Value Hive Podcast

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

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/

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

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.  

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. 

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. 

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. 

Chris Mayer is an author and fund manager. He's written three books and in 2018, started managing Woodlock House Family Capital.  Many investors have heard of Chris' name from his (now cult-following phenomenon) book, 100-Baggers. In that book, Chris dives into common characteristics of companies that returned 100-to-1 for their investors. Some of those characteristics include:  Revenue and earnings growth Founder-led or owner-operator at the helm Tremendous drawdowns in share price During the podcast, we chat about the following topics:  What Chris wished he knew when he started investing  Why Chris prefers owner-operators What gives Chris his edge in the markets What are shared qualities of some of Chris' biggest winners Why Chris loves markets and investing and more! If you're interested in learning more about Chris, check out his books:  100 Baggers World Right Side Up: Investing Across Six Continents How Do You Know?: A Guide to Clear Thinking About Wall Street, Investing & Life Invest Like a Dealmaker: Secrets from a Former Banking Insider Also you can find him on Twitter and his blog.  Podcast Time-line:  [0:00-10:00] What Chris Wish He Knew When He Started Investing [11:00-19:00] Process over Outcome  [19:30-27:00] Qualities of an Owner-Operator [28:00-37:00] Why Chris is a Global Investor [38:00-49:00] How To Sell [50:00-52:00] What is Chris' Biggest Weakness [53:00-58:00] Owning A Few Great Businesses [59:00-67:00] What Gives Chris His Edge in Markets [67:30-End] Closing Questions

ValueStockGeek runs a deep-value investing blog and is active on Twitter. I originally found him when setting up my own investment blog.  We've ping-ponged back and forth with times to chat and call, and after a few months we finally synched up.  I'm excited to have ValueStockGeek on the podcast for a few reasons:  We share similar investment styles and philosophies His transparency is refreshing He offers unique insights into macro themes as well as micro, company-specific write-ups During the chat we discuss the following:  [2:00-10:00] Introduction to ValueStockGeek [11:00-14:30] Maintaining Rationality During Volatility [15:00-21:00] Recession Talk [21:00-31:00] Why Stocks Are Still Expensive [32:00-50:00] ValueStockGeek's Lazy Portfolio [51:00-57:00] ValueStockGeek's Investment Process [60:00-71:00] How ValueStockGeek Values Companies [72:00-End] Final Comments & Last Question If you want to learn more about ValueStockGeek, check out his website and Twitter (links below):  Twitter ValueStockGeek Website

In this week's episode I chat with Nick Haschka. Nick is the founder of Cub Investments and Co-Owner of The Wright Gardner. He wears many hats, but if you were to ask him what he does, he boils it down to two things: investor and CEO of a plant company.  Nick's journey towards small business ownership was a winding road. After graduating from MIT, he went to work for McKinsey. After consulting, he found a passion in clean tech and clean energy with NRG Group, leading their high-tech ventures program.  It was around this time Nick decided he wanted to own a small business. He stressed the importance of living a balanced life, and forming your business around the life you want to live. Not the other way around.  Nick found The Wright Gardener after a month of searching. After becoming CEO he proceeded to do five bolt-on acquisitions to grow the company.  Realizing his passion for investments and acquiring businesses, Nick set up Cub Investments. Cub Investments is a small private equity company whose goal is to buy small, local businesses and hold them forever.  I really enjoyed my chat with Nick. His sense on balance between work and life was refreshing. And you can ALWAYS learn something from talking to an MIT grad. I know you'll learn a lot too.  [0:00-5:00] Introduction & Background on Nick [12:00-16:00 ] Nick's Passion for Clean Energy  [18:30 - 23:00] Why Nick Decided To Buy A Small Business [26:00-35:00] How Nick Found The Wright Gardener & First Steps In Ownership [40:00-45:00] Why It's Important to Plan For Change  [56:00-64:00] Why Nick Started Cub Investments & His Investment Criteria [65:00-end] Closing Thoughts  Here's where you can find Nick:  LinkedIn Twitter The Wright Gardener Cub Investments