Value Hive Podcast

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. There's a theory that the best and smartest analysts on Twitter are anonymous. Our guest this week fits that mold. Mule (@FoolAllTheTime) is a generalist investment analyst with a passion for the semiconductor industry. The conversation covers a wide range of semiconductor topics like Intel as a value trap, a better play than Micron (MU) and why Mule loves Discord.  You can easily tell the passion Mule has for the semis space and its various end-markets. Check out the time-stamp below:  [0:00] What got Mosfet Mule into Semiconductors? [4:00] Moore’s Law is Dead [8:00] Mosfet Mule’s Alpha [10:00] Discord [15:30] Heterogeneous Compute [22:00] CPU, GPU, FPGA, ASIC for AI? [27:30] NVIDIA and ARM [31:00] Google’s TPU [37:00] AI and First Move Advantage  [39:00] INTEL ($INTC) a Value Trap? [48:00] Lam Research ($LRCX)  [57:30] Common Questions about Semiconductors. [1:04:20] Where to find semiconductor ideas? [1:06:00] The CDT Hike [1:08:00] More about Mule [1:10:00] Closing Questions We can't wait to have Mule back on the show and are extremely humbled to host their first-ever podcast appearance.  If you liked this podcast and want to learn more about Mule, check out the following links:  @FoolAllTheTime Twitter Mule's Substack Newsletter

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. Richard Chu is an investment analyst at Saga Partners where he seeks to find high-growth, highly asymmetric investment opportunities. How Richard ended up at Saga Partners is anything but traditional. Chu didn't have much investing experience after graduating college. Yet his passion for compounding wealth and knowledge boiled over into his first public investment write-up: Livongo (now, TDOC).  Richard's first write-up caught the eyes of Joe Frankenfield at Saga Partners. This led to a conversation and eventual job for Chu at the firm. Now, Richard spends his time scouring the markets for new ideas.  I loved this conversation as we covered a lot of ground. Our focus was on a few key topics:  GoHealth (GOCO) GoodRx (GDRX) Healthcare Investing UnHealthcare (Book) Here's the time-stamp:  [0:00] Who is Richard Chu? [10:30] Why Healthcare? [13:40] The Journey to Zero to One in Finance [16:50] What is it like working for Saga Partners? [19:40] Go Health ($GOCO) [38:40] Go Health’s Competitors: Walmart [48:40] Go Health’s Valuation [1:02:00] Richard’s Next Ideas [1:13:50] A Day in The Life of Richard Chu [1:16:00] Closing Questions If you'd like to learn more about Richard, check out these links:  Richard's Twitter Richard's Substack Newsletter

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. Christopher Seifel is an equity research analyst and runs the newsletter Seifel Capital (link here). Chris is one of the sharpest investors/analysts on Twitter, and it shows. He's quickly grown his Twitter following to over 13K. Chris focuses on high growth companies, portfolio construction and general market commentary. His newsletter articles feature deep dives on new and interesting companies while distilling the thesis down into the 1-3 most important drivers. It's a tremendous skill and something I'm constantly working on.  We spend over an hour discussing Crowdstrike $CRWD (Chris' largest holding), Unity Technology $U (disc: I am a shareholder), the CANSLIM method and how to do deep work analysis on an investment. This is one of those episodes you'll have to hear twice.  Here's the time-stamp for the conversation:  [0:00] Who is Chris Seifel? [3:00] Life’s Inflection Points [6:40]  Growth Investing [10:30] Technicals and Value Investing [14:00] Risk and Portfolio Management [22:00] The Five Rules [36:00] Deep Diving into a Stock [40:00] Generalist vs Specialist [43:00] Crowdstrike ($CRWD) [58:40] BAIT Framework [1:04:00] Crowdstrike’s Risks [1:12:00] DCF: What discount rate to use? [1:14:00]  Chris’ Newsletter [1:31:00] Closing Questions If you want to learn more about Chris and his newsletter, check out the following links:  Chris Seifel Substack Chris Seifel Twitter As always, big thanks to Chris for coming on the show! I already know we'll have him back on in the future. And thanks again to you, the listener for taking the time out of your day to learn alongside us. We can't thank you enough. If you like what we're doing, please leave a rating and review on Apple Podcasts. It helps get the word out about what we're doing here.  ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.**

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. Will Thrower is one of the most under-followed investors on Twitter. In fact, his Twitter profile is like the companies he hunts for: undervalued with long runways for growth. Our conversation took us from chicken farms in China to equity trading offices in London. How Will got started in markets is such a fascinating story. It was one blog post, picked up by Bloomberg, that led to a job as an equity analyst.  We spend over an hour discussing how Will finds ideas, the opportunity set in Japan and Australia, and why US investors should think twice before passing over an International business because, "A US competitor can do the same thing." Here's the time-stamp for our chat:  [0:00] The Chicken Farm [5:30] What led you to become an equity researcher? [20:30] The Beenos Thesis (3328.T) [33:20] Questions that You Want Management to Answer. [35:20] An Ideal Investment [40:40] Nano Cap Investments and Competitive Advantages  [54:00] Positioning Sizing [1:01:10] Advance Nano Tek (ASX: $ANO) [1:16:00] More from Will Thrower [1:19:22] Closing Questions If you enjoyed our conversation and want to learn more about Will, check out the following resources:  Will's Twitter  Will's Personal Investment Blog ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.**

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. Morgan Housel is a man that needs no introduction. He's a NY Times Bestseller, prolific writer for Collaborative Fund and great conversationalist. I'm still amazed I was able to swindle him into joining the podcast this week. As a writer, I've wanted to chat with him and pick his brain about his writing process, how he thinks about new topics and the power of reading.  Morgan and I spend an hour discussing investment philosophy, the power of writing and what makes a great investment thesis. This was arguably my favorite and most challenging podcast to plan. I struggled with the question, "What do I ask the man that's been asked every question under the sun?"  Well, here's how it turned out:  [0:00] Who is Morgan Housel? [1:32] Most Challenging Parts of Writing a Book. [7:45] Investing Psychology [14:10] Topics that Haven’t Been Written About in WW2 and in Finance. [19:50] Becoming a Writer [28:00] How to Write an Investment Thesis? [30:00] Examples of Good Investment Theses: Dandelion Energy & Beyond Meat [34:00] The Reasons Behind Complex Business Models [39:00] How to Look for Ideas. [45:00] Writing is a Thinking Process. [48:00] How Has Writing Changed Your Life? [50:00] Closing Questions: What Writer Would You Like to Write Your Biography? This episode is a testament to scratching my own itch. Asking questions because I wanted to know the answer, not because I thought it would make for a great podcast. I hope you enjoy this episode as much as I did.  Thanks again to Morgan for coming on the show. If you want to learn more about Morgan, check out the following links:  Morgan Housel on Twitter The Psychology of Money  Collaborative Fund

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. Aaron Edelheit is the CEO of Mindset Capital and author of the book, The Hard Break: The Case for a 24/6 Lifestyle. He also runs the newsletter, Mindsetvalue. Aaron's a tried-and-true value investor searching the globe for undervalued businesses. We spend the early portion of the podcast discussing Aaron's early investment philosophy and how he grew his small partnership into $25M.  From there, we talk biggest winners/losers over his investing career and why he wrote The Hard Break.  Finally, we spend the bulk of the conversation diving deep into Nintendo ($NTDOY) and Twitter ($TWTR). Aaron lays out the NTDOY bull case, the bear case and exciting new technologies on the horizon for NTDOY. Aaron also dives into TWTR's bull thesis, the bear thesis and what investors should know about the company's future.  Here's the time-stamp:     [0:00] Who is Aaron and how did you get started in investing? [6:33] What was your style for growing a small sum into 25 million? [7:00] Biggest Winners: ATL Ultrasound [12:00] Biggest Losers? Doesn’t matter how people sound or how they look, you really need to be very skepticism. [17:15] The dangers of overworking and Aaron’s Book “The Hard Break: The Case For The 24/6 Lifestyle” [35:00] Nintendo: A 2013 MSFT? [56:00] Risks for Nintendo [1:01:00] Value investor’s case for Twitter [1:22:00] Besides Nintendo and Twitter where can value be found? (Energy and Lincoln Educational Services) [1:32:00] International Investments: Japan [1:40:00] Closing Thoughts and Questions If you want to learn more about Aaron, check out these links:  Aaron's Twitter Aaron's Newsletter The Hard Break book ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.***

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. Mads Christiansen is a private investor specializing in digital transformation, e-gaming and technology. He freely shares his thoughts and ideas on Twitter and also runs a YouTube channel (both you can find in links below). Mads got his investing capital from his job as a medical practitioner. While working, he parked his money in passive index funds.  As his itch for investing grew, he found himself drawn to e-sports, gaming and digital transformation companies,. These are companies with long secular tailwinds at their backs. To Mads, if you start your fishing trip in the best ponds, you'll end up catching a few big winners. And that's exactly what he's done. A couple of Mads' big winners include Sea, Ltd. (SE) and Gravity (GRVY).  Mads and I chat about poker, investing, bet size, portfolio management and specific investment ideas. Check out the time-stamp below:  [0:00] Who is Mad Christiansen? [4:30] Specialization vs Generalization [8:00] How to develop the specialization skill? [11:00] How to not suffer from FOMO? [13:00] Poker and Investing: $MELI Case [20:00] Gaming and eSports [24:30] Challenges in Analyzing the Gaming Industry [27:30] eSports [30:30] Mads’ Portfolio Picks: $SE and $GRVY [35:00] Valuing $SE [41:00] $GRVY [47:00] Portfolio Construction [49:50] Customer Attention and the importance of it for a Value Investor. [56:00] New Opportunities [57:00] Closing Thoughts [1:00:40] Closing Questions If you liked our conversation, consider following more of Mads' thoughts:  Mads' Twitter Mads' YouTube ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.***

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.*** Abdullah runs the Mostly Borrowed Ideas newsletter and Twitter account. He's one of the sharpest value investors on Twitter and I look forward to his emails every month. Abdullah got his start as an equity analyst and realized he wanted to create his own newsletter and achieve financial freedom. The ability to work anywhere and do what he loves. You can hear his passion in the way he talks about business models, valuation and investing.  We spend the early part of the show discussing Abdullah's background and general investment philosophy. After that, we dive deep into Abdullah's latest research report: Uber (U).  There's a lot of information in this podcast, so you might want to listen twice. Abdullah walks through the bullish thesis, Uber's specific risk points/competitive challenges and valuation. What I loved about Abdullah's research is that he ended the report not bullish on the company.  Pay close attention to his thoughts on valuation and how he backs into it using an Expectations Investing approach.  Here's the time-stamp:  [3:23] Intro Questions [9:13] Why did you start a newsletter ? [16:34] Uber Deep Dive [22:04] Why People Use Uber [28:06] The Troubling Economics of Uber [39:26] Driver & Customer Incentive Structures [42:18] Uber Eats Unit Economics [53:15] The Consumer Disincentive for Uber Eats [63:12] Performance-Based RSU’s [69:34] Closing Questions If you want to learn more about Abdullah and his newsletter, check out the following links:  Mostly Borrowed Ideas Newsletter Mostly Borrowed Ideas Twitter

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.*** Aaron Bush is an investor and writer for The Motley Fool. When's he's not researching stocks for The Fool, he's busy working on his other project, Master The Meta, a SubStack dedicated to all things esports and gaming. I've followed Aaron on Twitter and read his work regularly.  I wanted him on the show after reading his 5,000 word essay on Unity Software (U). Aaron's post came days after I published my long Twitter Thread on the company, and I wanted to chat about what he found.  This episode is for those that love deep dives on singular names. We spend nearly the entire podcast discussing Unity's competitive advantages, potential TAM, future growth opportunities, and potential risks to their bull thesis.  We also discuss the Gartner Hype Cycle and where Unity stands on its graph.  Here's the time-stamp:  [1:00] Intro Questions [7:04] What It's Like To Work at The Motley Fool [10:21] Average Day For Aaron [16:01] Unity Software Breakdown [24:05] Unity Take Rate Analysis  [28:19] Gaming First Company [38:02] Measuring Success at Unity  [41:24] Unity Operating Results & Metrics [51:43] The Gartner Hype Cycle [59:01] The Verdict on Unity  If you liked this conversation and want to learn more about Aaron and The Motley Fool, check out these links:  Aaron Bush Twitter Master The Meta SubStack The Motley Fool

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.*** Will Hershey is the co-founder and President of Roundhill Investments. He started in the energy space, but luckily moved into eSports and gaming before the energy crash of 2020. Roundhill is an RIA creating thematic ETFs on market-altering trends. Will and I spend an hour discussing what it's like to start an ETF, why Roundhill chose esports and sports betting as thematics and the power of being a thematic expert.  Specifically we dive into the the shift in the indexing business and why weighting by theme (not market cap) is important.  At Macro Ops, we're extremely interested in eSports and gaming. In fact, its one of our core thematics over the next 5-10 years. We're always searching for new investment ideas in this space, and Will's ETF offers the perfect springboard.  Here's the time stamp: [0:30] Intro Questions [9:15] From Energy To eSports [15:05] Unity, Metaverses and The Gaming Industry  [22:12] The Shift in the Index Industry  [27:09] What Does eSports Mean?  [34:45] How To Become an Industry Expert [38:04] CDProjekt (CDR) -- *disclosure: podcast host owns shares in CDR* [42:02] Developing The Sports Betting ETF (BETZ) [50:22] The Guise of Bad Businesses [55:00] Closing Questions If you want to learn more about Will and Roundhill Investments, check out the links below:  Will Hershey Twitter Roundhill Investments Twitter Roundhill Investments Website