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This Week in Intelligent Investing examines timely and timeless investment topics to help you become a better investor. Enjoy authentic, unscripted discussion, featuring Chris Bloomstran of Semper Augustus Investments Group, Phil Ordway of Anabatic Investment Partners, Elliot Turner of RGA Investment Advisors, and other thought-leading investors. The podcast is to you exclusively by MOI Global, the research-driven membership organization of intelligent investors. Your host is John Mihaljevic, Chairman of MOI Global.
Episodes
Wednesday Mar 24, 2021
Wednesday Mar 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.
Saturday Mar 20, 2021
Saturday Mar 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.
Saturday Mar 13, 2021
Saturday Mar 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.
Saturday Mar 06, 2021
Saturday Mar 06, 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.
Saturday Feb 27, 2021
Saturday Feb 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.
Saturday Feb 20, 2021
Saturday Feb 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.
Saturday Feb 13, 2021
Saturday Feb 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.
Saturday Feb 06, 2021
Saturday Feb 06, 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.
Saturday Jan 30, 2021
Saturday Jan 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.
Saturday Jan 23, 2021
Saturday Jan 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.