Value Hive Podcast

This week is all about the micro-cap space and we have Robert Mulcahy or the @tinystockninja on Twitter. We covered a variety of topics ranging from how Robert started his investing journey, identifying mistakes and how to correct them, how he manages his portfolio and allocates capital, his view, as former insurance professional, on the $LMND AI Twitter debacle, and last but not least his bull thesis on his latest high conviction micro-cap bet: Crexendo ($CXDO). This episode is brought to you by BullpenCareers.com. BullpenCareers.com is a job board exclusively for finance jobs. If you or someone you know is looking for a job in finance, check out BullpenCareers.com today! We're also proud to introduce our newest sponsor, 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 twelve 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! Here's this week's timestamp:  [0:00] Who is Robert Mulcahy? [4:00] Rob’s Investing Philosophy [6:00] Selling to Early: $JYNT and $ROKU [15:30] When to Update Your Estimated Fair Value  [19:00] Portfolio Management  [23:00] Artificial Intelligence in the Insurance Industry? $LMND   [30:00] What is $LMND’s Bull Case? [35:00] Disrupting the Insurance Industry  [39:30] Crexendo ($CXDO)  [47:40] Rob’s Screening Process [49:00] Crexendo’s Value  [53:00] Crexendo’s Bear Thesis [1:00:00] The First 1 Trillion Market Cap. [1:03:00] What’s on Rob’s Radar? [1:08:00] More from Rob and Closing Questions

This week we had a fantastic conversation with David Kaye, the president and co-founder of Snapshot Games. We talked about a variety of different topics such as David’s first video game company, how different types of video games companies will allocate capital, how NFTs could be used in the video game industry, Unity vs. Epic Games, and what are some KPIs that investor should look for when investing in the video game industry. This episode is brought to you by BullpenCareers.com. BullpenCareers.com is a job board exclusively for finance jobs. If you or someone you know is looking for a job in finance, check out BullpenCareers.com today! [0:00] Who is David Kaye?  [8:00] David’s First Company: Iron Realms. [14:00] Iron Realms’ Live Auction In-game Purchases. [22:00] Founding Snapshot Games   [27:00] Capital Allocation in the Video games Industry [32:00] How to Increase Player Liquidity  [41:00] Game Companies as Entertainment Power Houses  [46:00] The Video Game Metaverse  [48:00] NFTs in Video Games [54:00] Unity vs. Epic Games  [1:01:00] What Investors Should Look For When Analyzing Video Game Companies  [1:11:00] Closing Questions If you liked what you heard and want to learn more about David Kaye, check out his Twitter @DavidKaye, and PLEASE follow him. 

This week we're stoked to have Chris Barto join The Hive. Chris is a former investment analyst at a boutique RIA in Pittsburgh and current founder of Fiducia Investment Research LLC. Chris runs a concentrated, transparent, and in-depth research service covering high-quality businesses with durable competitive advantages. The site is perfect for people who are interested in learning about different businesses, read market commentary, as well as develop a place to interact with other investors who are willing to put in the time to read and learn. During our hour-long chat, Chris and I discuss the absence of valuation in today's investing framework, how Chris developed his own investment philosophy, an overview of Mitek Systems $MITK, and his short-term options swing trading system.  This episode is brought to you by BullpenCareers.com. BullpenCareers.com is a job board exclusively for finance jobs. If you or someone you know is looking for a job in finance, check out BullpenCareers.com today! Here is the time stamp:  3:12 - Working At Boutique RIA Firm 13:34 - Making The Decision To Start Fiducia Invest 26:40 - Bad Investment Idea: $CSCO 37:09 - Mitek Systems $MITK 43:28 - Options Swing-Trading Strategy 50:36 - Just Doing Shorter-Term Trading 56:09 - Long-term Vision For Fiducia Investment Research LLC 58:37 - Closing Questions If you liked what you heard and what to learn more about Chris and his service, check him out on Twitter @FiduciaInvest and his website 

Today’s episode we had a conversation with the anonymous twitter account @the10thman1 about his exceptional Carvana’s bull thesis. We covered everything that an investor needs to know about Carvana, whether it is Carvana’s history, the used car industry, Carvana’s Competitive advantages, what Carvana needs to improve in order to succeed, the bear thesis against Carvana and @the10thman1’s fair value for Carvana. [0:00] Who is @the10thman1? [8:30] Expectation Investing [12:00] From Energy to Carvana ($CVNA ) [15:30] CVNA’s History [19:40] The Used Car Industry   [26:00] A Better Way to Present Inventory Online [28:00] Exceptional Quality Control  [30:00] Test Driving an used card with CVNA  [31:30] Seamless, Easy and Fast with CVNA  [36:00] CVNA’s Competitive Advantages   [36:10] Market Network Effects  [40:00] Economies of Scale [44:00] Increasing Retail GPU  [55:00] Customer Financing  [58:00] Carvana Will Issue Equity  [1:00:00] CVNA’s Bear Thesis  [1:01:00] Insiders are Selling  [1:04:00] Trusting Management with a Rocky Past  [1:06:00] Competition  [1:08:00] Carvana’s Fair Value [1:15:00] @the10thman1’s watchlist [1:17:00] Closing Questions If you liked what you heard, PLEASE go follow @the10thman1 on Twitter and subscribe to his website. He writes excellent content that's always worth a read. 

This week I'm thrilled to be joined by Utako Kojima and Aya Weissman. Both women work at Horizon Kinetics and help run the Japan Special Opportunity Strategy.  Aya is a Co-Portfolio Manager and Director of Asia Strategy at Horizon. With over 30 years of investment experience, Aya was previously a founder and Chief Investment Officer of AS Hirota Capital Management, LLC.  Prior to that, her experiences included acting as a portfolio manager specializing in Japanese securities for Kingdon Capital Management, LLC, a New York–based hedge fund; two years as a partner and Portfolio Manager of Feirstein Hirota Japan Partners, a Japanese long/short hedge fund; and 12 years at Salomon Smith Barney Asset Management, as a Managing Director and Senior Portfolio manager in the US value equity group where she was a founding member of the large cap value equity group, with responsibility for approximately $2 billion in assets Utako joined the Firm in 2010 as a Portfolio Analyst, primarily focusing on the Firm’s Asia Strategy. Prior to this, Utako was an equity analyst at AS Hirota Capital Management, LLC. Her experience includes consulting in the Valuation Division at Shin-Nihon Ernst & Young Transaction Advisory Services, Tokyo, Japan. Aya and Utako join the podcast to discuss a unique investment opportunity in Japan called the Parent-Subsidiary Relationship. In short, there's tremendous alpha to be had investing in smaller subsidiaries of larger companies at the point of inflection when the larger company buys back its smaller subsidiary.  The near hour-long conversation dives deep into the strategy, how they filter the 3,800 Japanese equity universe, The Mother's Index, and the changing cultural dynamics in Japanese business. 

This week we have another returning guest, Thomas Bachrach! Thomas Bachrach is PFH Capital’s Principal and an OG Value Hive guest! He focuses on esoteric, off-the-beaten-path micro-cap companies, and on this episode, he shares two of his latest investments: Kaspi ($KSPI), a Kazakhstan fin-tech business, and Allegiance Coal ($AHQ.ASX), an Australian Coal Company. He also shares how he finds, researches, and manages companies located in different countries, and the investment mistakes he made in 2020, and what he learned from those mistakes. [0:00] Who is Thomas Bachrach? [4:00] What is PFH Capital’s Strategy? [5:30] 2020 Mistakes [13:00] Managing Investments in Different Countries During Covid.  [17:00] Why not invest in China? [23:00] How to Find Companies in Different Countries? [26:00] Investments in Malaysia: $MYEG [32:00] Investment Thesis: Kaspien ($KSPI) [43:00] Kazakhstan: The Asian Geneva  [50:00] Why Kaspien is so cheap? [1:01:00] Investment Thesis: Allegiance Coal ($AHQ) [1:23:00] Closing Questions If you want to learn more about Thomas or his strategy at PFH Capital, check out these links:  Thomas Bachrach Twitter PFH Capital Website

Welcome back Harris Kupperman! This is the second time Kuppy is on the Value Hive Podcast. This time around we talked about different event-driven strategies found on his Kuppy’s Event Driven Monitor (KEDM) such as investing in post-bankruptcy stocks and IPO unlocks ($AFRM), what is like managing an event-driven portfolio and at the end of the episode, he answered some of the questions from the Twitter community! This episode is brought to you by BullpenCareers.com. BullpenCareers.com is a job board exclusively for finance jobs. If you or someone you know is looking for a job in finance, check out BullpenCareers.com today! Here is the time stamp: [0:00] Intro [1:30] What is the IPO Unlocks Arbitrage Trade. [5:40] IPO Unlocks: $AFRM [11:00] Kuppy’s Event Driven Monitor (KEDM) [16:00] Event Driven Strategies: Post-Bankruptcy [23:00] Managing an Event Driven Portfolios [33:00] $POWW [35:00] Bitcoin [43:00] Michael Burry’s Portfolio [46:00] Tankers Bull Thesis ($STNG) [50:00] Inflection Point Investing [52:00] Twitter Q&A [52:00] How to use the KEDM as a noob investor? [54:00] Uranium Equities? [1:00:00] Playboy [1:03:00] Why is $JOE not moving? [1:04:00] Kuppy’s Future If you liked what you heard and want to learn more about Kuppy, follow him on Twitter here. You can also check out his website AdventuresInCapitalism.com, and for qualified investors, his fund Praetorian Capital.

Let’s talk about the 4.2% elephant in the room, that’s right! This week is all about inflation and luckily we had the privilege to talk to James Davolos, Portfolio Manager at Horizon Kinetics, to help us understand inflation at a deep level.  We talked about what is the CPI and how it is measured, the effect that inflation has on risk assets, what is duration on risk assets, how not to hedge against inflation, but most importantly he shared how we can effectively hedge against inflation by investing in companies that are Direct Beneficiaries, Indirect Beneficiaries or Opportunistic Beneficiaries of Inflation, which are exactly the types of companies that you can find on Horizon Kinetics’ Inflation Beneficiary ETF ($INFL). This episode is brought to you by BullpenCareers.com. BullpenCareers.com is a job board exclusively for finance jobs. If you or someone you know is looking for a job in finance, check out BullpenCareers.com today! [0:00] Who is James Davolos?  [3:44] What is the CPI and How is it Measured?  [8:15] Fiat Currencies Always Go to Zero  [10:30] Modern Monetary Theory [14:20] What Inflation Means to Risk Assets [15:00] What is Duration on a Risk Assets? [20:00] The Inflationary Beneficiary ETF [21:00] What are Hard Assets?  [23:00] Direct Beneficiaries, Indirect Beneficiaries, Opportunistic Beneficiaries of Inflation   [32:00] TIPS: The Biggest Misconception Regarding Inflation Hedging. [35:00] Cryptocurrency  [37:00] Western Ideology vs Eastern Ideology for Gold [40:00] Texas Pacific Land Corp ($TPL ) [42:00] Exchanges The Ultimate Indirect Beneficiaries of Inflation: London Stock Exchange ($LSEG), Honk Kong Stock Exchange ($388), Singapore Exchange ($SGXR) [50:00] How not to Hedge Against Inflation [53:00] Closing Questions and More from James Davolos If you want to learn more about Horizon Kinetics, check them out on Twitter and their website. 

Michael Fritzell is a Swedish Investor based in Singapore and the owner of the Asian Century Stocks Newsletter.  During our talk Fritz shares the path that took him to live in Beijing, the cultural differences that he noticed while living there, the geopolitical issues between China and Taiwan, and of course his investing experience as a Swedish investor in the Asian equities market, including:  Diligence for Asian companies The role of the Chinese Government inside companies Some misconceptions that investors have about investing in China Why he is bullish on Delfi ($P34), China Unicom ($762) and Sanrio Company ($8126). Here is the time-stamp:  [0:00] Who is Fritz? [4:00] Learning Chinese in Beijing [7:00] Major differences between living in Sweden and China. [11:00] Being a Buy Side Analyst Based in Shanghai  [13:00] The Chinese Government’s Role Inside Companies  [21:00] Chinese State Owned Enterprises [24:00] The Chinese Invasion Threat [25:00] The CCP wants to invade Taiwan before 2049 [34:00] Delfi ($P34) [44:00] China Unicom ($762) [52:00] Sanrio Company ($8136)  [1:01:00] Misconceptions about investing in China. [1:08:00] Closing Questions and More from Fritz If you want to learn more about Fritz, shoot him a follow on Twitter and subscribe to his Substack Newsletter!

Myles Danielsen joins the Hive this week to chat all things Institutional Investment Allocation. According to his firm's website, Myles is a Principal at Hall Capital Partners LLC in the Public Equity group, responsible for research, identification, due diligence, and monitoring of long-only public equity investments and long-short equity hedge funds. In addition to his core role in public equities, he is a key member of the Cross Asset Research & Strategy team. Myles spends an hour and a half dissecting the institutional investment business, giving us an inside look at where allocators invest, why they choose one firm over another, and where they see opportunities ahead.  This podcast is a MUST LISTEN for new/emerging fund managers who want to learn what it takes to get a check from an institutional allocator.  We discuss a wide range of topics, including:  Emerging market investing Why Institutional investing is a black box Personality and its role as a deal-breaker/maker Why track record isn't the only thing that matters Crypto investing  Japanese Mother's Market If you want to learn more about Myles, check him out on Twitter! You can also reach him at his firm's website, Hall Capital.