Marc Rubinstein on the Not-So-Surprising Downfall of Greensill

March 10, 2021 in Audio, Commentary, Equities, Financials, 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, Greensill Revisited.

Marc writes:

Last summer, Steve Clapham and I collaborated on a piece about Greensill Capital. At the time, Greensill was valued at $3.5 billion, flying high alongside the likes of Revolut and Klarna among the most valuable financial technology companies in Europe. In truth, it wasn’t really a fintech, but the company wasn’t shy to promote itself as one and, armed with Softbank investment and a sky-high multiple on sales, it looked like it may have been getting away with it.

Nevertheless, a look under the surface revealed that all was not right. Founded in 2011 by Lex Greensill, the company was a pioneer in a new field of supply chain finance. Steve is an expert in forensic accounting and I’ve seen a fair few financial companies in my time and we agreed – this was a wrong ‘un. We concluded:

“The result is an institution drawn to scandal which itself raises several red flags. No-one comes out of this looking good – not the pioneer, nor its main investor, nor the companies it services.”

The incoming correspondence each of us received after publishing was very high. Clearly, Greensill was raising eyebrows far and wide.

This week, Greensill collapsed. On Monday, an important insurance contract underpinning some of the company’s assets didn’t renew; later that day Credit Suisse suspended redemptions on funds linked to Greensill assets; in Australia, the company was refused insolvency protection; in Germany, regulators closed down its bank; and at headquarters in the UK, Greensill began the process of filing for bankruptcy.

Read on or listen to our conversation (recorded on March 8, 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.

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March 2, 2021 in Twitter

Author Interview: Björn Fahlen on “Investing With Intelligence”

March 2, 2021 in Commentary, Document, Equities, Interviews

The following interview was conducted by InvestingByTheBooks and is made available to members of MOI Global with the permission of Henrik Andersson, partner and fund manager at Sweden-based Didner & Gerge.

Björn Fahlén has spent more than twenty-five years in the investment world as investor, analyst and financial advisor. He is a founder, principal shareholder, and CEO of Redeye AB, a Stockholm-based boutique investment bank that specialises in innovative growth companies and was founded in 1999. He also leads Redeye’s research activities and is Chief Investment Officer (CIO) of its fund advisory business.

InvestingByTheBooks: Björn – it is truly a special moment for us to be interviewing and interacting with a fellow Swede, and to talk about your upcoming book! It is called “Investing With Intelligence – Avoiding painful investing mistakes by asking 114 smart questions”. Quite a title! Give us some background on your journey leading up to this book.

Björn Fahlén: This book began as a small internal project at Redeye. The project’s initial scope was to institutionalise lessons learned from refining the equity research process during my many years as an equity analyst and investor. I would say that the process started about ten years ago. But initially it was just an internal document for our analysts. It was actually, the chairman of MOI Global and managing editor of The Manual of Ideas, John Mihaljevic, who inspired me to publish my writings about the subject in a book format. That was about three years ago, after I contacted him for feedback on the checklist. However, writing this book has been a way of thinking more clearly and building deeper understanding – not just a way to teach equity analysts.

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:

Ep. 31: Lottery Tickets and Position Sizing | Earnings Season Process

March 2, 2021 in Audio, Diary, Equities, Interviews, Podcast, This Week in Intelligent Investing

It’s a pleasure to share with you Season 1 Episode 31 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 (1) lottery tickets and portfolio construction, led by Phil Ordway; and (2) investment process during earnings season, 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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Marc Rubinstein on Investing in Citigroup at Key Moments in History

March 2, 2021 in Audio, Commentary, Equities, Financials, Ideas, 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, Citi Never Sleeps.

Marc writes:

Every investor has a stock they can’t help but scratch. Maybe it made them a lot of money and they look on it like a golden goose. Maybe they invested so much time getting to understand it, they can’t let it go. Whatever the reason, the stock seduces its investor with whispers of promise.

In my career as a professional investor, that stock was Citigroup.

On Monday next week, Citigroup welcomes a new CEO to its helm. So, like a moth to a flame, it’s time for another look.

Read on or listen to our conversation (recorded on March 1, 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.
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