Value Hive Podcast

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap, and enterprise value. I couldn't be more excited to partner with TIKR. Alex Barrow is the Co-Founder and Cheif Market Strategist at Macro-Ops.com. Alex joined the US Marine Corps on his 18th birthday just one month after the 9/11 terrorist attacks. He subsequently spent a decade in the military. Serving in various capacities from scout sniper to interrogator and counterintelligence specialist. Following his military service, he worked as a contract intelligence professional for a number of US agencies (from the DIA to FBI) with a focus on counterintelligence and terrorist financing. He also spent time consulting for a tech company that specialized in building analytic software for finance and intelligence analysis. After leaving the field of intelligence he went to work at a global macro hedge fund. He's been professionally involved in markets since 2005, has consulted with a number of the leading names in the hedge fund space, and now manages his own family office while running Macro Ops. He's published over 300 white papers on complex financial and macroeconomic topics, writes regularly about investment/market trends, and frequently speaks at conferences on trading and investing. This conversation spanned EVERYTHING from Alex's time at the Marines to his days as a bodyguard for Brittney Spears. We even managed to fit in some market discussions and our 2020 Macro Ops Portfolio Performance.  Here's the time-stamp:  [5:34] Cold Calling Jack Schwager [14:32] Working at Bridgewater [23:13] How Alex Became A Bodyguard For A Gem Dealer [33:13] Lessons Learned From Losing $100K+  [47:58] Transparency in The Newsletter Business [57:56] When Does Cloning Go Too Far?  [67:13] Alex's Biggest Errors of 2020 [78:56] Aligning Micro With Macro [80:04] What We Did Right & Wrong in The Portfolio [86:26] Closing Questions If you like what you heard, check us out over at Macro-Ops.com. And make sure to follow Alex on Twitter @MacroOps

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap, and enterprise value. I couldn't be more excited to partner with TIKR. Yaron Naymark is the founder and portfolio manager of 1 Main Capital. On his website, Yaron "makes concentrated investments in high-quality reasonably valued businesses with long reinvestment runways and in special situations that are experiencing a temporary dislocation or undergoing an element of change that will cause investors to revalue an investment in the near term." This week we dive deep into a few specific companies:  KKR RCI Hospitality (RICK)  Mastercraft (MCFT) Malibu Boating (MBUU)  We also discuss the two latest minority shareholder sagas penetrating the FinTwit universe:  Collectors Universe (CLCT) Enlabs, Inc. (NLAB) I also enjoyed our conversation on position sizing, risk management, and how to analyze errors of omission. Then we ended the podcast dreaming about having dinner with the one and only, Bill Gates.  Here's the time-stamp:  1:09 - Yaron’s Background 11:18 - Selling Too Early: Xpel, Inc. 27:07 - Robinhood/FinTwit Traders 37:43 - CLCT & NLAB Buyout Hysteria 51:42 - The RCI Bull Thesis 62: 51 - The Future of RICK 74:35 - Water Sports (MBUU, MCFT) 81:33 - COVID & Boating Thesis 86:37 - KKR Bull Thesis 98:19 - Closing Questions If you like Yaron's philosophy on investing and want to learn more, you can find more information here:  Yaron's Twitter 1 Main Capital Website

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap, and enterprise value. I couldn't be more excited to partner with TIKR. Lawrence Hamtil is a sixteen-year veteran of the financial services industry, having served clients in all aspects of the business during his career, which started in 2002. In 2005, he joined Dennis Wallace of Fortune Financial Services, LLC, becoming, at the time, one of Multi-Financial Securities, Inc’s youngest registered representatives. We spend our time discussing six industries ESG investors love to hate: tobacco, railroads, defense, waste disposal, airports and specialty chemicals. We also chat about virtue signaling, brand building, and weightlifting.  If you like what you hear, please give Lawrence a follow on Twitter @lhamtil.  Here's the time-stamp:  [0:00] Intro questions [12:35] Quality Tilt To Moat Businesses [21:22] Six Types of Durable Moat Industries [28:46] International Investing Approach [40:14] Railroads [49:11] Ark Invest's Bad Ideas Report [51:53] Get Rich Slowly  [64:09] Craft Breweries & Brand Disruption [75:32] Barbell Portfolio [81:18] Bitcoin & Speculative Investments

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap, and enterprise value. I couldn't be more excited to partner with TIKR. Michael Batnick is the author of Irrelevant Investor, Director of Research at Ritholz Wealth Management, and co-host of the Animal Spirits Podcast with Ben Carlson.  Michael is one of the most prolific finance thinkers on Twitter and often provides high-quality, comedic insight into myriad financial topics. I had a blast chatting with Michael and cannot wait to bring you our conversation. We start by discussing favorite finance/non-finance movies, while I reveal how little I've actually seen.  From there we dive into the craziness in the IPO and SPAC IPO markets and see where the Animal Spirits hide in the market. After that we discuss the ever-challenging topic of "when to sell". You're going to love Michael's answer to this by the way.  Finally we wrap up with Michael's thoughts on various investment strategies for beginners/amateurs and why its helpful to think of markets like golf.  Here's the time-stamp:  [0:00] The best movies [6:40] IPO Mania? [19:00] SPACs [30:00] When to Sell? [38:00] Investment Strategies for the Average Investor [49:00]More from Michael Batnick and Closing Questions If you want more Michael Batnick content, check out these links:  Michael's Twitter Animal Spirits Podcast Irrelevant Investor Blog

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap, and enterprise value. I couldn't be more excited to partner with TIKR. Shomik Ghosh is a principal at Boldstart VC by day and resident Enterprise Software savant by night. Shomik's job at Boldstart VC is to find and become Day One partners with passionate, technical Enterprise Founders. This means Shomik spends all his time thinking, analyzing, and valuing enterprise software businesses.  Our conversation dives deep into the world of Enterprise Software. More importantly, Shomik takes us on a journey through his slide deck "Framework For Evaluating Enterprise Software Companies". This is one of those podcasts you'll want to listen to twice. Shomik breaks down competitive advantages, favorite stacks within Enterprise Software, as well as rebuking common myths investors believe about the space.  Here are the show-notes:  [0:00] Who is Shomik? [6:00] The Importance of Founders [10:00] Differences between Investing in the Private Markets and Public Markets [16:00] 6 Steps for Evaluating Enterprise Software Companies. [20:00] What is Alignment of Cost Structures? [27:00] The Importance of Switching Costs [45:00] Distribution in Software Companies [53:00] Security as Enterprise Software [1:03:00] Exciting Areas in the Enterprise Software Industry [1:13:00] More from Shomik and Closing Questions If you like what you heard from Shomik, check him out on Twitter @shomikghosh21

Jamie Catherwood is a Client Portfolio Associate at O’Shaughnessy Asset Management. He’s also the founder of Investor Amnesia. Investor Amnesia is passionate about bringing the world of financial history to life. Jamie’s passion for history started at an early age, and in his eyes, is a family affair. His father loves history. And his uncle was a historian by trade. Jamie provides a weekly read for subscribers every Sunday filled with financial history literature, stories of human psychology and bubbles gone by. From reading Jamie’s content one thing is certain: markets change, humans dont. Our broad-ranging conversation dives into the history of railroad stocks, Cicero the value investor, and Jamie’s latest research course. Check out the time-stamp below: [0:00] Who is Jamie Catherwood? [18:00] The First Value Investor [25:00] History of Railroad Stocks [39:00] Are Tobacco and Energy Stocks the Railroad Stocks of Today? [40:00] Investing Across Different Countries and Time. [50:00] Investor Amnesia: Bubbles, Manias & Fraud [1:02:00] More from Jamie and Closing Questions If you liked what you heard and are interested in learning more about Jamie, check out these resources: Jamie’s Twitter Investor Amnesia Investor Amnesia Course

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. Packy McCormick is the founder and creator of The Not Boring Newsletter and Not Boring Syndicate. What started as a COVID side-hustle quickly spiraled into a full-time job and never-ending passion. After graduating from Duke, Packy went to work as an investment banking associate at Bank of America Merrill Lynch. From there he joined a start-up, Breather, and became VP of Experience.  Today Packy writes a weekly newsletter for thousands of technology investors, thinkers and entrepreneurs. And he's loving every bit of it.  I’m a huge fan of Packy’s writing and he’s quickly becoming one of my favorite reads on the internet. Our wide-ranging conversation dives deep into Packy’s writing and research process, how Packy creates new frameworks from old ideas, lessons learned from David Perrell’s writing course, emerging markets and his pitch on FEMSA. We end our conversation with Packy’s plans for the future of Not Boring, and which President he’d like to shoot hoops with. If you liked what you heard, please check out Packy at the following links:  Packy's Twitter Not Boring Newsletter Not Boring Syndicate Mainstreet.us I want to thank Packy again for coming on the show. I know we'll have him on again soon!

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. Brett Winton is the Head of Research at Ark Investment Management. Winton manages a team of analysts and helps forecast disruptive technologies. If that sounds like a hard job, it's because it is. And Brett will be the first to tell you that.  I learned so much from this conversation and I couldn't wait to share it with you.  Brett and I discuss all things innovative disruption, growth investing, venture capital and how Brett thinks about valuing these high growth names. We also touch on Tesla (TSLA) and what Ark went through when they released their open source valuation model on the company in 2018. We finished our chat discussing ways Brett's improved over the year and what he wants to improve on in 2021.  Here's the time-stamp of the podcast:  [2:42] Brett's Early Days Working With Cathy Wood [11:48] Forecasts and Embedded Price Expectations [24:23] Deep Value Investments in Technology  [40:35] Why You Need A Unique Perspective To Succeed [52:10] The Rapid Acceleration of Technological Improvement [1:01:23] Neural Networks [1:11:03] Closing Questions  If you liked what you heard from Brett, please give him a follow on Twitter @wintonARK. While you're at it, check out Ark Investment's website. They have a ton of great white-papers that make for excellent weekend reads.  Thanks again to Brett for coming on the show, you don't know how much it means to me and my listeners. 

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. Kris (@FromValue on Twitter) is the author of From Value To Growth premium research service on Seeking Alpha. Kris has grown his audience to >21K followers on Twitter and Seeking Alpha each. Kris' job is simple: he tries to find stocks that he can own for the next 10-20 years. Then he wants to hold them for the long-term. Some of his most recent winners include Shopify (up >1,000%), Livongo (up >400%) and Okta (up >200%).  Here's Kris' investment thesis from his Seeking Alpha page: "That means that I look for stocks that have either growth or value or combine the two. It has been proven that the group of dividend initiators and fastest dividend growers outperforms the markets by far in the long run. So I select stocks from this group, although I also select high growth non-dividend payers that I believe will grow out to great multibaggers." I loved this conversation as it got to the heart of why we invest: to create life-changing wealth through high risk-adjusted compound returns. Here's the time-stamp:  [0:00] Who is Kris? [10:00] Kris’ Investing Style [14:00] Potential Multi baggers [18:00] Portfolio Management [22:00] Kris’ Exclusive Metrics [30:00] Is Value Investing Market Timing? [35:00]  How to Cope with Drawdowns? [44:00] Multi Baggers can Change Lives [50:00] Conviction in your Investments [56:00] Beginners Mistakes [59:00] More from Kris and Closing Questions If you liked this conversation, check out some more @FromValue resources:  FromValue Twitter From Growth To Value Seeking Alpha

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR. Stephen Clapham has one of the most decorated resumes of any guest I've interviewed. He's traveled Europe as an equity analyst. Worked his way up to partnership status at multiple multi-billion dollar hedge funds. And now he runs a website dedicated to training investment analysts in the art of reading financial statements.  Clapham's learned A LOT over his tenure as an investment analyst and coach and he joined the Hive to share his knowledge with us. Along with the podcast, Clapham just finished writing a new book: The Smart Money Method -- which listeners can get for $1.99 on Kindle by the end of this Sunday.  Our conversation spanned myriad topics including:  Working for a Tiger Cub Investing in IPOs How To Plan Your Day As An Investor How To Spot Frauds and more! I thoroughly enjoyed this conversation and look forward to chatting with Stephen again soon. Check out the time-stamp below:  [0:00] Who is Stephen Clapham? [12:00] Working for Hedge Funds? [20:00] IPOs [27:00] Writing a Book [33:00] Planning in the Stock Market [37:30] What is an Easy Idea? [41:30] Horrible Investments [47:06] Shady Accounting [58:00] From the Hedge Fund World to Training Analysts t[1:07:50] More from Stephen Clapham & Closing Questions If you liked listening and want to learn more about Stephen Clapham, check out these links:  Behind The Balance Sheet The Smart Money Method Stephen Clapham Twitter