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Special Episode: Evan Tindell — From Poker Player to Portfolio Manager

April 6, 2021 in Audio, Diary, Equities, Interviews, Podcast, This Week in Intelligent Investing

It’s a pleasure to share with you a special episode of This Week in Intelligent Investing, featuring Elliot Turner of RGA Investment Advisors in conversation with Evan Tindell of Bireme Capital.

Enjoy the conversation!

download audio recording

In this special episode, Elliot Turner welcomes Evan Tindell, co-founder and Chief Investment Officer of Bireme Capital in a fascinating conversation on how Evan went from starting his career as a professional poker player to becoming a portfolio manager. Evan then discusses his Q4 2020 letter and the growth versus value debate, his history with Facebook and Apple and walks through his bull case on Cogeco, Inc, an undervalued Canadian cable company. Enjoy the conversation!

Evan’s Q4 letter

The Bireme CIO corner

The Bireme blog

Evan Tindell is Co-founder and Chief Investment Officer of Bireme Capital. He develops firm-wide investment strategy, assists with asset allocation, and performs both bottom-up research and portfolio management for the flagship Fundamental Value strategy. Evan worked for seven years at Ballentine Capital, where he was the lead equity analyst at the value-oriented long/short equity fund. Prior to that, Evan spent 3 years as a professional poker player. He graduated in 2007 with a BS in Mechanical Engineering from MIT, where he was a four time All-American in tennis.

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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Post COVID: More Inequality, More Grievances, More Debts

April 6, 2021 in Asian Investing Summit, Commentary, Letters, Macro

This article is authored by MOI Global instructor Andrew Macken, Chief Investment Officer at Montaka Global Investments, based in Sydney, Australia.

Andrew is an instructor at Asian Investing Summit 2021.

A few weeks ago, a house was listed for sale in Sydney’s famous Bondi at $3.8 million. (There were no water views, unlike for the $20.1 million penthouse apartment that set the Australian record the prior week)[1]. The house went to auction, with opening bids at $4 million. It sold for $6.1 million.

In an environment of rock-bottom interest rates, locked in for years to come by central bank policymakers, asset prices are continuing their appreciation. In the case of many Australian property markets, these price movements have been fierce.

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April 5, 2021 in Twitter

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April 3, 2021 in Twitter

Marc Rubinstein on Online Brokers: From ETrade to eToro

April 1, 2021 in Audio, Commentary, Equities, Financials, Gain Industry Insights Podcast, Interviews, Member Podcasts, Net Interest

We had the pleasure of speaking with Marc Rubinstein, author of Net Interest, a financial sector newsletter, about his essay, Party Like It’s 1999: From ETrade to eToro.

Marc writes:

Towards the end of 1999, two authors published a book called Dow 36,000. Over almost 300 pages, they laid out a view that the Dow Jones index would go on an almighty run. From an already elevated level of around 10,000 at the time of publication, they projected that the index would rally to 36,000 over the next few years. Needless to say, it didn’t.

Over 20 years later, however, we’re finally getting close. This week, the Dow broke through 33,000 for the first time, putting us within a whisker of Dow 36,000.

The current stock market rally has many features in common with 1999. Chief among them is the involvement of retail investors. Dow 36,000 was written for a retail audience all-in on the market of the late 1990s. Around 20% of US households directly owned stocks at the time, up from 15% in 1995. Their path to the market was aided by online trading platforms that offered cheap trading and an easy user interface. These platforms, operated by ETrade, Ameritrade, Charles Schwab and others, collectively picked up around 12 million new accounts in the late 1990s.

Today we are presented with a new vintage of online trading platforms. Their poster child is Robinhood, but another – eToro – this week announced that it’s going public via a SPAC merger.

Today, we’re going to look at eToro through the experience of ETrade. The outlook for ETrade looked pretty rosy in 1999. Revenues were anticipated to continue to grow as the internet revolutionised the way the public managed its money. Sadly, the journey was more painful. Is the set-up for eToro similar?

Read on or listen to our conversation (recorded on March 30, 2021):

download audio read article

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.

Ep. 35: Collecting as a Framework | The Unit Economics of a Business

March 31, 2021 in Audio, Diary, Equities, Interviews, Podcast, This Week in Intelligent Investing

It’s a pleasure to share with you Season 1 Episode 35 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, John Mihaljevic co-hosts a discussion of

  • collecting as a framework for investment, led by Phil Ordway; and
  • breaking a business down to the unit economics vs. looking at the aggregate, led by Elliot Turner.

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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Ram Parameswaran: Quarterly Update on Internet Business Trends

March 25, 2021 in Audio, Commentary, Equities, Gain Industry Insights Podcast, Information Technology, Interviews, Member Podcasts, Venture Capital

We had the pleasure of speaking with Ram Parameswaran, founder and managing partner of San Francisco-based Octahedron Capital.

Ram discussed business trends in the Internet economy, as gleaned from the latest quarterly earnings releases and conference calls of key industry participants. Ram shared highlights from a quarterly slide deck by Octahedron, entitled “A Few Things We Learned”.

Prior to founding Octahedron, Ram was a partner at Altimeter Capital, a multi-billion dollar firm, where he focused on public and private investments in the technology sector. He was responsible for investments in pre-IPO Uber and TikTok parent Bytedance.

The following conversation is also available as an episode of Gain Industry Insights, a member podcast of MOI Global. (Learn how to access member podcasts.)

Members, log in below to access the restricted content.

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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:

Ram Parameswaran is the founder of Octahedron Capital, a global, growth-oriented investment firm that seeks to make concentrated investments in leading public and private companies that drive the world’s internet economy. Prior to Octahedron, Ram was a partner and portfolio manager at Altimeter Capital, a multi-billion dollar investment firm in Menlo Park, where he helped lead the firm’s investments in the internet and payments sectors, across both the hedge fund and private growth funds. Prior to Altimeter, Ram was the technology analyst at Falcon Edge Capital, co-founded the Internet research team at Sanford Bernstein, and started his career as a senior engineer at Qualcomm. Ram has an MBA in finance from the University of Chicago Booth School of Business and a Masters in EE from Virginia Tech.

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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March 25, 2021 in Twitter

Ep. 34: COVID Crash Retrospective | Hobbies and Games for Investors

March 23, 2021 in Audio, Diary, Equities, Interviews, Podcast, This Week in Intelligent Investing

It’s a pleasure to share with you Season 1 Episode 34 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, John Mihaljevic co-hosts a discussion of

  • the one-year anniversary of the COVID crash — a restrospective, led by Elliot Turner; and
  • hobbies and games that can add value to the investment process, led by Phil Ordway.

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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