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S2E19: The Inflation Debate | Investing in Unprofitable Companies

January 25, 2022 in Audio, Podcast, This Week in Intelligent Investing

It’s a pleasure to share with you Season 2 Episode 19 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, Elliot Turner, Phil Ordway, and John Mihaljevic

  • the inflation debate, and whether the word “transitory” still has relevance; and
  • investing in unprofitable companies.

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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Professor Sanjay Bakshi Discusses His Philosophy on Investing and Life

January 22, 2022 in Asian Investing Summit 2022, Audio, Equities, Featured, Full Video, Ideas, Interviews, Invest Intelligently Podcast, Member Podcasts, Podcast, Transcripts

We had the pleasure of speaking with Professor Sanjay Bakshi, Managing Partner at ValueQuest Capital LLP and Distinguished Adjunct Professor at Flame University in India.

The interview was conducted by MOI Global contributor Rohith Potti.

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Prof. Sanjay Bakshi is one of India’s best-recognised professors in the field of value investing and behavioural finance. He has taught at various prestigious institutions including at MDI Gurgaon where he was elected by students as Best Professor for eleven years. At FLAME, he will not only teach in his area of expertise but also create innovative courses that will combine disciplines in the true spirit of interdisciplinarity. He is a successful practitioner of value investing in India for more than 25 years and is currently the Managing Partner at ValueQuest Capital LLP, an investment boutique which advises a few large family offices in India as well as an offshore fund.

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.

Aviation Finance: Interviews with the CEOs of AerCap, Air Lease, Others

January 22, 2022 in Audio, Curated, Document, Europe, Financials, Full Video, Industry Primers, Interviews, Transportation

We are pleased to share with you research into aircraft leasing and conversations with the CEOs of some of the most significant companies in the space.

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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:

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.

S2E18: Lessons from Lou Simpson | Lumpy 15% ＞ Smooth 12%

January 18, 2022 in Audio, Podcast, This Week in Intelligent Investing

It’s a pleasure to share with you Season 2 Episode 18 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!

download audio recording

In this episode, Phil Ordway, Elliot Turner, and John Mihaljevic discuss

  • investing and life lessons learned from the late Lou Simpson; and
  • Buffett’s quote, “Charlie (Munger) and I would much rather earn a lumpy 15 percent over time than a smooth 12 percent.

Related Links

Lessons from the late Lou Simpson, referenced by Phil

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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Rent-A-Center: Transformed Into High-Growth Fintech Platform

January 15, 2022 in Audio, Best Ideas 2022, Best Ideas 2022 Featured, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts, Transcripts

Chris Colvin of Breach Inlet Capital presented his investment thesis on Rent-A-Center (US: RCII) at Best Ideas 2022.

Thesis summary:

Rent-A-Center has transformed into a high-growth fintech platform with leading market share, a pristine balance sheet, and proven leadership. Yet, RCII trades for ~6x run-rate FCF, so the company repurchased $250 million (~7% of market cap) late last year and announced another $500 million buyback.

RCII offers brand-name household products to credit-constrained consumers through lease-to-own agreements. Historically, RCII primarily leased products through its own bricks-and-mortar stores.

Following its acquisition of Acima last February, digital sources now represent more than 50% of RCII’s revenue. Acima is a virtual lease-to-own business so leases products through partner retailers’ stores and websites, such as Wayfair and Ashley’s Furniture. Acima grew EBITDA at a ~175% four-year CAGR, yet RCII paid only ~10x FCF or ~7x EBITDA. RCII not only acquired a great business for a great price, Acima also enhances RCII’s growth profile, catapults RCII to clear industry leader, and widens RCII’s moat. RCII provided 2023 targets that imply profits will double from pro forma 2020.

Chris has expressed confidence in RCII’s management. CEO Mitch Fadel returned as CEO in 2018 and then quadrupled EBITDA while repaying all debt by 2020. Mitch is aligned with shareholders and is supported by Acima’s founder (Aaron Allred) plus an impressive fintech executive (Jay Hogg).

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:

Chris Colvin, CFA, is the Founder of Breach Inlet Capital. Prior to Breach Inlet, he was the Portfolio Manager at Freeman Group (a family office), where he launched and managed a concentrated public markets portfolio. He also led diligence and was a board member for private equity investments. Before Freeman, he was a Senior Analyst at Highland Capital Management, where he managed a portfolio of distressed credits and a long/short equity fund. He began his career as an investment banking analyst at Stephens, where he also helped evaluate private equity investments. He graduated from Wake Forest University with a BS in Business.

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.

Innovate: SOTP Bargain, With Catalysts and Insider Buying

January 15, 2022 in Audio, Best Ideas 2022, Best Ideas 2022 Featured, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts

Nitin Sacheti of ARS Investment Partners / Papyrus Capital presented his investment thesis on Innovate Corp. (US: VATE) at Best Ideas 2022.

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:

Nitin Sacheti is a Portfolio Manager at ARS Investment Partners where he runs the Papyrus Capital long/short fund and sits on the investment policy committee for the firm’s Focused All Cap and Core Strategies.

Mr. Sacheti is the author of “”Downside Protection: Process and Tenets for Short Selling in All Market Environments”” and has appeared numerous times in Forbes and on the TD Ameritrade Network.

Prior to joining ARS, Mr. Sacheti founded Papyrus Capital and beforehand, was a Senior Analyst/Principal with Equity Contribution at Charter Bridge Capital where he managed the firm’s investments in the technology, media and telecom sectors as well as select consumer investments.

Previously, Mr. Sacheti was a Senior Analyst at Cobalt Capital, managing the firm’s technology, media and telecom investments and at Tiger Europe Management. Mr. Sacheti began his investment career in 2006 at Ampere Capital Management, a consumer, media, telecom and technology focused investment firm, initially as a Junior Analyst, later becoming Assistant Portfolio Manager.

He graduated from the University of Chicago with a BA in Economics, was a visiting undergraduate student in Economics at Harvard University and attended the Loomis Chaffee School in Windsor, CT.

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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