This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive Today's guest is Jeremy Raper. Jeremy runs RaperCapital.com and recently launched a premium investment research service.  Jeremy looks at public markets through the eyes of a credit analyst. This gives him a unique perception on markets, companies and capital structure situations. He's not afraid to invest all along the capital structure, and often writes about unique long/short bond opportunities.  Before launching his premium research service, Jeremy worked over a decade on both the buy and sell side research departments. He even spent time in Japan doing equity/credit analysis.  During our chat we talk about Jeremy's investment process, the edges gained while living/working in Japan, how he finds ideas and how he thinks about valuation/risk.  Here's the podcast outline:  [1:10] - Lessons From Playing Tennis [3:00] How Jeremy Got Started In Markets [6:15] Lessons From The Buy & Sell Side [8:35] Jeremy's First Taste in Credit Instruments [26:00] Jeremy's Four Pillars of Investing [32:12] Portfolio Construction and Allocation [35:24] How To Extract Value From Net Nets [39:51] The Pendulum of Shareholder vs. Customer Focus [43:42] Returns ON Capital vs. Return OF Capital  [56:00] How To Avoid Value Traps [60:00] Sustainable Free Cash Flow Definitions [69:00] Jeremy's Three Buckets of Idea  [74:28] How To Prioritize New Investment Ideas [80:00] Kill Your Ideas Quickly [84:33] If The Price Is Right, Look Deeper (CLMT) [93:18] Real-Time Example of Credit Analysis (361 Degrees) [105:46] Finding The Main Drivers of an Investment [108:19] Raper Capital Premium -- What To Expect  [118:28] Closing Questions If you want to learn more about Jeremy's research, head over to his site RaperCapital.com. Also make sure to follow him on Twitter @puppyeh1 --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive This week we chat with Michael Girdley. Michael's list of accomplishments and ventures would take up the rest of this description! In short, he loves building businesses and creating products that resonate with customers.  He's the founder of Geekdom Fund, CodeUp and his newly launched fund, Dura Software.  The conversation covers all things venture capital, start-up business, as well as Michael's personal background and passions. We also discuss the types of companies Michael looks to invest in, as well as pitfalls of traditional value-based investment strategies.  Here's the outline:  [2:00] Michael's Early Interest in Computers [7:00] Working For The Family Fireworks Business [16:00] The Struggle with Delayed Feedback in Business & Investing [26:00] Michael's CodeUp Start-up Story [31:00] The Power of A Fully Refundable Education [35:00] Creating Stories Through Brands [37:51] Net Promoter Score & Why It Matters [53:00] What Did & Didn't Work at Geekdom Fund [55:00] What Michael Looks For In Investments [67:00] Zoom & Shopify's Valuation [77:00] The Transition from Geekdom to Dura Software [90:00] Why Value Screens Remove Great, Venture-Like Companies [97:00] Michaels Favorite Books of 2019  [107:00] Closing Questions  If you enjoyed this conversation and want to learn more about Michael, give him a follow on Twitter here.  Also, if you or someone you know is interested in selling their software business, check out Dura Software.  --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive Can't believe we've made it 25 episodes!  We couldn't have done it without our AMAZING followers and guests. I know everyone likes to say that, but it's true. You, our listeners don't download episodes to hear my endless drivel. And you, our guests, don't come on the show without knowing your voice will be heard.  We're creating a tremendous flywheel and we're just getting started! This week we feature our conversation with Kirk Du Plessis, founder of OptionAlpha.com.  Kirk started OptionAlpha.com as a personal blog to track his option trading education. From there, he's turned the site into the resource for options education. OptionAlpha has over 200K email subscribers and they're doing really cool things in the coming years (which we talk about).  Our conversation covers all things options, personal life, successes, struggles and finding what works for you.  Here's the outline:  [1:54] Who is Kirk Du Plessis [5:30] What Kirk Learned From His Days as a REIT Analyst [10:32] Kirk’s First Taste of Options Trading [15:30] How Kirk Started OptionAlpha.com [16:35] Screw Emails, Just Make Some Content [21:00] How Kirk’s Strategy Has Changed Over The Years [30:46] Getting Into The Nitty Gritty of Options Trading [31:21] The Biggest Misconceptions About Options Trading [38:39] What COVID Has Done To The Options Market [49:00] Don’t Fight The Losses [53:20] Using Options To Create Insurance Float [58:00] Soup-to-Nuts Example of Creating Float [74:00] Finding Your Sweet Spot [79:00] Integrating OptionAlpha with Brokers [87:00] How To Automate Options Trading [96:00] Closing Questions If you like what we're doing, please leave a rating and review on Apple Podcasts.  Also, make sure to follow Kirk and OptionAlpha on Twitter! --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

I'm thrilled to bring you Episode 24, my chat with Harris Kupperman (aka Kuppy) of Praetorian Capital. Kuppy is known for his views on all things tankers and shipping stocks.  But he's more than that. Way more than that. Our conversation dives deep into Kuppy's overall investment philosophy, how he stumbled upon investing, his love for travel and some crazy adventure stories.  If you're looking for the latest opinion on tankers, this isn't your podcast. But if you're looking for actionable, timeless investment thought and wisdom, you're in the right place.  Here's the podcast outline:  [0:00 - 4:00] Kuppy's First Dip in The Stock Market [5:00 - 10:00] Charts and Value Investing [11:00 - 20:00] Downside Protection & Why People Love Cheap [25:00 - 32:00] An Example of Kuppy's Investment Process [33:00 - 39:00] How Kuppy Thinks About Valuation [40:00 - 46:00] Breathe-Right Example [47:00 - 50:00] Cap-Ex Disguises Earnings Power [51:00 - 54:00] Operating Leverage  [55:00 - 58:00] Kuppy's Ideal Investment Situations [60:00 - 65:00] The Importance of Gut Feeling [66:00 - 76:00] Investing in Frontier Markets [77:00 - end] Kuppy's Travel Adventures If you like what we're doing, please leave a rating and review on Apple Podcasts! Also, if you want to learn more about Kuppy, check him out on Twitter @hkuppy --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

Today's guest is Bill Brewster. Bill is the founder and portfolio manager of Sullimar Capital Group.  I'm excited to share our conversation as Bill's quickly becoming one of my favorite investment thinkers. I found him on Twitter, and after following his tweets and blog, I reached out asking him to come on the show.  During the conversation, we talk baseball, Charlie Munger, airlines and travel and everything in between.  Here's the timeline:  [0:00 - 6:00] Who is Bill Brewster? [7:00 - 10:00] How Bill's Investment Style Has Changed [11:00 - 19:00] Thinking About CEO Pay  [20:00 - 27:00] The Power of Surviving [28:00 - 37:00] Lessons From Bill's Mistakes [38:00 - 44:00] RH & Bill's Investment Process [46:00 - 55:00] How Bill Thinks About Valuation [56:00 - 60:00] Capital Accounts Blog Post [61:00 - 72:00] Incremental Free Cash Flow & Industry Analysis [73:00 - End] Airline Industries & What Bill Would Tell Young Investors Make sure you follow Bill on Twitter. His handle is @BillBrewsterSCG You can also follow his blog at https://sullimarcapital.group/ --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

Episode 22 is live! This week we've got George Livadas on the show. George is the founder and portfolio manager of Upslope Capital. George graduated with a Russian degree, but found his way into investment banking at Citigroup. He worked in IB covering the brokerage and can producer industries (to name a couple).  George loves investing, but he didn't start out like many traditional value investors. He didn't read Buffett's letter, he didn't read Graham's doctrine. He developed a passion for investing by learning about business.  George founded Upslope Capital to invest his own way -- a differentiated way. George employs a long and short strategy at Upslope. He prefers to hunt in the mid-cap space for ideas, and has a soft-spot for boring, unloved businesses.  Here's what we cover in the conversation:  [0:00 - 5:00] Who is George Livadas [6:00 - 11:00] What Works For George in Investing [12:00 - 17:00] Why Mid-Caps & The Power of Simplicity  [18:00 - 22:00] What Makes A Good Investment?  [23:00 - 30:00] From Idea Generation To Investment  [31:00 - 42:00] George's Investment Process  [43:00 - 49:00] George's Thoughts on Shorting [50:00 - 55:00] Corporate Governance & COKE [56:00 - 60:00] Knowing Yourself & Being Wrong [63:00 - End] Concluding Questions If you want to learn more about George, check out these links:  Upslope Capital Website: https://www.upslopecapital.com/ George Livadas Twitter: https://twitter.com/UpslopeCapital Also, if you're interested in the McKinsey Book on Valuation: https://amzn.to/2VTqHcK --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

Excited to share Episode 21 with y'all!  What better time to have a turnaround expert on the show, right?  Jeff Sands is a 3x winner of the Turnaround Of The Year award (2017-2019), and he's got a good shot at 2020. He spent his early career working in his family business. When outside pressures rattled the company, Jeff realized two things: a) the importance of cash and b) that nobody taught him how to manage this crisis.  Jeff's passion is turning around troubled businesses, and he's one of the best in the world at it.  During our chat, we discuss:  [0:00 - 9:00] Introduction and Background [10:00 - 13:00] Why Stubbornness Is Death in Turnarounds [14:00-20:00] Jeff's Tools For Turnarounds [21:00-27:00] Why Jeff Doesn't Look at The P&L [28:00-30:00] First Steps in Any Turnaround [31:00-34:00] How To Coach A Bank [35:00-41:00] Founding Dorset Partners [42:00-56:00] Real World Turnaround Examples [57:00-59:00] How To Identify A Core Business [60:00-66:00] Jeff's Failures in Turnarounds [67:00-69:00] How To Spot Failed Turnarounds in Public Companies [70:00-end] Concluding Questions If you want to learn more about Jeff (and his book), check out these links:  Jeff's Twitter Jeff's Book Dorset Partners website If you like what we're doing, please leave us a rating and review on Apple Podcasts.   --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

We've made it to a huge milestone: 20 podcast episodes.  We couldn't have done it without you, our listener base. Y'all keep the lights on and help spread the word about what we're doing. For our 20th episode, we chat with Brent Beshore, CEO and Founder of Permanent Equity.  We're living in unprecedented times. COVID-19 is wreaking havoc on our day-to-day lives. It's shutting down businesses and entire economies. We don't know when we'll return to "normal". And when we do, we don't know what that new "normal" will look like.  In this episode I ask Brent to flesh out some of his latest essay pieces on mental models, cutting expenses and the new normal for life and business.  Here's the podcast timeline:  [0:00 - 6:00] Introduction [7:00 - 18:00] Cutting Fat, Muscle and Bone [20:00 - 30:00] Intricate Challenges Small Businesses Face [35:00 - 42:00] Capitalism & Eminent Domain [43:00 - 47:00] Permanent Equity's Safe Harbor [57:00 - 59:00] The Benefits of In-Person Meetings [60:00 - 65:00] The V-Bottom Reversal is Dead [66:00 - 70:00] Faith & Getting Back To What Matters [71:00 - End] How Brent Structures His Day If you like what we're doing with the podcast, please leave a rating and review on Apple Podcasts.  Also, check out our free, weekly investing newsletter. We deliver actionable value investing content straight to your inbox. Every Wednesday. For Free. Forever.  --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

Episode 19 is here! I'm excited to bring y'all my conversation with Alex (aka, The Science of Hitting). Alex is a both a writer and investor. When he's not thinking about which businesses to buy, he's writing about them on GuruFocus.  Alex has over 600 blog posts on GuruFocus to date, a feat few others can claim. I've enjoyed Alex's content for years and getting the chance to chat with him about investing was a blast.  Here's what we cover:  [0:00 - 6:00] Introduction [7:00 - 14:00] Quality vs. Price [15:00 - 23:00] TSOH's Investment Process (Soup to nuts) [24:00 - 40:00] Can you pay too much for a quality business? [42:00 - 57:00] Lessons Learned From 600+ Blog Posts [60:07 - 70:00] Charles Schwab (SCHW) and Match (MTCH) [71:00 - end] Short-term volatility and closing questions I had a blast recording this podcast. I learned a ton and I know you will too.  Do yourself a favor and follow TSOH on Twitter @TSOH_Investing. You can also check out his articles on GuruFocus here.  Also, if you love the podcast, consider subscribing to our free, weekly value investing newsletter: The Value Hive.  --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

Better late than never, right?  On Episode 18 of the Value Hive Podcast I chat with Fil Zucchi. Fil is an independent options trader and former bankruptcy lawyer. I first met Fil at last years ValueX Vail Investors Conference.  Fil brings a unique look to equity and credit markets. He expresses his thoughts and opinions through options trading. He's a market veteran with over 30 years of experience.  Here's the crazy part: in 30 years of trading, Fil's never seen markets like the one we're in now.  We dive deep into options trading, balance sheets, bond markets and what to look for in troubled companies. Fil provides insight into why credit markets lead equity markets, and how equity investors can leverage bond markets to gain additional insight.  Podcast Timeline:  [0:00-5:00] Introduction and Background [6:00-11:00] Why Credit Leads Equity  [12:00-20:00] Understanding Capital Flows in Credit Markets [21:00-26:00] Current State of the Credit Markets [27:00-38:00] Deep Dive into Options Trading [39:00-49:00] LEAPS & Using Options on Value Stocks [50:00-58:00] Lessons Learned From Best & Worst Options Trades [59:00 - 109:00] Why Equity Investors Should Follow Bond Markets [110:00 - 113:00] Lessons Learned from Days as Bankruptcy Lawyer [end] Concluding Thoughts & Last Question If you want to learn more about Fil, or follow his thoughts, check him out on Twitter @FZucchi Thanks for listening. If you like what we're doing, please leave us a rating and review on Apple Podcasts.  --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support