This Week in Intelligent Investing
The Corporate Tax Code | Sports and Investing Analogy | AT&T Breakup Lessons

The Corporate Tax Code | Sports and Investing Analogy | AT&T Breakup Lessons

October 17, 2020

In this episode, John Mihaljevic hosts a discussion of:

The corporate tax code and the election: Chris Bloomstran talks potential changes to the corporate tax code and how the code changes from two years ago will change regardless of who wins the White House.

Sports/investing analogy: Phil Ordway invokes news of the RedBall SPAC acquiring a stake in Fenway Sports Group. Sports may be an example of how it is tougher to gain an analytical edge in most asset classes.

Applying lessons from the breakup of AT&T: Elliot Turner draws parallels between the AT&T breakup, the current state of antitrust, and considerations around a potential breakup of the big tech companies.

Enjoy the discussion!

The content of this podcast is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this podcast. The podcast participants and their affiliates may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated on this podcast.

The MVP Machine, and the Growth vs. Value Debate | The Snowflake IPO

The MVP Machine, and the Growth vs. Value Debate | The Snowflake IPO

October 10, 2020

In this episode, John Mihaljevic hosts a discussion of:

The MVP Machine, and growth versus value: Elliot Turner draws parallels between investing and insights from the bestselling book, The MVP Machine. He shares a perspective on the growth versus value debate.

The Snowflake IPO: Phil Ordway shares his research on Berkshire Hathaway-backed Snowflake, which went public recently at a rather ambitious valuation. Phil comments on the IPO process, the business, and the valuation.

Chris Bloomstran will rejoin us in the next episode.

Enjoy the discussion!

The content of this podcast is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this podcast. The podcast participants and their affiliates may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated on this podcast.

Persistent vs. Transient Pandemic Effects | Busted IPOs and Post-Hype Sleepers

Persistent vs. Transient Pandemic Effects | Busted IPOs and Post-Hype Sleepers

October 3, 2020

In this episode, John Mihaljevic hosts a discussion of:

Persistent vs. transient pandemic effects: Phil Ordway opines on several ideas/topics of relevance with regard to the impact of COVID, and invites his fellow co-hosts to weigh in on those topics as well.

Busted IPOs and post-hype sleepers: In light of the ongoing IPO craze, Elliot Turner talks about one of his favorite investment setups, the "post-hype sleeper." We invoke plenty of baseball metaphors and discuss a few other investment setups as well.

Chris Bloomstran will rejoin us in a future episode.

Enjoy the discussion!

The content of this podcast is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this podcast. The podcast participants and their affiliates may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated on this podcast.

Nike’s Success with Online Sales | Valuing White Space vs. Realized Ambition

Nike’s Success with Online Sales | Valuing White Space vs. Realized Ambition

September 25, 2020

In this episode, John Mihaljevic hosts a discussion of:

Nike's surprising success with online sales: the durability of the direct-to-consumer opportunity, and what sets apart brands like Nike and Adidas from rival brands as well as top beverage brands; led by Chris Bloomstran

Valuing white space vs. realized ambition: how the market disproportionately rewards earlier-stage companies; the way TAMs collide and growth gets harder as companies scale; illustrated by Dropbox vs. Slack; led by Elliot Turner

Enjoy the discussion!

The content of this podcast is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this podcast. The podcast participants and their affiliates may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated on this podcast.

Investing as a Generalist | Options and Repurchases | The Golden Age of Fraud

Investing as a Generalist | Options and Repurchases | The Golden Age of Fraud

September 18, 2020

In this episode, John Mihaljevic hosts a discussion of:

Investing as a generalist -- a manifesto: the advantages (and potential drawbacks) of being a generalist investor and taking a generalist mindset to life; led by Elliot Turner

Employee options and repurchases: the "games" companies play when it comes to doling out stock-based compensation and using buybacks to offset dilution; led by Chris Bloomstran

The golden age of fraud: Jim Chanos has called our time the "golden age" of corporate fraud, and a "fake it till you make it" attitude seems to have become more pervasive; led by Phil Ordway

Enjoy the discussion!

The content of this podcast is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this podcast. The podcast participants and their affiliates may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated on this podcast.

Another Blind Valuation Exercise | Sports Betting Industry | The Imperative of No

Another Blind Valuation Exercise | Sports Betting Industry | The Imperative of No

September 12, 2020

In this episode, John Mihaljevic hosts a discussion of:

  • A new "blind valuation" exercise, with a discussion of equity valuation based on the numbers alone; led by Phil Ordway
  • An overview of the sports betting industry, including size, growth, regulation, and selected ideas; led by Elliot Turner
  • The imperative of "no": the luxury of patience -- key points from a talk at The Zurich Project 2019; led by Chris Bloomstran

Enjoy the discussion!

The content of this podcast is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this podcast. The podcast participants and their affiliates may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated on this podcast.

Investment Merits of Starbucks | I Investing Like It’s 1999 | Blind Valuation Exercise

Investment Merits of Starbucks | I Investing Like It’s 1999 | Blind Valuation Exercise

September 4, 2020

In this episode, John Mihaljevic hosts a discussion of:

  • The long-term investment merits of Starbucks, with a look at capital allocation, governance, the China opportunity, store economics, and aspects related to portfolio management; led by Chris Bloomstran
  • How today's stock market may or may not parallel the market of 1999, with an examination of sector leadership, market structure, relative valuation, and investor psychology; led by Elliot Turner
  • A "blind valuation" exercise, with analysis of two unnamed companies' key historical financial metrics, resulting in discussion of potential equity valuation based on the numbers alone, i.e., leaving aside qualitative considerations; led by Phil Ordway

Enjoy the discussion!

The content of this podcast is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this podcast. The podcast participants and their affiliates may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated on this podcast.

Nick Sleep on Habits | Brokerage Sweeps | Psychology of Human Misjudgment

Nick Sleep on Habits | Brokerage Sweeps | Psychology of Human Misjudgment

August 28, 2020

In this episode, John hosts a discussion of:

  • A Nick Sleep quote on habits; led by Elliot Turner
  • Brokerage sweep options and how they have changed to the detriment of the small investor; led by Chris Bloomstran
  • An update on Charlie Munger’s The Psychology of Human Misjudgment; led by Phil Ordway

Enjoy the discussion!

The content of this podcast is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this podcast. The podcast participants and their affiliates may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated on this podcast.

How Public Companies Can Deserve Quality Shareholders, with Larry Cunningham

How Public Companies Can Deserve Quality Shareholders, with Larry Cunningham

August 21, 2020

In this episode, Phil Ordway and Larry Cunningham discuss:

  • Corporate governance: best and worst practices
  • Capital allocation: do we need a committee?
  • Alignment of insider incentives
  • Indexers, transients, and quality shareholders
  • Why quality shareholders add value to companies
  • How companies can deserve quality shareholders

Enjoy the discussion!

The content of this podcast is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this podcast. The podcast participants and their affiliates may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated on this podcast.

Intersection of Position Management and Research | Berkshire Q2 Recap

Intersection of Position Management and Research | Berkshire Q2 Recap

August 14, 2020

In this episode, John hosts a discussion of:

  • Intersection of position management and research (led by Elliot Turner)
  • Preview of Larry Cunningham's guest appearance next week (led by Phil Ordway)
  • Recap of Berkshire Hathaway's Q2 earnings report (led by Chris Bloomstran)

Enjoy the discussion!

The content of this podcast is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this podcast. The podcast participants and their affiliates may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated on this podcast.

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