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This Week in Intelligent Investing

Business & Economics Podcasts

This Week in Intelligent Investing examines timely and timeless investment topics to help you become a better investor. Enjoy authentic, unscripted discussion, featuring Chris Bloomstran of Semper Augustus Investments Group, Phil Ordway of Anabatic Investment Partners, Elliot Turner of RGA Investment Advisors, and other thought-leading investors. The podcast is to you exclusively by MOI Global, the research-driven membership organization of intelligent investors. Your host is John Mihaljevic, Chairman of MOI Global.

This Week in Intelligent Investing examines timely and timeless investment topics to help you become a better investor. Enjoy authentic, unscripted discussion, featuring Chris Bloomstran of Semper Augustus Investments Group, Phil Ordway of Anabatic Investment Partners, Elliot Turner of RGA Investment Advisors, and other thought-leading investors. The podcast is to you exclusively by MOI Global, the research-driven membership organization of intelligent investors. Your host is John Mihaljevic, Chairman of MOI Global.

Location:

United States

Description:

This Week in Intelligent Investing examines timely and timeless investment topics to help you become a better investor. Enjoy authentic, unscripted discussion, featuring Chris Bloomstran of Semper Augustus Investments Group, Phil Ordway of Anabatic Investment Partners, Elliot Turner of RGA Investment Advisors, and other thought-leading investors. The podcast is to you exclusively by MOI Global, the research-driven membership organization of intelligent investors. Your host is John Mihaljevic, Chairman of MOI Global.

Language:

English

Contact:

+14156445240


Episodes

David Barr on How Pender Is Finding Value in Fast-Growing Businesses

2/20/2021
Special guest David Barr, CEO of PenderFund Capital Management, joins us for a conversation on private vs. public market investing, how the concept of value has evolved, and how Dave & Team are finding value in fast-growing businesses. Elliot Turner, Phil Ordway, and John Mihaljevic engage Dave in a lively discussion of these and other topics. Enjoy the discussion! The content of this podcast is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. The...

Duration:01:12:47

Myopic Loss Aversion, Lumpiness of Returns | Human Misjudgment 3.0

2/13/2021
In this episode, John Mihaljevic co-hosts a discussion of (1) myopic loss aversion and the lumpiness of investment returns, led by Elliot Turner; and (2) updated thoughts on Charlie Muger's Psychology of Human Misjudgment, led by Phil Ordway. Enjoy the discussion! The content of this podcast is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. The content is distributed for informational purposes only and should not be construed as investment...

Duration:01:10:21

Note Taking, Cloning, and Idol Worship | A Market in Replacement Capital

2/6/2021
In this episode, John Mihaljevic hosts a discussion of (1) note-taking, cloning, and idol worship; and (2) a quote by Marathon Asset Management: "The stock market is really a market in replacement capital: if new capacity is urgently needed in any sector, a boom can be relied upon to produce the necessary capital." Phil Ordway talks about note-taking while reading, the usefulness of sound bites, cloning, idol worship, and a document he made about a decade ago. We discuss the benefits of...

Duration:01:07:16

Short Squeezes, Long-Short Strategies, and Avoiding Ruin in the Stock Market

1/30/2021
In this episode, John Mihaljevic hosts a discussion of the short squeeze in Gamestop and other stocks with high short interest. Elliot Turner and Phil Ordway share their perspectives, focusing on the bigger lessons and warning signs for investors. We scrutinize some of the reckless behavior in the market and appeal to the need for investors to become more educated about investing. Enjoy the discussion! The content of this podcast is not an offer to sell or the solicitation of an offer to...

Duration:01:02:03

Level 1 Thinking and Keynes' Beauty Contest | Sources of Operating Leverage

1/23/2021
In this episode, John Mihaljevic hosts a discussion of: Level 1 thinking and Keynes' beauty contest: Phil Ordway assesses the market environment and asserts that so-called "Level 1" thinking underpins a large portion of market activity. We discuss investors playing Keynes' "beauty contest" while often disregarding valuation-based investing. Sources of operating leverage: Elliot Turner talks operating leverage and the various sources of it at the companies he follows. We discuss the upside...

Duration:00:52:06

How Smaller Companies Beat Giants | Equity Research: How to Detect BS

1/16/2021
In this episode, John Mihaljevic hosts a discussion of: How smaller companies can beat giant corporations: Elliot Turner argues that singular focus around a core essence allows smaller companies to compete successfully against much larger competitors. Examples include Roku vs. Google/Amazon, Grubhub vs. Uber, and Dropbox vs. Google/Microsoft. How to detect "BS" in company communications: Phil Ordway talks about "baloney" detection, or how not to be swayed by communications intended to...

Duration:01:04:09

Investing Amid Unprecedented Change | Building From First Principles

1/9/2021
In this episode, John Mihaljevic hosts a discussion of: Investing amid change: Phil Ordway addresses a listener question on change. Buffett famously said that he seeks out businesses exhibiting a lack of change. The listener asks whether this principle remains relevant today. We discuss. Building from first principles: Elliot Turner talks about the difference between having to evolve existing infrastructure vs. building something from first principles. Elliot relates this distinction to...

Duration:00:52:52

Wholesale Transfer Pricing $NFLX $SPOT $FUBO | Expectations for 2021

12/28/2020
In this episode, John Mihaljevic hosts a discussion of: Wholesale transfer pricing: Elliot Turner talks about business models that involve some degree of wholesale transfer pricing. We discuss what works and what doesn't when it comes to creating sustainable business value. 2021 expectations: Phil Ordway talks about the expectations and forecasting games being played by many market participants and so-called experts. We reflect on 2020 and assess market-implied expectations for...

Duration:00:57:42

Power of Counterfactual Thinking | Reflexivity as a Valuable Concept in Investing

12/19/2020
In this episode, John Mihaljevic hosts a discussion of: The power of counterfactual thinking: Phil Ordway talks about counterfactual thinking as a decision-making framework. We discuss examples and observe that counterfactual thinking might be in rare supply these days. The theory of reflexivity: Elliot Turner talks about reflexivity as a valuable concept that many value investors have not studied in sufficient detail. We discuss example of reflexivity at work in markets, both historically...

Duration:00:58:50

#Neversell | Subscription Business Models | Financial Services Disruption

12/12/2020
In this episode, John Mihaljevic hosts a discussion of: Hashtag neversell: Elliot Turner shares his take on #neversell, a recently trending topic among investors on Twitter. We discuss the significance and merits of #neversell, tying it to related topics, such as long-term investing, how to make a sell decision, and how to invest amid market exuberance. Subscription business models: Phil Ordway shares insights into recurring revenue models, their features and advantages. We discuss how...

Duration:01:12:41

Investing Lessons from the 1930s | "Slow Hunches" in Business and Investing

12/6/2020
In this episode, John Mihaljevic hosts a discussion of: Investment lessons from the 1930s: Phil Ordway shares insights from a little-known book, Frederick Lewis Allen's "Since Yesterday: The 1930's in America." We discuss historical parallels and examine how insights from past episodes can help us become better investors today. "Slow hunches" in business and investing: Elliot Turner presents a key concept from Steven Johnson's book, "Where Good Ideas Come From: The Natural History of...

Duration:01:07:14

Questions to Ask CEOs | Industry Research | Hindsight Bias and Overconfidence

11/28/2020
In this episode, John Mihaljevic hosts a discussion of: Questions to ask management; doing industry research: Elliot Turner responds to a listener question on the investment research process -- how to talk to management teams, how to utilize industry experts, and how to develop industry-specific knowledge. We discuss some of our favorite questions for CEOs and how we try to get smarter on various industries. Hindsight bias and overconfidence: Phil Ordway observes that the exuberant market...

Duration:00:53:01

Crowdsourcing Ideas | Yellow and Red Flags When Analyzing a Company

11/21/2020
In this episode, John Mihaljevic hosts a discussion of: Crowdsourcing investment ideas: Phil Ordway shares his thoughts on using social media and other venues to source ideas. We discuss the advantages and disadvantages of such an approach. Phil also addresses a listener question around having "Board-level knowledge" of a company. Yellow and red flags when assessing a business: Elliot Turner responds to a listener question on the things that might give an investor pause when it comes to...

Duration:01:00:11

Idea Generation | Berkshire Hathaway Q3 Update | Bond-Style Equity Analysis

11/14/2020
In this episode, John Mihaljevic hosts a discussion of: The equity investment idea generation process: Elliot Turner responds to a listener question on idea generation and explains how he finds investment candidates. We discuss the merits of quantitative screening and other methods of uncovering potential opportunities. Quarterly update on Berkshire Hathaway: Chris Bloomstran takes a look at Berkshire's Q3 performance and notable events, including share repurchases, an acquisition of gas...

Duration:01:25:23

Equity Incentives and Long-Term Investing I Reverse DCF as an Analytical Tool

11/7/2020
In this episode, John Mihaljevic hosts a discussion of: How equity incentives affect long-term returns: Phil Ordway takes a look at some of the more excessive equity-based compensation practices at public companies, particularly in the tech sector, and how they may dilute long-term investors' returns. We discuss Twitter and selected other case studies. Reverse DCF analysis as an analytical tool: Elliot Turner explains how he uses so-called "reverse" discounted cash flow (DCF) models in...

Duration:01:03:39

Dividend Policy and Capital Allocation | Forecasting Surprises and Disasters

10/31/2020
In this episode, John Mihaljevic hosts a discussion of: Dividend payout policy as part of overall capital allocation: Chris Bloomstran casts a critical eye toward the tax (in)efficiency of dividends and the decision-making process behind corporate boards' dividend policies. We discuss the utility of dividends within a capital allocation framework. Forecasting surprises (and disasters) based on a Phil Tetlock article: Phil Ordway shares insights from a recent Phil Tetlock article and takes...

Duration:01:22:02

Unstoppable Automation Trend | Value Traps and IBM | Index Data Insights

10/24/2020
In this episode, John Mihaljevic hosts a discussion of: The implications of automation: Elliot Turner examines the megatrend of automation from both a societal and investment perspective. We discuss how automation is accelerating in new areas today. We explore the key investment implications and highlight several public companies. The concept of value traps: Phil Ordway shares his perspective on the widely used term "value trap" and explains why investors may want to focus more on cash...

Duration:01:42:28

Special: The Logistics of Food Delivery, with Isaac Schwartz and Elliot Turner

10/21/2020
In this special episode, Elliot Turner welcomes Isaac Schwartz, Portfolio Manager at Robotti & Company Advisors LLC for a detailed conversation on Isaac's long arc with the logistics behind food delivery. How Isaac's interest in food delivery logistics was born: A history of Isaac's involvement with Net-a-Porter and studying opportunities to introduce disruptive logistics, based on ground-up, dedicated architecture, to established supply chains. A deep dive on Ocado: What makes Ocado such...

Duration:01:07:45

The Corporate Tax Code | Sports and Investing Analogy | AT&T Breakup Lessons

10/17/2020
In this episode, John Mihaljevic hosts a discussion of: The corporate tax code and the election: Chris Bloomstran talks potential changes to the corporate tax code and how the code changes from two years ago will change regardless of who wins the White House. Sports/investing analogy: Phil Ordway invokes news of the RedBall SPAC acquiring a stake in Fenway Sports Group. Sports may be an example of how it is tougher to gain an analytical edge in most asset classes. Applying lessons from...

Duration:01:49:46

The MVP Machine, and the Growth vs. Value Debate | The Snowflake IPO

10/10/2020
In this episode, John Mihaljevic hosts a discussion of: The MVP Machine, and growth versus value: Elliot Turner draws parallels between investing and insights from the bestselling book, The MVP Machine. He shares a perspective on the growth versus value debate. The Snowflake IPO: Phil Ordway shares his research on Berkshire Hathaway-backed Snowflake, which went public recently at a rather ambitious valuation. Phil comments on the IPO process, the business, and the valuation. Chris...

Duration:01:18:18