Value Hive Podcast – Details, episodes & analysis

This was a fun episode. I chatted stocks, trading, philosophy, and process with @PurpleDrinkCapital.

I like the way he approaches markets. He's honest about his process, and is eager to share his mistakes (which is a sign I love).

I hope you enjoy this episode.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

I'm excited to share my conversation with Stefan Lingmerth, founder of Sunshine Kapital (yes, with a K!).

Stefan is a distress/stress investor. He buys the common stock of bombed-out, left-for-dead companies that look like they're heading for bankruptcy.

If a stock is making new lows, there's a good chance Stefan knows about it and has already analyzed their balance sheet.

This week, we discuss distressed investing, Trinseo $TSE, and Borr Drilling $BORR.

Note: Stefan holds positions in the stocks mentioned at the time of recording. None of this is investment advice. Do your own work.

Also note: I do not own shares in any of the stocks mentioned at the time of recording, nor do I plan on buying shares in the coming weeks.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

Josh Crumb talks all things commodities, green energy transition, mining labor shortage, and building Abaxx Futures Exchange.

I hope you enjoy.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

Hey guys! This week we have Nicholas E. Radice on the podcast. Nicholas is a distressed and real asset investor with a unique approach to markets. Nicholas is from Upstate NY and got his start in distressed investing after growing up in the midst of a manufacturing collapse in his hometown. After graduating from Cornell University, Nicholas worked under famous distressed investor Ian Cumming, before starting his own private investment holding company, backed by Peter Thiel. 

This podcast dives into Nicholas's unique investment approach as he combines lessons from Cumming and Thiel into the forgotten corners of the markets like microcaps, dark stocks, and real asset plays. 

If you enjoyed this conversation, make sure to follow Nicholas on Twitter @NICKRADICAL4. 

Here's a time-stamp of our discussion: 

• [0:00] Introduction 
• [6:00] Reducing Complexity 
• [9:02] Finding What Matters Most
• [16:15] Defining Circle of Competence
• [28:00] Short Term Skeptic, Long Term Optimist
• [35:00] Lessons from Ian Cumming & Peter Thiel
• [60:00] Discarding Ideas Quickly
• [72:00] Dark Stocks, OTC Stocks, and Microcap Ideas
• [74:23] Mistakes of Omission 
• [80:05] Closing Questions

Finally, a big thanks to the following sponsors for making the podcast a reality.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created emergingmanagers.org, a website for emerging manager stockpickers.

For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more!

Tegus

Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best.

I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to tegus.co/valuehive for a free trial to see for yourself.

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at TIKR.com/hive

This week we have the one and only Peter Mantas of Logos LP.
This episode is the second time we solely focused on life sciences and the Biotech space. Peter explains how much the biotech and life sciences industry has change since the last time we spoke all the way back in February. He explains why Big Pharma might have a golden age, how to value the pipeline for some pharmaceuticals companies, gaging probabilities, what is bioprocessing, who are the C players and more!

• [0:00] What has changed since February?
• [10:30] The Golden Age of Big Pharma
• [18:00] The possible next big Pharma player
• [25:00] How to value the pipeline?
• [30:00] Gaging Probabilities
• [33:00] Strong Barriers to Entry
• [43:00] Who are the C players?
• [49:00] Management Teams
• [52:00] What is Bioprocessing?
• [1:09:00] LLY’s Relative Strength
• [1:16:00]Twitter Questions

If you enjoyed this episode, go follow Peter on Twitter @Logos_LP.

Finally, a big thanks to the following sponsors for making the podcast a reality.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created emergingmanagers.org, a website for emerging manager stockpickers.

For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more!

Tegus

Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best.

I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to tegus.co/valuehive for a free trial to see for yourself.

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at TIKR.com/hive.

This week we're stoked to have Mike aka @TheRealEstateG6 on the podcast. 

Our conversation focuses on all things real estate investing. 

He shared with us how he got into Real Estate and his his Real Estate career, what he thinks about Arbnb renting as a business, the most common mistakes that retail investors do, his best and worts investments and how he levered his knowledge on private Real Estate and create his own Real Estate Investing Fund. 

So if you are interested in Real Estate investing definitely tune in! I consider this a "Zero To One" course on Real Estate Investing. 

Check out the time stamp below:

• [0:00] Who is the Real Estate God?
• [6:19] Why not invest in hospitality real estate?
• [9:00] Best Investments & Worst Investments
• [18:00] Mortgage Rates and Real Estate
• [23:00] What are small deals in Real Estate?
• [28:00] Idea sourcing and Valuations
• [36:50] Common Mistakes
• [40:00] More from Real Estate God and Closing Questions

If you like what you heard, go follow Mike on Twitter @TheRealEstateG6. 

Finally, a big thanks to the following sponsors for making the podcast a reality.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created emergingmanagers.org, a website for emerging manager stockpickers.

For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more!

Tegus

Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best.

I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to tegus.co/valuehive for a free trial to see for yourself.

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at TIKR.com/hive.

Please enjoy our conversation with Samer Hakoura, Founder of Alphyn Capital. 

We covered everything that an investor needs to know about Ashtead Group (LSE: $AHT), whether it is Ashtead’s history, what is their business, Ashtead’s Competitive advantages, its unit economic, value and why they still have future margin expansion and revenue growth. 

Plus, Samer shares his investment journey such as how did he manage to run a Caribbean Supermarket and and what could possible go wrong with his Ashtead Investment.

Check out the time-stamp below:

• [0:00] Who is Samer Hakoura?
• [2:50] Running a Caribbean Supermarket
• [8:00] Synthetic Leverage
• [12:20] Ideal Investment
• [14:40] Differences between private investing and investing on the public markets?
• [16:20] Ashtead Group (LSE: AHT)
• [19:00] Due Diligence
• [22:00] Ashtead’s History
• [33:30] Ashtead’s Unit Economics
• [38:40] Competition: United Rentals vs Ashtead.
• [50:00] Ashtead’s Exposure to the Macro Environment?
• [59:00] Why Ashtead has so much debt?
• [1:01:20] The Bear Case for Ashtead?
• [1:07:00] More from Sam and Closing Questions

If you like what you heard, follow Samer on Twitter @SamerHakoura. 

Finally, a big thanks to the following sponsors for making the podcast a reality.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created emergingmanagers.org, a website for emerging manager stockpickers.

For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more!

Tegus

Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best.

I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to tegus.co/valuehive for a free trial to see for yourself.

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at TIKR.com/hive.

Today’s episode we had a conversation with Robert Brooks, Founder of Brick by Brick Capital. We covered everything that an investor needs to know about Ceco Environmental ($CECO), whether it is Ceco’s history, what is their business, Ceco’s Competitive advantages, its unit economic, value and why they still have future margin expansion and revenue growth. Plus, Robert shares his investment journey and what could possible go wrong with his Ceco Investment.

Check out the time stamp below:

• [0:00] Who is Robert Brooks?
• [5:30] Brick by Brick Investing Strategy
• [10:40] Ceco Environmental ($CECO)
• [14:00] Ceco’s Old Management
• [17:00] Ceco’s Customer Base
• [25:00] Ceco’s Unit Economics
• [30:20] Ceco’s New Management
• [37:00] What could go wrong?
• [41:00] Ceco’s Tailwinds
• [52:00] Ceco’s Price Target
• [55:00] Closing Questions and More from Robert

If you enjoyed the podcast, make sure to follow Rob on Twitter at @BrickByBrickCap. 

Finally, a big thanks to the following sponsors for making the podcast a reality.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created emergingmanagers.org, a website for emerging manager stockpickers.

For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more!

Tegus

Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best.

I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to tegus.co/valuehive for a free trial to see for yourself.

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at TIKR.com/hive.

This week we invite Mr. Neutral Man from Twitter back on the Value Hive podcast with our Twitter Spaces Q&A recorded in late October. Mr. Neutral dives deep into his latest fat pitch idea: Howard Hughes $HHC.

I hope you enjoy this Twitter Spaces recording. Please let me know who else you'd want me to interview in Q&A fashion. I love these episodes because it gives me a chance to step back and let the audience ask all the questions.

Finally, a big thanks to the following sponsors for making the podcast a reality.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created emergingmanagers.org, a website for emerging manager stockpickers.

For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more!

Tegus

Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best.

I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to tegus.co/valuehive for a free trial to see for yourself.

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at TIKR.com/hive.

This week we're continuing our Investor Audibles series with three Q3 2022 letters from the following investors/funds:

• Nordstern Capital 
• Praetorian Capital 
• Maran Capital 

Please let me know what other letters you'd want to hear on future Investor Audible series episodes! Also, here are some of the links mentioned in the podcast: 

• Value Hive Podcast w/ David Kaye

Finally, a big thanks to the following sponsors for making the podcast a reality.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created emergingmanagers.org, a website for emerging manager stockpickers.

For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more!

Tegus

Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best.

I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to tegus.co/valuehive for a free trial to see for yourself.

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at TIKR.com/hive.