The American Journal of Health Behavior has strong views on how money can corrupt the scientific process given it just took $51,000 from Juul to devote an entire issue to pro-vaping studies funded by the company.
https://t.co/Ay2ZPWJXoz https://t.co/zI1fv77FaN— John Arnold (@JohnArnoldFndtn)
Jul 6, 2021
Our Q2 letter is out now. It is called: “RISK. ANYBODY INTERESTED AT ALL?”
Read here: https://t.co/1P36jALQ6H https://t.co/aoletHuENU— Daniel Gladiš (@danielgladis)
Jul 5, 2021
Ep. 46: Daniel Kahneman’s “Noise” | Is Customer Acquisition Cost the New Rent?
June 29, 2021 in Audio, Podcast, This Week in Intelligent InvestingIt’s a pleasure to share with you Season 1 Episode 46 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, Phil Ordway, Elliot Turner, and John Mihaljevic discuss
- the idea of a noise audit in the investment process and Daniel Kahneman’s new book, “Noise: A Flaw in Human Judgment”; and
- whether customer acquisition cost (CAC) should be considered the new rent.
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]
We are pleased to share a profile of superinvestor Charles T. Akre, founder of Akre Capital Management, based in Middleburg, Virginia.
Chuck is widely admired in investing circles for his long-term track record of outperformance, based on an investment strategy that emphasizes business and management quality as well as a long-term time horizon.
This article has been read and approved by Chuck. It is authored by Alex Gilchrist, a research associate at MOI Global.
Members, log in below to access the restricted content.
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:
Marc Rubinstein on Disruption in the Money Transfer Business
June 23, 2021 in Audio, Commentary, Equities, Financials, Gain Industry Insights Podcast, Interviews, Member Podcasts, Net InterestWe had the pleasure of speaking with Marc Rubinstein, author of Net Interest, a financial sector newsletter, about his essay, Money Without Borders: A Peek Inside Wise.
Marc writes:
Two forces have shaped the economy over the past several decades: technology and globalisation. While fintech is usually a play on the former, Wise (formerly known as Transferwise) is a product of them both.
The company was founded in 2010 by two friends, Taavet Hinrikus and Kristo Käärmann. As origin stories go, theirs is well-rehearsed. The pair are originally from Estonia but met while working in London. Taavet had moved to the UK in 2006 in his role as director of strategy for Skype but continued to get paid in Estonian kroon. Kristo, a consultant at Deloitte, was paid in pounds, but needed Estonian kroon to make mortgage payments back home.
As anyone who’s tried will know, using the banking system to move money across borders can be a cumbersome process. Banks evolved to satisfy a mostly domestic customer base. A network of correspondent banks exists to facilitate cross-border payments but the number of intermediaries involved makes it slow and expensive.
Taavet and Kristo designed a simple alternative. Once a month they’d look up the GBP/EEK cross-rate on Reuters. Taavet would then transfer kroon to Kristo’s bank account in Estonia and Kristo would pay Taavet back in pounds. Both got the currency they needed at the prevailing rate without incurring any charges.
They soon realised that they were not the only two professionals in London with this problem. In 2010, there were nearly 4.5 million non-British nationals living in the UK, corresponding to around 8% of the population. The reverse numbers were also very high. Taavet had seen at Skype how a peer-to-peer system could disrupt telecommunications. With Kristo’s banking industry experience they resolved to do the same with currency exchange.
The two founders got regulatory approval and launched Transferwise at the beginning of 2011. Their timing was very good. Consumer groups were increasingly pushing back at the high level of fees UK consumers were paying for foreign currency. A complaint was lodged with the Office of Fair Trading about fees – estimated at £1 billion annually – as well as the lack of price transparency offered by the currency exchange services.
In its early days, Transferwise marketed itself as a ‘peer-to-peer currency exchange’. Customers were told they could exchange currency with peers at mid-market rates, with Transferwise acting as a trusted third party. Initially, fees were fixed at £1 per transaction. The first currency pair the company supported was GBP/EUR. (Estonia joined the Eurozone at the beginning of 2011, so the founders could still use their platform to send money back home.)
Within five months of launch, the platform had done £1 million of volume and in its first year, it did €10 million. Taavet and Kristo raised $1.3 million of seed funding to take them through 2012. Their plans were to develop a scalable customer acquisition strategy, expand the range of currencies and increase revenue per payment. The pitch deck they used is fun to look back on.
Read on or listen to our conversation (recorded on June 21, 2021):
This conversation is available as an episode of Gain Industry Insights, a member podcast of MOI Global. (Learn how to access member podcasts.)
About This Audio Series:
MOI Global is delighted to engage in illuminating conversations on the financial sector with Marc Rubinstein, whose Net Interest newsletter we have found to be truly exceptional. Our goal is to bring you Marc’s insights into financial services businesses and trends on a regular basis, with Marc’s weekly essays serving as inspiration for our discussions.
About Marc Rubinstein:
Marc is a fellow MOI Global member, managing partner of Fordington Advisors, and author of Net Interest. He is a former analyst and hedge fund manager, most recently at Lansdowne Partners, with more than 25 years of experience in the financial sector. Marc is based in London.
About Net Interest:
Net Interest, authored by Marc Rubinstein, is a newsletter of insight and analysis from the world of finance. Enjoyed by the most senior executives and smartest investors in the industry, it casts light on this important sector in an easy-to-read style. Each post explores a theme trending in the sector. Between fintech, economics and investment cycles—there’s always something to talk about!
Members, log in below to access the restricted content.
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:
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.
Julia Galef on The Scout Mindset: Why Some People See Things Clearly
June 20, 2021 in Audio, Full Video, Interviews, Meet-the-Author Forum 2021, Meet-the-Author Forum 2021 FeaturedJulia Galef discussed her book, The Scout Mindset: Why Some People See Things Clearly and Others Don’t, at MOI Global’s Meet-the-Author Summer Forum 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:
Our Meet-the-Author Summer Forum aims to inspire members with reading ideas.
We are delighted to have Alex Gilchrist, a London-based research associate of MOI Global, host the Meet-the-Author Summer Forum 2021.
This conversation is available as an episode of Explore Great Books, a member podcast of MOI Global. (Learn how to access member podcasts.)
About the book:
A better way to combat knee-jerk biases and make smarter decisions, from Julia Galef, the acclaimed expert on rational decision-making. When it comes to what we believe, humans see what they want to see. In other words, we have what Julia Galef calls a “soldier” mindset. From tribalism and wishful thinking, to rationalizing in our personal lives and everything in between, we are driven to defend the ideas we most want to believe—and shoot down those we don’t. But if we want to get things right more often, argues Galef, we should train ourselves to have a “scout” mindset. Unlike the soldier, a scout’s goal isn’t to defend one side over the other. It’s to go out, survey the territory, and come back with as accurate a map as possible. Regardless of what they hope to be the case, above all, the scout wants to know what’s actually true.
In The Scout Mindset, Galef shows that what makes scouts better at getting things right isn’t that they’re smarter or more knowledgeable than everyone else. It’s a handful of emotional skills, habits, and ways of looking at the world—which anyone can learn. With fascinating examples ranging from how to survive being stranded in the middle of the ocean, to how Jeff Bezos avoids overconfidence, to how superforecasters outperform CIA operatives, to Reddit threads and modern partisan politics, Galef explores why our brains deceive us and what we can do to change the way we think.
About the author:
Julia Galef is the host of the popular Rationally Speaking podcast, where she has interviewed thinkers such as Tyler Cowen, Sean Carroll, Phil Tetlock, and Neil deGrasse Tyson. She is an advisor to OpenAI, works with the Open Philanthropy Project, and cofounded the Center for Applied Rationality. Her 2016 TED Talk “Why You Think You’re Right–Even If You’re Wrong” has been viewed over 4 million times.
Amanda Coleman on Her Book, Crisis Communication Strategies
June 20, 2021 in Audio, Full Video, Interviews, Meet-the-Author Forum 2021Amanda Coleman discussed her book, Crisis Communication Strategies: How to Prepare in Advance, Respond Effectively and Recover in Full, at MOI Global’s Meet-the-Author Summer Forum 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:
Our Meet-the-Author Summer Forum aims to inspire members with reading ideas.
We are delighted to have Alex Gilchrist, a London-based research associate of MOI Global, host the Meet-the-Author Summer Forum 2021.
This conversation is available as an episode of Explore Great Books, a member podcast of MOI Global. (Learn how to access member podcasts.)
About the book:
Crisis communication is high stakes work. For communications managers and PR professionals, it’s likely to be the most stressful time of their working life. Crisis Communication Strategies is a must-have handbook which covers the whole span of the crisis from preparing and laying the groundwork before it occurs, during the incident, and the aftermath, including the move to recovery. It guides readers through each phase, providing details of what to consider, what should be done, and tips and checklists for improved responses.
Crisis Communication Strategies equips readers to deal with any kind of crisis – whether caused by internal error, customer action, natural disasters, terrorism or political upheaval. Supported by case studies and examples from responses to events including the 2011 Norway terror attacks, the 2018 British Airways data breach, the 2017 Pepsi advert and the 2005 Hurricane Katrina New Orleans floods, the book explores the role of leadership in a crisis and developing a crisis communication response that has people at the heart of it. Crisis Communication Strategies is the essential guide for PR and communication professionals to protecting your company and building true, long-term resilience.
About the author:
Amanda Coleman has extensive experience at the sharp of end crisis communication. She is the director of the crisis communication consultancy Amanda Coleman Communication Ltd. Based in the UK, she has more than 20 years’ experience in emergency services communication and leading law enforcement communication at a time of crisis. In 2017, Amanda led the law enforcement communication response to dealing with the Manchester Arena terrorist attack. She has more than two decades of experience in managing crises.
She is the author of Crisis Communication Strategies published by Kogan Page in May 2020. It brings together advice for preparing for a crisis, dealing with it and moving effectively into the recovery phase. Amanda has worked as a journalist and is a Chartered PR Practitioner as well as a Fellow of both the Chartered Institute of Public Relations and the Public Relations and Communication Association. She is an advisor for the Resilience Advisors Network and a senior associate of the Centre for Crisis and Risk Communication. She is an international speaker on crisis communication. Her blog can be found here.
Super excited to put this out there and start some wonderful win-win collaborations.
Do reach out with your thoughts and questions.
The goal is to bring great value to @manualofideas members and let you participate in the economics of MOI Global.
https://t.co/AhKxNfL3Sk
— John Mihaljevic (@JMihaljevic)
Jun 18, 2021
Dan Rasmussen on Countercyclical Asset Allocation
June 17, 2021 in Audio, Equities, Interviews, Invest Intelligently Podcast, Macro, Member Podcasts, North America, Portfolio ManagementWe had the pleasure of speaking with Dan Rasmussen, founder and portfolio manager of Verdad Advisers, about the firm’s proprietary research into countercyclical asset allocation.
This conversation is available as an episode of Invest Intelligently, a member podcast of MOI Global. (Learn how to access member podcasts.)
Members, log in below to access the restricted content.
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:
Dan Rasmussen is founder and portfolio manager of Verdad Advisers. Before starting Verdad, Dan worked at Bain Capital and Bridgewater Associates. Dan earned an AB from Harvard College summa cum laude and Phi Beta Kappa and an MBA from the Stanford Graduate School of Business. He is the New York Times bestselling author of American Uprising: The Untold Story of America’s Largest Slave Revolt. In 2017, he was named to the Forbes 30 under 30 list.
Would you like to follow up on this conversation?
Connect on Twitter and LinkedIn.
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.
Ep. 45: On Being an Emerging Manager: Experiences, Lessons Learned, Success Factors
June 15, 2021 in Audio, Podcast, This Week in Intelligent InvestingIt’s a pleasure to share with you Season 1 Episode 45 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 what it’s like to be an emerging manager. Elliot and Phil share their experiences, lessons learned, and success factors.
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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