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. ***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

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. Our guest this week is Gautam Baid, author of The Joys of Compounding.  Gautam Baid, CFA, is portfolio manager at an SEC-registered investment advisor based in Salt Lake City, Utah. Previously, he served at the Mumbai, London, and Hong Kong offices of Citigroup and Deutsche Bank as senior analyst in their healthcare investment banking teams. Baid is a CFA charterholder and member of CFA Institute, and in 2018 and 2019, he was profiled in Morningstar's Learn From The Masters series.  During our chat we discuss passion, flexible thinking, why P/E ratios aren't everything and more! Here's the time-stamp:  [1:02] How Gautam Got Started in Investing [7:30] Gautam's First Role as Portfolio Manager [8:45] Resilience & Persistance as a Superpower  [14:01] Writing The Joys of Compounding [20:48] The Feynman Technique of Learning [22:45] Using The Feynman Technique for New Stocks [31:25] There's More To Stocks Than P/E Ratios [39:05] The Moat Erosion of Brand-Name Stocks [46:10] Why You Should Journal  [51:05] Investor Biases & How To Tell if You're Wrong [61:21] Insatiable Curiosity  [64:57] Closing Questions Want to learn more about Gautam? Check out these resources:  Website 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. 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. 

[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.

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.