
Value Hive Podcast
Welcome to The Hive! It's nice in here, isn't it?
The Hive is a collection of investors, entrepreneurs, thinkers and individuals dedicated to getting a little smarter each day.
If you're a fan of value investing, business models, eclectic success and failure stories -- this is your podcast.
Our goal is to provide you the highest quality interviews with new twists on old topics. Fresh perspectives on antiquated ideas. Passionate discourse on all things investing.
Join us as we strive to improve a little bit each day: https://macro-ops.com/
Latest episodes

Jul 17, 2020 • 1h 3min
How To Find Long-Term Winners Early w/ Turner Novak, Gelt VC (Episode 34)
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. I use it every single day. Alright, back to the podcast.
Turner Novak is a venture capitalist and partner at Gelt VC. Turner came from a single-parent, low-income household and worked his way to becoming one of the more popular venture capital thinkers on Twitter today. Through hard work and sharing his thoughts online, Turner began finding his venture voice.
But it wasn't until Turner created his Fantasy VC portfolio that he got past the hurdle of people taking him seriously.
Turner and I chat about strategies as a venture capital, how VC is different from public markets, key man risk and attaching numbers to narratives in valuation.
Here's the topic timestamps:
[1:11] How Tuner Got Started in Venture
[6:40] Strategies as a Venture Capitalist
[13:50] How VC Is Different From Public Markets
[25:50] Elon Musk & Key Man Risk
[27:15] Turner's Fantasy Portfolio & How He Found His Fantasy Investments
[36:20] Attaching Numbers To Narratives
[46:00] Child-Care as An Attractive Industry
[51:32] Three Industries Turner's Excited About
[57:00] Building Businesses Off Existing Platforms
[60:05] Closing Questions
If you like what you heard from Turner, make sure to follow him on Twitter @TurnerNovak. Also, make sure to subscribe to his Substack newsletter (here). Finally, find out what Turner's doing over at Gelt VC.

Jul 10, 2020 • 2h 10min
[REPLAY] Long-Term & Differentiated Thinking with Clifford Sosin, CAS Investment Partners (Episode 33)
[REPLAY NOTE]: Due to scheduling and travel I was not able to get a new podcast to you this week. I apologize and do not expect something like this to happen again. I chose Cliff's episode for a replay because it is one of my favorites, and also one of my first. New listeners will learn so much from Cliff's thoughts. Thank you for your support!
Clifford Sosin runs CAS Investment Partners. The fund is a value oriented partnership focusing on investing in great businesses at discounted prices to their future value.
Cliff discusses his early days at UBS, the genius of the bankruptcy system, how he finds ideas and mental models. Cliff also reveals how to fix the banking system as we know it.
The conversation covers a wide array of topics and was one of our longer episodes. I hope you find Cliff's insights as interesting as I did.
Make sure you follow him on Twitter @CliffordSosin
Also, if you're interested in his co-authored white-paper on global banking, check it out here.

Jul 3, 2020 • 1h 57min
Dissecting Network Effects & Local Economies w/ Keith Smith, Bonhoeffer Capital (Episode 32)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive.
Keith Smith is the portfolio manager of Bonhoeffer Capital. Bonhoeffer is a global-oriented fund focused on finding compound mispricings across the capital structure. The fund looks for misunderstood businesses and poke around unconventional fishing holes on their quest for alpha generation.
Keith joins the show to discuss his investment process, local scale economies and finding hidden opportunities across the globe.
If you want to learn more about Keith, follow him on Twitter @Bonhoeffer_KDS. You can also check out his website here.
Here's the show outline:
[1:33] Intro and Background on Keith
[6:05] Viewing Your Job as An Asset w/ Recurring Revenue
[13:03] What Keith's Investment s Looked Like in 1990s
[34:05] Why Keith Invests Across The Globe
[46:19] Investing in South Africa
[49:50] Compound Mispricings
[59:34] Investing in Businesses w/ Local Economies of Scale
[66:32] The Power of Wegman's
[67:03] Bringing Local Economies To The Internet Economy
[76:13] Win-Win Investment Opportunities
[88:37] How Keith Finds Incentive Structures
[95:34] Fallibility & Changing Investment Models
[102:32] Closing Questions
If you like what we're doing, please subscribe and give us a rating on Apple Podcasts, or wherever you listen to this podcast.

Jun 26, 2020 • 1h 4min
ETFs, Deep Value and Lessons From Podcasting w/ Tobias Carlisle, Acquirer's Funds (Episode 31)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive.
We're stoked to bring you this week's guest: Tobias Carlisle. Tobias is a Renaissance man in the investing community. He's written four books, captains two podcasts and runs two ETFs. Along with that he's a husband and a father to a beautiful family.
Tobias is usually on the other end of these interviews.
We chat about ETFs, daily routines, Berkshire Hathaway, asking better questions and more!
Here's the show outline:
[2:12] Tobias' Daily Routine
[4:01] The ZIG ETF
[9:21] Accounting For Negative FCF
[13:06] Trusting The Process During Uncertainty
[16:02] Hertz $HTZ
[18:22] CNBC and Buying Mentality
[22:07] Randomness in Investing
[24:05] Why Tobi Started an ETF
[31:19] That Time Tobi Toured Google
[39:35] Don't Watch The Market
[40:31] What is Tobias' Edge?
[45:41] Developing a Mental Edge
[50:28] Tobi's Mt. Rushmore of Podcast Guests
[54:40] The Trouble w/ Paying For Growth
[59:51] Closing Questions
If you want to check out Tobi's book, click the links below:
Deep Value
The Acquirer's Multiple
Concentrated Investing
Quantitative Value
Also, check out Tobias on Twitter here and his website here.

Jun 19, 2020 • 1h 20min
Finding Your Competitive Edge (& Lessons From Pro Volleyball) w/ Ryan Doherty (Episode 30)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive.
Our 30th episode was one of the most esoteric conversations yet. This week, I had the pleasure of chatting with Ryan Doherty. Ryan was a former professional baseball pitcher (and at one point, the tallest professional player ever) turned professional volleyball player.
Ryan went from never playing volleyball to beating gold medalist team Phil Dalhausser and Todd Rogers.
We spend over an hour discussing passion, competition, mental edge and process improvement. I had a blast.
Here's the outline:
[1:30] Who is Ryan Doherty
[7:19] Meeting Hall of Famer Randy Johnson
[10:58] Ryan’s Dark Days & Identity Crisis
[20:29] Leaving For CA w/ $5K and Nothing Else
[26:29] Burnout & Losing The Love of The Game
[29:55] The Pressure of Being The Weak Link
[34:32] Lessons from Traveling >20 Countries
[40:55] Ryan’s Start in Investing
[46:26] How Ryan’s Investment Philosophy Changed
[50:05] 2020 Doesn’t Look Like The CFA Exams
[54:54] Competitiveness as an Edge
[57:41] How To Keep Your Ego in Check
[65:00] Figure Out What You’re Working On
[68:00] Progression Through Self-Reflection
[71:10] How To Track Your Investment Progress
[74:35] Learning Python for Software Investing
[78:10] Closing Questions
If you want to learn more about Ryan, follow him on Twitter @ryandoherty47
Also, if you want to learn more about Python for Investing, check out Quantopian.

Jun 12, 2020 • 1h 39min
Spin-off Extravaganza (OTIS, MSGE, IAC/MTCH) w/ Richard Howe, StockSpinOffInvesting.com (Episode 29)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive.
Richard Howe joins the Hive for the second time! It's our first guest with a second appearance and we're stoked to bring you this conversation.
This episode is IDEA HEAVY and features 5-6 new spin-off ideas for you to research, study and add to your watchlist. Rich dives deep into the following spin-offs:
Otis Worldwide (OTIS)
Carrier (CARR)
Ecolab (ECL)
Madison Square Garden Entertainment (MSGE)
IAC/Interactive (IAC)
Match Group (MTCH)
Kontoor Brands (KTB)
Howmet Aerospace (HWM)
We also discuss shorting micro-cap stocks, Rich's friends asking for stock gambles and how Rich finds interesting, low-risk arbitrage situations in the markets.
Here's the show outline:
3:25 - Recent Spin-offs (MSGE, OTIS, CARR, ECO)
5:14 - MSGE Bull Thesis
11:24 - How To Capitalize Lease Payments
17:40 - MSGE Pre-Mortum
22:03 - Otis Worldwide (OTIS)
24:25 - Carrier (CARR)
30:00 - Normalizing Cyclical Earnings
34:35 - Ecolab Spin-off Arbitrage
45:54 - Howmet Aerospace (HWM)
52:30 - IAC/Interactive & Match Group (MTCH)
68:11 - Front-Running an ETF with Kontoor Brands (KTB)
76:10 - Shorting Micro-Cap Stocks (ZOOM)
83: 45 - Position-Sizing Shorts
88:25 - When Your Friends Ask For Stock Gambles
91:00 - Closing Questions
As always, thanks so much for listening! If you like what we're doing, please subscribe and leave a rating and review wherever you're listening. It goes a long way.
If you're interested in Rich's premium service, click here and use the code "Macroops" for a 25% discount. Make sure to follow Rich on Twitter @Stockspinoffss

Jun 5, 2020 • 1h 51min
Global Investing & Finding Your Edge w/ Brad Hathaway, Far View Capital (Episode 28)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive.
This week we chat with Brad Hathaway, managing partner of Far View Capital. Far View Capital invests around the globe on the hunt for special situations. Brad graduated from Yale University with a Political Science degree and quickly found his way to the hedge fund/private equity world.
After honing his skills, Brad set off to start Far View Capital Management (website here).
I loved this conversation. You can tell Brad bleeds Investing, business and continual learning.
Here's the show outline:
[4:08] When Brad's Investment Passion Clicked
[11:56] Taking The Leap & Starting Far View Capital
[17:04] Personal Psychology As A Differentiator
[23:20] Examples of Early Wins & Early Losses
[31:05] Keyword-Based Searching To Find Ideas
[38:10] Understanding The Few Key Variables
[47:43] The Value of Depth vs. Breadth
[53:45] Arrogance vs. Humility
[70:10] Why Is This Being Sold?
[77:54] Global Spin-offs Are Great Hunting Grounds
[81:11] US Frameworks on Non-US Companies
[90:36] How Brad Likes To Short
[95:10] Spending Time Away From Screens
[104:05] Who Can Find Brad Hathaway on Twitter!
[105:25] Closing Questions
Big thanks again to Brad for coming on the show!
Also, check out Broadview's Investor letter (and reference to Samurai scoring) here.
If you find Brad's Twitter handle please email me brandon@macro-ops.com for verification. I will personally send you the book You Can Be A Stock Market Genius.
Make sure to check out Far View Capital's website here.

May 29, 2020 • 2h 2min
Equity Investing Through a Creditor's Lens w/ Jeremy Raper, Raper Capital (Episode 27)
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

May 22, 2020 • 1h 48min
A Permanent Place For Hyper-Niche Software w/ Michael Girdley, Dura Software (Episode 26)
Michael Girdley is a dynamic entrepreneur and founder of several startups, including Dura Software. He dives into his early fascination with tech and his unique journey from a family fireworks business to the coding bootcamp, CodeUp. Girdley shares insights on the challenges of delayed business feedback and the importance of customer loyalty in investing. He also critiques traditional investment strategies, advocating for a focus on hyper-niche software companies that offer essential solutions. Throughout, he emphasizes the need for adaptability and strong relationships in business.

May 15, 2020 • 1h 41min
How To Create Your Own Float w/ Kirk Du Plessis, OptionAlpha (Episode 25)
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!