This Week in Intelligent Investing

In this episode, co-hosts Elliot Turner and John Mihaljevic welcome Eric Markowitz, partner and director of research at Nightview Capital. Eric discusses a broad range of topics, including his path in journalism and investing as well as his current research into how the world's oldest and most resilient businesses stay alive. Enjoy the conversation! Eric Markowitz is a partner and the Director of Research at investment firm Nightview Capital. A former investigative journalist, with bylines in The New Yorker, GQ, Fast Company, among other outlets, Eric is the author of The Nightcrawler newsletter. He also contributes to Big Think. Follow Eric on X @EricMarkowitz The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your own investment decisions -- be sure to do your own research. The podcast hosts and participants may have a position in the securities mentioned, personally, through sub accounts and/or through separate funds and may change their holdings at any time.   About the Co-Hosts: Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high quality investment opportunities and strategic portfolio management. Prior to joining RGA, Elliot managed portfolios at at AustinWeston Asset Management LLC, Chimera Securities and T3 Capital. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School.. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy. John Mihaljevic leads MOI Global and serves as managing editor of The Manual of Ideas. He managed a private partnership, Mihaljevic Partners LP, from 2005-2016. John is a winner of the Value Investors Club’s prize for best investment idea. He is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.

In this conversation, Alex Morris, founder of the TSOH Investment Research Service, shares insights from his book on Berkshire Hathaway’s shareholder meetings. He explores key investment principles and the challenge of distilling complex ideas into accessible narratives. Morris highlights the importance of cash flow dynamics and how technological perceptions influence investment choices. The discussion also covers Disney's strategic shifts, market confidence in retail, and the challenges of investment timing, offering a deep dive into the evolving nature of successful investing.

Tom Morgan, founder of The Leading Edge, shares his journey from Wall Street Managing Director to personal growth advocate. He discusses the brain's role in decision-making and the importance of curiosity. Tom emphasizes the balance between logic and intuition in investing and explores how tiny experiments can foster self-discovery. He also touches upon the transformative effects of psychedelics on healing and the necessity of a heart-centered approach in a tech-driven world. His insights offer a fresh perspective on personal evolution and effective investing.

Dive into the life sciences landscape with Jon aka Borlaug as he breaks down bioprocessing, CRO/CDMOs, and diagnostics. Discover why life science companies are rebounding post-COVID and why bioprocessing stands out as a robust business model. Explore the evolution from stainless steel bioreactors to cost-effective single-use systems and the impact of outsourcing in pharmaceutical manufacturing. Finally, get insights on exciting growth opportunities, particularly with innovative therapies and the intersection of AI in clinical processes.

Delve into the vibrant world of semiconductors as experts discuss how AI is reshaping the industry. Discover the major players in the AI race and the new bottlenecks challenging growth. Explore the intricate needs of data centers for reliable energy sources, alongside innovative company solutions. The conversation touches on the cyclical demands in traditional sectors and geopolitical impacts. Additionally, learn how AI tools can enhance the research capabilities of analysts in navigating this rapidly evolving landscape.

Explore Google's ongoing antitrust struggles and how they threaten its dominance in ad tech. The discussion highlights potential breakups that could reshape the competitive landscape. A look at historical precedents, such as AT&T's breakup, sheds light on the future implications for major tech firms. Emerging players like Magnite could find new opportunities as big tech faces increasing regulatory scrutiny. Additionally, privacy regulations and the shift in data strategies are crucial factors influencing Google's market position.

Simon Kold, founder of Kold Investments, combines humor and investment wisdom in his latest book. He shares innovative strategies for evaluating business quality, emphasizing critical thinking over conventional wisdom. The conversation dives into the nuances of competitive advantages, corporate incentives, and the importance of long-term strategies. Kold also highlights the shifting landscape in tech investing, pointing out how companies like Google navigate challenges. Lastly, he advocates for a global, generalist investment approach that recognizes emerging market opportunities.

A fascinating dive into the UK stock market reveals undervalued small caps and exciting aerospace opportunities, particularly with Melrose Industries. The discussion critiques cash flow analysis while spotlighting Alpha Wave's journey in the semiconductor sector amidst market challenges. The hosts explore Vistry's innovative approaches to the housing shortage, showcasing effective partnerships. UK corporate governance practices and strategic capital allocation also take center stage, contrasting investor behaviors with U.S. dynamics.

In this episode, co-hosts Elliot Turner and John Mihaljevic welcome former co-host Phil Ordway to discuss the current environment for equity investing and where returns might come from going forward. Enjoy the conversation!   The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your own investment decisions -- be sure to do your own research. The podcast hosts and participants may have a position in the securities mentioned, personally, through sub accounts and/or through separate funds and may change their holdings at any time.   About the Guest: Bill Chen is the founder and managing partner of Rhizome Partners (2013), Rhizome Real Asset Opportunity Fund (2020), and Rhizome Hard Asset Opportunity Fund (2023). Prior to forming Rhizome Partners in March 2013, Mr. Chen traded and invested his own assets, utilizing strategies that focused on deep value investments and event-driven strategies. From August 2009 until January 2011, he was the Director of Research at New York Global Group, a private equity firm that invested in growth companies in mainland China. From October 2006 to March 2009, Mr. Chen was an Analyst in Citigroup’s real estate investment banking group, a group that focused on M&A transactions of up to $1 billion. From October 2005 until October 2006, Mr. Chen was a mechanical engineer for Bladykas Engineering. Mr. Chen received his B.S. in Mechanical and Aerospace Engineering from Cornell University in 2004. About the Co-Hosts: Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high quality investment opportunities and strategic portfolio management. Prior to joining RGA, Elliot managed portfolios at at AustinWeston Asset Management LLC, Chimera Securities and T3 Capital. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School.. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy. John Mihaljevic leads MOI Global and serves as managing editor of The Manual of Ideas. He managed a private partnership, Mihaljevic Partners LP, from 2005-2016. John is a winner of the Value Investors Club’s prize for best investment idea. He is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.

Bill Chen, founder and managing partner of Rhizome Partners, shares his insights on public equity investing in real estate. He emphasizes the importance of on-the-ground analysis and pre-mortem failure assessments to predict investment pitfalls. The discussion covers the risks of REITs, particularly around management quality and governance structures, revealing how family ownership can affect investor decisions. Chen also delves into post-COVID market changes and investment strategies, while comparing capital cycle approaches in real estate and manufacturing sectors.