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February 4, 2023 in Twitter

S3E10: Beaten-Down, Money-Losing Growth Businesses

January 31, 2023 in Audio, Podcast, This Week in Intelligent Investing

It’s a pleasure to share with you Season 3 Episode 10 of This Week in Intelligent Investing, co-hosted by

  • Phil Ordway of Anabatic Investment Partners in Chicago, Illinois;
  • Elliot Turner of RGA Investment Advisors in Stamford, Connecticut; and
  • John Mihaljevic of MOI Global in Zurich, Switzerland.

Enjoy the conversation!

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In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss long-term investment opportunities among fast-growing but money-losing companies whose stock prices have declined precipitously over the past year.

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About the Podcast Co-Hosts

Philip Ordway is Managing Principal and Portfolio Manager of Anabatic Fund, L.P. Previously, Philip was a partner at Chicago Fundamental Investment Partners (CFIP). At CFIP, which he joined in 2007, Philip was responsible for investments across the capital structure in various industries. Prior to joining CFIP, Philip was an analyst in structured corporate finance with Citigroup Global Markets, Inc. from 2002 to 2005. Philip earned his B.S. in Education & Social Policy and Economics from Northwestern University in 2002 and his M.B.A. from the Kellogg School of Management at Northwestern University in 2007, where he now serves as an Adjunct Professor in the Finance Department.

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.

The content of this podcast is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this podcast. The podcast participants and their affiliates may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated on this podcast.

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January 29, 2023 in Twitter

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January 29, 2023 in Twitter

Azenta: Well-Run, Owner-Friendly, High-Quality Growth Business

January 24, 2023 in Audio, Best Ideas 2023, Best Ideas 2023 Featured, Best Ideas Conference, Diary, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts

Elliot Turner of RGA Investment Advisors presented his in-depth investment thesis on Azenta (US: AZTA) at Best Ideas 2023.

The full session is available exclusively to members of MOI Global.

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About the instructor:

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.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

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January 23, 2023 in Twitter

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January 22, 2023 in Twitter

Fairfax India: Collection of High-Quality Assets at Discount to NAV

January 19, 2023 in Audio, Best Ideas 2023, Best Ideas 2023 Featured, Best Ideas Conference, Diary, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts

Jeffrey Stacey of Stacey Muirhead Capital Management updated his investment thesis on Fairfax India Holdings (Canada: FIH.U) at Best Ideas 2023.

Jeff originally presented Fairfax India at Best Ideas 2022.

Thesis summary:

Fairfax India’s stock price declined 2.6% in 2022, but intrinsic value has increased modestly in Jeff’s judgment. As such, Jeff believes the company is still an attractive investment opportunity.

Fairfax India is an investment holding company whose objective is to achieve long-term capital appreciation by investing in public and private equity securities and debt instruments in India. Fairfax Financial owns 42.2% of shares outstanding, while OMERS owns 14.7%. Management and investment advisory services are provided by Fairfax Financial, which has a successful long-term operating record in India. Some the largest investments made by Fairfax India include the Bangalore International Airport Limited, the IIFL group of companies, Sanmar Chemicals Group, and CSB Bank.

Fairfax India trades at a ~35% discount to book value per share. Jeff considers book value per share as a rough but understated proxy for intrinsic value. Fairfax India has been actively buying back shares to take advantage of this discount, having purchased about 7.6% of shares outstanding since the end of 2020.

Given the above-average long-term growth potential of India, a portfolio of public and private investments with solid economic prospects and reasonable valuations, a market price at a significant discount to both book value and intrinsic value per share, and an active and accretive share repurchase program, Jeff believes Fairfax India remains a compelling investment opportunity.

The full session is available exclusively to members of MOI Global.

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Thank you for your interest.  Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:

About the instructor:

Jeffrey Stacey is the founder of Stacey Muirhead Capital Management Ltd. and he has over 35 years of investment industry experience. Jeff has an Honours Bachelor of Business Administration degree from Wilfrid Laurier University and is a Chartered Financial Analyst.

Jeff has been involved in many charitable and board activities throughout his career. He has served on several investment committees including for two Canadian universities. In addition, he has served on the advisory boards for two university student managed investment funds.

Jeff is married and has two children. Personal interests include hiking, fitness, reading, travelling, and playing drums.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Edita Food: Powerful Brands and Durability in Developing World

January 19, 2023 in Audio, Best Ideas 2023, Best Ideas 2023 Featured, Best Ideas Conference, Diary, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts

Fred Steiner of BCCM Advisors presented his investment thesis on Egypt-based Edita Food Industries (UK: EFID) at Best Ideas 2023.

Thesis summary:

Since the GFC, Egypt has experienced a series of major events, including the 2011 Egyptian Revolution, a change in government and the constitution in 2013, a 50% devaluation in its currency against the US dollar in 2016, Covid-19 and its impact on tourism, the fallout of the Ukraine War due to its dependence on wheat imports and Ukrainian and Russian tourists, and finally, over the past nine months the currency has depreciated a further 50%.

US dollar investors have lost two-thirds of their capital since the 2015 IPO of snack regional market leader Edita Food Industries (EFID.CA on the EGX and EFID.L on the LSE). Over this tumultuous period, Edita has improved the breadth and depth of its portfolio of brands, grown exports to 17 countries, learned from pricing mistakes, and recently established a manufacturing presence in Morocco.

Growth has kept up with the dollar appreciation, translating into a 60-75% contraction in trading multiples. Fred believes Edita offers investors one of the best examples of the power of brands and durability in the developing world.

Edita is valued at 2023 ~7x EV/EBITDA and ~11x P/E while being a consistent generator of high-teens to low-twenties ROIC.

The full session is available exclusively to members of MOI Global.

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Thank you for your interest.  Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:

About the instructor:

As Portfolio Manager of the Blue Clay Pan-Africa Fund, Fred Steiner is responsible for research, security selection and portfolio construction. Prior to re-joining BCCM Advisors, Fred earned an MBA from the University of Minnesota’s Carlson School of Management where he graduated with distinction and was a Curtis L Carlson Scholarship recipient. During the full- time business school program, Fred worked with a multi-family office, Sawmill Management as a Senior Analyst. Prior to business school, Fred served as an Analyst and Associate at BCCM and worked in various roles at Signature Financial Partners. Fred studied at University of Cape Town in 2008, graduated from Union College in 2009 with a Bachelor’s degree in Economics and Minor in History and is a CFA charterholder. Fred is a Board of Trustees member of African Wildlife Foundation and previously volunteered for Soccer 4 Hope while living in Cape Town, South Africa in 2010.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Cineworld Bankruptcy: Fulcrum Security Offers Value Opportunity

January 19, 2023 in Audio, Best Ideas 2023, Best Ideas 2023 Featured, Best Ideas Conference, Diary, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts

Parul Garg of PenderFund Capital Management presented her thesis on the fulcrum security of bankrupt Cineworld Group (UK: CINE) at Best Ideas 2023.

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Thank you for your interest.  Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:

About the instructor:

Parul Garg joined Pender’s investment team in December 2015. She is currently the Associate Portfolio Manager for the Pender Corporate Bond Fund, which was recognized with a Lipper Fund Award in years 2018 and 2019. She covers all sub asset class in fixed income ranging from Investment Grade to Distressed credit. Her focus and expertise revolve around stressed and distressed credit. For the last 7 years, she has been involved in many credit workouts, pull to par, stressed debt exchanges, bankruptcy credits, restructuring, and recapitalizations.

Parul started her career as a Software Engineer with Accenture, focusing on projects in the financial domain. She then worked as a Fixed Income Derivative Analyst for two years at a private investment firm in India. She worked in Product Development with the Business Development Team for the Fixed Income Markets at the MCX Stock Exchange in India for a year and a half before moving to Vancouver in 2014 to start her MBA. Parul has a Bachelor of Technology in Civil Engineering from NIT Surat in India, a Master of Business Administration from the Beedie School of Business at Simon Fraser University and has completed CFA Level 1. In June 2022, she attended Warton School of Business (University of Pennsylvania) for Distressed Asset Investing and Corporate Restructuring course. She also sits on the Steering Committee for the Vancouver chapter of Women in Capital Markets.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.