IFB174: Bottleneck Businesses and Secular Growth Trends with Braden Dennis
36 min

Announcer (00:02):

II love this podcast because it crushes your dreams of getting rich quick. They actually got me into reading stats for anything you’re tuned in to the Investing for Beginners podcast led by Andrew Sather and Dave Ahern. Step-by-step premium investing guidance for beginners. Your path to financial freedom starts now.

Dave (00:33):

Welcome to the Investing for Beginners podcast. This is episode 174. Tonight, We have one of our favorite guests back for us—another show. We have Braden Dennis from Stratosphere Investing and the Canadian Investor, the top podcast investing podcast in Canada, I believe. And it is fantastic, by the way, a little side note. Suppose you’ve not checked it out easily to check it out. It’s great stuff. He and Simon are fantastic. So I’m going to go ahead and turn it over to Andrew and Braden. And we’ll go ahead and have our little conversation tonight. So Braden, welcome back to the show.

Braden (01:05):

Hey, thanks, Dave. And I appreciate the kind words I get to have you on again.

Andrew (01:11):

Braden, I figured we’d just get right to it. So you sent us a cool framework that you are describing some of the things you’d like to look for with stocks, and you call those stratosphere compounders, a lot of different, good elements in there.

Andrew (01:28):

Maybe you describe that for a high level, and there’s some good stuff in there that we can talk about.

Braden (01:35):

Yeah. So this framework that I made a couple of months ago was almost a stock checklist and all kind of notes I had put down on a document, but I wanted to make it into a graphic that was easy to understand, not only for interested people but for myself to wrap around what I think is a good longterm compounder and going back to basics. And sometimes you got to bring yourself back to basics. When it comes to investing, you are ultimately seeking to find companies that will be much stronger, more profitable, have a wider moat, and be more important in the future. And this is a framework to identify what those businesses are and the characteristics that they have.

Braden (02:31):

Just quickly, the elements that are consistent in a lot of these businesses are typically a leader or disruptor in a secular growth trend. And we can talk about what some of those growth trends are right now later; they have excellent re-investment opportunities. And this is typically quite easy to figure out by just looking at their ten median return on invested capital. And if it’s another type of business, like a bank, return on equity will do as well. I’d like to see some proven topline growth of both revenue and free cash. This is a consistent, proven topline that not only is potentially stable but accelerating from here. That’s what I like to see. I try to pay a fair price relative to those qualities of growth. Valuation does matter. The starting multiple you pay today does matter.

Braden (03:38):

I’m looking for strong, durable pricing power. So this business, I don’t want it to be commoditized. I get lots of questions about buying cheap oil and gas stocks all the time. And I just ask people, what would you rather have a business that gets to decide its prices or the market that they operate in gets to decide those prices for them. And then they have a conservative capital structure. So on their balance sheet, do they have a good amount of cash? Do they have a reasonable amount of debt? And can, can they use that debt for growth? So just looking at their balance sheet, nothing too, or has gone awry. These are some other qualities that I’m looking for that are kind of nice to have, but not necessary. So I like founder-led operated businesses. And if it’s not founder-led, I like to see that the CEO has been there for a while and has a proven track record.

Braden (04:39):

Capital light is nice, with high gross margins. If it’s capital-light, you’re going to find that revenue flows down to 40 cash better if they have network effects. And this is also really important, easily understood. If you can’t explain what the business is very, very easily, you either don’t have a good idea of what that business is or could be out of your circle of competence. And that’s okay. I don’t well, thoroughly understand every publicly traded company; no one does. So it’s okay that you don’t understand every business should operate with what you understand. And I think you’ll do well. Additionally, I like to buy companies that are what I consider a bottleneck business, which is a concept that I took from Chuck Akre. Who’s a chief investment officer and founder of acre capital management. He’s a smart guy, and you can, you can find them online, and he talks about bottleneck businesses. And it’s a concept that makes sense to me.

Andrew (05:45):

Let’s talk about that. I haven’t heard of a bottleneck business before; when I think of a bottleneck, I think of like those glass Coca Cola bottles. And so I don’t know what that refers to, but it sounds interesting. So break that down for us.

Braden (06:00):

Yeah, sure. People typically say when they run into a corporate world problem, they say, say, ‘ Oh, they’ve run into some bottleneck. Or it typically just means that things are funneled through it, but it’s, but it’s a pain point. You’re going from a wider diameter to a smaller diameter. And it feeds through there. So there are two things that Chuck Aker describes the Bob Mack business. I’m giving him credit because I am borrowing this concept from him. And once you hear it, I think you understand that it makes a lot of sense.

Braden (06:38):

So two things happen with a bottleneck business that demonstrates competitive advantages that might say competitive advantages. Some people call it a moat. All it means is that this company has characteristics that will let it succeed against competitors for a long period. So what is their edge is another way to say it. So bottleneck businesses are given opportunities because of their strong position in their secular trend. That they’re a part of. And I’m going to give an example of these two things, these two qualities in a second. And then the other thing about bottleneck businesses is in their value chain, their value chain. If they go away, it’s very, very difficult to replace the same. It’s very difficult to replace them and achieve the same result. So let’s give an example here. You guys know, I love the payments companies.

Braden (07:37):

So let’s look at Visa or MasterCard here. They’re given opportunities because of the secular trend of digital payments. As a new business emerges and they take digital payments, which is part of a very large global secular trend. Or if a company is innovating within financial technology, they ultimately visa and MasterCard are being given growth opportunities and maybe even have to invest in it. So that’s why you see the ten-year median on MasterCard’s free cash flow margin is 40%, which is, by the way, insane. And you won’t find that number anywhere else in the stock market. So there you’re getting opportunities without even having to invest in them. So that’s important. And then in their value chain, if these payments companies were to go away, it would be very, very difficult for most of the world to do business these days. So they’re a bottleneck because you can’t achieve the same result of accepting payments or doing business between a merchant and a consumer; that value chain is broken without them. And that’s, that’s why they have such a competitive advantage. So that’s, that’s kind of a lowdown on, on what a bottleneck businesses

Andrew (09:02):

That, that does make a lot of sense. Do you find that most of the companies that are like a bottleneck characteristic tend to be in the B to B space, and you know, I’m just saying this without putting much thought, but I just thought I’d throw it out there. You know, I think of consumers as kind of being maybe more particular about how they spend money, you know, they’ll, they’ll spend money based on interests or pleasures or, you know, things that they prefer where maybe businesses will spend money to solve a pain point. And so do you see that or mind just not thinking of customer pain points that would work as bottleneck business?

Braden (09:45):

No, that’s a very good point. A lot of them are B to B, whether directly known as a business to business model. Still, typically yeah, in, in, in these examples, it would be very, very difficult, or have massive switching costs for a company to switch providers. In this case, where the example used was, were payments. It’d be very, very difficult for them to switch that.

But additionally, a company like Google, which I think is a bottleneck business, is the relationship between consumers and businesses of finding them on Google. Like they say, if you, if you’re not on the first page of Google, your business is dead, right. Or they hide the third, the bodies on the third page of Google. That’s an interaction between, you know, B to C, even though Google does a lot of B2B business as well. So, but that is a good example. There are high, high switching costs and bottleneck businesses. And typically that is B2B,

Andrew (10:57):

I guess, on the flip side too, I think of a company like Nike, where if you play basketball, even like pickup basketball, and you’re looking for some basketball shoes, I feel like Nike would be hard to replace. So that would be a pain point if they went away. And so maybe those types of businesses that are the bottleneck to the consumer would have that feature and make them, you know, into this category. Like you said, with the other good examples, like Google and Visa and some of those other ones.

Braden (11:28):

Yeah, totally. And people who are sneakerheads would think that the world just collapsed and exploded if Nike was to go away. So that speaks to the brand power. I don’t see a consumer goods business like that. Having true, very high switching costs because the consumer does have so much optionality, but again, Nike’s brand power has shown that it’s a very compelling business for a long time to come.

Dave (12:02):

What about Apple? How do they, how do they fit into that?

Braden (12:08):

Yeah, Apple’s an interesting business because I wasn’t that long ago that it traded at about 12 times earnings. It was 90 bucks. This is pre-split. And I was looking at it one day, and I just thought, this is, this is just way too cheap. Right. And what happened was is the market recognized that they had made a massive pivot to not only being a dominant player in the smartphone business, which is tech hardware, which by the way, the more, the multiples applied to tech hardware much smaller. So that’s why it traded in the realm of about 12 times earnings. The market recognized that, wow, this is a tech services business, and the app store taking on such a low revenue share of every single business that operates within their ecosystem. Suddenly, you see this huge multiple expansion. In what seems like a few months, Apple went from 1 trillion to 2 trillion in market cap because of that multiple expansion and the obscene amounts of cash flow that they spend off.

Braden (13:26):

And if you don’t play within the sandbox of Apple, you’re not going to have a very good time. You see, Epic games have this dispute with the margins that they take on revenue for their games. And a whole laundry list of companies is not too fond of, of Apple doing that. I mean, Spotify, he loses money to Apple, and you know, what did Apple do for them while they provided the ecosystem for them? And they have those network effects where if you don’t want to play in their sandbox well, as you’re going to have a bad time. So Apple is, you know, if by definition, perhaps a bottleneck business, that was a good example, Dave, thanks.

Andrew (14:11):

To pivot off of this, I thought what you said was also interesting about one of the desirable qualities was an opportunity for both organic and acquisition-driven growth. And so, you know, I’m interested in the acquisition strategy. Is there something that you look for in a business that tells you that they have a good strategy in place, and are there any consolidators or anything like that in certain secular trends that you’re seeing? Like, are their industries working towards that because some industries, you know, might grow without consolidation and without these bigger companies eating the smaller companies where some won’t. I think it would be interesting to get your take on if you see any markets like that and what you would look for that would tell you that, okay, I like this situation.

Braden (15:08):

Yeah. Good point. And I realized that I skipped over that bullet point when I was talking about some of the desired qualities, but yes, I will. I’m looking for businesses that can grow the top line organically and through acquisitions if they make sense. But it’s not always treated equally. I am not an exclusive technology investor. I like to try to find value wherever it may present itself. However, when it comes to consolidators, I almost exclusively like software as a service consolidator. And the reason for that is that there’s a whole massive ecosystem of very niche software as a service business to private business companies that are ripe for an opportunity where entrepreneurs are looking to make exits they’re very profitable, have very nice margins. And they are very sticky when we were talking before, as business to business software, as a service is very bottleneck in nature, high switching costs, and competitive advantages.

Braden (16:26):

It’s niche enough that the big tech won’t go for it. So some consolidators have been tremendous performers inside of this inside of tech, because not only for those reasons that I’m mentioning, but they have integrations with each other that make sense. Many companies that are growing by these companies’ acquisitions have huge, huge costs to integrate them and put them into the system. But with tech, that’s just usually not the case. There can be instant benefits from day one of the acquisition being part of the broader, broader offering. For instance, the big tech giants Microsoft has had made tons of tactical acquisitions along the way that grow their offering. For instance, Skype was an acquisition way back when, and although Skype blew a ten-year lead to zoom, the Microsoft team’s application is very compelling.

Braden (17:30):

So many big tech companies have made acquisitions and instantly brought it into their offering and created value. So there is very, very compelling software as a service consolidator, especially in the niche area. I can give you two examples. So Constellation Software, which only trades on the Toronto stock exchange for Canadian investors. However, it is probably the only business that I would actually buy in Canadian dollars on the TSX if I were an American. It has been an 80 bagger since IPO. I didn’t; I didn’t misspell that 80 baggers since IPO, an unbelievable compounder, a very smart management team headed up by Mark Leonard here in Toronto. And they’ve done this; they own over a hundred companies of the niche software business, the business all over the world that generate cash flow and then rinse and repeat. So you have to study the management team with these businesses and do a little bit of extra work, but they can reward shareholders.

Braden (18:42):

A very, very similar business model in NYC is called Roper technologies. It’s about 45 billion in market cap. So it’s not a small business at all. And they do a very similar thing. You know, they own about 45 software businesses. It’s a roll-up strategy, but they look for businesses that are achieving organic growth inside their system. And then they’re making acquisition growth on the top line as well. So I’m not opposed to a roll-up strategy. Some people are on a more case-by-case scenario, but they’ve done exceptional for shareholders real quickly. What’s whether you what’s a roll-up strategy, just a consolidator it’s, it’s a company that’s looking through different vertical markets like those two, two, I just mentioned like Roper technology. They’re just rolling up the industry. They’re consolidating it. It’s, it’s a synonym.

Announcer (19:43):

What’s the best way to get started in the market—download Andrew’s ebook for free@stockmarketpdf.com.

Andrew (19:51):

Yeah. And I guess, you know, to bring it into the non-tech world, an example of this would be a company like Coca Cola, who would acquire any drink brand. I don’t know if it was Pepsi or Coca Cola who acquired the energy drinks. But you know, bringing that into the portfolio and then using Coca-Cola’s massive distribution system to plug in another product that already has a strong brand that’s already doing well. And because Coca-Cola is built this distribution, the effects of combining those two gray things can create a lot of revenues, profits, free cashflow, and all the things that investors like to see. That can apply to tech, and that can apply to things outside of tech. And I think it’s; it’s worth looking around for that.

Braden (20:43):

I like you brought that up because that’s an amazing example. And you’re right. It’s because distribution is King that’s Coca Cola is competitive. The advantage is their distribution is unlike any other company on the planet for a physical product. So tech can do this very nicely because they have that distribution like a Microsoft people are already on that subscription to distribute it and serve it up to their customers immediately Coca Cola with when it comes to physical products like their drinks distribution is King. So that brand that they’re purchasing might be worth a lot more in Coca Cola is portfolio than whoever they are held privately with before because of that distribution channel. So that’s where they can generate a lot of value.

Andrew (21:35):

Yeah. I love it. Are there any other secular trends that we should be aware of? I guess, yeah, we didn’t intend to do this, but we’ve been talking pretty much tack all day. So might as well throw in any other tech trends That we should be thinking of.

Braden (21:48):

Yeah. There’s a, there’s a couple, I’ll spin it off here and say that a direct to consumer is a very, very interesting secular trend, but I’m going to talk about two names that are not direct to the consumer that you’re thinking of people think of D to C as you know, this e-commerce explosion, the Shopify and Amazon’s of the world. But another company like Teladoc health is bringing healthcare direct to consumer online Teladoc; ticker T doc is a very interesting business. The cohost of my podcast, the Canadian investor, has been a long-term shareholder of this, and it has been a ten-bagger, probably twice already forum. And it is bringing health rights to the consumer directly. And they just made an impressive $18 billion acquisition for chronic care and these other kinds of offerings that they can put into their suite of offerings.

Braden (22:55):

Another company like we talked about before Nike directly to consumers their eCommerce sales saw double growth in two quarters in a row. So not only was the COVID pandemic bringing forward some of that acceleration, but if you go onto the Nike site and you go on the direct to consumer experience, it’s nice. And this is not a new thing. They were investing in this, you know, many, many years back. One of the trends I’m seeing is that companies who invested in this new economy or thriving because of this pandemic, all it did was bring forward a massive acceleration of about five or six years expert. Think in many of these digital trends that were already happening; they just over an, in two months, six years went by in terms of the consumer’s readiness to adopt some of these new technologies, digital payments.

Braden (24:03):

I mean, is there a secular trend? I like more than digital payments, probably not. So visa, MasterCard, square, PayPal, Aiden, a European traded stock, very similar to a company like Stripe, which is still private that I, I tweet them all the time asking them to go public. They probably don’t read it. That’s okay. I’m a strong trend. Digital payments are, is the future cash is dead that was already happening, but now it’s being forced upon us, and you know, shareholders of those companies will do well. There’s no doubt about it. Now, what I did want to talk about one thing, which is very interesting for listeners who might not be familiar with these names because they are international businesses, is there are three names, Mercado Libris ticker, M E L I 10 cent, the Chinese massive $700 billion company, ticker T C H Y with trades over the Crowner and then C little ticker, S E they do gaming payments cloud and social ads in a Mercado Libras in South America, 10 cents in China and Southeast, and see limited as the rest of Southeast Asia. And they’re leaders in all three of those secular trends in their respective geography and check a chart of any of them. Oh God, it’s been nice to be a shareholder of them. I have been sitting on the sidelines and kicking myself for it.

Andrew (25:48):

And, you know, you wonder if, because they’re in those developing countries, if they have less to fear about say like antitrust regulations like a company might run across in more Western countries. So, in theory, maybe they could grow a lot more than, you know, who knows what other businesses they could. They could start to swallow too, as, as they just continue to Shroom in size.

Braden (26:19):

Yeah. Tencent is a very interesting business, and many people don’t want to invest because it’s a Chinese company, and it is very tied to the Chinese state. Let’s not get ourselves, but, interestingly, they have a payments business that rivals the size of PayPal. They have subscriptions to video and music that rivals the size of Netflix. Their gaming business is bigger than a lot of the big gaming companies combined. It’s about double the size of Nintendo. They have a cloud business. That’s about 10% of the size of Amazon web services. They have social ads; that’s about 10% of Facebook. They operate the largest app store by daily active users in the world. They have we chat the number one used app in the world, or that’s definitely in China, maybe not in the world, but given how many people there are, you know, there’s a chance they’re operating in all these spaces.

Braden (27:32):

And it’s just, you look at, you, look at a company like this, and you just go, there’s no way that it’s not bigger, much bigger than it already is in 10 years. So, I mean, these growth rates are very hard to assume. And to guess yesterday, the company Fastly, which does a lot of data, I’m not going to get into the business, cause I don’t want to bore you, but they were trading at 35 times sales. They dropped 20% yesterday because they missed revenue a little bit; even though revenue is still up insanely from the previous quarter, these super prices, the highest price to sales ratios, are through the roof. Now 35 times sales are becoming the norm for these high-tech growth companies.

Braden (28:23):

And if you miss just a little bit, the market beats you up for it. So having these secular trends behind you on your back is even if they miss just a little bit, as I said, what the bottleneck business is, they’re being given an unproportionate amount of opportunities because of the businesses that they’re in and the sectors that they’re pursuing and the talent that they’ve retained, that that is built into your assumption into your growth assumption is that margin of safety that even if the business doesn’t execute, as I expect the total addressable market, that they’re in that big pie that they’re looking to take market share from is growing at such a significant rate, that there’s a margin of safety built into them by, you know, by being in the spaces that they’re in. So this is a thing that I think about all the time, these days,

Andrew (29:26):

I’m glad you brought that up, and maybe it’d be a good way to close. I’m wondering, you know, you talked about a lot of great businesses. Is there a price is a price? Is there a price that is too high for any of them? You know, you mentioned price to sales. You mentioned margin of safety when you’re at the business that you believe is a bottleneck. It’s, it’s just got all these great secular trends behind it. And it’s just businesses like you you’ll never see, is there ever too expensive a price for them?

Braden (29:56):

Yeah, there there is. And it’s hard to determine what that upper limit is. And that’s why I say in my framework it is trying to pay a reasonable price. Wasn’t until Warren Buffett met Charlie Munger that he changed his investment framework at Berkshire Hathaway. When he started working with Charlie Munger, you don’t have to buy cheap businesses. You have to buy the highest quality of businesses, and you got to pay up a little bit for the quality. Now that doesn’t mean run and buy 50 times sales businesses, and you can find them everywhere. So you don’t have to look very hard. You don’t have to run and buy those businesses. You should consider paying a premium for quality because that’s the kind of companies you want to own in the long term. So what I will say to people is try to pay a reasonable price, do your best, you know, pay a fair price, but don’t ever buy a crappy crummy quality business because it’s cheap that hasn’t worked. It has never worked. And to end, it only works. If you are timing a trade by exiting at the correct time, I’m looking to buy and hold these businesses and compound themselves for me. And that’s basically what, what I do is I find these good businesses. I try to pay a reasonable price, and then I do absolutely nothing.

Andrew (31:38):

Yeah. That’s, that’s the goal. I believe it’s let the earnings compound, let the dividends compound, and let your returns compound. So, you know you’re all over the place on the web. You mentioned Twitter. We know you have a podcast. Where can people find out more about what you’re doing? What you got going on. Maybe if they’re interested in this framework that you presented, give us a scoop here.

Braden (32:02):

Yeah, sure thing. So I recently launched a new software offering that people can search for any business in the world. There’s a stock screener inside that; looking up any business in the world, you can find financials ten on a tenure basis. You can graph them. You can export them to Excel. You can see what insiders are doing, buying, or selling stock. You can see analyst reports; you can see their dividend history. You can see how they compare to other competitors in their industry. And that’s all, available@stratosphereinvesting.com. But if you don’t know how to spell that, I can’t blame you. The URL getstockmarket.com will bring you to my site. And it is a; there’s a free trial. You don’t have to bring a credit card or anything. You can; you can try it all the software. And I also post my research on there as well. So get stock market.com. You can, you can find me. And then I am on a weekly podcast called the Canadian investor. Can investors typically like it? But if you feed it, if it’s not for you, we’re talking about a lot of Canadian stocks. Sometimes I get that.

Andrew (33:11):

So you mentioned, you know, that’s a software offering, so why don’t you just make it software as a service? And maybe you go public.

Braden (33:21):

If I go public, I’ll say it’s cloud software as a service. They’re going to slap on a nice 35 times sales multiple on me. And I will be a very rich man. I like that idea. That’s a good idea. It’s a great idea. But seriously, it’s been really fun to build out that software and build the, build the product that I want when I’m looking to research a certain company, I put everything in there that I would care about and look for in a product. And so that’s, that’s what it is. Yeah. I did sign up for your trial, and I like the aesthetics of it are nice. You know, you put some good work into the visuals and the graphs and everything, and it looks nice. Yeah. Thanks for saying, so, Dave, have you tried it out yet?

Dave (34:17):

I did. I actually, I tried it out today. Andrew and I were talking about it the other day, and he sent me a Lincoln. So I checked it out, and I have to echo Andrew’s comments. It was, it was cool. It was; there was a lot of cool stuff on there. I’m going to go back and dig on it some more after we get off the podcast tonight. So feedback later, but yeah, I liked it. Yeah.

Braden (34:42):

So you can find me there at those places. I am on Twitter Brandocapital on Twitter. I have about 36 followers. So whoever wants to be at the 37th, that’d be much appreciated.

Dave (34:56):

All right, folks. Well, that is going to wrap up our conversation for this evening with Brayden Brayden. Thank you again for taking the time out of your busy day to come to talk to us. And it was a very interesting conversation. I learned quite a bit today. So I appreciate you sharing your knowledge and your wealth and continuing all the great stuff you’re doing. So without further ado, we’re going to go ahead and sign this off, go out there and invest with a margin of safety emphasis on safety, have a great week, and we’ll talk to you all next week.

Announcer (35:22):

We hope you enjoyed this content. Seven steps to understanding the stock market show you precisely how to break down the numbers in an engaging and readable way with real life examples and get access today@stockmarketpdf.com until next time have a prosperous day. The information contained is for general information and educational purposes. It is not intended as a substitute for legal commercial and or financial advice from a licensed professional review—our full disclaimer@eainvestingforbeginners.com.

The post IFB174: Bottleneck Businesses and Secular Growth Trends with Braden Dennis appeared first on Investing for Beginners 101.

InvestED: The Rule #1 Investing Podcast
InvestED: The Rule #1 Investing Podcast
Phil Town & Danielle Town
293- Company Analysis and Tony Hsieh
Investing has changed drastically over the years. Many of the tools that were hardly accessible or cost money to use are now available at the click of a button. For instance, one of the best tools that investors can access online is the Securities and Exchange Commission, or SEC. The SEC is an independent federal regulatory agency tasked with protecting investors and capital, overseeing the stock market and proposing and enforcing federal securities laws. By using the SEC, you can view information about brokerage firms, investment advisor representatives, and their professional background and conduct. This could include current registrations, employment history, and disclosures about certain disciplinary events involving the individuals. However, these tools that are accessible online can only effectively be used if you have a solid understanding of basic investing principles. One in which includes only purchasing businesses that have excellent management. When you are looking to trust your money inside the walls of a business, you need to have confidence in the people leading the company. Management capable of taking the company to new heights. People who live and breathe the business. Responsible individuals who make decisions that lead the company in the right direction. Tony Hsieh, former CEO of Zappos, a great example of an effective and honest leader, who cultivated a strong sense of culture in his company. He once stated, “In addition to trying to WOW our customers, we also try to WOW our employees and the vendors and business partners that we work with. We believe that it creates a virtuous cycle, and in our own way, we're making the world a better place and improving people's lives. It's all part of our long term vision to deliver happiness to the world." This week, Danielle discusses why company analysis is so important in the investing process, and why a strong leader such as Tony Hsieh is one of the key factors to a high-performance business. Learn more about finding quality stocks to invest in with the Rule #1 Four Ms for Successful Investing Guide. Click here to download: https://bit.ly/2JzMXpC Learn more about your ad choices. Visit megaphone.fm/adchoices
23 min
Invest Like a Boss
Invest Like a Boss
Sam Marks & Johnny FD
162: Farmland Investing with AcreTrader CEO Carter Malloy
Carter grew up in a farming family and has a lifelong passion for investing and agriculture. Prior to AcreTrader, he was part of an equity investment firm for 5 years. Before joining in 2013, Carter was a Managing Director with Stephens Inc., a large private investment bank, where he was an equity research analyst focused on the Internet, Data & Analytics and Real Estate Processing sectors. Prior to Stephens, he owned small businesses focused on internet marketing and sustainable fuel technologies. He graduated from the University of Arkansas with a bachelor’s degree in Physics and has previously held Series 7, 63, 86 and 87 licenses with the Financial Industry Regulatory Authority (FINRA). Listen to ILAB 162 on iTunes here or subscribe on your favorite podcast app. Where we are: * Johnny FD – Sri Lanka / IG @johnnyfdk * Sam Marks – North Carolina / IG @imsammarks * Derek Spartz - Los Angeles / IG @DerekRadio Sponsor: * Indeed Get a $75 credit to boost your job post and find your next hire faster * Support Invest Like a Boss: Join our Patreon Discussed: * AcreTrader Like these investments? Try them with these special ILAB links: * ArtofFX – Start with just a $10,000 account (reduced from $25,000) * Fundrise – Start with only $1,000 into their REIT funds (non-accredited investors OK) * Betterment – Get up to 1 year managed free * Wealthfront – Get your first $15,000 managed free * PeerStreet – Get a 1% yield bump on your first loan *Johnny and Sam use all of the above services personally. Time Stamps: * 07:50 – How did you get into farmland and agriculture? * 08:30 – Before AcreTrader, how was farmland purchased? * 10:22 – What is the usual size of these farms? * 12:02 – Why farmland and not commercial or residential real estate? * 15:15 – How does farmland outperform other asset classes? * 18:25 – How long do you hold onto the land for? * 18:39 – Are you concerned about the land depreciating because of bad farming practices? * 20:26 – How long do farmers usually rent the land? * 21:09 – How does it work for investors? * 23:06 – How often does the investor get paid? * 25:45 – Does the rental change depending on the farm? * 27:03 – Do you normally list farms weekly? * 28:09 – What is your investment range? * 30:06 – What crops are the most profitable? * 34:30 – How long are the investments? * 37:48 – How are the taxes treated? * 36:55 – Who can invest? * 39:48 – Johnny & Derek Recap If you enjoyed this episode, do us a favor and share it! Also if you haven’t already, please take a minute to leave us a 5-star review on iTunes and claim your bonus here! Copyright 2020. All rights reserved. Read our disclaimer here.
56 min
Swing-Trading the Stock Market
Swing-Trading the Stock Market
Ryan Mallory
Creating a Watch List
In this episode Ryan Mallory provides an overview on how to build your own watch list system for trading stocks in the stock market and how it funnels into your daily trade setups. Furthermore, Ryan provides the insights from one trader in Canada who has found a way to trade stocks for $1 per trade.  Whiskey: Jack Daniels Barrel Proof Single Barrel Be sure to check out my Swing-Trading offering through Patreon that goes hand-in-hand with my podcast, offering all of the research, charts and technical analysis on the stock market and individual stocks, not to mention my personal watch-lists and regular updates on the most popular stocks, including FAANG stocks, Microsoft and Tesla. This is provided each and every week! Check it out now at: www.swingtradingthestockmarket.com 📈 START SWING-TRADING WITH ME! 📈 Click here to subscribe: https://shareplanner.com/tradingblock — — — — — — — — —  💻 STOCK MARKET TRAINING COURSES 💻 Click here for all of my training courses: https://shareplanner.com/academy - The Winning Watch-List — https://shareplanner.teachable.com/p/the-winning-watch-list - Patterns to Profits — https://shareplanner.teachable.com/p/patterns-to-profits - Get 1-on-1 Coaching — https://shareplanner.com/academy — — — — — — — — —  ❤️ SUBSCRIBE TO MY YOUTUBE CHANNEL 📺 Click here to subscribe: https://www.youtube.com/shareplanner?sub_confirmation=1 🎧 LISTEN TO MY PODCAST 🎵 Click here to listen to my podcast: https://anchor.fm/swingtrading — — — — — — — — —  💰 FREE RESOURCES 💰 Trading Tools: https://bit.ly/2FkClmF My Website: https://shareplanner.com — — — — — — — — —  🛠 TOOLS OF THE TRADE 🛠 Software I use (TC2000): https://bit.ly/2HBdnBm — — — — — — — — —  📱 FOLLOW SHAREPLANNER ON SOCIAL MEDIA 📱 INSTAGRAM: https://instagram.com/shareplanner FACEBOOK: https://facebook.com/shareplanner TWITTER: https://twitter.com/shareplanner STOCKTWITS: https://stocktwits.com/shareplanner *Disclaimer: Ryan Mallory is not a financial adviser and this video is for entertainment purposes only. Consult your financial adviser before making any decisions.* --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app Support this podcast: https://anchor.fm/swingtrading/support
22 min
Sound Investing
Sound Investing
Paul Merriman
Supercharge Your Retirement and Make Millions More
In this insightful interview by Doc G of Earn & Invest, authors Rich Buck and Paul Merriman talk about their new book, We’re Talking Millions: 12 Ways To Supercharge Your Retirement. They cover topics such as their long-time professional collaboration, simplicity in investing, risk, beating the market, portfolio recommendations and the magic of compound interest over time. Buy We’re Talking Millions: 12 Ways To Supercharge Your Retirement in Kindle or Amazon Print editions. (Soon to be available at other outlets and on Audible). Watch Paul’s video about the book. Visit the book’s website. Doc G was an internal medicine physician when he discovered the personal finance community through Dr. Jim Dahle’s “The White Coat Investor.” He left clinical practice to pursue his passion for deep conversations about money and life and has found the meaning of “enough” through the FIRE movement (Financial Independence Retire Early). This podcast is part of the educational offerings from The Merriman Financial Education Foundation, a registered 501(c)3.  If you found value in this podcast, here are four ways to support the podcast and our foundation: 1)    Leave a podcast review on your player of choice. 2)    Sign up for our biweekly newsletter at PaulMerriman.com 3)    Use our M1 Finance affiliate link if you are interested in setting up a brokerage account, using our portfolio suggestions. The Foundation will receive a one-time small fee at no cost to you. 4)    Consider making a tax-deductible donation to the Foundation to support our mission to provide financial education to investors.  Thank you!
57 min
Stock Market Buy Or Pass? Jose Najarro
Stock Market Buy Or Pass? Jose Najarro
7 TOP STOCKS TO WATCH NOW BEST STOCK TO BUY (DECEMBER 2020) Cloud SNOW PLTR CRDW ZS SPLK STOCK PRICE. This is Snowflake Snow, ZS Zscaler, CRWD Crowdstrike, ESTC Elastic, PLTR Palantir, OKTA, Splunk SPLK stock price analysis.  I share 2 BEST growth stocks to buy, YOU should be keeping an eye on this month. These could be 2 of the best growth stocks to buy now, and I do a full in-depth stock analysis of ALL of them. PATREON Self Taught Investor! https://bit.ly/3kgsUd3 SIGN UP FOR WEBULL !! FREE STOCKS!!: https://bit.ly/31PXXWh SUBSCRIBE TO 2ND CHANNEL https://www.youtube.com/channel/UCJvX23MIdSCqrnUH4H--UIQ Merch:  Self-Taught Investor Merchandise https://bit.ly/3dLJr6g 7INVESTING $10 OFF: https://bit.ly/3mz2oMN TECHNICAL CHARTS: https://www.tradingview.com/symbols/AAPL/?offer_id=10&aff_id=23717 DISCORD GROUP!! https://discord.gg/wbp2Z9S Support the Channel: https://bit.ly/3bmfCYN Twitch: https://www.twitch.tv/josenajarrostocks Twitter: https://twitter.com/_JoseNajarro Some of the questions I want to answer What are the best high growth stocks to buy in December 2020? what growth stocks to buy in December 2020? What Cheap Stocks to buy? What are good top growth stocks to buy? Top Stocks to Buy Now ----------------------------------------------------------------------------------------- DISCORD GROUP!! https://discord.gg/wbp2Z9S https://josenajarro.com/ https://twitter.com/_JoseNajarro Youtube: Jose Najarro Stocks & Star Wars  *Disclaimer: All content provided in any of my Social channels/videos/post/podcast and any other sort of communications are for entertainment purposes only. Talk to a financial adviser before making any decision*
16 min
Be Wealthy & Smart
Be Wealthy & Smart
Linda P. Jones
Credit Cards Capitalize on Crypto Payments
Learn why crypto is going mainstream with credit cards, stock indices, and securities regulators. Are you investing well for financial freedom...or not? As we live our lives, we have seen enormous money be made in real estate, technology stocks, etc. and have seen wild swings in markets before. They can feel scary at the time, but in hindsight are often tremendous opportunities for future financial success. If you only knew where to invest for the long-term, what a difference it would make, because the difference between investing $100k and earning 2% or 10% on your money over 30 years, is the difference between it growing to $181,136 or $1,744,940, an increase of over $1.5 million dollars. Your compounding rate, and how well you invest, matters! INTERESTED IN THE BE WEALTHY & SMART VIP EXPERIENCE? -Asset allocation model with ticker symbols and % to invest -Monthly investing webinars with Linda -Private Facebook group with daily insights -Weekly stock market commentary email -Lifetime access -US and foreign investors, no minimum $ amount required Extending the Black Friday week offer, enjoy a 50% savings on the VIP Experience. More information is here or have a complimentary consultation with Linda to answer your questions. For an appointment to talk, click here: https://2909395.survey.fm/application-for-vip-experience PLEASE REVIEW THE SHOW ON ITUNES If you enjoyed this episode, please subscribe and leave a review. I love hearing from you! I so appreciate it! SUBSCRIBE TO BE WEALTHY & SMART Click Here to Subscribe Via iTunes Click Here to Subscribe Via Stitcher on an Android Device Click Here to Subscribe Via RSS Feed WEALTH HEIRESS TV Please subscribe to Wealth Heiress TV YouTube channel (it’s not just for women, it’s for men too!), here. PLEASE LEAVE A BOOK REVIEW Leave a book review on Amazon here. Get my book, “You’re Already a Wealth Heiress, Now Think and Act Like One: 6 Practical Steps to Make It a Reality Now!” Men love it too! After all, you are Wealth Heirs. :) Available for purchase on Amazon. International buyers (if you live outside of the US) get my book here. WANT MORE FROM LINDA? Check out her programs. Join her on Instagram. WEALTH LIBRARY OF PODCASTS Listen to the full wealth library of podcasts from the beginning. Use the search bar in the upper right corner of the page to search topics. TODAY'S SPONSOR I want to take a few seconds to tell you about how I “read” more books and stay ahead of the curve. It’s by not reading books, but instead listening to them – like you are right now! With Audible, there are over 150,000 titles to choose from for your iPhone, Android, Kindle or mp3 player and…your first audiobook is FREE! I suggest you get the audio book of Think and Grow Rich, or you can check out my website Resources page where I list all of my favorite financial books and you see exactly what books I have read and recommend you read. Then get started with Audible by visiting https://lindapjones.com/FreeBook and order your first audio book free! Get Think and Grow Rich or another book from my recommend list, and be sure to get started checking off the books you want to read with your free book from Audible! Be Wealthy & Smart,™ is a personal finance show with self-made millionaire Linda P. Jones, America’s Wealth Mentor.™ Learn simple steps that make a big difference to your financial freedom. (Some links are affiliate links. There is no additional cost to you.)
21 min
The Intelligent Investing Podcast
The Intelligent Investing Podcast
Eric Schleien
#127: I wrote a book! | Principles of Power: The Art & Wisdom of Badassery
My New Book After 7 years in the making, my book Principles of Power has been released! ***THIS WEEK ONLY*** CYBER MONDAY SALE.... 90% off the Kindle Book...just 0.99 cents :) Summary "Principles of Power can be related to as an advanced Coaching Handbook for Leaders. If you are a leader, an aspiring leader, a coach, consultant, or program facilitator, this book is designed for you. The material is delivered inside of a modern leadership context of service and contribution. Eric features many partnerships in Principles of Power. His inclusion of useful quotes from Warren Buffett, Charlie Munger, Werner Erhard, Nassim Taleb, Seth Godin, and many other leaders attests to the thinking and the research that went into the writing of this book. It is now undeniable that the understanding and implementation of powerful Listening, authentic Relationship, and a recognizable Permission to Lead, are cardinal distinctions of effective leadership. The word, ’cardinal’ has a Latin root and means ‘hinge’ – like a hinge on a gate. So, like a hinge, cardinal distinctions are connected to every nuance of leadership. You will see these distinctions in action in the background of Eric’s many leadership conversations. Authentic Relationship, for example, is essential to the effectiveness and empowerment of the participants and the leader. If authentic Relationship is missing, any outcome or result devolves to the result of domination or force, and is not an outcome of effective leadership. Consider this: Leadership is granted by the permission of those being led. Take a moment and allow that to sink in.The job of the leader is that of an environmentalist, providing the space for people to collaborate, flourish, and create. These two different activities, management and leadership are often commingled, especially in business schools and in the workplace. They are distinct and operate under different rules and measures. It’s like Checkers and Chess – Same game board, different games with different rules and outcomes. Disentangling and distinguishing the two arenas of activity grants power to both managers and leaders. So, the fundamental exercise of listening for people’s greatness is in the background of every sentence in this book. And there is much more… Principles of Power is strongly influenced by the transformational work of Werner Erhard. Much of the author’s thinking is also grounded in the classic distinctions of Tribal Leadership and the thinking of Warren Buffett and his partner, Charlie Munger. Those, plus Eric’s own extensive practical experience renders Principles of Power to be an extremely useful ‘go-to’ resource, filled with useful, implementable information, sprinkled liberally with memorable quotations from intelligent diverse sources – all apt and worth adding to YOUR leadership lexicon."- John King, co-author of Tribal Leadership 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
13 min
Financial Independence Podcast
Financial Independence Podcast
The Mad Fientist
8 Key Lessons from the Ultralearning Experiment
Last year, I conducted an experiment in Ultralearning that I hoped would help me achieve a lifelong dream of mine of writing and releasing an album. I’m happy to say it was far more successful than I ever imagined it would be! As I mentioned in the initial Ultralearning podcast episode, the hope for the 3-month experiment was that it would accelerate my progress towards my goal and make the process more enjoyable. Well, it did all that and more… I ended up finishing a song during that 3-month experiment and I can’t believe it but I just released that single today! Not only did I write a song during the experiment, I continued writing music since then and I now have enough material for an album! Never in my wildest dreams would I have thought this experiment would help me make so much progress but it has! In today’s podcast episode, I go through everything I learned and explain why the Ultralearning Experiment helped me push past the self-doubt and self-destructive habits that have plagued me in the past. I also describe the new routines the experiment helped me develop and why those new habits have allowed me accomplish more than I ever have before! Highlights * How to get your brain ready (and why it’s essential for making progress) * The best way to make developing new habits easier * What you should focus on and why * How to be original and creative * Why you should make your project “real” (even if it makes you feel silly) * When it’s worth spending more money instead of less * Why you should expect to encounter the “gap” and how to get over it
39 min
More episodes
Clear search
Close search
Google apps
Main menu