The Acquirers Podcast

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.

Tobias Carlisle, author and investor, dives into his new book, highlighting the strategic parallels between Warren Buffett and Sun Tzu. He reveals how Buffett's skill shines through in modern deals like Apple, framing investors as soldiers battling luck. Carlisle explores Buffett's defensive strategies, including the merger with Gen Re and insights on BNSF's geographical advantages. He discusses the importance of patience, tactical cash deployment, and the modern application of ancient strategies, warning against the pitfalls of meme-driven stocks.

Will Thomson, Founder and Manager at Massif Capital, dives into the world of liquid real assets, emphasizing energy and critical minerals like tungsten and tin. He discusses how his concentrated portfolio approach thrives during tough market cycles, arguing that management often outweighs asset value. The conversation touches on the impact of political risk on investment strategies and the significance of timing in the resource sector. Thomson also reveals his bullish stance on European natural gas stocks, driven by geopolitical dynamics and dividend strength.

Kai Wu, Founder of Sparkline Capital, dives into the fascinating world of intangible value investing. He outlines Sparkline's unique approach that quantifies intellectual property and brand strength, alongside the pivotal role of human capital and network effects. The discussion explores the impact of AI on capital investments and how corporate cash strategies vary by industry lifecycle. Additionally, Kai adapts factor investing principles to the crypto space, emphasizing the predictive power of intangible metrics beyond just technology companies.

Stephen Farrington, known as the Unemployed Value Degen, dives into the world of small-cap stocks with insights from his investing journey. He emphasizes the significance of the price-to-sales metric and shares insider trading implications, especially regarding companies like Portillo's and Crocs. Farrington offers a fascinating view of consumer behavior in dining and retail sectors, while discussing the volatility of the options market. He also highlights the benefits of small caps in a shifting marketplace and the role of AI in shaping future investment strategies.

Ethan A. Everett, an investment analyst and author, brings a unique blend of philosophy and finance to the conversation. He discusses how the teachings of historical thinkers like Spinoza and Nietzsche inform modern investment strategies. The episode dives into the complexities of perceived versus actual value, using the example of the asteroid 511 DaVita. Everett also emphasizes the human element in investment decisions, the impact of investor psychology, and the nuanced relationship between wealth, happiness, and relationships.

Jason Hirschman, a microcap investor at Hudson 215 Capital, shares his unique approach to investing, likening it to the infamous salad oil scandal involving American Express. He discusses the complexities of microcap investing, highlighting both challenges and opportunities, especially in niche markets like Japan's evolving divorce law. With insights into undervalued stocks and the significance of market dynamics, Hirschman emphasizes the importance of fundamentals and operational efficiency, making for an engaging conversation on navigating the microcap landscape.

Ben Kizemchuk, a seasoned portfolio manager at Wellington Altus Private Wealth, dives deep into macroeconomic trends and the nuances of fiscal policy. He highlights the 'four Fs' concept, explaining how fiscal dominance and financial repression reshape today’s economy. Kizemchuk also explores the effects of automatic contributions to index funds on market dynamics, the evolution of fiat money, and the Cantillon effect's influence on wealth inequality. Furthermore, he reflects on human pattern recognition, offering insights into investment behavior and the complexities of modern finance.

Eric Cinnamond, a small cap value specialist at Palm Valley Capital Management, shares insights on navigating the current financial landscape. He discusses the underperformance of small-cap stocks against mega-caps and the impact of inflation on profit margins. Cinnamond highlights the importance of strong balance sheets in energy and transportation investments and draws parallels between today's AI hype and the dot-com bubble. He emphasizes evaluating tangible assets and adapting investing strategies amidst inflation and shifting consumer behavior.

Gwen Hofmeyr, the head of Maiden Financial, shares her deep insights into the magnetic sensor market, focusing on Melexis's unique financial edge. She discusses the strategic challenges companies face in a competitive landscape, particularly in microelectronics. Hofmeyr also humorously touches on the absurdities of modern financial behavior, drawing parallels with C.S. Lewis's 'The Screwtape Letters.' Furthermore, she emphasizes the importance of traditional analysis over passive strategies, urging a more thoughtful approach to investing in today's complex market.