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. Alex Barrow is the Co-Founder and Cheif Market Strategist at Macro-Ops.com. Alex joined the US Marine Corps on his 18th birthday just one month after the 9/11 terrorist attacks. He subsequently spent a decade in the military. Serving in various capacities from scout sniper to interrogator and counterintelligence specialist. Following his military service, he worked as a contract intelligence professional for a number of US agencies (from the DIA to FBI) with a focus on counterintelligence and terrorist financing. He also spent time consulting for a tech company that specialized in building analytic software for finance and intelligence analysis. After leaving the field of intelligence he went to work at a global macro hedge fund. He's been professionally involved in markets since 2005, has consulted with a number of the leading names in the hedge fund space, and now manages his own family office while running Macro Ops. He's published over 300 white papers on complex financial and macroeconomic topics, writes regularly about investment/market trends, and frequently speaks at conferences on trading and investing. This conversation spanned EVERYTHING from Alex's time at the Marines to his days as a bodyguard for Brittney Spears. We even managed to fit in some market discussions and our 2020 Macro Ops Portfolio Performance.  Here's the time-stamp:  [5:34] Cold Calling Jack Schwager [14:32] Working at Bridgewater [23:13] How Alex Became A Bodyguard For A Gem Dealer [33:13] Lessons Learned From Losing $100K+  [47:58] Transparency in The Newsletter Business [57:56] When Does Cloning Go Too Far?  [67:13] Alex's Biggest Errors of 2020 [78:56] Aligning Micro With Macro [80:04] What We Did Right & Wrong in The Portfolio [86:26] Closing Questions If you like what you heard, check us out over at Macro-Ops.com. And make sure to follow Alex on Twitter @MacroOps --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

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. Yaron Naymark is the founder and portfolio manager of 1 Main Capital. On his website, Yaron "makes concentrated investments in high-quality reasonably valued businesses with long reinvestment runways and in special situations that are experiencing a temporary dislocation or undergoing an element of change that will cause investors to revalue an investment in the near term." This week we dive deep into a few specific companies:  KKR RCI Hospitality (RICK)  Mastercraft (MCFT) Malibu Boating (MBUU)  We also discuss the two latest minority shareholder sagas penetrating the FinTwit universe:  Collectors Universe (CLCT) Enlabs, Inc. (NLAB) I also enjoyed our conversation on position sizing, risk management, and how to analyze errors of omission. Then we ended the podcast dreaming about having dinner with the one and only, Bill Gates.  Here's the time-stamp:  1:09 - Yaron’s Background 11:18 - Selling Too Early: Xpel, Inc. 27:07 - Robinhood/FinTwit Traders 37:43 - CLCT & NLAB Buyout Hysteria 51:42 - The RCI Bull Thesis 62: 51 - The Future of RICK 74:35 - Water Sports (MBUU, MCFT) 81:33 - COVID & Boating Thesis 86:37 - KKR Bull Thesis 98:19 - Closing Questions If you like Yaron's philosophy on investing and want to learn more, you can find more information here:  Yaron's Twitter 1 Main Capital Website --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

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. Lawrence Hamtil is a sixteen-year veteran of the financial services industry, having served clients in all aspects of the business during his career, which started in 2002. In 2005, he joined Dennis Wallace of Fortune Financial Services, LLC, becoming, at the time, one of Multi-Financial Securities, Inc’s youngest registered representatives. We spend our time discussing six industries ESG investors love to hate: tobacco, railroads, defense, waste disposal, airports and specialty chemicals. We also chat about virtue signaling, brand building, and weightlifting.  If you like what you hear, please give Lawrence a follow on Twitter @lhamtil.  Here's the time-stamp:  [0:00] Intro questions [12:35] Quality Tilt To Moat Businesses [21:22] Six Types of Durable Moat Industries [28:46] International Investing Approach [40:14] Railroads [49:11] Ark Invest's Bad Ideas Report [51:53] Get Rich Slowly  [64:09] Craft Breweries & Brand Disruption [75:32] Barbell Portfolio [81:18] Bitcoin & Speculative Investments --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

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. Michael Batnick is the author of Irrelevant Investor, Director of Research at Ritholz Wealth Management, and co-host of the Animal Spirits Podcast with Ben Carlson.  Michael is one of the most prolific finance thinkers on Twitter and often provides high-quality, comedic insight into myriad financial topics. I had a blast chatting with Michael and cannot wait to bring you our conversation. We start by discussing favorite finance/non-finance movies, while I reveal how little I've actually seen.  From there we dive into the craziness in the IPO and SPAC IPO markets and see where the Animal Spirits hide in the market. After that we discuss the ever-challenging topic of "when to sell". You're going to love Michael's answer to this by the way.  Finally we wrap up with Michael's thoughts on various investment strategies for beginners/amateurs and why its helpful to think of markets like golf.  Here's the time-stamp:  [0:00] The best movies [6:40] IPO Mania? [19:00] SPACs [30:00] When to Sell? [38:00] Investment Strategies for the Average Investor [49:00]More from Michael Batnick and Closing Questions If you want more Michael Batnick content, check out these links:  Michael's Twitter Animal Spirits Podcast Irrelevant Investor Blog --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

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. Shomik Ghosh is a principal at Boldstart VC by day and resident Enterprise Software savant by night. Shomik's job at Boldstart VC is to find and become Day One partners with passionate, technical Enterprise Founders. This means Shomik spends all his time thinking, analyzing, and valuing enterprise software businesses.  Our conversation dives deep into the world of Enterprise Software. More importantly, Shomik takes us on a journey through his slide deck "Framework For Evaluating Enterprise Software Companies". This is one of those podcasts you'll want to listen to twice. Shomik breaks down competitive advantages, favorite stacks within Enterprise Software, as well as rebuking common myths investors believe about the space.  Here are the show-notes:  [0:00] Who is Shomik? [6:00] The Importance of Founders [10:00] Differences between Investing in the Private Markets and Public Markets [16:00] 6 Steps for Evaluating Enterprise Software Companies. [20:00] What is Alignment of Cost Structures? [27:00] The Importance of Switching Costs [45:00] Distribution in Software Companies [53:00] Security as Enterprise Software [1:03:00] Exciting Areas in the Enterprise Software Industry [1:13:00] More from Shomik and Closing Questions If you like what you heard from Shomik, check him out on Twitter @shomikghosh21 --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

Jamie Catherwood is a Client Portfolio Associate at O’Shaughnessy Asset Management. He’s also the founder of Investor Amnesia. Investor Amnesia is passionate about bringing the world of financial history to life. Jamie’s passion for history started at an early age, and in his eyes, is a family affair. His father loves history. And his uncle was a historian by trade. Jamie provides a weekly read for subscribers every Sunday filled with financial history literature, stories of human psychology and bubbles gone by. From reading Jamie’s content one thing is certain: markets change, humans dont. Our broad-ranging conversation dives into the history of railroad stocks, Cicero the value investor, and Jamie’s latest research course. Check out the time-stamp below: [0:00] Who is Jamie Catherwood? [18:00] The First Value Investor [25:00] History of Railroad Stocks [39:00] Are Tobacco and Energy Stocks the Railroad Stocks of Today? [40:00] Investing Across Different Countries and Time. [50:00] Investor Amnesia: Bubbles, Manias & Fraud [1:02:00] More from Jamie and Closing Questions If you liked what you heard and are interested in learning more about Jamie, check out these resources: Jamie’s Twitter Investor Amnesia Investor Amnesia Course --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

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. Packy McCormick is the founder and creator of The Not Boring Newsletter and Not Boring Syndicate. What started as a COVID side-hustle quickly spiraled into a full-time job and never-ending passion. After graduating from Duke, Packy went to work as an investment banking associate at Bank of America Merrill Lynch. From there he joined a start-up, Breather, and became VP of Experience.  Today Packy writes a weekly newsletter for thousands of technology investors, thinkers and entrepreneurs. And he's loving every bit of it.  I’m a huge fan of Packy’s writing and he’s quickly becoming one of my favorite reads on the internet. Our wide-ranging conversation dives deep into Packy’s writing and research process, how Packy creates new frameworks from old ideas, lessons learned from David Perrell’s writing course, emerging markets and his pitch on FEMSA. We end our conversation with Packy’s plans for the future of Not Boring, and which President he’d like to shoot hoops with. If you liked what you heard, please check out Packy at the following links:  Packy's Twitter Not Boring Newsletter Not Boring Syndicate Mainstreet.us I want to thank Packy again for coming on the show. I know we'll have him on again soon! --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

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. Brett Winton is the Head of Research at Ark Investment Management. Winton manages a team of analysts and helps forecast disruptive technologies. If that sounds like a hard job, it's because it is. And Brett will be the first to tell you that.  I learned so much from this conversation and I couldn't wait to share it with you.  Brett and I discuss all things innovative disruption, growth investing, venture capital and how Brett thinks about valuing these high growth names. We also touch on Tesla (TSLA) and what Ark went through when they released their open source valuation model on the company in 2018. We finished our chat discussing ways Brett's improved over the year and what he wants to improve on in 2021.  Here's the time-stamp of the podcast:  [2:42] Brett's Early Days Working With Cathy Wood [11:48] Forecasts and Embedded Price Expectations [24:23] Deep Value Investments in Technology  [40:35] Why You Need A Unique Perspective To Succeed [52:10] The Rapid Acceleration of Technological Improvement [1:01:23] Neural Networks [1:11:03] Closing Questions  If you liked what you heard from Brett, please give him a follow on Twitter @wintonARK. While you're at it, check out Ark Investment's website. They have a ton of great white-papers that make for excellent weekend reads.  Thanks again to Brett for coming on the show, you don't know how much it means to me and my listeners.  --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

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 --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

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. Stephen Clapham has one of the most decorated resumes of any guest I've interviewed. He's traveled Europe as an equity analyst. Worked his way up to partnership status at multiple multi-billion dollar hedge funds. And now he runs a website dedicated to training investment analysts in the art of reading financial statements.  Clapham's learned A LOT over his tenure as an investment analyst and coach and he joined the Hive to share his knowledge with us. Along with the podcast, Clapham just finished writing a new book: The Smart Money Method -- which listeners can get for $1.99 on Kindle by the end of this Sunday.  Our conversation spanned myriad topics including:  Working for a Tiger Cub Investing in IPOs How To Plan Your Day As An Investor How To Spot Frauds and more! I thoroughly enjoyed this conversation and look forward to chatting with Stephen again soon. Check out the time-stamp below:  [0:00] Who is Stephen Clapham? [12:00] Working for Hedge Funds? [20:00] IPOs [27:00] Writing a Book [33:00] Planning in the Stock Market [37:30] What is an Easy Idea? [41:30] Horrible Investments [47:06] Shady Accounting [58:00] From the Hedge Fund World to Training Analysts t[1:07:50] More from Stephen Clapham & Closing Questions If you liked listening and want to learn more about Stephen Clapham, check out these links:  Behind The Balance Sheet The Smart Money Method Stephen Clapham Twitter --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

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. There's a theory that the best and smartest analysts on Twitter are anonymous. Our guest this week fits that mold. Mule (@FoolAllTheTime) is a generalist investment analyst with a passion for the semiconductor industry. The conversation covers a wide range of semiconductor topics like Intel as a value trap, a better play than Micron (MU) and why Mule loves Discord.  You can easily tell the passion Mule has for the semis space and its various end-markets. Check out the time-stamp below:  [0:00] What got Mosfet Mule into Semiconductors? [4:00] Moore’s Law is Dead [8:00] Mosfet Mule’s Alpha [10:00] Discord [15:30] Heterogeneous Compute [22:00] CPU, GPU, FPGA, ASIC for AI? [27:30] NVIDIA and ARM [31:00] Google’s TPU [37:00] AI and First Move Advantage  [39:00] INTEL ($INTC) a Value Trap? [48:00] Lam Research ($LRCX)  [57:30] Common Questions about Semiconductors. [1:04:20] Where to find semiconductor ideas? [1:06:00] The CDT Hike [1:08:00] More about Mule [1:10:00] Closing Questions We can't wait to have Mule back on the show and are extremely humbled to host their first-ever podcast appearance.  If you liked this podcast and want to learn more about Mule, check out the following links:  @FoolAllTheTime Twitter Mule's Substack Newsletter --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

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. Richard Chu is an investment analyst at Saga Partners where he seeks to find high-growth, highly asymmetric investment opportunities. How Richard ended up at Saga Partners is anything but traditional. Chu didn't have much investing experience after graduating college. Yet his passion for compounding wealth and knowledge boiled over into his first public investment write-up: Livongo (now, TDOC).  Richard's first write-up caught the eyes of Joe Frankenfield at Saga Partners. This led to a conversation and eventual job for Chu at the firm. Now, Richard spends his time scouring the markets for new ideas.  I loved this conversation as we covered a lot of ground. Our focus was on a few key topics:  GoHealth (GOCO) GoodRx (GDRX) Healthcare Investing UnHealthcare (Book) Here's the time-stamp:  [0:00] Who is Richard Chu? [10:30] Why Healthcare? [13:40] The Journey to Zero to One in Finance [16:50] What is it like working for Saga Partners? [19:40] Go Health ($GOCO) [38:40] Go Health’s Competitors: Walmart [48:40] Go Health’s Valuation [1:02:00] Richard’s Next Ideas [1:13:50] A Day in The Life of Richard Chu [1:16:00] Closing Questions If you'd like to learn more about Richard, check out these links:  Richard's Twitter Richard's Substack Newsletter --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

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. Christopher Seifel is an equity research analyst and runs the newsletter Seifel Capital (link here). Chris is one of the sharpest investors/analysts on Twitter, and it shows. He's quickly grown his Twitter following to over 13K. Chris focuses on high growth companies, portfolio construction and general market commentary. His newsletter articles feature deep dives on new and interesting companies while distilling the thesis down into the 1-3 most important drivers. It's a tremendous skill and something I'm constantly working on.  We spend over an hour discussing Crowdstrike $CRWD (Chris' largest holding), Unity Technology $U (disc: I am a shareholder), the CANSLIM method and how to do deep work analysis on an investment. This is one of those episodes you'll have to hear twice.  Here's the time-stamp for the conversation:  [0:00] Who is Chris Seifel? [3:00] Life’s Inflection Points [6:40]  Growth Investing [10:30] Technicals and Value Investing [14:00] Risk and Portfolio Management [22:00] The Five Rules [36:00] Deep Diving into a Stock [40:00] Generalist vs Specialist [43:00] Crowdstrike ($CRWD) [58:40] BAIT Framework [1:04:00] Crowdstrike’s Risks [1:12:00] DCF: What discount rate to use? [1:14:00]  Chris’ Newsletter [1:31:00] Closing Questions If you want to learn more about Chris and his newsletter, check out the following links:  Chris Seifel Substack Chris Seifel Twitter As always, big thanks to Chris for coming on the show! I already know we'll have him back on in the future. And thanks again to you, the listener for taking the time out of your day to learn alongside us. We can't thank you enough. If you like what we're doing, please leave a rating and review on Apple Podcasts. It helps get the word out about what we're doing here.  ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.** --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

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. Will Thrower is one of the most under-followed investors on Twitter. In fact, his Twitter profile is like the companies he hunts for: undervalued with long runways for growth. Our conversation took us from chicken farms in China to equity trading offices in London. How Will got started in markets is such a fascinating story. It was one blog post, picked up by Bloomberg, that led to a job as an equity analyst.  We spend over an hour discussing how Will finds ideas, the opportunity set in Japan and Australia, and why US investors should think twice before passing over an International business because, "A US competitor can do the same thing." Here's the time-stamp for our chat:  [0:00] The Chicken Farm [5:30] What led you to become an equity researcher? [20:30] The Beenos Thesis (3328.T) [33:20] Questions that You Want Management to Answer. [35:20] An Ideal Investment [40:40] Nano Cap Investments and Competitive Advantages  [54:00] Positioning Sizing [1:01:10] Advance Nano Tek (ASX: $ANO) [1:16:00] More from Will Thrower [1:19:22] Closing Questions If you enjoyed our conversation and want to learn more about Will, check out the following resources:  Will's Twitter  Will's Personal Investment Blog ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.** --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

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. Morgan Housel is a man that needs no introduction. He's a NY Times Bestseller, prolific writer for Collaborative Fund and great conversationalist. I'm still amazed I was able to swindle him into joining the podcast this week. As a writer, I've wanted to chat with him and pick his brain about his writing process, how he thinks about new topics and the power of reading.  Morgan and I spend an hour discussing investment philosophy, the power of writing and what makes a great investment thesis. This was arguably my favorite and most challenging podcast to plan. I struggled with the question, "What do I ask the man that's been asked every question under the sun?"  Well, here's how it turned out:  [0:00] Who is Morgan Housel? [1:32] Most Challenging Parts of Writing a Book. [7:45] Investing Psychology [14:10] Topics that Haven’t Been Written About in WW2 and in Finance. [19:50] Becoming a Writer [28:00] How to Write an Investment Thesis? [30:00] Examples of Good Investment Theses: Dandelion Energy & Beyond Meat [34:00] The Reasons Behind Complex Business Models [39:00] How to Look for Ideas. [45:00] Writing is a Thinking Process. [48:00] How Has Writing Changed Your Life? [50:00] Closing Questions: What Writer Would You Like to Write Your Biography? This episode is a testament to scratching my own itch. Asking questions because I wanted to know the answer, not because I thought it would make for a great podcast. I hope you enjoy this episode as much as I did.  Thanks again to Morgan for coming on the show. If you want to learn more about Morgan, check out the following links:  Morgan Housel on Twitter The Psychology of Money  Collaborative Fund --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

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. Aaron Edelheit is the CEO of Mindset Capital and author of the book, The Hard Break: The Case for a 24/6 Lifestyle. He also runs the newsletter, Mindsetvalue. Aaron's a tried-and-true value investor searching the globe for undervalued businesses. We spend the early portion of the podcast discussing Aaron's early investment philosophy and how he grew his small partnership into $25M.  From there, we talk biggest winners/losers over his investing career and why he wrote The Hard Break.  Finally, we spend the bulk of the conversation diving deep into Nintendo ($NTDOY) and Twitter ($TWTR). Aaron lays out the NTDOY bull case, the bear case and exciting new technologies on the horizon for NTDOY. Aaron also dives into TWTR's bull thesis, the bear thesis and what investors should know about the company's future.  Here's the time-stamp:     [0:00] Who is Aaron and how did you get started in investing? [6:33] What was your style for growing a small sum into 25 million? [7:00] Biggest Winners: ATL Ultrasound [12:00] Biggest Losers? Doesn’t matter how people sound or how they look, you really need to be very skepticism. [17:15] The dangers of overworking and Aaron’s Book “The Hard Break: The Case For The 24/6 Lifestyle” [35:00] Nintendo: A 2013 MSFT? [56:00] Risks for Nintendo [1:01:00] Value investor’s case for Twitter [1:22:00] Besides Nintendo and Twitter where can value be found? (Energy and Lincoln Educational Services) [1:32:00] International Investments: Japan [1:40:00] Closing Thoughts and Questions If you want to learn more about Aaron, check out these links:  Aaron's Twitter Aaron's Newsletter The Hard Break book ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.*** --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

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. Mads Christiansen is a private investor specializing in digital transformation, e-gaming and technology. He freely shares his thoughts and ideas on Twitter and also runs a YouTube channel (both you can find in links below). Mads got his investing capital from his job as a medical practitioner. While working, he parked his money in passive index funds.  As his itch for investing grew, he found himself drawn to e-sports, gaming and digital transformation companies,. These are companies with long secular tailwinds at their backs. To Mads, if you start your fishing trip in the best ponds, you'll end up catching a few big winners. And that's exactly what he's done. A couple of Mads' big winners include Sea, Ltd. (SE) and Gravity (GRVY).  Mads and I chat about poker, investing, bet size, portfolio management and specific investment ideas. Check out the time-stamp below:  [0:00] Who is Mad Christiansen? [4:30] Specialization vs Generalization [8:00] How to develop the specialization skill? [11:00] How to not suffer from FOMO? [13:00] Poker and Investing: $MELI Case [20:00] Gaming and eSports [24:30] Challenges in Analyzing the Gaming Industry [27:30] eSports [30:30] Mads’ Portfolio Picks: $SE and $GRVY [35:00] Valuing $SE [41:00] $GRVY [47:00] Portfolio Construction [49:50] Customer Attention and the importance of it for a Value Investor. [56:00] New Opportunities [57:00] Closing Thoughts [1:00:40] Closing Questions If you liked our conversation, consider following more of Mads' thoughts:  Mads' Twitter Mads' YouTube ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.*** --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

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. ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.*** Abdullah runs the Mostly Borrowed Ideas newsletter and Twitter account. He's one of the sharpest value investors on Twitter and I look forward to his emails every month. Abdullah got his start as an equity analyst and realized he wanted to create his own newsletter and achieve financial freedom. The ability to work anywhere and do what he loves. You can hear his passion in the way he talks about business models, valuation and investing.  We spend the early part of the show discussing Abdullah's background and general investment philosophy. After that, we dive deep into Abdullah's latest research report: Uber (U).  There's a lot of information in this podcast, so you might want to listen twice. Abdullah walks through the bullish thesis, Uber's specific risk points/competitive challenges and valuation. What I loved about Abdullah's research is that he ended the report not bullish on the company.  Pay close attention to his thoughts on valuation and how he backs into it using an Expectations Investing approach.  Here's the time-stamp:  [3:23] Intro Questions [9:13] Why did you start a newsletter ? [16:34] Uber Deep Dive [22:04] Why People Use Uber [28:06] The Troubling Economics of Uber [39:26] Driver & Customer Incentive Structures [42:18] Uber Eats Unit Economics [53:15] The Consumer Disincentive for Uber Eats [63:12] Performance-Based RSU’s [69:34] Closing Questions If you want to learn more about Abdullah and his newsletter, check out the following links:  Mostly Borrowed Ideas Newsletter Mostly Borrowed Ideas Twitter --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

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. ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.*** Aaron Bush is an investor and writer for The Motley Fool. When's he's not researching stocks for The Fool, he's busy working on his other project, Master The Meta, a SubStack dedicated to all things esports and gaming. I've followed Aaron on Twitter and read his work regularly.  I wanted him on the show after reading his 5,000 word essay on Unity Software (U). Aaron's post came days after I published my long Twitter Thread on the company, and I wanted to chat about what he found.  This episode is for those that love deep dives on singular names. We spend nearly the entire podcast discussing Unity's competitive advantages, potential TAM, future growth opportunities, and potential risks to their bull thesis.  We also discuss the Gartner Hype Cycle and where Unity stands on its graph.  Here's the time-stamp:  [1:00] Intro Questions [7:04] What It's Like To Work at The Motley Fool [10:21] Average Day For Aaron [16:01] Unity Software Breakdown [24:05] Unity Take Rate Analysis  [28:19] Gaming First Company [38:02] Measuring Success at Unity  [41:24] Unity Operating Results & Metrics [51:43] The Gartner Hype Cycle [59:01] The Verdict on Unity  If you liked this conversation and want to learn more about Aaron and The Motley Fool, check out these links:  Aaron Bush Twitter Master The Meta SubStack The Motley Fool --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

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. ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.*** Will Hershey is the co-founder and President of Roundhill Investments. He started in the energy space, but luckily moved into eSports and gaming before the energy crash of 2020. Roundhill is an RIA creating thematic ETFs on market-altering trends. Will and I spend an hour discussing what it's like to start an ETF, why Roundhill chose esports and sports betting as thematics and the power of being a thematic expert.  Specifically we dive into the the shift in the indexing business and why weighting by theme (not market cap) is important.  At Macro Ops, we're extremely interested in eSports and gaming. In fact, its one of our core thematics over the next 5-10 years. We're always searching for new investment ideas in this space, and Will's ETF offers the perfect springboard.  Here's the time stamp: [0:30] Intro Questions [9:15] From Energy To eSports [15:05] Unity, Metaverses and The Gaming Industry  [22:12] The Shift in the Index Industry  [27:09] What Does eSports Mean?  [34:45] How To Become an Industry Expert [38:04] CDProjekt (CDR) -- *disclosure: podcast host owns shares in CDR* [42:02] Developing The Sports Betting ETF (BETZ) [50:22] The Guise of Bad Businesses [55:00] Closing Questions If you want to learn more about Will and Roundhill Investments, check out the links below:  Will Hershey Twitter Roundhill Investments Twitter Roundhill Investments Website --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

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. ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.*** Brett Bivens is an investor and researcher at Tech Nexus. He also writes the popular Substack Newsletter, Venture Desktop. I was thrilled to get Brett on the show because I wanted to pick his brain on his most popular articles.  Brett's essays span wide-ranging topics, including:  Bottoms-up investing The Metaverse of healthcare Empowerment Loops Complexity Investing Enablers vs. Growers We spend over an hour discussing these topics and the intricacies of companies like Shopify, Spotify, Facebook and Twitter.  Here's the time-stamp:  [0:31] Intro Questions [3:00] What is TechNexus? [7:00] Brett's Role at TechNexus [11:20] Merits of Bottoms-Up Investing [15:15] Don't Invest In What's Trending [20:23] Complexity Investing [25:43] Metaverse of Healthcare [38:14] Empowerment Loops [47:45] Enablers vs. Growers [55:05] How To Find Underrated Markets [67:10] Examples of Underrated Markets [77:00] Closing Questions If you want to learn more about Brett, check out these links:  Brett's Newsletter Venture Desktop  Brett's Twitter @brettbivens --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

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. ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.*** Gary Mishuris is the managing partner and Chief Investment Officer of Silver Ring Value Partners. After working his way through the Mutual Fund world, Gary founded Silver Ring Value Partners. The Fund utilizes a concentrated intrinsic value approach in seeking to safely compound capital over the long term. Gary is a class-act investor and even better person. I met him in 2019 at the ValueX Vail conference. We played cornhole and I think we won. Our hour-and-a-half conversation covers business valuation, mispricings, investor psychology and how to create a solid investment partnership.  I learned a ton from listening to Gary so I know you will too.  Here's the time-stamp:  [2:54] Lessons From Fidelity [8:15] Managing Billions Out of College [12:45] Gary’s Christmas Eve Nightmare [20:46] Great Businesses Are Rarely Mispriced [27:52] Mutual Funds Don’t Foster Long-Term Investing [32:18] Prioritizing Luxuries of Life (When You Don’t Need More) [39:50] How Gary Structured His Partnership [45:05] Soup-to-Nuts Process: Covetrus (CVET) [59:47] The Key To Position Sizing [63:30] Portfolio At Risk [70:05] Implementing Your Process vs. Judging Performance [79:46] The Power of Quora For Audience Growth [85:25] From Russia To USA, Gary’s Immigrant Story [90:20] Closing Questions If you want to learn more about Gary, check out these resources:  Gary's LinkedIn Profile Behavioral Value Investor Gary's Quora Gary's YouTube Channel --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

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. I couldn't be more excited to partner with TIKR. ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.*** This week I chat with Bobby Kraft of SNN Wire and host of The Planet Micro Cap Podcast. Bobby is a titan in the micro-cap industry. He's recorded over 130 podcast episodes and interviewed thousands of CEOs. The work he's done to bring positive news and information to the micro cap community cannot be understated.  I've wanted to get Bobby on the show for a while. I'm stoked he agreed to do it.  We spend over an hour discussing Bobby's background, what he looks for in an interview with a CEO, and how regular retail investors can gain an edge in interviewing company management. This was one of the most laid-back conversations I've had, and I enjoyed the heck out of it.  Here's the time-stamp for the conversation:  [0:00] Bobby's Journey To SNN & Planet Micro Cap Podcast [6:25] Having Fun in Argentina  [13:18] Bobby's Mentors & Inspirations  [22:36] What Investors Want To Hear From CEOs [27:56] The Power of Strategies & Conviction [35:26] How To Spot Great Managers & Poor Managers [45:17] Actions Speak Louder Than Words (Buybacks) [54:33] Joke About Disclosures on Stocks  [63:07] SNN's New Podcast Network [67:03] What Does Bobby Do Off Camera?  [73:47] Closing Questions If you want more information on Bobby or SNN, check out these links:  Bobby Kraft on Twitter StockNewsNow.com --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

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. I couldn't be more excited to partner with TIKR. ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.*** Brian Feroldi is an investor and writer for the Motley Fool. His main interests involve the healthcare and technology industries. His goal is to buy the highest quality companies he can find, then hold on to let compounding do its thing. We spend an hour discussing his start in investing, biggest mistakes, and the checklist he uses to analyze every investment idea.  Here's the time-stamp:  [0:47] Brian's Intro To Investing [4:43] Writing For The Motley Fool [6:36] Personal Finance & Investment Strategy [10:45] Brian's Biggest Losing Trade ($KMI) [16:34] Creating The Stock System Checklist [22:19] Look For 70s and 80s [25:50] How Brian Analyzes Management [29:32] Adding Glassdoor.com To Research Process [32:01] Mercado Libre $MELI Checklist [49:02] Running $MELI Through The Gauntlet [54:05] Brian's Favorite New Ideas [58:00] Closing Questions If you want to learn more about Brian, check out the links below:  Brian's Motley Fool Articles Investment Checklist Brian's Twitter --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

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. I couldn't be more excited to partner with TIKR. ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.*** My guest this week is Alex Jones. No, not that Alex Jones. Alex is an independent investment consultant working with hedge fund/institutional clients. He started his investing career at Cambridge Associates. After a stint there, he moved into a money manager role for an Endowment. It was here Alex got his first taste in asset management and investment/investor allocation.  From there, he worked as an analyst for author and investor Chris Mayer.  Our conversation dives deep into industrial and cyclical stocks. We cap the discussion with Alex's latest investment idea: Orion Engineered Carbon (OEC). Alex shares what he learned from his 43-page deep dive on the company, and why it might be a great idea over the next 5-7 years.  Here's the time-stamp:  [1:10] Who is Alex Jones & How He Got Started Investing [4:05] What It's Like Being Chris Mayer's Analyst [7:53] Making The Plunge To Independent Research [14:41] Alex's Favorite Accounting Books [20:21] How Alex Finds Stocks [27:05] Why Casual Dining Restaurants Are Terrible Investments [32:54] Why Alex Likes Cyclical, Hairy Businesses [34:26] Deep Dive: Orion Engineered Carbon (OEC) [46:42] Navigating Commodity Risks [54:06] Thinking About Replacement Value [59:01] Specialty Carbon Black Value Proposition [71:15] What Are The Insider Incentives?  [76:09] Valuation Process [83:33] Risks w/ OEC [91:04] Where To Find Alex & Closing Questions If you want to learn more about Alex, check out the links below:  Alex Jones Twitter Porter Street Research Website --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

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. I couldn't be more excited to partner with TIKR. ***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.*** Connor Haley is the founder and managing partner of Alta Fox Capital. If you haven't heard of Connor, here's a few highlights:  Graduated Harvard University  Founded Alta Fox Capital in 2018 and has generated (to date) 40% gross annualized returns #1 Micro Cap Investor on Micro Cap Club Connor is a fantastic investor and great business thinker. He focuses all his attention on the fundamental unit economics of business, as well as what makes for a lasting competitive advantage.  He fishes in overlooked areas (small-micro cap stocks) and routinely hunts overseas in search of attractive IRRs.  We spend an hour diving into the nuances of business fundamentals, unit economics and why Connor rarely does a DCF model.  Here's the time-stamp:  [1:36] Intro Questions [7:12] Traditional Education & Self-Taught Investors [13:36] Lessons From The Best Chess Players [17:21] Skewed Institutional Incentives [19:56] Top-Ranked Micro Cap Club Member [22:17] Connor's 3-Pronged Strategy During COVID [27:17] Understanding How Competitors Compete [28:41] The Power of Unit Economic Analysis [34:44] Asking Questions Like An Owner [39:52] Stop Worrying About P/E Ratios [47:11] 3-5 Year Time Horizons & Multiples [51:35] Connor's Q2 Letter & Highlights [55:05] Don't Focus on the Market Narrative [59:47] Looking International For Ideas [60:00] Closing Questions If you're interested in learning more about Connor and Alta Fox, check out the following links:  Connor's Twitter Alta Fox Capital Website --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

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. I couldn't be more excited to partner with TIKR. Our guest this week is Gautam Baid, author of The Joys of Compounding.  Gautam Baid, CFA, is portfolio manager at an SEC-registered investment advisor based in Salt Lake City, Utah. Previously, he served at the Mumbai, London, and Hong Kong offices of Citigroup and Deutsche Bank as senior analyst in their healthcare investment banking teams. Baid is a CFA charterholder and member of CFA Institute, and in 2018 and 2019, he was profiled in Morningstar's Learn From The Masters series.  During our chat we discuss passion, flexible thinking, why P/E ratios aren't everything and more! Here's the time-stamp:  [1:02] How Gautam Got Started in Investing [7:30] Gautam's First Role as Portfolio Manager [8:45] Resilience & Persistance as a Superpower  [14:01] Writing The Joys of Compounding [20:48] The Feynman Technique of Learning [22:45] Using The Feynman Technique for New Stocks [31:25] There's More To Stocks Than P/E Ratios [39:05] The Moat Erosion of Brand-Name Stocks [46:10] Why You Should Journal  [51:05] Investor Biases & How To Tell if You're Wrong [61:21] Insatiable Curiosity  [64:57] Closing Questions Want to learn more about Gautam? Check out these resources:  Website Twitter --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

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. I couldn't be more excited to partner with TIKR. I use it every single day. Alright, back to the podcast.  Turner Novak is a venture capitalist and partner at Gelt VC. Turner came from a single-parent, low-income household and worked his way to becoming one of the more popular venture capital thinkers on Twitter today. Through hard work and sharing his thoughts online, Turner began finding his venture voice.  But it wasn't until Turner created his Fantasy VC portfolio that he got past the hurdle of people taking him seriously.  Turner and I chat about strategies as a venture capital, how VC is different from public markets, key man risk and attaching numbers to narratives in valuation.  Here's the topic timestamps:  [1:11] How Tuner Got Started in Venture [6:40] Strategies as a Venture Capitalist [13:50] How VC Is Different From Public Markets [25:50] Elon Musk & Key Man Risk [27:15] Turner's Fantasy Portfolio & How He Found His Fantasy Investments [36:20] Attaching Numbers To Narratives [46:00] Child-Care as An Attractive Industry [51:32] Three Industries Turner's Excited About [57:00] Building Businesses Off Existing Platforms [60:05] Closing Questions If you like what you heard from Turner, make sure to follow him on Twitter @TurnerNovak. Also, make sure to subscribe to his Substack newsletter (here). Finally, find out what Turner's doing over at Gelt VC.  --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

[REPLAY NOTE]: Due to scheduling and travel I was not able to get a new podcast to you this week. I apologize and do not expect something like this to happen again. I chose Cliff's episode for a replay because it is one of my favorites, and also one of my first. New listeners will learn so much from Cliff's thoughts. Thank you for your support! Clifford Sosin runs CAS Investment Partners. The fund is a value oriented partnership focusing on investing in great businesses at discounted prices to their future value. Cliff discusses his early days at UBS, the genius of the bankruptcy system, how he finds ideas and mental models. Cliff also reveals how to fix the banking system as we know it. The conversation covers a wide array of topics and was one of our longer episodes. I hope you find Cliff's insights as interesting as I did. Make sure you follow him on Twitter @CliffordSosin Also, if you're interested in his co-authored white-paper on global banking, check it out here. --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. Keith Smith is the portfolio manager of Bonhoeffer Capital. Bonhoeffer is a global-oriented fund focused on finding compound mispricings across the capital structure. The fund looks for misunderstood businesses and poke around unconventional fishing holes on their quest for alpha generation.  Keith joins the show to discuss his investment process, local scale economies and finding hidden opportunities across the globe.  If you want to learn more about Keith, follow him on Twitter @Bonhoeffer_KDS. You can also check out his website here.  Here's the show outline:  [1:33] Intro and Background on Keith [6:05] Viewing Your Job as An Asset w/ Recurring Revenue [13:03] What Keith's Investment s Looked Like in 1990s [34:05] Why Keith Invests Across The Globe [46:19] Investing in South Africa [49:50] Compound Mispricings [59:34] Investing in Businesses w/ Local Economies of Scale [66:32] The Power of Wegman's  [67:03] Bringing Local Economies To The Internet Economy [76:13] Win-Win Investment Opportunities [88:37] How Keith Finds Incentive Structures [95:34] Fallibility & Changing Investment Models [102:32] Closing Questions If you like what we're doing, please subscribe and give us a rating on Apple Podcasts, or wherever you listen to this podcast.  --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. We're stoked to bring you this week's guest: Tobias Carlisle. Tobias is a Renaissance man in the investing community. He's written four books, captains two podcasts and runs two ETFs. Along with that he's a husband and a father to a beautiful family.  Tobias is usually on the other end of these interviews.  We chat about ETFs, daily routines, Berkshire Hathaway, asking better questions and more! Here's the show outline:  [2:12] Tobias' Daily Routine [4:01] The ZIG ETF [9:21] Accounting For Negative FCF [13:06] Trusting The Process During Uncertainty [16:02] Hertz $HTZ [18:22] CNBC and Buying Mentality  [22:07] Randomness in Investing [24:05] Why Tobi Started an ETF [31:19] That Time Tobi Toured Google [39:35] Don't Watch The Market [40:31] What is Tobias' Edge? [45:41] Developing a Mental Edge [50:28] Tobi's Mt. Rushmore of Podcast Guests [54:40] The Trouble w/ Paying For Growth [59:51] Closing Questions If you want to check out Tobi's book, click the links below:  Deep Value The Acquirer's Multiple Concentrated Investing Quantitative Value Also, check out Tobias on Twitter here and his website here.  --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. Our 30th episode was one of the most esoteric conversations yet. This week, I had the pleasure of chatting with Ryan Doherty. Ryan was a former professional baseball pitcher (and at one point, the tallest professional player ever) turned professional volleyball player.  Ryan went from never playing volleyball to beating gold medalist team Phil Dalhausser and Todd Rogers.  We spend over an hour discussing passion, competition, mental edge and process improvement. I had a blast.  Here's the outline:  [1:30] Who is Ryan Doherty [7:19] Meeting Hall of Famer Randy Johnson [10:58] Ryan’s Dark Days & Identity Crisis [20:29] Leaving For CA w/ $5K and Nothing Else [26:29] Burnout & Losing The Love of The Game [29:55] The Pressure of Being The Weak Link [34:32] Lessons from Traveling >20 Countries [40:55] Ryan’s Start in Investing [46:26] How Ryan’s Investment Philosophy Changed [50:05] 2020 Doesn’t Look Like The CFA Exams [54:54] Competitiveness as an Edge [57:41] How To Keep Your Ego in Check [65:00] Figure Out What You’re Working On [68:00] Progression Through Self-Reflection [71:10] How To Track Your Investment Progress [74:35] Learning Python for Software Investing [78:10] Closing Questions If you want to learn more about Ryan, follow him on Twitter @ryandoherty47 Also, if you want to learn more about Python for Investing, check out Quantopian.  --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. Richard Howe joins the Hive for the second time! It's our first guest with a second appearance and we're stoked to bring you this conversation.  This episode is IDEA HEAVY and features 5-6 new spin-off ideas for you to research, study and add to your watchlist. Rich dives deep into the following spin-offs:  Otis Worldwide (OTIS) Carrier (CARR) Ecolab (ECL) Madison Square Garden Entertainment (MSGE) IAC/Interactive (IAC) Match Group (MTCH) Kontoor Brands (KTB) Howmet Aerospace (HWM) We also discuss shorting micro-cap stocks, Rich's friends asking for stock gambles and how Rich finds interesting, low-risk arbitrage situations in the markets.  Here's the show outline:  3:25 - Recent Spin-offs (MSGE, OTIS, CARR, ECO) 5:14 - MSGE Bull Thesis 11:24 - How To Capitalize Lease Payments 17:40 - MSGE Pre-Mortum 22:03 - Otis Worldwide (OTIS) 24:25 - Carrier (CARR) 30:00 - Normalizing Cyclical Earnings 34:35 - Ecolab Spin-off Arbitrage 45:54 - Howmet Aerospace (HWM) 52:30 - IAC/Interactive & Match Group (MTCH) 68:11 - Front-Running an ETF with Kontoor Brands (KTB) 76:10 - Shorting Micro-Cap Stocks (ZOOM) 83: 45 - Position-Sizing Shorts 88:25 - When Your Friends Ask For Stock Gambles 91:00 - Closing Questions As always, thanks so much for listening! If you like what we're doing, please subscribe and leave a rating and review wherever you're listening. It goes a long way.  If you're interested in Rich's premium service, click here and use the code "Macroops" for a 25% discount. Make sure to follow Rich on Twitter @Stockspinoffss --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive.  This week we chat with Brad Hathaway, managing partner of Far View Capital. Far View Capital invests around the globe on the hunt for special situations. Brad graduated from Yale University with a Political Science degree and quickly found his way to the hedge fund/private equity world.  After honing his skills, Brad set off to start Far View Capital Management (website here). I loved this conversation. You can tell Brad bleeds Investing, business and continual learning.  Here's the show outline:  [4:08] When Brad's Investment Passion Clicked [11:56] Taking The Leap & Starting Far View Capital  [17:04] Personal Psychology As A Differentiator  [23:20] Examples of Early Wins & Early Losses [31:05] Keyword-Based Searching To Find Ideas [38:10] Understanding The Few Key Variables [47:43] The Value of Depth vs. Breadth [53:45] Arrogance vs. Humility  [70:10] Why Is This Being Sold?  [77:54] Global Spin-offs Are Great Hunting Grounds [81:11] US Frameworks on Non-US Companies [90:36] How Brad Likes To Short [95:10] Spending Time Away From Screens [104:05] Who Can Find Brad Hathaway on Twitter! [105:25] Closing Questions Big thanks again to Brad for coming on the show!  Also, check out Broadview's Investor letter (and reference to Samurai scoring) here. If you find Brad's Twitter handle please email me [email protected] for verification. I will personally send you the book You Can Be A Stock Market Genius.  Make sure to check out Far View Capital's website here.  --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive Today's guest is Jeremy Raper. Jeremy runs RaperCapital.com and recently launched a premium investment research service.  Jeremy looks at public markets through the eyes of a credit analyst. This gives him a unique perception on markets, companies and capital structure situations. He's not afraid to invest all along the capital structure, and often writes about unique long/short bond opportunities.  Before launching his premium research service, Jeremy worked over a decade on both the buy and sell side research departments. He even spent time in Japan doing equity/credit analysis.  During our chat we talk about Jeremy's investment process, the edges gained while living/working in Japan, how he finds ideas and how he thinks about valuation/risk.  Here's the podcast outline:  [1:10] - Lessons From Playing Tennis [3:00] How Jeremy Got Started In Markets [6:15] Lessons From The Buy & Sell Side [8:35] Jeremy's First Taste in Credit Instruments [26:00] Jeremy's Four Pillars of Investing [32:12] Portfolio Construction and Allocation [35:24] How To Extract Value From Net Nets [39:51] The Pendulum of Shareholder vs. Customer Focus [43:42] Returns ON Capital vs. Return OF Capital  [56:00] How To Avoid Value Traps [60:00] Sustainable Free Cash Flow Definitions [69:00] Jeremy's Three Buckets of Idea  [74:28] How To Prioritize New Investment Ideas [80:00] Kill Your Ideas Quickly [84:33] If The Price Is Right, Look Deeper (CLMT) [93:18] Real-Time Example of Credit Analysis (361 Degrees) [105:46] Finding The Main Drivers of an Investment [108:19] Raper Capital Premium -- What To Expect  [118:28] Closing Questions If you want to learn more about Jeremy's research, head over to his site RaperCapital.com. Also make sure to follow him on Twitter @puppyeh1 --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive This week we chat with Michael Girdley. Michael's list of accomplishments and ventures would take up the rest of this description! In short, he loves building businesses and creating products that resonate with customers.  He's the founder of Geekdom Fund, CodeUp and his newly launched fund, Dura Software.  The conversation covers all things venture capital, start-up business, as well as Michael's personal background and passions. We also discuss the types of companies Michael looks to invest in, as well as pitfalls of traditional value-based investment strategies.  Here's the outline:  [2:00] Michael's Early Interest in Computers [7:00] Working For The Family Fireworks Business [16:00] The Struggle with Delayed Feedback in Business & Investing [26:00] Michael's CodeUp Start-up Story [31:00] The Power of A Fully Refundable Education [35:00] Creating Stories Through Brands [37:51] Net Promoter Score & Why It Matters [53:00] What Did & Didn't Work at Geekdom Fund [55:00] What Michael Looks For In Investments [67:00] Zoom & Shopify's Valuation [77:00] The Transition from Geekdom to Dura Software [90:00] Why Value Screens Remove Great, Venture-Like Companies [97:00] Michaels Favorite Books of 2019  [107:00] Closing Questions  If you enjoyed this conversation and want to learn more about Michael, give him a follow on Twitter here.  Also, if you or someone you know is interested in selling their software business, check out Dura Software.  --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive Can't believe we've made it 25 episodes!  We couldn't have done it without our AMAZING followers and guests. I know everyone likes to say that, but it's true. You, our listeners don't download episodes to hear my endless drivel. And you, our guests, don't come on the show without knowing your voice will be heard.  We're creating a tremendous flywheel and we're just getting started! This week we feature our conversation with Kirk Du Plessis, founder of OptionAlpha.com.  Kirk started OptionAlpha.com as a personal blog to track his option trading education. From there, he's turned the site into the resource for options education. OptionAlpha has over 200K email subscribers and they're doing really cool things in the coming years (which we talk about).  Our conversation covers all things options, personal life, successes, struggles and finding what works for you.  Here's the outline:  [1:54] Who is Kirk Du Plessis [5:30] What Kirk Learned From His Days as a REIT Analyst [10:32] Kirk’s First Taste of Options Trading [15:30] How Kirk Started OptionAlpha.com [16:35] Screw Emails, Just Make Some Content [21:00] How Kirk’s Strategy Has Changed Over The Years [30:46] Getting Into The Nitty Gritty of Options Trading [31:21] The Biggest Misconceptions About Options Trading [38:39] What COVID Has Done To The Options Market [49:00] Don’t Fight The Losses [53:20] Using Options To Create Insurance Float [58:00] Soup-to-Nuts Example of Creating Float [74:00] Finding Your Sweet Spot [79:00] Integrating OptionAlpha with Brokers [87:00] How To Automate Options Trading [96:00] Closing Questions If you like what we're doing, please leave a rating and review on Apple Podcasts.  Also, make sure to follow Kirk and OptionAlpha on Twitter! --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

I'm thrilled to bring you Episode 24, my chat with Harris Kupperman (aka Kuppy) of Praetorian Capital. Kuppy is known for his views on all things tankers and shipping stocks.  But he's more than that. Way more than that. Our conversation dives deep into Kuppy's overall investment philosophy, how he stumbled upon investing, his love for travel and some crazy adventure stories.  If you're looking for the latest opinion on tankers, this isn't your podcast. But if you're looking for actionable, timeless investment thought and wisdom, you're in the right place.  Here's the podcast outline:  [0:00 - 4:00] Kuppy's First Dip in The Stock Market [5:00 - 10:00] Charts and Value Investing [11:00 - 20:00] Downside Protection & Why People Love Cheap [25:00 - 32:00] An Example of Kuppy's Investment Process [33:00 - 39:00] How Kuppy Thinks About Valuation [40:00 - 46:00] Breathe-Right Example [47:00 - 50:00] Cap-Ex Disguises Earnings Power [51:00 - 54:00] Operating Leverage  [55:00 - 58:00] Kuppy's Ideal Investment Situations [60:00 - 65:00] The Importance of Gut Feeling [66:00 - 76:00] Investing in Frontier Markets [77:00 - end] Kuppy's Travel Adventures If you like what we're doing, please leave a rating and review on Apple Podcasts! Also, if you want to learn more about Kuppy, check him out on Twitter @hkuppy --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

Today's guest is Bill Brewster. Bill is the founder and portfolio manager of Sullimar Capital Group.  I'm excited to share our conversation as Bill's quickly becoming one of my favorite investment thinkers. I found him on Twitter, and after following his tweets and blog, I reached out asking him to come on the show.  During the conversation, we talk baseball, Charlie Munger, airlines and travel and everything in between.  Here's the timeline:  [0:00 - 6:00] Who is Bill Brewster? [7:00 - 10:00] How Bill's Investment Style Has Changed [11:00 - 19:00] Thinking About CEO Pay  [20:00 - 27:00] The Power of Surviving [28:00 - 37:00] Lessons From Bill's Mistakes [38:00 - 44:00] RH & Bill's Investment Process [46:00 - 55:00] How Bill Thinks About Valuation [56:00 - 60:00] Capital Accounts Blog Post [61:00 - 72:00] Incremental Free Cash Flow & Industry Analysis [73:00 - End] Airline Industries & What Bill Would Tell Young Investors Make sure you follow Bill on Twitter. His handle is @BillBrewsterSCG You can also follow his blog at https://sullimarcapital.group/ --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

Episode 22 is live! This week we've got George Livadas on the show. George is the founder and portfolio manager of Upslope Capital. George graduated with a Russian degree, but found his way into investment banking at Citigroup. He worked in IB covering the brokerage and can producer industries (to name a couple).  George loves investing, but he didn't start out like many traditional value investors. He didn't read Buffett's letter, he didn't read Graham's doctrine. He developed a passion for investing by learning about business.  George founded Upslope Capital to invest his own way -- a differentiated way. George employs a long and short strategy at Upslope. He prefers to hunt in the mid-cap space for ideas, and has a soft-spot for boring, unloved businesses.  Here's what we cover in the conversation:  [0:00 - 5:00] Who is George Livadas [6:00 - 11:00] What Works For George in Investing [12:00 - 17:00] Why Mid-Caps & The Power of Simplicity  [18:00 - 22:00] What Makes A Good Investment?  [23:00 - 30:00] From Idea Generation To Investment  [31:00 - 42:00] George's Investment Process  [43:00 - 49:00] George's Thoughts on Shorting [50:00 - 55:00] Corporate Governance & COKE [56:00 - 60:00] Knowing Yourself & Being Wrong [63:00 - End] Concluding Questions If you want to learn more about George, check out these links:  Upslope Capital Website: https://www.upslopecapital.com/ George Livadas Twitter: https://twitter.com/UpslopeCapital Also, if you're interested in the McKinsey Book on Valuation: https://amzn.to/2VTqHcK --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

Excited to share Episode 21 with y'all!  What better time to have a turnaround expert on the show, right?  Jeff Sands is a 3x winner of the Turnaround Of The Year award (2017-2019), and he's got a good shot at 2020. He spent his early career working in his family business. When outside pressures rattled the company, Jeff realized two things: a) the importance of cash and b) that nobody taught him how to manage this crisis.  Jeff's passion is turning around troubled businesses, and he's one of the best in the world at it.  During our chat, we discuss:  [0:00 - 9:00] Introduction and Background [10:00 - 13:00] Why Stubbornness Is Death in Turnarounds [14:00-20:00] Jeff's Tools For Turnarounds [21:00-27:00] Why Jeff Doesn't Look at The P&L [28:00-30:00] First Steps in Any Turnaround [31:00-34:00] How To Coach A Bank [35:00-41:00] Founding Dorset Partners [42:00-56:00] Real World Turnaround Examples [57:00-59:00] How To Identify A Core Business [60:00-66:00] Jeff's Failures in Turnarounds [67:00-69:00] How To Spot Failed Turnarounds in Public Companies [70:00-end] Concluding Questions If you want to learn more about Jeff (and his book), check out these links:  Jeff's Twitter Jeff's Book Dorset Partners website If you like what we're doing, please leave us a rating and review on Apple Podcasts.   --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

We've made it to a huge milestone: 20 podcast episodes.  We couldn't have done it without you, our listener base. Y'all keep the lights on and help spread the word about what we're doing. For our 20th episode, we chat with Brent Beshore, CEO and Founder of Permanent Equity.  We're living in unprecedented times. COVID-19 is wreaking havoc on our day-to-day lives. It's shutting down businesses and entire economies. We don't know when we'll return to "normal". And when we do, we don't know what that new "normal" will look like.  In this episode I ask Brent to flesh out some of his latest essay pieces on mental models, cutting expenses and the new normal for life and business.  Here's the podcast timeline:  [0:00 - 6:00] Introduction [7:00 - 18:00] Cutting Fat, Muscle and Bone [20:00 - 30:00] Intricate Challenges Small Businesses Face [35:00 - 42:00] Capitalism & Eminent Domain [43:00 - 47:00] Permanent Equity's Safe Harbor [57:00 - 59:00] The Benefits of In-Person Meetings [60:00 - 65:00] The V-Bottom Reversal is Dead [66:00 - 70:00] Faith & Getting Back To What Matters [71:00 - End] How Brent Structures His Day If you like what we're doing with the podcast, please leave a rating and review on Apple Podcasts.  Also, check out our free, weekly investing newsletter. We deliver actionable value investing content straight to your inbox. Every Wednesday. For Free. Forever.  --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

Episode 19 is here! I'm excited to bring y'all my conversation with Alex (aka, The Science of Hitting). Alex is a both a writer and investor. When he's not thinking about which businesses to buy, he's writing about them on GuruFocus.  Alex has over 600 blog posts on GuruFocus to date, a feat few others can claim. I've enjoyed Alex's content for years and getting the chance to chat with him about investing was a blast.  Here's what we cover:  [0:00 - 6:00] Introduction [7:00 - 14:00] Quality vs. Price [15:00 - 23:00] TSOH's Investment Process (Soup to nuts) [24:00 - 40:00] Can you pay too much for a quality business? [42:00 - 57:00] Lessons Learned From 600+ Blog Posts [60:07 - 70:00] Charles Schwab (SCHW) and Match (MTCH) [71:00 - end] Short-term volatility and closing questions I had a blast recording this podcast. I learned a ton and I know you will too.  Do yourself a favor and follow TSOH on Twitter @TSOH_Investing. You can also check out his articles on GuruFocus here.  Also, if you love the podcast, consider subscribing to our free, weekly value investing newsletter: The Value Hive.  --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

Better late than never, right?  On Episode 18 of the Value Hive Podcast I chat with Fil Zucchi. Fil is an independent options trader and former bankruptcy lawyer. I first met Fil at last years ValueX Vail Investors Conference.  Fil brings a unique look to equity and credit markets. He expresses his thoughts and opinions through options trading. He's a market veteran with over 30 years of experience.  Here's the crazy part: in 30 years of trading, Fil's never seen markets like the one we're in now.  We dive deep into options trading, balance sheets, bond markets and what to look for in troubled companies. Fil provides insight into why credit markets lead equity markets, and how equity investors can leverage bond markets to gain additional insight.  Podcast Timeline:  [0:00-5:00] Introduction and Background [6:00-11:00] Why Credit Leads Equity  [12:00-20:00] Understanding Capital Flows in Credit Markets [21:00-26:00] Current State of the Credit Markets [27:00-38:00] Deep Dive into Options Trading [39:00-49:00] LEAPS & Using Options on Value Stocks [50:00-58:00] Lessons Learned From Best & Worst Options Trades [59:00 - 109:00] Why Equity Investors Should Follow Bond Markets [110:00 - 113:00] Lessons Learned from Days as Bankruptcy Lawyer [end] Concluding Thoughts & Last Question If you want to learn more about Fil, or follow his thoughts, check him out on Twitter @FZucchi Thanks for listening. If you like what we're doing, please leave us a rating and review on Apple Podcasts.  --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

Chris Mayer is an author and fund manager. He's written three books and in 2018, started managing Woodlock House Family Capital.  Many investors have heard of Chris' name from his (now cult-following phenomenon) book, 100-Baggers. In that book, Chris dives into common characteristics of companies that returned 100-to-1 for their investors. Some of those characteristics include:  Revenue and earnings growth Founder-led or owner-operator at the helm Tremendous drawdowns in share price During the podcast, we chat about the following topics:  What Chris wished he knew when he started investing  Why Chris prefers owner-operators What gives Chris his edge in the markets What are shared qualities of some of Chris' biggest winners Why Chris loves markets and investing and more! If you're interested in learning more about Chris, check out his books:  100 Baggers World Right Side Up: Investing Across Six Continents How Do You Know?: A Guide to Clear Thinking About Wall Street, Investing & Life Invest Like a Dealmaker: Secrets from a Former Banking Insider Also you can find him on Twitter and his blog.  Podcast Time-line:  [0:00-10:00] What Chris Wish He Knew When He Started Investing [11:00-19:00] Process over Outcome  [19:30-27:00] Qualities of an Owner-Operator [28:00-37:00] Why Chris is a Global Investor [38:00-49:00] How To Sell [50:00-52:00] What is Chris' Biggest Weakness [53:00-58:00] Owning A Few Great Businesses [59:00-67:00] What Gives Chris His Edge in Markets [67:30-End] Closing Questions --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

ValueStockGeek runs a deep-value investing blog and is active on Twitter. I originally found him when setting up my own investment blog.  We've ping-ponged back and forth with times to chat and call, and after a few months we finally synched up.  I'm excited to have ValueStockGeek on the podcast for a few reasons:  We share similar investment styles and philosophies His transparency is refreshing He offers unique insights into macro themes as well as micro, company-specific write-ups During the chat we discuss the following:  [2:00-10:00] Introduction to ValueStockGeek [11:00-14:30] Maintaining Rationality During Volatility [15:00-21:00] Recession Talk [21:00-31:00] Why Stocks Are Still Expensive [32:00-50:00] ValueStockGeek's Lazy Portfolio [51:00-57:00] ValueStockGeek's Investment Process [60:00-71:00] How ValueStockGeek Values Companies [72:00-End] Final Comments & Last Question If you want to learn more about ValueStockGeek, check out his website and Twitter (links below):  Twitter ValueStockGeek Website --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

In this week's episode I chat with Nick Haschka. Nick is the founder of Cub Investments and Co-Owner of The Wright Gardner. He wears many hats, but if you were to ask him what he does, he boils it down to two things: investor and CEO of a plant company.  Nick's journey towards small business ownership was a winding road. After graduating from MIT, he went to work for McKinsey. After consulting, he found a passion in clean tech and clean energy with NRG Group, leading their high-tech ventures program.  It was around this time Nick decided he wanted to own a small business. He stressed the importance of living a balanced life, and forming your business around the life you want to live. Not the other way around.  Nick found The Wright Gardener after a month of searching. After becoming CEO he proceeded to do five bolt-on acquisitions to grow the company.  Realizing his passion for investments and acquiring businesses, Nick set up Cub Investments. Cub Investments is a small private equity company whose goal is to buy small, local businesses and hold them forever.  I really enjoyed my chat with Nick. His sense on balance between work and life was refreshing. And you can ALWAYS learn something from talking to an MIT grad. I know you'll learn a lot too.  [0:00-5:00] Introduction & Background on Nick [12:00-16:00 ] Nick's Passion for Clean Energy  [18:30 - 23:00] Why Nick Decided To Buy A Small Business [26:00-35:00] How Nick Found The Wright Gardener & First Steps In Ownership [40:00-45:00] Why It's Important to Plan For Change  [56:00-64:00] Why Nick Started Cub Investments & His Investment Criteria [65:00-end] Closing Thoughts  Here's where you can find Nick:  LinkedIn Twitter The Wright Gardener Cub Investments --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

Ryan Reeves is the founder/CEO of InvestingCity.org. InvestingCity.org was built around one idea: save time and boost returns. Ryan started the business in 2016 after writing a newsletter for his friends, and realizing the gap in solid, financial analysis for the every day investor. Reeves' passion for investing began early, around the age of 12. After graduating Pepperdine, he worked at Morgan Stanley, The Motley Fool and Seeking Alpha.  I thoroughly enjoyed my conversation with Ryan. He's humble, honest and full of compounded investing knowledge.  Here's what we discussed:  [0-14min] - Ryan’s background [15:00] - How Ryan Started InvestingCity.org [25:00] - The State of Financial Education in America [30:00] - Ryan’s Research Process [50:00] - Ryan’s Thoughts on Charlie Munger’s DJO Meeting [53:00] - How Ryan Thinks About Valuation [56:00] - Ryan’s Worst Investment [60:00] - Costco’s Business Model If you want to learn more about Ryan (or InvestingCity), check out the following:  Ryan's Twitter: @investing_city Investing City's Website: InvestingCity.org If you like what we're doing, leave us a rating and review on Apple Podcasts.  --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support