The Security Analysis Podcast

This is a discussion about the book, Routines and Orgies: The Life of Peter Cundill, Financial Genius, Philosopher, and Philanthropist by Christopher Risso-Gill. I discussed the book with Nelson, also known as The Canadian Dividend Investor. Nelson is a returning guest to the podcast and I thought he would be an ideal person to discuss this book with.Peter Cundill was a value investor who achieved a 15% rate of return from 1974 to 2010. This was a period of time when the US stock market returned 9.6% and international stocks returned 7.7%.Cundill employed a deep value style of investing and emphasized low price-to-book stocks and net-net’s. He even had NET-NET on his license plate.He started his fund after reading about Warren Buffett and Benjamin Graham in the book Supermoney on a flight in 1974.He is an extremely unique character who lived life to the fullest. He was a world traveler who made it a point every year to visit the country with the worst-performing stock market so he could analyze it for opportunities. He was deeply devoted to physical fitness and routinely ran marathons well into his 50s. His philosophical thoughts about life in his journals are extremely thought provoking. He passed away in 2011 at the age of 72 due to a neurological disease called Fragile X.Links* The book, Routines and Orgies: https://www.amazon.com/Routines-Orgies-Financial-Philosopher-Philanthropist-ebook/dp/B00QB6Y080* A shorter book about Cundill, There’s Always Something to Do, which focuses more on his investment career: https://www.amazon.com/Theres-Always-Something-Christopher-Risso-Gill-ebook/dp/B00CS5BR9S/* Nelson’s substack: * The first episode with Nelson where we discussed his approach to investing: 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

Jared Dillian served in the Coast Guard, worked as a trader at Lehman Brothers, and writes the Daily Dirtnap newsletter. He’s also a DJ and a prolific author. His published books include Street Freak, an account of his time at Lehman Brothers and a novel called All the Evil of This World. He also wrote a collection of essays, Those Bastards (in reference to a quote from Dick Fuld, CEO of Lehman) which I highly recommend. I just finished it and it made me think deeply about a variety of different topics and frequently made me laugh and provided an enlightening perspective. In this interview, we discuss many of his different essays included in this book.He has an upcoming book which we discuss – No Worries: How to live a stress free financial life.Links* Those Bastards: 69 essays on life, creativity, and meaning: https://www.amazon.com/Those-Bastards-essays-creativity-meaning-ebook/dp/B0BZST4Z5P* No Worries: How to live a stress-free financial life https://www.amazon.com/No-Worries-live-stress-free-financial/dp/1804090409* The Daily Dirtnap: https://www.dailydirtnap.com/* Jared’s substack: 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

Today’s episode is a Q&A, ask-me-anything style podcast. I reached out to subscribers of the website to see if they have any questions. This episode covers a lot of ground and many different topics.If you have any questions, feel free to email me at valuestockgeek@substack.com. If you would like to subscribe to my website (there is a free tier), go to www.securityanalysis.org. You will receive updates every time I post an article or release a podcast episode.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

Phil Bak is the CEO of Armada ETFs, a REIT-specialized asset manager. He has wide ranging experience in the ETF business, including time spent as a managing director of the New York Stock Exchange.  He is also very active on Twitter and operates a Substack blog.Links* Armada ETF’s: https://www.armadaetfs.com/* Phil’s Twitter Feed: https://twitter.com/philbak1* Phil’s substack: 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

Tobias Carlisle is a returning guest to the podcast for a discussion about the state of the market and value investing.Tobias has written some of my favorite books on investing:* Quantitative Value* Deep Value* Concentrated Investing* The Acquirer’s MultipleTobias is also the manager of two ETF’s: ZIG and DEEP which employ his deep value strategy.Links* Check out the first episode of this podcast with Tobias: * His Twitter feed: https://twitter.com/Greenbackd* The Acquirers Podcast: https://www.youtube.com/@TheAcquirersPodcastDisclaimerNothing 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

Todd Wenning is a professional investor and writer. He publishes the Flyover Stocks newsletter, which focuses on finding high quality businesses with economic moats and great shareholder friendly management. He has extensive writing experience through various blogs, the CFA institute, and the Motley Fool. He notably worked at Morningstar where he covered a variety of different companies, industries, and sectors. He is also a CFA charter holder. He is very much a Buffett style investor with a focus on quality.* Todd’s Twitter Feed - https://twitter.com/ToddWenning* Flyover Stocks - 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

Christian Ryther is a value investor and ultramarathoner who manages money via Curreen Capital. Curreen Capital seeks out ‘ugly duckling’ stocks – companies that are misunderstood, underappreciated, and cast aside but the reality is that they are high quality companies.Links* Curreen Capital - http://www.curreencapital.com/* Christian’s Twitter feed: https://twitter.com/CurreenCR* Christian’s Youtube channel, featuring a variety of different discussions about value investing topics: https://www.youtube.com/@CurreenCapital/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

Ethan Tucker works in commercial real estate and runs a family investment office in Baltimore. He blogs at thegarpinvestor.com. His focus is on high quality companies.Links:* The GARP Investor blog: https://thegarpinvestor.com/* Ethan’s Twitter feed: https://twitter.com/thegarpinvestorDisclaimerNothing 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

Edwin Dorsey started the Bear Cave substack account in 2020 when he was still in college at Stanford. The Bear Cave features excellent analysis of potential short candidates. Edwin performs deep dives into troubled companies. His work has resulted in his site becoming wildly popular, with over 50,000 subscribers and is frequently featured on Bloomberg business alerts. I’m a long only investor, but I frequently take a look at Edwin’s website to see if he’s tagged anything I’m considering going long with.Links* The Bear Cave substack: 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

Hunter is an anonymous financial writer who writes the Lewis Enterprises substack. By day, he is an investment professional who focuses on real assets, private equity, and other alternative investments. He is very active on Twitter and his substack. On his substack, he chronicles his views about alternative investments and the increasing financialization of the American economy.Links* Hunter’s Twitter feed: https://twitter.com/rhunterh/* Hunter’s substack: 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