The Acquirers Podcast

Value Stock Geek, an investment analyst and Substack author, dives deep into quality investing strategies. He shares insights on finding undervalued tech stocks and discusses emerging opportunities in the liquor sector. The conversation explores the impact of changing drinking trends among younger generations and debates if current tech enthusiasm mirrors the late '90s bubble. Value Stock Geek also reveals his unique 'weird portfolio' strategy that balances risk and creates steady compounding, making for a lively and informative discussion!

Todd Wenning, founder of Flyover Stocks and principal at K&A Capital, specializes in small-cap companies with economic moats. He unveils his approach to identifying these 'flyover' stocks and discusses the significance of management quality in investment outcomes. Engaging insights include the unique growth dynamics of Games Workshop's Warhammer IP and the stable network moat of Old Dominion Freight. Todd emphasizes the importance of intellectual humility in investing and shares how ESG factors can play a role in moat evaluation.

Tim Melvin, an investor and author focused on community banks and small-cap value investing, shares fascinating insights. He discusses his emphasis on community banks, highlighting key metrics like equity-to-assets and low non-performing assets. Tim critiques past regulatory failures revealed by the Silicon Valley Bank collapse, and emphasizes the resilience of small banks. He finds compelling investment opportunities in undervalued stocks across Europe and Asia, particularly in Hong Kong and Japan, while advocating for a valuation-focused approach to investing.

In this engaging conversation, Jonathan Boyer, Principal of Boyer Value, shares insights on his firm’s shift to quality investing. He discusses the challenges of market distortions, the importance of a thorough research process, and how to identify value traps. Boyer highlights notable investment strategies, including a high-conviction stance on Uber and the potential of Madison Square Garden Sports. He also reflects on macro trends, the impact of passive investing, and attractive picks in healthcare, providing an enlightening look at opportunistic value investing.

Seth Cogswell, founder of Running Oak, shares his 'consistently not stupid' investment philosophy, focusing on earnings growth and downside risk. He discusses how predictable businesses can be undervalued in the market, creating unique opportunities. The conversation dives into the risks of passive investing, highlighting how it can misallocate capital and create market fragility. Seth also unpacks the misunderstood impacts of AI in investing, including its effects on workforce dynamics and the sustainability of tech infrastructure.

Bogumil Baranowski, founder of Blue Infinitus Capital and host of the Talking Billions podcast, shares his insights on long-term, patient investing. He discusses shifting from cheap stocks to quality businesses and emphasizes simplicity in investing strategies. Growing up in Cold War Poland shaped his views on wealth and markets, leading to his belief in the importance of location for preserving family wealth. Bogumil also reflects on lessons from the pandemic, advocating for mindfulness and patience in both investing and life.

Adam Wilk, CIO of Greystone Capital and author of the Pound the Rock Investing newsletter, dives deep into the world of small and micro-cap investing. He discusses the coal royalty model of Natural Resource Partners (NRP) and explores its turnaround strategy. Adam highlights key investment drivers for Leon's Furniture, including housing dynamics and margin expansion. Additionally, he shares insights from API Group's recurring revenue and growth potential in the fire safety sector. This engaging discussion touches on unique evaluation strategies and the opportunities within small-cap markets.

Luca Dellanna, an author and consultant known for his insightful works on ergodicity, discusses fascinating ideas on long-term success. He shares how survival strategies often outshine short-term gains, illustrated through real-life scenarios. Dellanna critiques the finance sector's misunderstanding of ergodicity and emphasizes the importance of building sustainable relationships. He touches on how AI reflects human biases, the power of reproducible strategies versus luck, and the vital balance between short-term needs and long-range goals.

Colin King, founder of Circle City Capital Group and seasoned SMB acquirer, dives into his entrepreneurial journey from CPA to private equity. He shares how his first acquisition—a trucking business—taught him invaluable operational lessons. Colin discusses the shift to e-commerce and the importance of finding smaller, less complex businesses for acquisition. He emphasizes leveraging AI for efficiency and explores the current private market dynamics while providing sage advice for aspiring entrepreneurs in the search fund space.

Join Justin Carbonneau, a savvy investment professional, Jack Forehand, a value investing expert, and Matt Zeigler, a financial planner, as they dive into crucial investment insights. They discuss the importance of adaptable strategies over rigid theories, emphasizing that maintaining a commitment to a good approach often trumps perfection. They explore treating investments like owning a business, the impact of temperament on success, and the transformative role of AI in research. Plus, they stress prioritizing life goals over mere portfolio obsession.