Artem Fokin of Caro-Kann Capital presented his in-depth investment thesis on Burford Capital (UK: BUR) at Best Ideas 2019.

James Davolos of Horizon Kinetics presented his in-depth investment thesis on Viper Energy Partners (US: VNOM) at Best Ideas 2019.

Mark Walker of Tollymore Investment Partners presented his in-depth investment thesis on ITE Group (UK: ITE) at Best Ideas 2019.

Elliot Turner of RGA Investment Advisors presented his theses on PayPal (US: PYPL) and Roku (US: ROKU) at Best Ideas 2019.

Glenn Surowiec of GDS Investments reflected on long-term investing and current opportunities at Best Ideas 2019.

Phil Ordway of Anabatic Investment Partners discussed companies that “do capital allocation right” at Best Ideas 2019.

Zack Buckley of Buckley Capital Partners presented his in-depth investment thesis on GTT Communications (US: GTT) at Best Ideas 2019.

Juan Matienzo of Mercor Investment Group presented his theses on Passat (France: PSAT), Nichiwa Sangyo (Japan: 2055), and Sanko (Japan: 6964) at Best Ideas 2019.

Brian Hennessey of Alpine Woods Capital presented his in-depth investment thesis on Thor Industries (US: THO) at Best Ideas 2019.

Patrick Retzer of Retzer Capital presented his theses on Franklin Covey (US: FC) and School Specialty (US: SCOO) at Best Ideas 2019.

Avram Fisher of Long Cast Investment Advisors presented his in-depth investment thesis on Intelligent Systems (US: INS) at Best Ideas 2019.

Sid Choraria, an Asian Equities Portfolio Manager, presented his in-depth investment thesis on Shanghai International Airport Co. (China: 600009) at Best Ideas 2019.

John Heldman and David Hutchison of Triad Investment Management presented their thesis on Carmax (US: KMX) at Best Ideas 2019.

Michael Melby of Gate City Capital presented his in-depth investment thesis on Maui Land & Pineapple (US: MLP) at Best Ideas 2019.

Dave Sather of Sather Financial Group presented his in-depth investment thesis on Brown-Forman (US: BF.B) at Best Ideas 2019.

Bob Robotti of Robotti & Company presented his in-depth investment thesis on Tidewater (US: TDW) at Best Ideas 2019.

Jim Roumell of Roumell Asset Management presented his in-depth investment thesis on Enzo Biochem (US: ENZ) at Best Ideas 2019.

Niraj Gupta of GCI Partners presented his in-depth investment thesis on Semler Scientific (US: SMLR) at Best Ideas 2019.

Gary Mishuris of Silver Ring Value Partners presented his in-depth investment thesis on Arcadis (Netherlands: ARCAD) at Best Ideas 2019.

Danilo Santiago of Rational Investment Methodology presented his in-depth investment thesis on Thor Industries (US: THO) at Best Ideas 2019.

Brian Grosso of JBF Capital presented his in-depth investment thesis on Takigami Steel (Japan: 5918) at Best Ideas 2019.

Samir Mohamed presented his in-depth investment thesis on Despegar.com (US: DESP) at Best Ideas 2019.

Edward Chang of Pledge Capital presented his in-depth investment thesis on The Joint Corp. (US: JYNT) at Best Ideas 2019.

Adrian Saville of Cannon Asset Managers presented his investment theses on three South African companies at Best Ideas 2019.

Michael Morosi of MAPFRE AM presented his in-depth investment thesis on QAD Inc. (US: CADA) at Best Ideas 2019.

Rudi van Niekerk of Desert Lion Capital presented his in-depth investment thesis on Cartrack (South Africa: CTK) at Best Ideas 2019.

Thomas Bushey of Sunderland Capital Partners presented his in-depth investment thesis on Yatra (US: YTRA) at Best Ideas 2019.

Curtis Jensen of Robotti & Company presented his in-depth thesis on Tidewater Midstream (Canada: TWM) at Best Ideas 2019.

Kyle Mowery of GrizzlyRock Capital presented his in-depth investment thesis on BlueLinx Holdings (US: BXC) at Best Ideas 2019.

Harsha Gowda of BlueShore Capital Management presented his in-depth investment thesis on Star Bulk Carriers (US: SBLK) at Best Ideas 2019.

Adam Schwartz of Black Bear Value Partners presented his short investment thesis on credit ETFs at Best Ideas 2019.

William Brewster of Sullimar Capital presented his in-depth investment thesis on Anheuser-Busch InBev (US: BUD) at Best Ideas 2019.

Rimmy Malhotra of Nicoya Capital presented his in-depth investment thesis on Crossroads Systems (US: CRSS) at Best Ideas 2019.

A.J. Noronha of Desai Capital Management presented his in-depth investment thesis on Mallinckrodt (US: MNK) at Best Ideas 2019.

Saurabh Sud of T. Rowe Price presented thesis on the convertible debt of Paratek Pharma (US: PRTK) at Best Ideas 2019.

Christopher Bloomstran of Semper Augustus presented his in-depth investment thesis on Cummins (US: CMI) at Best Ideas 2019.

Christian Olesen of Olesen Capital Management presented his in-depth investment thesis on Goldman Sachs (US: GS) at Best Ideas 2019.

Eric Gomberg of Dane Capital Management presented his in-depth investment thesis on NRC Group (NYSE: NRCG) at Best Ideas 2019.

Amil Bera of Advaya Investment Management presented his in-depth investment thesis on Appian Corporation (US: APPN) at Best Ideas 2019.

Jeff Sutton of ValueTree Investments presented his in-depth investment thesis on Murphy USA (US: MUSA) at Best Ideas 2019.

Rick Fujimoto of Silverado Investment Partners presented his in-depth investment thesis on Tech Data (US: TECD) at Best Ideas 2019.

Matthew Sweeney of Laughing Water Capital presented his in-depth investment thesis on EZCorp (US: EZPW) at Best Ideas 2019.

Jason Benowitz of The Roosevelt Investment Group presented his in-depth investment thesis on Aptiv (US: APTV) at Best Ideas 2019.

Matthew Peterson of Peterson Capital presented his in-depth investment thesis on Daily Journal (US: DJCO) at Best Ideas 2019.

Stanley Lim of Value Invest Asia presented his theses on Facebook (US: FB) and Xiaomi Corporation (Hong Kong: 1810) at Best Ideas 2019.

Gaurav Aggarwal of Metis Capital presented his in-depth investment thesis on Time Technoplast (India: TIMETECHNO) at Best Ideas 2019.

Scott Phillips of Templeton & Phillips Capital Management presented his in-depth investment thesis on ZTO Express (US: ZTO) at Best Ideas 2019.

Joe Magyer of Lakehouse Capital presented his in-depth investment thesis on Facebook (US: FB) at Best Ideas 2019.

Jean Pierre Verster of Fairtree Capital presented his in-depth investment thesis on Salmar (Norway: SALM) at Best Ideas 2019.

John Barr of Needham Funds presented his in-depth investment thesis on PDF Solutions (US: PDFS) at Best Ideas 2019.

Mike Kruger of MPK Partners presented his in-depth investment thesis on Boustead Projects (Singapore: AVM) at Best Ideas 2019.

Brian Pitkin of URI Capital Management presented his in-depth investment thesis on AIG (US: AIG) at Best Ideas 2019.

Adam Zuercher of Hixon Zuercher Capital Management presented his in-depth investment thesis on Walt Disney (US: DIS) at Best Ideas 2019.

Daniel Baldini of Oberon Asset Management presented his in-depth investment thesis on Wizz Air (UK: WIZZ) at Best Ideas 2019.

Andy Preikschat of Edgebrook Partners presented his in-depth investment thesis on XPEL (Canada: DAP-U) at Best Ideas 2019.

Ashish Kila of Perfect Group presented his in-depth investment thesis on DCB Bank (India: DCBBANK) at Best Ideas 2019.

Steven Kiel of Arquitos Capital Management presented his in-depth investment thesis on Westaim (Canada: WED) at Best Ideas 2019.

Fernando Pina of LIS Capital presented his in-depth investment thesis on São Carlos Empreendimentos (Brazil: SCAR3) at Best Ideas 2019.

Sean Stannard-Stockton of Ensemble Capital Management presented his in-depth investment thesis on Sensata Technologies (US: ST) at Best Ideas 2019.

Chris Karlin of Aquitania Capital Management presented his in-depth investment thesis on Diamond Hill (US: DHIL) at Best Ideas 2019.

Will Thomson of Massif Capital presented his in-depth investment thesis on Kazatomprom (UK: KAP) at Best Ideas 2019.

Stephen Dodson of Bretton Fund presented his in-depth investment thesis on Carter’s (US: CRI) at Best Ideas 2019.

Sahm Adrangi of Kerrisdale Capital Management presented his in-depth investment thesis on Sea Limited (US: SE) at Best Ideas 2019.

Amit Wadhwaney of Moerus Capital Management presented his in-depth investment thesis on Tidewater (US: TDW) at Best Ideas 2019.

Bogumil Baranowski of Sicart Associates presented his in-depth investment thesis on AT&T (US: T) at Best Ideas 2019.

Chris McIntyre of McIntyre Partnerships presented his in-depth investment thesis on The Chemours Company (US: CC) at Best Ideas 2019.

John Carraux of Punch & Associates presented his in-depth investment thesis on Drive Shack (US: DS) at Best Ideas 2019.

Steve Gorelik of Firebird Management presented his in-depth investment thesis on Siauliu Bankas (Lithuania: SAB1L) at Best Ideas 2019.

Ben Claremon of Cove Street Capital presented his in-depth investment thesis on Axalta Coating Systems (US: AXTA) at Best Ideas 2019.

Kevin Cope of Hutchinson Capital Management presented his in-depth investment thesis on National Oilwell Varco (US: NOV) at Best Ideas 2019.

Keith Smith of Bonhoeffer Fund presented his theses on STORE Capital (US: STOR), TPG Specialty (US: TSLX), and Ashtead (UK: AHT) at Best Ideas 2019.

Reno Giancola and Jeff Hales presented their in-depth investment thesis on Chemtrade Logistics (Canada: CHE.UN) at Best Ideas 2019.

Chris Swasbrook of Elevation Capital Management presented his in-depth investment thesis on Molson Coors (US: TAP) at Best Ideas 2019.

Chris Crawford of Crawford Fund Management presented his in-depth investment thesis on IPG Photonics (US: IPGP) at Best Ideas 2019.

Todd Sullivan of Rand Strategic Partners presented his in-depth investment thesis on Innovative Industrial Properties (US: IIPR) at Best Ideas 2019.

David Barr and Amar Pandya of PenderFund presented their theses on Athabasca Oil (Canada: ATH) and Diversified Royalty (Canada: DIV) at Best Ideas 2019.

Samir Patel of Askeladden Capital presented his in-depth investment thesis on Franklin Covey (US: FC) at Best Ideas 2019.

Shawn Kravetz of Esplanade Capital presented his in-depth investment thesis on Century Casinos (US: CNTY) at Best Ideas 2019.

Nitin Sacheti of Papyrus Capital presented his in-depth investment thesis on Echostar Corporation (US: SATS) at Best Ideas 2019.

Naveen Jeereddi of Jeereddi Partners presented his in-depth investment thesis on Micron Technology (US: MU) at Best Ideas 2019.

Nathaniel Leach of LBW Wealth Management presented his in-depth investment thesis on Liberty Sirius XM (US: (LSXMA/B/K) at Best Ideas 2019.

One of the features of alternative assets is little or negative correlation with most investors’ growth engine — equities. One issue with many alternatives is little or no return.

ENZ came to our attention a year ago when the stock was at ~$12/share. We patiently kept updating our research and when the stock hit $4 per share, we ramped up our efforts.

PDFS has a market cap of $275 million, ~$100 million of cash and revenue of near $100 million. The SaaS offering for big data analytics has ~$40 million of revenue and is growing ~30%.

Unlike with travel meta search engines like Trivago, Kayak or Google Flights, Despegar enables consumers to book flights and all other travel services directly.

Success in finding investments requires a blend of analytical skill, intuition, and good data. By focusing on capital intensity, I find value in growth but also in rationalization.

The Chinese consumer remains one of the more compelling investment opportunities over at least the next ten years (if not longer).

I fell in love with the franchisor business model, when covering them on the sell-side. JYNT is a stand-out among the franchisors.

There is one area of the market where cheap compounders can be found in relative abundance allowing discerning investors to generate excess returns over time – Eastern European Banks.

I will present a company led by two extraordinary founders, which appears destined to dominate an industry that reminds me of the private equity industry 25-30 years ago.

By broadening the possibilities for capital allocation, we increase the chances of finding good investments with a low probability of capital loss, which in itself is powerfully valuable in order to improve long-term returns.

The test of PDF as a long-term investment will be the size of the “Design for Inspection” market and DFI’s adoption in process control for manufacturing. We own PDF in anticipation of it addressing these markets.

When explaining our thesis for one of our portfolio companies, we are often asked by other investors to identify the potential “catalyst” for the company.

Micron provides DRAMs, flash memories, semi components, and other memory modules for the computer industry. The shares trade at less than 4x LTM earnings and EBIT.

Disney has a diversified business model with proven segments. Our valuation analysis shows the shares as undervalued, especially when the potential impact of Disney+ is factored in.

Investors emphasize capital allocation when considering investments, and rightfully so. Why do companies pay so little attention?

The most expensive mistake in investing, in my opinion, is selling too soon (and, relatedly, thinking it is too late to buy), specifically in the case of long-term compounders.

As longtime value investors, we have noticed that there is frequently a fine line when distinguishing between stocks that provide true underlying value and stocks that are merely cheap for various reasons.

While common equity investors can hope to earn 2x, 3x or more, the only advantage of investing in corporate bonds or preferred equity is the income yield – and it comes with the risk of losing a substantial part of the principal.

We get excited about unknown companies the same way a beachcomber might get excited when his metal detector beeps over a clump of sand. The beeping alone doesn’t reveal what lies beneath; it could be a dime or a diamond bracelet.

We first learned of Equinix years ago and dismissed the stock as merely another data center marketing itself for having recurring revenue while the primary asset depreciated rapidly and required constant replenishment.

Over time we have shifted our focus to studying great businesses. There is less stress per unit of return and you don’t suffer reinvestment risk.

I do nothing to optimize the optics of what I do, and put every ounce of energy into working hard to try to achieve attractive long-term returns subject to not exposing our capital to undue risk of permanent capital loss.

NRC participates in the emergency/waste services industry. We like the business because virtually all revenue is recurring and non-discretionary across thousands of customers.

As you invest or select managers over the next few years, we encourage you to begin viewing performance/risk through the lens of factors and factor analysis.

Investing in cyclical businesses can be an excellent opportunity because when a recovery begins its progression is almost never a straight-line direction.

Time will tell if people are indeed overestimating the stability of valuation multiples and cash flows, but we recently read a couple of interesting thought pieces that indicate our general sense of caution is warranted.

Viper Energy Partners was taken public in 2014 by its parent, Diamondback Energy, in order to monetize a substantial royalty position in the Midland Basin on acreage owned and operated by Diamondback.

Our philosophy is to invest in great businesses when Mr. Market is irrationally fearful. We act decisively and concentrate only when we like a business and it is in the “fat pitch” strike zone.

Our portfolio positioning reflects a later-cycle view. We hold a little more excess cash than is typical, and we have continued to shift our holdings toward more recession-resistant stocks.

Investing has factful aspects. However, successful investing requires both the analysis of facts and the correct interpretation of opinion and judgment.

AutoCanada is the largest publicly traded automotive dealership group in Canada. We discovered the company in 2009 when it (along with the entire auto industry) was facing an existential crisis.

Emperor Entertainment Hotel stock appears to be a weighted coin. The stock is extremely cheap — if the assets were sold tomorrow I estimate the proceeds would be four times the recent stock price.

Our estimates of intrinsic value do not heavily weigh forecasts of cash flows years into the future, simply because the future is inherently difficult to predict. We are not willing to “pay up” for businesses.

We are short bond ETFs encompassing high-yield, investment grade, emerging market (high-yield), and bank debt. Structures with daily liquidity were not created for illiquid securities such as bonds and bank debt.

While there are countless variables in the banking business, a few have an outsized impact on long term value creation: deposits, scale, reach and diversity. We discuss the sea change in capital and liquidity throughout the banking system, which provide a strong foundation.

ENZ owns one of the largest independent non-hospital-based clinical labs on the East Coast of the U.S., in an industry dominated by non-hospital-based giants Lab Corp (LH) and Quest Diagnostics (DGX).

In Nate Silver’s “The Signal & The Noise”, he explains the difficulties of forecasting and highlights the Bayes Theorem, which offers a formula for calculating the probability of an event, based on insight into conditions.

Even after managing external money in India for over seven years, it remains a mystery to us why investors are enamored with flimsy stories, largely irrespective of their level of the truth.

In an episode of the Ideaweek Podcast, presented by MOI Global, Glenn Surowiec discusses the challenges faced by investors in controlling their emotions, including greed and fear, as part of the investment process.

I was first introduced to Radisson Hospitality, formerly known as Rezidor, by Brad Hathaway of Farview Capital. In brief, the company is a Swedish-listed hotel group with more than 80,000 rooms.

Investment management is an industry filled with smart people with strong opinions. It is not filled with wonderful decision makers.