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Copart and IAA: Salvage Auction Leaders With Attractive Economics

June 30, 2022 in Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts, Wide Moat, Wide-Moat Investing Summit 2022, Wide-Moat Investing Summit 2022 Featured

Stefan Culibrk of Highway One Asset Management presented his investment thesis on the vehicle salvage auctions industry, focusing on Copart (US: CPRT) and IAA (US: IAA), at Wide-Moat Investing Summit 2022.

Copart and IAA form an oligopoly in the salvage auction industry. In the following presentation, Stefan lays out the industry background, drivers, unit economics, and long-term outlook.

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About the instructor:

Stefan Culibrk co-founded Highway One Asset Management in 2019, with a goal of achieving a superior long-term rate of return on capital. Previously, Stefan served as managing partner of Culibrk Partnership. Before that, he was employed by Bank of America Merrill Lynch, London, an investment bank, where he was trading emerging market equities from 2013 to 2014. Prior to joining the equities division, Stefan interned in the foreign exchange trading department in 2012. Stefan received a Master in Finance degree from the IE Business School, Madrid, in 2012. He has been a CAIA charterholder since 2010.

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.

Intuit: Recurring Revenue Franchises, Strong Retention and Monetization

June 29, 2022 in Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts, Transcripts, Wide Moat, Wide-Moat Investing Summit 2022, Wide-Moat Investing Summit 2022 Featured

Dave Sather of Sather Financial Group presented his in-depth investment thesis on Intuit (US: INTU) at Wide-Moat Investing Summit 2022.

Thesis summary:

Intuit is a leading software company serving individuals as well as small- and mid-sized businesses via several strong franchises: Quickbooks and Mailchimp in the Small Business & Self-Employed Group; TurboTax and Mint in the Consumer Group; Credit Karma; and Pro-Connect.

Intuit has built a wide-moat business by exhibiting a laser focus on solving customer problems. For example, QuickBooks is an indispensable business and financial management platform for SMBs, covering accounting and bookkeeping, expense and inventory management, accounts payable and receivable, and payroll. QuickBooks enjoys dominant market share of 76% in U.S. small business software.

Other Intuit franchises are also strongly positioned due to their focus on solving customer problems. Additionally, major synergies exist between the various product families, especially in terms of  cross- and up-selling opportunities.

The company has a clean balance sheet, and GAAP accounting understates the earnings power of the business.

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About the instructor:

Dave Sather is a CFP and President of Sather Financial Group, a $1.3 billion firm managing individual accounts headquartered in Texas. Dave has degrees in business from Texas Lutheran University and Texas A&M University. Dave serves on the Board of Regents at Texas Lutheran University and chairs their Investment Committee. He developed and teaches the Bulldog Investment Company internship at Texas Lutheran University (www.BulldogInvestmentCo.com). This student managed investment fund has compounded at more than 16% per year over the last 13 years.

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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June 29, 2022 in Twitter

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 Featured

Scott 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.

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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 Featured

John 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.

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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 Featured

Hunter 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.

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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 2022

Todd 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.

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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 Featured

Patricia 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.

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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 Investing

It’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!

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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]
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