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This Week in Intelligent Investing examines timely and timeless investment topics to help you become a better investor. Enjoy authentic, unscripted discussion, featuring Chris Bloomstran of Semper Augustus Investments Group, Phil Ordway of Anabatic Investment Partners, Elliot Turner of RGA Investment Advisors, and other thought-leading investors. The podcast is to you exclusively by MOI Global, the research-driven membership organization of intelligent investors. Your host is John Mihaljevic ...
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The Zurich Project: Build a Great Investment Firm - presented by MOI Global
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The Zurich Project: Build a Great Investment Firm - presented by MOI Global
John Mihaljevic, CFA
The mission of The Zurich Project is to accelerate investment managers on their path to business success in a principled, sustainable way. The goal is to help each participant build a great investment business, one that will deliver value to the manager and his or her clients over the long term. The Zurich Project workshop is an annual invitation-only forum for sharing best practices in the areas of investment management, operations, and marketing. It brings together a select group of manage ...
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This Week in Intelligent Investing
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Investment Implications of Labor Shortages | Avoid Missing the Big Ideas in Investing
55:58
55:58
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55:58
In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) the prevalence of labor shortages in the US and their potential investment implications; and (ii) the tendency of investors to miss the "big ideas" due to a focus on financial valuation rather than qualitative insight. Enjoy the conversation! About the Co-Hosts: E…
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This Week in Intelligent Investing
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Why All News Seems to Be Good News | Sound Underwriting vs. Position Management
56:35
56:35
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56:35
In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss (i) why all news seems to be good news in securities markets, and whether market cycles have actually been dampened or truncated or if that is an exaggeration; and (ii) the distinction between sound underwriting and position management, as illustrated by Elliot's exam…
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This Week in Intelligent Investing
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Season One Wrap: Highlighting Favorite Episodes | A Glimpse of What's to Come
32:46
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In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic wrap up Season One of This Week in Intelligent Investing. They highlight some of their favorite episodes and provide a glimpse of what's to come in Season Two. The podcast takes a summer break through Labor Day. Enjoy the conversation! About the Co-Hosts: Elliot Turner is a c…
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This Week in Intelligent Investing
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Scarcity vs. Abundance, and the Curation Unlock | Firestone's Law of Forecasting
1:05:20
1:05:20
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1:05:20
In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) scarcity vs. abundance, and curation as the next big unlock; and (ii) "Firestone's Law of Forecasting" and the importance of avoiding zeros. Enjoy the conversation! About the Co-Hosts: Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advis…
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This Week in Intelligent Investing
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Daniel Kahneman's "Noise" | Is Customer Acquisition Cost the New Rent?
1:09:59
1:09:59
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1:09:59
In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss (i) the idea of a noise audit in the investment process and Daniel Kahneman's new book, "Noise: A Flaw in Human Judgment"; and (ii) whether customer acquisition cost (CAC) should be considered the new rent. Enjoy the conversation! About the Co-Hosts: Elliot Turner is …
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This Week in Intelligent Investing
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On Being an Emerging Manager: Experiences, Lessons Learned, Success Factors
1:57:35
1:57:35
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1:57:35
In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss what it's like to be an emerging manager. Elliot and Phil share their experiences, lessons learned, and success factors. Enjoy the conversation! About the Co-Hosts: Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment…
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This Week in Intelligent Investing
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Aggregation of Marginal Gains | A Study of Lifetime Value Creation
1:06:09
1:06:09
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1:06:09
In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) the concept of "aggregation of marginal gains" and related examples; and (ii) an academic study of lifetime value creation in the stock market. Enjoy the conversation! About the Co-Hosts: Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Ad…
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This Week in Intelligent Investing
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The Big Ideas of Investing | The Sale of Nuance: A Case Study in Incentives
1:07:57
1:07:57
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1:07:57
In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss (i) the "big ideas" of investing, i.e., what could be said about intelligent investing on a single piece of paper; and (ii) the sale of Nuance to Microsoft as a case study in management incentives. Enjoy the conversation! About the Co-Hosts: Elliot Turner is a co-foun…
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This Week in Intelligent Investing
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The Market's Obsession With What's Next | Investing in the Unknown and Unknowable
1:10:53
1:10:53
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1:10:53
In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) the market's focus on the next imminent thing, both in terms of companies and broader sectors, and what it means for positioning; and (ii) Richard Zeckhauser's paper on risk, Investing in the Unknown and Unknowable. Enjoy the conversation! About the Co-Hosts: Elli…
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This Week in Intelligent Investing
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Persistence of Market Cap Leaders Over Time | Inflation: Transitory or Not?
1:01:58
1:01:58
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1:01:58
In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss (i) the largest companies by market cap in 1999 vs. 2021; and (ii) whether the current bout of inflation is transitory or not. Enjoy the conversation! About the Co-Hosts: Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Inve…
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This Week in Intelligent Investing
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A Milestone in Corporate Access | Knightian Uncertainty | Top 20 Market Caps
1:02:15
1:02:15
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1:02:15
In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) Twitter CFO Ned Segal joining Elliot's recent Twitter Spaces discussion, creating a potential template for other public companies and taking a step toward democratizing corporate access; and (ii) Knightian uncertainty, and (iii) Buffett's table of the top 20 compa…
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This Week in Intelligent Investing
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The Distinctiveness and Future of Berkshire Hathaway | Uncertainty and Risk in Investing
59:42
59:42
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59:42
In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss (i) the incredible long-term success story, the distinctiveness, and the future of Berkshire Hathaway; and (ii) the important distinction between uncertainty and risk in investing. Enjoy the conversation! About the Co-Hosts: Elliot Turner is a co-founder and Managing …
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This Week in Intelligent Investing
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Emerging vs. Established Quality | Highest-Returning Stocks of the Past Decade
1:00:35
1:00:35
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1:00:35
In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) emerging quality in contrast to established quality, and (ii) the highest-returning stocks of the past decade or two. Enjoy the conversation! About the Co-Hosts: Philip Ordway is Managing Principal and Portfolio Manager of Anabatic Fund, L.P. Previously, Philip wa…
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This Week in Intelligent Investing
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Commonalities of All-Time Great Investments | Being Polarizing as a Sign of Strength
1:10:33
1:10:33
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1:10:33
In this episode, co-hosts Phil Ordway and Elliot Turner lead discussions of (i) the commonalities between the best investments of all time and (ii) being polarizing as a sign and source of strength. John Mihaljevic joins the session. Enjoy the discussion! About the Co-Hosts: Philip Ordway is Managing Principal and Portfolio Manager of Anabatic Fund…
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This Week in Intelligent Investing
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The Art of Short Selling | Reflecting on a Survey of Market Tail Risks
57:18
57:18
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57:18
In this episode, John Mihaljevic co-hosts a discussion of (1) short selling and how it differs from the long investing mindset, led by Elliot Turner; and (2) a survey of market tail risk fears, led by Phil Ordway.Enjoy the discussion!The content of this podcast is not an offer to sell or the solicitation of an offer to buy any security in any juris…
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This Week in Intelligent Investing
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Special: Surviving 20+ Years, Stitch Fix Deep Dive, with Mario Cibelli and Elliot Turner
1:20:57
1:20:57
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In this special episode, Elliot sits down for a deep dive with Mario Cibelli, Founder and Portfolio Manager at Marathon Equity Partners. Mario recorded this episode on the 24th anniversary of the launch of his main fund, and in reflecting on that milestone, he shares his wisdom with "A Stock Picker's Guide for Surviving 20+ Years in the Business." …
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This Week in Intelligent Investing
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Collecting as a Framework | Breaking a Business Down to the Unit Economics
55:05
55:05
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55:05
In this episode, John Mihaljevic co-hosts a discussion of (1) collecting as a framework for investment, led by Phil Ordway; and (2) breaking a business down to the unit economics vs. looking at the aggregate, led by Elliot Turner.Enjoy the discussion!The content of this podcast is not an offer to sell or the solicitation of an offer to buy any secu…
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This Week in Intelligent Investing
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Special: From Poker Player to Portfolio Manager, with Evan Tindell and Elliot Turner
1:09:27
1:09:27
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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 Fa…
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This Week in Intelligent Investing
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A Retrospective: The COVID Crash | Hobbies and Games for Investors
1:14:04
1:14:04
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In this episode, John Mihaljevic co-hosts a discussion of (1) the one-year anniversary of the COVID crash -- a restrospective, led by Elliot Turner; and (2) hobbies and games that can add value to the investment process, led by Phil Ordway.Enjoy the discussion!The content of this podcast is not an offer to sell or the solicitation of an offer to bu…
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This Week in Intelligent Investing
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Holding Competing Ideas at Once | Porting Models Across Investments
48:02
48:02
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48:02
In this episode, John Mihaljevic co-hosts a discussion of (1) the ability to hold two competing ideas at once, led by Phil Ordway; and (2) porting mental models and concepts from one investment to the next, led by Elliot Turner.Enjoy the discussion!The content of this podcast is not an offer to sell or the solicitation of an offer to buy any securi…
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This Week in Intelligent Investing
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Danny Meyer's Concept of "Constant, Gentle Pressure" | Equity Duration
56:10
56:10
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56:10
In this episode, John Mihaljevic co-hosts a discussion of (1) the concept of "constant, gentle pressure" from Danny Meyer's book, Setting the Table, led by Elliot Turner; and (2) the meaning of equity "duration", illustrated with real-time examples, led by Phil Ordway.Enjoy the discussion!The content of this podcast is not an offer to sell or the s…
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This Week in Intelligent Investing
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Lottery Tickets and Position Sizing | Earnings Season Investment Process
1:18:12
1:18:12
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1:18:12
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.Enjoy the discussion!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 co…
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This Week in Intelligent Investing
1
David Barr on How Pender Is Finding Value in Fast-Growing Businesses
1:12:47
1:12:47
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1:12:47
Special guest David Barr, CEO of PenderFund Capital Management, joins us for a conversation on private vs. public market investing, how the concept of value has evolved, and how Dave & Team are finding value in fast-growing businesses. Elliot Turner, Phil Ordway, and John Mihaljevic engage Dave in a lively discussion of these and other topics.Enjoy…
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This Week in Intelligent Investing
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Myopic Loss Aversion, Lumpiness of Returns | Human Misjudgment 3.0
1:10:21
1:10:21
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1:10:21
In this episode, John Mihaljevic co-hosts a discussion of (1) myopic loss aversion and the lumpiness of investment returns, led by Elliot Turner; and (2) updated thoughts on Charlie Muger's Psychology of Human Misjudgment, led by Phil Ordway.Enjoy the discussion!The content of this podcast is not an offer to sell or the solicitation of an offer to …
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This Week in Intelligent Investing
1
Note Taking, Cloning, and Idol Worship | A Market in Replacement Capital
1:07:16
1:07:16
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1:07:16
In this episode, John Mihaljevic hosts a discussion of (1) note-taking, cloning, and idol worship; and (2) a quote by Marathon Asset Management: "The stock market is really a market in replacement capital: if new capacity is urgently needed in any sector, a boom can be relied upon to produce the necessary capital."Phil Ordway talks about note-takin…
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This Week in Intelligent Investing
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Short Squeezes, Long-Short Strategies, and Avoiding Ruin in the Stock Market
1:02:03
1:02:03
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1:02:03
In this episode, John Mihaljevic hosts a discussion of the short squeeze in Gamestop and other stocks with high short interest. Elliot Turner and Phil Ordway share their perspectives, focusing on the bigger lessons and warning signs for investors. We scrutinize some of the reckless behavior in the market and appeal to the need for investors to beco…
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This Week in Intelligent Investing
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Level 1 Thinking and Keynes' Beauty Contest | Sources of Operating Leverage
52:06
52:06
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52:06
In this episode, John Mihaljevic hosts a discussion of: Level 1 thinking and Keynes' beauty contest: Phil Ordway assesses the market environment and asserts that so-called "Level 1" thinking underpins a large portion of market activity. We discuss investors playing Keynes' "beauty contest" while often disregarding valuation-based investing. Sources…
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This Week in Intelligent Investing
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How Smaller Companies Beat Giants | Equity Research: How to Detect BS
1:04:09
1:04:09
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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 t…
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This Week in Intelligent Investing
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Investing Amid Unprecedented Change | Building From First Principles
52:52
52:52
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52:52
In this episode, John Mihaljevic hosts a discussion of: Investing amid change: Phil Ordway addresses a listener question on change. Buffett famously said that he seeks out businesses exhibiting a lack of change. The listener asks whether this principle remains relevant today. We discuss. Building from first principles: Elliot Turner talks about the…
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This Week in Intelligent Investing
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Wholesale Transfer Pricing $NFLX $SPOT $FUBO | Expectations for 2021
57:43
57:43
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57:43
In this episode, John Mihaljevic hosts a discussion of: Wholesale transfer pricing: Elliot Turner talks about business models that involve some degree of wholesale transfer pricing. We discuss what works and what doesn't when it comes to creating sustainable business value. 2021 expectations: Phil Ordway talks about the expectations and forecasting…
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This Week in Intelligent Investing
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Power of Counterfactual Thinking | Reflexivity as a Valuable Concept in Investing
58:50
58:50
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58:50
In this episode, John Mihaljevic hosts a discussion of: The power of counterfactual thinking: Phil Ordway talks about counterfactual thinking as a decision-making framework. We discuss examples and observe that counterfactual thinking might be in rare supply these days. The theory of reflexivity: Elliot Turner talks about reflexivity as a valuable …
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This Week in Intelligent Investing
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#Neversell | Subscription Business Models | Financial Services Disruption
1:12:41
1:12:41
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1:12:41
In this episode, John Mihaljevic hosts a discussion of: Hashtag neversell: Elliot Turner shares his take on #neversell, a recently trending topic among investors on Twitter. We discuss the significance and merits of #neversell, tying it to related topics, such as long-term investing, how to make a sell decision, and how to invest amid market exuber…
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This Week in Intelligent Investing
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Investing Lessons from the 1930s | "Slow Hunches" in Business and Investing
1:07:14
1:07:14
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In this episode, John Mihaljevic hosts a discussion of: Investment lessons from the 1930s: Phil Ordway shares insights from a little-known book, Frederick Lewis Allen's "Since Yesterday: The 1930's in America." We discuss historical parallels and examine how insights from past episodes can help us become better investors today. "Slow hunches" in bu…
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This Week in Intelligent Investing
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Questions to Ask CEOs | Industry Research | Hindsight Bias and Overconfidence
53:01
53:01
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53:01
In this episode, John Mihaljevic hosts a discussion of: Questions to ask management; doing industry research: Elliot Turner responds to a listener question on the investment research process -- how to talk to management teams, how to utilize industry experts, and how to develop industry-specific knowledge. We discuss some of our favorite questions …
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This Week in Intelligent Investing
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Crowdsourcing Ideas | Yellow and Red Flags When Analyzing a Company
1:00:11
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In this episode, John Mihaljevic hosts a discussion of: Crowdsourcing investment ideas: Phil Ordway shares his thoughts on using social media and other venues to source ideas. We discuss the advantages and disadvantages of such an approach. Phil also addresses a listener question around having "Board-level knowledge" of a company. Yellow and red fl…
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This Week in Intelligent Investing
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Idea Generation | Berkshire Hathaway Q3 Update | Bond-Style Equity Analysis
1:25:23
1:25:23
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1:25:23
In this episode, John Mihaljevic hosts a discussion of: The equity investment idea generation process: Elliot Turner responds to a listener question on idea generation and explains how he finds investment candidates. We discuss the merits of quantitative screening and other methods of uncovering potential opportunities. Quarterly update on Berkshir…
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This Week in Intelligent Investing
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Equity Incentives and Long-Term Investing I Reverse DCF as an Analytical Tool
1:03:39
1:03:39
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1:03:39
In this episode, John Mihaljevic hosts a discussion of: How equity incentives affect long-term returns: Phil Ordway takes a look at some of the more excessive equity-based compensation practices at public companies, particularly in the tech sector, and how they may dilute long-term investors' returns. We discuss Twitter and selected other case stud…
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This Week in Intelligent Investing
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Dividend Policy and Capital Allocation | Forecasting Surprises and Disasters
1:22:02
1:22:02
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1:22:02
In this episode, John Mihaljevic hosts a discussion of: Dividend payout policy as part of overall capital allocation: Chris Bloomstran casts a critical eye toward the tax (in)efficiency of dividends and the decision-making process behind corporate boards' dividend policies. We discuss the utility of dividends within a capital allocation framework. …
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This Week in Intelligent Investing
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Unstoppable Automation Trend | Value Traps and IBM | Index Data Insights
1:42:28
1:42:28
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1:42:28
In this episode, John Mihaljevic hosts a discussion of: The implications of automation: Elliot Turner examines the megatrend of automation from both a societal and investment perspective. We discuss how automation is accelerating in new areas today. We explore the key investment implications and highlight several public companies. The concept of va…
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This Week in Intelligent Investing
1
Special: The Logistics of Food Delivery, with Isaac Schwartz and Elliot Turner
1:07:45
1:07:45
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In this special episode, Elliot Turner welcomes Isaac Schwartz, Portfolio Manager at Robotti & Company Advisors LLC for a detailed conversation on Isaac's long arc with the logistics behind food delivery. How Isaac's interest in food delivery logistics was born: A history of Isaac's involvement with Net-a-Porter and studying opportunities to introd…
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This Week in Intelligent Investing
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The Corporate Tax Code | Sports and Investing Analogy | AT&T Breakup Lessons
1:49:46
1:49:46
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1:49:46
In this episode, John Mihaljevic hosts a discussion of: The corporate tax code and the election: Chris Bloomstran talks potential changes to the corporate tax code and how the code changes from two years ago will change regardless of who wins the White House. Sports/investing analogy: Phil Ordway invokes news of the RedBall SPAC acquiring a stake i…
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This Week in Intelligent Investing
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The MVP Machine, and the Growth vs. Value Debate | The Snowflake IPO
1:18:18
1:18:18
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1:18:18
In this episode, John Mihaljevic hosts a discussion of: The MVP Machine, and growth versus value: Elliot Turner draws parallels between investing and insights from the bestselling book, The MVP Machine. He shares a perspective on the growth versus value debate. The Snowflake IPO: Phil Ordway shares his research on Berkshire Hathaway-backed Snowflak…
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This Week in Intelligent Investing
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Persistent vs. Transient Pandemic Effects | Busted IPOs and Post-Hype Sleepers
1:28:36
1:28:36
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1:28:36
In this episode, John Mihaljevic hosts a discussion of: Persistent vs. transient pandemic effects: Phil Ordway opines on several ideas/topics of relevance with regard to the impact of COVID, and invites his fellow co-hosts to weigh in on those topics as well. Busted IPOs and post-hype sleepers: In light of the ongoing IPO craze, Elliot Turner talks…
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This Week in Intelligent Investing
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Nike's Success with Online Sales | Valuing White Space vs. Realized Ambition
1:25:03
1:25:03
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1:25:03
In this episode, John Mihaljevic hosts a discussion of: Nike's surprising success with online sales: the durability of the direct-to-consumer opportunity, and what sets apart brands like Nike and Adidas from rival brands as well as top beverage brands; led by Chris Bloomstran Valuing white space vs. realized ambition: how the market disproportionat…
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This Week in Intelligent Investing
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Investing as a Generalist | Options and Repurchases | The Golden Age of Fraud
1:25:02
1:25:02
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1:25:02
In this episode, John Mihaljevic hosts a discussion of: Investing as a generalist -- a manifesto: the advantages (and potential drawbacks) of being a generalist investor and taking a generalist mindset to life; led by Elliot Turner Employee options and repurchases: the "games" companies play when it comes to doling out stock-based compensation and …
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This Week in Intelligent Investing
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Another Blind Valuation Exercise | Sports Betting Industry | The Imperative of No
1:34:30
1:34:30
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1:34:30
In this episode, John Mihaljevic hosts a discussion of: A new "blind valuation" exercise, with a discussion of equity valuation based on the numbers alone; led by Phil Ordway An overview of the sports betting industry, including size, growth, regulation, and selected ideas; led by Elliot Turner The imperative of "no": the luxury of patience -- key …
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This Week in Intelligent Investing
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Investment Merits of Starbucks | I Investing Like It's 1999 | Blind Valuation Exercise
1:42:38
1:42:38
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1:42:38
In this episode, John Mihaljevic hosts a discussion of: The long-term investment merits of Starbucks, with a look at capital allocation, governance, the China opportunity, store economics, and aspects related to portfolio management; led by Chris Bloomstran How today's stock market may or may not parallel the market of 1999, with an examination of …
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This Week in Intelligent Investing
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Nick Sleep on Habits | Brokerage Sweeps | Psychology of Human Misjudgment
1:26:18
1:26:18
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1:26:18
In this episode, John hosts a discussion of: A Nick Sleep quote on habits; led by Elliot Turner Brokerage sweep options and how they have changed to the detriment of the small investor; led by Chris Bloomstran An update on Charlie Munger’s The Psychology of Human Misjudgment; led by Phil Ordway Enjoy the discussion! The content of this podcast is n…
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This Week in Intelligent Investing
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How Public Companies Can Deserve Quality Shareholders, with Larry Cunningham
51:17
51:17
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51:17
In this episode, Phil Ordway and Larry Cunningham discuss: Corporate governance: best and worst practices Capital allocation: do we need a committee? Alignment of insider incentives Indexers, transients, and quality shareholders Why quality shareholders add value to companies How companies can deserve quality shareholders Enjoy the discussion! The …
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This Week in Intelligent Investing
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Intersection of Position Management and Research | Berkshire Q2 Recap
1:30:18
1:30:18
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In this episode, John hosts a discussion of: Intersection of position management and research (led by Elliot Turner) Preview of Larry Cunningham's guest appearance next week (led by Phil Ordway) Recap of Berkshire Hathaway's Q2 earnings report (led by Chris Bloomstran) Enjoy the discussion! The content of this podcast is not an offer to sell or the…
