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Rapidly Shifting Business Models in Real Asset Industries

October 23, 2020 in Commentary, Document, Energy, Ideas, Letters

This article is excerpted from a letter authored by Will Thomson and Chip Russell, managing partners of Massif Capital, a value-oriented partnership focused on the small- and mid-cap space, with special attention on industrial and commodity-related businesses.

As the world seeks to reduce its carbon footprint, real asset industries face only one certainty: change. Business models for mining, energy, and heavy industrial companies are rapidly shifting, creating opportunity for investors in the space.

In our third quarter letter, we share some of the best examples of companies in our portfolio that are transitioning their business model to reduce carbon emissions.

Examples include a German company that is transitioning from one of Europe’s most polluting and carbon-intensive electric utilities into a leading renewable energy producer, a small-cap energy developer that could establish itself as a platform for financing projects that tap into South America’s nascent renewable energy market, and a minerals company that is recycling coal royalties into a newly formed subsidiary that will allocate capital to renewable projects.

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Opinions expressed herein by Massif Capital, LLC (Massif Capital) are not an investment recommendation and are not meant to be relied upon in investment decisions. Massif Capital’s opinions expressed herein address only select aspects of potential investment in securities of the companies mentioned and cannot be a substitute for comprehensive investment analysis. Any analysis presented herein is limited in scope, based on an incomplete set of information, and has limitations to its accuracy. Massif Capital recommends that potential and existing investors conduct thorough investment research of their own, including a detailed review of the companies’ regulatory filings, public statements, and competitors. Consulting a qualified investment adviser may be prudent. The information upon which this material is based and was obtained from sources believed to be reliable but has not been independently verified. Therefore, Massif Capital cannot guarantee its accuracy. Any opinions or estimates constitute Massif Capital’s best judgment as of the date of publication and are subject to change without notice. Massif Capital explicitly disclaims any liability that may arise from the use of this material; reliance upon information in this publication is at the sole discretion of the reader. Furthermore, under no circumstances is this publication an offer to sell or a solicitation to buy securities or services discussed herein.

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Ep. 13: Corp. Tax Code | Sports and Investing | AT&T Breakup Lessons

October 17, 2020 in Audio, Diary, Equities, Interviews, Podcast, This Week in Intelligent Investing

We are delighted to share with you Season 1 Episode 13 of This Week in Intelligent Investing, featuring Chris Bloomstran of Semper Augustus Investments Group, based in St. Louis, Missouri; Phil Ordway of Anabatic Investment Partners, based in Chicago, Illinois; and Elliot Turner of RGA Investment Advisors, based in Stamford, Connecticut.

Your host is John Mihaljevic, chairman of MOI Global.

Enjoy the conversation!

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In this episode, John hosts a discussion of:

The corporate tax code and the election: Chris Bloomstran talks potential changes to the corporate tax code and how the code changes from two years ago will change regardless of who wins the White House.

Sports/investing analogy: Phil Ordway invokes news of the RedBall SPAC acquiring a stake in Fenway Sports Group. Sports may be an example of how it is tougher to gain an analytical edge in most asset classes.

Applying lessons from the breakup of AT&T: Elliot Turner draws parallels between the AT&T breakup, the current state of antitrust, and considerations around a potential breakup of the big tech companies.

Related Links

Sports-related discussion:

Breakup of AT&T and today’s antitrust issues:

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Follow This Week in Intelligent Investing on Twitter.

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

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

About the Podcast Co-Hosts

Christopher P. Bloomstran, CFA , is the President and Chief Investment Officer of Semper Augustus Investments Group LLC. Chris has more than 25 years of investment experience with a value-driven approach to fundamental equity and industry research. At Semper Augustus, Chris directs all aspects of the firm’s research and portfolio management effort. Prior to forming Semper Augustus in 1998 – in the midst of the stock market and technology bubble – Chris was a Vice President and Portfolio Manager at UMB Investment Advisors. While at UMB Investment Advisors, Chris managed the Trust Investment offices in St. Louis and Denver. Among his investment duties at the firm, he managed the Scout Balanced Fund from the fund’s inception in 1995 until 1998, when he left to start Semper Augustus. Chris received his Bachelor of Science in Business Administration with an emphasis in Finance from the University of Colorado at Boulder, where he also played football. He earned his Chartered Financial Analyst (CFA) designation in 1994. Chris is a member of the CFA Society of St. Louis and of the CFA Institute. He has served on the Board of Directors of the CFA Society of St. Louis since 2002, where he was elected to sequential terms as Vice President from 2005 to 2006, President from 2006 to 2007 and Immediate Past President from 2007 to 2009. Chris has judged the Global Finals and the Americas Finals several times for CFA Institute’s University Global Investment Challenge. Chris served for a number of years as a member of the Bretton Woods Committee in Washington DC, an institution championing and raising awareness of the International Monetary Fund, the World Bank and the World Trade Organization. He has also served on various not-for profit boards in St. Louis. His resides in St. Louis with his wife and two children.

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.

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. [dkpdf-remove]
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Mynaric: Strategically Important Leader in Laser Communications

October 17, 2020 in Audio, Equities, Europe, European Investing Summit 2020, European Investing Summit 2020 Featured, Ideas, Information Technology, Micro Cap, Transcripts

Thomas Karlovits of Blackwall Capital Investment presented his investment thesis on Mynaric (Germany: M0Y) at European Investing Summit 2020.

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:

Thomas Karlovits founded Blackwall Capital in 2014, having worked in the equity research sector for over 23 years. From 2003 to 2014, Thomas was at Kepler Cheuvreux (Kepler Capital Markets prior to the takeover of Cheuvreux). Thomas most recently held the role of Head of European Equity Research from 2013, and was Deputy Head from 2007. During this time, Thomas was also in charge of investment strategy for the wider group. Between 2005 and 2007 Thomas headed the European Telecom sector. Thomas studied Business Administration and Economics at the University in Vienna.

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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