Robbie Kramer

In today's episode, I sit down with my buddy Robbie Kramer to discuss the ultimate value investment, relationships. Last week, I had the pleasure discussing investing on his show. You can listen to the episode, here. If you prefer to watch it on YouTube, you can watch the episode, here. The most important relationship you'll ever invest in is probably who you end up marrying. Choosing quality romantic partners is Robbie Kramer's specialty. It was an absolute joy to sit down with him and chat all things relationships, romance, and dating.   Watch this episode on YouTube   TranscriptFor a transcript of today's episode, click here. Show Notes[00:01:18] Marrying the right person [00:02:35] People who are successful in their careers yet stunted in their relationships [00:10:05] Common Mistakes Men Make [00:13:07] Instagram and Online Dating [00:14:53] Three Prompts for Dating Profiles [00:19:56] Socially Awkward Men [00:22:29] “...Some of these guys are worth a hundred million dollars, running big funds, very wealthy. Social, but either they're still single or they have a wife who they're pretty much like in an emotionally abusive relationship, like they're just not happy. If they're very honest with themselves, they're not happy with their romantic life, and that stuns me how you could be actually fairly socially incompetent.” [00:23:35] Unhappy Relationships [00:24:51] Social Freedom Exercises [00:27:41] The Wealthy Executive Who Hides Behind Masks [00:33:14] Optimizing your lifeLinks From The EpisodeProfile Prompts Photo FeelerGet In Touch With Robbie KramerInstagram Inner Confidence The Leverage Podcast   My Other PodcastHey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Scheien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance.HELP OUT THE PODCASTIf you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTubeGET IN TOUCH WITH ERIC SCHLEIENFacebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com

In today's episode, I sit down with my buddy Robbie Kramer to discuss the ultimate value investment, relationships. Last week, I had the pleasure discussing investing on his show. You can listen to the episode, <a href="https://innerconfidence.com/podcast/leverage-podcast/214-the-rational-investment-approach-to-become-a-billionaire/" rel="nofollow" target="_blank">here</a>. If you prefer to watch it on YouTube, you can watch the episode, <a href="https://www.youtube.com/watch?v=KJLIaYpA9Z4" rel="nofollow" target="_blank">here</a>. The most important relationship you'll ever invest in is probably who you end up marrying. Choosing quality romantic partners is Robbie Kramer's specialty. It was an absolute joy to sit down with him and chat all things relationships, romance, and dating. <ul><li>Watch this episode on <a href="https://youtu.be/8KgnKIQay7A" rel="nofollow" target="_blank">YouTube</a></li> </ul>  Transcript For a transcript of today's episode, click <a href="https://drive.google.com/file/d/1sBY_DfsXqbiCkCTAlRMcWIS0pMtAFaS3/view?usp=sharing" rel="nofollow" target="_blank">here</a>. Show Notes [00:01:18] Marrying the right person [00:02:35] People who are successful in their careers yet stunted in their relationships [00:10:05] Common Mistakes Men Make [00:13:07] Instagram and Online Dating [00:14:53] Three Prompts for Dating Profiles [00:19:56] Socially Awkward Men [00:22:29] “...Some of these guys are worth a hundred million dollars, running big funds, very wealthy. Social, but either they're still single or they have a wife who they're pretty much like in an emotionally abusive relationship, like they're just not happy. If they're very honest with themselves, they're not happy with their romantic life, and that stuns me how you could be actually fairly socially incompetent.” [00:23:35] Unhappy Relationships [00:24:51] Social Freedom Exercises [00:27:41] The Wealthy Executive Who Hides Behind Masks [00:33:14] Optimizing your lifeLinks From The Episode <ul><li><a href="https://drive.google.com/file/d/11bJOA0X9RTbhZgpSQPiX3_ovGTlTix35/view?usp=sharing" rel="nofollow" target="_blank">Profile Prompts</a></li> <li><a href="https://www.photofeeler.com/" rel="nofollow" target="_blank">Photo Feeler</a></li></ul>Get In Touch With Robbie Kramer <ul><li><a href="https://www.instagram.com/robbie_kramer/?hl=en" rel="nofollow" target="_blank">Instagram</a></li> <li><a href="https://innerconfidence.com/" rel="nofollow" target="_blank">Inner Confidence</a></li> <li><a href="https://innerconfidence.com/podcast/" rel="nofollow" target="_blank">The Leverage Podcast</a></li> </ul>  My Other Podcast Hey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out <a href="https://streaklinks.com/BEfMErfLS2LuNHZ6egtESYGO/https%3A%2F%2Fwww.ericschleienpodcast.com%2F" rel="nofollow" target="_blank">The Eric Scheien Podcast</a> which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance.HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the <a href="https://streaklinks.com/BEfMErbHh_D2puw_Mw1BSoqx/https%3A%2F%2Fwww.facebook.com%2Ftheintelligentinvestingpodcast" rel="nofollow" target="_blank">Facebook</a> page!       You can subscribe to the podcast on the following platforms: <ul><li><a href="https://streaklinks.com/BEfMErjQEHGWMb8W1AaUO0FI/https%3A%2F%2Fpodcasts.apple.com%2Fus%2Fpodcast%2Fthe-intelligent-investing-podcast%2Fid1205082419%3Fmt%3D2" rel="nofollow" target="_blank">Apple Podcasts</a></li> <li><a href="https://streaklinks.com/BEfMErX1dUb4oXNrSwnOrQCV/https%3A%2F%2Fwww.stitcher.com%2Fpodcast%2Fthe-intelligent-investing-podcast" rel="nofollow" target="_blank">Stitcher</a></li> <li><a href="https://streaklinks.com/BEfMErfsbLv_FZtXQg7Jgn9c/https%3A%2F%2Ftunein.com%2Fpodcasts%2FBusiness--Economics-Podcasts%2FThe-Intelligent-Investing-Podcast-p1163031%2F" rel="nofollow" target="_blank">TuneIn</a></li> <li><a href="https://streaklinks.com/BEfMErj_P0UV1Xf2qwhMu2He/https%3A%2F%2Fopen.spotify.com%2Fshow%2F4ZQWW3Ezl5VwhTz2dNqW5a%3Fsi%3DK9oTUSa7S4-fhzd0AwXqvQ" rel="nofollow" target="_blank">Spotify</a></li> <li><a href="https://streaklinks.com/BEfMErbYWLEOlqgjUAnMop0h/https%3A%2F%2Fintelligentinvesting.podbean.com%2F" rel="nofollow" target="_blank">Podbean</a></li> <li><a href="https://streaklinks.com/BEfMErjMjPV39YQlEQZMleA_/https%3A%2F%2Fwww.iheart.com%2Fpodcast%2F256-the-intelligent-investing-31088341%2F" rel="nofollow" target="_blank">iHeart Radio</a></li> <li><a href="https://streaklinks.com/BEfMEsEFheeItAs_NQ7oK-1t/https%3A%2F%2Fwww.youtube.com%2Fc%2Fericschleien1" rel="nofollow" target="_blank">YouTube</a></li></ul>GET IN TOUCH WITH ERIC SCHLEIEN <a href="https://streaklinks.com/BEfMEtdKSk3VEUx81Q0DtnYq/https%3A%2F%2Fwww.facebook.com%2Fericschleien" rel="nofollow" target="_blank">Facebook</a>  |  <a href="https://streaklinks.com/BEfMErj8fJ0JyDjGSwXSpMoC/https%3A%2F%2Fwww.linkedin.com%2Fin%2Fericschleien%2F" rel="nofollow" target="_blank">LinkedIn</a>  | <a href="https://streaklinks.com/BEfMErfTk9whBImlvg6Zo1bv/https%3A%2F%2Ftwitter.com%2FEricSchleien" rel="nofollow" target="_blank">Twitter</a>  | <a href="https://streaklinks.com/BEfMErXzc_BsX_w1Gg8EmV0J/https%3A%2F%2Fwww.youtube.com%2Fc%2Fericschleien1" rel="nofollow" target="_blank">YouTube</a> | <a href="https://streaklinks.com/BEfMErba2odmQacR9ARA3m_w/https%3A%2F%2Fwww.gscm.co%2Fcontact" rel="nofollow" target="_blank">GSCM</a> | <a href="https://streaklinks.com/BEfMErfvb2ud8ZRm4AyeRqZj/https%3A%2F%2Fwww.instagram.com%2Fericschleien%2F" rel="nofollow" target="_blank">Instagram</a> Email: <a href="mailto:IntelligentInvesting@gmail.com">IntelligentInvesting@gmail.com</a>

#173: The Ultimate Value Investment - Robbie Kramer

SummaryIn this episode, I break down the current paradigm for shareholder activism, speak to the new model that I invented which is vastly superior both in results and reliability. We discuss the myth of "if it can't be measured, it doesn't exist", the myth around "soft skills", and how people often ask the wrong questions or measure the wrong stuff due to perverted influences by HR departments. If you're interested in more discussion of the new model for shareholder activism I developed, see the following links below: A New Model For Shareholder Activism (Podcast) The Proxy Activism Project A New Model For Shareholder Activism (Blog) A New Model For Shareholder Activism (YouTube) A New Model For Shareholder Activism (Eric Schleien / John King) Netflix, Sears, and Tribal Leadership (Eric Schleien / John King) How To Keep Large Companies Innovative (Eric Schleien / Scott Forgey) Eric Schleien discussing Tribal Leadership Eric Schleien discussing Activist Investing CBRE Case Study – Tribal Leadership Comparing Transformational &amp; Transactional Leadership (Eric Schleien) Cultural Issues In The Hospital Industry (Eric Schleien)New PodcastHey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Scheien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance.HELP OUT THE PODCASTIf you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTubeGET IN TOUCH WITH ERIC SCHLEIENFacebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com

Summary In this episode, I break down the current paradigm for shareholder activism, speak to the new model that I invented which is vastly superior both in results and reliability. We discuss the myth of "if it can't be measured, it doesn't exist", the myth around "soft skills", and how people often ask the wrong questions or measure the wrong stuff due to perverted influences by HR departments. If you're interested in more discussion of the new model for shareholder activism I developed, see the following links below: <ul><li><a href="https://ericschleien.com/podcast/shareholder-activism/" rel="nofollow" target="_blank">A New Model For Shareholder Activism</a> (Podcast)</li> <li><a href="https://www.proxyactivism.com/" rel="nofollow" target="_blank">The Proxy Activism Project</a></li> <li><a href="https://www.proxyactivism.com/blog/shareholder-activism" rel="nofollow" target="_blank">A New Model For Shareholder Activism</a> (Blog)</li> <li><a href="https://www.youtube.com/watch?v=OQKVjyhAq2Q&amp;feature=emb_title" rel="nofollow" target="_blank">A New Model For Shareholder Activism</a> (YouTube)</li> <li><a href="https://ericschleien.com/podcast/john-king-a-new-model-for-activism/" rel="nofollow" target="_blank">A New Model For Shareholder Activism (Eric Schleien / John King)</a></li> <li><a href="https://ericschleien.com/podcast/john-king-netflix-sears-tribal-leadership/" rel="nofollow" target="_blank">Netflix, Sears, and Tribal Leadership (Eric Schleien / John King)</a></li> <li><a href="https://ericschleien.com/podcast/scott-forgey-google-paypal-how-to-keep-large-companies-innovative/" rel="nofollow" target="_blank">How To Keep Large Companies Innovative (Eric Schleien / Scott Forgey)</a></li> <li><a href="http://financiallyfreepodcast.libsyn.com/15-what-is-tribal-leadership-and-how-to-use-it-to-value-investments-eric-schleien" rel="nofollow" target="_blank">Eric Schleien discussing Tribal Leadership</a></li> <li><a href="http://financiallyfreepodcast.libsyn.com/16-activist-investing-with-eric-schleien" rel="nofollow" target="_blank">Eric Schleien discussing Activist Investing</a></li> <li><a href="https://www.proxyactivism.com/articles/cb-richard-ellis-amp-tribal-leadership-a-case-study" rel="nofollow" target="_blank">CBRE Case Study – Tribal Leadership</a></li> <li><a href="https://www.proxyactivism.com/articles/comparing-transformational-and-transactional-leadership" rel="nofollow" target="_blank">Comparing Transformational &amp; Transactional Leadership (Eric Schleien)</a></li> <li><a href="https://www.proxyactivism.com/articles/cultural-issues-in-the-hospital-industry-through-the-lens-of-tribal-leadership" rel="nofollow" target="_blank">Cultural Issues In The Hospital Industry (Eric Schleien)</a></li></ul>New Podcast Hey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out <a href="https://streaklinks.com/BEfMErfLS2LuNHZ6egtESYGO/https%3A%2F%2Fwww.ericschleienpodcast.com%2F" rel="nofollow" target="_blank">The Eric Scheien Podcast</a> which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance.HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the <a href="https://streaklinks.com/BEfMErbHh_D2puw_Mw1BSoqx/https%3A%2F%2Fwww.facebook.com%2Ftheintelligentinvestingpodcast" rel="nofollow" target="_blank">Facebook</a> page!       You can subscribe to the podcast on the following platforms: <ul><li><a href="https://streaklinks.com/BEfMErjQEHGWMb8W1AaUO0FI/https%3A%2F%2Fpodcasts.apple.com%2Fus%2Fpodcast%2Fthe-intelligent-investing-podcast%2Fid1205082419%3Fmt%3D2" rel="nofollow" target="_blank">Apple Podcasts</a></li> <li><a href="https://streaklinks.com/BEfMErX1dUb4oXNrSwnOrQCV/https%3A%2F%2Fwww.stitcher.com%2Fpodcast%2Fthe-intelligent-investing-podcast" rel="nofollow" target="_blank">Stitcher</a></li> <li><a href="https://streaklinks.com/BEfMErfsbLv_FZtXQg7Jgn9c/https%3A%2F%2Ftunein.com%2Fpodcasts%2FBusiness--Economics-Podcasts%2FThe-Intelligent-Investing-Podcast-p1163031%2F" rel="nofollow" target="_blank">TuneIn</a></li> <li><a href="https://streaklinks.com/BEfMErj_P0UV1Xf2qwhMu2He/https%3A%2F%2Fopen.spotify.com%2Fshow%2F4ZQWW3Ezl5VwhTz2dNqW5a%3Fsi%3DK9oTUSa7S4-fhzd0AwXqvQ" rel="nofollow" target="_blank">Spotify</a></li> <li><a href="https://streaklinks.com/BEfMErbYWLEOlqgjUAnMop0h/https%3A%2F%2Fintelligentinvesting.podbean.com%2F" rel="nofollow" target="_blank">Podbean</a></li> <li><a href="https://streaklinks.com/BEfMErjMjPV39YQlEQZMleA_/https%3A%2F%2Fwww.iheart.com%2Fpodcast%2F256-the-intelligent-investing-31088341%2F" rel="nofollow" target="_blank">iHeart Radio</a></li> <li><a href="https://streaklinks.com/BEfMEsEFheeItAs_NQ7oK-1t/https%3A%2F%2Fwww.youtube.com%2Fc%2Fericschleien1" rel="nofollow" target="_blank">YouTube</a></li></ul>GET IN TOUCH WITH ERIC SCHLEIEN <a href="https://streaklinks.com/BEfMEtdKSk3VEUx81Q0DtnYq/https%3A%2F%2Fwww.facebook.com%2Fericschleien" rel="nofollow" target="_blank">Facebook</a>  |  <a href="https://streaklinks.com/BEfMErj8fJ0JyDjGSwXSpMoC/https%3A%2F%2Fwww.linkedin.com%2Fin%2Fericschleien%2F" rel="nofollow" target="_blank">LinkedIn</a>  | <a href="https://streaklinks.com/BEfMErfTk9whBImlvg6Zo1bv/https%3A%2F%2Ftwitter.com%2FEricSchleien" rel="nofollow" target="_blank">Twitter</a>  | <a href="https://streaklinks.com/BEfMErXzc_BsX_w1Gg8EmV0J/https%3A%2F%2Fwww.youtube.com%2Fc%2Fericschleien1" rel="nofollow" target="_blank">YouTube</a> | <a href="https://streaklinks.com/BEfMErba2odmQacR9ARA3m_w/https%3A%2F%2Fwww.gscm.co%2Fcontact" rel="nofollow" target="_blank">GSCM</a> | <a href="https://streaklinks.com/BEfMErfvb2ud8ZRm4AyeRqZj/https%3A%2F%2Fwww.instagram.com%2Fericschleien%2F" rel="nofollow" target="_blank">Instagram</a> Email: <a href="mailto:IntelligentInvesting@gmail.com">IntelligentInvesting@gmail.com</a>

#172: The New Model For Shareholder Activism; The BS Myth Around ”Soft Skills”; Measuring The Wrong Stuff

NEW PODCAST Hey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Scheien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. Summary I received this email last year about Trupanion and wanted to address some points made. The entire email is here: Hi Eric,I come in peace as a Chester County native who still very much prefers Wawa over Sheetz, despite living in Pittsburgh. You seemed very open to hearing counterpoints, as per your podcast on TRUP, so I wanted to give you some things to chew on. You made two points (I'll summarize): 1) It is justifiable to exclude development expenses from IRR and 2) there are "no accounting shenanigans" going on. I would love, then, to hear your thoughts on the following:Let's first level set with the IRR methodology: the company allocates fixed expenses between Subscription and Other based on their relative revenue contributions. This includes a pro-rata allocation of G&amp;A expenses. So let's get into G&amp;A expenses -- what's in there? Typical back office stuff, finance, accounting, etc. But also a couple million bucks of rental income related to subleasing of the company HQ. Per their 2019 10-K: "The change was primarily due to a $3.1 million increase in compensation expenses, a $0.8 million increase in professional service fees, and a $1.5 million increase in depreciation expense mainly due to owning our home office building since August 2018, partially offset by a total of $2.6 million in savings from additional lease income and less rental expense."The rental income has the effect of reducing reported G&amp;A (i.e. it's netted against expenses). So my first question for you is as follows: if you firmly believe development expenses that aren't related to acquiring new pets are justifiably excluded from IRR calculations, how are you comfortable with several million dollars of sublease income that's clearly not related to acquiring subscription pets benefitting IRR? Next up is their pet-food VIE. Also from the 10-K: The Company has also entered into a series of agreements to provide ancillary services to the variable interest entity at cost. The Company provided $1.2 million and $1.4 million of these services for the years ended December 31, 2020 and 2019, respectively, which were recorded against its operating expenses.So TRUP provides back office support to the VIE and reduces its reported opex to account for the compensation for providing the services. So the next question is the same as the first: Would you bucket this in line with "development expenses" as being rightly excluded from IRR, or are you OK with the company getting the tailwind from the expense reduction?Now here's where the situation becomes a bit more nefarious. The VIE has received a total of $9.5 million of funding from TRUP, including $7.0MM of preferred capital and $2.5MM from a line of credit. Think for a minute about what's going on here: the company pushed $9.5MM of cash down to another legal entity, and now reduces its reported OpEx for services provided to the VIE, with the payments being made with money TRUP used to finance the VIE. Money coming out of one pocket and right into the other. Third question: Do you think this is an accounting shenanigan?Lastly, management knows PAC is getting out of hand and pulled a fast one in the first quarter to make it look like they've got things under control. Aren't you the slightest bit curious how they're going to hold PAC at $280 for the balance of this year in an increasingly competitive environment?Management casually slipped in the following comment during the earnings call: "We expect stock-based compensation to be around $6-$7 million per quarter for the remainder of the year." Coupled with the $8.4 million of SBC already booked in 1Q'21, TRUP is on track to recognize $28 million of SBC expense in 2021. Putting this figure into perspective, it is 3x higher than last year's $8.9 million of total recognized SBC expense. Last year SBC expense was 1.8% of revenue; this year it will be 4.1%.What does SBC have to do with PAC and IRR? Well, for the purposes of calculating PAC (a key input into the IRR calculation), management excludes SBC because it's non-cash. By upping the portion paid in the form of equity, management is artificially reducing the level of PAC incorporated in their IRR calculation. in 1Q'21, fully-loaded PAC (including SBC) was $328/pet, representing 22.4% y/y growth. SBC embedded in Sales and Marketing was $40/pet -- leaps and bounds above historical levels ($20/pet). See the charts at the bottom of the email. Had SBC been more in-line with historical levels ($20/pet), PAC (for the purposes of the company's IRR calculation) would have been ~$310...much closer to the full year figure I was expecting.This is all a long winded way of saying, if you were to run the company's IRR calc with PAC of $315 or above, there is absolutely no way they would be within the boundaries of their self-imposed 30-40% target range. The only reason they'll print numbers within range this year is a result of their increased use of SBC in compensating their employees.  The table below illustrates Restricted Stock grants (not expense, but grants) since 1Q'19. The grants in the most recent quarter -- $66 million! -- jump off of the page and explain why SBC will be elevated in the quarters to come. But don't just take my word for it. From what I can tell, we both respect Buffett a lot, and here's what he's got to say on the topic: "I have no objection to the granting of options. Companies should use whatever form of compensation best motivates employees -- whether this be cash bonuses, trips to Hawaii, restricted stock grants or stock options. But aside from options, every other item of value given to employees is recorded as an expense."     When it comes to SBC, RSUs are a functional cash equivalent, so there is no legitimate justification to exclude the related expense from any measure of profitability -- GAAP or otherwise.   Perhaps using RSUs makes sense for the time being given the extreme overvaluation of TRUP. Management can handsomely compensate employees and gloss over the dilutive impact on the company's financials. But what happens when shares are back at $30, but territory partners are expecting their compensation to remain flat in nominal terms? Shareholders will either be 1) massively diluted or 2) the company would have to lean more heavily on cash compensation. The latter of the two options is a functional non-starter at the current juncture given the company's persistently negative free cash flow (another topic the bulls don't understand, but I'll let sleeping dogs lie on this one).Last question: Do you believe SBC is a true expense? If it is, should the company be including it in its IRR calculation?   Management updated guidance, and frankly, I think the financial outlook is worse than I was expecting. "Adjusted Operating Income" -- which is ex. SBC, D&amp;A, and Pet Acquisition -- is forecast at $75MM. PAC -- ex. SBC -- is forecast at $66MM. That leaves us to $9MM. "Development expense" will be $4MM (at the mid), SBC is $28MM, D&amp;A will be $12MM, resulting in a pre-tax net loss of $35MM. This is larger than the company's cumulative net loss for the past six years combined!   I know this is a battleground stock and don't expect everyone to come around. But I also think: 1) there's only one set of correct answers to the questions I've laid out above, 2) none of the afforementioned points are "dumb", and 3) management is using sleight of hand to paint a picture of the company that is out of step with reality.  As someone who puts a lot of value in associating with the right people, I certainly don't appreciate the games / shenanigans that Daryl and team are pulling. $MM Adjusted Operating Income 75 - PAC (66) - Development expense (4) - SBC (28) - D&amp;A (12) Pre-tax Income (35)    HELP OUT THE PODCAST      If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube     GET IN TOUCH WITH ERIC SCHLEIEN Facebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com Disclosure: Eric Schleien and some SMA clients of Eric Schleien through GSCM own shares of TRUP. Nothing here is investment advice. Do your own due diligence.  

NEW PODCAST Hey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out <a href="https://www.ericschleienpodcast.com/" rel="nofollow" target="_blank">The Eric Scheien Podcast</a> which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. Summary I received this email last year about Trupanion and wanted to address some points made. The entire email is here: Hi Eric,I come in peace as a Chester County native who still very much prefers Wawa over Sheetz, despite living in Pittsburgh. You seemed very open to hearing counterpoints, as per your podcast on TRUP, so I wanted to give you some things to chew on. You made two points (I'll summarize): 1) It is justifiable to exclude development expenses from IRR and 2) there are "no accounting shenanigans" going on. I would love, then, to hear your thoughts on the following:Let's first level set with the IRR methodology: the company allocates fixed expenses between Subscription and Other based on their relative revenue contributions. This includes a pro-rata allocation of G&amp;A expenses. So let's get into G&amp;A expenses -- what's in there? Typical back office stuff, finance, accounting, etc. But also a couple million bucks of rental income related to subleasing of the company HQ. Per their 2019 10-K: "The change was primarily due to a $3.1 million increase in compensation expenses, a $0.8 million increase in professional service fees, and a $1.5 million increase in depreciation expense mainly due to owning our home office building since August 2018, partially offset by a total of $2.6 million in savings from additional lease income and less rental expense."The rental income has the effect of reducing reported G&amp;A (i.e. it's netted against expenses). So my first question for you is as follows: if you firmly believe development expenses that aren't related to acquiring new pets are justifiably excluded from IRR calculations, how are you comfortable with several million dollars of sublease income that's clearly not related to acquiring subscription pets benefitting IRR? Next up is their pet-food VIE. Also from the 10-K: The Company has also entered into a series of agreements to provide ancillary services to the variable interest entity at cost. The Company provided $1.2 million and $1.4 million of these services for the years ended December 31, 2020 and 2019, respectively, which were recorded against its operating expenses.So TRUP provides back office support to the VIE and reduces its reported opex to account for the compensation for providing the services. So the next question is the same as the first: Would you bucket this in line with "development expenses" as being rightly excluded from IRR, or are you OK with the company getting the tailwind from the expense reduction?Now here's where the situation becomes a bit more nefarious. The VIE has received a total of $9.5 million of funding from TRUP, including $7.0MM of preferred capital and $2.5MM from a line of credit. Think for a minute about what's going on here: the company pushed $9.5MM of cash down to another legal entity, and now reduces its reported OpEx for services provided to the VIE, with the payments being made with money TRUP used to finance the VIE. Money coming out of one pocket and right into the other. Third question: Do you think this is an accounting shenanigan?Lastly, management knows PAC is getting out of hand and pulled a fast one in the first quarter to make it look like they've got things under control. Aren't you the slightest bit curious how they're going to hold PAC at $280 for the balance of this year in an increasingly competitive environment?Management casually slipped in the following comment during the earnings call: "We expect stock-based compensation to be around $6-$7 million per quarter for the remainder of the year." Coupled with the $8.4 million of SBC already booked in 1Q'21, TRUP is on track to recognize $28 million of SBC expense in 2021. Putting this figure into perspective, it is 3x higher than last year's $8.9 million of total recognized SBC expense. Last year SBC expense was 1.8% of revenue; this year it will be 4.1%.What does SBC have to do with PAC and IRR? Well, for the purposes of calculating PAC (a key input into the IRR calculation), management excludes SBC because it's non-cash. By upping the portion paid in the form of equity, management is artificially reducing the level of PAC incorporated in their IRR calculation. in 1Q'21, fully-loaded PAC (including SBC) was $328/pet, representing 22.4% y/y growth. SBC embedded in Sales and Marketing was $40/pet -- leaps and bounds above historical levels ($20/pet). See the charts at the bottom of the email. Had SBC been more in-line with historical levels ($20/pet), PAC (for the purposes of the company's IRR calculation) would have been ~$310...much closer to the full year figure I was expecting.This is all a long winded way of saying, if you were to run the company's IRR calc with PAC of $315 or above, there is absolutely no way they would be within the boundaries of their self-imposed 30-40% target range. The only reason they'll print numbers within range this year is a result of their increased use of SBC in compensating their employees.  The table below illustrates Restricted Stock grants (not expense, but grants) since 1Q'19. The grants in the most recent quarter -- $66 million! -- jump off of the page and explain why SBC will be elevated in the quarters to come. But don't just take my word for it. From what I can tell, we both respect Buffett a lot, and here's what he's got to say on the topic: "I have no objection to the granting of options. Companies should use whatever form of compensation best motivates employees -- whether this be cash bonuses, trips to Hawaii, restricted stock grants or stock options. But aside from options, every other item of value given to employees is recorded as an expense."   When it comes to SBC, RSUs are a functional cash equivalent, so there is no legitimate justification to exclude the related expense from any measure of profitability -- GAAP or otherwise.   Perhaps using RSUs makes sense for the time being given the extreme overvaluation of TRUP. Management can handsomely compensate employees and gloss over the dilutive impact on the company's financials. But what happens when shares are back at $30, but territory partners are expecting their compensation to remain flat in nominal terms? Shareholders will either be 1) massively diluted or 2) the company would have to lean more heavily on cash compensation. The latter of the two options is a functional non-starter at the current juncture given the company's persistently negative free cash flow (another topic the bulls don't understand, but I'll let sleeping dogs lie on this one).Last question: Do you believe SBC is a true expense? If it is, should the company be including it in its IRR calculation?   Management updated guidance, and frankly, I think the financial outlook is worse than I was expecting. "Adjusted Operating Income" -- which is ex. SBC, D&amp;A, and Pet Acquisition -- is forecast at $75MM. PAC -- ex. SBC -- is forecast at $66MM. That leaves us to $9MM. "Development expense" will be $4MM (at the mid), SBC is $28MM, D&amp;A will be $12MM, resulting in a pre-tax net loss of $35MM. This is larger than the company's cumulative net loss for the past six years combined!  I know this is a battleground stock and don't expect everyone to come around. But I also think: 1) there's only one set of correct answers to the questions I've laid out above, 2) none of the afforementioned points are "dumb", and 3) management is using sleight of hand to paint a picture of the company that is out of step with reality.  As someone who puts a lot of value in associating with the right people, I certainly don't appreciate the games / shenanigans that Daryl and team are pulling. $MM Adjusted Operating Income 75 - PAC (66) - Development expense (4) - SBC (28) - D&amp;A (12) Pre-tax Income (35)   HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the <a href="https://www.facebook.com/theintelligentinvestingpodcast" rel="nofollow" target="_blank">Facebook</a> page!       You can subscribe to the podcast on the following platforms: <ul><li><a href="https://podcasts.apple.com/us/podcast/the-intelligent-investing-podcast/id1205082419?mt=2" rel="nofollow" target="_blank">Apple Podcasts</a></li> <li><a href="https://www.stitcher.com/podcast/the-intelligent-investing-podcast" rel="nofollow" target="_blank">Stitcher</a></li> <li><a href="https://tunein.com/podcasts/Business--Economics-Podcasts/The-Intelligent-Investing-Podcast-p1163031/" rel="nofollow" target="_blank">TuneIn</a></li> <li><a href="https://open.spotify.com/show/4ZQWW3Ezl5VwhTz2dNqW5a?si=K9oTUSa7S4-fhzd0AwXqvQ" rel="nofollow" target="_blank">Spotify</a></li> <li><a href="https://intelligentinvesting.podbean.com/" rel="nofollow" target="_blank">Podbean</a></li> <li><a href="https://www.iheart.com/podcast/256-the-intelligent-investing-31088341/" rel="nofollow" target="_blank">iHeart Radio</a></li> <li><a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a></li> </ul> GET IN TOUCH WITH ERIC SCHLEIEN <a href="https://www.facebook.com/ericschleien" rel="nofollow" target="_blank">Facebook</a>  |  <a href="https://www.linkedin.com/in/ericschleien/" rel="nofollow" target="_blank">LinkedIn</a>  | <a href="https://twitter.com/EricSchleien" rel="nofollow" target="_blank">Twitter</a>  | <a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a> | <a href="https://www.gscm.co/contact" rel="nofollow" target="_blank">GSCM</a> | <a href="https://www.instagram.com/ericschleien/" rel="nofollow" target="_blank">Instagram</a> Email: <a href="mailto:IntelligentInvesting@gmail.com">IntelligentInvesting@gmail.com</a> Disclosure: Eric Schleien and some SMA clients of Eric Schleien through GSCM own shares of TRUP. Nothing here is investment advice. Do your own due diligence.

#171: Rebuttal To Some Trupanion Hate $TRUP; Discussing the Toxicity Of Twitter $TWTR

Ben Graham

Evan Bleker

NEW PODCASTHey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Scheien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance.NET NET HUNTERThis episode is sponsored by Net Net Hunter. If you’re interested in finding high-quality stocks trading at fractions of liquidation value – this research service is for you. I personally use this service at my firm to help me research tiny and obscure net-net stocks all around the world. Using Net Net Hunter comes out to way less money than hiring an analyst to do the exact same thing manually. It’s a service I love and I am proud to be able to offer this service to my listeners. If this is something you’re interested in, please click here.SummaryEvan Bleker is a professional investor who has built his track record by buying high quality net net stocks. When not researching stocks, he focuses his time on helping small investors learn the strategy so they can earn great returns. Evan manages two investing websites: Net Net Hunter and Broken Leg Investing. Net Net Hunter Complete guide to net net stocks Broken Leg Investing Deep Value Guide  Evan discussed Warren Buffett’s net net investing practice during his partnership. Further resources available here: You can follow Evan’s portfolio performance here: You can sign up for his free newsletter on the Net Net Hunter home page.  Show Notes1:06 - What is Westell (WSTL)? 2:24 - Estimating liquidation value 3:07 - A simplified approach to finding high quality net-net stocks 3:55 - The 5G rollout 5:10 - Potential catalyst 5:26 - Dark Companies; The new SEC rule 8:57 - Westell quarterly updateHELP OUT THE PODCASTIf you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTubeGET IN TOUCH WITH ERIC SCHLEIENFacebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com Disclosure: Eric Schleien and some SMA clients of Eric Schleien through GSCM own shares of WSTL. Nothing here is investment advice. Do your own due diligence.  

NEW PODCAST Hey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out <a href="https://www.ericschleienpodcast.com/" rel="nofollow" target="_blank">The Eric Scheien Podcast</a> which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance.NET NET HUNTER This episode is sponsored by <a href="https://tinyurl.com/NetNetHunter" rel="nofollow" target="_blank">Net Net Hunter</a>. If you’re interested in finding high-quality stocks trading at fractions of liquidation value – this research service is for you. I personally use this service at my firm to help me research tiny and obscure net-net stocks all around the world. Using <a href="https://tinyurl.com/NetNetHunter" rel="nofollow" target="_blank">Net Net Hunter</a> comes out to way less money than hiring an analyst to do the exact same thing manually. It’s a service I love and I am proud to be able to offer this service to my listeners. If this is something you’re interested in, please click <a href="https://tinyurl.com/NetNetHunter" rel="nofollow" target="_blank">here</a>.Summary Evan Bleker is a professional investor who has built his track record by buying high quality net net stocks. When not researching stocks, he focuses his time on helping small investors learn the strategy so they can earn great returns. Evan manages two investing websites: Net Net Hunter and Broken Leg Investing. <ul><li><a href="http://www.netnethunter.com/" rel="nofollow" target="_blank">Net Net Hunter</a></li> <li><a href="https://www.netnethunter.com/your-essential-guide-to-net-net-stocks/" rel="nofollow" target="_blank">Complete guide to net net stocks</a></li> <li><a href="http://www.brokenleginvesting.com/" rel="nofollow" target="_blank">Broken Leg Investing</a></li> <li><a href="https://www.brokenleginvesting.com/what-is-deep-value-investing/" rel="nofollow" target="_blank">Deep Value Guide</a></li> </ul> Evan discussed Warren Buffett’s net net investing practice during his partnership. Further resources available <a href="https://www.netnethunter.com/category/warren-buffett/" rel="nofollow" target="_blank">here</a>: You can follow Evan’s portfolio performance <a href="https://www.netnethunter.com/hunter-fund/" rel="nofollow" target="_blank">here</a>: You can sign up for his free newsletter on the Net Net Hunter home page.  Show Notes <ul><li>1:06 - What is Westell (WSTL)?</li> <li>2:24 - Estimating liquidation value</li> <li>3:07 - A simplified approach to finding high quality net-net stocks</li> <li>3:55 - The 5G rollout</li> <li>5:10 - Potential catalyst</li> <li>5:26 - Dark Companies; The new SEC rule</li> <li>8:57 - Westell quarterly update</li></ul>HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the <a href="https://www.facebook.com/theintelligentinvestingpodcast" rel="nofollow" target="_blank">Facebook</a> page!       You can subscribe to the podcast on the following platforms: <ul><li><a href="https://podcasts.apple.com/us/podcast/the-intelligent-investing-podcast/id1205082419?mt=2" rel="nofollow" target="_blank">Apple Podcasts</a></li> <li><a href="https://www.stitcher.com/podcast/the-intelligent-investing-podcast" rel="nofollow" target="_blank">Stitcher</a></li> <li><a href="https://tunein.com/podcasts/Business--Economics-Podcasts/The-Intelligent-Investing-Podcast-p1163031/" rel="nofollow" target="_blank">TuneIn</a></li> <li><a href="https://open.spotify.com/show/4ZQWW3Ezl5VwhTz2dNqW5a?si=K9oTUSa7S4-fhzd0AwXqvQ" rel="nofollow" target="_blank">Spotify</a></li> <li><a href="https://intelligentinvesting.podbean.com/" rel="nofollow" target="_blank">Podbean</a></li> <li><a href="https://www.iheart.com/podcast/256-the-intelligent-investing-31088341/" rel="nofollow" target="_blank">iHeart Radio</a></li> <li><a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a></li></ul>GET IN TOUCH WITH ERIC SCHLEIEN <a href="https://www.facebook.com/ericschleien" rel="nofollow" target="_blank">Facebook</a>  |  <a href="https://www.linkedin.com/in/ericschleien/" rel="nofollow" target="_blank">LinkedIn</a>  | <a href="https://twitter.com/EricSchleien" rel="nofollow" target="_blank">Twitter</a>  | <a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a> | <a href="https://www.gscm.co/contact" rel="nofollow" target="_blank">GSCM</a> | <a href="https://www.instagram.com/ericschleien/" rel="nofollow" target="_blank">Instagram</a> Email: <a href="mailto:IntelligentInvesting@gmail.com">IntelligentInvesting@gmail.com</a> Disclosure: Eric Schleien and some SMA clients of Eric Schleien through GSCM own shares of WSTL. Nothing here is investment advice. Do your own due diligence.

#170: Westell; A Ben Graham Net-Net; Evan Bleker

Trey Henninger

NEW PODCASTHey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Scheien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance.NET NET HUNTERThis episode is sponsored by Net Net Hunter. If you’re interested in finding high-quality stocks trading at fractions of liquidation value – this research service is for you. I personally use this service at my firm to help me research tiny and obscure net-net stocks all around the world. Using Net Net Hunter comes out to way less money than hiring an analyst to do the exact same thing manually. It’s a service I love and I am proud to be able to offer this service to my listeners. If this is something you’re interested in, please click here.SummaryToday’s interview guest is Trey Henninger where discuss a recent update on Solitron Devices (SODI) Trey Henninger runs the blog and podcast, DIY Investing. Trey is a private value investor focused on microcap and dark stocks in the United States. His focus is on high-quality companies with predictable durable earnings where management has skin-in-the-game. Trey runs a concentrated portfolio. By focusing on small companies, Trey hopes to find overlooked compounders at value prices. His favorite opportunities have a market cap below $50 million.  RESOURCESMy Book on Amazon Alex Bossert's VIC writeup on Solitron Trey Henninger's Stock Thesis on SolitronConnect With Trey HenningerTwitter Blog Spotify Apple Podcasts YouTubeHELP OUT THE PODCASTIf you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTubeGET IN TOUCH WITH ERIC SCHLEIENFacebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com Disclosure: Eric Schleien and some SMA clients of Eric Schleien through GSCM own shares of SODI. Nothing here is investment advice. Do your own due diligence.  

NEW PODCAST Hey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out <a href="https://www.ericschleienpodcast.com/" rel="nofollow" target="_blank">The Eric Scheien Podcast</a> which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance.NET NET HUNTER This episode is sponsored by <a href="https://tinyurl.com/NetNetHunter" rel="nofollow" target="_blank">Net Net Hunter</a>. If you’re interested in finding high-quality stocks trading at fractions of liquidation value – this research service is for you. I personally use this service at my firm to help me research tiny and obscure net-net stocks all around the world. Using <a href="https://tinyurl.com/NetNetHunter" rel="nofollow" target="_blank">Net Net Hunter</a> comes out to way less money than hiring an analyst to do the exact same thing manually. It’s a service I love and I am proud to be able to offer this service to my listeners. If this is something you’re interested in, please click <a href="https://tinyurl.com/NetNetHunter" rel="nofollow" target="_blank">here</a>.Summary Today’s interview guest is Trey Henninger where discuss a recent update on Solitron Devices (SODI) Trey Henninger runs the blog and podcast, <a href="https://www.diyinvesting.org/" rel="nofollow" target="_blank">DIY Investing</a>. Trey is a private value investor focused on microcap and dark stocks in the United States. His focus is on high-quality companies with predictable durable earnings where management has skin-in-the-game. Trey runs a concentrated portfolio. By focusing on small companies, Trey hopes to find overlooked compounders at value prices. His favorite opportunities have a market cap below $50 million.  RESOURCES <ul><li>My Book on <a href="https://www.amazon.com/Principles-Power-Art-Wisdom-Badassery/dp/0578798964/ref=sxts_sxwds-bia-wc-rsf-lq2a1_0?cv_ct_cx=principles+of+power&amp;dchild=1&amp;keywords=principles+of+power&amp;pd_rd_i=0578798964&amp;pd_rd_r=f767d4de-93cb-4336-86d7-3b91b59d887a&amp;pd_rd_w=u5bQN&amp;pd_rd_wg=RoRzh&amp;pf_rd_p=a3a0919a-648e-417c-aaf1-04523e0f292d&amp;pf_rd_r=QRMNKQB08V93QFV9R663&amp;psc=1&amp;qid=1622147672&amp;sr=1-1-49946e88-733b-44df-869b-c05699555c56" rel="nofollow" target="_blank">Amazon</a></li> <li>Alex Bossert's <a href="https://valueinvestorsclub.com/idea/SOLITRON_DEVICES_INC/0392257993" rel="nofollow" target="_blank">VIC writeup</a> on Solitron</li> <li>Trey Henninger's <a href="https://twitter.com/TreyHenninger/status/1360248301703081986" rel="nofollow" target="_blank">Stock Thesis</a> on Solitron</li></ul>Connect With Trey Henninger <ul><li><a href="https://twitter.com/treyhenninger" rel="nofollow" target="_blank">Twitter</a></li> <li><a href="https://www.diyinvesting.org/" rel="nofollow" target="_blank">Blog</a></li> <li><a href="https://open.spotify.com/show/37ix9ppkuA1USd2QUZJUEy?si=3kdL8abBT-Wl4zJmhzCH1g" rel="nofollow" target="_blank">Spotify</a></li> <li><a href="https://podcasts.apple.com/us/podcast/diy-investing-podcast-value-investing-fundamental-analysis/id1273404123" rel="nofollow" target="_blank">Apple Podcasts</a></li> <li><a href="https://www.youtube.com/channel/UCD0lzw3BdPwhx6jwrIofI0g" rel="nofollow" target="_blank">YouTube</a></li></ul>HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the <a href="https://www.facebook.com/theintelligentinvestingpodcast" rel="nofollow" target="_blank">Facebook</a> page!       You can subscribe to the podcast on the following platforms: <ul><li><a href="https://podcasts.apple.com/us/podcast/the-intelligent-investing-podcast/id1205082419?mt=2" rel="nofollow" target="_blank">Apple Podcasts</a></li> <li><a href="https://www.stitcher.com/podcast/the-intelligent-investing-podcast" rel="nofollow" target="_blank">Stitcher</a></li> <li><a href="https://tunein.com/podcasts/Business--Economics-Podcasts/The-Intelligent-Investing-Podcast-p1163031/" rel="nofollow" target="_blank">TuneIn</a></li> <li><a href="https://open.spotify.com/show/4ZQWW3Ezl5VwhTz2dNqW5a?si=K9oTUSa7S4-fhzd0AwXqvQ" rel="nofollow" target="_blank">Spotify</a></li> <li><a href="https://intelligentinvesting.podbean.com/" rel="nofollow" target="_blank">Podbean</a></li> <li><a href="https://www.iheart.com/podcast/256-the-intelligent-investing-31088341/" rel="nofollow" target="_blank">iHeart Radio</a></li> <li><a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a></li></ul>GET IN TOUCH WITH ERIC SCHLEIEN <a href="https://www.facebook.com/ericschleien" rel="nofollow" target="_blank">Facebook</a>  |  <a href="https://www.linkedin.com/in/ericschleien/" rel="nofollow" target="_blank">LinkedIn</a>  | <a href="https://twitter.com/EricSchleien" rel="nofollow" target="_blank">Twitter</a>  | <a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a> | <a href="https://www.gscm.co/contact" rel="nofollow" target="_blank">GSCM</a> | <a href="https://www.instagram.com/ericschleien/" rel="nofollow" target="_blank">Instagram</a> Email: <a href="mailto:IntelligentInvesting@gmail.com">IntelligentInvesting@gmail.com</a> Disclosure: Eric Schleien and some SMA clients of Eric Schleien through GSCM own shares of SODI. Nothing here is investment advice. Do your own due diligence.

#169: Update On Solitron (SODI) - Trey Henninger

Vitaliy Katsenelson

SummaryIn this episode, I sit down with Vitaliy Katsenelson of IMA to discuss Uber's business model. We ended up chatting for about an hour and went pretty deep into the weeds around ride-sharing, Uber, and also what the future holds for the industry both in the United States and globally.Show LinksInvestor.fm Contrarian Edge The Six Commandments Was Our Money Manager Kidnapped?More About Vitaliy KatsenelsonVitaliy N. Katsenelson, CFA, is CEO at Investment Management Associates in Denver, Colo.  He is the author of Active Value Investing (Wiley, 2007) and the The Little Book of Sideways Markets (Wiley, December 2010). He runs the blog ContrarianEdge.com.  He writes monthly for Institutional Investor.More About Eric SchleienTo learn more about me, Eric Schleien, check out my personal website and business website. You can also reach out to me on Twitter, Instagram, and LinkedIn. If you'd like to read my book, you can find it on Amazon. Reviews are appreciated.New PodcastHey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Schleien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. To learn more about Eric's work, check out his ontological coaching firm, Transformational Leadership Associates.Help Out The PodcastIf you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTubeContact Eric SchleienFacebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com

Summary In this episode, I sit down with Vitaliy Katsenelson of IMA to discuss Uber's business model. We ended up chatting for about an hour and went pretty deep into the weeds around ride-sharing, Uber, and also what the future holds for the industry both in the United States and globally.Show Links <ul><li><a href="http://investor.fm" rel="nofollow" target="_blank">Investor.fm</a></li> <li><a href="http://contrarianedge.com" rel="nofollow" target="_blank">Contrarian Edge</a></li> <li><a href="http://sixcommandments.com" rel="nofollow" target="_blank">The Six Commandments</a></li> <li><a href="https://contrarianedge.com/was-our-money-manager-kidnapped/" rel="nofollow" target="_blank">Was Our Money Manager Kidnapped?</a></li></ul>More About Vitaliy Katsenelson Vitaliy N. Katsenelson, CFA, is CEO at Investment Management Associates in Denver, Colo.  He is the author of Active Value Investing (Wiley, 2007) and the The Little Book of Sideways Markets (Wiley, December 2010). He runs the blog <a href="http://ContrarianEdge.com" rel="nofollow" target="_blank">ContrarianEdge.com</a>.  He writes monthly for Institutional Investor.More About Eric Schleien To learn more about me, Eric Schleien, check out my <a href="https://ericschleien.com/" rel="nofollow" target="_blank">personal website</a> and <a href="https://www.gscm.co/" rel="nofollow" target="_blank">business website</a>. You can also reach out to me on <a href="https://twitter.com/ericschleien" rel="nofollow" target="_blank">Twitter</a>, <a href="https://www.instagram.com/ericschleien/" rel="nofollow" target="_blank">Instagram</a>, and <a href="https://www.linkedin.com/in/ericschleien/" rel="nofollow" target="_blank">LinkedIn</a>. If you'd like to read my book, you can find it on <a href="https://www.amazon.com/Eric-Schleien/e/B08P29QT5K/ref=dp_byline_cont_pop_ebooks_1" rel="nofollow" target="_blank">Amazon</a>. Reviews are appreciated.New Podcast Hey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out <a href="https://ericschleien.podbean.com/" rel="nofollow" target="_blank">The Eric Schleien Podcast</a> which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. To learn more about Eric's work, check out his ontological coaching firm, <a href="https://www.transformationalleadershipassociates.com/about-eric-schleien" rel="nofollow" target="_blank">Transformational Leadership Associates</a>.Help Out The Podcast If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the <a href="https://www.facebook.com/theintelligentinvestingpodcast" rel="nofollow" target="_blank">Facebook</a> page!       You can subscribe to the podcast on the following platforms: <ul><li><a href="https://podcasts.apple.com/us/podcast/the-intelligent-investing-podcast/id1205082419?mt=2" rel="nofollow" target="_blank">Apple Podcasts</a></li> <li><a href="https://www.stitcher.com/podcast/the-intelligent-investing-podcast" rel="nofollow" target="_blank">Stitcher</a></li> <li><a href="https://tunein.com/podcasts/Business--Economics-Podcasts/The-Intelligent-Investing-Podcast-p1163031/" rel="nofollow" target="_blank">TuneIn</a></li> <li><a href="https://open.spotify.com/show/4ZQWW3Ezl5VwhTz2dNqW5a?si=K9oTUSa7S4-fhzd0AwXqvQ" rel="nofollow" target="_blank">Spotify</a></li> <li><a href="https://intelligentinvesting.podbean.com/" rel="nofollow" target="_blank">Podbean</a></li> <li><a href="https://www.iheart.com/podcast/256-the-intelligent-investing-31088341/" rel="nofollow" target="_blank">iHeart Radio</a></li> <li><a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a></li></ul>Contact Eric Schleien <a href="https://www.facebook.com/ericschleien" rel="nofollow" target="_blank">Facebook</a>  |  <a href="https://www.linkedin.com/in/ericschleien/" rel="nofollow" target="_blank">LinkedIn</a>  | <a href="https://twitter.com/EricSchleien" rel="nofollow" target="_blank">Twitter</a>  | <a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a> | <a href="https://www.gscm.co/contact" rel="nofollow" target="_blank">GSCM</a> | <a href="https://www.instagram.com/ericschleien/" rel="nofollow" target="_blank">Instagram</a> Email: IntelligentInvesting@gmail.com

#168: Discussing Uber‘s Business Model - Vitaliy Katsenelson

It's Eric Schleien with episode #167 of The Intelligent Investing Podcast. Today I discuss one of my current positions LAACO with a quick update.SummaryI originally invested in LAACO when the stock was trading at roughly $2000/unit. The thesis was that you could buy the entire company at a significant discount to the private market value of the assets. You can read my original thesis, here. Recently, there has been news reports that the company may be in the process of selling their self-storage business which would be huge for shareholders. You can see a link to an article, here.More About Eric SchleienTo learn more about me, Eric Schleien, check out my personal website and business website. You can also reach out to me on Twitter, Instagram, and LinkedIn. If you'd like to read my book, you can find it on Amazon. Reviews are appreciated.New PodcastHey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Schleien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. To learn more about Eric's work, check out his ontological coaching firm, Transformational Leadership Associates.Help Out The PodcastIf you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTubeContact Eric SchleienFacebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com

It's Eric Schleien with episode #167 of The Intelligent Investing Podcast. Today I discuss one of my current positions LAACO with a quick update.Summary I originally invested in LAACO when the stock was trading at roughly $2000/unit. The thesis was that you could buy the entire company at a significant discount to the private market value of the assets. You can read my original thesis, <a href="https://www.gscm.co/laaco" rel="nofollow" target="_blank">here</a>. Recently, there has been news reports that the company may be in the process of selling their self-storage business which would be huge for shareholders. You can see a link to an article, <a href="https://www.bloomberg.com/news/articles/2021-09-17/laaco-is-said-to-explore-storage-west-sale-as-self-storage-booms" rel="nofollow" target="_blank">here</a>.More About Eric Schleien To learn more about me, Eric Schleien, check out my <a href="https://ericschleien.com/" rel="nofollow" target="_blank">personal website</a> and <a href="https://www.gscm.co/" rel="nofollow" target="_blank">business website</a>. You can also reach out to me on <a href="https://twitter.com/ericschleien" rel="nofollow" target="_blank">Twitter</a>, <a href="https://www.instagram.com/ericschleien/" rel="nofollow" target="_blank">Instagram</a>, and <a href="https://www.linkedin.com/in/ericschleien/" rel="nofollow" target="_blank">LinkedIn</a>. If you'd like to read my book, you can find it on <a href="https://www.amazon.com/Eric-Schleien/e/B08P29QT5K/ref=dp_byline_cont_pop_ebooks_1" rel="nofollow" target="_blank">Amazon</a>. Reviews are appreciated.New Podcast Hey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out <a href="https://ericschleien.podbean.com/" rel="nofollow" target="_blank">The Eric Schleien Podcast</a> which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. To learn more about Eric's work, check out his ontological coaching firm, <a href="https://www.transformationalleadershipassociates.com/about-eric-schleien" rel="nofollow" target="_blank">Transformational Leadership Associates</a>.Help Out The Podcast If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the <a href="https://www.facebook.com/theintelligentinvestingpodcast" rel="nofollow" target="_blank">Facebook</a> page!       You can subscribe to the podcast on the following platforms: <ul><li><a href="https://podcasts.apple.com/us/podcast/the-intelligent-investing-podcast/id1205082419?mt=2" rel="nofollow" target="_blank">Apple Podcasts</a></li> <li><a href="https://www.stitcher.com/podcast/the-intelligent-investing-podcast" rel="nofollow" target="_blank">Stitcher</a></li> <li><a href="https://tunein.com/podcasts/Business--Economics-Podcasts/The-Intelligent-Investing-Podcast-p1163031/" rel="nofollow" target="_blank">TuneIn</a></li> <li><a href="https://open.spotify.com/show/4ZQWW3Ezl5VwhTz2dNqW5a?si=K9oTUSa7S4-fhzd0AwXqvQ" rel="nofollow" target="_blank">Spotify</a></li> <li><a href="https://intelligentinvesting.podbean.com/" rel="nofollow" target="_blank">Podbean</a></li> <li><a href="https://www.iheart.com/podcast/256-the-intelligent-investing-31088341/" rel="nofollow" target="_blank">iHeart Radio</a></li> <li><a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a></li></ul>Contact Eric Schleien <a href="https://www.facebook.com/ericschleien" rel="nofollow" target="_blank">Facebook</a>  |  <a href="https://www.linkedin.com/in/ericschleien/" rel="nofollow" target="_blank">LinkedIn</a>  | <a href="https://twitter.com/EricSchleien" rel="nofollow" target="_blank">Twitter</a>  | <a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a> | <a href="https://www.gscm.co/contact" rel="nofollow" target="_blank">GSCM</a> | <a href="https://www.instagram.com/ericschleien/" rel="nofollow" target="_blank">Instagram</a> Email: IntelligentInvesting@gmail.com

#167: Quick Idea; Update On LAACO ($LAACZ); Possible Catalyst | Eric Schleien

It's Eric Schleien back atcha with Episode #166 of The Intelligent Investing Podcast. Today I bring on Jason Rivera to discuss BE Semiconductor Industries NV (BESIY).SummaryJason found the company when they were a $640 million dollar market cap company. Since then, the stock is up ~10x. Not a bad return! When Jason  found them, they were a pick and shovel play in the semiconductor industry. The company builds testing kits. They also build plastic casings for the actual semiconductor pieces. They're a necessary business for the semiconductor industry. Jason believes you can expect that trend rapidly grow because of the internet of things and 5G. Jason  found the stock by going one by one through the OTC markets database. There's around 20,000 companies listed there.More About Eric SchleienTo learn more about me, Eric Schleien, check out my personal website and business website. You can also reach out to me on Twitter, Instagram, and LinkedIn. If you'd like to read my book, you can find it on Amazon. Reviews are appreciated!Get In Touch With Jason RiveraTo learn more about Jason Rivera, check out his website: Value Investing Journey  New PodcastHey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Schleien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. To learn more about Eric's work, check out his ontological coaching firm, Transformational Leadership Associates.  Help Out The PodcastIf you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTubeContact Eric SchleienFacebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com

It's Eric Schleien back atcha with Episode #166 of The Intelligent Investing Podcast. Today I bring on Jason Rivera to discuss BE Semiconductor Industries NV (<a href="https://www.google.com/finance/quote/BESIY:OTCMKTS?sa=X&amp;ved=2ahUKEwjmsrjO3aTzAhVimeAKHVa5AcEQ3ecFegQIAxAU&amp;window=YTD" rel="nofollow" target="_blank">BESIY</a>).Summary Jason found the company when they were a $640 million dollar market cap company. Since then, the stock is up ~10x. Not a bad return! When Jason  found them, they were a pick and shovel play in the semiconductor industry. The company builds testing kits. They also build plastic casings for the actual semiconductor pieces. They're a necessary business for the semiconductor industry. Jason believes you can expect that trend rapidly grow because of the internet of things and 5G. Jason  found the stock by going one by one through the OTC markets database. There's around 20,000 companies listed there.More About Eric Schleien To learn more about me, Eric Schleien, check out my <a href="https://ericschleien.com/" rel="nofollow" target="_blank">personal website</a> and <a href="https://www.gscm.co/" rel="nofollow" target="_blank">business website</a>. You can also reach out to me on <a href="https://twitter.com/ericschleien" rel="nofollow" target="_blank">Twitter</a>, <a href="https://www.instagram.com/ericschleien/" rel="nofollow" target="_blank">Instagram</a>, and <a href="https://www.linkedin.com/in/ericschleien/" rel="nofollow" target="_blank">LinkedIn</a>. If you'd like to read my book, you can find it on <a href="https://www.amazon.com/Eric-Schleien/e/B08P29QT5K/ref=dp_byline_cont_pop_ebooks_1" rel="nofollow" target="_blank">Amazon</a>. Reviews are appreciated!Get In Touch With Jason Rivera To learn more about Jason Rivera, check out his website: <a href="https://www.valueinvestingjourney.com/about/" rel="nofollow" target="_blank">Value Investing Journey</a>  New Podcast Hey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out <a href="http://ericschleien.podbean.com/" rel="nofollow" target="_blank">The Eric Schleien Podcast</a> which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. To learn more about Eric's work, check out his ontological coaching firm, <a href="https://www.transformationalleadershipassociates.com/about-eric-schleien" rel="nofollow" target="_blank">Transformational Leadership Associates</a>.  Help Out The Podcast If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the <a href="https://www.facebook.com/theintelligentinvestingpodcast" rel="nofollow" target="_blank">Facebook</a> page!       You can subscribe to the podcast on the following platforms: <ul><li><a href="https://podcasts.apple.com/us/podcast/the-intelligent-investing-podcast/id1205082419?mt=2" rel="nofollow" target="_blank">Apple Podcasts</a></li> <li><a href="https://www.stitcher.com/podcast/the-intelligent-investing-podcast" rel="nofollow" target="_blank">Stitcher</a></li> <li><a href="https://tunein.com/podcasts/Business--Economics-Podcasts/The-Intelligent-Investing-Podcast-p1163031/" rel="nofollow" target="_blank">TuneIn</a></li> <li><a href="https://open.spotify.com/show/4ZQWW3Ezl5VwhTz2dNqW5a?si=K9oTUSa7S4-fhzd0AwXqvQ" rel="nofollow" target="_blank">Spotify</a></li> <li><a href="https://intelligentinvesting.podbean.com/" rel="nofollow" target="_blank">Podbean</a></li> <li><a href="https://www.iheart.com/podcast/256-the-intelligent-investing-31088341/" rel="nofollow" target="_blank">iHeart Radio</a></li> <li><a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a></li></ul>Contact Eric Schleien <a href="https://www.facebook.com/ericschleien" rel="nofollow" target="_blank">Facebook</a>  |  <a href="https://www.linkedin.com/in/ericschleien/" rel="nofollow" target="_blank">LinkedIn</a>  | <a href="https://twitter.com/EricSchleien" rel="nofollow" target="_blank">Twitter</a>  | <a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a> | <a href="https://www.gscm.co/contact" rel="nofollow" target="_blank">GSCM</a> | <a href="https://www.instagram.com/ericschleien/" rel="nofollow" target="_blank">Instagram</a> Email: IntelligentInvesting@gmail.com

#166: Eric Schleien Discussing BE Semiconductor Industries NV (BESIY) w/ Jason Rivera

Join Eric Schleien as he discusses Altria Group Inc (NYSE: MO) with Jason Rivera from Value Investing Journey. Eric Schleien has been following Altria for many years and brought Jason on after he saw that he’s talked about it on his website. For those who don’t know, Altria is the maker of Marlboro cigarettes and is considered the ultimate sin stock. You can make the argument that the stock has often been cheap due to the fact it is a sin stock leading to high rates of returns over many decades.About Eric SchleienTo learn more about Eric Schleien, check out his personal website and business website. You can also reach out to him on Twitter, Instagram, and LinkedIn.Microcap Shareholder Activism If you are an executive of a microcap public company or a large shareholder of a microcap company where the executives are not doing right by shareholders, I'd be happy to see if me and my team can help with our novel approach to shareholder activism. For more information, see our offering at Transformational Leadership Associates and would be happy to do a free consult. If you'd like to read Eric Schleien’s book, you can find it on Amazon.What Are Sin Stocks?Sin stocks are public companies involved in activities that are considered unethical by society, such as alcohol, tobacco, gambling, adult entertainment or weapons. ESG investors tend to exclude sin stocks, as the companies involved are thought to be making money from exploiting human weaknesses and vices.Why Do People Avoid Sin Stocks?A common question people ask is why do people avoid sin stocks? In reality, a stock doesn’t know you own it. As long as you aren’t participating in a secondary offering, you buying stock in Altria in no way contributes to the tobacco industry. However, even though that is the reality, there are many reasons why people avoid sin stocks. For example, there is an entire investment industry around what is coined ESG. ESG stands for Environmental, Social, and Governance. Companies are given a score based on a variety of metrics. This has led to a whole new money making scheme in the name of “feeling good” about what you’re investing in despite the fact it makes no actual impact to the planet. However, this ESG fad has led to opportunities for prudent investors.Altria Stock ValuationJason discusses how he values Altria. Jason assumes the company is worth 11x EBIT which he considers high for most companies but appropriate for Altria. That would get you to a value of about $129.5 billion. Then, if you add cash of just under $2 billion and subtract the company’s $28.2 billion in debt, that gets you to a value of about $101 Most companies, I wouldn't value it. An 11 X EBIT, multiple them. I would, again, for the competitive advantage we already talked about, so that gets us to a value of about 129.5 billion. Plus cash they had about just under $2 billion cash minus all of their debt at $28.2 billion. That gets us to a value of about $101.3 billion. This contrasts to a current market cap of about $93 billion.What’s The IRR For Altria Stock?Jason assumes that the future returns for Altria will essentially be their dividend of just over 7%. In addition, Jason believes the company will be a good hedge for inflation. This IRR is much higher than a US Treasury Bond and he believes it is a good fit for a long-term portfolio with someone who is extremely risk averse.About Jason RiveraTo learn more about Jason Rivera, check out his website: Value Investing Journey

Join Eric Schleien as he discusses Altria Group Inc (<a href="https://www.google.com/finance/quote/MO:NYSE?sa=X&amp;ved=2ahUKEwjymcLm-J3zAhVDRzABHQ-ODvwQ3ecFegQIGxAU" rel="nofollow" target="_blank">NYSE: MO</a>) with Jason Rivera from Value Investing Journey. Eric Schleien has been following Altria for many years and brought Jason on after he saw that he’s talked about it on his website. For those who don’t know, Altria is the maker of Marlboro cigarettes and is considered the ultimate sin stock. You can make the argument that the stock has often been cheap due to the fact it is a sin stock leading to high rates of returns over many decades.About Eric Schleien To learn more about Eric Schleien, check out his <a href="https://ericschleien.com/" rel="nofollow" target="_blank">personal website</a> and <a href="https://www.gscm.co/" rel="nofollow" target="_blank">business website</a>. You can also reach out to him on <a href="https://twitter.com/ericschleien" rel="nofollow" target="_blank">Twitter</a>, <a href="https://www.instagram.com/ericschleien/" rel="nofollow" target="_blank">Instagram</a>, and <a href="https://www.linkedin.com/in/ericschleien/" rel="nofollow" target="_blank">LinkedIn</a>.Microcap Shareholder Activism If you are an executive of a microcap public company or a large shareholder of a microcap company where the executives are not doing right by shareholders, I'd be happy to see if me and my team can help with our novel approach to shareholder activism. For more information, see our offering at <a href="https://www.transformationalleadershipassociates.com" rel="nofollow" target="_blank">Transformational Leadership Associates</a> and would be happy to do a free consult. If you'd like to read Eric Schleien’s book, you can find it on <a href="https://www.amazon.com/Eric-Schleien/e/B08P29QT5K/ref=dp_byline_cont_pop_ebooks_1" rel="nofollow" target="_blank">Amazon</a>.What Are Sin Stocks? Sin stocks are public companies involved in activities that are considered unethical by society, such as alcohol, tobacco, gambling, adult entertainment or weapons. ESG investors tend to exclude sin stocks, as the companies involved are thought to be making money from exploiting human weaknesses and vices.Why Do People Avoid Sin Stocks? A common question people ask is why do people avoid sin stocks? In reality, a stock doesn’t know you own it. As long as you aren’t participating in a secondary offering, you buying stock in Altria in no way contributes to the tobacco industry. However, even though that is the reality, there are many reasons why people avoid sin stocks. For example, there is an entire investment industry around what is coined ESG. ESG stands for Environmental, Social, and Governance. Companies are given a score based on a variety of metrics. This has led to a whole new money making scheme in the name of “feeling good” about what you’re investing in despite the fact it makes no actual impact to the planet. However, this ESG fad has led to opportunities for prudent investors.Altria Stock Valuation Jason discusses how he values Altria. Jason assumes the company is worth 11x EBIT which he considers high for most companies but appropriate for Altria. That would get you to a value of about $129.5 billion. Then, if you add cash of just under $2 billion and subtract the company’s $28.2 billion in debt, that gets you to a value of about $101 Most companies, I wouldn't value it. An 11 X EBIT, multiple them. I would, again, for the competitive advantage we already talked about, so that gets us to a value of about 129.5 billion. Plus cash they had about just under $2 billion cash minus all of their debt at $28.2 billion. That gets us to a value of about $101.3 billion. This contrasts to a current market cap of about $93 billion.What’s The IRR For Altria Stock? Jason assumes that the future returns for Altria will essentially be their dividend of just over 7%. In addition, Jason believes the company will be a good hedge for inflation. This IRR is much higher than a US Treasury Bond and he believes it is a good fit for a long-term portfolio with someone who is extremely risk averse.About Jason Rivera To learn more about Jason Rivera, check out his website: <a href="https://www.valueinvestingjourney.com/about/" rel="nofollow" target="_blank">Value Investing Journey</a>

#165: Eric Schleien Discussing The Ultimate Sin Stock w/ Jason Rivera; Altria (MO)

Hi, it's Eric Schleien, and welcome back to another episode of The Intelligent Investing Podcast! In this episode, I had the pleasure of sitting down with the wonderful Jason Rivera who runs Value Investing Journey. I've always liked government contractors due to the sticky nature of their business, high margins, and lots of recurring revenue. I also love them when they are tiny and undiscovered and filling some interesting niche or segment of their market. A company that seems to possibly fit that bill is WidePoint Corporation (WYY).What Is WidePoint Corporation?WidePoint Corporation (WYY) is the leading provider of Trusted Mobility Management (TM2) solutions. TM2 converges at the intersection of WidePoint’s pioneering Telecom Lifecycle Management (TLM), Telecom Bill Presentment &amp; Analytics, Mobile and Identity (IdM) Management solutions. Market demand for secure mobile management such as WidePoint TM2 solutions is increasing due to security risks and vulnerabilities that could result from allowing mobile devices and cloud-based applications access to an organization’s technology infrastructure. In today’s connected world with high-profile data breaches, it is important for an enterprise to have a TM2 solution in place to protect valuable mobile assets and infrastructure while complying with changes in privacy and data protection laws and regulations. WidePoint TM2 solutions provide security, manageability, and visibility of an enterprise’s mobile assets and services through a single platform supported by our secure TM2 framework. WidePoint is the leading provider of customized telecom and mobile management solutions to the U.S. public sector. WidePoint has a diverse portfolio of government and commercial clients, serving global and international enterprises and the Fortune 100 across a multitude of industries.More About Eric SchleienTo learn more about me, Eric Schleien, check out my personal website and business website. You can also reach out to me on Twitter, Instagram, and LinkedIn. If you'd like to read my book, you can find it on Amazon. Reviews are appreciated!Get In Touch With Jason RiveraTo learn more about Jason Rivera, check out his website: Value Investing Journey

Hi, it's Eric Schleien, and welcome back to another episode of The Intelligent Investing Podcast! In this episode, I had the pleasure of sitting down with the wonderful Jason Rivera who runs Value Investing Journey. I've always liked government contractors due to the sticky nature of their business, high margins, and lots of recurring revenue. I also love them when they are tiny and undiscovered and filling some interesting niche or segment of their market. A company that seems to possibly fit that bill is WidePoint Corporation (WYY).What Is WidePoint Corporation? WidePoint Corporation (WYY) is the leading provider of Trusted Mobility Management (TM2) solutions. TM2 converges at the intersection of WidePoint’s pioneering Telecom Lifecycle Management (TLM), Telecom Bill Presentment &amp; Analytics, Mobile and Identity (IdM) Management solutions. Market demand for secure mobile management such as WidePoint TM2 solutions is increasing due to security risks and vulnerabilities that could result from allowing mobile devices and cloud-based applications access to an organization’s technology infrastructure. In today’s connected world with high-profile data breaches, it is important for an enterprise to have a TM2 solution in place to protect valuable mobile assets and infrastructure while complying with changes in privacy and data protection laws and regulations. WidePoint TM2 solutions provide security, manageability, and visibility of an enterprise’s mobile assets and services through a single platform supported by our secure TM2 framework. WidePoint is the leading provider of customized telecom and mobile management solutions to the U.S. public sector. WidePoint has a diverse portfolio of government and commercial clients, serving global and international enterprises and the Fortune 100 across a multitude of industries.More About Eric Schleien To learn more about me, Eric Schleien, check out my <a href="https://ericschleien.com/" rel="nofollow" target="_blank">personal website</a> and <a href="https://www.gscm.co/" rel="nofollow" target="_blank">business website</a>. You can also reach out to me on <a href="https://twitter.com/ericschleien" rel="nofollow" target="_blank">Twitter</a>, <a href="https://www.instagram.com/ericschleien/" rel="nofollow" target="_blank">Instagram</a>, and <a href="https://www.linkedin.com/in/ericschleien/" rel="nofollow" target="_blank">LinkedIn</a>. If you'd like to read my book, you can find it on <a href="https://www.amazon.com/Eric-Schleien/e/B08P29QT5K/ref=dp_byline_cont_pop_ebooks_1" rel="nofollow" target="_blank">Amazon</a>. Reviews are appreciated!Get In Touch With Jason Rivera To learn more about Jason Rivera, check out his website: <a href="https://www.valueinvestingjourney.com/about/" rel="nofollow" target="_blank">Value Investing Journey</a>

#164: An Undervalued Government Contractor Microcap Stock; WidePoint Corporation (WYY); Eric Schleien & Jason Rivera

Eric Schleien discusses value investing, rational investment analysis, and vital mental models.

Eric Schleien hosts the September Roundtable for Finance Podcast Week. Join Eric Schleien, host of the Intelligent Investing Podcast, with Andrew Sather and Jason Rivera for a jam packed hour long finance roundtable. Eric Schleien Discusses Real Estate StocksIn this episode, Eric Schleien sits down with Andrew Sather and Jason Rivera to discuss two real estate stocks. Laaco Ltd (LAACZ), which owns the Los Angeles Athletic Club and has a Self-Storage Business. Cedar Realty Trust (CDR), which owns grocery anchored retail outlets across the United States. Eric Schleien believes that both of these are cheap real estate stocks that would be some of the best picks for 2021. Both of these stocks are special situations as it is likely that both of these will be selling core assets for a higher price than the current market value. In Cedar’s case, they may sell the entire company. With Laaco, they may sell their self-storage business at what would almost certainly be a higher price than the current market price if they were to get a fair valuation on the assets.  Eric Schleien Discusses Modern Value InvestingOne of the things that Eric points out during the roundtable is that modern GAAP accounting isn’t always appropriate for companies such as Amazon (AMZN) or Trupanion (TRUP) to show true value of the business. For example, Amazon’s R&amp;D expense he believes is an asset even though it gets run through the income statement as an expense.  To learn more about Eric Schleien, check out his personal website and business website. You can also reach out to him on Twitter, Instagram, and LinkedIn. If you'd like to read his book, you can find it on Amazon.  Jason Rivera Discusses Altria StockDuring the episode Jason Rivera discusses Altria (MO) as a potential value investment due to the stability of the business mixed with a high dividend yield. Jason believes that Altria is a better inflation hedge than buying TIPS. To learn more about Jason Rivera, check out his website: Value Investing Journey  Andrew Sather Discusses Defense ContractorsAndrew believes that defense contractors offer good value in this market. As a value investor, he is always looking for sectors and companies that are being mispriced by the market for various reasons. To learn more about Andrew Sather, check out his website: Investing For Beginners

Eric Schleien hosts the September Roundtable for Finance Podcast Week. Join Eric Schleien, host of the Intelligent Investing Podcast, with Andrew Sather and Jason Rivera for a jam packed hour long finance roundtable. Eric Schleien Discusses Real Estate Stocks In this episode, Eric Schleien sits down with Andrew Sather and Jason Rivera to discuss two real estate stocks. <ol><li>Laaco Ltd (<a href="https://www.otcmarkets.com/stock/LAACZ/overview" rel="nofollow" target="_blank">LAACZ</a>), which owns the Los Angeles Athletic Club and has a Self-Storage Business.</li> <li>Cedar Realty Trust (<a href="https://www.google.com/finance/quote/CDR:NYSE?sa=X&amp;ved=2ahUKEwjj4LenwZHzAhUknuAKHUmsCUcQ3ecFegQIHhAS" rel="nofollow" target="_blank">CDR</a>), which owns grocery anchored retail outlets across the United States.</li> </ol>Eric Schleien believes that both of these are cheap real estate stocks that would be some of the best picks for 2021. Both of these stocks are special situations as it is likely that both of these will be selling core assets for a higher price than the current market value. In Cedar’s case, they may sell the entire company. With Laaco, they may sell their self-storage business at what would almost certainly be a higher price than the current market price if they were to get a fair valuation on the assets.  Eric Schleien Discusses Modern Value Investing One of the things that Eric points out during the roundtable is that modern GAAP accounting isn’t always appropriate for companies such as Amazon (<a href="https://www.google.com/finance/quote/AMZN:NASDAQ" rel="nofollow" target="_blank">AMZN</a>) or Trupanion (<a href="https://www.google.com/finance/quote/TRUP:NASDAQ" rel="nofollow" target="_blank">TRUP</a>) to show true value of the business. For example, Amazon’s R&amp;D expense he believes is an asset even though it gets run through the income statement as an expense.  To learn more about Eric Schleien, check out his <a href="https://ericschleien.com" rel="nofollow" target="_blank">personal website</a> and <a href="https://www.gscm.co" rel="nofollow" target="_blank">business website</a>. You can also reach out to him on <a href="https://twitter.com/ericschleien" rel="nofollow" target="_blank">Twitter</a>, <a href="https://www.instagram.com/ericschleien/" rel="nofollow" target="_blank">Instagram</a>, and <a href="https://www.linkedin.com/in/ericschleien/" rel="nofollow" target="_blank">LinkedIn</a>. If you'd like to read his book, you can find it on <a href="https://www.amazon.com/Eric-Schleien/e/B08P29QT5K/ref=dp_byline_cont_pop_ebooks_1" rel="nofollow" target="_blank">Amazon</a>.  Jason Rivera Discusses Altria Stock During the episode Jason Rivera discusses Altria (<a href="https://www.google.com/finance/quote/MO:NYSE?sa=X&amp;ved=2ahUKEwjKppe5wZHzAhVrn-AKHakkBDgQ3ecFegQIFxAS" rel="nofollow" target="_blank">MO</a>) as a potential value investment due to the stability of the business mixed with a high dividend yield. Jason believes that Altria is a better inflation hedge than buying TIPS. To learn more about Jason Rivera, check out his website: <a href="https://www.valueinvestingjourney.com/about/" rel="nofollow" target="_blank">Value Investing Journey</a>  Andrew Sather Discusses Defense Contractors Andrew believes that defense contractors offer good value in this market. As a value investor, he is always looking for sectors and companies that are being mispriced by the market for various reasons. To learn more about Andrew Sather, check out his website: <a href="https://einvestingforbeginners.com" rel="nofollow" target="_blank">Investing For Beginners</a>

#163: Eric Schleien Hosts Finance Podcast Week

Principles Of PowerMy book Principles Of Power: The Art &amp; Wisdom of Badassery is now available on Amazon. I would be extremely grateful if you could pick up a copy and write an honest review. Would mean the world!New PodcastHey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Scheien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. To learn more about Eric's work, check out his ontological coaching firm, Transformational Leadership Associates.SummaryIn this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Evan Bleker of Net-Net Hunter to discuss a tiny little company, McCoy Global Inc. (MCB.TO) with a current market cap of $21 million.Show Notes[00:48] Tiny little company traded on Canadian Venture Exchange [2:14] A study on net-nets that buying at a huge discount to net current asset value doesn't enhance performance that much [4:21] The company is cash flow positive [5:26] Modeling out different scenarios (classic Dhandho!) [6:09] Could be a $2/stock if drilling takes offAbout Evan BlekerEvan Bleker is a professional investor who has built his track record by buying high quality net net stocks. When not researching stocks, he focuses his time on helping small investors learn the strategy so they can earn great returns. Evan manages two investing websites: Net Net Hunter and Broken Leg Investing. Net Net Hunter Complete guide to net net stocks Broken Leg Investing Deep Value GuideHelp Out The PodcastIf you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTubeContact Eric SchleienFacebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com

Principles Of Power My book <a href="https://amzn.to/2RG2f0a" rel="nofollow" target="_blank">Principles Of Power: The Art &amp; Wisdom of Badassery</a> is now available on Amazon. I would be extremely grateful if you could pick up a copy and write an honest review. Would mean the world!New Podcast Hey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out <a href="https://www.ericschleienpodcast.com/" rel="nofollow" target="_blank">The Eric Scheien Podcast</a> which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. To learn more about Eric's work, check out his ontological coaching firm, <a href="https://www.transformationalleadershipassociates.com/about-eric-schleien" rel="nofollow" target="_blank">Transformational Leadership Associates</a>.Summary In this episode of The Intelligent Investing Podcast, <a href="https://www.transformationalleadershipassociates.com/about-eric-schleien" rel="nofollow" target="_blank">Eric Schleien</a> sits down with Evan Bleker of Net-Net Hunter to discuss a tiny little company, McCoy Global Inc. (<a href="http://MCB.TO" rel="nofollow" target="_blank">MCB.TO</a>) with a current market cap of $21 million.Show Notes [00:48] Tiny little company traded on Canadian Venture Exchange [2:14] A study on net-nets that buying at a huge discount to net current asset value doesn't enhance performance that much [4:21] The company is cash flow positive [5:26] Modeling out different scenarios (classic Dhandho!) [6:09] Could be a $2/stock if drilling takes offAbout Evan Bleker Evan Bleker is a professional investor who has built his track record by buying high quality net net stocks. When not researching stocks, he focuses his time on helping small investors learn the strategy so they can earn great returns. Evan manages two investing websites: Net Net Hunter and Broken Leg Investing. <ul><li><a href="https://tinyurl.com/NetNetHunter" rel="nofollow" target="_blank">Net Net Hunter</a></li> <li><a href="https://www.netnethunter.com/your-essential-guide-to-net-net-stocks/" rel="nofollow" target="_blank">Complete guide to net net stocks</a></li> <li><a href="http://www.brokenleginvesting.com/" rel="nofollow" target="_blank">Broken Leg Investing</a></li> <li><a href="https://www.brokenleginvesting.com/what-is-deep-value-investing/" rel="nofollow" target="_blank">Deep Value Guide</a></li></ul>Help Out The Podcast If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the <a href="https://www.facebook.com/theintelligentinvestingpodcast" rel="nofollow" target="_blank">Facebook</a> page!       You can subscribe to the podcast on the following platforms: <ul><li><a href="https://podcasts.apple.com/us/podcast/the-intelligent-investing-podcast/id1205082419?mt=2" rel="nofollow" target="_blank">Apple Podcasts</a></li> <li><a href="https://www.stitcher.com/podcast/the-intelligent-investing-podcast" rel="nofollow" target="_blank">Stitcher</a></li> <li><a href="https://tunein.com/podcasts/Business--Economics-Podcasts/The-Intelligent-Investing-Podcast-p1163031/" rel="nofollow" target="_blank">TuneIn</a></li> <li><a href="https://open.spotify.com/show/4ZQWW3Ezl5VwhTz2dNqW5a?si=K9oTUSa7S4-fhzd0AwXqvQ" rel="nofollow" target="_blank">Spotify</a></li> <li><a href="https://intelligentinvesting.podbean.com/" rel="nofollow" target="_blank">Podbean</a></li> <li><a href="https://www.iheart.com/podcast/256-the-intelligent-investing-31088341/" rel="nofollow" target="_blank">iHeart Radio</a></li> <li><a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a></li></ul>Contact Eric Schleien <a href="https://www.facebook.com/ericschleien" rel="nofollow" target="_blank">Facebook</a>  |  <a href="https://www.linkedin.com/in/ericschleien/" rel="nofollow" target="_blank">LinkedIn</a>  | <a href="https://twitter.com/EricSchleien" rel="nofollow" target="_blank">Twitter</a>  | <a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a> | <a href="https://www.gscm.co/contact" rel="nofollow" target="_blank">GSCM</a> | <a href="https://www.instagram.com/ericschleien/" rel="nofollow" target="_blank">Instagram</a> Email: <a href="mailto:IntelligentInvesting@gmail.com">IntelligentInvesting@gmail.com</a>

#162: Discussing McCoy Global $MCB

I had a blast chatting with Evan Bleker who runs Net-Net Hunter. We discussed an interesting little company that many of you may be familiar with called ADDvantage Technologies Group, Inc. (AEY).Show Notes[00:35] Overview of ADDvantage [1:23] The 5G Rollout [2:05] How 5G Cell Towers Work [4:13] The Impact of COVID on ADDvantage [5:15] What it will take for the company to breakeven [6:18] The Delta COVID strain &amp; Telecom Companies [7:52] The company may go bankrupt [9:53] Large upside in stock if they don't go to 0 [11:41] Brief discussion on American Tower (AMT)

I had a blast chatting with Evan Bleker who runs Net-Net Hunter. We discussed an interesting little company that many of you may be familiar with called ADDvantage Technologies Group, Inc. (AEY).Show Notes [00:35] Overview of ADDvantage [1:23] The 5G Rollout [2:05] How 5G Cell Towers Work [4:13] The Impact of COVID on ADDvantage [5:15] What it will take for the company to breakeven [6:18] The Delta COVID strain &amp; Telecom Companies [7:52] The company may go bankrupt [9:53] Large upside in stock if they don't go to 0 [11:41] Brief discussion on American Tower (AMT)

#161: Discussing ADDvantage Technologies Group, Inc. (AEY)

Braxton Gann

New PodcastHey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Scheien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. To learn more about Eric's work, check out his ontological coaching firm, Transformational Leadership Associates.SummaryIn this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Braxton Gann to discuss another shipping company, Dorian LPG (LPG). Braxton believes the business is cheap due to the business trading at a steep discount to its Net Asset Value.Show Notes[2:10] Shipping has been in a bull market [2:37] Track record of management [4:45] Eric Schleien pushing back on Braxton on concerns about shipping stocks [8:08] How to make money with shipping stocks [10:26] Recap on Scorpio TankersHelp Out The PodcastIf you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTubeContact Eric SchleienFacebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com

New Podcast Hey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out <a href="https://www.ericschleienpodcast.com/" rel="nofollow" target="_blank">The Eric Scheien Podcast</a> which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. To learn more about Eric's work, check out his ontological coaching firm, <a href="https://www.transformationalleadershipassociates.com/about-eric-schleien" rel="nofollow" target="_blank">Transformational Leadership Associates</a>.Summary In this episode of The Intelligent Investing Podcast, <a href="https://www.transformationalleadershipassociates.com/about-eric-schleien" rel="nofollow" target="_blank">Eric Schleien</a> sits down with <a href="https://twitter.com/whitechipstocks?lang=en" rel="nofollow" target="_blank">Braxton Gann</a> to discuss another shipping company, Dorian LPG (LPG). Braxton believes the business is cheap due to the business trading at a steep discount to its Net Asset Value.Show Notes [2:10] Shipping has been in a bull market [2:37] Track record of management [4:45] Eric Schleien pushing back on Braxton on concerns about shipping stocks [8:08] How to make money with shipping stocks [10:26] Recap on Scorpio TankersHelp Out The Podcast If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the <a href="https://www.facebook.com/theintelligentinvestingpodcast" rel="nofollow" target="_blank">Facebook</a> page!       You can subscribe to the podcast on the following platforms: <ul><li><a href="https://podcasts.apple.com/us/podcast/the-intelligent-investing-podcast/id1205082419?mt=2" rel="nofollow" target="_blank">Apple Podcasts</a></li> <li><a href="https://www.stitcher.com/podcast/the-intelligent-investing-podcast" rel="nofollow" target="_blank">Stitcher</a></li> <li><a href="https://tunein.com/podcasts/Business--Economics-Podcasts/The-Intelligent-Investing-Podcast-p1163031/" rel="nofollow" target="_blank">TuneIn</a></li> <li><a href="https://open.spotify.com/show/4ZQWW3Ezl5VwhTz2dNqW5a?si=K9oTUSa7S4-fhzd0AwXqvQ" rel="nofollow" target="_blank">Spotify</a></li> <li><a href="https://intelligentinvesting.podbean.com/" rel="nofollow" target="_blank">Podbean</a></li> <li><a href="https://www.iheart.com/podcast/256-the-intelligent-investing-31088341/" rel="nofollow" target="_blank">iHeart Radio</a></li> <li><a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a></li></ul>Contact Eric Schleien <a href="https://www.facebook.com/ericschleien" rel="nofollow" target="_blank">Facebook</a>  |  <a href="https://www.linkedin.com/in/ericschleien/" rel="nofollow" target="_blank">LinkedIn</a>  | <a href="https://twitter.com/EricSchleien" rel="nofollow" target="_blank">Twitter</a>  | <a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a> | <a href="https://www.gscm.co/contact" rel="nofollow" target="_blank">GSCM</a> | <a href="https://www.instagram.com/ericschleien/" rel="nofollow" target="_blank">Instagram</a> Email: <a href="mailto:IntelligentInvesting@gmail.com">IntelligentInvesting@gmail.com</a>

#160: Discussing Dorian LPG trading below NAV - Braxton Gann

New Podcast Hey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Scheien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. To learn more about Eric's work, check out his ontological coaching firm, Transformational Leadership Associates. Summary In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Braxton Gann to discuss Stealth Gas (GASS). Braxton believes the business is cheap due to the business trading at a steep discount to its Net Asset Value. Show Notes [1:19] About the company [2:19] "Shipping has been one of the worst industries over the past decade..." [3:13] Value of the second hand market for ships [3:54] Resource Recommendation: Value Investors Edge [5:02] Investment Risks [6:58] Salaries in the shipping industry  Help Out The Podcast      If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube       Contact Eric Schleien Facebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com

New Podcast Hey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out <a href="https://www.ericschleienpodcast.com/" rel="nofollow" target="_blank">The Eric Scheien Podcast</a> which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. To learn more about Eric's work, check out his ontological coaching firm, <a href="https://www.transformationalleadershipassociates.com/about-eric-schleien" rel="nofollow" target="_blank">Transformational Leadership Associates</a>. Summary In this episode of The Intelligent Investing Podcast, <a href="https://www.transformationalleadershipassociates.com/about-eric-schleien" rel="nofollow" target="_blank">Eric Schleien</a> sits down with <a href="https://twitter.com/whitechipstocks?lang=en" rel="nofollow" target="_blank">Braxton Gann</a> to discuss Stealth Gas (<a href="https://finance.yahoo.com/quote/GASS/" rel="nofollow" target="_blank">GASS</a>). Braxton believes the business is cheap due to the business trading at a steep discount to its Net Asset Value. Show Notes [1:19] About the company [2:19] "Shipping has been one of the worst industries over the past decade..." [3:13] Value of the second hand market for ships [3:54] Resource Recommendation: Value Investors Edge [5:02] Investment Risks [6:58] Salaries in the shipping industry Help Out The Podcast If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the <a href="https://www.facebook.com/theintelligentinvestingpodcast" rel="nofollow" target="_blank">Facebook</a> page!       You can subscribe to the podcast on the following platforms: <ul><li><a href="https://podcasts.apple.com/us/podcast/the-intelligent-investing-podcast/id1205082419?mt=2" rel="nofollow" target="_blank">Apple Podcasts</a></li> <li><a href="https://www.stitcher.com/podcast/the-intelligent-investing-podcast" rel="nofollow" target="_blank">Stitcher</a></li> <li><a href="https://tunein.com/podcasts/Business--Economics-Podcasts/The-Intelligent-Investing-Podcast-p1163031/" rel="nofollow" target="_blank">TuneIn</a></li> <li><a href="https://open.spotify.com/show/4ZQWW3Ezl5VwhTz2dNqW5a?si=K9oTUSa7S4-fhzd0AwXqvQ" rel="nofollow" target="_blank">Spotify</a></li> <li><a href="https://intelligentinvesting.podbean.com/" rel="nofollow" target="_blank">Podbean</a></li> <li><a href="https://www.iheart.com/podcast/256-the-intelligent-investing-31088341/" rel="nofollow" target="_blank">iHeart Radio</a></li> <li><a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a></li> </ul>   Contact Eric Schleien <a href="https://www.facebook.com/ericschleien" rel="nofollow" target="_blank">Facebook</a>  |  <a href="https://www.linkedin.com/in/ericschleien/" rel="nofollow" target="_blank">LinkedIn</a>  | <a href="https://twitter.com/EricSchleien" rel="nofollow" target="_blank">Twitter</a>  | <a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a> | <a href="https://www.gscm.co/contact" rel="nofollow" target="_blank">GSCM</a> | <a href="https://www.instagram.com/ericschleien/" rel="nofollow" target="_blank">Instagram</a> Email: <a href="mailto:IntelligentInvesting@gmail.com">IntelligentInvesting@gmail.com</a>

#159: Stealth Gas Trading Below NAV - Braxton Gann

New Podcast Hey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Scheien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. Podbean This podcast is sponsored by Podbean.  Podbean is probably the easiest way to create your own podcast. We use Podbean to host the Intelligent Investing Podcast and my new podcast, The Eric Schleien Podcast.  Download the free Podbean Podcast App, to start, record, and publish your very own podcast in minutes.  Podbean provides everything you need to run your podcast and you can record and publish episodes directly from the app on your phone. Check it out! TIKR.COM This episode is brought to you by TIKR.com. This is a product I personally use for researching stocks at my firm. TIKR.com is focused on bringing institutional-quality investment research tools to individual investors. TIKR.com is powered by S&amp;P Global CapitalIQ and has coverage of 50k+ stocks globally with financials, estimates, valuation metrics, ownership, transcripts, news, filings, and more. Join TIKR.com‘s free beta today with tikr.com/intelligent NET NET HUNTER This episode is sponsored by Net Net Hunter. If you’re interested in finding high-quality stocks trading at fractions of liquidation value – this research service is for you. I personally use this service at my firm to help me research tiny and obscure net-net stocks all around the world. Using Net Net Hunter comes out to way less money than hiring an analyst to do the exact same thing manually. It’s a service I love and I am proud to be able to offer this service to my listeners. If this is something you’re interested in, please click here. Summary On today's episode, I sit down with Jason Rivera who is self-taught value investor that focuses on small and obscure public companies to buy for his investors and subscribers. He teaches others how to become great value investors via three of his services: The Value Investing Training Vault, The Value Investing Masterclass, Our Value Investing Coaching Program He also have various other mini courses, masterminds, and other online and live events related to value investing and capital allocation as well. On his Value Investing Journey blog, YouTube, and social media pages he also releases a ton of free content to help people learn how to become a world class value investor. He also consults, advises, and values and evaluates businesses for business owners with his company Alpha Capital Allocation. Jason find areas to improve these businesses operations, profitability, cash flow and value, and then shows them how to do it. He is the author of the acclaimed value investing education book How To Value Invest. He is also the author of On Float. Jason has run his blog Value Investing Journey for nearly a decade and the site has been named a top 50 value investing blog in the world four times now. And his two value investing and education sites have been Named Top 15 Value Investing Podcasts In The World. He also manage investment portfolios for clients. Between the blog, his YouTube Channel, Quora, Twitter, LinkedIn, and various other sources he's had more than 500,000 views of his content worldwide. In the first 8 years of his investment career he produced investment returns for the portfolios I manage of 21.7% per year on average. This compared to about 9.9% for the market on average every year during this same period. Jason has written for several publications and investment newsletters including Seeking Alpha, The Palm Beach Letter, Wyatt Research, Insider Monkey, Guru Focus, and others. He's a member of the Rutgers University CX Advisory Board and also a member of the John Maxwell Team as a Coach, Teacher, and Trainer. Show Notes [3:33] Stock Market Valuations [9:33] Tech industry profits are skyrocketing... [12:45] Bonds are horrible investments right now... [16:49] What stock to own in an inflationary environment... [18:00] Commercial and single family real estate [18:19] JM Smucker $SJM [21:50] Apple $AAPL [22:29] General Mills $GIS [23:44] The future of Intel $INTC   HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube    GET IN TOUCH WITH ERIC SCHLEIEN Facebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com

New Podcast Hey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out <a href="https://www.ericschleienpodcast.com/" rel="nofollow" target="_blank">The Eric Scheien Podcast</a> which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. Podbean This podcast is sponsored by Podbean.  Podbean is probably the easiest way to create your own podcast. We use Podbean to host the Intelligent Investing Podcast and my new podcast, The Eric Schleien Podcast.  Download the free Podbean Podcast App, to start, record, and publish your very own podcast in minutes.  Podbean provides everything you need to run your podcast and you can record and publish episodes directly from the app on your phone. Check it out! <a href="http://TIKR.COM" rel="nofollow" target="_blank">TIKR.COM</a> This episode is brought to you by <a href="http://tikr.com/intelligent" rel="nofollow" target="_blank">TIKR.com</a>. This is a product I personally use for researching stocks at my firm. <a href="http://tikr.com/intelligent" rel="nofollow" target="_blank">TIKR.com</a> is focused on bringing institutional-quality investment research tools to individual investors. <a href="http://tikr.com/intelligent" rel="nofollow" target="_blank">TIKR.com</a> is powered by S&amp;P Global CapitalIQ and has coverage of 50k+ stocks globally with financials, estimates, valuation metrics, ownership, transcripts, news, filings, and more. Join <a href="http://tikr.com/intelligent" rel="nofollow" target="_blank">TIKR.com</a>‘s free beta today with <a href="http://tikr.com/intelligent" rel="nofollow" target="_blank">tikr.com/intelligent</a> NET NET HUNTER This episode is sponsored by <a href="https://tinyurl.com/NetNetHunter" rel="nofollow" target="_blank">Net Net Hunter</a>. If you’re interested in finding high-quality stocks trading at fractions of liquidation value – this research service is for you. I personally use this service at my firm to help me research tiny and obscure net-net stocks all around the world. Using <a href="https://tinyurl.com/NetNetHunter" rel="nofollow" target="_blank">Net Net Hunter</a> comes out to way less money than hiring an analyst to do the exact same thing manually. It’s a service I love and I am proud to be able to offer this service to my listeners. If this is something you’re interested in, please click <a href="https://tinyurl.com/NetNetHunter" rel="nofollow" target="_blank">here</a>. Summary On today's episode, I sit down with Jason Rivera who is self-taught value investor that focuses on small and obscure public companies to buy for his investors and subscribers. He teaches others how to become great value investors via three of his services: <a href="https://valueinvestingjourney.com/beta/about/" rel="nofollow" target="_blank">The Value Investing Training Vault</a>, <a href="https://valueinvestingjourney.com/beta/the-value-investing-masterclass-lifetime-access-to-the-best-value-investing-program-in-the-world/" rel="nofollow" target="_blank">The Value Investing Masterclass</a>, Our <a href="https://valueinvestingjourney.clickfunnels.com/order-32691888" rel="nofollow" target="_blank">Value Investing Coaching Program</a> He also have various other mini courses, masterminds, and other online and live events related to value investing and capital allocation as well. On his Value Investing Journey blog, YouTube, and social media pages he also releases a ton of free content to help people learn how to become a world class value investor. He also consults, advises, and values and evaluates businesses for business owners with his company <a href="https://valueinvestingjourney.com/beta/about/" rel="nofollow" target="_blank">Alpha Capital Allocation.</a> Jason find areas to improve these businesses operations, profitability, cash flow and value, and then shows them how to do it. He is the author of the acclaimed value investing education book <a href="https://www.amazon.com/How-Value-Invest-Excellent-Investor-ebook/dp/B00EQP3MAU/ref=sr_1_1?ie=UTF8&amp;qid=1492177502&amp;sr=8-1&amp;keywords=how+to+value+invest" rel="nofollow" target="_blank">How To Value Invest.</a> He is also the author of <a href="https://valueinvestingjourney.com/beta/about/" rel="nofollow" target="_blank">On Float.</a> Jason has run his blog <a href="https://valueinvestingjourney.com/beta" rel="nofollow" target="_blank">Value Investing Journey</a> for nearly a decade and the site has been named a top <a href="https://valueinvestingjourney.com/beta/about/" rel="nofollow" target="_blank">50 value investing blog in the world four times now.</a> And his two value investing and education sites have been <a href="https://valueinvestingjourney.com/beta/about/" rel="nofollow" target="_blank">Named Top 15 Value Investing Podcasts In The World.</a> He also manage investment portfolios for clients. Between the blog, his YouTube Channel, Quora, Twitter, LinkedIn, and various other sources <a href="https://www.quora.com/?__pmsg__=+SnZnRUxVd19NckhzUWVIbXRXWEY6YS5hcHAudmlldy5wbXNnLkxvZ2luUmVxdWlyZWQ6W1tdLCB7fV0*&amp;next=https%3A%2F%2Fwww.quora.com%2Fstats" rel="nofollow" target="_blank">he's had more than 500,000 views of his content worldwide.</a> <a href="https://valueinvestingjourney.com/beta/about/" rel="nofollow" target="_blank">In the first 8 years of his investment career he produced investment returns for the portfolios I manage of 21.7% per year on average. This compared to about 9.9% for the market on average every year during this same period.</a> Jason has written for several publications and investment newsletters including Seeking Alpha, The Palm Beach Letter, Wyatt Research, Insider Monkey, Guru Focus, and others. He's a member of the <a href="http://cx.rutgers.edu/jason-rivera.html" rel="nofollow" target="_blank">Rutgers University CX Advisory Board </a>and also a member of the <a href="https://www.johncmaxwellgroup.com/" rel="nofollow" target="_blank">John Maxwell Team as a Coach, Teacher, and Trainer.</a> Show Notes [3:33] Stock Market Valuations [9:33] Tech industry profits are skyrocketing... [12:45] Bonds are horrible investments right now... [16:49] What stock to own in an inflationary environment... [18:00] Commercial and single family real estate [18:19] JM Smucker $SJM [21:50] Apple $AAPL [22:29] General Mills $GIS [23:44] The future of Intel $INTC HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the <a href="https://www.facebook.com/theintelligentinvestingpodcast" rel="nofollow" target="_blank">Facebook</a> page!       You can subscribe to the podcast on the following platforms: <ul><li><a href="https://podcasts.apple.com/us/podcast/the-intelligent-investing-podcast/id1205082419?mt=2" rel="nofollow" target="_blank">Apple Podcasts</a></li> <li><a href="https://www.stitcher.com/podcast/the-intelligent-investing-podcast" rel="nofollow" target="_blank">Stitcher</a></li> <li><a href="https://tunein.com/podcasts/Business--Economics-Podcasts/The-Intelligent-Investing-Podcast-p1163031/" rel="nofollow" target="_blank">TuneIn</a></li> <li><a href="https://open.spotify.com/show/4ZQWW3Ezl5VwhTz2dNqW5a?si=K9oTUSa7S4-fhzd0AwXqvQ" rel="nofollow" target="_blank">Spotify</a></li> <li><a href="https://intelligentinvesting.podbean.com/" rel="nofollow" target="_blank">Podbean</a></li> <li><a href="https://www.iheart.com/podcast/256-the-intelligent-investing-31088341/" rel="nofollow" target="_blank">iHeart Radio</a></li> <li><a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a></li> </ul> GET IN TOUCH WITH ERIC SCHLEIEN <a href="https://www.facebook.com/ericschleien" rel="nofollow" target="_blank">Facebook</a>  |  <a href="https://www.linkedin.com/in/ericschleien/" rel="nofollow" target="_blank">LinkedIn</a>  | <a href="https://twitter.com/EricSchleien" rel="nofollow" target="_blank">Twitter</a>  | <a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a> | <a href="https://www.gscm.co/contact" rel="nofollow" target="_blank">GSCM</a> | <a href="https://www.instagram.com/ericschleien/" rel="nofollow" target="_blank">Instagram</a> Email: <a href="mailto:IntelligentInvesting@gmail.com">IntelligentInvesting@gmail.com</a>

#158: Discussing General Mills $GIS, Intel $INTC JM Smucker $SJM, Apple $AAPL - Jason Rivera

Andrew Sather

Martin Marietta

New PodcastHey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Scheien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance.PodbeanThis podcast is sponsored by Podbean.  Podbean is probably the easiest way to create your own podcast. We use Podbean to host the Intelligent Investing Podcast and my new podcast, The Eric Schleien Podcast.  Download the free Podbean Podcast App, to start, record, and publish your very own podcast in minutes.  Podbean provides everything you need to run your podcast and you can record and publish episodes directly from the app on your phone. Check it out! TIKR.COM This episode is brought to you by TIKR.com. This is a product I personally use for researching stocks at my firm. TIKR.com is focused on bringing institutional-quality investment research tools to individual investors. TIKR.com is powered by S&amp;P Global CapitalIQ and has coverage of 50k+ stocks globally with financials, estimates, valuation metrics, ownership, transcripts, news, filings, and more. Join TIKR.com‘s free beta today with tikr.com/intelligentNET NET HUNTERThis episode is sponsored by Net Net Hunter. If you’re interested in finding high-quality stocks trading at fractions of liquidation value – this research service is for you. I personally use this service at my firm to help me research tiny and obscure net-net stocks all around the world. Using Net Net Hunter comes out to way less money than hiring an analyst to do the exact same thing manually. It’s a service I love and I am proud to be able to offer this service to my listeners. If this is something you’re interested in, please click here.SummaryOn today's episode, I sit down with Andrew Sather who is a self-taught investor since 2012. He specializes in identifying value traps and avoiding stock market bankruptcies. You can also listen to his podcast - Investing For Beginners.Show Notes[2:29] Infrastructure Bill [3:34] Not a typical minding company - economic moat [4:32] Long-term industry tailwinds [5:27] 125 year quarry rights [7:56] Valuing the business [9:47] Discussing $MLM's competitor Vulcan Materials $VMC  ResourcesSeeking Alpha Articles by Andrew Sather E-Investing for Beginners   HELP OUT THE PODCASTIf you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube GET IN TOUCH WITH ERIC SCHLEIENFacebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com

New Podcast Hey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out <a href="https://www.ericschleienpodcast.com/" rel="nofollow" target="_blank">The Eric Scheien Podcast</a> which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance.Podbean This podcast is sponsored by Podbean.  Podbean is probably the easiest way to create your own podcast. We use Podbean to host the Intelligent Investing Podcast and my new podcast, The Eric Schleien Podcast.  Download the free Podbean Podcast App, to start, record, and publish your very own podcast in minutes.  Podbean provides everything you need to run your podcast and you can record and publish episodes directly from the app on your phone. Check it out! <a href="http://TIKR.COM" rel="nofollow" target="_blank">TIKR.COM</a> This episode is brought to you by <a href="http://tikr.com/intelligent" rel="nofollow" target="_blank">TIKR.com</a>. This is a product I personally use for researching stocks at my firm. <a href="http://tikr.com/intelligent" rel="nofollow" target="_blank">TIKR.com</a> is focused on bringing institutional-quality investment research tools to individual investors. <a href="http://tikr.com/intelligent" rel="nofollow" target="_blank">TIKR.com</a> is powered by S&amp;P Global CapitalIQ and has coverage of 50k+ stocks globally with financials, estimates, valuation metrics, ownership, transcripts, news, filings, and more. Join <a href="http://tikr.com/intelligent" rel="nofollow" target="_blank">TIKR.com</a>‘s free beta today with <a href="http://tikr.com/intelligent" rel="nofollow" target="_blank">tikr.com/intelligent</a>NET NET HUNTER This episode is sponsored by <a href="https://tinyurl.com/NetNetHunter" rel="nofollow" target="_blank">Net Net Hunter</a>. If you’re interested in finding high-quality stocks trading at fractions of liquidation value – this research service is for you. I personally use this service at my firm to help me research tiny and obscure net-net stocks all around the world. Using <a href="https://tinyurl.com/NetNetHunter" rel="nofollow" target="_blank">Net Net Hunter</a> comes out to way less money than hiring an analyst to do the exact same thing manually. It’s a service I love and I am proud to be able to offer this service to my listeners. If this is something you’re interested in, please click <a href="https://tinyurl.com/NetNetHunter" rel="nofollow" target="_blank">here</a>.Summary On today's episode, I sit down with <a href="https://twitter.com/valuetrapblog?lang=en" rel="nofollow" target="_blank">Andrew Sather</a> who is a self-taught investor since 2012. He specializes in identifying value traps and avoiding stock market bankruptcies. You can also listen to his <a href="https://einvestingforbeginners.com/the-investing-for-beginners-podcast-episode-list/" rel="nofollow" target="_blank">podcast</a> - Investing For Beginners.Show Notes [2:29] <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2021/03/31/fact-sheet-the-american-jobs-plan/" rel="nofollow" target="_blank">Infrastructure Bill</a> [3:34] Not a typical minding company - economic moat [4:32] Long-term industry tailwinds [5:27] 125 year quarry rights [7:56] Valuing the business [9:47] Discussing $MLM's competitor Vulcan Materials $VMC  Resources <ul><li><a href="https://seekingalpha.com/author/andrew-sather#regular_articles" rel="nofollow" target="_blank">Seeking Alpha</a> Articles by Andrew Sather</li> <li><a href="https://einvestingforbeginners.com/explaining-the-cult-of-warren-buffett-podc/" rel="nofollow" target="_blank">E-Investing for Beginners</a></li> </ul>  HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the <a href="https://www.facebook.com/theintelligentinvestingpodcast" rel="nofollow" target="_blank">Facebook</a> page!       You can subscribe to the podcast on the following platforms: <ul><li><a href="https://podcasts.apple.com/us/podcast/the-intelligent-investing-podcast/id1205082419?mt=2" rel="nofollow" target="_blank">Apple Podcasts</a></li> <li><a href="https://www.stitcher.com/podcast/the-intelligent-investing-podcast" rel="nofollow" target="_blank">Stitcher</a></li> <li><a href="https://tunein.com/podcasts/Business--Economics-Podcasts/The-Intelligent-Investing-Podcast-p1163031/" rel="nofollow" target="_blank">TuneIn</a></li> <li><a href="https://open.spotify.com/show/4ZQWW3Ezl5VwhTz2dNqW5a?si=K9oTUSa7S4-fhzd0AwXqvQ" rel="nofollow" target="_blank">Spotify</a></li> <li><a href="https://intelligentinvesting.podbean.com/" rel="nofollow" target="_blank">Podbean</a></li> <li><a href="https://www.iheart.com/podcast/256-the-intelligent-investing-31088341/" rel="nofollow" target="_blank">iHeart Radio</a></li> <li><a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a></li></ul>  GET IN TOUCH WITH ERIC SCHLEIEN <a href="https://www.facebook.com/ericschleien" rel="nofollow" target="_blank">Facebook</a>  |  <a href="https://www.linkedin.com/in/ericschleien/" rel="nofollow" target="_blank">LinkedIn</a>  | <a href="https://twitter.com/EricSchleien" rel="nofollow" target="_blank">Twitter</a>  | <a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a> | <a href="https://www.gscm.co/contact" rel="nofollow" target="_blank">GSCM</a> | <a href="https://www.instagram.com/ericschleien/" rel="nofollow" target="_blank">Instagram</a> Email: <a href="mailto:IntelligentInvesting@gmail.com">IntelligentInvesting@gmail.com</a>

#157: Martin Marietta  $MLM - Andrew Sather

New PodcastHey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Scheien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance.PodbeanThis podcast is sponsored by Podbean.  Podbean is probably the easiest way to create your own podcast. We use Podbean to host the Intelligent Investing Podcast and my new podcast, The Eric Schleien Podcast.  Download the free Podbean Podcast App, to start, record, and publish your very own podcast in minutes.  Podbean provides everything you need to run your podcast and you can record and publish episodes directly from the app on your phone. Check it out! TIKR.COM This episode is brought to you by TIKR.com. This is a product I personally use for researching stocks at my firm. TIKR.com is focused on bringing institutional-quality investment research tools to individual investors. TIKR.com is powered by S&amp;P Global CapitalIQ and has coverage of 50k+ stocks globally with financials, estimates, valuation metrics, ownership, transcripts, news, filings, and more. Join TIKR.com‘s free beta today with tikr.com/intelligentNET NET HUNTERThis episode is sponsored by Net Net Hunter. If you’re interested in finding high-quality stocks trading at fractions of liquidation value – this research service is for you. I personally use this service at my firm to help me research tiny and obscure net-net stocks all around the world. Using Net Net Hunter comes out to way less money than hiring an analyst to do the exact same thing manually. It’s a service I love and I am proud to be able to offer this service to my listeners. If this is something you’re interested in, please click here.SummaryIn today's episode, I sit down with Andrew Sather who is a self-taught investor since 2012. He specializes in identifying value traps and avoiding stock market bankruptcies. You can also listen to his podcast - Investing For Beginners.Show Notes[3:06] Walmart vs Target [7:11] Returns on Invested Capital &amp; Re-investment opportunity [8:14] Valuing Target [9:40] Corporate waste at Walmart  ResourcesSeeking Alpha Articles by Andrew Sather E-Investing for Beginners   HELP OUT THE PODCASTIf you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTubeGET IN TOUCH WITH ERIC SCHLEIENFacebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com

New Podcast Hey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out <a href="https://www.ericschleienpodcast.com/" rel="nofollow" target="_blank">The Eric Scheien Podcast</a> which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance.Podbean This podcast is sponsored by Podbean.  Podbean is probably the easiest way to create your own podcast. We use Podbean to host the Intelligent Investing Podcast and my new podcast, The Eric Schleien Podcast.  Download the free Podbean Podcast App, to start, record, and publish your very own podcast in minutes.  Podbean provides everything you need to run your podcast and you can record and publish episodes directly from the app on your phone. Check it out! <a href="http://TIKR.COM" rel="nofollow" target="_blank">TIKR.COM</a> This episode is brought to you by <a href="http://tikr.com/intelligent" rel="nofollow" target="_blank">TIKR.com</a>. This is a product I personally use for researching stocks at my firm. <a href="http://tikr.com/intelligent" rel="nofollow" target="_blank">TIKR.com</a> is focused on bringing institutional-quality investment research tools to individual investors. <a href="http://tikr.com/intelligent" rel="nofollow" target="_blank">TIKR.com</a> is powered by S&amp;P Global CapitalIQ and has coverage of 50k+ stocks globally with financials, estimates, valuation metrics, ownership, transcripts, news, filings, and more. Join <a href="http://tikr.com/intelligent" rel="nofollow" target="_blank">TIKR.com</a>‘s free beta today with <a href="http://tikr.com/intelligent" rel="nofollow" target="_blank">tikr.com/intelligent</a>NET NET HUNTER This episode is sponsored by <a href="https://tinyurl.com/NetNetHunter" rel="nofollow" target="_blank">Net Net Hunter</a>. If you’re interested in finding high-quality stocks trading at fractions of liquidation value – this research service is for you. I personally use this service at my firm to help me research tiny and obscure net-net stocks all around the world. Using <a href="https://tinyurl.com/NetNetHunter" rel="nofollow" target="_blank">Net Net Hunter</a> comes out to way less money than hiring an analyst to do the exact same thing manually. It’s a service I love and I am proud to be able to offer this service to my listeners. If this is something you’re interested in, please click <a href="https://tinyurl.com/NetNetHunter" rel="nofollow" target="_blank">here</a>.Summary In today's episode, I sit down with <a href="https://twitter.com/valuetrapblog?lang=en" rel="nofollow" target="_blank">Andrew Sather</a> who is a self-taught investor since 2012. He specializes in identifying value traps and avoiding stock market bankruptcies. You can also listen to his <a href="https://einvestingforbeginners.com/the-investing-for-beginners-podcast-episode-list/" rel="nofollow" target="_blank">podcast</a> - Investing For Beginners.Show Notes [3:06] Walmart vs Target [7:11] Returns on Invested Capital &amp; Re-investment opportunity [8:14] Valuing Target [9:40] Corporate waste at Walmart  Resources <ul><li><a href="https://seekingalpha.com/author/andrew-sather#regular_articles" rel="nofollow" target="_blank">Seeking Alpha</a> Articles by Andrew Sather</li> <li><a href="https://einvestingforbeginners.com/explaining-the-cult-of-warren-buffett-podc/" rel="nofollow" target="_blank">E-Investing for Beginners</a></li> </ul>  HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the <a href="https://www.facebook.com/theintelligentinvestingpodcast" rel="nofollow" target="_blank">Facebook</a> page!       You can subscribe to the podcast on the following platforms: <ul><li><a href="https://podcasts.apple.com/us/podcast/the-intelligent-investing-podcast/id1205082419?mt=2" rel="nofollow" target="_blank">Apple Podcasts</a></li> <li><a href="https://www.stitcher.com/podcast/the-intelligent-investing-podcast" rel="nofollow" target="_blank">Stitcher</a></li> <li><a href="https://tunein.com/podcasts/Business--Economics-Podcasts/The-Intelligent-Investing-Podcast-p1163031/" rel="nofollow" target="_blank">TuneIn</a></li> <li><a href="https://open.spotify.com/show/4ZQWW3Ezl5VwhTz2dNqW5a?si=K9oTUSa7S4-fhzd0AwXqvQ" rel="nofollow" target="_blank">Spotify</a></li> <li><a href="https://intelligentinvesting.podbean.com/" rel="nofollow" target="_blank">Podbean</a></li> <li><a href="https://www.iheart.com/podcast/256-the-intelligent-investing-31088341/" rel="nofollow" target="_blank">iHeart Radio</a></li> <li><a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a></li></ul>GET IN TOUCH WITH ERIC SCHLEIEN <a href="https://www.facebook.com/ericschleien" rel="nofollow" target="_blank">Facebook</a>  |  <a href="https://www.linkedin.com/in/ericschleien/" rel="nofollow" target="_blank">LinkedIn</a>  | <a href="https://twitter.com/EricSchleien" rel="nofollow" target="_blank">Twitter</a>  | <a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a> | <a href="https://www.gscm.co/contact" rel="nofollow" target="_blank">GSCM</a> | <a href="https://www.instagram.com/ericschleien/" rel="nofollow" target="_blank">Instagram</a> Email: <a href="mailto:IntelligentInvesting@gmail.com">IntelligentInvesting@gmail.com</a>

#156: Analyzing Target Corporation $TGT - Andrew Sather

New PodcastHey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Scheien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance.PodbeanThis podcast is sponsored by Podbean.  Podbean is probably the easiest way to create your own podcast. We use Podbean to host the Intelligent Investing Podcast and my new podcast, The Eric Schleien Podcast.  Download the free Podbean Podcast App, to start, record, and publish your very own podcast in minutes.  Podbean provides everything you need to run your podcast and you can record and publish episodes directly from the app on your phone. Check it out! TIKR.COM This episode is brought to you by TIKR.com. This is a product I personally use for researching stocks at my firm. TIKR.com is focused on bringing institutional-quality investment research tools to individual investors. TIKR.com is powered by S&amp;P Global CapitalIQ and has coverage of 50k+ stocks globally with financials, estimates, valuation metrics, ownership, transcripts, news, filings, and more. Join TIKR.com‘s free beta today with tikr.com/intelligentNET NET HUNTERThis episode is sponsored by Net Net Hunter. If you’re interested in finding high-quality stocks trading at fractions of liquidation value – this research service is for you. I personally use this service at my firm to help me research tiny and obscure net-net stocks all around the world. Using Net Net Hunter comes out to way less money than hiring an analyst to do the exact same thing manually. It’s a service I love and I am proud to be able to offer this service to my listeners. If this is something you’re interested in, please click here.SummaryOn today's episode, I sit down with Andrew Sather who is a self-taught investor since 2012. He specializes in identifying value traps and avoiding stock market bankruptcies. You can also listen to his podcast - Investing For Beginners.Show Notes[3:19] Bank Of America $BAC [3:39] Just a crazy amount of capital that's flowing into these banks... [6:30] Lending to the fed... [7:51] Fintech [8:50] $BAC and $WFC still attracting new deposits in a low interest rate environment [10:42] Federal Reserve Bank Requirements [12:27] I'm bullish on the industry in general... [12:48] Bank Valuation Metrics [16:45] Building an economic moat through customer service in bankingResourcesSeeking Alpha Articles by Andrew Sather E-Investing for BeginnersHELP OUT THE PODCASTIf you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTubeGET IN TOUCH WITH ERIC SCHLEIENFacebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com

New Podcast Hey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out <a href="https://www.ericschleienpodcast.com/" rel="nofollow" target="_blank">The Eric Scheien Podcast</a> which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance.Podbean This podcast is sponsored by Podbean.  Podbean is probably the easiest way to create your own podcast. We use Podbean to host the Intelligent Investing Podcast and my new podcast, The Eric Schleien Podcast.  Download the free Podbean Podcast App, to start, record, and publish your very own podcast in minutes.  Podbean provides everything you need to run your podcast and you can record and publish episodes directly from the app on your phone. Check it out! <a href="http://TIKR.COM" rel="nofollow" target="_blank">TIKR.COM</a> This episode is brought to you by <a href="http://tikr.com/intelligent" rel="nofollow" target="_blank">TIKR.com</a>. This is a product I personally use for researching stocks at my firm. <a href="http://tikr.com/intelligent" rel="nofollow" target="_blank">TIKR.com</a> is focused on bringing institutional-quality investment research tools to individual investors. <a href="http://tikr.com/intelligent" rel="nofollow" target="_blank">TIKR.com</a> is powered by S&amp;P Global CapitalIQ and has coverage of 50k+ stocks globally with financials, estimates, valuation metrics, ownership, transcripts, news, filings, and more. Join <a href="http://tikr.com/intelligent" rel="nofollow" target="_blank">TIKR.com</a>‘s free beta today with <a href="http://tikr.com/intelligent" rel="nofollow" target="_blank">tikr.com/intelligent</a>NET NET HUNTER This episode is sponsored by <a href="https://tinyurl.com/NetNetHunter" rel="nofollow" target="_blank">Net Net Hunter</a>. If you’re interested in finding high-quality stocks trading at fractions of liquidation value – this research service is for you. I personally use this service at my firm to help me research tiny and obscure net-net stocks all around the world. Using <a href="https://tinyurl.com/NetNetHunter" rel="nofollow" target="_blank">Net Net Hunter</a> comes out to way less money than hiring an analyst to do the exact same thing manually. It’s a service I love and I am proud to be able to offer this service to my listeners. If this is something you’re interested in, please click <a href="https://tinyurl.com/NetNetHunter" rel="nofollow" target="_blank">here</a>.Summary On today's episode, I sit down with <a href="https://twitter.com/valuetrapblog?lang=en" rel="nofollow" target="_blank">Andrew Sather</a> who is a self-taught investor since 2012. He specializes in identifying value traps and avoiding stock market bankruptcies. You can also listen to his <a href="https://einvestingforbeginners.com/the-investing-for-beginners-podcast-episode-list/" rel="nofollow" target="_blank">podcast</a> - Investing For Beginners.Show Notes [3:19] Bank Of America $BAC [3:39] Just a crazy amount of capital that's flowing into these banks... [6:30] Lending to the fed... [7:51] Fintech [8:50] $BAC and $WFC still attracting new deposits in a low interest rate environment [10:42] Federal Reserve Bank Requirements [12:27] I'm bullish on the industry in general... [12:48] Bank Valuation Metrics [16:45] Building an economic moat through customer service in bankingResources <ul><li><a href="https://seekingalpha.com/author/andrew-sather#regular_articles" rel="nofollow" target="_blank">Seeking Alpha</a> Articles by Andrew Sather</li> <li><a href="https://einvestingforbeginners.com/explaining-the-cult-of-warren-buffett-podc/" rel="nofollow" target="_blank">E-Investing for Beginners</a></li></ul>HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the <a href="https://www.facebook.com/theintelligentinvestingpodcast" rel="nofollow" target="_blank">Facebook</a> page!       You can subscribe to the podcast on the following platforms: <ul><li><a href="https://podcasts.apple.com/us/podcast/the-intelligent-investing-podcast/id1205082419?mt=2" rel="nofollow" target="_blank">Apple Podcasts</a></li> <li><a href="https://www.stitcher.com/podcast/the-intelligent-investing-podcast" rel="nofollow" target="_blank">Stitcher</a></li> <li><a href="https://tunein.com/podcasts/Business--Economics-Podcasts/The-Intelligent-Investing-Podcast-p1163031/" rel="nofollow" target="_blank">TuneIn</a></li> <li><a href="https://open.spotify.com/show/4ZQWW3Ezl5VwhTz2dNqW5a?si=K9oTUSa7S4-fhzd0AwXqvQ" rel="nofollow" target="_blank">Spotify</a></li> <li><a href="https://intelligentinvesting.podbean.com/" rel="nofollow" target="_blank">Podbean</a></li> <li><a href="https://www.iheart.com/podcast/256-the-intelligent-investing-31088341/" rel="nofollow" target="_blank">iHeart Radio</a></li> <li><a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a></li></ul>GET IN TOUCH WITH ERIC SCHLEIEN <a href="https://www.facebook.com/ericschleien" rel="nofollow" target="_blank">Facebook</a>  |  <a href="https://www.linkedin.com/in/ericschleien/" rel="nofollow" target="_blank">LinkedIn</a>  | <a href="https://twitter.com/EricSchleien" rel="nofollow" target="_blank">Twitter</a>  | <a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a> | <a href="https://www.gscm.co/contact" rel="nofollow" target="_blank">GSCM</a> | <a href="https://www.instagram.com/ericschleien/" rel="nofollow" target="_blank">Instagram</a> Email: <a href="mailto:IntelligentInvesting@gmail.com">IntelligentInvesting@gmail.com</a>

#155: $WFC / $BAC / $JPM; Analyzing Bank Stocks & The Banking Industry - Andrew Sather

Andrew Walker

New PodcastHey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Scheien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance.PodbeanThis podcast is sponsored by Podbean.  Podbean is probably the easiest way to create your own podcast. We use Podbean to host the Intelligent Investing Podcast and my new podcast, The Eric Schleien Podcast.  Download the free Podbean Podcast App, to start, record, and publish your very own podcast in minutes.  Podbean provides everything you need to run your podcast and you can record and publish episodes directly from the app on your phone. Check it out! TIKR.COM This episode is brought to you by TIKR.com. This is a product I personally use for researching stocks at my firm. TIKR.com is focused on bringing institutional-quality investment research tools to individual investors. TIKR.com is powered by S&amp;P Global CapitalIQ and has coverage of 50k+ stocks globally with financials, estimates, valuation metrics, ownership, transcripts, news, filings, and more. Join TIKR.com‘s free beta today with tikr.com/intelligentNET NET HUNTERThis episode is sponsored by Net Net Hunter. If you’re interested in finding high-quality stocks trading at fractions of liquidation value – this research service is for you. I personally use this service at my firm to help me research tiny and obscure net-net stocks all around the world. Using Net Net Hunter comes out to way less money than hiring an analyst to do the exact same thing manually. It’s a service I love and I am proud to be able to offer this service to my listeners. If this is something you’re interested in, please click here.SummaryOn today's episode, I sit down with Andrew Walker who is a portfolio manager at Rangeley Capital LLC and runs Yet Another Value Blog. We discuss Pershing Tontine (PSTH), a SPAC run by Bill Ackman that just recently announced a deal to acquire 10% of Universal Music Group (UMG) from Vivendi.Show Notes[4:24] The UMG announcement [7:15] Background on SPACs [9:47] A unique tontine structure [14:38] Spinning Eagle SPAC [16:50] SPACs vs SPARCs [22:31] Valuation [27:09] UMG's Economic MoatResourcesPSTH Article 1: https://yetanothervalueblog.substack.com/p/further-breaking-down-and-simplifying   PSTH Article 2: https://yetanothervalueblog.substack.com/p/breaking-down-the-ridiculously-complex  HELP OUT THE PODCASTIf you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTubeGET IN TOUCH WITH ERIC SCHLEIENFacebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com Disclosure: Eric Schleien and some SMA clients of Eric Schleien through Granite State Capital Management, LLC own shares of PSTH. Nothing here is investment advice. Do your own due diligence.  

New Podcast Hey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out <a href="https://www.ericschleienpodcast.com/" rel="nofollow" target="_blank">The Eric Scheien Podcast</a> which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance.Podbean This podcast is sponsored by Podbean.  Podbean is probably the easiest way to create your own podcast. We use Podbean to host the Intelligent Investing Podcast and my new podcast, The Eric Schleien Podcast.  Download the free Podbean Podcast App, to start, record, and publish your very own podcast in minutes.  Podbean provides everything you need to run your podcast and you can record and publish episodes directly from the app on your phone. Check it out! <a href="http://TIKR.COM" rel="nofollow" target="_blank">TIKR.COM</a> This episode is brought to you by <a href="http://tikr.com/intelligent" rel="nofollow" target="_blank">TIKR.com</a>. This is a product I personally use for researching stocks at my firm. <a href="http://tikr.com/intelligent" rel="nofollow" target="_blank">TIKR.com</a> is focused on bringing institutional-quality investment research tools to individual investors. <a href="http://tikr.com/intelligent" rel="nofollow" target="_blank">TIKR.com</a> is powered by S&amp;P Global CapitalIQ and has coverage of 50k+ stocks globally with financials, estimates, valuation metrics, ownership, transcripts, news, filings, and more. Join <a href="http://tikr.com/intelligent" rel="nofollow" target="_blank">TIKR.com</a>‘s free beta today with <a href="http://tikr.com/intelligent" rel="nofollow" target="_blank">tikr.com/intelligent</a>NET NET HUNTER This episode is sponsored by <a href="https://tinyurl.com/NetNetHunter" rel="nofollow" target="_blank">Net Net Hunter</a>. If you’re interested in finding high-quality stocks trading at fractions of liquidation value – this research service is for you. I personally use this service at my firm to help me research tiny and obscure net-net stocks all around the world. Using <a href="https://tinyurl.com/NetNetHunter" rel="nofollow" target="_blank">Net Net Hunter</a> comes out to way less money than hiring an analyst to do the exact same thing manually. It’s a service I love and I am proud to be able to offer this service to my listeners. If this is something you’re interested in, please click <a href="https://tinyurl.com/NetNetHunter" rel="nofollow" target="_blank">here</a>.Summary On today's episode, I sit down with <a href="https://twitter.com/andrewrangeley?lang=en" rel="nofollow" target="_blank">Andrew Walker</a> who is a portfolio manager at Rangeley Capital LLC and runs <a href="https://yetanothervalueblog.com/" rel="nofollow" target="_blank">Yet Another Value Blog</a>. We discuss Pershing Tontine (PSTH), a SPAC run by Bill Ackman that just recently <a href="https://www.cnbc.com/2021/06/03/bill-ackmans-pershing-square-nears-biggest-ever-spac-deal-with-universal-music-source-says.html" rel="nofollow" target="_blank">announced</a> a deal to acquire 10% of Universal Music Group (UMG) from Vivendi.Show Notes [4:24] The UMG announcement [7:15] Background on SPACs [9:47] A unique tontine structure [14:38] Spinning Eagle SPAC [16:50] SPACs vs SPARCs [22:31] Valuation [27:09] UMG's Economic MoatResources PSTH Article 1: <a href="https://yetanothervalueblog.substack.com/p/further-breaking-down-and-simplifying" rel="nofollow" target="_blank">https://yetanothervalueblog.substack.com/p/further-breaking-down-and-simplifying</a> PSTH Article 2: <a href="https://yetanothervalueblog.substack.com/p/breaking-down-the-ridiculously-complex" rel="nofollow" target="_blank">https://yetanothervalueblog.substack.com/p/breaking-down-the-ridiculously-complex</a>  HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the <a href="https://www.facebook.com/theintelligentinvestingpodcast" rel="nofollow" target="_blank">Facebook</a> page!       You can subscribe to the podcast on the following platforms: <ul><li><a href="https://podcasts.apple.com/us/podcast/the-intelligent-investing-podcast/id1205082419?mt=2" rel="nofollow" target="_blank">Apple Podcasts</a></li> <li><a href="https://www.stitcher.com/podcast/the-intelligent-investing-podcast" rel="nofollow" target="_blank">Stitcher</a></li> <li><a href="https://tunein.com/podcasts/Business--Economics-Podcasts/The-Intelligent-Investing-Podcast-p1163031/" rel="nofollow" target="_blank">TuneIn</a></li> <li><a href="https://open.spotify.com/show/4ZQWW3Ezl5VwhTz2dNqW5a?si=K9oTUSa7S4-fhzd0AwXqvQ" rel="nofollow" target="_blank">Spotify</a></li> <li><a href="https://intelligentinvesting.podbean.com/" rel="nofollow" target="_blank">Podbean</a></li> <li><a href="https://www.iheart.com/podcast/256-the-intelligent-investing-31088341/" rel="nofollow" target="_blank">iHeart Radio</a></li> <li><a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a></li></ul>GET IN TOUCH WITH ERIC SCHLEIEN <a href="https://www.facebook.com/ericschleien" rel="nofollow" target="_blank">Facebook</a>  |  <a href="https://www.linkedin.com/in/ericschleien/" rel="nofollow" target="_blank">LinkedIn</a>  | <a href="https://twitter.com/EricSchleien" rel="nofollow" target="_blank">Twitter</a>  | <a href="https://www.youtube.com/c/ericschleien1" rel="nofollow" target="_blank">YouTube</a> | <a href="https://www.gscm.co/contact" rel="nofollow" target="_blank">GSCM</a> | <a href="https://www.instagram.com/ericschleien/" rel="nofollow" target="_blank">Instagram</a> Email: <a href="mailto:IntelligentInvesting@gmail.com">IntelligentInvesting@gmail.com</a> Disclosure: Eric Schleien and some SMA clients of Eric Schleien through Granite State Capital Management, LLC own shares of PSTH. Nothing here is investment advice. Do your own due diligence.

#154: Pershing Square Tontine $PSTH - Andrew Walker

Simple, easy to follow lessons and ideas on investing. The only podcast on investing that you need.

Curious Mind

Learn about investing from an array of interesting and insightful guests! Outstanding!!

Great insights!

The Intelligent Investing Podcast

Jeremy Raper

This is Part 8 of a special Coronavirus Investing Series. If you have not listened to Part 1, please click here to get the overall context/market overview during this unprecedented time. You can also listen to: Part 2 Part 3 Part 4 Part 5 Part 6 Part 7    In this episode of The Intelligent Investing Podcast, I sit down with Jeremy Raper to chat about a potential opportunity in Japanese Mall REIT's which have been hit pretty hard during this coronavirus pandemic.   OverviewIf you are willing to look through whatever happens in 2020 and assume we go back to a normalized environment in 2021, then you should be looking at some of the most beaten-down sectors. You have to ask yourself a few questions when valuing names in the most beaten-down sectors of the economy:   Is the equity going to survive?  What losses are they taking along the way?  What does that post-corona-world look like?  Japanese REITsJapanese Mall REITs fall within the broader subsector of Japanese REITs. REITs are real estate investment trusts. Furthermore, REITs must pay 90% of their income as dividends.   Japanese HotelsWhy Japan hotels in particular? Japan has been under-hoteled for a long time. There has been a shortage of hotels and that had been rectified somewhat on the runup to the Olympics.  However, the hotel fleet is still pretty tight.   Two Cheap Japanese Hotel REITsOn this episode, we discuss two Japanese Hotel REITs Japan Hotel Investment Corp Invincible Investment Corp    Both REITs trade at fractions of NAV and high normalized cap rates.  Staying In Touch With Eric SchleienFacebook YouTube LinkedIn Twitter Instagram GSCMStaying In Touch With Jeremy RaperBlog Twitter

This is Part 8 of a special Coronavirus Investing Series. If you have not listened to Part 1, please <a href="https://ericschleien.com/podcast/coronavirus-investing-series-part-1-jeremy-raper-general-market-overview/" rel="nofollow" target="_blank">click here</a> to get the overall context/market overview during this unprecedented time. You can also listen to: <ul><li><a href="https://ericschleien.com/podcast/coronavirus-investing-series-part-2-jeremy-raper-aercap-aer/" rel="nofollow" target="_blank">Part 2</a></li> <li><a href="https://ericschleien.com/podcast/coronavirus-investing-part3/" rel="nofollow" target="_blank">Part 3</a></li> <li><a href="https://ericschleien.com/podcast/braxton-gann-shipping/" rel="nofollow" target="_blank">Part 4</a></li> <li><a href="https://ericschleien.com/podcast/coronavirus-investing-series-part-5-jeremy-raper-merger-arb/" rel="nofollow" target="_blank">Part 5</a></li> <li><a href="https://ericschleien.com/podcast/coronavirus-gold/" rel="nofollow" target="_blank">Part 6</a></li> <li><a href="https://ericschleien.com/podcast/coronavirus-investing-gan/" rel="nofollow" target="_blank">Part 7</a></li> </ul> In this episode of The Intelligent Investing Podcast, I sit down with Jeremy Raper to chat about a potential opportunity in Japanese Mall REIT's which have been hit pretty hard during this coronavirus pandemic.   Overview If you are willing to look through whatever happens in 2020 and assume we go back to a normalized environment in 2021, then you should be looking at some of the most beaten-down sectors. You have to ask yourself a few questions when valuing names in the most beaten-down sectors of the economy: <ol><li>Is the equity going to survive? </li> <li>What losses are they taking along the way? </li> <li>What does that post-corona-world look like?</li> </ol> Japanese REITs Japanese Mall REITs fall within the broader subsector of Japanese REITs. REITs are real estate investment trusts. Furthermore, REITs must pay 90% of their income as dividends.   Japanese Hotels Why Japan hotels in particular? Japan has been under-hoteled for a long time. There has been a shortage of hotels and that had been rectified somewhat on the runup to the Olympics.  However, the hotel fleet is still pretty tight.   Two Cheap Japanese Hotel REITs On this episode, we discuss two Japanese Hotel REITs <ul><li><a href="https://www.bloomberg.com/quote/8985:JP" rel="nofollow" target="_blank">Japan Hotel Investment Corp</a></li> <li><a href="https://www.bloomberg.com/quote/8963:JP" rel="nofollow" target="_blank">Invincible Investment Corp</a></li> </ul> Both REITs trade at fractions of NAV and high normalized cap rates.  Staying In Touch With Eric Schleien <ul><li><a href="https://www.facebook.com/ericschleien" rel="nofollow" target="_blank">Facebook</a></li> <li><a href="https://www.youtube.com/user/EricSchleien" rel="nofollow" target="_blank">YouTube</a></li> <li><a href="https://www.linkedin.com/in/ericschleien/" rel="nofollow" target="_blank">LinkedIn</a></li> <li><a href="https://twitter.com/EricSchleien" rel="nofollow" target="_blank">Twitter</a></li> <li><a href="https://www.instagram.com/ericschleien/" rel="nofollow" target="_blank">Instagram</a></li> <li><a href="https://www.gscm.co/contact" rel="nofollow" target="_blank">GSCM</a></li></ul>Staying In Touch With Jeremy Raper <ul><li><a href="https://rapercapital.com/" rel="nofollow" target="_blank">Blog</a></li> <li><a href="https://twitter.com/puppyeh1" rel="nofollow" target="_blank">Twitter</a></li></ul>

#90: Coronavirus Investing Series, Part 8 | Jeremy Raper | Japanese Hotel REITs

Today is one of my favorite Saturday's of the year. Every Saturday for over the past decade now, I have woken up every Saturday morning before the Berkshire Hathaway Letter To Shareholders is released, eagerly excited to take in whatever Warren Buffett has to share with us shareholders. I would imagine many of you do the same! Once again, Warren Buffett has released his letter to shareholders this morning. In this episode of The Intelligent Investing Podcast, I break down the 2019 Berkshire Hathaway Letter To Shareholders with some of my thoughts and insights and go over some of the key highlights.2019 Berkshire Hathaway Letter The full letter can be found, here.  You can also watch this podcast on YouTubeConnect With Eric SchleienIf you’d like to connect with me regarding the letter to discuss more, feel free to reach out!   Visit Eric Schleien’s WEBSITE 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

Today is one of my favorite Saturday's of the year. Every Saturday for over the past decade now, I have woken up every Saturday morning before the Berkshire Hathaway Letter To Shareholders is released, eagerly excited to take in whatever Warren Buffett has to share with us shareholders. I would imagine many of you do the same! Once again, Warren Buffett has released his letter to shareholders this morning. In this episode of The Intelligent Investing Podcast, I break down the 2019 Berkshire Hathaway Letter To Shareholders with some of my thoughts and insights and go over some of the key highlights.2019 Berkshire Hathaway Letter  The full letter can be found, <a href="http://www.gscm.co/blog/2019-berkshire-hathaway-letter-to-shareholders" rel="nofollow" target="_blank">here</a>.  You can also watch this podcast on <a href="https://youtu.be/I0CsHQjsVts" rel="nofollow" target="_blank">YouTube</a>Connect With Eric Schleien If you’d like to connect with me regarding the letter to discuss more, feel free to reach out! Visit Eric Schleien’s <a href="https://www.EricSchleien.com" rel="nofollow" target="_blank">WEBSITE</a> Visit Eric Schleien’s <a href="https://twitter.com/ericschleien" rel="nofollow" target="_blank">TWITTER</a> Visit The Intelligent Investing Podcast’s <a href="https://twitter.com/investingcast" rel="nofollow" target="_blank">TWITTER</a> Like The Intelligent Investing Podcast on <a href="https://www.facebook.com/theintelligentinvestingpodcast/" rel="nofollow" target="_blank">FACEBOOK</a> Follow Eric Schleien on <a href="https://www.facebook.com/eric.schleien" rel="nofollow" target="_blank">FACEBOOK</a> Visit Granite State Capital Management’s <a href="https://www.GSCM.co" rel="nofollow" target="_blank">WEBSITE</a> Follow Eric Schleien on <a href="https://www.instagram.com/ericschleien/" rel="nofollow" target="_blank">INSTAGRAM</a>

#78: Key Takeaways From The 2019 Berkshire Hathaway Letter To Shareholders | Eric Schleien

Guy Spier

In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Guy Spier who is the founder and investment manager of The Aquamarine Fund. Eric and Guy discuss the philosophy of value investing beyond just looking at a business and how it impacts our day to day living and develops us as a human being.  ResourcesThink and Grow Rich How to Win Friends and Influence People  The Infinite Game  Finite and Infinite Games    Staying in touch with GuyTwitter Linkedin Facebook Instagram   Staying in touch with EricFacebook YouTube LinkedIn Twitter Instagram GSCM

In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Guy Spier who is the founder and investment manager of The Aquamarine Fund. Eric and Guy discuss the philosophy of value investing beyond just looking at a business and how it impacts our day to day living and develops us as a human being.  Resources <ul><li><a href="https://amzn.to/38irsQP" rel="nofollow" target="_blank">Think and Grow Rich</a></li> <li><a href="https://amzn.to/39hJweV" rel="nofollow" target="_blank">How to Win Friends and Influence People</a> </li> <li><a href="https://amzn.to/3alg33Z" rel="nofollow" target="_blank">The Infinite Game</a> </li> <li><a href="https://amzn.to/2IfaBna" rel="nofollow" target="_blank">Finite and Infinite Games</a> </li> </ul>  Staying in touch with Guy <ul><li><a href="https://twitter.com/GSpier" rel="nofollow" target="_blank">Twitter</a></li> <li><a href="https://www.linkedin.com/in/gspier/" rel="nofollow" target="_blank">Linkedin</a></li> <li><a href="https://www.facebook.com/gspier66/" rel="nofollow" target="_blank">Facebook</a></li> <li><a href="https://www.instagram.com/gspier66/" rel="nofollow" target="_blank">Instagram</a></li> </ul>  Staying in touch with Eric <ul><li><a href="https://www.facebook.com/ericschleien" rel="nofollow" target="_blank">Facebook</a></li> <li><a href="https://www.youtube.com/user/EricSchleien" rel="nofollow" target="_blank">YouTube</a></li> <li><a href="https://www.linkedin.com/in/ericschleien/" rel="nofollow" target="_blank">LinkedIn</a></li> <li><a href="https://twitter.com/EricSchleien" rel="nofollow" target="_blank">Twitter</a></li> <li><a href="https://www.instagram.com/ericschleien/" rel="nofollow" target="_blank">Instagram</a></li> <li><a href="https://www.gscm.co/contact" rel="nofollow" target="_blank">GSCM</a></li></ul>

#80: Guy Spier

This is Part 2 of a special Coronavirus Investing Series. If you have not listened to Part 1, please click here to get the overall context/market overview during this unprecedented time.OverviewIn this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Jeremy Raper to discuss AerCap (AER), a bombed-out stock during this coronavirus pandemic. AerCap is the world's largest independent aircraft leasing company. Jeremy believes there is triple-digit upside potential in the name with a low probability the stock goes to 0. We go into detail in the show.Staying In Touch With Eric SchleienFacebook YouTube LinkedIn Twitter Instagram GSCMStaying In Touch With Jeremy RaperBlog Twitter

This is Part 2 of a special Coronavirus Investing Series. If you have not listened to Part 1, please <a href="https://ericschleien.com/podcast/coronavirus-investing-series-part-1-jeremy-raper-general-market-overview/" rel="nofollow" target="_blank">click here</a> to get the overall context/market overview during this unprecedented time.Overview In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Jeremy Raper to discuss AerCap (AER), a bombed-out stock during this coronavirus pandemic. AerCap is the world's largest independent aircraft leasing company. Jeremy believes there is triple-digit upside potential in the name with a low probability the stock goes to 0. We go into detail in the show.Staying In Touch With Eric Schleien <ul><li><a href="https://www.facebook.com/ericschleien" rel="nofollow" target="_blank">Facebook</a></li> <li><a href="https://www.youtube.com/user/EricSchleien" rel="nofollow" target="_blank">YouTube</a></li> <li><a href="https://www.linkedin.com/in/ericschleien/" rel="nofollow" target="_blank">LinkedIn</a></li> <li><a href="https://twitter.com/EricSchleien" rel="nofollow" target="_blank">Twitter</a></li> <li><a href="https://www.instagram.com/ericschleien/" rel="nofollow" target="_blank">Instagram</a></li> <li><a href="https://www.gscm.co/contact" rel="nofollow" target="_blank">GSCM</a></li></ul>Staying In Touch With Jeremy Raper <ul><li><a href="https://rapercapital.com/" rel="nofollow" target="_blank">Blog</a></li> <li><a href="https://twitter.com/puppyeh1" rel="nofollow" target="_blank">Twitter</a></li></ul>

#83: Coronavirus Investing Series, Part 2 | Jeremy Raper | AerCap (AER)

This is Part 1 of a special Coronavirus Investing Series.OverviewIn this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Jeremy Raper to discuss a general market overview during this coronavirus pandemic. We discuss 3 baskets of places to start looking and researching to find potential investment opportunities.Staying In Touch With Eric SchleienFacebook YouTube LinkedIn Twitter Instagram GSCMStaying In Touch With Jeremy RaperBlog Twitter

This is Part 1 of a special Coronavirus Investing Series.Overview In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Jeremy Raper to discuss a general market overview during this coronavirus pandemic. We discuss 3 baskets of places to start looking and researching to find potential investment opportunities.Staying In Touch With Eric Schleien <ul><li><a href="https://www.facebook.com/ericschleien" rel="nofollow" target="_blank">Facebook</a></li> <li><a href="https://www.youtube.com/user/EricSchleien" rel="nofollow" target="_blank">YouTube</a></li> <li><a href="https://www.linkedin.com/in/ericschleien/" rel="nofollow" target="_blank">LinkedIn</a></li> <li><a href="https://twitter.com/EricSchleien" rel="nofollow" target="_blank">Twitter</a></li> <li><a href="https://www.instagram.com/ericschleien/" rel="nofollow" target="_blank">Instagram</a></li> <li><a href="https://www.gscm.co/contact" rel="nofollow" target="_blank">GSCM</a></li></ul>Staying In Touch With Jeremy Raper <ul><li><a href="https://rapercapital.com/" rel="nofollow" target="_blank">Blog</a></li> <li><a href="https://twitter.com/puppyeh1" rel="nofollow" target="_blank">Twitter</a></li></ul>

#82: Coronavirus Investing Series, Part 1 | Jeremy Raper | General Market Overview

Brian Dress

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 ApproachLeft 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 SecuritiesManagement 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 compensationEquitiesThe company looks for strong (and accelerating) revenue growth, high (and expanding) gross margins, favorable competitive dynamicsDistressed BondsFor 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 ModelSplunk 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’sTalend (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 &amp; ValuationTalend 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 PodcastYPF 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 bondsTransocean 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 bondsL 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.

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. <ul><li>Click <a href="/intelligentinvesting/episode/update/id/leftbrainir.com" rel="nofollow" target="_blank">here</a> for more information on Left Brain Investment Research</li> <li>Click <a href="/intelligentinvesting/episode/update/id/leftbrainwm.com%20" rel="nofollow" target="_blank">here</a> for more information on Left Brain Wealth Management</li> </ul>  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 compensationEquities The company looks for strong (and accelerating) revenue growth, high (and expanding) gross margins, favorable competitive dynamicsDistressed 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’sTalend (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 &amp; 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.

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

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