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. 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

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.*** Brett Bivens is an investor and researcher at Tech Nexus. He also writes the popular Substack Newsletter, Venture Desktop. I was thrilled to get Brett on the show because I wanted to pick his brain on his most popular articles.  Brett's essays span wide-ranging topics, including:  Bottoms-up investing The Metaverse of healthcare Empowerment Loops Complexity Investing Enablers vs. Growers We spend over an hour discussing these topics and the intricacies of companies like Shopify, Spotify, Facebook and Twitter.  Here's the time-stamp:  [0:31] Intro Questions [3:00] What is TechNexus? [7:00] Brett's Role at TechNexus [11:20] Merits of Bottoms-Up Investing [15:15] Don't Invest In What's Trending [20:23] Complexity Investing [25:43] Metaverse of Healthcare [38:14] Empowerment Loops [47:45] Enablers vs. Growers [55:05] How To Find Underrated Markets [67:10] Examples of Underrated Markets [77:00] Closing Questions If you want to learn more about Brett, check out these links:  Brett's Newsletter Venture Desktop  Brett's Twitter @brettbivens

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.*** Gary Mishuris is the managing partner and Chief Investment Officer of Silver Ring Value Partners. After working his way through the Mutual Fund world, Gary founded Silver Ring Value Partners. The Fund utilizes a concentrated intrinsic value approach in seeking to safely compound capital over the long term. Gary is a class-act investor and even better person. I met him in 2019 at the ValueX Vail conference. We played cornhole and I think we won. Our hour-and-a-half conversation covers business valuation, mispricings, investor psychology and how to create a solid investment partnership.  I learned a ton from listening to Gary so I know you will too.  Here's the time-stamp:  [2:54] Lessons From Fidelity [8:15] Managing Billions Out of College [12:45] Gary’s Christmas Eve Nightmare [20:46] Great Businesses Are Rarely Mispriced [27:52] Mutual Funds Don’t Foster Long-Term Investing [32:18] Prioritizing Luxuries of Life (When You Don’t Need More) [39:50] How Gary Structured His Partnership [45:05] Soup-to-Nuts Process: Covetrus (CVET) [59:47] The Key To Position Sizing [63:30] Portfolio At Risk [70:05] Implementing Your Process vs. Judging Performance [79:46] The Power of Quora For Audience Growth [85:25] From Russia To USA, Gary’s Immigrant Story [90:20] Closing Questions If you want to learn more about Gary, check out these resources:  Gary's LinkedIn Profile Behavioral Value Investor Gary's Quora Gary's YouTube Channel

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. 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.*** This week I chat with Bobby Kraft of SNN Wire and host of The Planet Micro Cap Podcast. Bobby is a titan in the micro-cap industry. He's recorded over 130 podcast episodes and interviewed thousands of CEOs. The work he's done to bring positive news and information to the micro cap community cannot be understated.  I've wanted to get Bobby on the show for a while. I'm stoked he agreed to do it.  We spend over an hour discussing Bobby's background, what he looks for in an interview with a CEO, and how regular retail investors can gain an edge in interviewing company management. This was one of the most laid-back conversations I've had, and I enjoyed the heck out of it.  Here's the time-stamp for the conversation:  [0:00] Bobby's Journey To SNN & Planet Micro Cap Podcast [6:25] Having Fun in Argentina  [13:18] Bobby's Mentors & Inspirations  [22:36] What Investors Want To Hear From CEOs [27:56] The Power of Strategies & Conviction [35:26] How To Spot Great Managers & Poor Managers [45:17] Actions Speak Louder Than Words (Buybacks) [54:33] Joke About Disclosures on Stocks  [63:07] SNN's New Podcast Network [67:03] What Does Bobby Do Off Camera?  [73:47] Closing Questions If you want more information on Bobby or SNN, check out these links:  Bobby Kraft on Twitter StockNewsNow.com

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. 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.*** Brian Feroldi is an investor and writer for the Motley Fool. His main interests involve the healthcare and technology industries. His goal is to buy the highest quality companies he can find, then hold on to let compounding do its thing. We spend an hour discussing his start in investing, biggest mistakes, and the checklist he uses to analyze every investment idea.  Here's the time-stamp:  [0:47] Brian's Intro To Investing [4:43] Writing For The Motley Fool [6:36] Personal Finance & Investment Strategy [10:45] Brian's Biggest Losing Trade ($KMI) [16:34] Creating The Stock System Checklist [22:19] Look For 70s and 80s [25:50] How Brian Analyzes Management [29:32] Adding Glassdoor.com To Research Process [32:01] Mercado Libre $MELI Checklist [49:02] Running $MELI Through The Gauntlet [54:05] Brian's Favorite New Ideas [58:00] Closing Questions If you want to learn more about Brian, check out the links below:  Brian's Motley Fool Articles Investment Checklist Brian's 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. 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.*** My guest this week is Alex Jones. No, not that Alex Jones. Alex is an independent investment consultant working with hedge fund/institutional clients. He started his investing career at Cambridge Associates. After a stint there, he moved into a money manager role for an Endowment. It was here Alex got his first taste in asset management and investment/investor allocation.  From there, he worked as an analyst for author and investor Chris Mayer.  Our conversation dives deep into industrial and cyclical stocks. We cap the discussion with Alex's latest investment idea: Orion Engineered Carbon (OEC). Alex shares what he learned from his 43-page deep dive on the company, and why it might be a great idea over the next 5-7 years.  Here's the time-stamp:  [1:10] Who is Alex Jones & How He Got Started Investing [4:05] What It's Like Being Chris Mayer's Analyst [7:53] Making The Plunge To Independent Research [14:41] Alex's Favorite Accounting Books [20:21] How Alex Finds Stocks [27:05] Why Casual Dining Restaurants Are Terrible Investments [32:54] Why Alex Likes Cyclical, Hairy Businesses [34:26] Deep Dive: Orion Engineered Carbon (OEC) [46:42] Navigating Commodity Risks [54:06] Thinking About Replacement Value [59:01] Specialty Carbon Black Value Proposition [71:15] What Are The Insider Incentives?  [76:09] Valuation Process [83:33] Risks w/ OEC [91:04] Where To Find Alex & Closing Questions If you want to learn more about Alex, check out the links below:  Alex Jones Twitter Porter Street Research Website

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. 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.*** Connor Haley is the founder and managing partner of Alta Fox Capital. If you haven't heard of Connor, here's a few highlights:  Graduated Harvard University  Founded Alta Fox Capital in 2018 and has generated (to date) 40% gross annualized returns #1 Micro Cap Investor on Micro Cap Club Connor is a fantastic investor and great business thinker. He focuses all his attention on the fundamental unit economics of business, as well as what makes for a lasting competitive advantage.  He fishes in overlooked areas (small-micro cap stocks) and routinely hunts overseas in search of attractive IRRs.  We spend an hour diving into the nuances of business fundamentals, unit economics and why Connor rarely does a DCF model.  Here's the time-stamp:  [1:36] Intro Questions [7:12] Traditional Education & Self-Taught Investors [13:36] Lessons From The Best Chess Players [17:21] Skewed Institutional Incentives [19:56] Top-Ranked Micro Cap Club Member [22:17] Connor's 3-Pronged Strategy During COVID [27:17] Understanding How Competitors Compete [28:41] The Power of Unit Economic Analysis [34:44] Asking Questions Like An Owner [39:52] Stop Worrying About P/E Ratios [47:11] 3-5 Year Time Horizons & Multiples [51:35] Connor's Q2 Letter & Highlights [55:05] Don't Focus on the Market Narrative [59:47] Looking International For Ideas [60:00] Closing Questions If you're interested in learning more about Connor and Alta Fox, check out the following links:  Connor's Twitter Alta Fox Capital Website