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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
Saturday Nov 14, 2020
Saturday Nov 14, 2020
In this episode, John Mihaljevic hosts a discussion of:
The equity investment idea generation process: Elliot Turner responds to a listener question on idea generation and explains how he finds investment candidates. We discuss the merits of quantitative screening and other methods of uncovering potential opportunities.
Quarterly update on Berkshire Hathaway: Chris Bloomstran takes a look at Berkshire's Q3 performance and notable events, including share repurchases, an acquisition of gas transmission and storage assets, apparent portfolio changes, growth capex, and a lengthening of debt at low rates.
Duration and bond-style analysis: Phil Ordway reflects on recent market action to describe the concept of duration and how bond-style analysis can inform equity investment decisions. We discuss the implications of assessing common stocks using a fixed income analysis lens.
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 Nov 07, 2020
Saturday Nov 07, 2020
In this episode, John Mihaljevic hosts a discussion of:
How equity incentives affect long-term returns: Phil Ordway takes a look at some of the more excessive equity-based compensation practices at public companies, particularly in the tech sector, and how they may dilute long-term investors' returns. We discuss Twitter and selected other case studies.
Reverse DCF analysis as an analytical tool: Elliot Turner explains how he uses so-called "reverse" discounted cash flow (DCF) models in order to isolate the key variables that drive a company's valuation. One of Elliot's preferred analytical tools, reverse DCFs enable him to assess market-implied expectations and to develop a high-conviction variant thesis.
Chris Bloomstran rejoins 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.
Saturday Oct 31, 2020
Saturday Oct 31, 2020
In this episode, John Mihaljevic hosts a discussion of:
Dividend payout policy as part of overall capital allocation: Chris Bloomstran casts a critical eye toward the tax (in)efficiency of dividends and the decision-making process behind corporate boards' dividend policies. We discuss the utility of dividends within a capital allocation framework.
Forecasting surprises (and disasters) based on a Phil Tetlock article: Phil Ordway shares insights from a recent Phil Tetlock article and takes a look at the conditions under which forecasting can add value. We discuss the role of forecasting in equity valuation and investment decision-making processes.
Elliot Turner rejoins 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.
Saturday Oct 24, 2020
Saturday Oct 24, 2020
In this episode, John Mihaljevic hosts a discussion of:
The implications of automation: Elliot Turner examines the megatrend of automation from both a societal and investment perspective. We discuss how automation is accelerating in new areas today. We explore the key investment implications and highlight several public companies.
The concept of value traps: Phil Ordway shares his perspective on the widely used term "value trap" and explains why investors may want to focus more on cash flow and less on stated earnings. We discuss what differentiates an undervalued business from a value trap and examine IBM as a case study.
Recap of stock market index data: Chris Bloomstran looks at the major U.S. stock market indices and their composition at the end of Q3, noting that the top five constituents of the S&P 500 Index have risen 38% YTD, on average, while the bottom 495 stocks have declined 5%, on average. We discuss the nuances of the unprecedented concentration of market cap in the largest 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.
Wednesday Oct 21, 2020
Wednesday Oct 21, 2020
In this special episode, Elliot Turner welcomes Isaac Schwartz, Portfolio Manager at Robotti & Company Advisors LLC for a detailed conversation on Isaac's long arc with the logistics behind food delivery.
How Isaac's interest in food delivery logistics was born: A history of Isaac's involvement with Net-a-Porter and studying opportunities to introduce disruptive logistics, based on ground-up, dedicated architecture, to established supply chains.
A deep dive on Ocado: What makes Ocado such a unique opportunity and how the business has evolved from a supermarket with great technology to a technology platform.
Experience leads to HKTV: How Isaac's global perspective and long history with food delivery logistics put this opportunity on his plate.
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 Oct 17, 2020
Saturday Oct 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.
Saturday Oct 10, 2020
Saturday Oct 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.
Saturday Oct 03, 2020
Saturday Oct 03, 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.
Friday Sep 25, 2020
Friday Sep 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.
Friday Sep 18, 2020
Friday Sep 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.