We just relaunched my website, https://t.co/veDZHJobjr. I am often asked where readers can access past material. Mayur Jain did an incredible job of assembling old work, which you can find in the “Writing” section. My youngest son Patrick built this, taking over from @amaub.
— Michael Mauboussin (@mjmauboussin)
Jun 28, 2022
Cellebrite: Subscription-Based Business With Secular Tailwinds
June 28, 2022 in Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts, Wide Moat, Wide-Moat Investing Summit 2022, Wide-Moat Investing Summit 2022 FeaturedScott Miller of Greenhaven Road Capital presented his in-depth investment thesis on Cellebrite (US: CLBT) at Wide-Moat Investing Summit 2022.
Thesis summary:
Cellebrite, an Israel-based SPAC, is quantitatively inexpensive for a subscription-based business.
Scott views Cellebrite as a qualitatively attractive business with secular tailwinds and scale advantages, making it worth to “hold your nose” and venture into SPAC land.
Replay this LIVE session:
slide presentation audio recording
About the instructor:
Scott Miller is the founder of Greenhaven Road Capital, a boutique investment partnership that seeks out off the beaten path investments, modeled after the early Buffett partnerships. The firm is built on the belief that a focused investment manager can outperform an index by limiting fund capacity and by concentrating exposure on a few great ideas over a long time horizon. Experience as an owner-operator of businesses influence Greenhaven’s approach towards partially-owning companies rather than merely picking stocks. Prior to founding Greenhaven Road, Scott co-founded Acelero Learning, serving in a variety of roles over a decade from CFO to CTO, to Chief Strategy Officer to his current role of Board Member. Acelero Learning has grown from three people in an office “cube” in New York City to 1,500 employees serving 5,000 children across four states. Additionally, Scott managed a manufacturing business, with responsibility for hiring, firing, planning inventory, negotiating with suppliers and acquiring customers at a reasonable cost. Scott holds an MBA and a Masters in Education from Stanford 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.
FlatexDegiro: Competitively Advantaged Low-Cost Online Broker
June 28, 2022 in Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts, Transcripts, Wide Moat, Wide-Moat Investing Summit 2022, Wide-Moat Investing Summit 2022 FeaturedJohn Woodman of Southeastern Asset Management presented his in-depth investment thesis on FlatexDegiro AG (Germany: FTK) at Wide-Moat Investing Summit 2022.
Thesis summary:
FlatexDegiro is a competitively advantaged lowest-cost online broker with owned in-house technology.
The business generates strong customer growth from underpenetrated European broking markets and offline legacy incumbents. It has a highly scalable model with strong incremental margins, generating impressive returns on customer acquisition costs. John sees opportunity for increased customer wallet penetration via joint ventures in adjacent products.
The shares recently traded at a P/E of 9x despite a high-growth, cash generative, competitively advantaged business. This represents a discount to the peer group of more than 50% and is well below John’s estimate of long-term intrinsic value.
Finally, FlatexDegiro represents a potentially attractive M&A asset for financial institutions or private equity buyers.
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:
John Woodman joined Southeastern’s London office in 2016 and is a Senior Analyst and co-portfolio manager of our Concentrated European Strategy. He has 20 years of investment experience and previously held roles as Senior Vice President of the Certification and Business Enhancement division for SGS in New York, Executive Director at Goldman Sachs in the Global Research division in London, and Vice President at Citigroup in London. Mr. Woodman received his bachelor’s degree in Geography and Environmental Science from the University of Oxford.
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.
Trulieve Cannabis: Well-Managed, Dominant Multi-State Operator
June 28, 2022 in Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts, Wide Moat, Wide-Moat Investing Summit 2022, Wide-Moat Investing Summit 2022 FeaturedHunter Hayes of Intrepid Capital Management presented his investment thesis on Trulieve Cannabis (Canada: TRUL) at Wide-Moat Investing Summit 2022.
Hunter originally presented his thesis at Wide-Moat Investing Summit 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 instructor:
Hunter Hayes is a Portfolio Manager and Head of Fixed Income at Intrepid Capital Management. Prior to joining Intrepid Capital, he was an Associate on the High Yield team at Eaton Vance and a Consultant at Deloitte Advisory. Mr. Hayes graduated from Auburn University with a BS BA degree in Finance and a BM degree in Piano Performance. Besides his passion for value investing, Hunter is also an avid runner and musician.
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.
IIPR: Leading Provider of Real Estate Capital for Regulated Cannabis Industry
June 27, 2022 in Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts, Wide Moat, Wide-Moat Investing Summit 2022Todd Sullivan of Cannapreneur Partners presented his thesis on Innovative Industrial Properties (US: IIPR) at Wide-Moat Investing Summit 2022.
Todd originally presented his thesis at Best Ideas 2019.
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:
Todd Sullivan is a serial entrepreneur who founded his first business in 1986 at the age of 18. Since then, he has been involved in entrepreneurial businesses either as an investor, advisor, or founder/employee, his entire working life. Mr. Sullivan is currently the owner of ValuePlays and former general partner in Rand Strategic Partners a long/short hedge fund. In 2016, as cannabis was legalized in Massachusetts, he began to research the opportunity. After reviewing data on the undeniable positive societal impacts cannabis legalization made, Mr. Sullivan became convinced of the incredible long-term investment opportunity. He joined Cannapreneur in 2019 as an investor and his group quickly became the largest outside shareholder of the company. In 2020 Mr. Sullivan joined the company in a permanent role.
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.
Sarana Menara Nusantara: Growing Tower Business With Strong ROI
June 27, 2022 in Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts, Wide Moat, Wide-Moat Investing Summit 2022, Wide-Moat Investing Summit 2022 FeaturedPatricia Perez-Coutts of PenderFund Capital Management discussed her approach to investing in emerging markets and presented her thesis on Sarana Menara Nusantara (Indonesia: TOWR) at Wide-Moat Investing Summit 2022.
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:
Patricia Perez-Coutts joined Pender in January 2022 as a Portfolio Manager. Patricia has over 30 years of experience managing emerging markets equities for retail, high net-worth and institutional clients worldwide. Prior to joining Pender, Patricia was a Senior Vice President and Portfolio Manager at a US-based asset management firm since 2012, where she led a team of analysts responsible for managing global and emerging markets equity strategies. Prior to that, she worked for over ten years at a Canadian investment solutions firm, where she was Lead Portfolio Manager of the firm’s emerging markets equity strategies. Throughout her career, she has received numerous industry awards, including six consecutive Morningstar Canadian Investment Awards as lead Portfolio Manager. She is also an impact investor, chairs the boards of two Canadian organizations and is a philanthropist. Patricia holds a Bachelor of Arts in Economics from Pontificia Universidad Católica de Perú and a Bachelor of Arts in Mathematics for Commerce from York University. She has also earned her Chartered Financial Analyst (CFA) designation in 2000. In her free time, she enjoys an active lifestyle and spending time with her two sons.
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.
S2E38: Evolution of Distress | Investor Fatigue and Mental Exhaustion
June 21, 2022 in Audio, Podcast, This Week in Intelligent InvestingIt’s a pleasure to share with you Season 2 Episode 38 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 Phil Ordway, Elliot Turner, and John Mihaljevic discuss
- how the likelihood of financial distress has evolved since the financial crisis of 2008, and
- the mental exhaustion and fatigue many investors feel as a result of the experience of the past few years.
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. [dkpdf-remove][/dkpdf-remove]
Delighted to share a special episode:
@NonGaap joins @pcordway and @ElliotTurn to share secrets gleaned from rigorous proxy analysis, thoughts on the maturation cycle of recent IPOs, and a trick to decipher whether management is truly aligned.
Enjoy!
https://t.co/BBljiDafyF— This Week in Intelligent Investing (@twiii_podcast)
Jun 11, 2022
Arcosa: Recent Spinoff, Undergoing Positive Business Transformation
June 14, 2022 in Audio, Best Ideas 2022, Discover Great Ideas Podcast, Equities, Ideas, Member PodcastsSam Sheldon of Punch & Associates Investment Management presented his investment thesis on Arcosa (US: ACA) at Best Ideas 2022.
Thesis summary:
Arcosa, a recent spinoff, is an infrastructure products business undergoing a business transformation that should result in a simpler, less cyclical operation.
Management is using cash flows and their underlevered balance sheet to acquire aggregates businesses in growing markets across the Southern United States while positioning its more cyclical business segments for eventual sales.
The shares trade at multiples below peer averages, and Sam believes the business is well-positioned to benefit from increased infrastructure spending and a recovery in several segments that are near the bottom of their cycles.
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:
Sam Sheldon joined Punch & Associates as an intern in June of 2016, while attending the University of St. Thomas where he also lead the University’s Investment Club. After graduating in May of 2018 with a BA in Financial Management, he joined the team full-time as an investment research analyst. In his free time, Sam enjoys boating on White Bear Lake, cheering for the Green Bay Packers and playing an occasional round of golf.
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.
S2E37 SPECIAL: Mike @nongaap Puangmalai on Deep Corporate Governance Analysis
June 14, 2022 in Audio, Podcast, This Week in Intelligent InvestingIt’s a pleasure to share with you Season 2 Episode 37 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 special episode, Mike “@nongaap” Puangmalai, Resident Artist at WCM Investment Management, joins Phil and Elliot to share the origin story behind his insights into corporate governance, which led to the “Dark Arts” series and an investment process built around analyzing corporate governance. Mike shares some of the secrets he learned from rigorous proxy analysis, his thoughts on the maturation cycle of recently public companies, and the one most valuable trick investors can deploy today to decipher whether a management team is truly aligned with investors.
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. [dkpdf-remove][/dkpdf-remove]