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. 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. 

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. 

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. 

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