Value Investing: The Starvine Way

In this first installment of our three-part series on What I Learned About Investing From Darwin, we explore one of the most original and thought-provoking contributions to the world of fundamental investing in recent years. Written by Pulak Prasad—an investor with an exceptional long-term track record—this work blends evolutionary biology with practical investment wisdom in a way few others have attempted. In Part 1, we focus on Prasad’s central principle: avoiding big risks. While most investors are drawn to potential upside, Prasad emphasizes the importance of minimizing the chance of permanent capital loss—a mindset that aligns with his genuine "forever" holding period. Drawing on lessons from Darwin and the natural world, he highlights how survival—both in nature and in investing—is often about what you don’t do. Tune in to discover why the skill of not losing may be the most underrated edge in investing, and how evolutionary thinking can sharpen your decision-making in the market.

What are the implications of AI for professional investors? This is surely a question on every fund manager's mind. In this episode, we are joined by Andi Kerenxhi, founder of Ubineer. Andi is at the forefront of merging AI into professional investing with his firm’s proprietary software. Adding to his relevance for this podcast is his affinity for long term value investing. In this conversation, which was recorded on December 17, 2024, we explore how AI is benefiting professional investors, and how AI is likely to shape the landscape of both active and passive investing. Watch Andi's keynote presentation at the Ben Graham Centre for Value Investing's 2024 Value Investing Conference here.

In 2023, a collection of 38 letters from J.D. Rockefeller to his son was published. These letters spanned over four decades and were not previously widely available. Contained in the 194 pages is a treasure trove of wisdom relating to a broad range of topics. However, for this episode, the focus was on Rockefeller's advice that is helpful from an investing perspective. Be sure to obtain a copy of the book to gain access to the inner workings of his mind. A word of appreciation is owed to Open Stax Textbooks for making these invaluable writings available to the public.

Our guest in this episode was Kim Shannon, a decorated value manager in Canada. Kim has over four decades of industry experience, which covered some of the biggest tumults in market history. Being able to hear Kim's lessons from those major corrections and how she navigated them from a value manager’s perspective is invaluable, to say the least. We also discussed topics such as the importance having mentors, what it takes to be successful in investment management, and the paucity of women in the industry. This interview was recorded on August 26, 2024.

Downdrafts can make or break your career as a pro investor, and likewise as an everyday investor. In this episode, we welcome back Christopher Mayer, who most of you know as the author of 100 Baggers. I reached out to him after reading his blog post in October 2023, which was aptly published after a pronounced plunge in equity markets. If this episode serves as a catalyst in changing one's behavior in future market and stock-specific drawdowns, then it is truly a gift that keeps on giving. Enjoy! Interview recorded on July 11, 2024

What do you believe CEOs' primary responsibilities are and what are the key ways that they add enduring value to a corporation? In this episode, Dr. George Athanassakos shares his expertise in an area that has historically been overlooked by financial academia: the ability of CEOs to allocate capital and the implications on investment returns. Great CEOs tend to be great value seekers. Listen to this insightful interview to benefit from the compelling investment lessons shared by Dr. Athanassakos. Interview recorded on July 11, 2024

In the finale of Season 2, we spoke with Robert Bruner, the co-author of “The Panic of 1907: Lessons Learned from the Market’s Perfect Storm”. It is important as investors to study business history and the lessons it has to offer. Mr. Bruner identifies the causes of past financial crises and offers insights into how the everyday investor can prepare for difficult times. The second edition of The Panic of 1907, which will be released on March 8, 2023, can be purchased from the Wiley website. Mr. Bruner's blog is also very much worth perusing. Listen to the full episode on: Apple Podcasts: https://podcasts.apple.com/us/podcast/value-investing-the-starvine-way/id1528075267… Spotify: https://open.spotify.com/show/1D96SAh5n7lQhWpLP6X6ef… YouTube: https://youtube.com/@starvinecapital382/videos…

Moneyball is a parallel universe with value investing. What lessons can we learn from the book and movie? Listen to find out. The 2015 memo, "Moneyball: How is Baseball Related to Value Investing?" can be accessed with this link: https://starvinecapital.com/wp-content/uploads/2017/07/Memo-Moneyball-and-Investing.pdf

It seems straightforward enough to know when to buy a stock, but knowing when to sell almost always poses a tougher challenge. Should we sell every time a holding's price significantly increases? When is it a mistake to sell? And when does it make sense to sell at a loss? Listen to the latest episode to sharpen your acuity on this subject.

"Invert, always invert" ~ Charlie Munger. Why is inversion a valuable tool? In this episode, we explore the practical uses of deductive thinking and its relevance to investing. Starting from the goal and working backward requires us to look a problem from a different angle - it can be a discovery process. By gaining awareness of actions that are harmful, we actually make a great leap forward to reaching our objectives.

Anchoring is a psychological short cut that all human beings perform. In investing, the gravity of anchors is so powerful and pervasive that we must educate ourselves on this topic. Listen to this episode to gain awareness of the nuances of anchoring and learn what can be done to prevent it.

In this episode, we are joined by Christopher Mayer, portfolio manager of Woodlock House Family Capital and author of 100 Baggers: Stocks that Return 100-to-1 and How to Find Them. Chris shares his insights on what attributes to seek in long term winning investments and what he learned from legendary investor Chuck Akre.

In the second part of 100 to 1, we complete our review of Thomas Phelps's investment classic with the numerical and fundamental realities supporting stocks that deliver a high rate of long-term compounding.

In 1972, an investment classic called "100 to 1 in the Stock Market" was published. The concepts laid out in the book are timeless and the author, Thomas Phelps, communicates his teachings in an engaging manner. This episode deals more with the psychological aspects and investors' self-defeating behaviors explained in the book, whereas the next episode highlights the basic arithmetic behind generating investment returns and key attributes to look for in long-term winners.

In this episode, we are rejoined by Dr. George Athanassakos during his European lecture tour to discuss his new book, "Value Investing: From Theory to Practice". We discuss numerous topics, including the character and proper mindset needed to succeed as a value investor. Dr. Athanassakos also explores best practices that would benefit the long term well-being of any investor. Links: https://valueinvestingeducation.com/index.php/value-investing-from-theory-to-practice-a-guide-to-the-value-investing-process/https://www.ivey.uwo.ca/bengrahaminvesting/

In our season finale, we speak with Dr. George Athanassakos, who is a pioneer in bringing value investing into the university curriculum. He is a Professor of Finance and the Ben Graham Chair in Value Investing at the Ivey Business School. His upcoming book, Value Investing: From Theory to Practice, is scheduled for release in April 2021. It will be distinguished as the first value investing textbook and will serve as a platform for the subject of value investing to proliferate in business schools. In this interesting interview, Dr. Athanassakos shares his personal journey, offers a sneak peak into his upcoming book, discusses the state of value investing today, and explains how the value investing philosophy is healthy for one's long-term well-being. We look forward to returning for the next season in a few months. If you haven't already, please review us on Apple Podcasts as it is a key way to help new listeners discover the show.

Every company wants Danaher results, but how many CEOs are willing to do what it really takes to succeed in a lean transformation? Listen in as our guest, Mark DeLuzio, provides insights on the unconventional thinking needed to achieve unconventional results. Mark is the principal architect of the Danaher Business System (DBS), the author of Flatlined: Why Lean Transformations Fail and What to Do About It, and founder of Lean Horizons Consulting. He also discusses his non-profit organization, B.R.A.V.E., which was formed to assist military veteran entrepreneurs reach their dreams with existing businesses or new start-ups. If you haven't already, please review us on Apple Podcasts. It is a key way to help new listeners discover the show.

A spin-off occurs when a company breaks off one or more of its segments into a separate publicly traded company. Besides being a historically 'nutritious' place to hunt for value, the dynamics behind a spin-off are inherently interesting and oppose the forces that make markets efficient. In this episode, which is part one of an undetermined number of episodes on the subject, we cover key attributes that are indicative of a compelling spin-off worth digging into, as described in Joel Greenblatt's book on special situations.

How do you generally deal with and think about market fluctuations? In this episode, we cover Chapter 8 of The Intelligent Investor by Benjamin Graham. Warren Buffett identified Chapter 8 ("The Investor and Market Fluctuations") as one of two key chapters in his favorite investment publication of all time. Tune in to learn about Mr. Market and how to use him to your advantage. If you haven't already, please review us on Apple Podcasts - it is a key way to help new listeners discover the show.

The checklist is a simple yet overlooked tool in making investment decisions. If you haven't been using one up until now, it is a good idea to begin thinking about its importance. Buying and selling stocks is easy - too easy these days. Technology has reduced the smallest distance between impulse and action to the point where a day trader may not remember how many times the same stock was bought and sold within a single trading day. When we buy shares of a company, we become fractional owners. If we want to own a company for the long term, naturally we should care about a great many things that will affect the health and prosperity of the business. And so it makes sense to list those attributes you believe to be important in an investment. Don't leave it up to your experience or mood on the day you transact - have a checklist and ensure you have run through it before making a decision to buy that shiny new opportunity. If you haven't already, please review us on Apple Podcasts. It is a key way to help new listeners discover the show.