The Security Analysis Podcast

This conversation is with Alex Morris, who writes The Science of Hitting substack, where he blogs about his concentrated Buffett style portfolio. He hunts for very high quality companies which he holds in a very concentrated 12-stock portfolio.A noteworthy investment of his was Microsoft, which he has owned since 2011. He bought the stock when it was deeply depressed and has held through its extraordinary run.I hope you enjoy our conversation.Check out his substack, The Science of Hitting, for more information. 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

Subscribers to the Security Analysis substack at www.securityanalysis.org get early access to these episodes.Today’s interview is with Michael Fritzell.Michael Fritzell is a value investor based in Singapore who previously lived and worked in China.He is a top Substack financial writer.His Substack, Asian Century Stocks, profiles fascinating companies i… 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

Lawrence Hamtil is a financial advisor with Fortune Financial Advisors.His work emphasizes the importance of sectors and industries in explaining market behavior, rather than traditional academic factors. He is also a proponent of high performing anti-ESG businesses, like tobacco and defense. Check out his blog at: https://fortunefinancialadvisors.com/blog/author/lawrence-hamtil/I’ve learned a lot from Lawrence’s work and his perspective is very unique. I hope you enjoy our conversation.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

Feel free to send questions for future podcasts to valuestockgeek@substack.com* From Mr. Money Mustache: The Shockingly Simple Math Behind Early Retirement.* VISVX backtest (Vanguard’s Small Cap Value Fund - the mutual fund version of VBR).* SLYV vs. VBR backtestDisclaimerNothing on this podcast is investment advice.The information in this podcast is for information, entertainment, 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 week, I had the opportunity to have a conversation with Canadian value investor, Nelson.Nelson first became interested in investing via real estate. He then moved on to a deep value style of stock investing. Currently, his focus is more on a diversified portfolio of high quality businesses that grow dividends.I hope you enjoy our discussion!Show Notes* Nelson’s Twitter feed.* Nelson’s substack where he writes deep dives into Canadian 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

Trey Henninger is an ultra-concentrated microcap investor. He is an engineer who saves & invests his personal funds. He blogs about his personal portfolio and investing concepts for DIY investors.He hunts for ideas in the micro and nano-cap segment of the market where there is less competition. His typical hunting ground is companies below a $50 million market cap. He runs an extremely concentrated portfolio of only 5 names.It’s worth noting that microcaps carry significant risk and require intensive security analysis. As always, this substack is not advice and you should always do your homework before making any investment.This was a great conversation and I hope you enjoy it!Links* Trey’s substack, DIY Investing.* Trey’s YouTube channel.* Trey’s Twitter feed.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

My conversation with Nick Maggiulli.Nick is the COO of Ritholtz Wealth Management. His blog tears about many common misconceptions about the finance with data. Nick is a proponent of a broad based indexing approach and actually advises against what my blog is all about - stock picking.I like Nick’s work because it challenges a lot of sacred cow ideas in the financial community. He has challenged ideas like the utility of the CAPE ratio in market timing and the idea that most stock returns have come from declining interest rates in the last forty years.I hope you enjoy our conversation and thank you for subscribing!Show notes:* Nick’s book, Just Keep Buying about the wisdom of regularly purchasing income-producing assets to build wealth.* Nick’s blog, OfDollarsandData.* Nick’s post on the utility of the CAPE ratio.* Nick’s post deconstructing the argument that stock market returns have entirely been driven by declines in interest rates for the last 40 years.* The Intelligent Asset Allocator by William Bernstein. Bernstein was a major influence on Nick’s approach.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 was a good discussion with Tobias Carlisle.We discuss his journey in investing and how he evolved to his current approach.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.I hope you enjoy and thank you for subscribing!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