Matt Cochrane, known for his expertise in economic moats, returns to share insights on Pat Dorsey's 'The Little Book That Builds Wealth.' He discusses the transformative concept of economic moats as essential to investment strategies, emphasizing sustainable competitive advantages. Topics include the significance of Return on Invested Capital, the impact of technology on law enforcement and competitive advantages, and the importance of brand loyalty amid market dynamics. The conversation also highlights the challenges of maintaining a competitive edge against well-capitalized rivals.

Tobias Carlisle returns to the podcast! This was recorded on 8/1/24 and we discuss the rotation into value that occurred in July, along with many other topics.Tobias has written some of my favorite books about investing, which I highly recommend you check out:* Quantitative Value* Deep Value* Concentrated Investing* The Acquirer’s MultipleHe also runs an excellent weekly podcast called Value After Hours with Jake Taylor and Bill Brewster.Tobias is also the manager of two ETF’s: ZIG and DEEP which employ his deep value strategy.Links:* Tobias Carlisle Part I:* Part II: DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

This episodes features a discussion with Lawrence Hamtil and Douglas Ott. Lawrence is a partner and portfolio manager at Fortune Financial, and Douglas is the founder and chief investment officer at Andvari Associates. I’ve had Lawrence on the podcast before and I encourage you to check out that podcast, where we talked about a wide variety of topics. Today, we’re specifically zoning in on Lawrence and Douglas’s joint paper, called “Going South: Implications of Business and Population Migration”Please note that we have positions in the following securities discussed: Tractor Supply and Rollins.Links:* The paper, Going South. https://andvariassociates.com/wp-content/uploads/2024/06/2024-06-Andvari-Fortune-Southern-migration.pdf* Douglas Ott’s Twitter feed: https://twitter.com/yesandnotyes* Lawrence Hamtil’s Twitter feed: https://x.com/lhamtilDisclaimerNothing on this substack is investment advice.The information in this article is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this article is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This article and its author do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This author accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this website. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

This is a solo Q&A podcast where I answer questions I’ve received on Twitter and via email.Topics covered:* The temptation to enter the casino.* Ethics of investing in alcohol stocks.* Key metrics when evaluating a stock.* Emerging markets.* The unrealized profit tax.* Merits of running multiple strategies.* Gold as an international asset class.* Shareholder yield.* Jobs for value investors.* Learning about accounting.DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Tim Travis, CEO of T&T Capital Management, specializes in deep value investing, options, and distressed assets. He shares insights on contrarian investing principles influenced by legends like Warren Buffett and Benjamin Graham. Travis reflects on his experiences during financial crises, including Brexit's market miscalculations. He discusses JP Morgan's strategic strengths, potential tech market bubbles, and attractive real estate opportunities. The conversation delves into distressed investing, emphasizing the importance of capital structures and turnaround strategies for maximizing returns.

Cullen Roche, chief investment officer at Discipline Funds and a seasoned investing blogger at Pragmatic Capitalism, shares insights on macroeconomic principles and investment strategies. He delves into the active versus passive investing debate while discussing the implications of inflation and the Federal Reserve's policies. The conversation touches on AI's potential impact on the labor market and the necessity of aligning asset allocation with personal financial needs. Roche’s blend of expertise and practical advice makes for a thought-provoking discussion.

Tim Melvin, a finance veteran with 40 years of experience, specializes in deep value investing and small banks. He shares insights from his noteworthy career, emphasizing the importance of mentorship and evolving strategies in a post-crisis landscape. The conversation highlights the investment potential in uranium and small bank stocks, along with the resilience of the banking sector. Melvin discusses the mortgage investment landscape and offers strategies for young investors to navigate economic turbulence, focusing on informed decision-making for robust returns.

Today I am interviewing Adam Mead, the CEO of Mead Capital Management, a New Hampshire based Registered Investment Advisor. He is a prolific writer, writing the Watchlist Investing newsletter, and he has written “The Complete Financial History of Berkshire Hathaway”This discussion focuses mostly on Adam’s work chronicling the history of Berkshire Hathaway. He created the most comprehensive study of Berkshire’s history, reviewing 10,000 pages of research material, including Buffett’s Chairman’s letters, Berkshire Hathaway annual reports and SEC filings, annual meeting transcripts, and subsidiary financials.Links* The Complete Financial History of Berkshire Hathaway: https://www.amazon.com/Complete-Financial-History-Berkshire-Hathaway-ebook/dp/B08VNJK3SC/* Adam’s Twitter feed: https://x.com/BRK_Student* The Watchlist Investing Newsletter: https://watchlistinvesting.com/DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Matt Cochrane and I revisited Common Stocks & Uncommon Profits and discussed it in depth. I hope you enjoy the discussion.The book is an investing classic and Warren Buffett credits the book for changing his views towards more of a quality orientation.Links:* Common Stocks & Uncommon Profits: https://www.amazon.com/Common-Stocks-Uncommon-Profits-Writings/dp/0471445509* Long Term Mindset: https://longtermmindset.co/start/DisclaimerNothing on this substack is investment advice.The information in this article is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products.  Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.The information contained in this article is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This article and its author do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This author accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this website. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe

Discover the thrilling rally in small cap value stocks as they outshine large cap growth. Dive into the intriguing role of managed futures in enhancing portfolio resilience. Explore whether traditional fundamental investing still holds water in today’s market. Unpack the intricacies of effective backtesting strategies and learn why past performance can mislead. Engage with insights on using common sense in investment decisions and the importance of treasuries in achieving balance. Perfect for those curious about the financial landscape!