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Konoike Transport: Attractively Valued Outsourcing Services Provider

April 15, 2022 in Asia, Asian Investing Summit 2022, Audio, Equities, Ideas, Macro

Alexander Kinmont of Milestone Asset Management discussed value investing in Japan and presented his investment thesis on Konoike Transport Co Ltd (Tokyo: 9025) at Asian Investing Summit 2022.

Alex’s discussion of Konoike starts around the 22:50 mark in the audio file below.

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About the instructor:

Alexander Kinmont is the CEO of Milestone Asset Management, a Tokyo-based independent asset manager. Milestone offers both long-only and long-short value strategies to institutional investors. It does not employ leverage. Milestone is focused on valuation discrepancies, not just statistically inexpensive stocks. It is guided by a value philosophy which emphasizes minimising the risk of permanent loss of capital. Prior to starting Milestone, Alex headed Japan equity strategy at Morgan Stanley MUFG in Tokyo. He began his career at Daiichi Securities in 1985. Alex graduated from the University of Oxford with a Masters Degree in Literae Humaniores (Latin and Greek Literature and Ancient History) and is fluent in Japanese.

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.

S2E29: Investing in the Energy Sector

April 12, 2022 in Audio, Podcast, This Week in Intelligent Investing

It’s a pleasure to share with you Season 2 Episode 29 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 Elliot Turner, Phil Ordway, and John Mihaljevic discuss the energy sector as a source of opportunities and challenges for intelligent investing.

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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]

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Phoenix Mills: Mixed-Use Real Estate Owner With Good Capital Allocation

April 9, 2022 in Asia, Asian Investing Summit 2022, Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts

Ayaz Motiwala of Amala Emerging Asia Fund presented his investment thesis on Phoenix Mills Limited (India: PHOENIXLTD) at Asian Investing Summit 2022.

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About the instructor:

Ayaz Motiwala is an investment professional with two and half decades of experience. He currently manages The Amala Emerging Asia Fund as part of Nivalis Partners Hong Kong. Ayaz is also the co-founder of QRC Investment Advisors LLP which is a SEBI licenced portfolio management services company based out of Mumbai, India. Previously, he served as an advisor to Motiwala Capital, a registered investment advisor founded by his brother Adib Motiwala in Dallas, Texas. Ayaz’s previous experience includes roles with Samena Capital, a special situations fund based in Hong Kong, as well as Highbridge Capital Management HK, where he ran a portfolio for India and ASEAN markets while also contributing ideas to the Asia Opportunities 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.

Holding Companies in India: A Strategy for Portfolio Diversification

April 9, 2022 in Asia, Asian Investing Summit 2022, Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts

Amit Kumar of HDFC Securities Limited presented his investment thesis on holding companies in India at Asian Investing Summit 2022.

Amit discussed two examples as part of his presentation: Maharashtra Scooters (India: MAHSCOOTER), affiliated with the Bajaj group of companies; and Kama Holdings (India: KAMAHOLD), affiliated with SRF Ltd.

The full session is available exclusively to members of MOI Global.

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About the instructor:

Amit Kumar, CFA has twelve years of experience in financial analysis, investment research, and corporate banking. He focuses on researching mid- and small-cap stocks in the Indian market. He looks for sustainable earning growths and healthy return on equity. He holds an MBA (finance) degree from XLRI Jamshedpur. His graduation was in the field of production engineering from NIT Trichy, a top engineering colleges in India. Apart from investment research, his hobby is long-distance running. He is part of Striders, a leading running club in Mumbai and has completed dozens of half marathons.

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.

Mongolia: Three Investment Ideas to Access This Growing Frontier Market

April 9, 2022 in Asia, Asian Investing Summit 2022, Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts, Transcripts

Isaac Schwartz of Robotti & Company presented his thesis on Mongolia and three associated investment opportunities at Asian Investing Summit 2022.

Isaac discussed Turquoise Hill Resources (Canada/US: TRQ), APU Company (Mongolia: APU), and HS Holdings (Japan: 8699).

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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:

Isaac Schwartz is a portfolio manager for Robotti & Company Advisors LLC. Isaac seeks to find undervalued stocks around the world. Some of his favorite areas of research are ecommerce, financial services, and Asian frontier markets. Prior to joining Robotti & Company, Isaac worked for Schiff’s Insurance Observer, an investigative journal about the property-casualty insurance industry.

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.

Wonderla Holidays: Well-Run Business to Benefit Strongly Post-Pandemic

April 8, 2022 in Asia, Asian Investing Summit 2022, Asian Investing Summit 2022 Featured, Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts, Transcripts

Amey Kulkarni of Candor Investing presented his investment thesis on Wonderla Holidays (India: WONDERLA) at Asian Investing Summit 2022.

Thesis summary:

Wonderla Holidays is India’s largest amusement park operator. The business is getting back on its feet after a disastrous two years during the pandemic. Wonderla is a well-run, debt-free business with high operating leverage.

With the pandemic becoming an endemic, people are likely to embrace tourism. Wonderla should benefit disproportionately from this “revenge tourism”.

What looks like a mediocre business based on recent financials will start looking like a highly profitable business due to high operating leverage in the business.

Wonderla shares recently traded near replacement cost.

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:

Amey Kulkarni operates a boutique investment advisory that partners with select individuals and family offices in their journey of wealth creation through investments in the Indian equity markets.

Amey worked in the corporate sector for a decade with experience spanning across India, Europe and African markets. Amey has also worked closely with the top management of L&T (Chairman’s office) and the MD&CEO office at Jindal Steel & Power handling responsibilities of corporate strategy and business planning. Having gained unique insights into the internal workings of large diversified businesses from close quarters, Amey now applies the learnings to run an investment fund at Candor Investing.

At Candor Investing, Amey invests in companies that don’t require external capital, have the ability to grow for a long time and are run by honest and hungry management. Being passionate about sharing the learnings and insights gained out of his investment experience, Amey occasionally takes up visiting faculty assignments at various Indian business schools. He is also a contributing author to the Moneylife Magazine which is renowned for pointing out corporate governance issues and championing investor awareness campaigns.

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.

A Review of Ben Graham’s Value Investing Strategy: “Net Nets”

April 8, 2022 in Asia, Asian Investing Summit 2022, Audio, Equities, Ideas, Invest Intelligently Podcast, Member Podcasts, Transcripts

Gaurang Merani of Global Investing Insight presented his research findings into the practical replicability of Ben Graham’s famous “net-net” value investing strategy at Asian Investing Summit 2022.

Presentation summary:

Benjamin Graham developed an investment strategy that involved purchasing securities for less than their “current-asset value”, “a rough index of the liquidating value”.

Gaurang uncovered ten research papers that examined the returns achieved by investing in such securities which were conducted over a number of decades and across various geographies. In general, the research found that the strategy generated a remarkable level of outperformance.

Gaurang’s objective was to answer the question, “Could the returns reported in the research have been achieved by an investor in practice?” To meet this objective, Gaurang developed a methodology to analyze the evidence and determine its reliability.

Gaurang found that each of the studies suffered, or may have potentially suffered, from a number of biases which adversely impacted the reliability of the results contained therein. He therefore concluded that, in essence, a practitioner could not have achieved the returns reported in the research.

Lastly, Gaurang touched on the implications of his findings for practitioners of the investment strategy, as well as for evidence-based investors at large.

The full session is available exclusively to members of MOI Global.

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About the instructor:

After nearly 15 years in corporate finance, forensic accounting and financial risk management Gaurang focused his attention on global equity research and portfolio management. He expended many thousands of hours over a number of years researching finance, investing and human behaviour. The result of his research effort, which is continually ongoing, was the development and implementation of two systematic investment strategies: “Quantitative Deep Value” and “Quantitative Value with Momentum”. He uses the aforementioned strategies to manage the capital of High Net Worth Individuals (HNWIs), friends, family and himself. Interestingly, one of his European based HNWIs has a history of identifying asset managers at the commencement of their careers who have subsequently gone on to produce enviable track records.

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.

KRBL: Well-Run Basmati Rice Leader With Mindset of Profitable Growth

April 8, 2022 in Asia, Asian Investing Summit 2022, Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts

VP Rajesh of Banyan Capital Advisors presented his investment thesis on KRBL Limited (India: KRBL) at Asian Investing Summit 2022.

Listen to this session:

slide presentation audio recording

About the instructor:

V.P. Rajesh has been in the capital markets since 1991, first as an IT consultant (at Citicorp Overseas Software) and then as an Investment Banker for over 10 years specializing in mergers and acquisitions. During his banking career with J.P. Morgan Chase, Deutsche Bank, Piper Jaffray and Thomas Weisel Partners in New York and San Francisco, he focused on technology, media, telecom and healthcare sectors and completed transactions worth over $27 billion. V.P. relocated to India in July 2007 and started re-investing in the Indian stock market from March 2008 onward. He started Banyan Capital Advisors in New Delhi in November 2011 to manage outside capital using investment principles espoused by likes of Graham, Buffett, Munger, Klarman and Lynch. V.P. is an MBA from the University of Michigan’s Ross Business School with a distinction and has a B.E. (Hons.) degree from BITS, Pilani, India.

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.

Kina: Misunderstood Owner of 2nd-Largest Bank in Papua New Guinea

April 8, 2022 in Asia, Asian Investing Summit 2022, Asian Investing Summit 2022 Featured, Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts, Transcripts

Florian Weidinger of Santa Lucia Asset Management presented his investment thesis on Kina Securities (Australia: KSL) at Asian Investing Summit 2022.

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About the instructor:

Florian Weidinger is the CEO of Santa Lucia Asset Management (SLAM), a pan-Asian Singapore-based investment management business. Prior, he was the founder of Hansabay a specialist in active engagement and special situation investing, and one of the early adopters of the PRI Principles for Responsible Investment in Singapore. Hansabay contributed its activities into SLAM during 2021. Earlier in his career, Florian Weidinger was a vice president at Lehman Brothers where he last worked for the insolvency administration, after several years with the risk arbitrage, principal investing and investment banking divisions in London. Mr. Weidinger has sourced, managed and executed public and private investments in Europe, Africa and Asia, and across the capital structure. Strategies included event-driven, long/short, distressed/credit and special situations investing. Mr. Weidinger has held multiple board directorships across sectors, including in the public markets. Mr. Weidinger holds a BSc from City University London, an MBA from the Stanford Graduate School of Business, and an MS in Environment and Resources from Stanford University’s School of Earth Sciences.

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.

ARA US Hospitality REIT: Stong Recovery in Dividends and NAV Likely

April 8, 2022 in Asia, Asian Investing Summit 2022, Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts, Transcripts

Peter Kennan of Black Crane Capital presented his investment thesis on ARA US Hospitality REIT (Singapore: XZL) at Asian Investing Summit 2022.

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About the instructor:

Peter Kennan is the founder of Black Crane Capital. Prior to founding Black Crane in 2009, Peter was a leading corporate financier with UBS Asia Pacific. He has 25 years of investment and corporate finance experience across a diverse range of sectors and transactions. With UBS, Peter was Head of Asian Industrials Group for UBS Asia, a corporate finance sector team covering energy, infrastructure, resources, consumer/retail and general industrial companies. He achieved number 1 team rating in Asia in 2006 and 2007. Peter was also the Head of Telecoms and Media sector team for UBS Australia specializing in M&A, advising on many large, complex transactions. Prior to UBS, Peter spent 7 years with BP in a variety of engineering and commercial roles.

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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