I stopped marketing my fund (maybe temporarily) the day some guy in Connecticut asked me to send him my historic monthly returns so that he can play around with the data and work out volatility.
This was our first conversation and I had a preselected group of “high quality LPs”— Your local butcher (@Deezee1031) May 25, 2021
Ep. 42: The Market’s Obsession With What’s Next | Investing in the Unknown
May 25, 2021 in Audio, Podcast, This Week in Intelligent InvestingIt’s a pleasure to share with you Season 1 Episode 42 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 market’s focus on the next imminent thing, both in terms of companies and broader sectors, and what it means for positioning; and
- Richard Zeckhauser’s paper on risk, Investing in the Unknown and Unknowable.
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]
Fantastic read from MOI: Lessons from Legendary Business Leader Henry Singleton
(h/t @manualofideas @JMihaljevic) https://t.co/6tUShki5EF
— Clark Square Capital (@ClarkSquareCap) May 24, 2021
A new weekly episode is here:@ElliotTurn discusses the market's obsession with the next imminent thing, and what it means for positioning. @pcordway introduces Richard Zeckhauser's paper on risk, "Investing in the Unknown and Unknowable".
Enjoy!https://t.co/tbKfLvVNEE— This Week in Intelligent Investing (@twiii_podcast) May 22, 2021
Many investors nod in agreement after reading this… and then they tell you about the cheap stock with a catalyst they love. The citation of a catalyst is an implicit expression of your ability to predict how other investors will behave in the future. ie market timing. https://t.co/9ixGLBMBr7
— Ensemble Capital (@IntrinsicInv) May 22, 2021
Will Barnes and Will Oliver on Looking for Greatness Qualitatively
May 20, 2021 in Audio, Equities, Interviews, Invest Intelligently Podcast, Member Podcasts, Wide MoatWe had the pleasure of speaking with William Barnes and William Oliver, co-founders of In Practise, a research service for fundamental investors to learn about high-quality companies, with a focus on European and US midcaps.
In the conversation, Will Barnes and Will Oliver discuss their process for identifying great businesses qualitatively. They speak about their primary research checklist, including preparing for operator interviews, building trust with interviewees, asking the right questions, and avoiding common pitfalls.
The discussion also touches on the nature and purpose of dialogue, including some wonderful insights from David Bohm’s essay, On Dialogue.
To illuminate the research process of In Practise, Will Barnes and Will Oliver highlight their work on Carvana (US: CVNA) and Naked Wines (UK: WINE).
Listen to the conversation (recorded on May 12, 2021):
audio research checklist in practise
This conversation is available as an episode of Invest Intelligently, a member podcast of MOI Global. (Learn how to access member podcasts.)
In Practise is a business education content platform on a mission to explore the mechanics, culture, operations and strategy of the world’s best companies through interviews with current and former senior business practitioners.
In Practise offers a content library of hundreds of curated interviews, with senior industry executives, covering some of the best businesses under ~$15 billion market cap globally.
For further information, read a recent interview and visit In Practise.
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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. 41: Persistence of Market Cap Leaders | Inflation Outlook
May 18, 2021 in Audio, Podcast, This Week in Intelligent InvestingIt’s a pleasure to share with you Season 1 Episode 41 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 largest companies by market cap in 1999 vs. 2021; and
- whether the current bout of inflation is transitory or not.
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]
Rickard Vallöf on Competitive Trends in European Grocery Retail
May 18, 2021 in Audio, Consumer Discretionary, Europe, Full Video, Gain Industry Insights Podcast, General Merchandise Stores, Industry Primers, Interviews, Member Podcasts, RetailingWe had the pleasure of speaking with Rickard Vallöf, a partner in the Oslo, Norway office of McKinsey & Company.
Rickard discusses some of the key findings of a report he co-authored, Disruption & Uncertainty: The State of Grocery Retail 2021 (Europe).
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:
Rickard Vallöf leads the McKinsey’s retail and consumer work in Norway and Sweden, specializing in full-scale transformations and strategies for profitability and growth. He also helps clients secure a customer-oriented approach. Rickard is oriented toward aiding organizational and industrial leaders in driving long-term impact and change by engendering company-wide transformations influencing thousands of employees. In retail organizations with around 10,000 frontline employees, Rickard accomplishes this by changing the mind-set of executives toward a focus on transformational ideas.
Some of his recent client work includes:
- implementing a multiyear retail transformation addressing pricing, promotions, formatting strategy, network optimization, in-store excellence, and sales-channel excellence
- helping engender several consumer-product value-creation programs across Europe and in India and the United States
- aiding in end-to-end commercial transformations across consumer-packaged-goods (CPG) opportunities, including both fast-moving goods and slow movers
- mapping key retail trends, ambitions, and implications for CPG players
Rickard has been with the firm for the past decade and is deeply committed to developing the future of private consumption by doing things like analyzing the consumption of food, discovering ways to enhance quality of life and everyday convenience, and utilizing spare time to do away with common inefficiencies through digitization and the simplification of routine processes.
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.
Ian Cassel on Micro-Cap Investing and Discovering Long-Term Compounders
May 18, 2021 in Equities, Full Video, Interviews, Micro Cap, YouTubeWe are pleased to bring you a conversation with Ian Cassel, founder of MicroCapClub, CIO of Intelligent Fanatics Capital Management, and co-founder of IntelligentFanatics.com.
In this interview with MOI Global contributor Rohith Potti, Ian shares insights into micro-cap investing and his process for finding long-term winners.
Editor’s note: This is Rohith Potti’s first interview on behalf of MOI Global. Rohith is a value-oriented investor and a student of worldly wisdom, based in India. We look forward to his future contributions.
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:
Ian Cassel is the founder of MicroCapClub, CIO of Intelligent Fanatics Capital Management, and co-founder of IntelligentFanatics.com. Ian started investing as a teenager and learned from losing his money over and over again. Microcap companies are the smallest public companies that exist, representing 48% of all public companies in North America. Berkshire Hathaway, Wal-Mart, Amgen, Netflix, and many others started as small microcap companies. Ian’s belief is the key to outsized returns is finding great companies early because all great companies started as small companies.
Harris Kupperman on Tracking a Wide Range of Special Situations
May 18, 2021 in Audio, Equities, Interviews, Special SituationsWe spoke with Harris Kupperman of Praetorian Capital about his process for tracking special situation opportunities, which he surveys in his weekly newsletter, Kuppy’s Event-Driven Monitor.
Harris also discussed in general terms the types of event-driven opportunities — primarily on the short side — that he sees within the SPAC universe.
Listen to the conversation (recorded on May 10, 2021):
Harris Kupperman has been investing in the markets for more than two decades. He founded Praetorian Capital in 2003. Harris also serves as CEO of Mongolia Growth Group (Canada: YAK, US: MNGGF). Harris blogs at Adventures in Capitalism and authors KEDM.
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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.