Plenty of overlap, but value investors at their core are financial analysts (think Bain Capital) while growth investors are first and foremost business analysts (think Bain & Company). Both approaches can work well. Know where you are most comfortable and lean into that skillset.
— John Mihaljevic (@JMihaljevic)
Feb 9, 2023
PINFRA: Concession Operator of Roads and Other Infrastructure
February 9, 2023 in Audio, Best Ideas 2023, Best Ideas 2023 Featured, Best Ideas Conference, Diary, Discover Great Ideas Podcast, Equities, Ideas, Member PodcastsFrancisco Carrillo of Mexico Value Partners presented his investment thesis on Promotora y Operadora de Infraestructura (Mexico: PINFRA) at Best Ideas 2023.
The full session is available exclusively to members of MOI Global.
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About the instructor:
Francisco Carrillo began his investment career some 25 years ago as an analyst at GBM Grupo Bursátil Mexicano. His tenure at GBM lasted close to ten years and he held various responsibilities during that time. After GBM, Carrillo co-founded Sabino Capital, a Mexico-based investment partnership. In 2012 he co-founded Mexico Value Partners, a Mexico-based investment partnership where he currently serves as Chief Investment Officer.
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.Clean Harbors: Scale-Advantaged Environmental Services Leader
February 9, 2023 in Audio, Best Ideas 2023, Best Ideas 2023 Featured, Best Ideas Conference, Diary, Discover Great Ideas Podcast, Equities, Ideas, Member PodcastsJohn Barr of Needham Funds presented his in-depth investment thesis on Clean Harbors (US: CLH) at Best Ideas 2023.
Thesis summary:
Clean Harbors is a leading hazardous waste environmental services firm in the US and may benefit from the reshoring of manufacturing. The company collects and refines used motor oil, roughly 16,000 barrels daily, and has advantages such as scarce hazardous waste incinerators and landfills not replicated by competitors in two decades. The industry is consolidating, offering the potential for improved efficiency and margins. Clean Harbors’ margins are lower compared to non-hazardous waste management peers but may expand due to economies of scale and entry barriers.
The full session is available exclusively to members of MOI Global.
Members, log in below to access the full session.
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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:
John Barr is a Co-Manager of the Needham Growth Fund (NEEGX). He has been its Co-Manager since January 2010. He also manages the Needham Aggressive Growth Fund (NEAGX). John started on Wall Street in 1995 with Needham as a sell-side analyst following technical software companies, including electronic design automation (EDA) companies. John rejoined Needham in 2009 because of the culture, which lives and breathes growth companies and long-term investing.
From 2000 – 2002, John was a managing director and senior analyst at Robertson Stephens, following semiconductor technology companies. He was an Institutional Investor All-Star and was ranked by Reuters as leader of one of the top software teams. In 2002 John moved to the buy-side and joined Buckingham Capital Management where he served as a portfolio manager and analyst for their diversified industry long/short domestic equity hedge fund.
John’s first career was outside of Wall Street, where he spent 14 years in sales, marketing and management, primarily in the EDA industry. Working in these small companies makes him think like an owner and to look for that trait in his investments. John loves the challenge of identifying businesses with compounding characteristics and getting to know the companies over the course of years. From his industry experience, he looks to invest in companies that he would have liked to have been part of.
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.🧵 highlighting ten investment ideas from Best Ideas 2023, the online summit hosted by @manualofideas
I shared these investment theses a couple of days ago at @GSpier’s fantastic @VALUExZH Klosters conference. Thank you, Guy, for bringing together such a great group of people!
— John Mihaljevic (@JMihaljevic)
Feb 4, 2023
S3E10: Beaten-Down, Money-Losing Growth Businesses
January 31, 2023 in Audio, Podcast, This Week in Intelligent InvestingIt’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!
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.
Related Link
- Link to the chart, referenced by Elliot
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.
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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. [dkpdf-remove][/dkpdf-remove]
Excited to participate in @GSpier’s one-of-a-kind @VALUExZH conference in Klosters this week. Just looked through the attendee list — a phenomenal group of investors and business builders. Will be fun!
— John Mihaljevic (@JMihaljevic)
Jan 29, 2023
In our new episode @ElliotTurn, @pcordway, @JMihaljevic discuss long-term investment opportunities among fast-growing but money-losing companies whose stock prices have declined precipitously over the past year. Enjoy!
https://t.co/RJQXkD6XfF— This Week in Intelligent Investing (@twiii_podcast)
Jan 29, 2023
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, TranscriptsElliot 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.
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 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.
You won’t find a book packed with more wisdom per page than this one. If you want to learn about investing or living an exceptional life, The Education of a Value Investor is a must read. https://t.co/FvgpBQ7eLL
— John Mihaljevic (@JMihaljevic)
Jan 23, 2023
In my second data post for 2023, I look at the actual returns on the US equities in 2022, putting them in historical context and tracing out how expected returns have changed as a consequence. https://t.co/kbWDWR34gL
— Aswath Damodaran (@AswathDamodaran)
Jan 22, 2023