Value: After Hours S02 E41 Sushi Roll Economics, Loeb's Mickey Mouse Activism $DIS, $CMCSA
1 hr 4 min


Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, Bill Brewster and Jake Taylor. See our latest episodes at https://acquirersmultiple.com/ 

Donate to the FinTwit Value vs Growth War here (it's for a good cause--The American Foundation for Suicide Prevention): https://www.gofundme.com/f/fintwit-war-value-vs-growth

About Jake: Jake is a partner at Farnam Street.

Jake's website: http://www.farnam-street.com/

Jake's podcast: https://twitter.com/5_GQs

Jake's Twitter: https://twitter.com/farnamjake1

Jake's book: The Rebel Allocator https://amzn.to/2sgip3l

About Bill: Bill runs Sullimar Capital Group, a family investment firm.

Bill's website: https://sullimarcapital.group/

Bill's Twitter: @BillBrewsterSCG

ABOUT THE PODCAST

Hi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.

We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success.

SEE LATEST EPISODES

https://acquirersmultiple.com/podcast/

SEE OUR FREE DEEP VALUE STOCK SCREENER

https://acquirersmultiple.com/screener/

FOLLOW TOBIAS

Website: https://acquirersmultiple.com/

Firm: https://acquirersfunds.com/

Twitter: https://twitter.com/Greenbackd

LinkedIn: https://www.linkedin.com/in/tobycarlisle

Facebook: https://www.facebook.com/tobiascarlisle

Instagram: https://www.instagram.com/tobias_carlisle

ABOUT TOBIAS CARLISLE

Tobias Carlisle is the founder of The Acquirer’s Multiple®, and Acquirers Funds®.

He is best known as the author of the #1 new release in Amazon’s Business and Finance The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.

Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam.

Value Hive Podcast
Value Hive Podcast
Brandon Beylo
How To Find Life-Changing Stocks w/ @FromValue (Episode 53)
This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. Kris (@FromValue on Twitter) is the author of From Value To Growth premium research service on Seeking Alpha. Kris has grown his audience to >21K followers on Twitter and Seeking Alpha each. Kris' job is simple: he tries to find stocks that he can own for the next 10-20 years. Then he wants to hold them for the long-term. Some of his most recent winners include Shopify (up >1,000%), Livongo (up >400%) and Okta (up >200%).  Here's Kris' investment thesis from his Seeking Alpha page: "That means that I look for stocks that have either growth or value or combine the two. It has been proven that the group of dividend initiators and fastest dividend growers outperforms the markets by far in the long run. So I select stocks from this group, although I also select high growth non-dividend payers that I believe will grow out to great multibaggers." I loved this conversation as it got to the heart of why we invest: to create life-changing wealth through high risk-adjusted compound returns. Here's the time-stamp:  * [0:00] Who is Kris? * [10:00] Kris’ Investing Style * [14:00] Potential Multi baggers * [18:00] Portfolio Management * [22:00] Kris’ Exclusive Metrics * [30:00] Is Value Investing Market Timing? * [35:00]  How to Cope with Drawdowns? * [44:00] Multi Baggers can Change Lives * [50:00] Conviction in your Investments * [56:00] Beginners Mistakes * [59:00] More from Kris and Closing Questions If you liked this conversation, check out some more @FromValue resources:  * FromValue Twitter * From Growth To Value Seeking Alpha
1 hr 6 min
The Contrarian Investor Podcast
The Contrarian Investor Podcast
Nathaniel E. Baker
How Bubbles and False Narratives Made Financial Markets, with Jamie Catherwood, Author of InvestorAmnesia.com
Become a premium subscriber and get this podcast a day or more before the general public! No ads or announcements either! Contrarian.Supercast.Tech   With the Dow Industrial Average hitting 30,000 on the day of this recording, revisiting historical booms and busts feels particularly timely. Jamie Catherwood, the author of InvestorAmnesia.com and a self-proclaimed financial history nerd, is a perfect guide to this discussion. We discuss booms in treasure hunting, bicycles, railroads, breweries, and of course tulips (which it turns out was greatly exaggerated. The guest debunks this). Content Segments (Spotify users can click on time stamp to link to the section directly) * What epoch in financial history is perhaps most apt in light of today's period? (3:38); * How long do these cycles typically last? (12:40); * Bubbles in transportation technology: bicycles, railroads (twice), now electrical vehicles (16:25); * "Tulip mania," often cited as the "mother of all financial bubbles" was in reality nowhere near as crazy as commonly believed (18:40 ); * What are common elements that prick bubbles? (27:08); * The role of central banks and the money supply in the bursting of bubbles (29:59); * Background on the guest (40:36); * How he started his website on financial bubble history (45:44) * Contrarian investors through history (51:59); * Epilogue: bonus content for supporters of Tottenham Hotspur only (57:05). More Information on the Guest * Website: InvestorAmnesia.com * Twitter: @InvestorAmnesia * Financial History Course (premium subscribers get 10% off the price).
1 hr 1 min
Panic with Friends - Howard Lindzon
Panic with Friends - Howard Lindzon
Stocktwits
TubeMogul Founder and Entrepreneur Brett Wilson On His Full Circle Journey from Entrepreneur to Investor (EP.121)
Spoiler Alert: There’s no panic this episode. Why? Because I had Brett Wilson on, someone who doesn’t panic, but rather finds solutions and different ways of doing things. I first met Brett back in 2007 and quickly became a seed investor in his company, TubeMogul. He’s a special guest, and not just because he’s made me some money. Brett is an amazing investor, entrepreneur, board member and thought leader. No one has been at the center of video (specifically digital) quite like Brett. Since selling TubeMogul to Adobe and leading advertising efforts there for a bit, Brett is now an angel investor, partner at Swift Ventures, and board member at companies such as Tubi, WeTravel and, more recently, Arize AI. In this episode, Brett and I had a great discussion about being at the center of the video bomb, TikTok, Netflix, Tubi, life as a CEO and entrepreneur, company pivots, TubeMogul’s journey, resurfacing trends, AI and what excites him as an investor as of late. We talked about a lot of great companies, trends, industries and the types of people who make them great. Hope you all enjoy it!  Guest - Brett Wilson, Entrepreneur, Founder of TubeMogul  howardlindzon.com, swift.vc, tubemogul.com  Twitter: @howardlindzon, @bjwilson34, @knutjensen  linkedin.com/in/bjwilson  #fintech #invest #investment #venturecapital #stockmarket #finance
44 min
Value Investing with Legends
Value Investing with Legends
Columbia Business School
Howard Marks - Successful Investing Through Buying Things Well
The most successful investors combine a profound analytical understanding of financial markets and the economy at large with the ability to act on those ideas. My guest today has these two attributes in spades. Today’s conversation is with Howard Marks, the Co-Founder and Co-Chairman of Oaktree Capital Management, which is one of the largest credit investors in the world and certainly the largest investor in distressed securities. Howard started his career at Citicorp as an equity research analyst and then Director of Research, Vice President, and Senior Portfolio Manager overseeing convertible and high yield debt. After leaving Citicorp, he moved to The TCW Group, where once again, he was responsible for investments in distressed debt, high yield bonds, and convertible securities. In 1995 he and another group of partners from TCW founded Oaktree, where he remains today. Howard is known for his penetrating mind and his memos are a must-read for any serious student of the market and I can’t think of anyone better than him to discuss the many complexities of markets and the economy of today. On this episode, Howard and I discuss how he ended up in the high yields space, why running research at Citicorp was a low point in his career, the concept of “efficientization”, why Graham and Dodd called bond investing a negative art, why complexity and early adoption are your friends, the dominant challenge for investors today, Howard’s prolific writing, and so much more! Key Topics: * Howard’s early life from working adding machines in an accounting office to studying finance at university (3:30) * How Howard ended up working at Citicorp for his first job out of school (5:39) * Why running research at Citicorp was an extremely unsatisfactory role for Howard (7:25) * Howard’s involuntary transition from analyst into the high yield space (9:01) * The big difference between the market being efficient and being right (11:37) * The concept of “efficientization” (13:14) * Two main causes of mistakes in the market? (14:04) * Howard’s holy grail in investing (15:12) * Why Howard doesn’t use macro forecasting in his decision making (17:24) * The dawn of the high yield bond era (18:55) * Different approaches to the analysis of equities versus high yield bonds (20:07) * Why Graham and Dodd called bond investing a negative art (21:03) * Howard’s early days at The TCW Group (23:18) * Complexity and early adoption as an investor’s friends (24:53) * Why you must work at a firm that is in alignment with your investment philosophy (28:05) * Howard’s love for writing (31:49) * Using memos to shape the company culture (33:30) * Why you should analyze your winners (34:47) * The “I know” school versus the “I don’t know” school (36:01) * The dominant challenge for investors today (38:46) * What Howard thinks is behind consistently low yields (42:13) * What surprises me about the politics of populism and financial markets (46:43) * The rise of populism as a response to the shifting beliefs of the working class (48:16) * And much more! Mentioned in this Episode: * Oaktree Capital Management * Memos from Howard Marks * Howard Marks’ Book | The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor * Benjamin Graham & David Dodd’s Book | Security Analysis * Howard Marks’ Memos: * * Us and Them * Coming into Focus * Mysterious * Economic Reality * Political Reality * Political Reality Meets Economic Reality 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!
53 min
Alpha Exchange
Alpha Exchange
Dean Curnutt
Troy Dixon, Founder and CIO, Hollis Park Partners
Cutting his teeth on the acclaimed mortgage trading desk at Salomon Brothers in the 90’s, Troy Dixon gained an early appreciation for the speed and degree to which market liquidity can turn. Now the CIO of Hollis Park Partners, a firm he founded in 2013, Troy shares the perspectives gathered in managing complex trading risk over more than two decades in markets. We talk about his time at Deutsche Bank, where he ran the RMBS trading unit, and the intense pressure to compete in the pre-crisis period for profitability in each aspect of the mortgage lifecycle. Contemplating the asset price wreckage in the aftermath of the housing crash, Troy recounts the challenges in balancing the competing interests of providing market making services for the firm’s client base while risk managing a volatile book of prop exposures. Next, we discuss Troy’s founding of Hollis Park and the path that he has sought to provide for other professionals of color in the financial industry. In thinking back on the heavy lift he undertook, Troy said, “I was naive about a lot of things, but the core thesis of it was to lay the framework for people of color to follow suit in an industry that had created a plethora of wealth for people that don’t look like me.” A firm engaged in finding value in MBS and a variety of structured products, Hollis Park capitalizes on securities that have different prepayment speeds. No conversation with a fixed income expert would be complete without an assessment of Central Banks. And on the Fed, Troy has much to say. Calling low interest rates an addictive drug, Troy sees no obvious path for the Fed to disengage from markets, expecting ongoing volatility linked to this codependency. Please enjoy this episode of the Alpha Exchange, my conversation with Troy Dixon.
46 min
Top Traders Unplugged
Top Traders Unplugged
Niels Kaastrup-Larsen
116 The Systematic Investor Series – November 29th, 2020
In today’s episode, we discuss how to effectively manage your emotional stability regardless of trading performance, the true value of Bitcoin and the various catalysts behind its price movements, the importance of being able to get back into a trade you may have recently been stopped out of, managing leverage and volatility in a portfolio, how to approach extreme anomalies in historical price data, and much more. Thanks to Gene for submitting your voicemail to the show.  If any listeners would like to leave a message, 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 & Moritz on Twitter: @TopTradersLive & @MoritzSeibert 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 1:33 - Macro recap from Niels 3:17 - Weekly review of returns 8:13 - Q1, via voicemail, from Gene in New Zealand: Is it ok to ignore perceived anomalies & outdated occurrences in historical data? 20:49 - Q2; Veyana: If I get whipsawed out of a trade and it sets up again immediately after, should I take the trade again? 25:26 - Q3; Terrance: How do I control the leverage of my portfolio when utilising volatility parity? 32:00 - Q4; Sebastien: How do you separate your self-worth from your net worth? 39:49 - Performance recap 41:10 - Recommended podcast listening this week: The Vinklevoss Twins on the What Bitcoin Did Podcast & Robert Breedlove on the Bitcoin Fundamentals Podcast (Investors Podcast Network) Subscribe on:
1 hr 1 min
The Razor's Edge
The Razor's Edge
Shortman Studios
#33: In The Streaming Wars, What Game Does Disney Want To Play?
Famed activist investor Daniel Loeb wrote a letter to Disney management arguing that the time to go all in on streaming is now. We've been following the streaming wars pretty closely, and we decided to break down the letter and then reconsider Disney and Netlfix's positions a year after Disney+'s launch, and 8 months into a pandemic that has accelerated the streaming game. The question came down to 'what battleground do these companies want to actually fight on'? Topics Covered * 2:15 minute mark – The need for capital and Disney’s studio business history | * 10:00 – The SaaS parallel and Disney’s flywheel | * 16:30 – The new bundle, different from the old bundle? | * 24:30 – The 5d Chess around the streaming wars | * 27:00 – How enduring is the event model, theaters or otherwise? | * 30:00 – Costs in the new content world | * 35:45 – the looming presence of the big fish and how much growth is there still out there | * 43:00 – Takeaways for Netflix and Disney | * 53:00 – What sort of game are we playing | Works cited or that are relevant: * Daniel Loeb's letter to Disney - https://www.scribd.com/document/479149667/Third-Point-Letter-to-Disney-October-2020 * Akram's Razor's reaction piece - https://seekingalpha.com/article/4380091-disney-field-of-streams * Doug Shapiro - https://medium.com/swlh/one-clear-casualty-of-the-streaming-wars-profit-683304b3055d * ProPublica - https://www.propublica.org/article/meet-the-customer-service-reps-for-disney-and-airbnb-who-have-to-pay-to-talk-to-you
1 hr 8 min
Alpha Trader
Alpha Trader
Seeking Alpha
Bitcoin wins institutional acceptance, supplants gold - Dan Held joins Alpha Trader
This week's Alpha Trader podcast features hosts Aaron Task and Stephen Alpher talking Bitcoin (BTC-USD) with Dan Held, an old hand in cryptocurrency, who is currently growth head at crypto exchange, Krakenfx. Held has been in Bitcoin since it was $10, so what does he think about this year's run that has taken its value north of $18K, and how does it differ from the crypto's other major bull markets? Institutional acceptance of Bitcoin is the key, says Held, noting not just hedge fund legends like Paul Tudor Jones and Stanley Druckenmiller as new hodlers (particularly Jones), but Rick Riedler, the CIO of fixed income for the world's largest asset manager, BlackRock. One hedge funder not yet convinced is Ray Dalio, who is of an open mind on Bitcoin, but wonders if governments could just ban it at some point. "You can't kill an idea," says Held, who addressed that very issue in a tweetstorm late last week. The very nature of Bitcoin and de-centralization, he says, makes it highly difficult for governments to outlaw it, even if they wanted to. Held suspects that if Dalio takes the time to further study Bitcoin, he'll become as big of a fan as some of his institutional brethren. Held also addresses Bitcoin as "Gold 2.0," i.e. similar but way better than gold (XAUUSD:CUR) in terms of being a hedge against money printing and an overreaching government. He reminds that Bitcoin's supply can never exceed 21M - increasing prices may result in increased attention, but it doesn't result in boosted supplies. The exact opposite is the case with gold - higher prices almost assuredly bring about higher supplies. Also, Bitcoin by its nature can be explicitly verified with very little effort. Gold? Do you fancy carrying a spectrometer around? Never mind the ease with which Bitcoin can be held in our own personal custody and transported. There's plenty more, including a discussion of Ethereum (ETH-USD), the "religion" of Bitcoin and why it's a good thing, and Held's thoughts on Bitcoin creator Satoshi Nakamoto. Listen to or subscribe to Alpha Trader on these podcast platforms: Apple Podcasts Spotify Google Play Stitcher Learn more about your ad choices. Visit megaphone.fm/adchoices
43 min
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