This Week in Intelligent Investing
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.

Short Squeezes, Long-Short Strategies, and Avoiding Ruin in the Stock Market

Short Squeezes, Long-Short Strategies, and Avoiding Ruin in the Stock Market

January 30, 2021

In this episode, John Mihaljevic hosts a discussion of the short squeeze in Gamestop and other stocks with high short interest. Elliot Turner and Phil Ordway share their perspectives, focusing on the bigger lessons and warning signs for investors. We scrutinize some of the reckless behavior in the market and appeal to the need for investors to become more educated about investing.

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.

Level 1 Thinking and Keynes’ Beauty Contest | Sources of Operating Leverage

Level 1 Thinking and Keynes’ Beauty Contest | Sources of Operating Leverage

January 23, 2021

In this episode, John Mihaljevic hosts a discussion of:

Level 1 thinking and Keynes' beauty contest: Phil Ordway assesses the market environment and asserts that so-called "Level 1" thinking underpins a large portion of market activity. We discuss investors playing Keynes' "beauty contest" while often disregarding valuation-based investing.

Sources of operating leverage: Elliot Turner talks operating leverage and the various sources of it at the companies he follows. We discuss the upside and downside of operating leverage, how it creates value for shareholders, but also the dangers it breeds when business fundamentals deteriorate.

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 Smaller Companies Beat Giants | Equity Research: How to Detect BS

How Smaller Companies Beat Giants | Equity Research: How to Detect BS

January 16, 2021

In this episode, John Mihaljevic hosts a discussion of:

How smaller companies can beat giant corporations: Elliot Turner argues that singular focus around a core essence allows smaller companies to compete successfully against much larger competitors. Examples include Roku vs. Google/Amazon, Grubhub vs. Uber, and Dropbox vs. Google/Microsoft.

How to detect "BS" in company communications: Phil Ordway talks about "baloney" detection, or how not to be swayed by communications intended to sugarcoat, obfuscate or deceive investors. We discuss questionable practices and communication methods employed by some 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.

Investing Amid Unprecedented Change | Building From First Principles

Investing Amid Unprecedented Change | Building From First Principles

January 9, 2021

In this episode, John Mihaljevic hosts a discussion of:

Investing amid change: Phil Ordway addresses a listener question on change. Buffett famously said that he seeks out businesses exhibiting a lack of change. The listener asks whether this principle remains relevant today. We discuss.

Building from first principles: Elliot Turner talks about the difference between having to evolve existing infrastructure vs. building something from first principles. Elliot relates this distinction to the food and logistics sector.

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.

Wholesale Transfer Pricing $NFLX $SPOT $FUBO | Expectations for 2021

Wholesale Transfer Pricing $NFLX $SPOT $FUBO | Expectations for 2021

December 28, 2020

In this episode, John Mihaljevic hosts a discussion of:

Wholesale transfer pricing: Elliot Turner talks about business models that involve some degree of wholesale transfer pricing. We discuss what works and what doesn't when it comes to creating sustainable business value.

2021 expectations: Phil Ordway talks about the expectations and forecasting games being played by many market participants and so-called experts. We reflect on 2020 and assess market-implied expectations for 2021.

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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