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Cullen Roche is the Founder of Discipline Funds. Discipline Funds is a low fee financial advisory and asset management firm. Prior to establishing his own business, Mr. Roche founded his own investment partnership in 2005 after working at Merrill Lynch Global Wealth Management where he helped oversee $500MM+ in assets under management. During the the 7 years running the partnership he was able to guide the small business to high risk adjusted returns with no negative full year returns during one of the most turbulent periods in stock market history. Mr. Roche's primary areas of expertise include global macro portfolio construction, quantitative risk management, behavioral finance and monetary theory. He is regularly cited in the Wall Street Journal, on CNBC and in the Financial Times. Mr. Roche is a Georgetown University alumnus, growing up in the DC area and now living in San Diego, California with his fiancée Erica and their problem child, Cal, an Australian Shepherd. You can find Cullen's bio here: https://www.pragcap.com/meet-cullen-roche/ Detailed Show Notes: 1:34 - The fully loaded cost of housing 4:23 - Japanese real estate and what it may mean for real estate in the US 5:54 - Housing as a central component not just to the economy, but to everyone’s balance sheet 8:16 - Housing in other countries whose Central Banks are more aggressive 16:32 - How consumers act in the beginning of economic slowdowns 17:43 - The Fed is worryied about the short term inflation rate 20:41 - The likelihood or more fiscal stimulus in a big downturn 23:08 - How banking operates in panics 32:33 - How Quantitative Easing works 47:36 - The Buffett approach in investing 52:40 - Focusing on investor behavior 54:07 - The inter-temporal (mismatched time horizons) conundrum 1:02:39 - Behavioral problems in a 60/40 portfolio 1:06:17 - Thoughts on diversification 1:15:20 - The biggest benefit of understanding macro finance
Craig Moffett has covered the telecommunications industry – first as a management consultant and later as a Wall Street analyst – for more than thirty years. He has been elected to Institutional Investor Magazine’s All-American Research Team in the U.S. Telecom and/or Cable & Satellite sectors on seventeen separate occasions, including nine separate appearances as the #1 analyst in America in either U.S. Telecom and/or Cable & Satellite. Prior to founding MoffettNathanson, Mr. Moffett spent more than ten years at Sanford Bernstein & Co., LLC as a senior research analyst. He was previously the President and founder of the e-commerce business at Sotheby’s Holdings, the venerable auction house, where, in 1999, he led Sothebys.com to what was then the highest first year sales of any consumer website ever launched. Mr. Moffett spent more than eleven years at The Boston Consulting Group, where he was a Partner and Vice President specializing in telecommunications. He was the leader of BCG’s global Telecommunications practice from 1996 to 1999. While at BCG, he led client initiatives in the U.S. local, long distance, and wireless sectors, in both consumer and commercial services, and advised companies outside the U.S. in Europe, Latin America, and Asia. Mr. Moffett graduated from Harvard Business School with Honors in 1989. He received a BA from Brown University, where he was magna cum laude and Phi Beta Kappa, in 1984. Detailed Show Notes - 5:41 - Why Silicon Valley Bank is a good fit for MoffettNathanson 6:50 - Why telecom is a hard business 7:40 - The history of US telecom 10:10 - How cable incubated an industry under AT&T/telecom's business 15:52 - How does cable compete with fiber going forward? 17:47 - High splits, node splits, who gives a split? 22:50 - Cable strategy and why high splits are the current strategy 29:09 - Wireless vs. broadband going forward 35:00 - The physics of wireless 46:00 - Verizon's big strategic decision was correct but implementation left something lacking 51:10 - Cable's wireless offering and how it fits into the competitive set 58:44 - What does broadband's growth runway look like? 1:03:45 - How do fiber overbuilders factor into the future? 1:08:00 - The fiber bubble will burst.  Then some Altice discussion.
Mark Newfield - Keep Going!

Mark Newfield - Keep Going!

2022-11-1001:28:00

Mark started his professional work life as a consultant with Accenture, where he helped clients for 14 years. He founded his advisory business in 2005, and in 2022 joined Journey Strategic wealth through a merger of his firm with Journey. Prior to graduating from university, he was an auto mechanic, was in the auto parts industry, and spent time as a retail store manager. Mark’s focus has always been either providing advice or fixing things. What drives Mark is helping others reach their goals. Mark believes both financial freedom and fun can occur concurrently. You will find that he has an active (sometimes too active!) sense of humor. He’s quite proud that his teammates Angela and Melissa have been with him for 14 and 12 years and will do everything possible to make sure Danielle stays “forever”, as well. He’s a little nutty about college basketball, golf, and several other sports. In addition, he loves taking beach and golf trips with his family and is an avid reader. Mark holds an Accounting degree from Virginia Commonwealth University as well as the CFP® and RICP® designations. Thank you to @mathewpassy (on Twitter) for the show production. Please leave us a rating in your favorite podcast player! Show Notes: 6:00 - Mark's background 17:30 - Embrace your strengths and weaknesses 22:30 - Good moments coming from scary times 27:30 - Starting a business from a passion 29:00 - Building teams 34:00 - Mark's approach to advising 37:24 - Where Mark thinks we are relative to history 46:50 - The power of checks and balances 50:45 - Finding and retaining employees 58:30 - Thinking about planning for aging 1:10:00 - Why you need to get your Power of Attorney documents done! 1:13:00 - Talking to the older member of your family about the aging process
Matt Cochrane (@Matt_Cochrane7 on Twitter) stops by The Business Brew to discuss his investment philosophy, how it’s evolved over the past few years, Big Tech, and more. Matt is a police officer with a passion for investing. He began his investment education by studying The Motley Fool discussion boards. Bill and Matt catch up regularly and Bill always enjoys chatting with Matt. This week they decided to record one of those conversations. We hope you enjoy the discussion.
Alex Morris - TSOH Returns

Alex Morris - TSOH Returns

2022-10-2801:41:14

This episode features Alex Morris of TSOH Investment Research.  You can find his Substack at https://substack.com/profile/10489671-the-science-of-hitting.  In this episode, Alex and Bill have a casual conversation; mostly about media and cable. Through the conversation you will hear how Alex thinks about partnering with companies and management teams for the long term.  You will also hear how Alex thinks about competitive positions and strategic decision making. Alex is a wonderful person that is sharing his investment journey publicly.  We hope you enjoy the conversation and, should you decide to subscribe, enjoy his research as well. Thank you to @mathewpassy (on Twitter) for the show production. Please leave us a rating in your favorite podcast player!
Daniel Needham, CFA, stops by The Business Brew for a wide ranging discussion. Daniel is a wealth of knowledge. He is president of Morningstar’s Wealth Management Solutions, which includes software and aggregation capabilities from Morningstar Office and ByAllAccounts, and the individual investor experience across Morningstar.com, and Morningstar Investment Management.After the recent acquisition, he also oversees the U.K. and international business of Praemium and their core products, which were re-branded to Morningstar Wealth Platform and Wealthcraft, a Morningstar company.Prior to his current role, Needham served as president and global chief investment officer since 2015 for Morningstar’s Investment Management group, a unit of Morningstar, Inc., that provides managed portfolio services, retirement, and investment advisory for financial institutions, plan sponsors, and advisors through investment management entities around the world.In 2013, Needham stepped into the global chief investment officer role for the Investment Management group, and he also assumed responsibility for Morningstar’s investment management operations in Europe. Previously, Needham was chief investment officer and managing director for Investment Management in Asia-Pacific, including Ibbotson Associates Australia, where he led the group’s business and investment activities in the region.Needham joined Morningstar in 2009 through the company’s acquisition of Intech Pty Ltd., where he served as chief investment officer. He also held other investment roles including analyst, portfolio manager, and head of multi-strategy. Before joining Intech in 2002, Needham worked for Zurich Financial Services in Sydney. Needham holds a bachelor’s degree in commerce from the University of Sydney, where he majored in finance and economics.He also holds the Chartered Financial Analyst® designation and is an interested trustee for the Morningstar Funds Trust.Supplemental Information -Following the podcast recording, Mr. Needham sent the following information to Bill (shared with permission):Here are some useful books to learn more about MMT and Post-Keynesian economics. It pays to tread carefully with all this stuff given the political leaning of the respective economic schools of thought.Soft Currency Economics – Warren Mosler – provides a lens to why the system is different for certain governments post the gold standardJohn Maynard Keynes – Hyman Minsky – one of the best early critiques of the modern economic consensus that dominates central banks and government treasuries
Kyle Mowery, Founder & Portfolio Manager at GrizzlyRock Capital stops by The Business Brew to discuss his investment philosophy.  Kyle is a traditional value investor that tends to focus on smaller, cyclical companies.  In this episode he talks about why he fishes in that pond, where he has found his biggest winners, how he thinks about investing, and much more.  GrizzlyRock does very deep due diligence and Bill thinks highly of their work. We hope you enjoy the conversation! You can find Kyle’s Orion Engineered Carbons conversation with Andrew Walker at https://open.spotify.com/episode/7xmapUv85wtAoHpGlcMxmP?si=3wZXGogJT5-zbU5aJxv1NA or https://yetanothervalueblog.com/podcast Thank you to @mathewpassy (on Twitter) for the show production. Please leave us a rating in your favorite podcast player! Detailed Show Notes: 4:30 – Kyle’s view on the macro environment 7:00 – What Kyle learned in 2008 8:00 – What working in mezzanine debt did for Kyle’s career 10:50 – A case against microcaps 12:00 – Due diligence 14:50 – What was interesting about Darling International? 19:50 – What GrizzlyRock sees in OEC 26:05 – The merits of running a long/short strategy 29:15 – Chicago chit chat 35:15 – Back to investment discussion 36:30 – Why Kyle prefers more of a deep value philosophy 40:57 – What got Kyle interested in Orion Engineered Carbons? 51:14 – What is CoVest Select 1:01:10 – Thoughts on starting a fund
Marc Cohodes' (@AlderLaneEggs on Twitter) LinkedIn profile describes him as the "Head Bull Fighter at Alder Lane Farm."  He is a well known short seller, but in this episode he discusses how he thinks about his long positions more than he discusses short selling.  Marc is highly entertaining, informed by deep due diligence, and is not afraid to say what is on his mind. We hope you enjoy this episode. Detailed Show Notes: 2:00 – Marc discusses scuttlebutt 7:00 – The importance of getting it right and why Marc runs a concentrated portfolio 8:50 – How Marc deals with emotions with concentrated bets 13:20 – Dealing with talking publicly about ideas 18:05 – What was Marc doing with the AMC “apes” 29:00 – Marc’s thoughts on how the market currently works (or doesn’t work) 38:20 – What Marc sees in TZero 43:50 – Thoughts on position sizing and “having a seat at the table” 50:00 – Discussion about Camping World 58:20 – Enovix conversation 1:09:30 – Does Marc worry about being wrong?
Evan Tindell joins The Business Brew to discuss how his background as a poker player influences his investing philosophy, how he got started in the business, and he drops some knowledge about shorting. Bill reached out to Evan because Bill wanted to discuss position sizing and “Kelly betting,” which was the catalyst for this conversation. Please pardon some construction noise in the beginning, the conversation’s quality is worth listening past some background noise. You can follow Evan’s firm at https://www.biremecapital.com/ and Evan at @evantindell on Twitter (https://twitter.com/evantindell). We hope you enjoy the conversation. Please leave us a rating in your favorite podcast player/app. Detailed Show Notes 2:00 - Evan’s Background 7:20 - Overtrading 9:30 - How poker losses help investing 11:30 - How price impacts analysis 22:50 - Evan’s start as an asset manager 26:30 - Evan looks for cognitive reasons the market is wrong 28:00 - Evan’s view on size 33:30 - A Netflix Discussion 44:45 - Bet sizing 48:20 - Position sizing and merger arb 53:00 - Incentives and money management 57:26 - How to think about Kelly betting and risk reward throughout an investment 1:02:45 - Fighting the bias to sell early 1:05:43 - Shorting high value 1:10:50 - Managing shorting 1:23:00 - Twitter whistleblower discussion and wrap up
Scott Reardon, Portfolio Manager at Dakota Value Funds, Author of The Dark Continent series and Bonfire of the Beasts, stops by The Business Brew to chat about what he learned by studying the greatest investors of all time.  Scott's work led him to focus on very favorable risk/reward scenarios.  While that might sound trite, it's hard in practice. You can read Scott's work at: Greatest investors: https://www.dakotavalue.com/stewart-s-bridge-paper Cyclicality of markets and life: https://www.dakotavalue.com/draper-s-carousel We hope you enjoy the conversation! Album art photo taken by Mike Ando. Please see www.mikeando.com. Thank you to @mathewpassy (on Twitter) for the show production. Please leave us a rating in your favorite podcast player! Detailed Show Notes: 6:45 - Scott’s background 9:00 – Scott’s strategy 11:45 – How Scott developed his strategy by studying the greats 15:30 – Could we have stuck with Charlie Munger as a young investor? 18:20 – Within value investors there tends to be two camps 19:45 – Scott’s favorite investors 25:45 – Does value need a catalyst? 28:00 – Microcaps vs Mid Caps 34:00 – Scale advantages and scale economics 44:00 – Scott and Bill discuss learning they may not know anything General Discussion 1:03:00 – Thoughts on where to fish for investment ideas 1:08:00 – A nonacademic conversation on dividends vs buybacks 1:13:30 – Incentives matter 1:20:00 – Analyzing a wide distribution of outcomes
Tom Morgan stops by The Business Brew for a wide-ranging conversation.  Tom is the Director of Content and Communications at The KCP Group.  His writings can be found at https://thekcpgroup.com/insights.  Tom describes himself as a curious sherpa.  He's always looking to find interesting people and ideas.  You can find Tom at @tom_morganKCP on Twitter. No detailed show notes on this one.  Just listen. This episode is brought to you by Bastiat Partners, a boutique investment banking firm.  See https://bastiatpartners.com/.  Detailed show notes below. Please leave us a rating in your favorite podcast player. Album art photo taken by Mike Ando. Please see www.mikeando.com. Thank you to @mathewpassy (on Twitter) for the show production. Please leave us a rating in your favorite podcast player! This episode is brought to you by Bastiat Partners, a new breed of investment and merchant bank that specializes in primaries, secondaries, and co-investment opportunities in the private markets.  Bastiat caters to a unique coverage universe of 250+ family offices, VCs, and crossover hedge funds. While sector generalists, the Firm specializes in fast-growing technology and technology-enabled businesses, advising companies on primary capital raises and creating liquidity events for founders and early investors via secondary transactions. The Firm also advises fundless sponsors and GPs on co-investment opportunities. Bastiat Partners was founded nearly a decade ago by Nader Afshar, a former senior investment banker at J.P. Morgan, and is headquartered in Los Angeles. Securities offered by Hollister Associates, LLC, Member FINRA/SIPC.  Bastiat Partners and Hollister Associates, LLC are not affiliated companies. See https://bastiatpartners.com/.
William Green, best-selling author and podcast host extraordinaire, comes back to The Business Brew to have a very real conversation about life.  William's first appearance was part of the launch of Richer, Wiser, Happier, which you can find at https://www.amazon.com/s?k=richer+wiser+happier+william+green&i=audible&sprefix=richer%2Caudible%2C84&ref=nb_sb_ss_ts-doa-p_1_6.  This conversation is more focused on William's career and lessons he has learned. This was a conversation that really put a smile on Bill's face and it is one The Business Brew is very proud to feature.  Hopefully this conversation shows a unique side to William Green; the side Bill got to see when they first met. We hope you enjoy the conversation as much as Bill enjoyed recording it. This episode is brought to you by Bastiat Partners, a boutique investment banking firm.  See https://bastiatpartners.com/.  Detailed show notes below. Album art photo taken by Mike Ando. Please see www.mikeando.com. Thank you to @mathewpassy (on Twitter) for the show production. Please leave us a rating in your favorite podcast player! Detailed Show Notes: Beginning – Where William and Bill “are” right now 9:30 – Structuring a portfolio to support your personality and advice from Peter Lynch 13:40 – What can come from the sense of being lost 17:40 – The difference between how investing is covered and reality for most people 22:10 – Bill and William talking about identity 24:20 – William’s career background 32:10 – The gifts from hard times 34:10 – Try to flood the body with good emotions 40:25 – Dealing with the feeling of unworthiness 48:10 – Accepting your beautiful monsters 53:40 – Munger’s insight about Richer, Wiser, Happier 1:03:40 – The power of looking to help others 1:09:40 – One of William’s takeaways from the Berkshire meeting 1:15:40 – Going strong vs. going weak 1:20:40 – Internal vs. external scorecards 1:22:30 – William’s experience with audio interviews 1:26:10 – Picking up on body language 1:30:40 – How Richer, Wiser, Happier is doing Books mentioned: Richer, Wiser, Happier (BUY IT!) https://www.amazon.com/s?k=richer+wiser+happier+william+green&i=audible&sprefix=richer%2Caudible%2C84&ref=nb_sb_ss_ts-doa-p_1_6 Power vs. Force https://www.amazon.com/Power-vs-Force-Dr-David-R-Hawkins-audiobook/dp/B000KZRMCO/ref=sr_1_1?gclid=CjwKCAjw-8qVBhANEiwAfjXLrrQaA5rWgk4cxmKB0DXcwEZ7Pzzm2qwPAXcEfK93MJdhuzhebTDEtxoCxzsQAvD_BwE&hvadid=548152874877&hvdev=c&hvlocphy=90
Jordan Noone stops by The Business Brew to discuss his experience founding Embedded Ventures and Relativity Space.  At the age of just 22 years old Jordan co-founded Relativity Space, which 3D prints rockets!  Yes, rockets.  See https://www.relativityspace.com/. Following his time at Relativity Space, Jordan co-founded Embedded Ventures, a venture capital firm. Embedded has an interesting goal of using "clean capital" to enhance the security of the US while generating investor returns.  See below for the official bios on both of Jordan's companies. We hope you enjoy the conversation! ABOUT EMBEDDED VENTURES - See https://www.embedded.ventures/ -  Launched in 2020, Embedded Ventures is a next generation venture capital firm investing in dual-use space startups beyond launch. Best described as “the skunkworks of Venture Capital” because of their unique investment approach and backgrounds, Embedded has a first-of-its-kind partnership with the United States Space Force. Co-Founders Jenna Bryant and Jordan Noone both have atypical industry experiences and strong passions for the communities they represent. The firm invests in the pre-seed and seed stage startups focused on space operations, digital engineering, and advanced manufacturing. To date, Embedded Ventures has announced investments in Chromatic 3D Materials, Inversion, KittyCAD, Slingshot Aerospace and Skyryse. ABOUT JORDAN NOONE Jordan Noone is the Co-Founder, CTO, and General Partner at Embedded Ventures, the skunkworks of deep tech venture capital. Launched with his Co-Founder Jenna Bryant. Jordan is Relativity’s Co-Founder and founding CTO - as of 2020, Relativity is the world’s second most valuable private space company. As Relativity's CTO, Jordan focused on technical direction and engineering design, including: developing printing technology, launch vehicle design, propulsion design, software development, infrastructure development, and government affairs. Jordan also led many Relativity initiatives including: expansion of Relativity’s Stargate Factory into the rest of aerospace manufacturing, Relativity’s strategy for expanding printing technology off-planet; and the ability of Relativity’s factory flexibly scale to a wide range of rocket sizes. Jordan has had a lifelong interest in aerospace, including the design and build of spaceflight hardware at the age of 18 while at the University of Southern California, and becoming the first student and youngest individual in the world to get Federal Aviation Administration clearance to fly a rocket to space (150 kilometer altitude) while leading USC’s Rocket Propulsion Lab. In 2015 he started Relativity when 22 years old. He has been chosen for “30 Under 30” by Forbes, Business Insider, and Inc. Magazine. He received a BS in Aerospace Engineering, and dropped out of a BS in Biophysics, both from University of Southern California. Outside of Relativity, Jordan is active in promoting STEM education worldwide with the US Department of State. This episode is brought to you by Bastiat Partners, a boutique investment banking firm.  See https://bastiatpartners.com/.  Detailed show notes below. Album art photo taken by Mike Ando. Please see www.mikeando.com. Thank you to @mathewpassy (on Twitter) for the show production. Please leave us a rating in your favorite podcast player! Detailed Show Notes: Open – Jordan’s background 7:25 – What down rounds do to everyone 9:20 - What it was like to start Relativity at 22 years old 17:00 - How to prove students can launch rockets without killing anyone 24:00 - The benefits of 3D printing for manufacturing 30:30 - How VCs, specifically Mark Cuban, helped Relativity 33:00 - What Embedded Ventures is doing, and why
Cem Karsan stops by The Business Brew to discuss the lens he views markets through.  Cem's viewpoint is unique compared to many guests on this program because he looks at how options dealers are positioned and considers what flows may result from that positioning.  Many guests on this show view equity valuation as the present value of the discounted cash flows available to equity.  While Cem would likely agree with that, he argues in this episode that an equity's valuation is really an output derived from the options market (which expresses probabilistic views of discounted cash flows).   We hope this episode gives you something to think about! Cem Karsan formed Kai Volatility Advisors after two decades of experience building industry-leading derivatives businesses.  From 1999 to 2002, he worked as a volatility trader as part of RBC Dominion Securities/ Derivatives Arbitrage Group.  From 2002 to 2005, he worked under renowned Wall St. investor John Mulheren at Bear Wagner Specialists, where Cem helped expand the firm's fledgling derivatives arbitrage business into a competitive force within the industry.  In 2005, Cem took a select group from the firm's proprietary trading arm and founded Precision Capital Management, specializing in equity index volatility arbitrage.  The firm became a significant SPX market maker reaching, at its peak, a high of ~13% of daily trading volume.*  In 2010, Cem divested his stake in Precision and fouded AEGEA Capital, the precursor to Kai Volatility Advisors. *Past performance may not be indicative of future results. Follow Cem on Twitter https://twitter.com/jam_croissant Learn more about Kai: https://www.kaivolatility.com/contact   This episode is brought to you by Bastiat Partners, a boutique investment banking firm.  See https://bastiatpartners.com/.  Detailed show notes below. Album art photo taken by Mike Ando. Please see www.mikeando.com. Thank you to @mathewpassy (on Twitter) for the show production. Please leave us a rating in your favorite podcast player! Detailed Show Notes: Open – Cem’s background 7:25 – How Cem thinks about what matters to capital markets 13:10 – Valuations have no predictive value, short term 14:10 – What happened in 2017 and why did the market seem to go up every day? 21:40 – The counterintuitive conclusion of buying and selling volatility 23:10 – Why equities are derivatives of “derivatives” 27:10 – Why options are potentially better instruments for expressing a view 32:45 – Gamma squeezes explained 38:25 – Cem’s thoughts on where we are from a macro perspective 46:10 – The wealth gap and why 49:40 – Why we may be in a fundamentally inflationary environment 54:50 – The impacts of monetary policy and which generations have been hurt and helped by policy 1:00:40 – Why some medicine today may end up better in the long run 1:02:10 – The tension between utopia and the current (efficient) system 1:06:40 – Evolution and iteration will hopefully lead to better incomes 1:10:55 – The coming risks may come from exported inflation to emerging markets 1:13:10 – The winners of tomorrow used easy money to plant seeds over the past years 1:15:10 – More background on Cem
Amanda Agati stops by The Business Brew to discuss her investment outlook going forward. Amanda is Managing Director and Chief Investment Strategist for the PNC Financial Services Group. In this role, she oversees all investment strategy-related activities for the Institutional Asset Management, Wealth Management, and Hawthorn (ultra-high-net-worth) businesses. In addition, she leads the team that establishes overall strategic and tactical asset allocation guidance of client portfolios, manages the evolution of investment processes, provides thought leadership on key investment issues, and is the author of numerous publications. She also performs research and analytics that help drive the overall investment recommendations of the firm while also managing the firm’s asset allocation models. Amanda is a self described optimist.  Her opinions are nuanced and thoughtful.  This conversation touches on a number of topics and is quite balanced.  There is even some stuff in here for dog lovers.  We hope you enjoy! Follow Amanda on Twitter: https://twitter.com/AmandaAgatiPNC Find out more about Amanda's views at: https://www.pnc.com/insights/authors/amanda-e-agati.html This episode is brought to you by Bastiat Partners, a boutique investment banking firm.  See https://bastiatpartners.com/.  Detailed show notes below. Album art photo taken by Mike Ando. Please see www.mikeando.com. Thank you to @mathewpassy (on Twitter) for the show production. Please leave us a rating in your favorite podcast player! Detailed Show Notes: Opening - General discussion 12:40 - Thoughts on the economy 14:55 - Stagflation? 16:40 - Importance of diversification 22:10 - Energy discussion 26:05 - Career path 29:30 - Quality growth for the long term 34:10 - Thinking opportunistically in this market 41:30 - Impact of supply shortages 44:25 - Investor whiplash 51:40 - The need for supply chain diversification 55:40 - Does an illiquidity premium make sense? 58:10 - Crypto winter (for now) 1:07:10 - What Amanda attributes her success to
Description -  Sean Stannard Stockton, President and CIO of Ensemble Capital Management, stops by The Business Brew for a repeat appearance. Sean discussed his process on his first appearance (see Season 1). In this episode he discusses how he is sticking to his process and managing a portfolio in an uncertain world. Please forgive the lack of time stamps in the show notes. We will follow up and update. In the meantime, enjoy the entire episode. It’s a good one. This episode is brought to you by Bastiat Partners, a boutique investment banking firm.  See https://bastiatpartners.com/.  Detailed show notes below. Please leave us a rating in your favorite podcast player. Album art photo taken by Mike Ando. Please see www.mikeando.com. Thank you to @mathewpassy (on Twitter) for the show production. Please leave us a rating in your favorite podcast player! This episode is brought to you by Bastiat Partners, a boutique investment banking firm.  See https://bastiatpartners.com/.  Detailed show notes below. Please leave us a rating in your favorite podcast player. Album art photo taken by Mike Ando. Please see www.mikeando.com. Thank you to @mathewpassy (on Twitter) for the show production. Please leave us a rating in your favorite podcast player!
J Mintzmyer Returns

J Mintzmyer Returns

2022-05-1901:03:16

J Mintzmyer,  a renowned maritime shipping analyst who directs the Value Investor's Edge ("VIE") research platform on Seeking Alpha, returns to The Business Brew to give an update on the state of the shipping industry (and the associated stocks).  This episode is meant to be listened to in conjunction with Craig Fuller’s episode in order to provide the listener with a more robust understanding of what is happening in supply chains. In this episode J discusses many shipping specific ideas.  If you are interested in J’s analysis consider subscribing to his work at Value Investor’s Edge on Seeking Alpha. You can find a presentation J recently did at https://www.youtube.com/watch?v=be5-IDIpTJw During the conversation the following paper is mentioned: https://www.nber.org/system/files/working_papers/w13428/w13428.pdf This episode is brought to you by Bastiat Partners, a boutique investment banking firm.  See https://bastiatpartners.com/.  Detailed show notes below. Please leave us a rating in your favorite podcast player. Album art photo taken by Mike Ando. Please see www.mikeando.com. Thank you to @mathewpassy (on Twitter) for the show production. Please leave us a rating in your favorite podcast player! This episode is brought to you by Bastiat Partners, a boutique investment banking firm.  See https://bastiatpartners.com/.  Detailed show notes below. Please leave us a rating in your favorite podcast player. Album art photo taken by Mike Ando. Please see www.mikeando.com. Thank you to @mathewpassy (on Twitter) for the show production. Please leave us a rating in your favorite podcast player! Detailed Show Notes: 3:30 - The setup for shipping 7:15 - Oil tanker overview 18:10 - Is this a uniquely good time for shipping? 19:30 - How J is thinking about a recession and the risk to shipping 25:30 - How J manages risk. 27:30 - ZIM discussion 34:30 - DAC and GSK - the leasing cos 38:00 - ZIM IPO'd at $15 and paid out more than that in dividends within a year. 41:30 - How congestion impacts shipping 46:30 - Supply side is doing the heavy lifting in shipping 53:30 - General inflation/closing discussion
Tim Laehy stops by The Business Brew to discuss his career as a CFO.  Tim, who served as Coinbase's first interim CFO (from 2017 to 2018), is often hired to come in and professionalize emerging companies' finance departments; setting them up to go public. Some examples of Tim's work include: organizing and developing robust accounting controls & capabilities, building & growing an international tax function,  establishing global treasury functions, and developing budgeting and reporting capabilities. Tim is a technology executive based in San Francisco. His experience spans multiple industries, including crypto currency brokerage & exchange, SaaS, enterprise software, and service. He has extensive experience as a public & private company CFO and has deep capital markets experience. He has managed three successful IPOs, three successful sell-side mergers, raised over $3B of capital at increasing valuations, managed significant revenue growth from pre-revenue to $1B annual revenue. During his career he has helped create more than $20B of value for multiple companies and investors. He has extensive buy-side and sell-side M&A experience serving public, private, domestic, and international companies. This episode is brought to you by Bastiat Partners, a boutique investment banking firm.  See https://bastiatpartners.com/.  Detailed show notes below. Please leave us a rating in your favorite podcast player. Album art photo taken by Mike Ando. Please see www.mikeando.com. Thank you to @mathewpassy (on Twitter) for the show production. Please leave us a rating in your favorite podcast player! This episode is brought to you by Bastiat Partners, a boutique investment banking firm.  See https://bastiatpartners.com/.  Detailed show notes below. Please leave us a rating in your favorite podcast player. Album art photo taken by Mike Ando. Please see www.mikeando.com. Thank you to @mathewpassy (on Twitter) for the show production. Please leave us a rating in your favorite podcast player!
Craig Fuller stops by The Business Brew to discuss the freight recession. Craig made news when his organization, FreightWaves, wrote an article forecasting a freight recession.  Craig's initial call discussed the trucking sector, but China's lockdowns may create a freight recession throughout the freight industry. This was a fun conversation.  It's a must listen if you are interested in the freight and logistics markets. Craig is great on the mic.  We hope you enjoy the discussion. Craig Fuller is CEO and Founder of FreightWaves, the only freight-focused organization that delivers a complete and comprehensive view of the freight and logistics market. FreightWaves’ news, content, market data, insights, analytics, innovative engagement and risk management tools are unprecedented and unmatched in the industry. Prior to founding FreightWaves, Fuller was the founder and CEO of TransCard, a fleet payment processor that was sold to US Bank. He also is a trucking industry veteran, having founded and managed the Xpress Direct division of US Xpress Enterprises, the largest provider of on-demand trucking services in North America.  Fuller also owns Flying Magazine. This episode is brought to you by Bastiat Partners, a boutique investment banking firm.  See https://bastiatpartners.com/.  Detailed show notes below. Please leave us a rating in your favorite podcast player. Album art photo taken by Mike Ando. Please see www.mikeando.com. Thank you to @mathewpassy (on Twitter) for the show production. Please leave us a rating in your favorite podcast player! Detailed Show Notes Open - Intro to freight 11:20 - The state of US inventory levels 19:30 - Will the freight market become very "choppy" for a while? 24:27 - Will the US onshore or nearshore the supply chain? 40:25 - What is it like to move JB Hunt's stock? 47:30 - Is Old Dominion impacted by the freight recession? 52:00 - How did Craig get into freight and trucking? 58:40 - What you should think about as a consumer. 61:30 - How is there oversupply in the trucking market with a trucking shortage? 68:18 - The commonalities between different markets. 72:10 - JB Hunt, and intermodal's, strength 83:40 - Craig's media career 85:30 - The dollar strength 87:30 - What motivated Craig to write 95:00 - Aftershow talk
Lost in Spaces

Lost in Spaces

2022-04-2802:13:47

This episode of The Business Brew is Bill participating in a group discussion about the future of streaming media services.  The forum was Twitter “Spaces,” an open forum where anyone can join the discussion and contribute.  We cover a number of topics over 2 hours of discussion. We hope you enjoy! This episode is brought to you by Bastiat Partners, a boutique investment banking firm.  See https://bastiatpartners.com/. Detailed show notes below. Please leave us a rating in your favorite podcast player! Album art photo taken by Mike Ando. Please see https://www.mikeando.com/ Thank you to @mathewpassy (on Twitter) for the show production. Please leave us a rating in your favorite podcast player!
Comments (3)

Jaime Humsafar

booooo

Oct 28th
Reply

Cameron MacDonald

This is a real shame. Not investing in any company that supports planned parenthood is fucked up man. You and your guest should be ashamed of yourselves. You should have either ended the show there and kicked him off the podcast, or cut that part out so you don't look like a far right psychopath. Such a shame man. I really liked your podcast. I just can't support someone like that.

Jul 28th
Reply

Anthony Roach

New listener to your podcast here. I started with your quality discussion with Chris Cerrone. Superb content that I can digest, stew over and then potentially integrate concepts or ideas into my life. I don't know if free will exists or not but I will be choosing to listen to more of your pod!

Feb 23rd
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