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Shinoken: Razor-Blade Model in Japanese Multifamily Real Estate

January 16, 2021 in Asia, Audio, Best Ideas 2021, Best Ideas 2021 Featured, Diary, Equities, Ideas, Real Estate, Small Cap, Transcripts

Mike Kruger of MPK Partners presented his in-depth investment thesis on Shinoken (Japan: 8909) at Best Ideas 2021.

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About the instructor:

Mike Kruger’s first investment experience was watching his shares of Berkshire Hathaway get cut in half during the tech-mania of the late 1990’s. But he didn’t panic, and today manages a global focused value portfolio of equities and distressed debt in New York City. He previously worked as a former equity and credit analyst at Promethean Asset Management LLC in NYC, and prior to that as a high-yield credit analyst at Liberty Mutual in Boston. He holds a Bachelor’s degree from the College of Arts and Sciences at Cornell University.

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.

American Outdoor: Gaining Share in Attractive, Fragmented Industry

January 16, 2021 in Audio, Best Ideas 2021, Consumer Discretionary, Diary, Equities, Ideas, Micro Cap, North America

Christian Ryther of Curreen Capital presented his in-depth investment thesis on American Outdoor Brands (US: AOUT) at Best Ideas 2021.

Thesis summary:

American Outdoor Brands is a misunderstood recent spinoff. More than just a company benefiting from the dislocations of 2020, American Outdoor has been gaining share for years in an attractive and fragmented industry.

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About the instructor:

Christian Ryther is an investor focused on excellent businesses with exceptional management teams, whose securities are undervalued. Christian founded Curreen Capital in 2013 having previously worked at NeuStrada Capital, Principled Capital Management and Riva Ridge Capital Management. Christian earned an MBA from the Columbia Business School, where he was selected to join the school’s elite Value Investing Program. Christian holds a bachelor’s degree in economics from Boston College.

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.

Bakkafrost: Family-Run, Leading Producer of Farmed Salmon

January 16, 2021 in Audio, Best Ideas 2021, Consumer Staples, Diary, Equities, Europe, Ideas, Mid Cap, Transcripts

Eric Boroian of Montsegur Finance presented his in-depth investment thesis on Bakkafrost (Norway: BAKKA) at Best Ideas 2021.

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About the instructor:

Eric Boroian is an analyst and portfolio manager at Montsegur Finance. Previously, he served as a portfolio manager with Focus Asset Managers. He graduated from the London School of Economics with a graduate degree in Sociology and Quantitative Research Methods, and from Imperial College London, with an MBA in Finance. He started his career as a business analyst at Vivendi Universal, and then spent time as an equity research analyst at CA Cheuvreux, with a focus on European Consumer Staples. Eric also has investing experience in concentrated portfolios of European and US equities.

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.

Anglo Pacific: Commodity Company With Attractive Business Model

January 16, 2021 in Audio, Best Ideas 2021, Best Ideas 2021 Featured, Diary, Equities, Europe, Ideas, Small Cap, Transcripts

Samir Mohamed presented his in-depth investment thesis on Anglo Pacific Group (UK: APF) at Best Ideas 2021.

Thesis summary:

Anglo Pacific Group is a commodity royalty company. For example, the company might help finance a copper mine and in return receive a royalty on the revenue of the mine as long as the mine produces copper.

Due to ESG, many banks and institutional investors are reducing their exposure to mine financings. This reduction in competition should enable APF to achieve better financial terms in royalty deals.

Since 2014 the average annual yield on royalty deals was at least 10% while remaining mine life was typically 15-25 years. Iron ore, coking coal, thermal coal, copper, nickel, and uranium – the most important commodities for the company – have seen prices recover sharply from lows in spring-summer 2020.

If commodity prices average levels of 2019 in 2021 the company trades at a free cash flow yield above 20% or an EV/EBIT below 6x. From a sum-of-the-parts perspective, the company owns stakes in two listed companies, which are worth almost 40% of enterprise value.

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About the instructor:

Samir Mohamed started with value investing in 1999 and manages a private family fund, full time since 2016. He focuses on good businesses with temporary problems and suppressed stock prices. Samir enjoys collaborating with other value investors regularly via in-person meetings or Skype calls. He was global head of the product management teams of a 170 Mio. EUR industrial business at Siemens. He worked at Siemens for 13 years. Samir has a master’s degree in Management, Technology, and Economics and a bachelor’s degree in material science, both from ETH Zurich.

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.

CVS, UnitedHealth, Anthem: Strong Free Cash Flow, Attractively Valued

January 16, 2021 in Audio, Best Ideas 2021, Diary, Equities, Health Care, Ideas, Large Cap, North America, Transcripts

Jeff Auxier of Auxier Asset Management discussed his investment thesis on selected companies in the healthcare sector, including CVS (US: CVS), UnitedHealth (US: UNH), and Anthem (US: ANTM) at Best Ideas 2021.

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About the instructor:

Jeff Auxier began lessons in finance early–at age 11, mowing the lawn of Robert Pamplin Senior the former long-time CEO of Georgia Pacific and recipient of the “World’s Top CEO Award”. Mr. Pamplin tutored Jeff on living a life of ethics. As Jeff puts it, “Mr. Pamplin always put his shareholders first and believed business should be transparent. He said the language of business is accounting, and that if you can’t speak the language, you can’t make money.” In 1981, Jeff graduated with honors from the University of Oregon with a degree in Finance and an emphasis on accounting. Immediately, Jeff began calling or personally meeting with some of his investment heroes, long before they became today’s financial rock stars. Names like Warren Buffett. Not yet known as the Oracle of Omaha, Mr. Buffett graciously took several of Jeff’s calls and offered advice, most notably, “Number one don’t lose your principal and number two, never violate the first rule.” To this day, the cornerstone of the Auxier Focus Fund is respect for the power of compounding.

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.

Daily Journal: Downside Protection, Underappreciated Tech Upside

January 15, 2021 in Audio, Best Ideas 2021, Diary, Equities, Ideas, North America, Small Cap

Matthew Peterson of Peterson Capital Management presented his in-depth investment thesis on The Daily Journal Corp. (US: DJCO) at Best Ideas 2021.

Replay Matt’s original presentation on DJCO from January 2019.

Replay this LIVE session (streamed on January 15):

slide presentation audio recording

About the instructor:

Matthew Peterson is the Managing Partner of Peterson Capital Management, LLC, a concentrated, long-term, value-based fund with a ten year track record and over 15% annualized returns. Matthew has been working as a financial professional for two decades. Prior to forming Peterson Capital Management, Matthew split time between Wall Street and London as Capital Markets Manager at Diamond Management and Technology Consultants with expertise spanning risk management and derivative processing. His experience includes working with global financial services firms including Goldman Sachs, Morgan Stanley, Merrill Lynch, American Express, and Ameriprise Financial. In 2010, Matthew left Wall Street to launch his fund in Los Angeles. In 2020 he relocated to Austin, Texas. Matthew holds a Chartered Financial Analyst (CFA) designation. He earned his Bachelor of Science in economics and minor in mathematics from the University of Puget Sound. Matthew has lived and worked in China, England, and the United States.

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.

Bluebird Bio, Renalytix: Healthcare Innovators Riding Major Tailwinds

January 15, 2021 in Audio, Best Ideas 2021, Best Ideas 2021 Featured, Diary, Equities, Health Care, Ideas, Mid Cap, North America, Small Cap, Transcripts

Peter Mantas of Logos LP presented his thesis on the sector tailwinds in healthcare and biotech as well as his investment theses on Bluebird Bio (US: BLUE) and Renalytix (US: RNLX) at Best Ideas 2021.

Thesis summary:

Peter believes that disruptive innovation will be the most fundamental driver of growth over the next decade as technological breakthroughs create new markets. There are three key themes: 1) virtualization of the economy (including healthcare), 2) the rise of the emerging market millennial, and 3) mission critical cloud computing, which encapsulate some of the investment opportunities presented by next-generation innovation.

Although market action in 2020 has been difficult for many to understand, Peter believes the best opportunities for 2021 will be within the healthcare sector as the drive to extend and enhance the quality of human and other life will accelerate in the post-Covid world.

Healthcare innovation companies Peter likes include Renalytix AI (US: RNLX), Bluebird Bio (US: BLUE), and Adverum Biotechnologies (US: ADVM). An honorable mention, which sits at the intersection of the three themes above, is Kingsoft Cloud Holdings (US: KC).

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About the instructor:

Peter Mantas serves as a general partner of Toronto-based private firm Logos LP. Peter has an assortment of business experience at global institutions and has been involved in a variety of private and public equity transactions in addition to leading a proprietary trading team for a boutique desk. Prior to this, he held various economic research positions at the Export Development Bank of Canada, Statistics Canada and other various federal government departments. Peter has both an LL.B. and B.C.L. from McGill University’s Faculty of Law. Prior to studying law he obtained an Honours Baccalaureate in Commerce, Magna Cum Laude, from the University of Ottawa, Telfer School of Management, where he received several awards of excellence.

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.

NVR: Capital-Returning Compounder With Long Homebuilding Runway

January 15, 2021 in Audio, Best Ideas 2021, Best Ideas 2021 Featured, Consumer Discretionary, Diary, Equities, Ideas, Large Cap, North America, Transcripts

Stephen Dodson of Bretton Fund presented his in-depth investment thesis on NVR, Inc. (US: NVR) at Best Ideas 2021.

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About the instructor:

Stephen Dodson founded the Bretton Fund in 2010 and serves as its president and portfolio manager. Prior to founding Bretton, Stephen was with Parnassus Investments, a San Francisco–based investment manager. Stephen was with Parnassus from 2002 to 2008 and served in a number of areas within the firm, including portfolio manager and president. In 2008, Institutional Investor News named him one of the 20 Rising Stars of Mutual Funds. Prior to Parnassus, he worked for the venture capital group of Advent International, a private equity firm, and was an investment banker for Morgan Stanley in New York and Menlo Park. He holds a BS in business administration from the University of California, Berkeley.

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.

CDON: E-Commerce Marketplace Spinoff With Insider Buying

January 15, 2021 in Audio, Best Ideas 2021, Best Ideas 2021 Featured, Consumer Discretionary, Diary, Equities, Europe, Ideas, Small Cap, Transcripts

Brad Hathaway of Far View Capital Management presented his in-depth investment thesis on CDON (Sweden: CDON) at Best Ideas 2021.

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About the instructor:

Brad Hathaway is the Managing Partner of Far View Capital Management, an investment firm based in Aspen, Colorado. Before founding Far View Capital Management in 2011, Mr. Hathaway worked for four years at J. Goldman & Company, a New York City-based hedge fund. At J. Goldman, Mr. Hathaway worked as an analyst and a portfolio manager on the firm’s value team. His role there included sourcing and analyzing investment opportunities and managing a portfolio of global securities from multiple asset classes with a focus on US publicly-traded equities. Prior to J. Goldman, Mr. Hathaway worked for three years as an analyst at Tocqueville Asset Management where he discovered and researched global long and short equity investments for the International Value mutual fund and the Global Partners hedge fund. Mr. Hathaway graduated with a B.A. in Political Science from Yale University.

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.

Nutrien: Low-Cost Producer of Potassium and Nitrogen Fertilizers

January 15, 2021 in Audio, Best Ideas 2021, Best Ideas 2021 Featured, Diary, Equities, Ideas, Large Cap, North America, Transcripts

Steven Gorelik of Firebird Management presented his in-depth investment thesis on Nutrien (US: NTR) at Best Ideas 2021.

Thesis summary:

Nutrien is a vertically integrated fertilizer producer formed in 2018 as a result of a merger of Agrium and Potash Corp. Today, Nutrien is one of the lowest-cost producers of potassium and nitrogen-based fertilizers, benefiting from unique geology and low price of North American natural gas.

Unlike other commodity companies that tend to misallocate capital, Nutrien is investing incremental cash into value-accretive expansion of its global retail network. While fertilizer prices are near multi-year lows, increasing demand and tailwind from the weakening US dollar should bring them back to the historical averages.

Steve estimates that Nutrien trades at a 25% normalized free cash flow yield and is worth at least double the recent market price.

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About the instructor:

In addition to being Head of Research at Firebird Management, Steve Gorelik is the Lead Fund Manager of Firebird U.S. Value Fund as well as portfolio manager of Firebird’s Eastern Europe and Russia Funds. He joined Firebird in 2005 from Columbia University Graduate School of Business while completing education from a highly selective Value Investing Program. Prior to business school, Steve was an operational strategy consultant at Deloitte working with companies in various industries including banking, healthcare, and retail. He holds a BS degree from Carnegie Mellon University as well as a CFA (chartered financial analyst) charter and a membership in Beta Gamma Sigma honor society. Steve serves on the boards of Georgia Beverage Holdings (Georgia), Arco Vara (Estonia), and Pharmsynthez (Russia). He speaks Russian, English and his native Belarussian.

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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