This Week in Intelligent Investing
Special: Surviving 20+ Years, Stitch Fix Deep Dive, with Mario Cibelli and Elliot Turner

Special: Surviving 20+ Years, Stitch Fix Deep Dive, with Mario Cibelli and Elliot Turner

April 5, 2021

In this special episode, Elliot sits down for a deep dive with Mario Cibelli, Founder and Portfolio Manager at Marathon Equity Partners.

Mario recorded this episode on the 24th anniversary of the launch of his main fund, and in reflecting on that milestone, he shares his wisdom with "A Stock Picker's Guide for Surviving 20+ Years in the Business."

Mario discusses his background and some historical investments before diving deep on Stitch Fix and the opportunity the company has in the apparel vertical for customers and brands alike, built around a culture infused with data analysis.

Mario then summarizes the opportunity in shares of Just Eat Takeaway in the consolidating food delivery space.

Enjoy the conversation! 

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.

Collecting as a Framework | Breaking a Business Down to the Unit Economics

Collecting as a Framework | Breaking a Business Down to the Unit Economics

March 27, 2021

In this episode, John Mihaljevic co-hosts a discussion of (1) collecting as a framework for investment, led by Phil Ordway; and (2) breaking a business down to the unit economics vs. looking at the aggregate, 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.

Special: From Poker Player to Portfolio Manager, with Evan Tindell and Elliot Turner

Special: From Poker Player to Portfolio Manager, with Evan Tindell and Elliot Turner

March 24, 2021

In this special episode, Elliot Turner welcomes Evan Tindell, co-founder and Chief Investment Officer of Bireme Capital in a fascinating conversation on how Evan went from starting his career as a professional poker player to becoming a portfolio manager. Evan then discusses his Q4 2020 letter and the growth versus value debate, his history with Facebook and Apple and walks through his bull case on Cogeco, Inc, an undervalued Canadian cable company. Enjoy the conversation!

Evan's Q4 letter https://s3.amazonaws.com/bireme/4Q20%20FV%20-%209db490eb-14b6-4c3b-96ec-ac64fbdd22d7.html

The Bireme CIO corner https://www.biremecapital.com/cio-corner

The Bireme blog https://www.biremecapital.com/blog

Evan is Co-founder and Chief Investment Officer. He develops firm-wide investment strategy, assists with asset allocation, and performs both bottom-up research and portfolio management for the flagship Fundamental Value strategy.

Evan worked for 7 years at Ballentine Capital, where he was the lead equity analyst at the value-oriented long/short equity fund. Prior to that, Evan spent 3 years as a professional poker player.

He graduated in 2007 with a BS in Mechanical Engineering from MIT, where he was a four time All-American in tennis.

 

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.

A Retrospective: The COVID Crash | Hobbies and Games for Investors

A Retrospective: The COVID Crash | Hobbies and Games for Investors

March 20, 2021

In this episode, John Mihaljevic co-hosts a discussion of (1) the one-year anniversary of the COVID crash -- a restrospective, led by Elliot Turner; and (2) hobbies and games that can add value to the investment process, 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.

Holding Competing Ideas at Once | Porting Models Across Investments

Holding Competing Ideas at Once | Porting Models Across Investments

March 13, 2021

In this episode, John Mihaljevic co-hosts a discussion of (1) the ability to hold two competing ideas at once, led by Phil Ordway; and (2) porting mental models and concepts from one investment to the next, 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.

Danny Meyer’s Concept of “Constant, Gentle Pressure” | Equity Duration

Danny Meyer’s Concept of “Constant, Gentle Pressure” | Equity Duration

March 6, 2021

In this episode, John Mihaljevic co-hosts a discussion of (1) the concept of "constant, gentle pressure" from Danny Meyer's book, Setting the Table, led by Elliot Turner; and (2) the meaning of equity "duration", illustrated with real-time examples, 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.

Lottery Tickets and Position Sizing | Earnings Season Investment Process

Lottery Tickets and Position Sizing | Earnings Season Investment Process

February 27, 2021

In this episode, John Mihaljevic co-hosts a discussion of (1) lottery tickets and portfolio construction, led by Phil Ordway; and (2) investment process during earnings season, 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.

David Barr on How Pender Is Finding Value in Fast-Growing Businesses

David Barr on How Pender Is Finding Value in Fast-Growing Businesses

February 20, 2021

Special guest David Barr, CEO of PenderFund Capital Management, joins us for a conversation on private vs. public market investing, how the concept of value has evolved, and how Dave & Team are finding value in fast-growing businesses. Elliot Turner, Phil Ordway, and John Mihaljevic engage Dave in a lively discussion of these and other topics.

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.

Myopic Loss Aversion, Lumpiness of Returns | Human Misjudgment 3.0

Myopic Loss Aversion, Lumpiness of Returns | Human Misjudgment 3.0

February 13, 2021

In this episode, John Mihaljevic co-hosts a discussion of (1) myopic loss aversion and the lumpiness of investment returns, led by Elliot Turner; and (2) updated thoughts on Charlie Muger's 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.

Note Taking, Cloning, and Idol Worship | A Market in Replacement Capital

Note Taking, Cloning, and Idol Worship | A Market in Replacement Capital

February 6, 2021

In this episode, John Mihaljevic hosts a discussion of (1) note-taking, cloning, and idol worship; and (2) a quote by Marathon Asset Management: "The stock market is really a market in replacement capital: if new capacity is urgently needed in any sector, a boom can be relied upon to produce the necessary capital."

Phil Ordway talks about note-taking while reading, the usefulness of sound bites, cloning, idol worship, and a document he made about a decade ago. We discuss the benefits of journaling and some of the nuances around copying the investments of so-called superinvestors.

Elliot Turner talks about the Marathon quote mentioned above, and what it means to him. We discuss the level of investment in the economy and specific sectors. We attempt to draw conclusions regarding the equity market outlook, albeit without much conviction.

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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