The Best Ideas fully online conference brings together the best minds from the MOI Global network of intelligent investors, with a focus on timely and actionable investment ideas. Members enjoy complimentary and exclusive access.

Best Ideas 2019 took place on January 10-12 and featured more than eighty instructors. Browse the sessions below.

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Highlights from Best Ideas 2019

The following idea snapshots have been provided by the respective instructors or compiled by MOI Global using information provided by the instructors.

Burford Capital: Leader in Nascent Litigation Financing Asset Class

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

Viper Energy: Royalty Company Growing via CF-Accretive Deals

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

ITE: Founder-Led Exhibitions Organizer at High-Teens FCF Yield

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

PayPal and Roku: Improving Unit Economics in Large Markets

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

Long-Term Value Investing and Current Market Opportunities

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

Case Studies of Companies That Do Capital Allocation Right

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

GTT: Mispriced, High-Return, Cash-Generative Growth Compounder

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

Three NCAV Bargains: Passat, Nichiwa Sangyo, Sanko

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.

Thor Industries: Dominant Global RV Player at Discount to Tangible Book

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

Franklin Covey and School Specialty: Two Misunderstood Micro-Caps

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

Intelligent Systems: Owner-Operated Card Issuer Processing Software Firm

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

Carmax: FCF-Rich Used Car Retailer with Friendly Capital Allocation

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

Shanghai Int’l Airport: Munger’s Way of Investing in China’s Growth

Sid Choraria of Amiral Gestion presented his in-depth investment thesis on Shanghai International Airport Co. (China: 600009) at Best Ideas 2019.

Maui Land & Pineapple: Hawaii Land Owner with Development Catalyst

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

Brown-Forman: Entrenched Business, Driven by Jack Daniel’s Brand

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

Tidewater: Leading Owner and Operator of Offshore Supply Vessels

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

Enzo Biochem: Debt-Free Company with Strategic/Litigation Optionality

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

Semler: Medical Diagnostics Testing Firm with Growth Trajectory

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

Arcelik: Turkey’s Household Appliances Leader at Depressed Valuation

Mesut Ellialtioglu of Talas Turkey Value Fund presented his in-depth investment thesis on Arcelik (Turkey: ARCLK) at Best Ideas 2019.

Arcadis: Engineering Design Services Firm with Margin Expansion Potential

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

Thor Industries: Recreational Vehicle Leader at Attractive Valuation

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

Takigami: Construction Firm with Improving Governance Below Liquidation Value

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

Despegar: Top Online Travel Agent in Latin America at Bargain Price

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

The Joint: Top U.S. Chiropractic Chain, with Strong Unit Economics

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

Three South African Ideas: Combined Motor Holdings, Sabvest, and Telkom

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

QAD: Value-Accretive Business Model Transition Gains Momentum

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

Cartrack: South Africa-based Global Provider of Telematics Solutions

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

Yatra: #1 Corporate and #2 Consumer Online Travel Agency in India

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

Tidewater Midstream: Opportunistic Company Run by Incentivized CEO

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

BlueLinx: Building Products Distributor with Strong FCF

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

Star Bulk Carriers: Well-Run, Well-Capitalized Dry Bulk Shipper

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

Short Credit ETFs: Expectations Unrealistic, Asset-Liability Mismatch

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

AB InBev: Headwinds Offset by Structural Advantages

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

Crossroads: Post-Bankruptcy NOL Shell Merged with Specialty Finance Firm

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

Mallinckrodt: FCF-Rich Business with Attractive Risk-Reward

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

Paratek Pharma Convert: Well-Covered by Asset Value, with Upside

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

Cummins: Diesel Engine Maker with Shareholder-Friendly Management

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

Goldman Sachs: Leading Securities Firm Slightly Below Tangible Book

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

NRC: Recently Public Environmental Services Firm at Discount

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

Appian: Well-Positioned Platform for Building Enterprise Software

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

Murphy USA: Promising New Initiative Not Reflected in Valuation

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

Tech Data: Key Link in Technology Distribution Ecosystem

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

EZCorp: Second-Largest Publicly Traded Pawn Store Chain at Discount

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

Aptiv: Leading Auto Supplier in Electrification and Autonomous Tech

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

Daily Journal: Transformation Yet to Be Fully Understood

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

Facebook and Xiaomi: Misunderstood, Well-Positioned Companies

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

Time Technoplast: Well-Positioned Plastic Industrial Drum Maker

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

ZTO Express: Express Delivery and Value-Added Logistics in China

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

Facebook: Platform Business Out of Favor for the Wrong Reasons

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

Salmar: Large, Efficient, Low-Cost Producer of Farmed Salmon

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

PDF Solutions: Lowly Valued, with Net Cash and Growing SaaS Business

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

Boustead: Catalyst-Rich Asian Real Estate Stock at One-Third of NAV

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

AIG: Out of Favor Despite Solid Business and Derisked Balance Sheet

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

Walt Disney: Disney+, ESPN+, and Hulu Stake to Drive Multi-Year Growth

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

Wizz Air: Taking Market Share, Growing Cost Advantage and Earnings

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

XPEL: Innovator in Paint Protection Film, Run by Owner/Operators

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

DCB: Dynamic Bank with Long Runway for Compounding Capital

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

Westaim: Access to Shareholder-Friendly Allocators at Low Price

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

São Carlos: One of Brazil’s Leading Commercial Property Investors

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

Sensata: Highly Cash-Generative Automotive Sensor Leader

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

Diamond Hill: Undervalued Asset Manager with Significant Net Cash

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

Kazatomprom: World’s Largest and Lowest-Cost Uranium Producer

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

Carter’s: Children’s Apparel Maker at Modest Valuation

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

Sea Limited: Shopee Subsidiary Creates Strategic Upside

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

Tidewater: Post-Bankruptcy, Well-Capitalized Leader at Discount

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

AT&T: Stable, Slowly Growing Business with Healthy Dividend

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

Chemours: High-Quality Chemicals Firm Trades Like Commodity Player

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

Drive Shack: Growth Potential Ignored as Shares Below Net Cash

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

Siauliu Bankas: Lithuanian Banking Leader at Bargain Price

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

Axalta: BRK Investee and Performance Coatings Leader Has Strategic Value

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

National Oilwell Varco: Dominant Supplier, Transformed

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

Three Ideas with Disciplined and Repeatable “Underwriting” Processes

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.

Chemtrade: Mid-Teens FCF Yield, with Near-Term Issues Largely Resolved

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

Molson Coors: Large Brewer at 10+% FCF Yield

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

IPG Photonics: Dominant Laser Company Run by Owner/Operator

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

Innovative Industrial Properties: REIT in Cannabis Space

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

Diversified Royalty and Athabasca Oil: Small-Cap Opportunities in Canada

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

Franklin Covey: Well-Run Business with Recurring, High-Margin Revenue

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

Jefferies and Permanent TSB: Two Financials Far Below Fair Value

Patrick Brennan of Brennan Asset Management presented his theses on Jefferies Financial (US: JEF) and Permanent TSB (UK: IL0A) at Best Ideas 2019.

Century Casinos: A World Away from Macau and Las Vegas

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

Echostar: Satellite Communications Leader Run by Owner/Operator

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

Micron: Shareholder-Friendly Leader in Oligopoly at Attractive Price

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

Liberty Sirius XM: Market Reaction to Pandora Deal Offers Opportunity

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

Fundamental Alternative Investments (Bond-like Equity Securities)

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.

Best Ideas 2019 Preview: Enzo Biochem

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.

Best Ideas 2019 Preview: PDF Solutions

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%.

Best Ideas 2019 Preview: Despegar

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

Finding Value Through Portfolio Rationalization

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 Is a Bargain

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

Is Joint Chiropractic a “Punch Card” Investment?

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

Banking in Eastern Europe

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.

Best Ideas 2019 Preview: Permanent TSB and Jefferies

Recent selling has battered the financial service sector and there is a plethora of undervalued names. We find two names to be particularly attractive on a relative and absolute basis.

On Backing Extraordinary Founders Early

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.

Perspectives on Margin of Safety

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.

Best Ideas 2019 Preview: PDF Solutions

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.

Why We Do Not Worry About Catalysts

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.

Best Ideas 2019 Preview: Micron Technology

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.

Best Ideas 2019 Preview: Walt Disney

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.

Best Ideas 2019 Preview: A Look at Great Capital Allocators

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

How to Avoid the Most Expensive Mistake in Investing

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.

Value Drivers vs. Value Traps

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.

Finding Asymmetry in Credit Investing

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.

The Value of Turning Over More Rocks

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.

A Real-Time Case Study: Equinix

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.

On Valuing Great Businesses

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.

Why Hold Cash?

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.

Best Ideas 2019 Preview: NRC Group

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.

Process Improvement via Factor Awareness

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.

Highlights from the Robotti & Company Annual Meeting

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

These Thought Pieces Support Our Sense of Caution

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.

Best Ideas 2019 Preview: Viper Energy

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.

Intelligent Investing When Asia’s Mr. Market Is Fearful

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.

Favoring Recession-Resistant Equities and Cash

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.

Facts, Opinions, and The Oil Patch

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

Best Ideas 2019 Preview: AutoCanada

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.

My Investment Thesis on Emperor Entertainment Hotel

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.

Asset-Based Investing in an Earnings-Focused World

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.

Best Ideas 2019 Preview: Why We Are Short Bond ETFs

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.

What Matters in Banking

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.

The Value Investment Case for Enzo Biochem

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).

Evidence of Rare Events: False Positives in a Sea of Noise

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.

Traits of an Ideal Investor in Metis India Opportunity Fund

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.

Glenn Surowiec: Controlling Emotions and Temptation

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.

Radisson Hospitality: Football, Swedish Laws, and Chinese Tourists

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.

Execution > Philosophy

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