The Security Analysis Podcast

Today Matt Cochrane & I are discussing a great business book, Sam Walton: Made In America. The book is Sam Walton’s autobiography and guiding you through the life of Sam Walton and the tremendous growth phase of Wal Mart from the 1960’s through the early 1990’s.Links:* The book, Sam Walton, Made in America. https://www.amazon.com/Sam-Walton-Made-America-ebook/dp/B008ZPG704/* Long Term Mindset: https://longtermmindset.co/start/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

In today’s episode, Jared Dillian returns to the podcast. We last spoke a year ago about a collection of his essays, Those Bastards, and his personal finance book, No Worries. For those unaware, he previously worked as a trader at Lehman Brothers and writes the popular Daily Dirtnap newsletter. Today we’re going to talk about the current financial climate and his new book, Night Moves, which is a collection of short stories.Links:* Night Moves: https://www.amazon.com/Night-Moves-stories-Jared-Dillian/dp/B0DFBJS741DisclaimerNothing 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

Dive into the intricacies of Warren Buffett's cash strategy and its implications for market valuations. Explore the importance of the Benish M score in detecting earnings manipulation through the SMCI case. Discover how bonds can stabilize your portfolio during market swings and learn investment strategies for brands like Ulta and Nike. The discussion emphasizes the vital role of fundamental analysis over passive investing and encourages a diversified, disciplined approach to navigating the stock market.

Paul Cerro is a professional investor who runs Cedar Grove Capital Management, which focuses on long/short equity, merger arb, IPOs, and special situations. He also operates a substack where he posts his thoughts on various stocks and market trends.Links* Paul’s Twitter Feed: https://x.com/paulcerro* Cedar Grove Capital Management: 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

Join Matt Cochrane, an investing expert and co-host, as he delves into Charlie Munger's wisdom from his book, 'Poor Charlie’s Almanac.' They discuss the importance of multidisciplinary thinking and lifelong learning in investing, highlighting Munger's unique methodologies. The conversation covers the Lala Palooza effect and its impact on market behavior, the burden of envy in modern society, and how industries can shift dynamics. Listeners will gain insight into Munger's principles that extend beyond finance into life philosophy.

Today’s podcast is with Diania Merriam. Most people are familiar with the FIRE movement, where people seek 25x their expenses and retire early. She took a different approach and instead reached her ‘coast FIRE’ number and did not retire. However, she used this as an opportunity to leave traditional W-2 corporate work.Diania also runs the EconoMe conference, a personal finance conference with personal finance educational sessions and workshops.Links:* EconoMe Conference: https://economeconference.com/* Overview of the Coast FIRE concept from Nick Maggiulli: https://ofdollarsanddata.com/coast-fire/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

Ian Cassel is a full-time private investor with two decades of microcap investing experience and the founder of Microcap Club. He shares his transformative journey from tech investing during the dot-com boom to mastering microcap strategies. Cassel discusses the resilience needed to navigate downturns and the critical importance of due diligence. He highlights the remarkable evolution of Hanson’s Natural into Monster Beverage, emphasizing patience. Lastly, he guides aspiring investors on leveraging Microcap Club for education and focusing on profitable opportunities.

Zach Abraham is the Chief Investment officer at Bulwark Capital and he’s the host of Know Your Risk radio, which has a lot of interesting guests & content.This is a discussion about Zach’s experiences in the industry, his views on the broader market. We also extensively discuss Boeing. Zach was early in identifying the troubles at Boeing in 2019.Links:* Bulwark Capital: https://bulwarkcapitalmgmt.com/* Know Your Risk Radio: https://bulwarkcapitalmgmt.com/radio-show/* Zach’s Twitter feed: https://x.com/KYRRadioDisclaimerNothing 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, 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