Best Ideas 2024

Discover ideas at the twelfth-annual edition of this online conference, hosted by MOI Global.

Members enjoy complimentary and exclusive access.

Enjoy the wisdom, insights, and ideas of selected thought leaders:

Corporate Activity as a Driver of Equity Value Creation

Examples of corporate activity include M&A, returns of capital to shareholders, spin-offs, sales of assets or complete divisions, etc.

Three NCAV Bargains in Japan: Kikukawa Enterprise, Charle, Sanko

Juan Matienzo of Mercor Investment Group presented Kikukawa (Japan: 6346), Charle Co. (Japan: 9885), and Sanko Co. (Japan: 6964).

Talen: Power Producer With Strong FCF and Crown-Jewel Nuclear Asset

Alex Gates of Clayton Partners presented his in-depth investment thesis on Talen Energy (US: TLNE) at Best Ideas 2024.

Dino Polska: Owner-Operated Compounder With Long Runway

Christopher Karlin of Aquitania Capital Management presented his investment thesis on Dino Polska (Poland: DNP) at Best Ideas 2024.

Liverpool: Dynamic Player in Mexican Retail, With Major Logistics Asset

Francisco Carrillo of Mexico Value Partners presented his thesis on El Puerto de Liverpool (Mexico: LIVEPOLC) at Best Ideas 2024.

Conx: Charlie Ergen SPAC in Talks to Acquire DISH-Owned Boost Wireless

Nitin Sacheti of Papyrus Capital presented his investment thesis on Conx Corp. (US: CONX, CONXW) at Best Ideas 2024.

Latticework 2023

In December, MOI Global members — along with a group of leading investors and CEOs — explored intelligent investing in a changing world.

Replay the Sessions

Member-Only Podcasts

We are delighted to launch member-only podcasts, enabling you to listen to exclusive MOI Global audio content in your favorite podcast player.

Access the Podcasts

MOI Global en Español

We are proud to have built an active and engaged Spanish-speaking community of intelligent investors in Spain, Mexico, and beyond.

Visit MOI Global en Español

European Investing Summit 2023

Discover Great Instructors and Great Ideas

The Zurich Project 2024

From June 4-6, a select group of fund managers and founders will come together for the sixth edition of this invitation-only forum in beautiful Switzerland. Investors building firms for the long term share experiences, best practices, and ideas in an intimate private setting, far from the demands of day-to-day business.

The Zurich Project has received acclaim for its unique culture of respect, camaraderie, and honesty.

See a few impressions.

The Frankfurt Conversation 2024

In November 2024, invited members of MOI Global will meet in Frankfurt, Germany, for a day of wisdom and idea sharing.

The Frankfurt Conversation will address selected topics related to intelligent investing in Europe and beyond.

In the past, invited members engaged with European superinvestors Daniel Gladiš, Dr. Hendrik Leber, Guy Spier, and others.

Replay selected past sessions.

Latticework 2024

In late 2024 members will meet at the Yale Club of NYC for the eighth-annual Latticework. The summit has been lauded as a uniquely impactful forum of great minds from the MOI community.

Speakers have included Charles de Vaulx, Tom Gayner, Peter Keefe, Bryan Lawrence, Howard Marks, Michael Mauboussin, Mohnish Pabrai, Tom Russo, Guy Spier, Murray Stahl, Will Thorndike, Christopher Tsai, Arnold Van Den Berg, and Ed Wachenheim.

Replay selected past sessions.

Ideaweek 2025

Ideaweek brings together inquisitive minds to explore ideas of consequence in investing, business, and life.

From January 27-30, invited members of the MOI Global community will meet in St. Moritz, Switzerland for a week of skiing, discussion, and friendship. The fifth-annual Ideaweek is a showcase of ideas, a platform for great conversations, and an opportunity to catalyze relationships with like-minded individuals.

Read impressions from a past edition.

Talen: Power Producer With Strong FCF and Crown-Jewel Nuclear Asset

February 5, 2024 in Audio, Best Ideas 2024, Best Ideas 2024 Featured, Diary, Discover Great Ideas Podcast, Equities, Featured, Ideas, Member Podcasts

Alex Gates of Clayton Partners presented his investment thesis on Talen Energy (US: TLNE) at Best Ideas 2024.

Thesis summary:

Talen Energy is one of the largest independent power producers in the US, with a strong free-cash-flow profile and a crown jewel asset.

TLNE will benefit from strong growth tailwinds in AI computing and the energy transition, which are driving the need for zero-carbon electricity. Power generation is now a growth story, and the company’s assets will be in strong demand for years to come.

Talen emerged from bankruptcy last year with a new management team and upgraded balance sheet.

Alex expects TLNE to appreciate in the near term as they monetize non-core assets, return capital, and gain investor awareness. It is a pattern Alex has seen play out in Clayton’s other successful post re-org investments, such as Denbury (DEN) and California Resources (CRC). In fact, the previous CEO of CRC is now running Talen and executing on a very similar playbook.

Talen’s largest asset is the Susquehanna nuclear power plant, which is one of the most efficient and profitable plants in the US. Nuclear plants in the US have become highly valuable due to new federal incentives, which created a government-guaranteed floor price for their electricity generation. Susquehanna is a crown jewel asset for Talen and could be worth upwards of $5 billion alone.

Talen’s normalized FCF yield is around 10% and could be 20+% in strong pricing environments similar to early 2023. Near-term catalysts include uplisting to the Nasdaq, the potential sale of their ERCOT assets, and a possible JV announcement for their data center business. Ultimately, Alex sees fair value close to $80 per share, based on the current FCF yield, and could be upwards of $100 per share if the entire company is sold, which Alex views as the most likely outcome in the long term.

Watch this session:

This session is also available as an episode of Discover Great Ideas, a member podcast of MOI Global. (Learn how to access member podcasts.)

About the instructor:

Alex Gates is a Partner, Co-Portfolio Manager of CPDS and Chief Compliance Officer at Clayton Partners LLC. Founded in 2003, Clayton Partners is an opportunistic value investment firm.

Clayton manages a private investment partnership and individual separate accounts. The firm takes a private equity approach to investing in the public markets and looks to align itself with shareholder friendly management teams that focus on long-term value creation.

Alex leads the firm’s effort to find compelling public and private investment opportunities in sustainable businesses that have a positive impact on climate change. The current focus is on investments in renewable energy, utilities, bio-fuels, and recycling.

Alex holds a Masters Degree in Business Economics from the University of California at Santa Barbara. Prior to his graduate education, he completed a dual major BS in Economics and Statistics from Cal Poly State University. At both institutions, Alex concentrated in finance and economic modeling. He earned the Chartered Financial Analyst designation in 2015.

Latticework 2023

On December 12, MOI Global members gathered at the Yale Club of New York City to explore intelligent investing in a changing world.

Members enjoy complimentary and exclusive access.

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