It’s a pleasure to share with you Season 1 Episode 25 of This Week in Intelligent Investing, featuring Phil Ordway of Anabatic Investment Partners, based in Chicago, Illinois; Elliot Turner of RGA Investment Advisors, based in Stamford, Connecticut; and your host, John Mihaljevic, chairman of MOI Global.
Enjoy the conversation!
In this episode, John Mihaljevic hosts a discussion of:
How smaller companies can beat giant corporations: Elliot Turner argues that singular focus around a core essence allows smaller companies to compete successfully against much larger competitors. Examples include Roku vs. Google/Amazon, Grubhub vs. Uber, and Dropbox vs. Google/Microsoft.
How to detect “BS” in company communications: Phil Ordway talks about “baloney” detection, or how not to be swayed by communications intended to sugarcoat, obfuscate or deceive investors. We discuss questionable practices and communication methods employed by some companies.
Related links (h/t Phil Ordway):
- Jason Zweig’s tweet about Carl Sagan’s “Baloney Detection Kit”
- Carl Sagan – The Demon-Haunted World: Science as a Candle in the Dark
- Thinking, Fast & Slow
- Extraordinary popular delusions and the madness of crowds
- Bull: A History of the Boom and Bust, 1982-2004
- Investing between the lines
- Trust Me, I’m Lying: Confessions of a Media Manipulator
- Bad Blood: Secrets and Lies in a Silicon Valley Startup
- The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron
- Where Are the Customers’ Yachts?: or A Good Hard Look at Wall Street
- Calling Bullsh*t: The Art of Skepticism in a Data-driven World
- A bull market in bluff: why guff and baloney are on the rise
- On Bullsh*t, by Harry Frankfurt
- How I lost my 25-year battle against corporate claptrap
- How to read science news
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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.