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The Intelligent Investing Podcast

Updated about 21 hours ago

Business
Investing
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Eric Schleien interviews great value investors from around the world.

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Eric Schleien interviews great value investors from around the world.

iTunes Ratings

74 Ratings
Average Ratings
72
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Great insights!

By RPS222 - Jan 12 2020
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Learn about investing from an array of interesting and insightful guests! Outstanding!!

Excellent podcast

By Joesao - Nov 01 2019
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Extremely knowledgeable host!

iTunes Ratings

74 Ratings
Average Ratings
72
0
0
0
2

Great insights!

By RPS222 - Jan 12 2020
Read more
Learn about investing from an array of interesting and insightful guests! Outstanding!!

Excellent podcast

By Joesao - Nov 01 2019
Read more
Extremely knowledgeable host!
Cover image of The Intelligent Investing Podcast

The Intelligent Investing Podcast

Latest release on Jan 05, 2020

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Eric Schleien interviews great value investors from around the world.

Rank #1: Interview with Whitney Tilson

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In this episode, I interview Whitney Tilson who is the founder of Kase Learning and someone I have known since I'm a teenager. Before starting Kase Learning, Whitney founded and, for nearly two decades, ran Kase Capital Management, which managed three value-oriented hedge funds and two mutual funds. He is also the co-founder of Value Investor Insight, an investment newsletter. Whitney has co-authored two books, The Art of Value Investing: How the World's Best Investors Beat the Market (2013) and More Mortgage Meltdown: 6 Ways to Profit in These Bad Times (2009), was one of the authors of Poor Charlie’s Almanack (2005), the definitive book on Berkshire Hathaway Vice Chairman Charlie Munger, and has written for Forbes, the Financial Times, Kiplinger’s, the Motley Fool and TheStreet.com. He was featured in two 60 Minutes segments in December 2008 about the housing crisis (which won an Emmy) and in March 2015 about Lumber Liquidators, was one of five investors included in SmartMoney’s 2006 Power 30, was named by Institutional Investor in 2007 as one of 20 Rising Stars, has appeared dozens of times on CNBC, Bloomberg TV and Fox Business Network, was on the cover of the July 2007 Kiplinger’s, has been profiled by the Wall Street Journal and the Washington Post, and has spoken widely on value investing and behavioral finance.

He served for two years on the Board of Directors of Cutter & Buck, which designs and markets upscale sportswear, until the company was sold in early 2007. Prior to launching his investment career in 1999, Mr. Tilson spent five years working with Harvard Business School Professor Michael E. Porter studying the competitiveness of inner cities and inner-city-based companies nationwide. He and Professor Porter founded the Initiative for a Competitive Inner City, of which Mr. Tilson was Executive Director. Mr. Tilson also led the effort to create ICV Partners, a national for-profit private equity fund focused on minority-owned and inner-city businesses that has raised nearly $500 million. Before business school, Mr. Tilson was a founding member of Teach for America and then spent two years as a consultant at The Boston Consulting Group.

Mr. Tilson received an MBA with High Distinction from the Harvard Business School, where he was elected a Baker Scholar (top 5% of class), and graduated magna cum laude from Harvard College, with a bachelor’s degree in Government. Mr. Tilson is an avid mountaineer and has climbed Mt. Kilimanjaro, Mt. Blanc, the Matterhorn and the Eiger. He also competes in obstacle course races regularly and is the all-time record holder in the 50+ age group at the 24-hour World’s Toughest Mudder, having completed 75 miles and nearly 300 obstacles in 2016. Mr. Tilson spent much of his childhood in Tanzania and Nicaragua (his parents are both educators, were among the first couples to meet and marry in the Peace Corps, and have retired in Kenya). Consequently, Mr. Tilson is involved with a number of charities focused on education reform and Africa. For his philanthropic work, he received the 2008 John C. Whitehead Social Enterprise Award from the Harvard Business School Club of Greater New York. He was a member (and, for two years, served as Chairman) of the Manhattan chapter of the Young Presidents’ Organization. Mr. Tilson lives in Manhattan with his wife and three daughters.

Kase Learning Website: https://www.kaselearning.com/

Hope you enjoy the episode!

Best,

Eric I. Schleien

Granite State Capital Management, LLC

Jul 31 2018

1hr 2mins

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Rank #2: #52: Brian Langis; Commentary on Warren Buffett's CNBC Interview and Letter

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In this episode, Eric Schleien and Brian Langis discuss Warren Buffett's CNBC interview from Monday, February 25, 2019. We also discuss Warren Buffett's letter that was recently released on Saturday. You can find a podcast on the letter, here: https://intelligentinvesting.podbean.com/e/2018-berkshire-hathaway-letter-to-shareholders-intelligent-investing-podcast-eric-schleien/

Show Links: 

1) CNBC Full Interview with Warren Buffett: https://www.cnbc.com/video/2019/02/25/warren-buffett-cnbc-full-interview-berkshire-hathaway.html

Connect with Brian Langis: 

Visit Brian Langis' BLOG: https://brianlangis.wordpress.com/author/brianlangis/

Visit Brian Langis' SEEKING ALPHA: https://seekingalpha.com/author/brian-langis

Visit Brian Langis' LINKEDIN: https://www.linkedin.com/in/brianlangis/

Visit Brian Langis's FACEBOOK: https://www.facebook.com/brian.langis

Visit Brian Langis' TWITTER: https://twitter.com/absolut_brian

Connect with Eric Schleien: 

Visit Eric Schleien's PODCAST: http://intelligentinvesting.podbean.com

Visit Eric Schleien's WEBSITE: https://www.EricSchleien.com

Visit Eric Schleien's TWITTER: https://twitter.com/ericschleien

Visit The Intelligent Investing Podcast's TWITTER: https://twitter.com/investingcast

Like The Intelligent Investing Podcast on FACEBOOK: https://www.facebook.com/theintelligentinvestingpodcast/

Follow Eric Schleien on FACEBOOK: https://www.facebook.com/eric.schleien

Visit Granite State Capital Management's WEBSITE: https://www.GSCM.co

Follow Eric Schleien on INSTAGRAM: https://www.instagram.com/ericschleien/

Feb 26 2019

26mins

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Rank #3: A microcap stock you can hold for 10 years - Interview with Travis Wiedower

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In this episode I interview Travis Wiedower {pronounced we-adore} who is the managing director of Wiedower Capital and the founder of the blog, "Egregiously Cheap".

We discuss a microcap stock that Travis believes you could hold for 10 years as well as two other companies that are the best in the industry with what he believes is a decade plus of fantastic growth ahead.

Very interesting interview and hopefully "you-adore" him after listening!

Feb 16 2018

47mins

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Rank #4: #53: The Oaktree Capital / Brookfield Asset Management Transaction; Brian Langis

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Episode #53 of the Intelligent Investing Podcast brings back Brian Langis to discuss the recent transaction between Brookfield Asset Management (BAM) and Oaktree Capital, LLC (OAK). 

Full Link:

https://ericschleien.com/podcast/brian-langis-the-oaktree-capital-brookfield-asset-management-transaction/

Connect with Brian Langis: 

Visit Brian Langis' BLOG: https://brianlangis.wordpress.com/author/brianlangis/

Visit Brian Langis' SEEKING ALPHA: https://seekingalpha.com/author/brian-langis

Visit Brian Langis' LINKEDIN: https://www.linkedin.com/in/brianlangis/

Visit Brian Langis's FACEBOOK: https://www.facebook.com/brian.langis

Visit Brian Langis' TWITTER: https://twitter.com/absolut_brian

Connect with Eric Schleien: 

Visit Eric Schleien's PODCAST: https://www.EricSchleien.com/Podcast

Visit Eric Schleien's TWITTER: https://twitter.com/ericschleien

Visit The Intelligent Investing Podcast's TWITTER: https://twitter.com/investingcast

Like The Intelligent Investing Podcast on FACEBOOK: https://www.facebook.com/theintelligentinvestingpodcast/

Follow Eric Schleien on FACEBOOK: https://www.facebook.com/eric.schleien

Visit Granite State Capital Management's WEBSITE: https://www.GSCM.co

Follow Eric Schleien on INSTAGRAM: https://www.instagram.com/ericschleien/

Mar 23 2019

48mins

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Rank #5: #60: Detroit Real Estate Investing

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Is Detroit Real Estate a hot-bed for value investors? Eric Schleien interviews DTEJD1997 who is from the area to discuss.

Connect With Eric Schleien
  • Visit Eric Schleien’s Podcast
  • Visit Eric Schleien’s Twitter
  • Visit The Intelligent Investing Podcast’s Twitter
  • Like The Intelligent Investing Podcast on Facebook
  • Follow Eric Schleien on Facebook
  • Visit Granite State Capital Management’s Website
  • Follow Eric Schleien on Instagram

May 29 2019

56mins

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Rank #6: #69: Braxton Gann; Shipping Companies; IMO 2020

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In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Braxton Gann to discuss two shipping companies, Scorpio Tankers (STNG) and Diamond S Shipping Company (DSSI). 

Overview
A lot of managers are concerned about the "trade war" because less trade = less shipping. Braxton thinks that a trade war is a positive because the trade will be less efficient, increasing ton-miles.
 
Some investors also worry that a global recession will send these shipping companies into bankruptcy, forgetting that new supply would be cut off by a recession, and that obsolete vessels would be scrapped mercilessly.
 
There has been a lot of talk about OPEC cutting production being a negative for STNG, but STNG carries products, not crude. Saudi Arabia is adding refinery capacity, and the OPEC cuts will have to be renewed in March.
 
IMO 2020
Another puzzle is that shipping companies are downplaying the obvious effects of IMO 2020, which can easily be enforced by spot checks. Braxton thinks this is because most companies can't afford scrubbers, even though they offer payback times of 10 months or less.
 
Another factor that we didn't end up getting to on the show is that many shipyards are going bankrupt, and shippers will have to rebuild their balance sheets for a couple of quarters before ordering more product tankers, which can take a year and a half to build.
 
The Tanker Thesis
 
The main reason Braxton likes product tankers is due to the disruption that will occur from IMO 2020. Many ports don't have the low-sulfur fuels required for IMO 2020, and each low-sulfur blend must be carried in a different tank. Braxton started looking at product tankers when he realized they would be the ones carrying LSFO blends. Inventories of refined products and bunker fuels are surprisingly low, so you could get a double boost from normalizing inventories and arbitrages between ports. This could boost demand by 10% or more, excluding the effect of normal GDP growth.
Contact Eric Schleien

If you'd like to connect with me Eric directly, he always loves connecting with listeners of the Intelligent Investing Podcast on his personal Twitter.

You can also connect with Eric on FacebookInstagram, or through his personal website.

To follow The Intelligent Investing Podcast, click here.

Sep 17 2019

16mins

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Rank #7: #61: NACCO Industries - Geoff Gannon

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In this episode, Eric Schleien sits down with Geoff Gannon to discuss NACCO Industries (NC). NACCO Industries is an American publicly traded holding company, headquartered in Cleveland, Ohio, involved in the coal mining, small appliance and specialty retail industries. Not long ago, the company spun off Hamilton Beach.

Connect With Geoff Gannon

Connect With Eric Schleien
  • Visit Eric Schleien’s Podcast
  • Visit Eric Schleien’s Twitter
  • Visit The Intelligent Investing Podcast’s Twitter
  • Like The Intelligent Investing Podcast on Facebook
  • Follow Eric Schleien on Facebook
  • Visit Granite State Capital Management’s Website
  • Follow Eric Schleien on Instagram

Jun 03 2019

37mins

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Rank #8: #40: GCI Liberty

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If you could take 30 seconds and give us some honest feedback on iTunes, it would be much appreciated! 

In this episode, I discuss GCI Liberty (GLIBA) with Anthony Morley, founder of Delphi Value Investments. 

Nov 02 2018

35mins

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Rank #9: Adam Mead - Mead Capital Management

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Eric Schleien interviews Adam Mead from Mead Capital Management.

Feb 16 2018

1hr 6mins

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Rank #11: Doug Mohn: Sexy Pink Sheet Coal + Twinkies, NoCalledStrikes.com

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In this episode I interview Doug Mohn the Founder of NoCalledStrikes.com

Enjoy!

Feb 16 2018

1hr 30mins

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Rank #12: Tom Jacobs; Huckleberry Capital Management; The Curious Case of Maurece Schiller

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Hello, it's Eric Schleien again! On this episode, I interview Tom Jacobs of Huckleberry Capital Management. We discuss special situations investments and unravel a very interesting financial mystery as it relates to a relatively unknown investment manager many decades ago.... Maurece Schiller.

{the sound is a little weird at the beginning and I did my best to fix the sound here}

To find out more about Tom and Hucklberry, visit the website: https://www.investhuckleberry.com/

Best,

Eric

www.EricSchleien.com

www.GSCM.co

Jul 06 2018

1hr 12mins

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Rank #13: #66: Anthony Waldichuk; Tower Properties (TPRP); An obscure OTC stock trading for over 20,000/share

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In this episode, Eric Schleien & Anthony Waldichuk discuss Tower Properties (TPRP). 

Anthony started out as a trader for what is now TD Ameritrade Institutional’s trading desk, moved onto LPL Financial where he traded equities, then moved over to trade fixed income instruments.

Then, Anthony moved to the buy-side as a portfolio manager for Neosho Capital LLC, where he focused on international and emerging market equities. 

Retired in 2016 to oversee his real estate portfolio, but still dabbles in the stock market occasionally, mostly in the inefficient micro-cap space.

He can be followed on Twitter.

Connect With Eric Schleien
  • Visit Eric Schleien’s Podcast
  • Visit Eric Schleien’s Twitter
  • Visit The Intelligent Investing Podcast’s Twitter
  • Like The Intelligent Investing Podcast on Facebook
  • Follow Eric Schleien on Facebook
  • Visit Granite State Capital Management’s Website
  • Follow Eric Schleien on Instagram

Aug 19 2019

27mins

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Rank #14: #58: Jan Svenda; OTC Investing

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OTC Investing Jan Svenda

In this interview, Eric Schleien sits down with Jan Svenda to discuss OTC Investing.

Jan is a "deep value" investor/analyst mainly focused on the US small-cap and micro-cap universe. He started out with a long-only bias (stocks trading close to NCAV etc.) which led to his interest in the OTC world.

Jan now covers this space through his exclusive newsletter service where he shares his latest long ideas and a watchlist of OTC stocks which should help subscribers generate material returns and allow them to "monitor" the OTC space more efficiently.

The service also acts a community of engaged members who share the same focus. On top of this, he is interested in short-focused research especially in thesis revolving around accountancy or earnings manipulation.From time to time he also contributes to Safety in Value's marketplace 'Microcap Review'.

Connect with Jan Svenda

To learn more about Jan and his manual of OTC stocks, you can visit his website at: https://jansvenda.com/

He can also be reached via LinkedIn.

Link to podcast: https://ericschleien.com/podcast/jan-svenda-otc-investing/

Connect with Eric Schleien: 

Visit Eric Schleien's Podcast: https://www.EricSchleien.com/Podcast

Visit Eric Schleien's Twitter: https://twitter.com/ericschleien

Visit The Intelligent Investing Podcast's Twitter: https://twitter.com/investingcast

Like The Intelligent Investing Podcast on Facebook: https://www.facebook.com/theintelligentinvestingpodcast/

Follow Eric Schleien on Facebook: https://www.facebook.com/eric.schleien

Visit Granite State Capital Management's Website: https://www.GSCM.co

Follow Eric Schleien on Instagram: https://www.instagram.com/ericschleien/

May 10 2019

40mins

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Rank #15: Frontier Investing, Grey Markets, Detroit Real Estate

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In this episode, I interview someone who I have agreed to keep anonymous due to his wanting to stay low key and under the radar. He goes by the pseudonym DTEJD1997 when he writes.

DTEJD1997 has been investing family money for over 20 years. He invests in under the radar obscure securities and will go where anything is cheap.

Hope you enjoy the episode,Eric

Feb 16 2018

1hr 19mins

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Rank #16: #48: Eric Schleien & Anthony Waldichuk discuss National Stockyards (NSYC)

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In this episode, Eric Schleien & Anthony Waldichuk discuss National Stockyards (NSYC). 
 
According to Oddball Stocks:
 
Here's the backstory. A long time ago in a faraway place, there was a company that owned stockyards.  A stockyard is a place where cattle are auctioned off to buyers.  Ranchers drive their cattle by horse, or train, or truck to the stockyard at pre-determined dates when auctions are held.  Cattle buyers come and purchase the ingredients for your burgers and steaks and the ranchers return home without cattle, but with pockets full of cash.The company was established in the 1870s in Oklahoma.  The date and place invoke images of cowboys and Indians, saloons and western movies.  Those days are long gone and the company now consists of three things, their Oklahoma stockyard that's still transacting cattle, a plot of empty land near St. Louis, and an ownership interest in a golf course.

Follow Eric on Seeking AlphaTwitterFacebookLinkedIn, and GSCM.

Following Anthony on Twitter  

Feb 06 2019

11mins

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Rank #17: #41: Comments On The Recent Market Correction

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Hey guys, it's Eric Schleien. Today's episode I've recorded on Christmas Eve after a recent market correction. No interview today, just my own personal thoughts/commentary. If you're a seasoned investor and not worried about the market correction, this episode is NOT for you. However, if you're a listener who isn't a full-time investor and you're worried or overwhelmed by the recent stock market decline, I think it's crucial you listen to this to help cut through the emotional noise.

Links referenced in this episode:

1. What does it mean when stocks enter a ‘bear market?’

2. Is Holding Cash a Good Idea?

Transcript exclusively on SeekingAlpha 

Dec 24 2018

48mins

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Rank #18: #62: Conair Corp (CNGA) - Another Obscure OTC Stock

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In this episode, Eric Schleien sits down with Jan Svenda to discuss Conair Corp (CNGA), which is an obscure OTC stock.

CNGA was talked about briefly in EP. 29 with Dan Schum of NoNameStocks which you can listen to here.

Jan is a “deep value” investor/analyst mainly focused on the US small-cap and micro-cap universe. He started out with a long-only bias (stocks trading close to NCAV etc.) which led to his interest in the OTC world.

Jan covered this space through his exclusive newsletter service where he shared his latest long ideas and a watchlist of OTC stocks which should help subscribers generate material returns and allow them to “monitor” the OTC space more efficiently.

Connect with Jan Svenda
  • To learn more about Jan and his manual of OTC stocks, you can visit his website.
  • Jan can also be reached via LinkedIn.
Connect With Eric Schleien
  • Visit Eric Schleien’s Podcast
  • Visit Eric Schleien’s Twitter
  • Visit The Intelligent Investing Podcast’s Twitter
  • Like The Intelligent Investing Podcast on Facebook
  • Follow Eric Schleien on Facebook
  • Visit Granite State Capital Management’s Website
  • Follow Eric Schleien on Instagram

Jun 04 2019

18mins

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Rank #19: Fortran Corp (FRTN); NoNameStocks; Dan Schum

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In this interview, I interview Dan Schum from NoNameStocks.com. I've had Dan on before for his very first podcast interview and he's back on today to speak about Fortran Corp. There's a blog post he wrote about the company recently as well which I link here: http://www.nonamestocks.com/2018/08/frtn-is-why-i-buy-all-these-junk-stocks.html

Hope you enjoy the episode, 

Eric Schleien

Sep 05 2018

12mins

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Rank #20: Value Investing in India - Gobinath Balasubramanian, Chief Investment Officer of GB Investments

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Episode 5, Eric Schleien interviews Gobinath Balasubramanian. We discuss everything from value investing in India to finding value in niche situations.

Gobinath Balasubramanian is the Chief Investment Officer of GB Investments LLC, which he founded in 2016.Gobinath is a graduate from The University of Tampa – Sykes School of Business in Tampa, FL where he earned his Masters Degree in Finance.  He performed his undergraduate studies at St. Peters Engineering college, in Chennai, India, earning a Bachelor of Engineering degree in Electronics and Communication.  He holds the Series 65 license.

Feb 16 2018

53mins

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#74: Christian Olesen | Cambria Automobiles Update (CAMB)

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Watch The Video!

It's been a while since we've talked about Cambria Automobiles on the Intelligent Investing Podcast. You can hear the original episode we did on Cambria, here.

Update

Cambria Automobiles came out with earnings around the end of November. The stock was up ~15% on that news. The company increased earnings by ~25% over the previous year whereas the rest of the car dealership industry was down because of poor new car sales in the UK.

Cambria is up mostly because of new dealerships and startup losses are not turning into profits.

There are three categories of profits for car dealerships:

  1. New Car Sales (NCS)
  2. Used Car Sales (UCS)-used car
  3. After Sales (Parts & Service)

All three categories for Cambria were up which is an amazing accomplishment. It's even more incredible for NCS because that's the number one driver for the industry being down this year.

Why Is Cambria Different?

Because the company started fibve luxury dealerships around 18-24 months ago. Luxury dealerships have more profit contribution when they mature than non-luxury which is what most of the industry is.

Jan 05 2020

20mins

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#73: Brian Dress | Left Brain Investment Research | 3 Distressed Bonds | 3 Undervalued Equities

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Today I had the pleasure of having on Brian Dress who is an investment analyst at Left Brain Investment Research. We discuss 3 equity ideas and 3 bond ideas. We also delve into a bit about his firm's process as well.

  • Click here for more information on Left Brain Investment Research
  • Click here for more information on Left Brain Wealth Management

 History/Background of Left Brain

Left Brain opened the wealth management business in 2014, hedge fund in 2016, and investment research platform in 2019. A differentiating characteristic of Left Brain's investing platform is an emphasis on selecting individual securities, particularly individual bonds in the high yield space. Brian genuinely enjoys and gets excited to share his investment philosophy with both individual investors and advisors.  The company has slowly built up their investment staff in order to cover a large universe of high yield bonds (about 900) and about 200 stocks.  What they've come to realize is that many advisors lack the resources to replicate this type of research apparatus, so they decided to create a product to provide this research to advisors so that they can select stocks and especially high yield bonds that will help clients achieve income goals in a compressed interest rate environment.

Data-Driven Bottom-Up Approach

Left Brain has a data-driven, bottom-up approach that incorporates technology to rank securities on the basis of a number of quantitative and qualitative factors, including revenue growth, gross margins, competitive dynamics, and accelerating results. The company portfolios are concentrated, as they view this as an allocation model with the best chance to deliver superior results and excess returns; usually no more than 20-25 stocks at any given time, particularly in the hedge fund.

Characteristics Left Brain Looks For In Analyzing Securities
Management

Company management is paramount in both equities and credit.  Left Brain wants to see a history of success for the CEO, a strong capital allocation strategy, and an alignment of interests with investors (“skin in the game”); also for equities and bonds, they want to see strong fundamentals in the underlying business, no matter what the valuation or possible yield compensation

Equities

The company looks for strong (and accelerating) revenue growth, high (and expanding) gross margins, favorable competitive dynamics

Distressed Bonds

For distressed bonds: Left Brain looks for deleveraging (either through improved EBITDA or retiring debt through asset sales), improving trends in operating metrics (revenue, EBITDA, total debt), high yield compensation per unit of leverage (Debt/EBITDA), and most importantly, a strong Free Cash Flow (FCF) profile

 

Equities Discussed On The Intelligent Investing Podcast

 

Splunk (SPLK)

One of the strongest companies in Silicon Valley working in the data analytics space could be considered Splunk. Splunk’s platform allows non-technical workers to query company data using natural language (“Google for your data”) to gain insights both about customers and operations. Left Brain is attracted to Splunk’s 30% annual revenue growth and 53% growth in recurring revenue, which are both quite high for a company trading at 9x forward revenue; as an $18 billion market cap company, still plenty of room for Splunk to grow before maturing as a business.

Changing Business Model

Splunk is changing business models to discontinue all perpetual licensing: recurring revenue model leads to higher gross margins. Splunk has gained penetration in the enterprise, winning several 8-figure deals in the last quarter, including a major partnership with Domino’s

Talend (TLND)

Talend is a small French cloud computing company (mkt cap ~$1B) that does data integrations that help companies gain valuable insights using data. The company trades in the US as an ADR. Despite a small size, Talend has over 3500 customers including HP, Citigroup, GE, Astra Zeneca, and Lenovo.

Financials & Valuation

Talend has Annual Recurring Revenue is up 27% YoY. However, what Left Brain really likes is that cloud revenue has grown more than 100% annually for the last 13 straight quarters. Talend, despite the strong growth, trades at a very low multiple relative to peers at less than 4x forward revenues.

Roku (ROKU)

This is Left Brain’s Stock of the Year for 2020. Left Brain has rotated some of thier long-held Netflix (NFLX) positioning for ROKU, who they think has less business risk as ROKU is not a content creator. Streaming is one of the market’s strongest trends: ROKU offers an operating system that integrates all streaming platforms (built into 1/3 of TVs shipping today). ROKU offers a non-intrusive advertising platform that we think the company can monetize as advertisers seek any platform to advertise that is not Facebook or Google. In addition, Revenue growth is strong at 52%. Today, the stock trades at a 12x forward revenue multiple. Brian is confident that ROKU can keep growing at a pace that justifies the multiple.

 

Bonds Discussed On The Intelligent Investing Podcast
YPF 8.5% 2025 bonds

The YPF 8.5% 2025 bonds currently yield in excess of 12%. YPF is an Argentina-based integrated oil play that has been in existence since 1922, surviving through many difficult economic times in Argentina’s history. The company has a strong credit profile relative to Argentina sovereign bonds. The downgrade in Argentina sovereigns dragged down YPF bonds, making them attractive for Left Brain.

In addition, the company has no currency exposure to the Argentine Peso, as debt and revenue are both denominated in dollars (oil market revenue always remits in USD). The company has flattish revenue growth; cutting CapEx aggressively by pursuing Joint Venture (JV) partners to save on CapEx.

The company's leverage of under 3x (Debt/EBITDA) is very low relative to other energy exploration companies.

Transocean (RIG) 7.5% 2031 bonds

Transocean 7.5% 2031 bonds currently yield 12.6%. Transocean is a best of breed company. In addition, the company has by far the best rig fleet of any oil service provider (31 of the 100 best offshore rigs worldwide).

RIG management says offshore drilling activity is picking up as oil prices begin to stabilize.  RIG’s high-spec rig fleet positions the company well to take advantage of any improvement in the oil market.

RIG Leverage is currently high, but should drop dramatically if rig utilization improves and raises EBITDA (increased earnings is RIG’s best path to deleveraging). In addition, RIG has five straight years of positive Free Cash Flow, despite a difficult oil industry environment.

Furthermore, RIG has $12 billion in backlog business, $2.5 billion in cash on the balance sheet, and $4 billion in total liquidity.

L Brands (LB) 6.95% 2033 bonds

L Brands 6.95% 2033 bonds have a current yield near 9.5%.

10% revenue growth at Bath and Body Works (40% of the business) and flattish growth at Victoria’s Secret (the other 60%).

Victoria’s Secret recently hired a new CEO from successful women’s brand Tory Burch, giving us hope that LB can turn around the VS business.

Company leverage is under 3x, making the 9.5% yield very generous for a company that appears to be quite safe according to Brian.

LB has 23 consecutive years of positive Free Cash Flow, making their ability to service their debt very robust. Their store closure strategy has helped bring down leverage slightly over the past few quarters.

Dec 19 2019

27mins

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#72: Jeremy Raper | Credit-Based Equity Investing | Japanese Stocks | Shinoken | Gan | Nio

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Summary
 
In this episode of The Intelligent Investing Podcast, Eric Schleien and Jeremy Raper sit down to discuss everything from Jeremy's personal growth into a 'credit-based equity investor' to specific long (Shinoken, Gan) and short (Nio) ideas and how he generates ideas like these.
 
Discussion of investment philosophy
- Pursue a methodology I term 'credit-based equity investing, or 'thinking like a creditor but applied to stocks'
- It means using the skeptical, 'downside before upside' mentality of a creditor to pick stocks, rather than the typical equity mindset (which emphasises growth/blue sky/optimism)
- Method derives from time spent in Japan, where due to decades of low rates/QE the fundamental discipline of credit analysis structurally disappeared from the market
- This created an opportunity to identify investment ideas using a credit skill-set
- However, the true opportunity lay not in applying those tools to fixed income/bond markets but to equity markets, given the excess liquidity in the system provided by QE/central banks meant typical bankruptcy restructurings were not common
- Instead, the equity market was serially used to recapitalize troubled/distressed issuers
- This pattern is now being replicated, to an extent, in other markets like Europe and the US (since these markets are, from a monetary perspective, looking more and more like Japan)
Stocks we discussed
Shinoken (Tokyo listed, 8909)
 
- Small cap Japanese part real estate developer, part RE management/recurring revenue stream business unfairly sold down last year t0

Dec 11 2019

1hr 20mins

Play

#71: Brian Langis; Brookfield Asset Management; Why The Modern Shareholder Activist Is Inferior To Cultural Activism

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Show Summary

Happy day before Halloween! This is a very special episode of The Intelligent Investing Podcast. I bring Brian Langis back on the show to discuss Brookfield Asset Management which we have discussed before. We go into some of the slides from Brookfield Investor Day 2019 on both Brookfield Asset Management and also some of their subs such as Brookfield Business Partners. We discuss larger trends, low and negative interest rates, valuations, and culture.

Cultural Activism

We spend quite a while on the cultural activism going on at Brookfield Business Partners led by their COO, Denis Turcotte. I had the pleasure of meeting him at the Brookfield Investor Day and noticed he wasn't just giving lip service to culture but actually doing it and knew he didn't learn this from business school. Many of you don't know this but I have a 10 year background in transformational coaching and a 7 year background specifically on organizational culture- not just understanding it but actually empowering organizations to elevate it. Brookfield Business Partners is actually working with businesses to elevate culture not just talk about it and no surprise, profits go up!

Better Culture Equals Greater Profits

One of the things I have discussed with my colleagues John King and Scott Forgey is that greater culture equates to greater profits. John King is the inventor of Tribal Leadership which is the most cutting edge and leading cultural transformation technology on the planet. Scott Forgey is working with me on empowering organizations to elevate their culture, except we are focusing on public companies. When an organization goes from what is known as Stage 2 to Stage 4, profits go up by an average of 300% - 500%.

Relevant Links For This Episode
  1. Eric Schleien interviews John King on Tribal Leadership | Thrive Global
  2. Cultural Activism: A New Model For Activism | The Intelligent Investing Podcast
  3. Netflix, Sears, Tribal Leadership | The Intelligent Investing Podcast
  4. How To Keep Large Companies Innovative | The Intelligent Investing Podcast
  5. The Oaktree / Brookfield Transaction | The Intelligent Investing Podcast
  6. 2019 Brookfield Investor Day Slides | Brookfield Asset Management Investor Relations
  7. Getting Into The Weeds: Recap on Brookfield Asset Management | The Intelligent Investing Podcast
Connect With Eric Schleien
  • Visit Eric Schleien’s Podcast
  • Visit Eric Schleien’s Twitter
  • Visit The Intelligent Investing Podcast’s Twitter
  • Like The Intelligent Investing Podcast on Facebook
  • Follow Eric Schleien on Facebook
  • Visit Granite State Capital Management’s Website
  • Follow Eric Schleien on Instagram
Connect With Brian Langis

Oct 30 2019

2hr 10mins

Play

#70: Glenn Surowiec; Index Investing Bubble; General Electric

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In this episode of The Intelligent Investing Podcast, Eric Schleien and Glenn Surowiec discuss the Index Investing Bubble as well as discuss General Electric (GE) which has been going through a massive restructuring.

Glenn manages SMA's through GDS Investments which he founded in 2012. From 2001 to 2012, he worked for Alsin Capital Management, Inc. as an equity research analyst (2001-2003), co-portfolio manager (2003-2008), and portfolio manager (2008-2012). Before joining ACM, Glenn worked for Enron Corp. as a derivatives structuring manager, and for Commerce Bancorp (now TD Bank) as a real estate credit analyst.

​He currently serves as an advisory board member of Value Conferences, an online-only conference featuring some of the most prestigious value investors across the globe.

Contact Eric Schleien

If you’d like to connect with me Eric directly, he always loves connecting with listeners of the Intelligent Investing Podcast on his personal Twitter. You can also connect with Eric on FacebookInstagram, or through his personal website. To follow The Intelligent Investing Podcast, click here.

Disclosure: Eric's firm Granite State Capital Management manages SMA's. None of his clients own GE stock. That could always change in the future without notice.

 

Contact Glenn Surowiec

Glenn can be reached by email: glenn@gdsinvestments.com OR he can be reached via his website.

You can read Glenn's most recent letter to his investors, here.

Oct 25 2019

1hr 11mins

Play

#69: Braxton Gann; Shipping Companies; IMO 2020

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In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Braxton Gann to discuss two shipping companies, Scorpio Tankers (STNG) and Diamond S Shipping Company (DSSI). 

Overview
A lot of managers are concerned about the "trade war" because less trade = less shipping. Braxton thinks that a trade war is a positive because the trade will be less efficient, increasing ton-miles.
 
Some investors also worry that a global recession will send these shipping companies into bankruptcy, forgetting that new supply would be cut off by a recession, and that obsolete vessels would be scrapped mercilessly.
 
There has been a lot of talk about OPEC cutting production being a negative for STNG, but STNG carries products, not crude. Saudi Arabia is adding refinery capacity, and the OPEC cuts will have to be renewed in March.
 
IMO 2020
Another puzzle is that shipping companies are downplaying the obvious effects of IMO 2020, which can easily be enforced by spot checks. Braxton thinks this is because most companies can't afford scrubbers, even though they offer payback times of 10 months or less.
 
Another factor that we didn't end up getting to on the show is that many shipyards are going bankrupt, and shippers will have to rebuild their balance sheets for a couple of quarters before ordering more product tankers, which can take a year and a half to build.
 
The Tanker Thesis
 
The main reason Braxton likes product tankers is due to the disruption that will occur from IMO 2020. Many ports don't have the low-sulfur fuels required for IMO 2020, and each low-sulfur blend must be carried in a different tank. Braxton started looking at product tankers when he realized they would be the ones carrying LSFO blends. Inventories of refined products and bunker fuels are surprisingly low, so you could get a double boost from normalizing inventories and arbitrages between ports. This could boost demand by 10% or more, excluding the effect of normal GDP growth.
Contact Eric Schleien

If you'd like to connect with me Eric directly, he always loves connecting with listeners of the Intelligent Investing Podcast on his personal Twitter.

You can also connect with Eric on FacebookInstagram, or through his personal website.

To follow The Intelligent Investing Podcast, click here.

Sep 17 2019

16mins

Play

#68: Eric Schleien; Trupanion; Slowing Growth; Issues in California

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In this episode of the Intelligent Investing Podcast, Eric Schleien discusses Trupanion (TRUP).

OVERVIEW

The price of Trupanion (TRUP) stock has recently declined from the mid 30’s/share to the low 20’s/share. Trupanion has high short interest due to claims of overvaluation on a price to book level and due to claims that the business model is flawed and unsustainable. Even some longs are selling the stock. For example, Todd Wenning of Ensemble Capital shared in a recent blog post from his online publication Intrinsic Investing that he has grown concerned with Trupanion’s ability to communicate their value proposition to pet owners and that Trupanion has trailed the industry growth rate as defined by the North American Pet Health Insurance Association (NAPHIA), after years of outperformance.

 

CONCERNS RAISED BY ENSEMBLE CAPITAL

In addition, Todd shares a few concerns on his blog:

  1. Todd assumes that when there are industry tailwinds, most companies with what he refers to as “emerging moats” should be able to continue to gain market share and recently this hasn’t happened with Trupanion. He cites this as a red flag.

  2. Todd also explains that Trupanion is often the first brand that vet customers hear from their vets yet Trupanion has a slowing growth rate and is not outpacing the industry recently

There have also been concerns raised on Seeking Alpha that California raised their prices by 150% in California since 2015 with an additional 20% price-hike this year. He has concerns that this will lead to adverse selection which is a worst nightmare scenario for any insurer: healthy pets leaving due to higher prices while the sick pets stay leading to unsustainable losses.

 

FAULTY ASSUMPTIONS

However, there are some faulty assumptions here. 

Yes, it’s true that Trupanion subscription growth only grew a bit over 15% compared to the industry’s 17% growth rate, but looking at this alone doesn’t tell the entire story. In reality, Trupanion is growing faster than the industry when you compare similar products in the marketplace. For example, there are lots of cheap products in the pet insurance marketplace that really aren’t comparable. In addition, some companies are underpricing during a period where the pet insurance category is gaining more awareness. We have seen this before.

 

COMPETITORS UNDERPRICING POLICIES

Trupanion competitors from time to time will grow faster than the category due to mis-priced policies. For example, Nationwide grew pretty quickly and grabbed market share two years ago. However, they had to pull back after a year because they couldn’t price their product properly Another example is Healthy Paws. If we look at Healthy Paws, they have grown pretty quickly. However, if you look at their pricing, they’re able to get away with it because they keep switching underwriters and they keep rolling over new pets to new books of business. Healthy Paws recently had to change their product by introducing caps, changing their deductible structure to longer having zero deductibles. In addition, we see pricing increases of 30% on top of natural age based pricing factors. The fact that they are mis-priced has now become a problem for Healthy Paws. In Washington, they can’t even underwrite policies anymore. 

 

THE CALIFORNIA FALLACY

California is getting a lot of attention for Trupanion. However, this concern is also totally unwarranted and blown completely out of proportion. Just like Trupanion, Healthy Paws also files in California and 34% of pets need more than a 50% pricing increase. That’s base rate increases + 15% = 65%. California, however, is capped at 50%.

The way you win your insurance category long-term is to price more accurately than your competition. Short-term this means you won’t always be growing faster due to the ebbing and flowing of the many other pet insurance competitors that underprice their policies. This has never been shown to be sustainable (obviously) and economic reality always settles in within a few years time. Trupanion is by far the best in the business when it comes to pricing policies accurately to get their 70% target as quickly as they can.

California is no different than what Trupanion has disclosed on their main book of business. Nothing would suggest that churn is different in California despite the massive pricing increases in recent years. One-third of Trupanion customers interact with the product in the first year. The company is processing 80,000 claims/month and the average claim is only a few hundred dollars. When rates increase, there is an increased churn of 20% across their entire book, California is no different. One of the biggest opportunities for Trupanion currently is their first year churn rate. 

The reality in California is that the greatest usage amongst Trupanion customers are specialty and referral hospitals (cancer centers, cardiologists, urologists, etc). This leads to greater Trupanion customer population density. The California market has seen large increases in these types of hospitals and the Trupanion customers are seeing value in them as can be seen through claims passing through those hospitals.

 

BUSINESS AS USUAL

The business model is not broken. None of this should be news. The panic ensues by those who can’t see the context behind the numbers. However, I’m happy to have the shorts keep shorting. Recently, the borrow rate on shares has climbed to nearly 10% meaning that through Interactive Brokers, myself and my investors through Granite State Capital Management are getting ~5% interest on our shares.

Disclosure: Granite State Capital Management manages SMA’s with positions Trupanion (TRUP). However, this could change at anytime without prior notice. This is not a buy or sell recommendation. I wrote this article myself, and I am expressing my own opinions. I am not receiving compensation for this post.

SHOW LINKS
CONTACT ERIC SCHLEIEN

If you'd like to connect with me directly, I always love connecting with listeners of the Intelligent Investing Podcast on my personal Twitter.

You can also connect with me on Facebook, Instagram, or through my personal website.

To follow The Intelligent Investing Podcast, click here.

Sep 09 2019

31mins

Play

#67: Gobinath Balasubramanian; a take-under in Russia; a Cheap Mexican Cable Company That Will Make its Market Cap Back in 5 years

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Eric Schleien sits down with Gobinath Balasubramanian. We discuss an interesting mistake Gobinath made buying a Russian Media company as well as one of his largest holdings, Grupo Televisa.

The Russian company was CTC Media and is one of the largest broadcasting companies in Russia. At the time, the company looked cheap. The business had no debt and was spitting out lots of free cash flow. This was during the time of the most recent Russian Oil Embargo when pretty much all Russian stocks plummeted.

So here you have a strong business, a beaten down stock, returns on capital of ~50%, and a valuation of under 10x FCF. So what could go wrong? Well, it's Russian equity markets....so lots! Russia proposed a rule saying that non-Russian owners could not own Russian media companies anymore. Therefore, poor Gobinath was forced to sell the stock 6 months later (tear-jerk).

Eric and Gobinath also discuss one of the largest media companies in Mexico, Grupo Televisa (TV). This is one of Gobinath's largest positions making up about 8% of his fund. At the time of this recording you could make the argument that each division could potentially be worth the current market cap.

Grupo Televisa Divisions
  1. Content Division: 700m EBITDA
  2. Broadband Division: 850m EBITDA
  3. Other Businesses: 400m EBITDA
  4. Univision Royalty Stream of 16.5% of Total Sales. Total sales of Univision: $3B USD. Royalty = 450m (straight to the bottom line).

Total Market Cap of Grupo Televisa: ~5B USD

Furthermore, the Gobinath likes the fact that management is buying back stock and that the companies founder's son owns 16%. In addition, the Bill & Melinda Gates Foundation own shares as well as Oakmark. Also, the company will make likely make back its market cap in cash within 5 years.

Gobinath Balasubramanian is the Chief Investment Officer of GB Investments LLC, which he founded in 2016.

Gobinath is a graduate from The University of Tampa – Sykes School of Business in Tampa, FL where he earned his Masters Degree in Finance.  He performed his undergraduate studies at St. Peters Engineering college, in Chennai, India, earning a Bachelor of Engineering degree in Electronics and Communication.  He holds the Series 65 license.

You can reach Gobinath on his LinkedIn or through his website for GB Investments.

You can also see Gobinath's first podcast on The Intelligent Investing Podcast, here.

Contact Eric Schleien

Of course, if you'd like to connect with me directly, I always love connecting with listeners of the Intelligent Investing Podcast on my personal Twitter.

You can also connect with me on Facebook, Instagram, or through my personal website.

To follow The Intelligent Investing Podcast, click here.

Aug 26 2019

30mins

Play

#66: Anthony Waldichuk; Tower Properties (TPRP); An obscure OTC stock trading for over 20,000/share

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In this episode, Eric Schleien & Anthony Waldichuk discuss Tower Properties (TPRP). 

Anthony started out as a trader for what is now TD Ameritrade Institutional’s trading desk, moved onto LPL Financial where he traded equities, then moved over to trade fixed income instruments.

Then, Anthony moved to the buy-side as a portfolio manager for Neosho Capital LLC, where he focused on international and emerging market equities. 

Retired in 2016 to oversee his real estate portfolio, but still dabbles in the stock market occasionally, mostly in the inefficient micro-cap space.

He can be followed on Twitter.

Connect With Eric Schleien
  • Visit Eric Schleien’s Podcast
  • Visit Eric Schleien’s Twitter
  • Visit The Intelligent Investing Podcast’s Twitter
  • Like The Intelligent Investing Podcast on Facebook
  • Follow Eric Schleien on Facebook
  • Visit Granite State Capital Management’s Website
  • Follow Eric Schleien on Instagram

Aug 19 2019

27mins

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#65: David J Flood | Elementary Value Blog | Equitech International Corp (EQTL)

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In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with David J Flood. David is a private value investor based in the UK. His investing approach is grounded in the fundamental precepts of value investing based upon Ben Graham’s core concepts of ‘Intrinsic Value’ and ‘Margin of Safety’. His investment strategy involves looking at both ‘Deep Value and ‘Franchise Value’ situations and using the value investing framework to analyze the financial and corporate facets of a given prospective investment.

In this episode, we discuss Equitech International Corp (EQTL) which is a nanocap dark company. David wrote a blog post about the company not too long ago. If you enjoy reading about obscure companies on blogs such as NoNameStocks or OTC Adventures, then you’ll also enjoy David’s blog.

Aug 01 2019

23mins

Play

#64: Millennium Investment & Acquisition Co (MILC)

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In this episode, Eric Schleien sits down with Jan Svenda to discuss Millennium Investment & Acquisition Company (MILC).

Jan is a “deep value” investor/analyst mainly focused on the US small-cap and micro-cap universe. He started out with a long-only bias (stocks trading close to NCAV etc.) which led to his interest in the OTC world.

Jan now covers this space through his exclusive newsletter service where he shares his latest long ideas and a watchlist of OTC stocks which should help subscribers generate material returns and allow them to “monitor” the OTC space more efficiently.

The service also acts a community of engaged members who share the same focus. On top of this, he is interested in short-focused research especially in thesis revolving around accountancy or earnings manipulation.

From time to time he also contributes to Safety in Value’s marketplace ‘Microcap Review’.

CONNECT WITH JAN SVENDA

To learn more about Jan and his manual of OTC stocks, you can visit his website.

He can also be reached via LinkedIn.

CONNECT WITH ERIC SCHLEIEN:

Visit Eric Schleien’s Podcast

Visit Eric Schleien’s Twitter:

Visit The Intelligent Investing Podcast’s Twitter

Like The Intelligent Investing Podcast on Facebook

Follow Eric Schleien on Facebook

Visit Granite State Capital Management’s Website

Follow Eric Schleien on Instagram

Jul 15 2019

25mins

Play

#63: Caledonia Mining (CMCL)

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Episode Summary

In this episode of The Intelligent Investing Podcast, Eric Schleien interviews DTEJD1997 to discuss an under-the-radar company called Caledonia Mining. 

Jul 04 2019

32mins

Play

#62: Conair Corp (CNGA) - Another Obscure OTC Stock

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In this episode, Eric Schleien sits down with Jan Svenda to discuss Conair Corp (CNGA), which is an obscure OTC stock.

CNGA was talked about briefly in EP. 29 with Dan Schum of NoNameStocks which you can listen to here.

Jan is a “deep value” investor/analyst mainly focused on the US small-cap and micro-cap universe. He started out with a long-only bias (stocks trading close to NCAV etc.) which led to his interest in the OTC world.

Jan covered this space through his exclusive newsletter service where he shared his latest long ideas and a watchlist of OTC stocks which should help subscribers generate material returns and allow them to “monitor” the OTC space more efficiently.

Connect with Jan Svenda
  • To learn more about Jan and his manual of OTC stocks, you can visit his website.
  • Jan can also be reached via LinkedIn.
Connect With Eric Schleien
  • Visit Eric Schleien’s Podcast
  • Visit Eric Schleien’s Twitter
  • Visit The Intelligent Investing Podcast’s Twitter
  • Like The Intelligent Investing Podcast on Facebook
  • Follow Eric Schleien on Facebook
  • Visit Granite State Capital Management’s Website
  • Follow Eric Schleien on Instagram

Jun 04 2019

18mins

Play

#61: NACCO Industries - Geoff Gannon

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In this episode, Eric Schleien sits down with Geoff Gannon to discuss NACCO Industries (NC). NACCO Industries is an American publicly traded holding company, headquartered in Cleveland, Ohio, involved in the coal mining, small appliance and specialty retail industries. Not long ago, the company spun off Hamilton Beach.

Connect With Geoff Gannon

Connect With Eric Schleien
  • Visit Eric Schleien’s Podcast
  • Visit Eric Schleien’s Twitter
  • Visit The Intelligent Investing Podcast’s Twitter
  • Like The Intelligent Investing Podcast on Facebook
  • Follow Eric Schleien on Facebook
  • Visit Granite State Capital Management’s Website
  • Follow Eric Schleien on Instagram

Jun 03 2019

37mins

Play

#60: Detroit Real Estate Investing

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Is Detroit Real Estate a hot-bed for value investors? Eric Schleien interviews DTEJD1997 who is from the area to discuss.

Connect With Eric Schleien
  • Visit Eric Schleien’s Podcast
  • Visit Eric Schleien’s Twitter
  • Visit The Intelligent Investing Podcast’s Twitter
  • Like The Intelligent Investing Podcast on Facebook
  • Follow Eric Schleien on Facebook
  • Visit Granite State Capital Management’s Website
  • Follow Eric Schleien on Instagram

May 29 2019

56mins

Play

#59: Jan Svenda - Mills Music Trust

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In this interview, Eric Schleien sits down with Jan Svenda to discuss Mills Music Trust.

Jan is a “deep value” investor/analyst mainly focused on the US small-cap and micro-cap universe. He started out with a long-only bias (stocks trading close to NCAV etc.) which led to his interest in the OTC world.

Jan covered this space through his exclusive newsletter service where he shared his latest long ideas and a watchlist of OTC stocks which should help subscribers generate material returns and allow them to “monitor” the OTC space more efficiently.

Connect with Jan Svenda
  • To learn more about Jan and his manual of OTC stocks, you can visit his website.
  •  He can also be reached via LinkedIn.
Connect With Eric Schleien
  • Visit Eric Schleien’s Podcast
  • Visit Eric Schleien’s Twitter
  • Visit The Intelligent Investing Podcast’s Twitter
  • Like The Intelligent Investing Podcast on Facebook
  • Follow Eric Schleien on Facebook
  • Visit Granite State Capital Management’s Website
  • Follow Eric Schleien on Instagram

May 18 2019

16mins

Play

#58: Jan Svenda; OTC Investing

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OTC Investing Jan Svenda

In this interview, Eric Schleien sits down with Jan Svenda to discuss OTC Investing.

Jan is a "deep value" investor/analyst mainly focused on the US small-cap and micro-cap universe. He started out with a long-only bias (stocks trading close to NCAV etc.) which led to his interest in the OTC world.

Jan now covers this space through his exclusive newsletter service where he shares his latest long ideas and a watchlist of OTC stocks which should help subscribers generate material returns and allow them to "monitor" the OTC space more efficiently.

The service also acts a community of engaged members who share the same focus. On top of this, he is interested in short-focused research especially in thesis revolving around accountancy or earnings manipulation.From time to time he also contributes to Safety in Value's marketplace 'Microcap Review'.

Connect with Jan Svenda

To learn more about Jan and his manual of OTC stocks, you can visit his website at: https://jansvenda.com/

He can also be reached via LinkedIn.

Link to podcast: https://ericschleien.com/podcast/jan-svenda-otc-investing/

Connect with Eric Schleien: 

Visit Eric Schleien's Podcast: https://www.EricSchleien.com/Podcast

Visit Eric Schleien's Twitter: https://twitter.com/ericschleien

Visit The Intelligent Investing Podcast's Twitter: https://twitter.com/investingcast

Like The Intelligent Investing Podcast on Facebook: https://www.facebook.com/theintelligentinvestingpodcast/

Follow Eric Schleien on Facebook: https://www.facebook.com/eric.schleien

Visit Granite State Capital Management's Website: https://www.GSCM.co

Follow Eric Schleien on Instagram: https://www.instagram.com/ericschleien/

May 10 2019

40mins

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#57: Christian Olesen - Cambria Automobiles

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Eric Schleien sits down with fund manager, Christian Olesen to discuss his largest position, Cambria Automobiles, based in the UK.

Christian is a value investor who is not afraid to go anywhere and everywhere to look for value. He's invested in many obscure markets and obscure securities and we discuss some of those themes on this episode as well. For any hardcore value investing junkie, this episode is one you will surely not want to miss.

About Christian

Christian Olesen is the investment manager of the Olesen Value Fund. Previously, Christian worked in a dual role of Analyst and Trader for Xaraf Management, a group within Paloma Partners that focuses on a variety of equity and credit strategies. Before that, Christian was Senior Associate in the research department of DebtTraders Group, a New York-based broker-dealer specializing in distressed and high yield bonds, and Senior Financial Analyst in the corporate finance advisory services group of Stern Stewart & Co., a New York-based financial advisory firm best known for its proprietary EVA® (Economic Value Added) concept. Christian holds a B.S. in Economics, with concentrations in Finance and Accounting, from The Wharton School, University of Pennsylvania. He also holds the CFA (Chartered Financial Analyst) designation.

Christian can be reached through LinkedIn

Connect with Eric Schleien: 

Visit Eric Schleien's Podcast: https://www.EricSchleien.com/Podcast

Visit Eric Schleien's Twitter: https://twitter.com/ericschleien

Visit The Intelligent Investing Podcast's Twitter: https://twitter.com/investingcast

Like The Intelligent Investing Podcast on Facebook: https://www.facebook.com/theintelligentinvestingpodcast/

Follow Eric Schleien on Facebook: https://www.facebook.com/eric.schleien

Visit Granite State Capital Management's Website: https://www.GSCM.co

Follow Eric Schleien on Instagram: https://www.instagram.com/ericschleien/

May 03 2019

1hr 31mins

Play

#56: Butler National (BUKS)

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Eric Schleien sits down with DTEJD1997 about Butler National (BUKS). 

This is a nano-cap company engaged in avionics, casino gambling (owning and managing) and design services. It's a mini-conglomerate so-to-speak.

In the past few years, even with mediocre earnings, BUKS has been cash flow positive and has used that free cash flow to substantially pay down debt.

You can listen to the full analysis in this episode.

As always, I keep the identity of DTEJD1997 private and nothing in this podcast should be deemed as a buy or sell recommendation of any security. As of the time of this writing, myself, Eric Schleien, nor clients of Granite State Capital Management, LLC own any shares of BUKS. However, that could change at any time without prior notice. 

Connect with Eric Schleien: 

Visit Eric Schleien's Podcast: https://www.EricSchleien.com/Podcast

Visit Eric Schleien's Twitter: https://twitter.com/ericschleien

Visit The Intelligent Investing Podcast's Twitter: https://twitter.com/investingcast

Like The Intelligent Investing Podcast on Facebook: https://www.facebook.com/theintelligentinvestingpodcast/

Follow Eric Schleien on Facebook: https://www.facebook.com/eric.schleien

Visit Granite State Capital Management's Website: https://www.GSCM.co

Follow Eric Schleien on Instagram: https://www.instagram.com/ericschleien/

Apr 25 2019

27mins

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#55: The Joys Of Compounding; Gautam Baid

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Episode #55: Eric Schleien sits down with Gautam Baid to discuss his new book, The Joys Of Compounding.

The Joys Of Compounding is a celebration of the value investing discipline. It takes investors beyond stocks and business fundamentals to give them a valuable and compelling life philosophy. All lifelong learners will find this book immensely useful as a timeless source of insight and inspiration.

“Compound interest,” Albert Einstein reputedly said, “is the most powerful force in the universe.” So what happens when you apply such an incredible power to knowledge building? You become a learning machine.

In The Joys Of Compounding, Gautam Baid integrates the wisdom, strategies, and thought processes of over 200 preeminent figures in history whose teachings have stood the test of time. Distilling generations of investment and life lessons and compiling it with his personal experiences into a comprehensive guide on value investing, Baid demonstrates their practical applications in the areas of business, investing, and decision making.

Gautam Baid, CFA, is Portfolio Manager at Summit Global Investments, an SEC-registered investment advisor based out of 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. Gautam is a CFA® charterholder and member of CFA Institute, USA; an MBA in Finance from Nirma University, India; and an MS in Finance from ICFAI University, India.

He is a strong believer in the virtues of compounding, good karma, and lifelong learning. Gautam’s views and opinions have been published on various forums in print, digital, and social media. In 2018, he was profiled in Morningstar’s Learn From The Masters series.

Learn more at www.TheJoysOfCompounding.com and connect with Gautam on Twitter @Gautam__Baid.

You can order The Joys Of Compounding on Amazon & The Book Depository

Disclaimer: The views and opinions expressed by Gautam Baid are solely his own and do not reflect the views of Summit Global Investments. Any recommendations, examples, or other mentions of specific investments or investment opportunities of any kind are strictly provided for informational and educational purposes and do NOT constitute an offering or solicitation, nor should any material herein be construed as investment advice.

Apr 18 2019

45mins

Play

iTunes Ratings

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Great insights!

By RPS222 - Jan 12 2020
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Learn about investing from an array of interesting and insightful guests! Outstanding!!

Excellent podcast

By Joesao - Nov 01 2019
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Extremely knowledgeable host!