Don't Be a Sophist, and Why I Write 27 Page Letters to Clients - Ep 109
Play • 14 min

The Winter 2020/21 Client Letter that Vitaliy just sent to IMA clients was 27 pages long. Over the next few weeks, he’ll share excerpts from the letter with you, our dear podcast listeners. These excerpts will not focus as much on individual "fish" (stocks) as they do on "how to fish." In this podcast, Vitaliy discusses why he writes such long letters, and how to use a Stoic technique to help manage the emotions that come with the stock market.

You can read these articles online here: https://contrarianedge.com/why-do-i-write-a-27-page-letter-to-clients/ and https://contrarianedge.com/dont-be-a-sophist/.

 

The Intelligent Investing Podcast
The Intelligent Investing Podcast
Eric Schleien
#138: Chelsea Dietsch and Tara Songster on Thrift Shop Arbitrage
Join Eric Schleien with his guests, Chelsea Dietsch and Tara Songster of Alluring Oddities, as they share stories about their income-generating passion for thrift shopping and what it took to make this side-project grow and continue growing. More than just a business, Chelsea and Tara treat their passion as a venture wherein they can cultivate experiences for their friends, loved ones, and Buffalo's whole community. Community over competition is a general outlook that they endorse. Learn more from their experiences as you tune in further to what Chelsea and Tara have to share. About Alluring Oddities: Alluring Oddities is a curated and cultivated gallery of mostly 60s or 70s offbeat thrifted treasures in Buffalo, NY. The brand is owned by Chelsea Dietsch and Tara Songster. Instagram: https://www.instagram.com/alluring_oddities/ https://www.instagram.com/tara_songster/ https://www.instagram.com/ch3lbby/ Outline of the episode: * [07:45] The fascination towards everything timeless in condition. * [09:53] Make money out of it, not: get rid of it. * [11:03] More than just a business, it's a lifestyle. * [13:22] Alluring Oddities: a thrift store's gross margin. * [14:37] Set your brand different from others. * [15:30] The resurgence in Buffalo's market. * [17:03] Why interact with your audience? Why research? Why benchmark? * [19:44] Connecting to peoples' stories through their belongings. * [25:43] On price tagging. * [26:34] "Community over competition." * [29:22] What your venture will mostly need from you. * [30:06] Putting everyone's strengths at work. Resources: Bounty Hunter TK4 Tracker IV Metal Detector https://amzn.to/3r9THee Value Investing 2nd Edition https://amzn.to/3tbB0sx Principles Of Power https://amzn.to/3tizkx9 Thrift at or Donate to Goodwill: https://www.goodwill.org/shop/ Thrift at or Donate to Salvation Army: https://satruck.org/ About Eric Schleien Over the past decade, Eric has trained thousands of individuals including board members of public companies as well as several Fortune 500 CEOs. Eric specializes in organizational culture and has become a leading authority on organizational culture in the investment industry. Eric has been investing for 15 years and has been using breakthrough coaching methodologies for over a decade. Eric had the insight to combine proven coaching methodologies with shareholder activism techniques to create an entirely new model for shareholder activism that was more reliable and created greater sustainable results in a rapid period of time. On average, Tribal Leadership produces a 3-5x increase in profits of culturally troubled companies within an average of 24 months or less. Eric currently resides in Philadelphia, PA. Help Out The Podcast If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page! You can subscribe to the podcast on the following platforms: * Apple Podcasts * Stitcher * TuneIn * Spotify * Podbean * iHeart Radio * YouTube CONTACT ERIC SCHLEIEN Facebook | LinkedIn | Twitter | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com
34 min
InvestED: The Rule #1 Investing Podcast
InvestED: The Rule #1 Investing Podcast
Phil Town & Danielle Town
305- The Role of Shorting in the Market
“There’s nothing evil, per se, about selling things short. Short sellers—the situations in which there have been huge short interests very often—very often have been later revealed to be frauds or semi-frauds.” — Warren Buffett Short selling, or shorting, plays an important role in public markets as it improves prices, rational capital allocation, prevents bubbles, and shines a light on fraud.   If investors think a stock's price is dropping, they can short the stock. They borrow shares and sell them with hopes of buying them back at lower prices. However, stocks can theoretically keep rising, which could cause losses. So the investors that short the stock will either have to put more money up to secure their position or close their positions.   Essentially, short selling exposes which companies' stock prices are too high. In their search for overvalued firms, short-sellers can discover inconsistencies or other questionable practices before the entire market does. Short sellers can almost be regarded as the “watchdogs” of the market.   A recent example of this is the Gamestop event which caused many investors to either gain or lose money, as shorting isn’t ideal for all investors. This is why it’s important to invest with your values—so you can invest with confidence and reduce your risk of making bad investing decisions.    When looking for companies to purchase, always consider the Four Ms: meaning, moat, management, and margin of safety. This is the first step you need to take when building your watchlist of companies you are interested in.   In today’s podcast, Phil and Danielle discuss the important role short sellers play in our market and why it’s important to invest with your values.   Learn about the Four Ms and how they can help you invest in the right businesses at the right time with this FREE guide I've created for you: http://bit.ly/3btAqhM Learn more about your ad choices. Visit megaphone.fm/adchoices
47 min
Value Investing with Legends
Value Investing with Legends
Columbia Business School
David Marcus - Developing a 3D Perspective of Investing
Over the last few years, the opportunities for global value investing have improved significantly. Yields are incredibly low across the board, putting pressure on improving operational performance to generate returns. In such an environment, Europe is fertile ground for the value investor. With room for operational improvement in many sectors and a robust institutional environment, it’s an ideal market to deploy your activist dollar. When I decided to bring this topic to the show, I couldn’t think of anyone better than David Marcus to have a thorough conversation. David Marcus is Co-Founder, Chief Executive Officer, and Chief Investment Officer of Evermore Global Advisors, LLC, which he co-founded in 2009, and is also portfolio manager of the Evermore Global Value Fund. Beginning his career in 1988 at Mutual Series Fund, David was mentored by renowned value investor Michael Price and rose to manage the Mutual European Fund and co-manage the Mutual Shares and Mutual Discovery Funds, representing over $14 billion in assets. In 2000, he founded Marcstone Capital Management, LP, a long-short Europe-focused equity manager, largely funded by Swedish financier Jan Stenbeck. After Mr. Stenbeck passed away in 2002, David closed Marcstone, co-founded a family office for the Stenbeck family, and advised on the restructuring of several public and private companies the family controlled. David graduated from Northeastern University in 1988 with a B.S. in Business Administration and a concentration in Finance. On this episode, David and I discuss his structured approach to learning that he’s been committed to since starting his career, his comprehensive approach to investment analysis, why he believes there are huge opportunities in the European markets, how many people are taking the wrong approach when assessing investments in Europe, and so much more! Key Topics: * How David always knew investing would be in his future (3:51) * David’s internship experience during the 1987 stock market crash (5:18) * Getting a shot at a trading desk within a month of working with Michael F. Price (7:37) * How David’s learned what makes a good analyst (9:24) * Pivoting into European investing (11:11) * Learning from the Swedish financial crisis of the early 90s (13:14) * Looking beyond the CEO to the main shareholder (15:41) * Leveraging your existing knowledge in new areas (16:45) * When David became the head of Europe across portfolios at Franklin Mutual (19:46) * David’s decision to start Marcstone Capital Management (23:36) * Transitioning from stock picker to operator (26:32) * Taking a private equity approach to public companies (29:43) * The birth of Evermore Global Advisors (30:20) * The advantage of being a generalist and a specialist (33:27) * Why you must build your network (34:42) * Deepening your operational understanding by engaging management (36:11) * Mischaracterization of the European market (39:25) * Game-changing opportunities in the European Union (EU) (41:19) * What key areas David looks at in investments (42:53) * The fundamental lack of knowledge about European institutions (45:37) * Long-term thinking and European evolution (49:36) * Understanding the local rules (51:58) * Why you need to figure out peoples’ motivations (52:27) * The opportunity behind deconglomeration in Europe (55:20) * Good managers as an important competitive advantage (57:17) * Taking advantage of room for operational improvement (59:10) * Assessing the right time for the right people (1:01:04) * The confluence of value and growth in Europe (1:02:22) * Misconceptions about value and growth (1:05:33) * Finding growth opportunities at value prices (1:06:39) * Screening with numbers instead of words (1:07:55) * The benefits of quarterly offsites (1:09:24) * Getting clear on the reason behind investor activism (1:11:41) * David’s approach to risk management (1:14:14) * Why David’s view on leverage has changed (1:16:29) * Checking and testing your thesis continuously (1:17:55) * And much more! Mentioned in this Episode: * Evermore Global Advisors * Value Investing with Legends Podcast | Leveraging Fundamentals to Remain Relevant with David Samra * David Marcus’ Whitepaper | Europe: Lonely and Lumpy, Yet Extremely Compelling * European Union Website Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!
1 hr 21 min
Alpha Trader
Alpha Trader
Seeking Alpha
Digital transformation comes to energy, autos, and currency - Jon Markman and Greg King join Alpha Trader (Podcast)
This week’s Alpha Trader podcast features hosts Aaron Task and Stephen Alpher speaking with Jon Markman, president and founder of Markman Capital, and Greg King, CEO and founder of Osprey Funds. Markman (who previously appeared on Alpha Trader in October) continues to believe the Fed ignited what’s going to be a decade-long bull run in stocks with their actions in response to the Covid crisis last year. With the Fed continuing to provide plenty of liquidity to the system, he’s targeting 92K for the Dow (DJI) in the next decade, and 34K on the Nasdaq (COMP). Turning to individual names/sectors, Markman is still spying the opportunity in digital transformation, but this time with a twist - it’s old-school energy and auto companies whose business models are changing from nuts and bolts to 0s and 1s. Shareholders of names like Schlumberger (SLB), Baker Hughes (BKR), General Motors (GM), Ford (F), and Volkswagen ([[VLKAF]], [[VWAGY]]) are set to benefit in a big way. And the massive investment the auto players are making into EVs means a re-rating not just for them, but suppliers like Magna International (MGA), NXP Semiconductor (NXPI), and Analog Devices (ADI). Markman’s got plenty more digital transformation ideas, including a speculative play on cryptocurrencies, and that’s VPC Impact Acquisition (VIH), a SPAC that earlier this year inked a deal to take digital asset marketplace Bakkt Holdings public. Next up is Greg King, whose Osprey Bitcoin Trust (OBTC) recently launched as a lower-cost competitor to the Grayscale Bitcoin Trust (GBTC). A longtime investor in bitcoin (BTC-USD), King isn’t put off by the wild volatility (including a plunge from $53K to $49K right about the time we were speaking). He notes that whenever bitcoin pierces a previous all-time high (as it did late last year by finally climbing past $20K), the average subsequent return is 900% - this bull move has plenty more to run. “Not your key, not your coins,” is something the hodlers like to say, but King says we all have limitations - not everyone is in a position to start up an account with an online exchange and possibly even custody their own bitcoin. A trust such as Osprey offers a fee of just 0.49%, is something that can be purchased inside an existing brokerage or retirement account, and safety isn’t an issue as all the Trust’s coins are held in custody by Fidelity. Learn more about your ad choices. Visit megaphone.fm/adchoices
54 min
Excess Returns
Excess Returns
Jack Forehand and Justin Carbonneau
GameStop: What Happened, How it Happened, and Lessons We Can Learn From It
The rapid rise and fall of GameStop earlier this year was unlike anything many of us have seen in our investing careers. The stock's price went from the single digits to upwards of $400 per share in a very short time, and then lost most its value in the weeks that followed. In this episode, we take a look behind the scenes at the factors that led to GameStop's massive gains, and how those same factors eventually led to the ensuing decline We also take a look at some lessons investors can learn from the GameStop saga.  We hope you enjoy the discussion.  ABOUT THE PODCAST Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors. SEE LATEST EPISODES https://www.validea.com/excess-returns-podcast FIND OUT MORE ABOUT VALIDEA https://www.validea.com FOLLOW OUR BLOG https://blog.validea.com FIND OUT MORE ABOUT VALIDEA CAPITAL https://www.valideacapital.com FOLLOW JACK Twitter: https://twitter.com/practicalquant LinkedIn: https://www.linkedin.com/in/jack-forehand-8015094 FOLLOW JUSTIN Twitter: https://twitter.com/jjcarbonneau LinkedIn: https://www.linkedin.com/in/jcarbonneau
26 min
Top Traders Unplugged
Top Traders Unplugged
Niels Kaastrup-Larsen
128 Systematic Investor Series ft Jerry Parker – February 22nd, 2021
Jerry Parker returns today to discuss how Trend Following is perfectly suited for both inflationary and deflationary environments, why investors tend to underperform the S&P500 index, how to look at open trade risk & current equity curve, the perils of designing the ‘perfect’ trading system with all the bells & whistles, whether or not it’s a good idea to tighten stop-losses on profitable trades that have risen sharply, why financial media tends to dramatise the impact CTAs have on the markets, and why Trend Following on Bitcoin may be a better option than buy & hold. Check out our interview with Turtle Trading legends Richard Dennis & Jerry Parker here. If you would like to leave us a voicemail to play on the show, you can do so here. Check out our Global Macro series here. Learn more about the Trend Barometer here. IT's TRUE 👀 - most CIO's read 50+ books each year - get your copy of the Ultimate Guide to the Best Investment Books ever written here. And you can get a free copy of my latest book "The Many Flavors of Trend Following" here. Send your questions to info@toptradersunplugged.com Follow Niels & Jerry on Twitter: @TopTradersLive  & @RJParkerJr09 And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast. Top Traders Unplugged wins award for ‘Best Trading Podcast’ and features among the ‘Top 20 Best Investing Podcasts in 2020’ by The Investors Podcast 🏆 Episode Summary 0:00 - Intro 1:28 - Macro recap from Niels 3:30 - Weekly review of returns 30:49 - Questions from Antonio: What was Bill & Richard’s performance like before they started the Turtle Trader program?  What was Chesapeake’s performance like up until Salem Trading was taken under their wing? What has Trend Following performance been like in the 10 years before 2020? Did Richard Dennis want his Turtles to come up with new ideas? Why did famous Trend Followers stop Trend Following in the 1990s? 59:43 - Q1; Mohjeet: Can you ask Jerry what risk-per-trade he recommends? 1:02:36 - Q2; Peter: Has Jerry ever considered running a new ‘Turtle Trading’ experiment? 1:13:25 - Performance recap 1:14:24 - Recommended listening or reading this week: Dr Andrew Huberman on the Lewis Howes Podcast  Subscribe on:
1 hr 18 min
Let's Talk ETFs
Let's Talk ETFs
Seeking Alpha
Riding The Blue Wave: Utilities For 2021 And Beyond With UTES' John Bartlett
Despite the S&P 500 being up an impressive 18% in 2020, the utilities sector did not take part in the rally finishing the year flat. Reaves' John Bartlett has spent nearly 30 years closely tracking Utilities names through every type of investing environment. Bartlett currently co-manages the firm's flagship Reaves Utility Income Fund (UTG), as closed-end fund with nearly $1.7B in AUM. He also co-manages Reaves' first exchange-traded fund, the Virtus Reaves Utilities ETF (UTES). With a blue wave sweeping the U.S., Bartlett believes utilities are well positioned to benefit from a likely rise in corporate tax rates and a broader societal move to clean energy. Show Notes 2:00 - John's background: When did you become interested in utilities? 5:00 - An overview of the utilities sector: Gas, Electricity and Water 7:45 - UTG: A "wider" view of the utilities sector 10:00 - What's the outlook for utilities given the underperformance in 2020? 18:00 - Utilities for 2021 and beyond 23:00 - Utility stocks and energy prices 25:30 - Riding the Blue Wave: Expectations regarding the regulatory environment under Biden and a democratic controlled congress? What about at the state level? 29:00 - The history and future of clean energy adoption. What does it mean for utility companies? 37:15 - Is the growing embrace of ESG investing a headwind or a tailwind for the sector? 41:00 - On managing UTES: Why go with active management? 42:30 - Quantitative vs. qualitative analysis 45:45 - How much portfolio turnover is there? 46:30 - How does the fund look from a tax management standpoint? 48:00 - Differences between UTES and XLU (NEE)  50:00 - Top pick for 2021: Atmos Energy Corp (ATO) Learn more about your ad choices. Visit megaphone.fm/adchoices
57 min
Capital Allocators
Capital Allocators
Ted Seides
Acting Chairman Rostin Behnam – CFTC Regulatory Perspectives on Crypto and Climate (Capital Allocators, EP.178)
Rostin Behnam is the Acting Chairman of the Commodities Futures Trading Commission. He was nominated and approved by the prior administration in 2017 to serve as one of five Commissioners of the CFTC and in January, accepted the role as Acting Chairman. The CFTC has a mission to promote the integrity, resilience, and vibrancy of the U.S. derivatives markets, working towards effective price discovery and risk management in fair and transparent markets. As a part of his role, Russ sponsors the CFTC’s Market Risk Advisory Committee. Our conversation covers the history, function and process of the CFTC and the Acting Chair’s path to the seat. We then discuss his perspective on crypto assets and dive into an exhaustive policy piece published last fall by his Market Risk Advisory Committee entitled “Managing Climate Risk in the Financial System.” The document is positioned to become the leading regulatory policy manual on financial climate risk for the new administration. Our conversation took place shortly before Russ rose to Acting Chairman and before the wild market volatility in recent weeks. We touched base about his perspective, but the situation is too fluid for a public response. Acting Chairman Behnam released brief statement about the silver markets that said, “The CFTC is closely monitoring recent activity in the silver markets. The Commission is communicating with fellow regulators, the exchanges, and stakeholders to address any potential threats to the integrity of the derivatives markets for silver, and remains vigilant in surveilling these markets for fraud and manipulation.” Stay tuned, as the subject may well be fodder for another conversation down the road. _Learn More_ Subscribe: _Apple_ | _Spotify_ | _Google _ Follow Ted on twitter at _@tseides_ or _LinkedIn_ Subscribe _Monthly Mailing List _ Read the _Transcript _
1 hr 6 min
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