This Week in Intelligent Investing

Peter Mantas, General Partner and CIO at Logos LP and biotech specialist, joins to unpack recent FDA shakeups and what they mean for gene and cell therapy approvals. He dissects the uniQure AMT-130 controversy and regulatory pressure from the UK/EU. He also explores AI as a coiled spring for drug discovery and how that could create a clinical bottleneck.

Shaun Heelan, CIO at MAAT Investment Group with 20+ years in deep-value and PE-style due diligence, offers a contrarian take on market complacency. He dissects concentrated passive risk, the widening cracks in credit, and why the AI boom may echo past capital traps. He also walks through forensic accounting red flags and a new value pick, showing how MAAT calculates true margins of safety.

Matthew Peterson, Managing Partner of Peterson Capital Management, dives into his value-driven investment philosophy and the innovative Veritas Alpha AI research platform. He discusses his use of cash-secured puts to acquire stocks at lower prices and the complexities of options strategies, including risk management during market downturns. Matthew sheds light on his disciplined mindset in investing, the mechanics behind report generation in Veritas Alpha, and the integration of AI technology to streamline research. Tune in for insights that blend traditional investing with cutting-edge technology!

Bill Chen, founder of Rhizome Partners and a seasoned expert in real estate investing, joins to delve into the disconnect between public and private real estate valuations. He highlights recent take-privates of smaller REITs and discusses NAV arbitrage opportunities, explaining why discounts persist in the market. Chen also anticipates a multi-year underbuilding risk in multifamily housing and believes new developments will focus on the Sunbelt due to favorable conditions. His insights on interest rates, dividend resilience, and potential upside are particularly enlightening.

Justin Fox, a Bloomberg Opinion columnist and author of The Myth of the Rational Market, explores the AI spending boom and its historical parallels. He discusses how current investments in AI might mirror past tech bubbles. Justin also weighs in on the implications of tech concentration, the challenges of private equity valuations, and the public perception of AI compared to the internet boom. He offers insights into long-term investment strategies while cautioning against potential market downturns related to today's hype.

Samir Patel, the founder and portfolio manager of Askeladden Capital, reveals how COVID reshaped his investment strategies, prompting a deep dive into AI. He discusses merging human judgment with AI, leveraging it to enhance due diligence and expedite research processes. Patel compares various AI tools, highlighting their unique capabilities, and emphasizes AI's role in identifying second-order opportunities. He also shares insights on how AI democratizes research for smaller funds, allowing them to expand their portfolios efficiently and manage increased workloads.

Phil Ordway, an investment professional and former co-host, returns to share insights on the market's quirks. He discusses the bizarre factors influencing current prices, highlighting the speculative nature of meme stocks and Bitcoin treasuries. The conversation dives into Nvidia's valuation and the cyclical nature of tech investments. Ordway emphasizes the potential risks tied to AI advancements and argues that only a few firms may truly benefit. He wraps up with thoughts on market regulation and societal impacts of rising speculative behaviors.

Yaron Naymark, founder and portfolio manager of 1 Main Capital, shares his insights on concentrated investments in high-quality businesses. He reveals his unique investment philosophy, focusing on quality momentum over falling knives. Yaron contrasts the current market's weak consumer trends with the strength of AI-driven sectors, discussing how different businesses will be impacted. He outlines his systematic approach to evaluating investments and shares his high-conviction ideas, including IWG and Radiant Logistics, while emphasizing the importance of valuation and insider alignment.

In this episode, co-hosts Elliot Turner and John Mihaljevic welcome Ryan O'Connor of Crossroads Capital and Toan Tran of 10 West Advisors to discuss the investment case for AST SpaceMobile (Nasdaq: ASTS), a satellite designer and manufacturer based in Midland, Texas. 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 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 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.