The Business Brew

Blake Haxton, analyst at Brandywine Global Asset Management's High Yield and Corporate Strategies Group, joins the Business Brew. This discussion focuses on the companies Blake covers as well as his views on markets generally. Blake tends to focus on "old economy" industries so prepare yourself for plenty of energy discussion. Bill and Blake also discuss industrials and homebuilders. The conversation also touches on the merits of high yield as an asset class. Blake was recently featured in Barron's. You can find the article here: https://www.barrons.com/articles/paralympian-blake-haxton-high-yield-brandywine-global-6305e6e5 We hope you enjoy the conversation. Detailed Show Notes: 4:00 - What Blake covers 5:10 - commodities are fairly tight from a supply demand perspective 8:00 - airline discussion 13:00 - energy as an example of how Brandywine looks to take advantage of capital cycles 16:00 - the prospective outlook for high yield 19:00 - how the high yield benchmark is different from the equity benchmark 24:00 - how the improvement in counterparty risk changed the risk/reward of lending to pipeline companies 28:25 - how to think about decline curves in the US vs. Canadian oil companies 30:25 - how differentials impact Canadian energy economics 38:30 - does it make sense to have an allocation to energy? 42:10 - a discussion about how assets generally are priced 52:00 - the pitch for debt vs. equities 54:45 - where is the US housing market in the cycle? 1:06:00 - trading down in credit quality for yield 1:13:00 - how ETFs can provide opportunities when they sell 1:21:00 - how was covering energy in COVID? 1:29:00 - what’s different today with shale as a key producer

Real Estate Investment Trusts expert Bill Chen discusses due diligence processes, investment strategies, and market conditions for multifamily and office REITs. The podcast covers cap rates, public REIT decisions, distressed assets, and the impact of interest rates on investment returns. Insightful discussions on market fears, analyzing REIT investments, grocery-anchored shopping centers, and the correlation between interest rates and real estate investments.

Al Goldstein, Co-Founder, CEO, and Chairman of Stoic Lane, discusses the firm's focus on acquiring controlling positions in short term rental management and back-office solutions. Topics include Al's immigrant perspective, starting a private REIT, creating incentives for long-term success, and the company's capital-light model with regional brands. The podcast also explores the challenges of execution in business growth.

Bill drops in to give a podcast status update and let the listeners know what is going on. Come see him at The CFA Society of New York on June 25th. If you are interested in the golf events please send your information to businessbrewgolf@gmail.com. Thank you as always for listening!

Charles Lemonides, founder of ValueWorks LLC, discusses his investment philosophy focusing on finding growth opportunities at value prices. He shares insights on portfolio management, conceptual position sizing, and why Rivian may be a value investment. The conversation also touches on market cycles, Comcast, and what makes Charles tick.

Consuelo Mack, host of WealthTrack, discusses her career in financial media. Topics include investor education, self-funding her show, transitioning from finance to journalism, reflections on Margaret Thatcher, market observations, behavioral economics, and prioritizing individual companies over market noise. The chapter also emphasizes integrity in investment insights and the importance of embracing challenges and choosing happiness.

Hunter Hopcroft, Managing Director at Armada ETF Advisors, discusses REITs and market trends. Topics include public vs private REITs, Blackstone's investments, dividend growth, and multifamily housing scenarios. The conversation also touches on AI, energy, and Marty Whitman's legacy in finance.

Elliot Turner, Managing Partner and CIO of RGIA Investment Advisors, discusses learnings from 2021 onwards, specific stock ideas like Fevertree, thoughts on portfolio management, incentives in finance papers, a great NVDA story, life sciences similarities to tech, interesting forces in biotech, costs of failure as opportunity, and more.

Darren Fisk, CEO of Forum Investment Group, discusses multifamily real estate, lending, insurance, and development. He emphasizes cash flow over cash, a unique LLC investment structure, and the importance of aligning interests in real estate investments. The conversation covers market opportunities, successful refinancing strategies, and navigating challenges post the global financial crisis.

Matthew Sweeney, Managing Partner & Portfolio Manager of Laughing Water Capital, discusses his idea of 'value' in investing and why he focuses on smaller market capitalizations. He shares insights on navigating value investing in a dynamic market, the complexities of investing, and the benefits of investing in small cap companies for competitive advantage.