Value Hive Podcast

Hey guys! This week I'm trying something brand new on the podcast. I created an "audiobook" edition of some of my favorite hedge fund letters. This week, I read the Q4 letters from the following funds:  Greenhaven Road Capital Laughing Water Capital  Greenlight Capital There is one other podcast that does this (Capital Literature), but I thought having a more human voice would make it easier to listen to, hopefully you agree.  Also, I thought now would be a great time to try this as I'm traveling to FL for my bachelor party. I look forward to resuming the usual person-to-person interview style you've come to appreciate on the podcast.  Finally, a big thanks to the following sponsors for making the podcast a reality. Mitimco This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created emergingmanagers.org, a website for emerging manager stockpickers. For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more! Quartr Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from 12+ countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them. You can learn more about Quartr by visiting their site, Quartr.se If you're interested in changing the way you research companies, download the app today and give it a try on Apple and Android. Tegus Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best. I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to tegus.co/valuehive for a free trial to see for yourself. TIKR TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at TIKR.com/hive.

Hey guys! This week we have Lukasz Tomicki, the portfolio manager at LRT Capital. LRT is a long-short fundamental based investment fund.  In this conversation we took a deep dive to a lot of different areas such as the current conflict between the Ukraine and Russia, his technology background, how he founded a company after graduating high school, story stocks such as Uber and We Work, and Carvana, how he constructs his portfolio, and last but not least he shared his bull theses in Watsco, Inc. (WSO), Tractor Supply (TSCO) and Hexcel Corporation (HXL). [0:00] Who is Lukasz Tomicki? [2:40] Russia, Ukraine and the USA. [9:00] Founding a Company [14:00] Lukasz’s Investing Journey [22:00] Story Stocks: Uber, We Work [28:00] Founding LRT Capital [30:00] Investing Criteria & Fake Moats [39:00] Portfolio Construction [49:00] The Endowment Bias [51:00] Watsco, Inc. (WSO) [1:02:00] Tractor Supply (TSCO) [1:08:00] Hexcel Corporation (HXL) [1:17:00] Ideas for the future [1:19:00] More from Lukasz Tomicki & Closing Questions If you like what you heard, follow Lukasz on Twitter @Tomicki and check out his website here. Also, a big thanks to the following sponsors for making the podcast a reality.  Mitimco This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created emergingmanagers.org, a website for emerging manager stockpickers. For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more! Quartr Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from 12+ countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them. You can learn more about Quartr by visiting their site, Quartr.se If you're interested in changing the way you research companies, download the app today and give it a try on Apple and Android. Tegus Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best. I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to tegus.co/valuehive for a free trial to see for yourself. TIKR TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at TIKR.com/hive. 

This week I'm excited to share with you my conversation with Austin Swanson. Austin is a real estate and stock market investor. And boy, is he passionate about investing. Austin dives deeper into businesses than any analyst/portfolio manager I've seen. This show is a highlight into Austin's research process on Cardlytics (CDLX). Austin owns a two-stock portfolio, and CDLX is one of them.This episode dives deep into the Cardlytics business. We discuss everything including: Customer value proposition CDLX Unit Economics What separates CDLX from its competition Why competitors can't easily compete with CDLX CDLX long-term value creation potential What's embedded in the current stock price? And more! If you're interested in CDLX or already invested and want to learn more, this episode is for you!If you like what you hear from Austin, follow him on Twitter @Swany407 and check out his Substack here. Also, a big thanks to the following sponsors for making the podcast a reality! Quartr Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from 12+ countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them. You can learn more about Quartr by visiting their site, Quartr.se If you're interested in changing the way you research companies, download the app today and give it a try on Apple and Android. Tegus Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best. I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to tegus.co/valuehive for a free trial to see for yourself. TIKR TIKR is THE BEST resource for company financials, transcripts, and insider ownership data. I use TIKR every day in my research process, and I know you will too. They have the widest selection of global company data, a terrific leadership team, and a bright future ahead. Try them out today at TIKR.com/hive. MasterWorks MasterWorks is the new tech platform valued at over one billion dollars that lets you invest in paintings by Warhol, Picasso and Banksy like stocks. You don’t need hundreds of millions to add art to your portfolio anymore. You just need a solid internet connection to get started. Try them out today at Masterworks.art/value

Hi guys! This week we have a returning guest! Peter Mantas of Logos LP. This episode is solely focused on life sciences and the Biotech space. He explains how strange of an environment the Biotech industry is experiencing at the moment, he shares the different business models that exist in Biotech, we dive a little bit into the pick and shovels of the Biotech industry such as West Pharmaceutical and Charles River Laboratories, how he researches Biotech and the bull case for ClearPoint Neuro Inc ($CLPT).  Check out the time-stamp below: [2:00] What is happening to Biotech?  [15:00] Charles River Laboratories International ($CRL) [20:00] West Pharmaceutical Services ($WST)  [25:00] ClearPoint Neuro Inc ($CLPT)  [28:00] Where to find Biotech Opportunities? [31:00] What is Neuralink?  [35:00] Which Business Model is the Most Profitable?  [42:00] How to Research Biotech? [1:03:00] How to build a Biotech Portfolio? [1:14:40] Most Common Questions in Biotech [1:19:00] More from Peter Mantas and Closing Questions If you like what you heard, follow Peter on Twitter @Logos_LP.  Also, a big thanks to the following sponsors for making the podcast a reality! Quartr Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from 12+ countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them. You can learn more about Quartr by visiting their site, Quartr.se If you're interested in changing the way you research companies, download the app today and give it a try on Apple and Android. Tegus Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best. I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to tegus.co/valuehive for a free trial to see for yourself. TIKR TIKR is THE BEST resource for company financials, transcripts, and insider ownership data. I use TIKR every day in my research process, and I know you will too. They have the widest selection of global company data, a terrific leadership team, and a bright future ahead. Try them out today at TIKR.com/hive. MasterWorks MasterWorks is the new tech platform valued at over one billion dollars that lets you invest in paintings by Warhol, Picasso and Banksy like stocks. You don’t need hundreds of millions to add art to your portfolio anymore. You just need a solid internet connection to get started. Try them out today at Masterworks.art/value

Michael Jordan had his flu game. This week, Dan McMurtrie has his Flu Podcast. Join us as the Super Flugatu drops dozens of knowledge bombs, all while battling the flu.  Dan touches on a lot of what I originally posted, but there's definitely a few more gems worth the listen. Dan dives deep into topics like:  Structuring Research & Valuing Research Time The reality of emerging managers Building Trust Online in a Digital World  The Obsession with Long-Term "HODL" Mindsets And more! If you like what you hear, follow Dan on Twitter @SuperMugatu and check out his firm Tyro Partners.  You can check out the time-stamp below:  [4:34] Wrestling Stories [19:09] Biases & Mental Frameworks [30:01] Knowing What Game You're Playing [35:00] Long/Short Managers [53:00] How Dan Uses Trello  [62:00] How Dan Structures Research Time [82:00] Stand-Up Comedy [94:00] Conversion of Online & Offline Worlds [103:00] Trust in Online Commerce [121:00] Kombucha Stories [132:00] The Obsession with Long-Term HODLing  [143:00] There Is No Optimum Solution, Just Make Money [159:00] VC & Public Markets [164:00] Building Networks of People [170:00] Closing Questions Also, a big thanks to the following sponsors for making the podcast a reality! Quartr Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from 12+ countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them. You can learn more about Quartr by visiting their site, Quartr.se If you're interested in changing the way you research companies, download the app today and give it a try on Apple and Android. Tegus Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best. I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to tegus.co/valuehive for a free trial to see for yourself. TIKR TIKR is THE BEST resource for company financials, transcripts, and insider ownership data. I use TIKR every day in my research process, and I know you will too. They have the widest selection of global company data, a terrific leadership team, and a bright future ahead. Try them out today at TIKR.com/hive. MasterWorks MasterWorks is the new tech platform valued at over one billion dollars that lets you invest in paintings by Warhol, Picasso and Banksy like stocks. You don’t need hundreds of millions to add art to your portfolio anymore. You just need a solid internet connection to get started. Try them out today at Masterworks.art/value

Hey guys! This week I'm stoked to have Amy Jo Kim on the podcast. Amy is the co-founder of Game Thinking, a company dedicated to helping the world's largest game developers accelerate product innovation and drive engagement from the ground up.  This podcast is all about deconstructing what makes the best games, well, the best. Amy spends most of the time discussing how the best games create social network effects, and how game developers can find their "super fans" earlier.  Additionally, Amy shares stories from her days helping eBay in the late 1990s, as well as assisting in the development of the world-renowned game, The Sims.  If you like what you heard, please check out more of Amy's work at GameThinking.io and follow her on Twitter @amyjokim.  Check out the time-stamp below:  [1:00] What is Amy's Favorite Board Game?  [6:00] Working w/ eBay in the late 1990s [19:00] How Do You Find Super Fans?  [31:00] The Best Games Deliver The Best Experiences  [40:00] Patterns of Early Game Success [47:00] Interesting Ideas in BeautyTech [56:00] Closing Questions Also, a big thanks to the following sponsors for making the podcast a reality! Quartr Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from 12+ countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them. You can learn more about Quartr by visiting their site, Quartr.se If you're interested in changing the way you research companies, download the app today and give it a try on Apple and Android. Tegus Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best. I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to tegus.co/valuehive for a free trial to see for yourself. TIKR TIKR is THE BEST resource for company financials, transcripts, and insider ownership data. I use TIKR every day in my research process, and I know you will too. They have the widest selection of global company data, a terrific leadership team, and a bright future ahead. Try them out today at TIKR.com/hive. MasterWorks MasterWorks is the new tech platform valued at over one billion dollars that lets you invest in paintings by Warhol, Picasso and Banksy like stocks. You don’t need hundreds of millions to add art to your portfolio anymore. You just need a solid internet connection to get started. Try them out today at Masterworks.art/value

Hey guys! This week we have as a guest James Reynolds of Tenebrist Global. I’ve met James at Valuex Vail when he was the only person that pitched a company that was growing more than 5% per year! Certainly a hyper-growth stock. All kidding aside, he is a hyper-growth investor and this week we dug into his background, how he became an investor, his soup to nuts process, ecosystem control, Progyny, Inc ($PGNY), Caravan ($CVNA) and how businesses create win-win-win environments. [1:00] Who is James Reynolds? [7:00] Trying to know EVERYTHING vs JUST ENOUGH [15:00] James’ Research Process  [17:00] Talking to Management.  [22:00] Progyny, Inc. ($PGNY)  [27:30] Founder Led Companies  [33:00] TJX Companies, Inc ($TJX)  [38:00] Ecosystem Control vs Network Effects  [45:00] Carvana ($CVNA): Building the Ecosystem Control  [58:00] Just Eat: Lacking Ecosystem Control  [1:09:00] Finding Ideas  [1:17:00] More from James and Closing Questions If you like what you hear, please follow James on Twitter @TenebristGlobal and check out his website here.  Also, a big thanks to the following sponsors for making the podcast a reality! Quartr Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from 12+ countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them. You can learn more about Quartr by visiting their site, Quartr.se If you're interested in changing the way you research companies, download the app today and give it a try on Apple and Android. Tegus Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best. I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to tegus.co/valuehive for a free trial to see for yourself. TIKR TIKR is THE BEST resource for company financials, transcripts, and insider ownership data. I use TIKR every day in my research process, and I know you will too. They have the widest selection of global company data, a terrific leadership team, and a bright future ahead. Try them out today at TIKR.com/hive.

Hey guys! I have the privilege of speaking with Stephen Diehl. Diehl is a London based software engineer and an outspoken critic of cryptocurrencies, Web 3.0, NFTs, and pretty much that entire ecosystem that seems to be so rampantly bullish. This episode’s objective is to present a possible bear case to the crypto, Web 3.0, NFTs Maximalists and to the people that are on the fence and want to know more about the technology and its dark side. Check out the time stamp below:  [1:20] Researching Crypto.  [8:20] The Albanian Pyramid Scheme Crisis [13:00] The Case Against Crypto [14:00] The Technology Does Not Solve Any Problem  [26:00] The History of Private Money [38:00] What Type of Asset are Cryptos?  [45:00] Staking Crypto for Yield? [49:00] What is Web 3.0? [54:00] Play-to-Earn  [58:00] Technical Issues: Computing, Bandwidth & Storage.  [1:07:00] NFTs  [1:20:00] Why create Solutions to Problems that Does Not Exist  [1:26:00]Closing Question and more from Stephen Diehl If you're a fan of Stephen's thinking and want to learn more, check out his website (here) and Twitter (here).  Also, a big thanks to the following sponsors for making the podcast a reality! Quartr Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from 12+ countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them. You can learn more about Quartr by visiting their site, Quartr.se If you're interested in changing the way you research companies, download the app today and give it a try on Apple and Android. Tegus Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best. I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to tegus.co/valuehive for a free trial to see for yourself. TIKR TIKR is THE BEST resource for company financials, transcripts, and insider ownership data. I use TIKR every day in my research process, and I know you will too. They have the widest selection of global company data, a terrific leadership team, and a bright future ahead. Try them out today at TIKR.com/hive.

Hey guys! This week we got the one and only @SleepwellCap on the show today! We've got a wide ranging conversation today going from how he became a buy side generalist, lessons from the Fixed Income World, how conviction is the raw material for long term investing, differences between conviction and overconfidence, Sleepweell’s research process, will discuss serial acquires as an undiscovered gems in markets and of course why he is so bullish on Berkshire and Spotify.  You are definitely missing out if you don’t follow him yet! Check out our time-stamp below:  [0:00] Why Sleepwalk Capital?  [4:00] Lessons from the Fixed Income World  [11:00] Becoming a buy side generalist  [14:00] Music Career [16:00] Sleepwell’s Research Process [24:00] What is conviction? [31:00] Is conviction overrated? [38:00] What is in the Price?   [46:30] Undiscovered Gems: Serial Acquirers  [1:00:00] Mistakes made in 2021  [1:05:00] Achievements reached in 2021  [1:08:00] Improvements for 2022 [1:13:00] Berkshire  [1:18:00] Spotify Bull Case  [1:33:00] More from Sleepwell and Closing Questions. If you liked what you heard please give Sleepwell a follow on Twitter @SleepwellCap and subscribe to his Substack (link here).  Also, a big thanks to the following sponsors for making the podcast a reality! Quartr Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from 12+ countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them. You can learn more about Quartr by visiting their site, Quartr.se If you're interested in changing the way you research companies, download the app today and give it a try on Apple and Android. Tegus Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best. I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to tegus.co/valuehive for a free trial to see for yourself. TIKR TIKR is THE BEST resource for company financials, transcripts, and insider ownership data. I use TIKR every day in my research process, and I know you will too. They have the widest selection of global company data, a terrific leadership team, and a bright future ahead. Try them out today at TIKR.com/hive.

Hey Guys! Continuing our theme of interviewing anonymous accounts, this week’s guest is @PinkPoloShorts. Our conversation focus on Real Estate investing since that is @PinkPoloShorts area of expertise.  He shared with us how he got into Real Estate after trying to become a professional baseball player, his Real Estate career, what he thinks about Airbnb renting as a business, the most common mistakes that retail investors do, underwriting 101, the future on Real Estate and his opinion on Redfin, and how he levered his knowledge on private Real Estate and apply it to public Real Estate.  So if you are interested in Real Estate investing definitely tune in and if you are not I would still listen since there is a lot of application than you can take from Real Estate and transpose them on other areas like the Public Markets. Enjoy! [0:00] Why @PinkPoloShorts? [2:45] Why Real Estate Investing?  [5:00] Professional Baseball [8:00] Real Estate Career [14:00] Private Equity Career [16:00] Bad Deals  [21:00] Airbnb Renting [23:00] Underwriting 101 [26:00] Unlevered vs Leverage Returns  [33:00] Current Cap Rates [35:00] Who is selling this to me? Are they smart? Are they divesting for a structural reason? [42:00] Private Real Estate vs Public Real Estate  [50:00] Benefits of Real Estate Twitter  [55:00] Most Retail Common Mistakes  [59:00] Interesting Deals [1:03:00] Redfin and Brokers  [1:11:00] Closing Questions and more @PinkPoloShorts Also, a big thanks to the following sponsors for making the podcast a reality! Quartr Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from 12+ countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them. You can learn more about Quartr by visiting their site, Quartr.se If you're interested in changing the way you research companies, download the app today and give it a try on Apple and Android. Tegus Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best. I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to tegus.co/valuehive for a free trial to see for yourself. TIKR TIKR is THE BEST resource for company financials, transcripts, and insider ownership data. I use TIKR every day in my research process, and I know you will too. They have the widest selection of global company data, a terrific leadership team, and a bright future ahead.  Try them out today at TIKR.com/hive.