struck me as interesting. How did it fit into your
Speaker 1
worldview? Yeah, well, I suppose I don't I didn't deliberately go out of my way to kind of just focus on energy or commodity. I mean, the way I view the world now, and I'm not a macro analyst, but I think you have to think about kind of the backdrop. And my view of the world is that, yeah, I think, you know, it's not going to be 10% inflation, but it's not going to be one and a half percent inflation like it was in the last cycle. I mean, I think realistically, it's probably more three or four percent probably inflation. So that's still a multiple of the old of the old world inflation levels. So I think, you know, in this cycle, I think what I would call real assets, and within that, I'd include not just kind of energy or commodities or, you know, I even think certain real estate, selected real estate companies and types of assets will do well. But I think real companies are a type of real asset. That's companies that like the likes of Marlow, that service, real businesses in the real economy and provide essential mandated services that, you know, pricing would probably track inflation. And I think, you know, like the last cycle, it was all things tech facilitated by low interest rates and the promise of growth over everything else. I think this cycle is more about what really less so about apps and more so about, you know, real assets and essential materials and assets for, you know, the economy and society. So I think that's how this fits in.

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