Compounders Podcast

My guest on the show today is Nic Johnson, the founder of Listwise, a company that is trying to revolutionize how residential brokers get paid when helping clients sell their homes. After spending many years at PIMCO as a portfolio manager, Nic founded Listwise in 2022 to help create better alignment between home sellers and their brokers. In this wide-ranging discussion, we covered: What led Nic to start Listwise; The problem associated with selling a home that the company is attempting to solve; How Listwise incentivizes brokers to get the highest price for a seller; Common mistakes homeowners make when they are selling their house; and How the company is attracting customers For more information about Listwise, please visit: https://listwise.com/ This episode is sponsored by: Daloopa Earnings season—two words that can make any analyst’s heart race. The late nights, the endless manual updates, and the constant pressure to deliver timely, accurate insights—it’s overwhelming. But it doesn’t have to be. With Daloopa, you can revolutionize the way you work. Their automated model update solution takes the manual effort out of the equation, delivering complete, accurate, and real-time financial data at the click of a button. No more endless spreadsheets. No more scrambling to keep up. Daloopa empowers you to initiate coverage faster, refine your investment theses with confidence, and focus on what really matters—identifying key opportunities and delivering actionable recommendations that drive results. Plus, with fully auditable data, you’ll always have the confidence that your insights are backed by accuracy. So, if you’re ready to get ahead of earnings season and take your analysis to the next level, visit daloopa.com/comp today. Daloopa—because your time is too valuable to spend it on data entry: https://go.daloopa.com/comp Listen to all Compounders Podcast episodes on either Apple or Spotify iTunes: https://apple.co/3xlUvPY Spotify: https://spoti.fi/3jxkxLl All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

Todd Wenning, President and CIO of KNA Capital, shares his insights into the world of economic moats and investment strategies. He discusses the crucial role of moats in ensuring long-term growth and the complexities of building a concentrated portfolio. Todd also touches on the unique impact of nostalgia in investing, particularly how beloved brands like Nintendo thrive across generations. Additionally, he highlights the rewarding experience of teaching finance and the importance of thoughtful investment decisions drawn from consumer behavior.

James Emanuel, a private investor and author of "Fabric of Success," shares his insights into the investment world. He delves into the reasons behind his all-cap global strategy and his disdain for traditional dividends. Emanuel highlights stock-based compensation as the most abused aspect of corporate finance and emphasizes the importance of independent decision-making. He also discusses Japan’s corporate culture challenges and advocates for reinvestment over dividends, illustrating how effective management can drive shareholder value.

Dan Rupp, Founder and CIO of Parkway Capital, brings his Asia-focused investment expertise to the conversation. He dives into the potential of smaller-cap companies and why he's optimistic about the Chinese market. Rupp discusses the unique portfolio composition of Compounders and Defensive stocks, while also making a case for Haier, a Chinese white goods manufacturer. He shares insights on strategic fund management, highlighting the importance of capacity limits, and reveals his approach to navigating undervalued assets in Asia.

My guest on the show today is the Bill Bennett, the CEO of Innovative Foods Group. After a number of years for working for big companies like Wal-Mart and Kroger, Bill became the CEO of Innovative Foods in early 2023. Since that time, he has been leading an aggressive business improvement plan that has started to bear fruit. In this conversation, we covered: What initially attracted Bill to the company and the CEO role; Where Innovative Foods plays within the specialty foods subsegment of the massive foodservice industry; The divestitures the company has made to simplify the business; The secular tailwinds behind the specialty foods category; and What the company needs to do to hit its EBITDA and revenue targets. For full disclosure, I am not an IVFH shareholder. For more information about Innovative Food Holdings, please visit: https://investors.ivfh.com/ Listen to all Compounders Podcast episodes on either Apple or Spotify iTunes: https://apple.co/3xlUvPY Spotify: https://spoti.fi/3jxkxLl All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

My guest on the show today is Adam Wilk, the Founder and CIO of Greystone Capital Management. Adam is a savvy microcap investor who prefers to run a very concentrated portfolio. In this in-depth conversation, we covered: How Adam applies learnings from being an NBA scout to the investing realm; Why he has chosen to own so few companies; The types of microcap companies that Adam gravitates toward; His approach to assessing management teams; and What it was like starting a new firm in March of 2020. For full disclosure, Adam mentioned a number of securities on this podcast. I do not own any of them. For more information about Greystone Capital Management, please visit: https://www.greystonevalue.com/ Listen to all Compounders Podcast episodes on either Apple or Spotify iTunes: https://apple.co/3xlUvPY Spotify: https://spoti.fi/3jxkxLl All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

My guest on the show today is Jim Cunniff, President and CEO of Electromed, Inc. (NYSE American: ELMD). Electromed is best known for its main products, the SmartVest, a medical device that helps people with a chronic lung condition breathe easier and have a better quality of life. After working at Baxter and Stryker, Jim became CEO in 2023 and has brought a new level of focus and urgency to the Electromed. In this conversation, covered: Why Jim decided to take the CEO role at Electromed; What is special about the SmartVest, as well as the drivers of growth; Why Bronchiectasis remains an underdiagnosed condition; What he has learned from being an operating partner at Shore Capital; and How the company generates 70%+ gross margins. For full disclosure, I am not an Electromed shareholder. For more information about Electromed, please visit: https://investors.smartvest.com/overview/default.aspx Listen to all Compounders Podcast episodes on either Apple or Spotify iTunes: https://apple.co/3xlUvPY Spotify: https://spoti.fi/3jxkxLl All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

Jim Edwards, founder and managing partner of Maestria Partners, shares his journey from university endowments to launching his own investment firm. He discusses key lessons in differentiation and effective investment strategies. Jim reveals his approach to valuing well-regarded companies and explains why he prefers a concentrated portfolio. The conversation delves into the dynamics of major tech investments and the importance of learning from past mistakes, offering valuable insights for anyone navigating the investing landscape.

My guest on the show today is Carl Herberger, the CEO or Corero Network Security. Carl joined Corero, a UK-listed microcap company, at an exciting time for the company. Cybersecurity is such a hot space that I was excited to speak with Carl about: What he thought was so compelling about the opportunity to lead Corero; Where the company’s products play in the cybersecurity ecosystem; How a small company lands partnerships with well-known, large companies; Ways in which AI is going to impact the cybersecurity market going forward; and How he is currently balancing the tension between achieving growth and better profitability For full disclosure, I am not a Corero shareholder. For more information about Corero, please visit: https://www.corero.com/  Listen to all Compounders Podcast episodes on either Apple or Spotify iTunes: https://apple.co/3xlUvPY Spotify: https://spoti.fi/3jxkxLl All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

My guest on the show today is Yuri Khodjamirian, the CIO at Tema. Tema is an innovative company that is trying to revolutionize the ETF industry. The company has a passion for providing investors, especially those in retail space, with access to institutional quality managers and strategies. In this in-depth discussion, we covered: Tema’s mission at it relates to providing quality access to ETF strategies How Tema is trying to differentiate its ETFs within a very crowded space Why some prominent venture firms thought was so attractive about Tema to warrant an investment; The strategy behind the Tema Monopolies and Oligopolies ETF, ticker TOLL; and His approach to establishing an edge in well-known stocks. For more information about Tema ETFs, please visit: https://temaetfs.com/ Listen to all Compounders Podcast episodes on either Apple or Spotify iTunes: https://apple.co/3xlUvPY Spotify: https://spoti.fi/3jxkxLl All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.