Hugh Evans on the Investment Case for Collplant Biotechnologies

July 30, 2021 in Audio, Discover Great Ideas Podcast, Equities, Ideas, Interviews, Member Podcasts, Podcast

We had the pleasure of speaking with Hugh Evans, a member of the board of directors of Collplant Biotechnologies (US: CLGN), about the company’s technology, market opportunity, and business prospects.

A disclosure by Roumell Asset Management piqued our interest in Collplant. According to a fact sheet of Roumell Opportunistic Value Fund, Collplant was the fund’s largest holding as of June 30, comprising 8.0% of net assets.

In light of Roumell’s strong investment track record and our respect for Jim’s long term-oriented, value-based investment approach, we sought to develop an understanding of Collplant by speaking with director Hugh Evans, a former SVP at 3D Systems and a former portfolio manager at T. Rowe Price.

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

Listen to the conversation (recorded on July 19, 2021):

download audio recording

About the interviewee:

Hugh Evans joined the board of directors of CollPlant in March 2021, bringing his extensive board, 3D printing technology and investment experience. Since 2019, Mr. Evans has been serving as a board member at Factory Four. In addition, since 2020, he has been serving as a board member at ZVerse, 3DM, and as a Non-Executive Chairman of Culinary Printworks. From 2010 to 2020, Mr. Evans served as a board member of AquaVenture Holdings (NYSE: WAAS), which was acquired by Culligan International.In 2019, Mr. Evans founded Additive Manufacturing Ventures Group, and he serves as a managing member. From 2013 to 2019, Mr. Evans served as Senior Vice President of Corporate Development & Digitization at 3D Systems (NYSE: DDD). Previously, from 1992 to 2013, he served as a portfolio manager at T. Rowe Price Associates (NASDAQ: TROW). Mr. Evans holds a BA in Psychology from the University of Virginia and an MBA from the Stanford Graduate School of Business.

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.

Kuntal Shah on Three Decades of Intelligent Investing in India

July 29, 2021 in Asia, Document, Equities, Interviews, Transcripts

The following transcript is an edited rendition of a conversation between Rohith Potti, on behalf of MOI Global, and Kuntal Shah, a public markets investor in Indian equities over the past three decades. The interview was conducted on June 25, 2021.

Kuntal Shah (excerpt): I stumbled upon investing as a case of pure luck and serendipity. I am an engineer by education. This was in the context of the 1990s when computers also had a maximum memory of a few KB, and there was no technology use case as it is prevalent today. We are talking of an era that is almost three decades old. We had extremely limited options in India back then. During the time when I was studying, there was a massive transformation in the Indian economy: the country opened up for global investments.

Simultaneously, there was a securities scam, which resulted in the stock prices of certain companies which I knew intimately, to go up. When I used to ask the management what is driving growth, even they did not know the rationale behind the meteoric rise. I detected a sense of disconnect. My curiosity was aroused, and it seemed like a very great puzzle to solve. Here we were talking about managements who knew the businesses inside out but did not know what was happening in the stock market. Somehow the stock market was aware of something major happening. And I thought if I could find the reason for this disconnect, there could be both, a profit potential, and a hugely satisfying career opportunity. That is how I landed up in the stock market, just by pure luck and serendipity.

Coming back to my philosophy, it has evolved over three decades. In the early 1990s, I was more of a “special situations” investor and arbitrageur. We are talking of an era where interest rates prevalent in the Indian market were in the high teens. You did not have to take too much equity risk to get the desired risk-reward outcome. Looking at it from multiple vantage points, the kind of capital I deployed, the investments I made, the kind of risk-reward outcomes I enjoyed, they were totally different. That geared me up to doing the hard work of evaluating companies for M&A and corporate action arbitrages, special situations, delisting from the stock exchanges arbitrages, arbitrages of securities listed in different stock exchanges.

We did not require too much of a “business analytical” skill set. The biggest advantage we enjoyed then, was informational advantage, with focus on sourcing more and more information and then stitching up a picture of what could be the potential upside and downside. This kind of situation driven investing had a catalyst or a horizon in place and a very definite timeline associated with it. This was nowhere closely resembling to compounding and long-termism, which you see prevalent in the latter part of my evolution journey. The focus was short-term with a clear focus on minimizing the downside and maximizing the upside in a very narrow window of inefficient domains and pockets of the market.

Fast forward, many of these opportunities ceased to exist, because of the large number of smart investors entering the stock markets post liberalization of the capital markets in India. The focus changed to medium-term opportunities which were purely driven by numbers and the business, in terms of what could be done to reduce interest costs, reduce taxes, optimize asset turns, margins, fund the structure well. So, a basic bottom-up focus. The focus changed from information arbitrage to an analytical side, where we learnt to connect the dots and have a longer-term outlook towards the business. This coincided with capital, which was more permanent in nature, in terms that they were proprietary investments.

It was during this phase, that I had the biggest learning curve of my life. I had a short stint of time as a private equity investor, which taught me a lot of things about how real businesses work and what the considerations of the management and customers are. It showed me various vantage points of the ecosystem. I got exposed to how businesses are run at a very intricate level and that probably made me a better investor in the ensuing decade.

The last decade which was 2010-2020, marked a phenomenal change in the attitude and aptitude of my evolution. My focus turned towards intangibles and the competitive positioning of the business, the scalability aspect of the management, their drive and culture and their ability to adapt and grow. Obviously, the underlying overlay of analyzing businesses and their prospects was there, but it was superimposed with more qualitative aspects. That completed the transformation of my journey from a pure arbitrageur to a pure long-term investor, focused on long-term compounding.

This was possible because I had middle-class upbringing. Early on, we were taught to have clear principles of inversion, that not everything matters but some things do. You must pay attention to who you surround yourself with and what not to do is as important as what to do. The whole trick is to have faith in your hypothesis but then to question it as well. This kind of duality in thinking enabled handling contractions and complimented the middle-class ethos of spending less money in order to save, being patient, focusing on the compounding of relationships, habits, knowledge, reputation and culture. This served me well for the time to come.

download the full interview

Marc Rubinstein on Revolut: Building a Global Financial Superapp

July 21, 2021 in Audio, Commentary, Equities, Financials, Gain Industry Insights Podcast, Interviews, Member Podcasts, Net Interest

We had the pleasure of speaking with Marc Rubinstein, author of Net Interest, a financial sector newsletter, about his essay, Revolution in the Air.

Marc writes:

As a finance newsletter, we touch on fintech here a lot. We’ve looked in detail at a host of new entrants into financial services – Wise, Tinkoff, Paytm, Robinhood – all of them attempting to disrupt the traditional way of doing finance. This week, we turn our attention to one I’m particularly close to: Revolut.

I first came across Revolut in 2016 when an early investor showed me around its app and the backend dashboard he had access to. I used to travel a lot and the opportunity to access cheap foreign exchange via a payment card was very appealing. I signed up as a customer and – as the app informs me today – went on to spend £6,438 on my travels through the remainder of the year.

I knew that if I found the app useful, others would too; I was keen to invest. A short while later the company was out raising its series A and I got the opportunity to participate.

This week, Revolut became the UK’s most valuable private tech company of all time. It announced a series E fundraising, valuing it at $33 billion. That puts it roughly on a par with NatWest Group, the bank where I had my first account as a kid.

The massive growth of Revolut is clearly very exciting for me as an investor. But it also raises questions. Last year, NatWest did £11 billion of revenue; Revolut did £261 million. NatWest is on track to make £2.5 billion of profit; Revolut may or may not make a profit. Revolut has a few more customers than NatWest – 16 million versus 12.5 million – but what are those customers worth?

It’s time to sharpen my pencil and update my analysis of Revolut.

Read on and listen to our conversation (recorded on July 19, 2021):

download audio read article

This conversation is available as an episode of Invest Intelligently, a member podcast of MOI Global. (Learn how to access member podcasts.)

About This Audio Series:

MOI Global is delighted to engage in illuminating conversations on the financial sector with Marc Rubinstein, whose Net Interest newsletter we have found to be truly exceptional. Our goal is to bring you Marc’s insights into financial services businesses and trends on a regular basis, with Marc’s weekly essays serving as inspiration for our discussions.

About Marc Rubinstein:

Marc is a fellow MOI Global member, managing partner of Fordington Advisors, and author of Net Interest. He is a former analyst and hedge fund manager, most recently at Lansdowne Partners, with more than 25 years of experience in the financial sector. Marc is based in London.

About Net Interest:

Net Interest, authored by Marc Rubinstein, is a newsletter of insight and analysis from the world of finance. Enjoyed by the most senior executives and smartest investors in the industry, it casts light on this important sector in an easy-to-read style. Each post explores a theme trending in the sector. Between fintech, economics and investment cycles—there’s always something to talk about!

Members, log in below to access the restricted content.

Not a member?

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:

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.

Eugene Ng on His Book, Vision Investing: How We Beat Wall Street…

July 21, 2021 in Audio, Full Video, Interviews, Meet-the-Author Summer Forum 2021, Meet-the-Author Summer Forum 2021 Featured

Eugene Ng discussed his book, Vision Investing: How We Beat Wall Street & You Can, Too!, at MOI Global’s Meet-the-Author Summer Forum 2021.

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

Members, log in below to access the full session.

Not a member?

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:

Our Meet-the-Author Summer Forum aims to inspire members with reading ideas.

We are delighted to have Alex Gilchrist, a London-based research associate of MOI Global, host the Meet-the-Author Summer Forum 2021.

This conversation is available as an episode of Explore Great Books, a member podcast of MOI Global. (Learn how to access member podcasts.)

About the book:

Investing in the stock market presents a myriad of opportunities to build and store lasting wealth. In fact, a 2019 study found that stocks have decisively outpaced bonds and cash, making them the most profitable investment over the last 120 years. However, you don’t need to empty your entire savings account just so you can invest in high-fee unit trusts, or complex hedge funds, nor do you absolutely have to hire a Wall Street professional to do your investing for you. Truth be told, you don’t need an advanced degree in finance to make it big in the stock market. All you need is to give yourself adequate time, cultivate the right mindset, and – of course – add “Vision Investing” in your toolkit.

About the author:

Eugene Ng is the founder and Chief Investment Officer of Vision Capital. Since its inception in March 2017, Vision Capital has consistently outperformed the S&P 500 every year on a consistent basis with average annual returns in excess of 30%. Vision Capital is focused on investing in companies that reflect our best vision for our future, changing and shaping the world for the better. Vision Capital seeks to bring the vision of a better collective global future to life by only investing in innovative, technology-driven companies that create positive, meaningful impact in the world.

Eugene’s career in finance spans over 11 years. His career started in 2008, joining Citi as a Management Associate for 3 years. Subsequently he moved to J.P. Morgan to do FX and Interest Rates Institutional Sales covering Corporations for over 8 years where he was a Vice-President. He is the author of Vision Investing: How We Beat Wall Street & You Can, Too!. Eugene received his Summa Cum Laude in Bachelor of Science (Economics) and 2nd Major in Finance from the Singapore Management University. Eugene currently lives in Singapore.

Ep. 48: Season One Wrap: Favorite Episodes | A Glimpse of Season Two

July 20, 2021 in Audio, Podcast, This Week in Intelligent Investing

It’s a pleasure to share with you Season 1 Episode 48 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!

download audio recording

In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic wrap up Season One of This Week in Intelligent Investing. They highlight some of their favorite episodes and provide a glimpse of what’s to come in Season Two.

The podcast takes a summer break through Labor Day.

Follow Up

Would you like to get in touch?

Follow This Week in Intelligent Investing on Twitter.

Engage on Twitter with Elliot, Phil, or John.

Connect on LinkedIn with Elliot, Phil, or John.

This Week in Intelligent Investing is available on Amazon Podcasts, Apple Podcasts, Google Podcasts, Pandora, Podbean, Spotify, Stitcher, TuneIn, and YouTube.

If you missed any past episodes, you can listen to them here.

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.

Aswath Damodaran on His Book, The Dark Side of Valuation

July 18, 2021 in Audio, Equities, Explore Great Books Podcast, Featured, Full Video, Interviews, Meet-the-Author Summer Forum, Meet-the-Author Summer Forum 2021, Meet-the-Author Summer Forum 2021 Featured, Member Podcasts, Transcripts

Aswath Damodaran discussed his book, The Dark Side of Valuation: Valuing Young, Distressed, and Complex Businesses, at MOI Global’s Meet-the-Author Summer Forum 2021. Professor Damodaran teaches corporate finance and valuation at the Stern School of Business at New York University.

The following session offers a preview of our Meet-the-Author Summer Forum 2021, designed to provide summer reading inspiration to MOI Global members. We look forward to releasing other author conversations during the month of June.

Editor’s note: We are delighted to have Alex Gilchrist, a London-based research associate at MOI Global, host the Meet-the-Author Summer Forum 2021.

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

Members, log in below to access the full session.

Not a member?

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 book:

Valuing money-making companies that have long histories and established business models is straightforward. It is when you encounter difficult-to-value companies that you feel the urge to go over to the dark side of valuation―where you abandon first principles and create new metrics. Aswath Damodaran looks at a range of these companies, from start-ups in new businesses to distressed companies, from banks facing regulatory turmoil to commodity firms, and from emerging market upstarts to multinationals that spread across geographies and businesses. With each grouping, he helps you examine the call of the dark side and its practices and frameworks to value these firms.

To answer these questions, Aswath looks at companies across the life cycle and in different markets, from Uber and Shake Shack at one end of the spectrum to Vale, Royal Dutch, and United Technologies at the other end.

In the process, you learn how to

  • Deal with “abnormally low” and negative risk-free rates in valuation
  • Adapt to dynamic and changing risk premiums
  • Value young companies that are disrupting existing businesses
  • Analyze commodity and cyclical companies across cycles
  • Value a company as the sum of its parts or as an aggregation of its users/subscribers and customers
  • Determine the difference between pricing and valuation, and why some investments can only be priced

About the author:

Aswath Damodaran is Professor of Finance at the Stern School of Business at New York University. He teaches the corporate finance and equity valuation courses in the MBA program. He received his MBA and PhD from the University of California at Los Angeles. He has written several books on corporate finance, valuation, and portfolio management. He has been at NYU since 1986 and has received the Stern School of Business Excellence in Teaching Award (awarded by the graduating class) eight times. He was profiled in BusinessWeek as one of the top twelve business school professors in the United States in 1994 and was chosen the most popular business school professor in 2012.

Howard Schilit on Financial Shenanigans: How to Detect Fraud

July 18, 2021 in Audio, Equities, Explore Great Books Podcast, Featured, Full Video, Interviews, Meet-the-Author Summer Forum, Meet-the-Author Summer Forum 2021, Meet-the-Author Summer Forum 2021 Featured, Member Podcasts, Skills, Transcripts

Howard Schilit discussed his book, Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports, at MOI Global’s Meet-the-Author Summer Forum 2021. Howard is a pioneer in the field of detecting accounting chicanery.

The following session offers a preview of our Meet-the-Author Summer Forum 2021, designed to provide summer reading inspiration to MOI Global members. We look forward to releasing additional conversations in the coming weeks.

Editor’s note: We are delighted to have Alex Gilchrist, a London-based research associate at MOI Global, host the Meet-the-Author Summer Forum 2021.

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

Members, log in below to access the full session.

Not a member?

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:

This conversation is available as an episode of Explore Great Books, a member podcast of MOI Global. (Learn how to access member podcasts.)

About the book:

The bestselling classic from the “Sherlock Holmes of Accounting”—updated to reflect key case studies from the past quarter century and the dishonest tactics used to mislead investors. This fourth edition of the bestselling guide shines a light on the most shocking frauds and financial reporting offenders, and gives investors the tools they need to spot deceptive financial reporting in the global markets. This unparalleled guide provides the investigative tools you need to detect:

  • Corporate cultures that incentivize dishonest practices
  • The latest tricks companies use to exaggerate revenue and earnings
  • Techniques devised by management to manipulate cash flow as easily as earnings
  • Companies that use misleading metrics to fool investors about their financial performance
  • How companies use acquisitions to hide deterioration in their underlying business

You’ll learn everything you need to know to unearth deceptive reporting and avoid costly mistakes. This new edition focuses on the key case studies from the past quarter century and brings you up to date on accounting chicanery in the global markets. Howard Schilit and his team of renowned forensic accounting experts reveal the most shocking frauds, expose financial reporting miscreants, and unveil the latest methods companies use to mislead investors.

About the co-authors:

Dr. Howard M. Schilit, PhD, CPA, is the founder and CEO of Schilit Forensics, an investment research consultancy. Howard is a pioneer in the field of detecting accounting chicanery and has testified before Congress and the SEC. Previously, he founded and led CFRA and was a professor at American University.

Jeremy Perler, CFA, CPA, is a partner at Schilit Forensics. Previously, he held positions at Coatue Management, CFRA, and PwC. Jeremy has served on advisory committees for the FASB and PCAOB.

Yoni Engelhart, CFA, is a partner at Schilit Forensics. Previously, he held positions at Partners Capital, Wellington Management Company, and CFRA. Yoni is a graduate of Harvard Business School. –This text refers to the mp3_cd edition.

Chris Mayer on Stocks that Return 100-to-1 and How to Find Them

July 18, 2021 in Audio, Equities, Explore Great Books Podcast, Featured, Full Video, Interviews, Meet-the-Author Summer Forum, Meet-the-Author Summer Forum 2021, Meet-the-Author Summer Forum 2021 Featured, Member Podcasts

Christopher Mayer discussed his book, 100 Baggers: Stocks that Return 100-to-1 and How to Find Them, at MOI Global’s Meet-the-Author Summer Forum 2021.

The following session is part of our Meet-the-Author Summer Forum 2021, designed to provide summer reading inspiration to MOI Global members. We look forward to releasing additional conversations in the coming weeks.

Editor’s note: We are delighted to have Alex Gilchrist, a London-based research associate at MOI Global, host the Meet-the-Author Summer Forum 2021.

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

Members, log in below to access the full session.

Not a member?

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:

This conversation is available as an episode of Explore Great Books, a member podcast of MOI Global. (Learn how to access member podcasts.)

About the book:

This book is about 100-baggers. These are stocks that return $100 for every $1 invested. That means a $10,000 investment turns into $1 million. Chris Mayer can help you find them. It sounds like an outrageous quest with a wildly improbable chance of success. But when Mayer studied 100-baggers of the past, definite patterns emerged. In 100-Baggers, you will learn the key characteristics of 100-baggers why anybody can do this. It is truly an everyman s approach. You don t need an MBA or a finance degree. Some basic financial concepts are all you need a number of crutches or techniques that can help you get more out of your stocks and investing. The emphasis is always on the practical, so there are many stories and anecdotes to help illustrate important points. You should read this book if you want to get more out of your stocks. Even if you never get a 100-bagger, this book will help you turn up big winners and keep you away from losers and sleepy stocks that go nowhere.

About the author:

Christopher W. Mayer is the portfolio manager and co-founder of Woodlock House Family Capital. Before starting Woodlock House (which went live in January 2019), Mayer worked with Bonner & Partners and the Bonner family office. He was the editor of Capital & Crisis, published by Agora Financial from 2004-2015. He was a corporate banker from 1994-2004, and graduated magna cum laude with a degree in finance from the University of Maryland. He also has an MBA from the same institution. He is the author of Invest Like A Dealmaker: Secrets of a Former Banking Insider (2008), World Right Side Up: Investing Across Six Continents (2012), 100 Baggers: Stocks that Return 100-to-1 and How to Find Them (2015), and How Do You Know? A Guide to Thinking Clearly About Wall Street, Investing and Life (2018).

Adam Mead on the Financial History of Berkshire Hathaway

July 18, 2021 in Audio, Equities, Explore Great Books Podcast, Full Video, Interviews, Meet-the-Author Summer Forum, Meet-the-Author Summer Forum 2021, Meet-the-Author Summer Forum 2021 Featured, Member Podcasts

Adam J. Mead discussed his book, The Complete Financial History of Berkshire Hathaway, at MOI Global’s Meet-the-Author Summer Forum 2021.

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

Members, log in below to access the full session.

Not a member?

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:

This conversation is available as an episode of Explore Great Books, a member podcast of MOI Global. (Learn how to access member podcasts.)

This session is part of our Meet-the-Author Summer Forum 2021, designed to provide summer reading inspiration to MOI Global members. We look forward to releasing additional conversations in the coming weeks.

Editor’s note: We are delighted to have Alex Gilchrist, a London-based research associate at MOI Global, host the Meet-the-Author Summer Forum 2021.

About the book:

For the first time the complete financial history of Berkshire Hathaway is available under one cover in chronological format. Beginning at the origins of the predecessor companies in the textile industry, the reader can examine the development of the modern-day conglomerate year-by-year and decade-by-decade, watching as the struggling textile company morphs into what it has become today.

This comprehensive analysis distils over 10,000 pages of research material, including Buffett’s Chairman’s letters, Berkshire Hathaway annual reports and SEC filings, annual meeting transcripts, subsidiary financials, and more. The analysis of each year is supplemented with Buffett’s own commentary where relevant, and examines all important acquisitions, investments, and other capital allocation decisions. The appendices contain balance sheets, income statements, statements of cash flows, and key ratios dating back to the 1930s, materials brought together for the first time.

The structure of the book allows the new student to follow the logic, reasoning, and capital allocation decisions made by Warren Buffett and Charlie Munger from the very beginning. Existing Berkshire shareholders and long-time observers will find new information and refreshing analysis, and a convenient reference guide to the decades of financial moves that built the modern-day respected enterprise that is Berkshire Hathaway.

About the author:

Adam J. Mead is a life-long student of business and capital allocation. He is the CEO and Chief Investment Officer of Mead Capital Management, LLC, a New Hampshire-based Registered Investment Advisor he founded in 2014. Adam spent over a decade in banking in commercial credit, including observing first-hand the after effects of the Great Recession and the long credit expansion afterward. Adam has been investing in public securities markets since 2004. He owned two small businesses (non-financial) during college, and grew up in a family of small business owners. In addition to managing assets for his clients at Mead Capital, he is involved with numerous local non-profit organisations.

Adam authors the Watchlist Investing newsletter.

Ted Seides on Capital Allocators: How the World’s Elite Managers Lead…

July 18, 2021 in Audio, Full Video, Interviews, Meet-the-Author Summer Forum 2021, Meet-the-Author Summer Forum 2021 Featured, Transcripts

Ted Seides discussed his book, Capital Allocators: How the World’s Elite Managers Lead and Invest, at MOI Global’s Meet-the-Author Summer Forum 2021.

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

Members, log in below to access the full session.

Not a member?

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:

Our Meet-the-Author Summer Forum aims to inspire members with reading ideas.

We are delighted to have Alex Gilchrist, a London-based research associate of MOI Global, host the Meet-the-Author Summer Forum 2021.

This conversation is available as an episode of Explore Great Books, a member podcast of MOI Global. (Learn how to access member podcasts.)

About the book:

The chief investment officers (CIOs) at endowments, foundations, family offices, pension funds, and sovereign wealth funds are the leaders in the world of finance. They marshal trillions of dollars on behalf of their institutions and influence how capital flows throughout the world. But these elite investors live outside of the public eye. Across the entire investment industry, few participants understand how these holders of the keys to the kingdom allocate their time and their capital. What’s more, there is no formal training for how to do their work.

So how do these influential leaders practice their craft? What skills do they require? What frameworks do they employ? How do they make investment decisions on everything from hiring managers to portfolio construction?

For the first time, Capital Allocators lifts the lid on this opaque corner of the investment landscape. Drawing on interviews from the first 150 episodes of the Capital Allocators podcast, Ted Seides presents the best of the knowledge, practical insights, and advice of the world’s top professional investors.

These insights include:

  • The best practices for interviewing, decision-making, negotiations, leadership, and management.
  • Investment frameworks across governance, strategy, process, technological innovation, and uncertainty.
  • The wisest and most impactful quotes from guests on the Capital Allocators podcast.

Learn from the likes of the CIOs at the endowments of Princeton and Notre Dame, family offices of Michael Bloomberg and George Soros, pension funds from the State of Florida, CalSTRS, and Canadian CDPQ, sovereign wealth funds of New Zealand and Australia, and many more. Capital Allocators is the essential new reference manual for current and aspiring CIOs, the money managers that work with them, and everyone allocating a pool of capital.

About the author:

Ted Seides, CFA created Capital Allocators LLC to explore best practices in the asset management industry. He launched the Capital Allocators podcast in 2017 and the show reached five million downloads in January 2021. Barron’s, Business Insider, Forbes and Value Walk each named it among the top investing podcasts. Alongside the podcast, Ted works with both managers and allocators to enhance their investment and business processes. In March 2021, he published his second book, Capital Allocators: How the world’s elite money managers lead and invest to distill the lessons from the first 150 episodes of the podcast. You can follow Ted on LinkedIn and Twitter.