Vistry forensic accounting and risks

Guest: Shaun Heelan, MAAT Investment Group

Hosts: Elliot Turner & John Mihaljevic

This week on This Week in Intelligent Investing, Elliot and John are thrilled to welcome Shaun Heelan of MAAT Investment Group. Shaun brings a masterclass in deep-value investing and private-equity-style due diligence, offering a contrarian take on today's market complacency and the tech-heavy concentration of passive indices.

In this episode, we explore the widening cracks in the credit market, dig into the forensic accounting details of a passed opportunity, and discuss why the current AI boom might look a lot like the historical capital traps of railroads and aviation. Shaun also breaks down MAAT’s newest portfolio addition, illustrating exactly how to calculate a true margin of safety when the broader market is in despair.

Key Topics & Episode Breakdown:

• The Foundation of MAAT Investment Group: Shaun shares his path in investing, key lessons learned, and the unique operational advantages of having a core team that has worked together before.

• Market Complacency & Concentrated Risks: A look at the macro environment through a deep-value lens. We examine the widening cracks in the credit market and contrast this risk with today's top-heavy passive indices.

• The AI Debate: Information vs. Knowledge: Are LLMs scientists, or just "smart librarians"? Shaun explains why he believes the AI revolution will actually reinforce traditional intangible moats rather than destroy them, drawing fascinating parallels to historical capital traps.

• Deep Dive Case Study: Vistry Group (The Passed Opportunity): We look under the hood of MAAT's due diligence process. Shaun explains why his team rejected the "NVR of the UK" analogy due to structural constraints, and unpacks the forensic accounting red flags surrounding their percentage-of-completion accounting.

• Deep Dive Case Study: Edenred (Navigating Market Despair): A breakdown of MAAT's newest portfolio addition. We walk through Edenred's B2B2C network and zero-cost float, analyze the market's overreaction to regulatory shocks in Italy and Brazil, and discuss why the sum-of-the-parts valuation reveals a deeply discounted core business.

Listen now to hear Shaun’s insights on navigating today’s complex market landscape through an intentional, deep-value philosophy.

The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your own investment decisions -- be sure to do your own research. The podcast hosts and participants may have a position in the securities mentioned, personally, through sub accounts and/or through separate funds and may change their holdings at any time.

About the Guest:

Shaun Heelan serves as Chief Investment Officer of MAAT Investment Group, based in Munich. Shaun brings over 20 years of investment experience across a broad range of asset classes. His career spans both the sell-side and buy-side, covering everything from highly liquid instruments to complex, illiquid assets. Known for his disciplined investment process and strong risk management, Shaun’s expertise has shaped MAAT’s philosophy and long-term approach.

About the Co-Hosts:

Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high quality investment opportunities and strategic portfolio management. Prior to joining RGA, Elliot managed portfolios at at AustinWeston Asset Management LLC, Chimera Securities and T3 Capital. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School.. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy.

John Mihaljevic leads MOI Global and serves as managing editor of The Manual of Ideas. He managed a private partnership, Mihaljevic Partners LP, from 2005-2016. John is a winner of the Value Investors Club’s prize for best investment idea. He is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.