Conversations hosted by Joe Walker. As featured in The Australian Financial Review, The Daily Telegraph, MacroBusiness, and Pedestrian.tv. (Formerly ‘The Jolly Swagmen Podcast’ hosted by Angus and Joe.)
Conversations hosted by Joe Walker. As featured in The Australian Financial Review, The Daily Telegraph, MacroBusiness, and Pedestrian.tv. (Formerly ‘The Jolly Swagmen Podcast’ hosted by Angus and Joe.)
© 2019 OwlTail All rights reserved. OwlTail only owns the podcast episode rankings. Copyright of underlying podcast content is owned by the publisher, not OwlTail. Audio is streamed directly from Joe Walker servers. Downloads goes directly to publisher.
#18 || The defection of a Roger Ailes warrior. "Very earlier on, Roger called me Ailes Junior. He told my dad, 'I've never met anyone more like me than Joe.'" As the protégé of Fox News chairman Roger Ailes, Joe Lindsley was closer to the man who built Fox News than any Fox executive. He helped write Ailes' speeches, sat next to him at executive meetings, and went to church with his family on Sundays. What moved the ambitious twenty-something to abandon the conservative media titan? For a deeper dive into his epic odyssey, check out Joe's memoir — Fake News / True Story: www.inkshares.com/books/fake-news-true-story
Tony Blair: Centrism may be dead. Former British Prime Minister Tony Blair sits down with Glenn Thrush in London to discuss the relationship between American and British politics, his close relationship with the Clintons, Brexit, and the danger of approaching politics with a closed-mind. Learn more about your ad choices. Visit megaphone.fm/adchoices
The Global Philosopher: Should Borders Matter?. Michael Sandel explores the philosophical justifications made for national borders. Using a pioneering state-of-the-art studio at the Harvard Business School, Professor Sandel is joined by 60 participants from over 30 countries in a truly global digital space. Is there any moral distinction between a political refugee and an economic migrant? If people have the right to exit a country, why not a right to enter? Do nations have the right to protect the affluence of their citizens? And is there such a thing as a 'national identity'? These are just some of the questions addressed by Professor Sandel in this first edition of The Global Philosopher.Audience producer: Louise ColettaProducer: David EdmondsEditor: Richard Knight(Image taken by Rose Lincoln)
#138 — The Edge of Humanity. In this episode of the Making Sense podcast, Sam Harris speaks with Yuval Noah Harari about his new book “21 Lessons for the 21st Century.” They discuss the importance of meditation for his intellectual life, the primacy of stories, the need to revise our fundamental assumptions about human civilization, the threats to liberal democracy, a world without work, universal basic income, the virtues of nationalism, the implications of AI and automation, and other topics. You can support the Making Sense podcast and receive subscriber-only content at SamHarris.org/subscribe.
Rank #1: Buy List: Eddy Elfenbein talks high-quality businesses and outstanding stocks to Tobias Carlisle on The Acquirers Podcast. Eddy Elfenbein, aesthete, raconteur, impresario, bon vivant, cognoscente, recusant, enfant terrible and blogger turned ETF manager talks about how to cross Wall Street: Buy and hold shares of outstanding companies. His blog is http://www.crossingwallstreet.com/ His Twitter handle is https://twitter.com/EddyElfenbein ABOUT THE PODCAST Hi, I'm Tobias Carlisle. I've launched a new podcast called The Acquirers Podcast. The podcast is about finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations. We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success. SEE LATEST EPISODES https://acquirersmultiple.com/podcast/ SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/ FOLLOW TOBIAS Website: https://acquirersmultiple.com/ Firm: https://acquirersfunds.com/ Twitter: https://twitter.com/Greenbackd LinkedIn: https://www.linkedin.com/in/tobycarlisle Facebook: https://www.facebook.com/tobiascarlisle Instagram: https://www.instagram.com/tobias_carlisle ABOUT TOBIAS CARLISLE Tobias Carlisle is the founder of The Acquirer’s Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon’s Business and Finance The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law. Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer.
Rank #2: Known Risks: Zach Abraham talks "known-known" risks, value investing, and bond alternatives with Tobias Carlisle on The Acquirers Podcast. Zach Abraham, Principal/CIO of Bulwark Capital Management and host of Know Your Risk Radio talks about known-known risks to the market, value investing, activist targets and alternatives to stocks and bonds. His firm: https://bulwarkcapitalmgmt.com/ His Twitter handle: https://twitter.com/kyrradio ABOUT THE PODCAST Hi, I'm Tobias Carlisle. I've launched a new podcast called The Acquirers Podcast. The podcast is about finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations. We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success. SEE LATEST EPISODES https://acquirersmultiple.com/podcast/ SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/ FOLLOW TOBIAS Website: https://acquirersmultiple.com/ Firm: https://acquirersfunds.com/ Twitter: https://twitter.com/Greenbackd LinkedIn: https://www.linkedin.com/in/tobycarlisle Facebook: https://www.facebook.com/tobiascarlisle Instagram: https://www.instagram.com/tobias_carlisle ABOUT TOBIAS CARLISLE Tobias Carlisle is the founder of The Acquirer’s Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon’s Business and Finance The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law. Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer.
Rank #1: Quoth the Raven #138 - Peter Schiff. With the Dow down 900 points, Peter Schiff joins me intraday on Monday to talk about the trade war, the 2020 Democratic field, the Fed's failing policy, the forex market and why he thinks gold is going to $2000 in short order. The QTR Podcast is a completely, 100% listener supported podcast that is always going to be free. The podcast is full time work, if you enjoy the content, please support the QTR Podcast in any, or all of the following ways: Please make a small recurring donation, which is gratefully accepted at: https://www.patreon.com/QTRResearch Join QTR's GoFundMe effort to stop social media censorship and turn the QTR podcast into a daily M-F show: https://www.gofundme.com/f/qtrpodcast One time donations can also be sent via:Bitcoin: 3G25NvNbGZsaDfoxTBzRFticKa4LDUeBpkVenmo: @chrisinphiladelphiaPaypal: firstname.lastname@example.orgTHANK YOU TO ALL OF MY KIND PATRONSPlease show love to those who support the QTR Podcast. Biggest Patron Donors The Trader's Path - no BS trading service - Twitter: @PLHStock RumorHound.ai - free 14 day trial - Twitter: @RumorHoundSang Lucci Trading - the 3LT playbook - also, the SL Master Course HeliBacon - shoot machine guns from helicopters in TexasCorvus Gold - http://www.corvusgold.com"Piggly Wiggly"Investors Underground - day trading community - Twitter: @investorslive Chris Boas Ken R Chris Bede - Twitter: @cbede Nicholas ParksMatthew ZimmerRuss Valenti - Twitter: @russellvalenti Longest Running Supporters Max Mulvihill - Since 2/2018 Kyle Thomas - Since 4/2018 Chris Bede - Since 5/2018 Dariusz Kordonski - Since 5/2018 Chris Gerrard - Since 5/2018 All podcast content is subject to this disclaimer. Chris is not an investment adviser. Listeners should always speak to their personal financial advisers.
Rank #2: Quoth the Raven #46 - Marc Cohodes talks MiMedix and Overstock. Marc Cohodes joins me talk to about why thinks MDXG will be bankrupt "within a month", why he shorted more MDXG today, why he ignores Elon Musk, why he bought more Overstock stock yesterday and has a $150 to $500 price target on the stock, why he thinks Gretchen Morgenson is the best financial journalist ever and why he can't stand Kevin O'Leary. Marc on Twitter is @AlderLaneEggs All content created and owned by Quoth the Raven Research, LLC. QTR Podcasts are always free, but some people choose to make a small recurring donation, which is gratefully accepted: https://www.patreon.com/QTRResearch All podcast content is subject to the following disclaimer: http://www.quoththeravenresearch.com/disclaimerterms-of-service/ THIS IS NOT INVESTMENT ADVICE Disclosures: Marc is long OSTK and short MDXG, QTR is long OSTK, short MDXG, short TSLA Visit www.quoththeravenresearch.com for more on QTR.
Rank #1: Ep 105. EV-EBITDA for Handicapping Stocks, Compensation for Management, Competitive Advantages, and Geoff's Best Investment Ever. Twitter: @Focusedcompound Email: email@example.com Contact Geoff at: Email: firstname.lastname@example.org Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month. Join our free stock writeup list at: https://www.focusedcompoundinggazette.com
Rank #2: Ep 62. SuperInvestor Series: Joel Greenblatt . Contact Andrew at: Twitter: @Focusedcompound Email: email@example.com Contact Geoff at: Twitter: @GeoffGannon Email: firstname.lastname@example.org Focused Compounding is an exclusive, members only site for buy and hold value investors. Inside, you will find: friendly forums, frequent blog posts on timeless investing concepts, and dozens of actionable stock ideas from other investors. Experience all this in the company of investors who follow the principles of Buffett, Munger, and Fisher instead of the whims of the crowd – for just $60 a month. Cancel anytime. Join our free memo distribution list at - www.focusedcompounding.com Thanks for listening, and be sure to sign up using the promo code **Podcast** to get $10 off your monthly subscription price forever.
Rank #1: Ep 48 Real Conversations: Jim Rickards - How To Protect Your Wealth When This Bubble Bursts.
Rank #2: Ep. 1 -Real Conversations: Lacamp, McCullough Unplugged on Markets, Fed & the Economic Zeitgeist.
Rank #1: Episode 8 - GAIA: A Bridge Too Far. https://www.scuttleblurb.com/gaia-interesting-company/ https://ir.gaia.com/Aaron SallenMerion Road Capital Managementwww.merionroadcapital.com/Twitter: @aaronjsallenDavid Kimwww.scuttleblurb.com/Twitter: @scuttleblurb
Rank #2: Episode 7 Media With Andrew Walker Of Rangeley Capital. In this episode, Aaron and I discuss media with Andrew Walker of Rangeley CapitalAndrew Walkeryetanothervalueblog.comTwitter: @AndrewRangeleyAaron SallenMerion Road Capital Managementwww.merionroadcapital.com/Twitter: @aaronjsallenDavid Kimwww.scuttleblurb.com/Twitter: @scuttleblurb
Rank #1: The hunt for predictable cash flows. Guest: Warryn Robertson, Lazard Asset Management. An investor's job can be boiled down to two primary tasks, explains Warryn Robertson, Portfolio Manager at Lazard. First, to predict what a company's cash flows or earnings will be in the future, and secondly, to work out how much to pay for those earnings. Estimating two unknowns like this is a big challenge for equity investors, so why not make it easier? By investing in businesses with cash flows that can be easily predicted, this reduces uncertainty, and allows them to focus on the other half of the equation. “If you can find a group of companies that has more predictable earnings, more consistent cash flows, you’re making your job as an investor much easier in terms of arriving at that valuation. That is, in essence, the overriding philosophy that I’ve had throughout my investing career.”In this week’s episode of The Rules of Investing podcast, we discuss some unique benefits that come from investing in infrastructure equities, how he avoids the dreaded "value trap", and one area of investment he thinks could see significant negative returns in the coming years.
Rank #2: Montgomery: The economics of enough. Guest: Roger Montgomery, Chief Investment Officer, Montgomery Investment Management.Australian house prices and the economy stand at an important crossroads. On the one hand, we have the return of the Liberal-National coalition, the softening of APRA regulations, and rate cuts from the RBA, which all stand to stimulate. On the other hand, we have housing starts down by over 25% over the last year and showing no signs of turning, combined with anaemic retail sales, with the potential to push the economy into a dark place. One rarely discussed dynamic, however, is what Roger Montgomery, Chief Investment Officer at Montgomery Investment Management, calls 'the economics of enough'.“People have borrowed enough, they’ve bought enough stuff, and eventually growth slows, and that’s where you get deleveraging occurring in the economy, where credit growth is slower than economic growth. I think there’s a risk that we’re now in that deleveraging phase.”In this week's episode of The Rules of Investing, Roger shares what "quality" really means to him, some lessons on late cycle investing from Buffett himself, and we discuss two outwardly-similar companies with very different long term prospects.
Rank #1: Daniel Grioli - Thinking like a Fox (S2E1). My guest in this episode is Daniel Grioli. Daniel cut his teeth in the industry at Deutsche Bank in London, where he was responsible for valuing structured equity and hedge fund of fund products targeted at continental Europe. His timing of joining Deutsche, while perhaps somewhat unfortunate for him, proves fortunate for us as he retells a few war stories and lessons learned from the desk leading into 2008. During the crisis, Daniel found himself back in Australia working for a pension fund, where he made a career in manager evaluation, selection, and combination. That makes Daniel somewhat unique among prior podcast guests, as he provides us some insight into the decision making of capital allocators on the other side of the table. The breadth of managers evaluated gave Daniel some unique insights that he shares with us around where he believes the limits of quantitative and discretionary management lie. He also shares his framework for manager selection, which he calls Via Negativa. Presently, Daniel is leveraging this experience to build what he calls a “best ideas” portfolio, exploiting 13F reporting data to create a high conviction equity portf olio for his clients. Finally, we talk about the i3 podcast that Daniel hosts and some of the most interesting guests he has interviewed. Without further ado, my conversation with Daniel Grioli.
Rank #2: Jack Vogel - Momentum in Theory, Momentum in Practice (S1E6). Today I am speaking with Jack Vogel, co-CIO of boutique ETF issuer Alpha Architect. I’ve known Jack for some time now and was particularly excited to bring him on the show for two reasons. The first, which you will quickly learn in the episode, is his near encyclopedic knowledge of investing literature. I’ve met few investors who have both the breadth and depth of recall that he does for both academic and practitioner studies. The second was because he helps manage a momentum strategy. Almost every investor has, at one time or another, at least perused the pages of Graham’s Intelligent Investor and value investing is considered by most to be as wholesome as Warren Buffett drinking a Coca-Cola while eating apple pie. Momentum, on the other hand, is often disregarded as performance chasing nonsense, with little foundation in the realm of real investing. Yet, as you’ll find in our conversation, deep care and thought goes into both understanding the anomaly itself and constructing a portfolio that can efficiently attempt to capture it. I hope you enjoy my conversation with Jack Vogel.
Rank #1: TMD Episode 10: Devin Anderson. Everything you wanted to know about equity volatility but were afraid to ask. Listen to vol professional Devin Anderson and Jared rap about some of the great mysteries of the derivatives markets, along with Ocean's Eleven, interview tips, and the most epic Speed Round ever.
Rank #2: TMD Episode 25: Tony Greer. Welcome to the last episode of The Monthly Dirtcast--before we put it in hibernation for a while. Our guest is Tony Greer, purveyor of TG Macro. Jared and Tony talk markets for a while, before they dig into pop culture and the meaning of life. Jared announces what's next after The Monthly Dirtcast. Tune in and reflect on two years of a podcast well done.
Rank #1: Epsilon Theory - Is Volatility Back?. On this special episode of the Epsilon Theory podcast, we share an excerpt from a conference call we recorded on February 13 discussing our thoughts on the market selloff earlier in the month. You’ll hear from Christopher Guptill, co-CEO and chief investment officer at Broadmark Asset Management and Dr. Ben Hunt, author of Epsilon Theory.
Rank #2: Epsilon Theory - Make America Good Again. On episode 26 of the Epsilon Theory podcast, we welcome back Rusty Guinn, our executive vice president of asset management, to talk about political markets — a topic just as important to Ben as capital markets. Be sure to also check out the companion pieces to this podcast on the Epsilon Theory website: “Always Go To the Funeral,” “Sheep Logic,” and “Before and After the Storm.”
Rank #1: Ep. 22 - Bluegrass Capital: Securities Analysis. Twitter: @bluegrasscap (Bluegrass Capital)Thank you so much for listening, we really appreciate you.If you have found this valuable, please consider leaving us a review as it will help more people find it! Thanks you're awesome!You can find more information and content by going to these places:Website: https://www.investingcity.orgYouTube: Investing CityTwitter: investing_cityInstagram: investing_cityOr feel free to email us at email@example.comIf you would like $10 off/month on a Dynasty Membership, just email us with the keyword "Podcaster Elastimer" and we'll hook you up! (it had to be a strange yet memorable keyword right?!)Again, we really appreciate that you would take the time to listen. Hope it was valuable. Let us know if you have any questions!
Rank #2: Ep. 2 - Walmart CEO Doug McMillon: Pour Out Your Cup. Ok kicking it off, our first guest on the podcast is someone special. Someone who has been named to the Forbes Most Powerful People four out of the last five years, coming in at #23 in 2018.This week I am interviewing Doug McMillon, the current CEO of the Fortune 1 company in the world, Walmart.Doug is honestly one of the most humble, gracious people out there. If you randomly met him, you would just walk away thinking, “I like that guy” not, “wow, that was the 23rd most powerful person in the world."McMillon began his first job with Walmart as a summer associate in high school unloading trucks.He got his undergrad degree at Arkansas and then his MBA at Tulsa is 1991.Soon after he joined the buyer-training program.Worked him way up to President of Sam’s club where he was from 2005-2009.Then spent 4 years as President of Walmart International.Finally, in 2014, he became the fifth CEO of Walmart, Inc. where he has been since.Doug’s tenure has seen some big decisions.He has done a lot to change the stigma of Walmarts brand including raise its minimum pay, fostering innovation and focusing on a more integrated e-commerce opportunity.Changing the course of a big battleship like Walmart isn’t easy but if anyone has the ability to do it, it’s Doug.I’m overjoyed to present to you: Doug McMillon.More stuffThank you so much for listening, we really appreciate you.If you have found this valuable, please consider leaving us a review as it will help more people find it! Thanks you're awesome!You can find more information and content by going to these places:Website: https://www.investingcity.orgYouTube: Investing CityTwitter: investing_cityInstagram: investing_cityOr feel free to email us at firstname.lastname@example.orgIf you would like $10 off/month on a Dynasty Membership, just email us with the keyword "Podcaster Elastimer" and we'll hook you up! (it had to be a strange yet memorable keyword right?!)Again, we really appreciate that you would take the time to listen. Hope it was valuable. Let us know if you have any questions!Below you will find our entire conversation transcripted for those with hearing problems or just if you like reading more than listening. Enjoy!Episode 2: Doug McMillonRyan Reeves 0:03Thank you so much to Doug McMillon we're so excited to have you on the podcast. Thank you for being here, Doug.Doug McMillon 0:07Excited to be with you, Ryan. Congratulations.Ryan Reeves 0:20Thank you. So the first thing I want to talk about is this little story I heard that you like to kind of clear your mind in between meetings. Can you tell us a little bit about that?Doug McMillon 0:36Yeah, sure. I've got a good friend who a few years ago gave me this tip. Because we're constantly dealing with a breadth of issues. I'm sure it's that way for most business leaders. But you know, just today, I've been spending time with our chief customer officer thinking about our customer value proposition distribution center, recorded videos for international markets said spent 30 minutes on compensation design. So you're running from one thing to the next. And his tip was before you walk into the room, imagine that you have a cup in your hand coffee cup, for example. And then you just pour it out. Imagine just dumping it so that there's nothing left in the cup. So that when you walk into the room, you basically hit reset, and you're able to listen, focus on the content that's right in front of you. Because each conversation, each topic is important. And you can't get too distracted by what you just finished, you got to be focused on what comes next.Ryan Reeves 1:44That's awesome. I love the visual aspect of that. So I just wanted to jump to kind of a thought experiment. So let's pretend that it was your first day working at Walmart at kind of the bottom of the pyramid, right, imagine or tell me about the motions that are kind of evoked if you saw this headline about kind of your future self where you are now "local boy from Danville, Arkansas grows up to be at the top of the pyramid for the fortune one company in the world."Doug McMillon 2:35Yeah, definitely would have chuckled about it at the time. And then I guess the second emotion that comes is a bit of daunting responsibility of it is the truth is, that kid was no way prepared for the job of them being added to be today. It's been 20, almost 28 years now. The other people investing in need teaching me things and supporting me, encouraging me and putting me in job that enabled me to have a chance of doing this one.Ryan Reeves 3:20And just to kind of go off of that, what is your favorite part of the job? I know, you said you do a lot of different things. But is there something that you really enjoy?Doug McMillon 3:31Yeah, there's a lot that I really enjoy. Monday I was in Omaha, Nebraska, and went to see our local super center there in a in a Sam's Club. And it just so happened in that super center, we have an Academy around the country, we've got 200 locations now where we've been able to reduce the inventory in the back room. And we've taken space to construct classrooms and equip them with technology, all kinds of technology tablets, screens, and even VR and I got to walk in and surprise this group of assistant managers that was in there picking up new skills with an instructor and to hear their career stories and to see them growing right before your eyes. It's got to be, you know, an example of the highlight. For me, it's seeing how the team and other people are progressing and continuing to innovate and grow a business together.Ryan Reeves 4:59And to go off that a little bit. I know, of course, the culture of a company is very important. And that's something that you try to focus on a lot. How do you think about changing a culture or as a culture very much something that has to change over a long, long period of time? And I guess what I'm trying to say is, does that this incentivize you because you know, it's so hard to change something? Or how do you think about that?Doug McMillon 5:38That's a very important question. One of the most important questions I think, that you and other investors or students a business need to be thinking about, because culture drives so many different things. In our case, we inherited a set of behavioral characteristics from our founder, I guess, is every company does. And here it is, 2018, almost 2019, our founder passed away in 1992 and Sam Walton still comes up and pretty much daily conversation around here and within the business around the world, and what behaviors he exhibited, that we want to perpetuate. So the word that comes to mind when it comes to culture for me at this stage of the company is to shape I think leaders definitely shape and influence culture. And even though we have a rich one here at Walmart, that's pretty well established. No doubt a leader or leaders can make that culture more effective or less effective, by the way that we behave. Most importantly, but also what by what we say what we stress what we reward. So my leadership team and I are actively engaged in deliberate about which behaviors we want to dial up almost like a mixing board or a synthesizer of some sort where you're, you're moving up in our case right now at performance environment, raising expectations, dialing up and appreciation for diversity and inclusion and trying to dial down passive aggressiveness sore a lack of clear feedback. And so we talked about four core values in the company which are timeless and then behaviors underneath those four core values and moving up the ones I just mentioned, and try to stress to the entire team. We want to see more of this and less of that.Ryan Reeves 7:52I like that idea of the synthesizer. You mentioned leadership a couple times in there. How do you personally define leadership?Doug McMillon 8:04So I've been joking with folks around here lately that you can't push a rope and you can pull one more effectively than you can push it so if a rope or laying on the ground I would I would grab the end that I wanted to take a certain direction and I pull it and I think that's what leadership here looks like. You've got to be out in front in terms of having a vision knowing what direction the company needs to go in generally constantly taking on new information and refining as you go but lead by example here servant leadership is really pretty important. Looking ahead, thinking about how we're going to deploy a new technologies to serve customers and new ways is something that I spend a lot of time on. So I end up coming back and telling stories about like tomorrow I'm going to a VR company that have visited once before and I'll come back from that visit hasn't taken a small group with me and I'll tell stories broadly about what we saw what we experienced what we think we can do with that. And by telling those stories, setting that example and then resourcing some change will see progress as it relates to how we use that particular technology. So when I think of leadership, I think of a vision being out in front modeling behavior, you know, walking down the hallway today, I stopped and pick up pick up a couple of small pieces of trash that fall down on the floor, not just because it needs to be picked up but because I want everybody to know that matters to me. And that detail matters and expectations are high.Ryan Reeves 9:43I like that; picking up the trash and the servant leadership and then and then I think it's an interesting question of if leadership is something that is so important do you think it is more a nature versus nurture thing or how do you think about somebody being able to improve as a leader?Doug McMillon 10:22Definitely think that people do improve as leaders. There's a certain amount it's in our DNA. But the way that we were raised the way that our parents treated us, the environment we were in at a young age certainly influences things. And it was good for me. And then when I got to Walmart, I was in my 20s when I first started working for Walmart. I was 17 years old. And I came into the home office in my early 20s and I was fortunate enough to be here before Sam Walton passed away and to watch him lead to be around other terrific leaders who I could model certain behaviors after and so I'm a product of all of those people over the years and trying to take the best thing that's all from them and incorporate them into my own leadership style. So there's definitely always room to improve as a leader and I think for me personally and it's probably this way for everybody you learn more by what you see other people to then you do what they say I think that's a huge part right of just continuing learning and soaking up everythingRyan Reeves 12:05Seeing as the year is drawing to a close and we're talking about learning, what did you what were kind of the biggest things that you learn in 2018?Doug McMillon 12:20Learned a lot about network effects so was just yesterday we were with variety Anon who wrote a book called the content trap, the book makes the point that pic entertainment for example you can have great content like the original Apple computer that steve jobs created, instill fail because you don't have the right ecosystem. More platform like Microsoft did with Microsoft Office. So even though the form factor was better, and other aspects from a user experience were better in its original form, Apple didn't have success because Microsoft had a better platform and system. And so we here we're trying to take a company that has been successful to some great extent, because of scale. We leverage our fixed costs, we run on narrow margins in because we have a lot of customers and we sell a lot we're able to sell at lower prices. That's part of our purpose and our business model. But we haven't ever really leveraged the network effect, I would argue, and I think we've got an opportunity in an increasingly digital company to do that more effectively. So that's one example of something that recently I've learned, but there's no doubt after 12 months this year. I'm a different person because of all the experiences and exposure I've had to different structure.Ryan Reeves 13:51And speaking of that, do you have any goals, either business wise or personally for?Doug McMillon 14:11Yeah, we're just kind of working on those as we speak and going through our annual review process and thinking about what we want to accomplish next year. And I, you know, I think about the long term as we set those short term goals. And what I'm hoping to have done during the tenure that I'm here and the leadership team that I'm working with is to have strengthen our culture to have shaped it in a way that we just talked about a few minutes ago so that it continually adapt and learn just a stronger more effective culture because I know that. That the pace of change in the magnitude of change is only going to be more significant when I retire than it is now or when I started. So that's one area of focus. And then the other one is positioning. So we've been working on what businesses the company is in and what geographies we're in as we build our ecosystems by market around the world. So we've made some difficult choices to exit some markets. so that we have resource to make bigger bets and other places. So in the last 12 months, we've sold off 80% of our business in Brazil. But we've invested to buy 77% of Flipkart in India. So there's a piece of work underway related to the portfolio that will continue on as I think about our goals for next year.Ryan Reeves 15:33And when you're setting ambitious goals like that and you're entering new territories, whether it be the investment in Flipkart or something like that. There's bound to be some hiccups and business people, especially the infamous Jeff Bezos left talking about failing and failing fast. How does Walmart kind of think about this idea of failure and if it's necessary and how you kind of nurture that, if that's the quality like you're talking about on the synthesizer board, you want to kind of dial that up.Doug McMillon 16:10Yeah, absolutely. That's a great point and there is required and we do want to dial it up and it's in our DNA and Walmart's had a lot of failures. We tried an art and craft store. years ago we try to farm implement store week we did a big hypermarket building, that was the lanes that were modeled after and a lot of failures. We tried an art and craft store. years ago we try to farm implement store week we did a big hypermarket building, that was buildings that were modeled after the big supermarkets in Europe. We did standalone drug store and many other things, those things that I just cited were from our earlier days, they were in the 80s and 90s. And we've been hit on the super center concept and it was so successful. We focused on that and in in some ways missed other innovation that we should have been embracing, including the internet and e commerce. So we end up being behind because we were so focused on the bird in hand. So we've been focused in recent times on dialing up our risk tolerance I think one of the keys is to celebrate intelligent failures and when things don't work learn from those celebrate learning more than more than we celebrate the failure itself celebrate what we learned from it, reward those people and move on to the next thing and don't let it become too much of a negative so there's been cases where you know in the past we've let the failure hurt someone's career and we're certainly trying very hard to do that today.Ryan Reeves 18:48But just to kind of close up this conversation, I wanted to ask something a little bit outside of business. So I actually know your son, and he's an incredible guy. So how do you kind of balance parenting marriage and being the CEO of the Fortune one company in the world? How do you make sure that all three of those buckets are filled, so to speak?Doug McMillon 19:33It's about regret and I think that's probably where everybody is coming from. As it relates to that question. I don't really like the term work life balance because it's just one life. So I think a bit more as life balance and you have to make some choices. Like if you saw me play golf, that would be like the worst thing you've ever seen it and I would like to play golf, but I don't. Because that's one example of something I'm not doing with my time so that I can focus on the things that are most important to me. And my family talks about faith first, and then our family and then our noble work, hopefully purpose driven work. And so I've tried to be there you know, when the boys had a practice, not just a game or be there when there's an important than event in their life be around and with today's technology, you can work in 15 minute increments like it's not like it was when I started where you came into the office and you work the whole time and then you went home and you didn't work as much I'm now kind of my mind is my pie chart is divided up in smaller increments where you know, I may be at home. And if somebody wants to have a conversation with me, I'm all in. But if they've gone off to do something else, and I'm back on Walmart time thinking about the next problem, or responding to email, or whatever. So I really think it's just about choices. knowing and being thoughtful, deliberate, purposeful about what's important to you, what you value, you know, imagine the end of your life or the end of your career, what you want to have accomplished and then allocate your time towards those things that are most important and I'm not perfect I get distracted and not always deliberate or self aware but I think it starts with that with self awareness and then building a planRyan Reeves 21:26Hmm. I like that. How we were talking about the beginning with the cup if you're constantly going back and forth if there's kind of not this work life balance, there's just the life you're going back and forth. You have to pour out that cup a lot. Well, thank you so much, Doug. We really appreciate your time and I just wish you the best and wish Walmart the best.Doug McMillon 22:18Thanks Ryan I'm aware of your pursuit and I wish you the very best. Good luck to you.
Rank #1: #13 - Johnny Shapiro - Info. If you can, read this article BEFORE listening: https://www.afr.com/business/inside-the-boiler-room-that-is-big-un-limited-20180301-h0wv2tMy guest for this episode is Johnny Shapiro. Johnny is a Senior Reporter for The Australian Financial Review, Australia's number-one finance newspaper. In recent years, Johnny and his colleagues at AFR have been responsible for reporting on the unraveling of some of our country's highest profile corporate collapses. In this episode we talk about Johnny's career, growing up with a freedom fighter for a grandmother and a gold trading grandfather and how his investigative journalism unravelled an ASX technology company's darkest secrets. Finally, Johnny concludes with the story of how he missed out on a 60,000 bagger investment return. But first we start with a story...
Rank #2: #11 - Chad Slater - Worldly. Chad Slater is the co-founder of Morphic Asset Management, a high-profile Sydney-based investment company which invests with more than one purpose. He runs a hedge fund which also excludes (or short-sells) companies which his team believes are unethical.Chad is one of the brightest and passionate investors I've come across. But what makes this episode so incredible is how candid, transparent and honest he is about his journey through his youth, early career and investing.Chad received top grades at school, spent time at some of the world's best investment firms and now co-leads a team of motivated professionals. But Chad's story isn't all roses.Having grown up in PNG, Chad vividly recounts his father's decision to uproot the family, take risks and start a small business in the country which stood in contrast to Australia in economic and social terms.This is an episode I'll be listening to again and again through time because it includes so many profound ideas about money and investing.Remember, if you're new to the world of investing and hedge funds or you need to brush up on some key terms please visit the Rask Finance website where we've created a free short video series addressing some ideas discussed in this and other episodes. Putting aside a few minutes to understand the key terms will mean you get a lot more from this and future episodes.Please enjoy this conversation with Chad Slater, co-founder of Morphic Asset Management.
Rank #1: Connecting Theory and Practice Through The 5x5x5 Student Investment Fund. Today’s conversation is with Tom Russo, the master of consumer brand investing, and two of our best students, Jeffrey Johnson and Michael Allison. We’re talking about the 5x5x5 Student Investment Fund and having a deep discussion about some of the specific stocks in the portfolio. The concept for the 5x5x5 fund came out of Tom’s concern that conventional investment funds for students offered limited learning potential due to their short-term nature and was made possible by a generous gift given by him and his wife, Georgina. The 5x5x5 fund is run by the students of the Value Investing course at Columbia Business School, with ideas being submitted by the students each year. Students then have the opportunity to connect value-oriented investment theories to real-world practice as they participate in the management of the fund. Importantly, they are also connected with alumni and are afforded valuable networking opportunities. At the end of five years, the inflation-adjusted original amount is invested back into the fund and any other gains will be used to support scholarships for traditionally under-represented members of the class. On this episode, Tom, Jeff, Mike, and I discuss how the 5x5x5 Student Investment Fund got started, how this fund differs from student funds at other schools, what goes into the investment decisions, how participation in the fund benefits students, why some of this year’s investments were selected, and so much more! Key Topics: The 5x5x5 nature of the student value investing fund (2:24) The multiple benefits to be derived from the fund (3:29) How 5x5x5 will become self-funding (4:01) The investment selection process (4:34) Why Tom is proud of the tough questions raised by students (5:28) Why it’s so important to monitor how your original thesis is playing out (5:46) Some of the notable investments in the history of the portfolio (6:07) How student participation in the fund can lead to important networking opportunities (6:50) A deep dive into some of the companies in the fund (8:30) Why Tom is excited about the poor performance of the international stocks in the portfolio (11:01) The five stocks that made it into the portfolio this year (13:15) Jeff’s pitch for adding Booking Holdings to the 5x5x5 portfolio (14:09) The business model and competitive advantages of Booking Holdings (15:19) How Booking Holdings differentiates itself from Expedia (19:24) What Booking Holdings is investing its free cash flow into (21:45) Why Jeff chose to pitch Booking Holdings (22:57) Jeff’s analysis of Booking Holdings’ valuation (24:53) What you can learn by comparing where an industry is in relation to GDP (26:08) The growth potential of Booking Holdings’ Airbnb-type listings (30:24) Mike’s pitch for adding Becle, S.A.B. de C.V. (“Cuervo”) to the 5x5x5 portfolio (31:56) How the limited supply of blue agave is impacting Cuervo’s valuation (33:16) The governance, ownership structure and long-term growth potential of Cuervo (37:53) Why the tequila industry is experiencing such consistent growth (39:33) Mike’s analysis of Cuervo’s valuation (44:39) The story behind the acquisition of Bushmills whiskey (48:02) Winter Li’s pitch for adding Rollins to the 5x5x5 portfolio (51:41) Rollins’ competitive advantages (52:56) Winter’s analysis of Rollins’ valuation (53:58) And much more! Mentioned in this Episode: 5x5x5 Student Investment Fund Jeffrey Johnson’s Pitch of Booking Holdings Michael Allison’s Pitch of Cuervo Winter Li’s Pitch of Rollins Louisa Serene Schneider’s interviews of Warren Buffett Booking Holdings Inc Becle, S.A.B. de C.V. Bushmills Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at email@example.com. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!
Rank #2: Taking a Top-Down Approach to Value Investing. Today’s conversation is with international value investor, Jean-Marie Eveillard. As portfolio manager of the Société Générale International Fund, later becoming the First Eagle Global Fund, where he returned an annualized 15% for over 25 years. In 2001, Jean-Marie and co-manager Charles de Vaulx were named Morningstar International Stock Fund Managers of the Year and later in 2003, Jean-Marie was chosen as one of the two inaugural awardees of the Morningstar Fund Manager Lifetime Achievement Award. Shortly after starting as an analyst with Société Générale, Jean-Marie became exposed to Ben Graham and the principles of value investing. Despite his passion and insights, it was many years before he was given the position of portfolio manager and finally able to put those principles to work. During his tenure as portfolio manager, Jean-Marie has been at the helm during some of the most challenging times for value investors. His ability to adapt his investment approach to the changing conditions has been key in his ability to produce above average results. On this episode, Jean-Marie and I talk about his changing roles over his years at Société Générale and then First Eagle, why he was so intrigued by Ben Grahams and Warren Buffet’s investment approaches, the lessons he learned about client management while his fund was underperforming compared to market, and so much more! Key Topics: How one good course experience started Jean-Marie on the path to a career in the investment world (2:32) Jean-Marie’s role at Société Générale’s New York branch (5:45) Jean-Marie’s first introduction to Ben Graham (6:44) Why Ben Graham’s writings on investing helped Jean-Marie find his own investment approach (7:07) The changing perspectives on frameworks in academic finance in the 1970s (8:45) Jean-Marie’s disappointing return to the Société Générale head office in Paris (12:11) How Jean-Marie finally got the opportunity to manage a fund himself (14:25) The process Jean-Marie used to identify and value potential investments when he took over his first fund (17:54) Why the 1970s and 1980s were particularly good periods to take a traditional value investing approach (19:59) The differences between the traditional Ben Graham approach and the Munger-Buffet approach (21:42) Why Jean-Marie prefers the Munger-Buffet approach to value investing (22:21) The lesson Jean-Marie learned after buying Lindt & Sprüngli stock (23:39) One of the drawbacks with holding overvalued stocks under the Munger-Buffet approach (26:59) Why humility is important for a successful money management career (28:50) The client management mistake Jean-Marie made in the late 1990s (31:49) The growth of the First Eagle Global Fund from $15 million to $6 billion between 1987 and 1997 (32:42) Jean-Marie’s perspective on investing in tech stocks (35:56) The impact of the bursting of the NASDAQ on the fund (40:06) Why Jean-Marie’s move to advisor of the fund was so short-lived (41:22) How the fund benefitted from its holdings in the Bank for International Settlements (42:40) Why Jean-Marie believes that value investors should pay closer attention to the macro-economic environment (47:31) The challenges posed to balance sheet-focused investors by the growth of the service-based economy (52:22) Why Jean-Marie’s first step in assessing a company is to closely review the accounting numbers (55:37) The changing future of value investing (58:17) And much more! Mentioned in this Episode: Jean-Marie Eveillard’s Book | Value Investing Makes Sense First Eagle Investment Management First Eagle Global Fund Benjamin Graham and David L. Dodd’s Book | Security Analysis Benjamin Graham’s Book | The Intelligent Investor William White’s April 2006 Paper | Is Price Stability Enough? Sidney Homer and Richard Sylla’s Book | A History of Interest Rates Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at firstname.lastname@example.org. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!
Rank #1: #3: Steven Bregman on 'The Greatest Bubble Ever' (Passive ETF Investing). Jim Grant calls Steven Bregman, "one of Wall Street's most interesting thinkers." I called upon him to share his thoughts on the massive and growing trend to passive investing which he calls, "the greatest bubble ever." He discusses the differences between the current bubble in the financial markets and prior bubbles, the specific distortions created in the markets and the unique opportunities they present. Perhaps most importantly, Steven reveals the little-discussed structural shift in passive investing which dramatically devalues it as a strategy and how investors have been deceived by historical return figures that are not applicable to the products they own today. We also get into his personal history in the financial industry along with his evolution as an investor and more. For notes and links related to the episode visit TheFelderReport.com.
Rank #2: #28: Michael Oliver On Why Momentum Is Truth In Markets. Michael Oliver has been studying markets for over four decades but it was the 1987 stock market crash that became his "aha!" moment and converted him to what he calls "momentum structural analysis." It was his early work in the area that prepared him for that massive decline in stock prices and the success of its forecasting ability that gave him the confidence to pursue it full time. Many technical analysts like to say, "price is truth," but to Michael price can be deceiving and it's only by isolating the momentum in the market that reveals the truth about the underlying trend. In this episode, Michael shares the details of his unique research and analysis process and discusses how his foundation in political philosophy ended up leading him to it. He also reveals what it says about the current market and economic environment and how it eerily rhymes with some earlier times in his career. For links and notes related to this episode visit TheFelderReport.com.
Rank #1: Episode 10: Why the Best Investors Use Shrinks; Magellan’s Revolution; Trade Wars Rumble On; Why Aussie Bonds Pay Higher Outright Spreads; the Power of Questioning the Consensus and more. Welcome to the Complexity Premia podcast from Coolabah Capital, which is hosted by Christopher Joye, CIO and portfolio manager of Coolabah Capital, and Ying Yi Ann Cheng, a portfolio management director. The Complexity Premia podcast strives to deconstruct modern investment problems for wholesale (not retail) participants in capital markets. You can listen on your favourite podcast app, or you can find it on Apple Podcasts, Google Podcasts or Podbean here. In this episode we go hammer-and-tongs on a range of topical issues, including: what happened in bond markets in July and August; why the world’s best investors use shrinks; Magellan’s revolution; the ongoing trade war; why Aussie bonds pay higher outright credit spreads; Westpac’s victory over ASIC on responsible lending; and the power of questioning the consensus… This information is suitable for wholesale investors only and has been produced by Coolabah Capital Institutional Investments Pty Ltd ACN 605806059, which holds Australian Financial Services Licence No. 482238 (CCII). The views expressed in this recording represent the personal opinions of the speakers and do not represent the view of any other party. The information does not take into account the particular investment objectives or financial situation of any potential listener. It does not constitute, and should not be relied on as, financial or investment advice or recommendations (expressed or implied) and it should not be used as an invitation to take up any investments or investment services. Whilst we believe that the information discussed in the podcast is correct, no warranty or representation is given to this effect, and listeners should not rely on this information when making any decisions. No responsibility can be accepted by CCII to any end users for any action taken on the basis of this information. Any performance data presented on this site is pre-fees for institutional clients that negotiate custom fee rates, and these solutions are not available to retail investors. No investment decision or activity should be undertaken without first seeking qualified and professional advice. CCII may have a financial interest in any assets discussed during the podcast. Listeners in Australia are encouraged to visit ASIC's MoneySmart website to obtain information regarding financial advice and investments.
Rank #2: Episode 9: “Bail-In-Able” Debt Tsunami Special – Markets In June & July; The TLAC Tidal-Wave; How Early Deals Performed; Can Banks Fund $90bn of Bail-In-Able Bonds; And Thinking About Fair Value. Welcome to the Complexity Premia podcast from Coolabah Capital, which is hosted by Christopher Joye, CIO and portfolio manager of Coolabah Capital, and Ying Yi Ann Cheng, a portfolio management director. The Complexity Premia podcast strives to deconstruct modern investment problems for wholesale (not retail) participants in capital markets. You can listen on your favourite podcast app, or you can find it on Apple Podcasts, Google Podcasts or Podbean here. In this special episode focussing on the “bail-in-able” debt tsunami we discuss: markets in June and July; the TLAC tidal-wave; how early deals performed; what APRA got wrong; whether banks can fund the $90bn of issuance; where fair value lies; and much, much more… This information is suitable for wholesale investors only and has been produced by Coolabah Capital Institutional Investments Pty Ltd ACN 605806059, which holds Australian Financial Services Licence No. 482238 (CCII). The views expressed in this recording represent the personal opinions of the speakers and do not represent the view of any other party. The information does not take into account the particular investment objectives or financial situation of any potential listener. It does not constitute, and should not be relied on as, financial or investment advice or recommendations (expressed or implied) and it should not be used as an invitation to take up any investments or investment services. Whilst we believe that the information discussed in the podcast is correct, no warranty or representation is given to this effect, and listeners should not rely on this information when making any decisions. No responsibility can be accepted by CCII to any end users for any action taken on the basis of this information. Any performance data presented on this site is pre-fees for institutional clients that negotiate custom fee rates, and these solutions are not available to retail investors. No investment decision or activity should be undertaken without first seeking qualified and professional advice. CCII may have a financial interest in any assets discussed during the podcast. Listeners in Australia are encouraged to visit ASIC's MoneySmart website to obtain information regarding financial advice and investments.
Rank #1: Bespokecast Episode 1 – Mark Dow. Welcome to Bespoke Investment Group’s Bespokecast. Starting with this episode, Bespoke will be releasing monthly conversations with market professionals and economists whose views we find interesting or insightful into the world of finance and economics. If you like what you hear today, you can learn more about our firm by visiting our website, bespokepremium.com. Bespoke offers financial market research and insight to investors of all types, ranging from individuals to large institutions. You can also follow us on twitter @bespokeinvest. This week, our guest is IMF and hedge fund veteran Mark Dow. Mark’s blog Behavioral Macro and his Twitter account @mark_dow are widely followed for their insights into macro investing, and he was kind enough to spend an hour with us discussing his background, trading strategy, views on some specific asset classes and the economy, and risk management. We hope you enjoy the discussion. If you like what you hear today, you can learn more about our firm by visiting our website, bespokepremium.com. Bespoke offers financial market research and insight to investors of all types, ranging from individuals to large institutions. You can also follow us on twitter @bespokeinvest.
Rank #2: Bespokecast Episode 30 — Petr Pinkhasov. In this new episode of Bespokecast we sit down with Petr Pinkhasov of Jade Market Analytics. Petr is the founder of Jade and has a unique perspective on macro markets. His research focuses on cross-asset relationships, identifying repeating patterns in prices, and trade construction. Over the course of his career, Petr has worked at a variety of macro-oriented investing shops, including the family office run by former Quantum Fund fixed income and foreign exchange head Victor Niederhoffer. His perspective is very quantitatively focused and takes an approach that listeners will find unique. You can follow Jade Markets on Twitter here. If you like what you hear today, you can learn more about our firm by visiting our website, bespokepremium.com. Bespoke offers financial market research and insight to investors of all types, ranging from individuals to large institutions. You can also follow us on Twitter @bespokeinvest.