Shows
This Week in Intelligent InvestingBloomberg Opinion Columnist Justin Fox on the AI Spending BoomIn this episode, co-hosts Elliot Turner and John Mihaljevic welcome Justin Fox, Bloomberg Opinion columnist covering business, economics, and other topics. He is also the author of The Myth of the Rational Market: A History of Risk, Reward, and Delusion on Wall Street.
Justin discusses the AI spending boom and how he sees it playing out based on his research into the current period and similar episodes in history.
Enjoy the conversation!
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Further reading:
"This Is How the AI Stock Boom Plays Out"
"The Party Is Like 1999, But Better"
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2025-11-201h 14This Week in Intelligent InvestingSamir Patel on Using AI Intelligently Within the Investment ProcessIn this episode, co-hosts Elliot Turner and John Mihaljevic welcome Samir Patel, the founder and portfolio manager of Askeladden Capital, a long-only small/micro-cap value investing firm based in the Dallas–Fort Worth area.
Samir discusses the use of AI in the investment process. Samir explains how and why he uses certain AI tools and approaches through the lens of mental models, including trait adaptivity, focus, and cognitive biases.
Enjoy the conversation!
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Further reading:
Poor Ash's Almanack (latticework of 100+ mental models)
Deep dive on AI and its implications for valu...
2025-11-131h 03This Week in Intelligent InvestingPhil Ordway on the Market Environment, Red Flags, Opportunities, and MoreIn this episode, co-hosts Elliot Turner and John Mihaljevic are delighted to welcome back former co-host Phil Ordway for a lively discussion of the current market environment, the craziness we've seen in some pockets of the equity landscape, and what may lie ahead for investors.
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or s...
2025-11-0751 minThis Week in Intelligent InvestingYaron Naymark on His Investment Philosophy, Highest-Conviction IdeasIn this episode, host Elliot Turner welcomes Yaron Naymark, founder and Portfolio Manager of 1 Main Capital. Yaron shares his origin story as a hedge fund manager, discusses his investment philosophy, assesses the current market environment, and dives into his highest-conviction and newest ideas.
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any p...
2025-10-131h 09This Week in Intelligent InvestingRyan O'Connor and Toan Tran on AST SpaceMobile $ASTSIn this episode, co-hosts Elliot Turner and John Mihaljevic welcome Ryan O'Connor of Crossroads Capital and Toan Tran of 10 West Advisors to discuss the investment case for AST SpaceMobile (Nasdaq: ASTS), a satellite designer and manufacturer based in Midland, Texas.
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information...
2025-07-151h 43This Week in Intelligent InvestingEric Markowitz on How the World's Oldest and Most Resilient Businesses Stay AliveIn this episode, co-hosts Elliot Turner and John Mihaljevic welcome Eric Markowitz, partner and director of research at Nightview Capital. Eric discusses a broad range of topics, including his path in journalism and investing as well as his current research into how the world's oldest and most resilient businesses stay alive.
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Eric Markowitz is a partner and the Director of Research at investment firm Nightview Capital. A former investigative journalist, with bylines in The New Yorker, GQ, Fast Company, among other outlets, Eric is the author of The Nightcrawler newsletter. He also...
2025-03-1059 minThis Week in Intelligent InvestingAlex Morris on His New Book, "Buffett and Munger Unscripted", and Disney $DISIn this episode, co-hosts Elliot Turner and John Mihaljevic welcome Alex Morris, founder of the TSOH Investment Research Service, a long-term focused equity research service. Alex discusses key takeaways from his new book, Buffett and Munger Unscripted: Three Decades of Investment and Business Insights from the Berkshire Hathaway Shareholder Meetings.
Enjoy the conversation!
Helpful links:
Amazon book page
TSOH Investment Research
Alex Morris is the founder of the TSOH Investment Research Service, a long-term focused equity research service with 100% portfolio transparency. He earned his undergraduate degree and MBA from the University of Florida...
2025-02-271h 18This Week in Intelligent InvestingTom Morgan on Curiosity, the Brain, Energy, Love, Investing, and MoreIn this episode, co-hosts Elliot Turner and John Mihaljevic welcome Tom Morgan, founder of The Leading Edge, a network for personal evolution. Tom helps us understand the brain and how we think; where curiosity comes from and how it manifests; why love-organized systems are superior; and how these insights can make us better investors (though that's not necessarily the point!).
Tom is a former Wall Street Managing Director (Bank of America, Merrill Lynch, Stifel and Consumer Edge). He holds a first class degree in philosophy, politics and economics from Oxford University.
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2025-02-111h 17This Week in Intelligent InvestingJon aka Borlaug: A Deep Dive on Life Sciences and BioprocessingIn this episode, co-hosts Elliot Turner and John Mihaljevic welcome Jon aka Borlaug for a deep dive on the life science space, covering the bioprocessors, CRO/CDMOs, and the diagnostics companies. Jon helps demystify this fascinating industry for generalists and offers sharp insights for specialists alike. We go in depth on why life science companies have suffered post-COVID and how better days await. Jon shares why bioprocessing is one of the best business models in the world. Stay until the end when he shares his favorite bioprocessing idea.
For more on the space, follow Jon on Twitter h...
2025-01-271h 21This Week in Intelligent InvestingDoug O'Laughlin on the Semiconductor Industry Dynamics and OutlookIn this episode, co-hosts Elliot Turner and John Mihaljevic welcome Doug O'Laughlin, President of SemiAnalysis and founder of Fabricated Knowledge. Doug shares his wisdom on the state of the semiconductor industry, on topics like the key questions on how the industry is leading AI forward, the big winners of the AI race, an intriguing investment opportunity in the newest bottleneck for the industry, and the deep recession in the non-AI semi world.
For related research and more see SemiAnalysis (https://semianalysis.com) and Fabricated Knowledge (https://www.fabricatedknowledge.com).
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2025-01-221h 32This Week in Intelligent InvestingGoogle's Antitrust Risks - Daniel Prather Lays Out Crossroads Capital's ThesisIn this episode, co-hosts Elliot Turner and John Mihaljevic welcome back special guest Daniel Prather, Director of Research at Crossroads Capital, to discuss Google's ongoing antitrust issues.
For related research, see Crossroads Capital's Trust Busting Update and Google Breakup Risk Research.
For additional insights, visit https://www.crossroadscap.io/insights
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as i...
2024-12-1457 minThis Week in Intelligent InvestingSPECIAL: Simon Kold Discusses His Book, On the Hunt for Great CompaniesIn this special episode, John Mihaljevic welcomes Simon Kold, founder of Copenhagen-based Kold Investments and author of the newly released book, On the Hunt for Great Companies: An Investor’s Guide to Evaluating Business Quality and Durability.
For more, visit https://www.simonkold.com
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or...
2024-11-2046 minThis Week in Intelligent InvestingDaniel Prather Unveils His Favorite Bargains in the UK Stock MarketIn this episode, co-hosts Elliot Turner and John Mihaljevic welcome special guest Daniel Prather, Director of Research at Crossroads Capital, to discuss investment opportunities in the UK stock market. Daniel shares the investment theses behind three of his favorite ideas.
For additional insights, visit https://www.crossroadscap.io/insights
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or a...
2024-10-071h 15This Week in Intelligent InvestingPhil Ordway Returns to Discuss the Equity Market Environment and OutlookIn this episode, co-hosts Elliot Turner and John Mihaljevic welcome former co-host Phil Ordway to discuss the current environment for equity investing and where returns might come from going forward.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied u...
2024-10-021h 00This Week in Intelligent InvestingBill Chen on Public Equity Investing in Real Estate (Part 4)In this episode, co-hosts Elliot Turner and John Mihaljevic welcome back special guest Bill Chen, founder and managing partner of Rhizome Partners, to discuss public equity investing in real estate.
Bill addresses premortem failure analysis, management quality, and related topics.
This conversation is part four of a multi-part series.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment a...
2024-07-1555 minThis Week in Intelligent InvestingBill Chen on Public Equity Investing in Real Estate (Part 3)In this episode, co-hosts Elliot Turner and John Mihaljevic welcome back special guest Bill Chen, founder and managing partner of Rhizome Partners, to discuss public equity investing in real estate.
Bill explains how investors should think about the capital structure of REITs. He highlights Vornado Realty Trust as an example.
This conversation is part three of a multi-part series.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, n...
2024-06-171h 04This Week in Intelligent InvestingBill Chen on Public Equity Investing in Real Estate (Part 2)In this episode, co-hosts Elliot Turner and John Mihaljevic welcome back special guest Bill Chen, founder and managing partner of Rhizome Partners, to discuss public equity investing in real estate. This conversation is part two of a multi-part series.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific i...
2024-06-011h 11This Week in Intelligent InvestingBill Chen on Public Equity Investing in Real Estate (Part 1)In this episode, co-hosts Elliot Turner and John Mihaljevic welcome special guest Bill Chen, founder and managing partner of Rhizome Partners, to discuss public equity investing in real estate. Bill lays out the investment case for REITs from a long-term investor's perspective.
Bill had presented his thesis on large-cap multifamily REITs at Best Ideas 2024, hosted by MOI Global. A replay is available at https://moiglobal.com/bill-chen-multifamily-reits-202401/
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests a...
2024-05-201h 07This Week in Intelligent InvestingChristopher Tsai on Investing in an Age of DisruptionIn this episode, co-hosts Elliot Turner and John Mihaljevic welcome special guest Christopher Tsai, President and Chief Investment Officer of Tsai Capital Corporation. The trio covers a range of topics, with particular focus on intelligent investing in an age of disruption.
Christopher delivered a related talk at The Zurich Project 2023, hosted by MOI Global. An edited transcript of the talk is available at https://tsaicapital.com/investing-in-an-age-of-disruption.php
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or g...
2024-04-041h 49This Week in Intelligent InvestingTWIII Podcast News, Retrospective, and OutlookIn this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic share some podcast-related news of interest to our loyal listeners.
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your own investment decisions...
2024-02-1119 minThis Week in Intelligent InvestingRemembering Charlie Munger: Life and LegacyIn this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic reflect on the life and legacy of Charlie Munger.
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your own investment decisions -- b...
2023-12-0244 minThis Week in Intelligent InvestingShrinking Timeframes and First-Order Thinking Since the Covid CrashIn this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss the apparently ever-shrinking timeframes of market participants and the first-order thinking in place since the covid crash.
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon a...
2023-11-1954 minThis Week in Intelligent InvestingThe Bond Market from a Value Investor’s PerspectiveIn this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss the bond market from a value investor's perspective. We examine the risk-reward of fixed income in the current market environment.
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not b...
2023-11-0743 minThis Week in Intelligent InvestingConsumer Packaged Goods, GLP-1s, and Big Tech as the New StaplesIn this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss pricing and volume in the consumer packaged goods (CPG) sector, the impact of GLP-1 agonists, and whether big tech should be seen as the new staples.
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information s...
2023-10-1859 minThis Week in Intelligent InvestingValuation and Capital Allocation in Declining IndustriesIn this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss valuation and capital allocation in declining industries.
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your own investment decisions -- be s...
2023-10-0655 minThis Week in Intelligent InvestingSmall Caps at Multi-Decade Valuation Low vs. Large Caps: Opportunity or Trap?In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss the small-cap versus large-cap dichotomy, as reflected by US small caps recently hitting a 22-year low versus large caps (measured as the ratio of the Russell 2000 to the Russell 1000). We debate whether the time has come to seek outperformance in small caps versus large caps.
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should b...
2023-09-1852 minThis Week in Intelligent InvestingCommercial Real Estate and the Future of Offices: Opportunity for Contrarian Investors?In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss commercial real estate and the future of offices. They debate whether commercial real estate offers an opportunity for contrarian investors.
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not b...
2023-05-2748 minThis Week in Intelligent InvestingTakeaways and Lessons from the Berkshire Hathaway Annual Meeting 2023In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss takeaways and lessons from the Berkshire Hathaway Annual Meeting 2023. Phil kicks off the episode with a personal recap of his trip to Omaha.
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this p...
2023-05-1452 minThis Week in Intelligent InvestingThe Lagging Performance of Small-Caps: An Opportunity for Investors?In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss the small-cap opportunity following a period of underperformance of small-cap versus large-cap stocks.
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your own...
2023-05-0157 minThis Week in Intelligent InvestingOverconfidence, Under-Reaction, and Warren Buffett’s InvestmentsIn this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss the research paper, "Overconfidence, Under-Reaction, and Warren Buffett's Investments", by John S. Hughes, Jing Liu, and Mingshan Zhang.
The paper is available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1635061
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy o...
2023-04-1554 minThis Week in Intelligent InvestingTurmoil in the Global Banking System: Causes, Remedies, OpportunitiesIn this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss the turmoil in the global banking system, delving into causes, remedies, and opportunities for intelligent investors.
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a...
2023-03-251h 22This Week in Intelligent InvestingThe End of TINA -- Does ”There Is No Alternative” to Equities Still Apply?In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss the end of TINA ("there is no alternative" to equities) and how investors should think about protecting and growing wealth in a treacherous environment.
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on t...
2023-03-1253 minThis Week in Intelligent InvestingThinking About Artificial Intelligence and Its Implications for InvestorsIn this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss artificial intelligence, its capabilities and shortcomings, related trends, and implications for investors.
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for your o...
2023-02-2648 minThis Week in Intelligent InvestingBed Bath & Beyond and the Fleecing of the American Retail InvestorIn this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss the Bed Bath & Beyond saga and draw analogies to past case studies, including DryShips and Hertz.
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a...
2023-02-1951 minThis Week in Intelligent InvestingThe Opportunity in Beaten-Down, Money-Losing Growth BusinessesIn this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss long-term investment opportunities among fast-growing but money-losing companies whose stock prices have declined precipitously over the past year.
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied u...
2023-01-2958 minThis Week in Intelligent InvestingPrivate Equity and the Game of ”Volatility Laundering”In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss the private equity asset class and the dangerous game of "volatility laundering", a concept popularized by Cliff Asness.
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied u...
2023-01-1549 minThis Week in Intelligent InvestingYear in Review: Why 2022 Was a Year to Remember and Possibly a Turning PointIn this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss some of the "highlights" of 2022, why it was a year to remember, and why it may have been a turning point for investors.
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this p...
2022-12-1854 minThis Week in Intelligent InvestingHow to Invest When You Like the Business But Not Necessarily the Management TeamIn this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss a type of situation often encountered by investors -- when you like a company's business model and prospects but do not agree with management's strategy or capital allocation policies.
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. S...
2022-12-0448 minThis Week in Intelligent InvestingReflecting on the FTX Debacle and the Factors That Made It PossibleIn this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss the FTX debacle and the factors that made such an epic disaster not only possible but perhaps likely.
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied u...
2022-11-2052 minThis Week in Intelligent InvestingThe Capacity to Suffer, How It Applies in Practice, and the Case of MetaIn this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss the Tom Russo-championed concept of "the capacity to suffer", how to apply it in practice, and to what extent it can be used to think about the recent woes at Meta Platforms.
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell a...
2022-11-0640 minThis Week in Intelligent InvestingDavid Einhorn on Value Investing: Will It Ever Come Back?In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss David Einhorn's recent comments on value investing, which are available at https://youtu.be/ERa_d7PpbYU?t=31
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied u...
2022-10-2247 minThis Week in Intelligent InvestingReflections on Buffett’s Famous Essay, ”How Inflation Swindles the Equity Investor”In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss Warren Buffett's famous 1977 essay, "How Inflation Swindles the Equity Investor". The co-hosts examine equity investing in the context of an inflationary environment.
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast s...
2022-10-0954 minThis Week in Intelligent InvestingThe Challenge and Risks of Managing Inventory in Light of COVID-Related Demand SwingsIn this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss the challenges some companies have experienced managing their inventory levels in light of COVID-related demand swings. In particular, the hosts reflect on a Wall Street Journal article about Scotts Miracle-Gro (NYSE: SMG). They also touch on the challenges faced by Peloton (Nasdaq: PTON).
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed a...
2022-09-2446 minThis Week in Intelligent InvestingThe Cyclicality of Malthusianism, and Related Investment ImplicationsIn this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss the cyclicality of Malthusianism, and related investment implications.
"Malthusianism is the idea that population growth is potentially exponential while the growth of the food supply or other resources is linear, which eventually reduces living standards to the point of triggering a population die off." (source: Wikipedia)
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of i...
2022-09-1137 minThis Week in Intelligent InvestingThe Futility of Recession Forecasting as Part of an Investment ProcessIn this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss the futility of recession forecasting as a way of informing investment and portfolio management decisions.
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a b...
2022-07-1045 minThis Week in Intelligent InvestingSPECIAL: Vitaliy Katsenelson on the Stoic ”Operating System”, Painful Experiences in InvestingIn this special episode we are joined by Vitaliy Katsenelon, CIO of Denver-based value investing firm IMA and author of Soul In the Game. In this wide-ranging conversation we discuss what inspired Vitaliy to write the book, the Stoic "operating system for life," painful experiences in investing, and how to think and debate like a scientist.
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be c...
2022-07-031h 01This Week in Intelligent InvestingThe Evolution of Financial Distress | Investor Fatigue and Mental ExhaustionIn this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss (1) how the likelihood of financial distress has evolved since the financial crisis of 2008, and (2) the mental exhaustion and fatigue many investors feel as a result of the experience of the past few years.
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or s...
2022-06-1847 minThis Week in Intelligent InvestingSPECIAL: Mike ”@nongaap” Puangmalai on the Role of Deep Corporate Governance Analysis in an Investment ProcessIn this special episode, Mike "@nongaap" Puangmalai, Resident Artist at WCM Investment Management, joins Phil and Elliot to share the origin story behind his insights into corporate governance, which led to the "Dark Arts" series and an investment process built around analyzing corporate governance. Mike shares some of the secrets he learned from rigorous proxy analysis, his thoughts on the maturation cycle of recently public companies, and the one most valuable trick investors can deploy today to decipher whether a management team is truly aligned with investors.
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The primary purpose o...
2022-06-111h 18This Week in Intelligent InvestingMichael Mauboussin’s ”Man Overboard Moment” and Sector RotationIn this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss the "man overboard moment" Michael Mauboussin wrote about in a 2015 white paper entitled, "Managing the Man Overboard Moment." We also talk about the concept of "sector rotation."
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific i...
2022-06-0544 minThis Week in Intelligent InvestingPost-COVID Growth Curves of Growth CompaniesIn this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss post-COVID growth curves of fast-growing businesses. For background, see the Q1 letter of RGA Investment Advisors at https://www.rgaia.com/wp-content/uploads/2022/05/Q122-Investment-Commentary-.pdf
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The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information s...
2022-05-2246 minThis Week in Intelligent InvestingSPECIAL: Mary Childs on Her Book, The Bond King: How One Man Made a Market, Built an Empire, and Lost It AllIn this special episode, co-host Phil Ordway speaks with Mary Childs, author of The Bond King: How One Man Made a Market, Built an Empire, and Lost It All.
About the Guest:
Mary Childs is a co-host of NPR's Planet Money podcast. Before joining the team in 2019, she was a senior reporter at Barron's magazine, where she covered the alternatives industry, the bond market and capitalism. Before that, she worked at the Financial Times and Bloomberg News. She's written about the pioneering of new asset classes like time, billionaire's proposals to solve inequality and diversity...
2022-05-1742 minThis Week in Intelligent InvestingReflecting on the Buffett & Munger Show at the Berkshire Hathaway Annual MeetingIn this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss impressions and takeaways from the Q&A session with Warren Buffett and Charlie Munger at the Berkshire Hathaway Annual Meeting 2022.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not b...
2022-05-0846 minThis Week in Intelligent InvestingTwitter, Berkshire Hathaway, and Corporate GovernanceIn this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss timely issues in corporate governance, including the pending sale of Twitter to Elon Musk and proposals at the Berkshire Hathaway annual meeting.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast s...
2022-05-0153 minThis Week in Intelligent InvestingSPECIAL: PayPal’s Next Chapter (Recording of Twitter Space on April 21, 2022)In this special episode, Mario Cibelli, Jason Moser, Mike Puangmalai, and Elliot Turner discuss PayPal's next chapter. Learn why the share price decline alters the trajectory of the company and is an opportunity to own growth cheaply.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared o...
2022-04-271h 10This Week in Intelligent InvestingPricing vs. Valuation and Companies in Transition | When ”Safety” Is Not CheapIn this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss pricing versus valuation, especially in the context of "transition" companies, such as Netflix. We also talk about the implications of so-called safe equities trading at high multiples.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific i...
2022-04-2451 minThis Week in Intelligent InvestingA Discussion of Energy: Opportunities and Challenges Facing InvestorsIn this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss the energy sector as a source of opportunities and challenges for intelligent investing.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a basis for y...
2022-04-1045 minThis Week in Intelligent InvestingInvesting in Housing and Homebuilders: A Discussion of Sector DynamicsIn this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss intelligent investing in housing and homebuilders. We focus on the sector dynamics, without giving specific investment recommendations.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon a...
2022-04-0346 minThis Week in Intelligent InvestingSPECIAL: Max Frumes on His Book, The Caesars Palace Coup: How a Billionaire Brawl Over the Famous Casino Exposed the Power and Greed of Wall StreetIn this special episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic speak with Max Frumes, co-author of The Caesars Palace Coup: How a Billionaire Brawl Over the Famous Casino Exposed the Power and Greed of Wall Street.
About the Guest:
Max Frumes leads a news team at Fitch Solutions covering corporate debt and restructuring. He previously was the founding editor of a leading publication covering corporate bankruptcy, and before that reported for S&P’s Leveraged Commentary & Data and The Deal. Frumes received his undergraduate degree from the University of California, Berkeley, and an MS...
2022-03-2750 minThis Week in Intelligent InvestingSPECIAL: Roger Lowenstein on Ways and Means: Lincoln and His Cabinet and the Financing of the Civil WarIn this special episode, TWIII co-host Phil Ordway welcomes Roger Lowenstein, author of the newly published book, Ways and Means: Lincoln and His Cabinet and the Financing of the Civil War.
About the Guest:
Roger Lowenstein reported for The Wall Street Journal for more than a decade. His work has appeared in The Wall Street Journal, Bloomberg, The New York Times, the Washington Post, Fortune, Atlantic, the New York Review of Books, and other publications. His books include the NYT bestsellers Buffett, When Genius Failed, and The End of Wall Street, and the critically acclaimed...
2022-03-2039 minThis Week in Intelligent InvestingWhen Markets Trade on Headlines Rather Than Value | ”Safe” Assets Amidst the ChaosIn this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) times when markets trade on headlines rather than value; and (ii) "safe" assets amidst all the chaos in the world.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should n...
2022-03-0654 minThis Week in Intelligent InvestingSPECIAL: Mario Cibelli on the New Reality for Public Small-/Mid-Cap Growth CompaniesIn this special episode, Mario Cibelli joins us to talk about the "rapidly forming new reality for public small/mid growth companies," the steps companies can take to adapt to this new normal, and how portfolio managers should think about diversification and turnover.
About the Guest:
Mario D. Cibelli is the General Partner of Marathon Partners L.P., an Investment Partnership focused on less efficient areas of the marketplace. The partnership follows sectors such as spin-offs, orphan IPOs, reverse mergers, rights offerings, re-caps, limited ‘float’ securities, bankruptcies, post bankruptcies, partnership securities, mutual owned conversions, small capi...
2022-02-271h 01This Week in Intelligent InvestingWhy Executive Compensation Matters | Covid Winners and Losers, and How the Market ThinksIn this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss (i) executive compensation, and why the details should matter to long-term investors; and (ii) Covid winners and losers: were the winners really the losers, and vice versa?
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific i...
2022-02-201h 01This Week in Intelligent InvestingSPECIAL: Adam J. Schwartz on Designing a Business to Fit Your Investment ApproachIn this special episode, co-hosts Phil Ordway and John Mihaljevic speak with Adam J. Schwartz, Chief Investment Officer of Black Bear Value Partners, about the challenge and opportunity of designing an investment business that is most congruent with the manager's investment philosophy.
About the Guest:
Adam J. Schwartz manages Black Bear Value Partners. He has nearly two decades of buy-side investment experience in a variety of themes including equities, structured products, corporate credit and capital structure arbitrage. Prior to founding the Investment Manager, Adam served as a Director and senior member of the investment team...
2022-02-1356 minThis Week in Intelligent InvestingThe Mistake of Not Selling Soon Enough | Reading for Purpose and the Importance of JournalismIn this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) "overstaying one's welcome" as an investor, or how to think about selling vs. holding; and (ii) reading for purpose and the importance of journalism.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared o...
2022-02-0657 minThis Week in Intelligent InvestingSPECIAL: Spencer Jakab on The Revolution That Wasn’t: GameStop, Reddit, and the Fleecing of Small InvestorsIn this special episode, co-hosts Phil Ordway and Elliot Turner speak with award-winning investing columnist Spencer Jakab about his new book, The Revolution That Wasn't: GameStop, Reddit, and the Fleecing of Small Investors.
About the Book:
The Revolution That Wasn’t is the riveting story of how the meme stock squeeze unfolded, and of the real architects (and winners) of the GameStop rally. Drawing on his years as a stock analyst at a major bank, Jakab exposes technological and financial innovations such as Robinhood’s habit-forming smartphone app as ploys to get our dollars within the...
2022-01-3039 minThis Week in Intelligent InvestingThe Inflation Debate | Investing in Unprofitable CompaniesIn this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) the inflation debate, and whether the word "transitory" still has relevance; and (ii) investing in unprofitable companies.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied u...
2022-01-2354 minThis Week in Intelligent InvestingInvesting and Life Lessons from Lou Simpson | Lumpy 15 Percent ＞ Smooth 12 PercentIn this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss (i) investing and life lessons learned from the late Lou Simpson; and (ii) Buffett's quote, “Charlie (Munger) and I would much rather earn a lumpy 15 percent over time than a smooth 12 percent.”
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any p...
2022-01-1647 minThis Week in Intelligent InvestingDisparity of Large-Cap vs. Small-/Mid-Cap Valuations | Peter Bernstein on Bubbles and SurvivalIn this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) the historically high disparity between large-cap vs. small-/mid-cap valuation; and (ii) Peter Bernstein on survival and the avoidance of disaster, as well as managing through bubbles.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security s...
2022-01-0943 minThis Week in Intelligent InvestingSPECIAL: Michael Mauboussin and Saurabh Madaan on Expectations InvestingSaurabh Madaan, Managing Member of Manveen Asset Management, and Michael Mauboussin, Head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management, joined members for a fireside chat at Latticework on December 15, 2021.
Saurabh and Michael explored the topic, “Expectations Investing as Applied to Growth Businesses”. Michael is co-author with Al Rappaport of the revised and updated edition of Expectations Investing: Reading Stock Prices for Better Returns.
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor an...
2022-01-041h 06This Week in Intelligent InvestingSPECIAL: Nick Devlin and Elliot Turner on the Business Model of Naked WinesElliot Turner, Managing Partner and Chief Investment Officer of RGA Investment Advisors, and Nick Devlin, Chief Executive Officer of Naked Wines (UK: WINE), joined members for a fireside chat at Latticework on December 16, 2021.
Elliot and Nick discussed the evolution and business model of Naked Wines and explored the topic, “Driving Customer Value via Scale Economies Shared”.
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advic...
2022-01-041h 08This Week in Intelligent InvestingSuperforecasting and the Good Judgment Open | Biggest Lessons of the Year 2021In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss (i) superforecasting and the Good Judgment Open; and (ii) the biggest lessons of the year 2021.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be relied upon as a b...
2021-12-1953 minThis Week in Intelligent InvestingMichael Mauboussin‘s Expectations Investing | The Right Amount of LyingIn this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) the new edition of Michael Mauboussin's book, Expectations Investing; and (ii) the "right" amount of lying -- prompted by Rohit Krishnan's essay, "How Much Should You Lie?"
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security s...
2021-12-1255 minThis Week in Intelligent InvestingThe Future of Brands and Brand Value | Leadership Change at TwitterIn this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss (i) the future of brands, and how to think about brand value; and (ii) leadership change at Twitter, with Parag Agrawal becoming CEO.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this p...
2021-12-051h 00This Week in Intelligent InvestingChallenges of Forecasting in Business and Investing | Zillow‘s Retreat From iBuyingIn this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) the challenges of forecasting, faced by businesses and investors alike; and (ii) thoughts on Zillow's retreat from ibuying.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this podcast should not be r...
2021-11-2154 minThis Week in Intelligent InvestingGE and the Deconglomeration Push | Kasparov Principle as Applied to InvestingIn this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss (i) the pending breakup of GE and whether it signifies the "end of conglomerates"; and (ii) the "Kasparov Principle" as applied to investing.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security specific information shared on this p...
2021-11-1453 minThis Week in Intelligent InvestingGame Theory Dynamics in Consolidating Industries | Companies with Internal Investment FunctionIn this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) game theory in consolidating industries, and how it fits into investment strategy; and (ii) companies with an internal investment function, and whether more companies should pursue it.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed as investment advice or as a recommendation to buy or sell any particular security. Security s...
2021-11-0753 minThis Week in Intelligent InvestingUsing Macro Data in the Investment Process | An Area Ripe for Great Investment IdeasIn this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss (i) using macro data in the investment process -- specifically, the one source of macro data Phil uses regularly; and (ii) an area ripe for interesting investment ideas: companies whose product or service is important to the customer but represents a small portion of the customer's total cost.
Enjoy the conversation!
The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of i...
2021-10-3144 minThis Week in Intelligent InvestingPositioning for Longevity in the Investment World | End of Decades-Long Bull Market in Bonds?In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) positioning for longevity in the investment world; and (ii) whether we are near the end of the decades-long bull market in bonds.
Enjoy the conversation!
About the Co-Hosts:
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 j...
2021-10-2455 minThis Week in Intelligent InvestingDavid Spiegelhalter on Risk and the Use (and Misuse) of Statistics | Suprising Market InternalsIn this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss (i) an interview with Sir David Spiegelhalter on risk and the use (and misuse) of statistics, published in the Financial Times on April 16, 2021; and (ii) a table from Morgan Stanley, showing that more than 90% of stocks have declined more than 10% from their YTD highs (>30% for Nasdaq and Russell 2000 stocks) even as the market indices remain only a few percentage points off their highs.
Enjoy the conversation!
About the Co-Hosts:
Elliot Turner is a co-founder and Managing Partner, CIO at R...
2021-10-1650 minThis Week in Intelligent InvestingDuration, Terminal Value, and FOMO | Great Investing Texts to Re-Read OftenIn this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) duration, terminal value, and the "fear of mission out"; and (ii) investing articles and texts that belong in every investor's "re-read" folder.
Enjoy the conversation!
About the Co-Hosts:
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 j...
2021-10-1051 minThis Week in Intelligent InvestingSpecial: How the World‘s Greatest Investors Win, with William Green and Phil OrdwayIn this special episode, co-host Phil Ordway speaks with William Green about the book, "Richer, Wiser, Happier: How the World's Greatest Investors Win in Markets and Life".
Enjoy the conversation!
About the Participants:
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, I...
2021-10-021h 03This Week in Intelligent InvestingConfidence vs. Overconfidence | Idea Generation and Getting to ”No” QuicklyIn this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss (i) confidence vs. overconfidence; and (ii) idea generation, or how to get to "no" quickly in the investment process.
Enjoy the conversation!
About the Co-Hosts:
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 p...
2021-09-271h 01This Week in Intelligent InvestingInvestment Implications of Labor Shortages | Don‘t Miss the Big Ideas in InvestingIn 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:
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 a...
2021-09-1855 minThis Week in Intelligent InvestingWhy All News Seems to Be Good News | Sound Underwriting vs. Position ManagementIn 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 example of Kambi Group.
Enjoy the conversation!
About the Co-Hosts:
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 i...
2021-09-1256 minThis Week in Intelligent InvestingSeason One Wrap: Highlighting Favorite Episodes | A Glimpse of What's to ComeIn 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 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 o...
2021-07-1832 minThis Week in Intelligent InvestingScarcity vs. Abundance, and the Curation Unlock | Firestone's Law of ForecastingIn 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 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 j...
2021-07-031h 05This Week in Intelligent InvestingDaniel Kahneman's "Noise" | Is Customer Acquisition Cost the New Rent?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 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 a...
2021-06-261h 09This Week in Intelligent InvestingOn Being an Emerging Manager: Experiences, Lessons Learned, Success FactorsIn 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 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 p...
2021-06-121h 57This Week in Intelligent InvestingAggregation of Marginal Gains | A Study of Lifetime Value CreationIn 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 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 t...
2021-06-051h 06This Week in Intelligent InvestingThe Big Ideas of Investing | The Sale of Nuance: A Case Study in IncentivesIn 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-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 a...
2021-05-291h 07This Week in Intelligent InvestingThe Market's Obsession With What's Next | Investing in the Unknown and UnknowableIn 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:
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 a...
2021-05-221h 10This Week in Intelligent InvestingPersistence of Market Cap Leaders Over Time | Inflation: Transitory or Not?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 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, E...
2021-05-151h 01This Week in Intelligent InvestingA Milestone in Corporate Access | Knightian Uncertainty | Top 20 Market CapsIn 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 companies by market cap in 1989 vs. 2021.
Enjoy the conversation!
About the Co-Hosts:
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 s...
2021-05-081h 02This Week in Intelligent InvestingThe Distinctiveness and Future of Berkshire Hathaway | Uncertainty and Risk in InvestingIn 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 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. P...
2021-05-0159 minThis Week in Intelligent InvestingEmerging vs. Established Quality | Highest-Returning Stocks of the Past DecadeIn 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 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 w...
2021-04-241h 00This Week in Intelligent InvestingCommonalities of All-Time Great Investments | Being Polarizing as a Sign of StrengthIn 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, 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 w...
2021-04-181h 10This Week in Intelligent InvestingThe Art of Short Selling | Reflecting on a Survey of Market Tail RisksIn 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 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...
2021-04-1257 minThis Week in Intelligent InvestingSpecial: Surviving 20+ Years, Stitch Fix Deep Dive, with Mario Cibelli and Elliot TurnerIn 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."
Mario discusses his background and some historical investments before diving deep on Stitch Fix and the opportunity the company has in the apparel vertical for customers and brands alike, built around a culture infused with data analysis.
2021-04-051h 20This Week in Intelligent InvestingCollecting as a Framework | Breaking a Business Down to the Unit EconomicsIn 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 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...
2021-03-2755 minThis Week in Intelligent InvestingSpecial: From Poker Player to Portfolio Manager, with Evan Tindell and Elliot TurnerIn 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 Facebook and Apple and walks through his bull case on Cogeco, Inc, an undervalued Canadian cable company. Enjoy the conversation!
Evan's Q4 letter https://s3.amazonaws.com/bireme/4Q20%20FV%20-%209db490eb-14b6-4c3b-96ec-ac64fbdd22d7.html
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2021-03-241h 09