Podcasts by This Week in Intelligent Investing

Remembering Charlie Munger: Life and Legacy from 2023-12-02T13:06:46

In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic reflect on the life and legacy of Charlie Munger.

Enjoy the conversation!

The primary purpose of ...

Shrinking Timeframes and First-Order Thinking Since the Covid Crash from 2023-11-19T04:12:05

In 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 ...

The Bond Market from a Value Investor’s Perspective from 2023-11-07T06:26:16

In 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 m...

Consumer Packaged Goods, GLP-1s, and Big Tech as the New Staples from 2023-10-18T08:01:55

In 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 te...

Valuation and Capital Allocation in Declining Industries from 2023-10-06T12:07:55

In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss valuation and capital allocation in declining industries.

Enjoy the conversation!

The pri...

Small Caps at Multi-Decade Valuation Low vs. Large Caps: Opportunity or Trap? from 2023-09-18T14:39

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 la...

Commercial Real Estate and the Future of Offices: Opportunity for Contrarian Investors? from 2023-05-27T15:08:24

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 opportuni...

Takeaways and Lessons from the Berkshire Hathaway Annual Meeting 2023 from 2023-05-14T03:11:02

In 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 persona...

The Lagging Performance of Small-Caps: An Opportunity for Investors? from 2023-05-01T06:04:30

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.

En...

Overconfidence, Under-Reaction, and Warren Buffett’s Investments from 2023-04-15T09:00:09

In 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 ...

Turmoil in the Global Banking System: Causes, Remedies, Opportunities from 2023-03-25T15:06:27

In 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 inves...

The End of TINA -- Does ”There Is No Alternative” to Equities Still Apply? from 2023-03-12T05:16

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 grow...

Thinking About Artificial Intelligence and Its Implications for Investors from 2023-02-26T15:28:26

In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss artificial intelligence, its capabilities and shortcomings, related trends, and implications for investors.

Bed Bath&Beyond and the Fleecing of the American Retail Investor from 2023-02-19T03:31:53

In 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.

Enjoy t...

The Opportunity in Beaten-Down, Money-Losing Growth Businesses from 2023-01-29T04:31:26

In 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 decline...

Private Equity and the Game of ”Volatility Laundering” from 2023-01-15T04:50:36

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...

Year in Review: Why 2022 Was a Year to Remember and Possibly a Turning Point from 2022-12-18T06:24:27

In 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 in...

How to Invest When You Like the Business But Not Necessarily the Management Team from 2022-12-04T05:30:22

In 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...

Reflecting on the FTX Debacle and the Factors That Made It Possible from 2022-11-20T05:14:43

In 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.

Enj...

The Capacity to Suffer, How It Applies in Practice, and the Case of Meta from 2022-11-06T07:14:49

In 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...

David Einhorn on Value Investing: Will It Ever Come Back? from 2022-10-22T15:06:30

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

Reflections on Buffett’s Famous Essay, ”How Inflation Swindles the Equity Investor” from 2022-10-09T04:32:55

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 in...

The Challenge and Risks of Managing Inventory in Light of COVID-Related Demand Swings from 2022-09-24T10:19:30

In 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 ...

The Cyclicality of Malthusianism, and Related Investment Implications from 2022-09-11T04:28:56

In 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 po...

The Futility of Recession Forecasting as Part of an Investment Process from 2022-07-10T14:13:46

In 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.

SPECIAL: Vitaliy Katsenelson on the Stoic ”Operating System”, Painful Experiences in Investing from 2022-07-03T06:57:25

In 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 inspir...

The Evolution of Financial Distress | Investor Fatigue and Mental Exhaustion from 2022-06-18T12:57:47

In 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 ...

SPECIAL: Mike ”@nongaap” Puangmalai on the Role of Deep Corporate Governance Analysis in an Investment Process from 2022-06-11T16:08:15

In 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, ...

Michael Mauboussin’s ”Man Overboard Moment” and Sector Rotation from 2022-06-05T08:25:41

In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss the "man overboard moment" Michael Mauboussin wrote about in a Listen

Pricing vs. Valuation and Companies in Transition | When ”Safety” Is Not Cheap from 2022-04-24T04:33:53

In 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 abo...

A Discussion of Energy: Opportunities and Challenges Facing Investors from 2022-04-10T13:35:43

In 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 conver...

Investing in Housing and Homebuilders: A Discussion of Sector Dynamics from 2022-04-03T06:05:24

In 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 inve...

SPECIAL: Max Frumes on His Book, The Caesars Palace Coup: How a Billionaire Brawl Over the Famous Casino Exposed the Power and Greed of Wall Street from 2022-03-27T05:46:44

In 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 Expo...

SPECIAL: Roger Lowenstein on Ways and Means: Lincoln and His Cabinet and the Financing of the Civil War from 2022-03-20T06:33

In 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.

When Markets Trade on Headlines Rather Than Value | ”Safe” Assets Amidst the Chaos from 2022-03-06T03:00:23

In 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 ...

SPECIAL: Mario Cibelli on the New Reality for Public Small-/Mid-Cap Growth Companies from 2022-02-27T15:10:03

In 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, a...

Why Executive Compensation Matters | Covid Winners and Losers, and How the Market Thinks from 2022-02-20T13:18:17

In 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...

SPECIAL: Adam J. Schwartz on Designing a Business to Fit Your Investment Approach from 2022-02-13T09:43:56

In 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 desig...

The Mistake of Not Selling Soon Enough | Reading for Purpose and the Importance of Journalism from 2022-02-06T05:55:34

In 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 ...

SPECIAL: Spencer Jakab on The Revolution That Wasn’t: GameStop, Reddit, and the Fleecing of Small Investors from 2022-01-30T14:56:19

In 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 t...

The Inflation Debate | Investing in Unprofitable Companies from 2022-01-23T11:49:57

In 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 unprofita...

Investing and Life Lessons from Lou Simpson | Lumpy 15 Percent ＞ Smooth 12 Percent from 2022-01-16T04:02:55

In 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) an...

Disparity of Large-Cap vs. Small-/Mid-Cap Valuations | Peter Bernstein on Bubbles and Survival from 2022-01-09T04:32:06

In 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 ...

SPECIAL: Michael Mauboussin and Saurabh Madaan on Expectations Investing from 2022-01-04T10:07:51

Saurabh Madaan, Managing Member of Manveen Asset Management, and Michael Mauboussin, Head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management, joined members for ...

SPECIAL: Nick Devlin and Elliot Turner on the Business Model of Naked Wines from 2022-01-04T10:03:52

Elliot 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...

Superforecasting and the Good Judgment Open | Biggest Lessons of the Year 2021 from 2021-12-19T03:54:47

In 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...

Michael Mauboussin‘s Expectations Investing | The Right Amount of Lying from 2021-12-12T11:56:25

In 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 -...

The Future of Brands and Brand Value | Leadership Change at Twitter from 2021-12-05T13:35:34

In 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 ...

Challenges of Forecasting in Business and Investing | Zillow‘s Retreat From iBuying from 2021-11-21T03:57:06

In 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 retrea...

GE and the Deconglomeration Push | Kasparov Principle as Applied to Investing from 2021-11-14T05:56:36

In 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 Princi...

Game Theory Dynamics in Consolidating Industries | Companies with Internal Investment Function from 2021-11-07T07:47:13

In 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 a...

Using Macro Data in the Investment Process | An Area Ripe for Great Investment Ideas from 2021-10-31T06:25:05

In 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...

Positioning for Longevity in the Investment World | End of Decades-Long Bull Market in Bonds? from 2021-10-24T06:24:28

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 ...

David Spiegelhalter on Risk and the Use (and Misuse) of Statistics | Suprising Market Internals from 2021-10-16T03:44:07

In 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 F...

Duration, Terminal Value, and FOMO | Great Investing Texts to Re-Read Often from 2021-10-10T06:41:53

In 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 i...

Special: How the World‘s Greatest Investors Win, with William Green and Phil Ordway from 2021-10-02T13:21:21

In 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 conv...

Confidence vs. Overconfidence | Idea Generation and Getting to ”No” Quickly from 2021-09-27T02:04:07

In 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 pro...

Investment Implications of Labor Shortages | Don‘t Miss the Big Ideas in Investing from 2021-09-18T16:16:14

In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) the prevalence of labor shortages in the US and their potential investment implications; and (ii) the tenden...

Investment Implications of Labor Shortages | Don‘t Miss the Big Ideas in Investing from 2021-09-18T16:16:14

In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) the prevalence of labor shortages in the US and their potential investment implications; and (ii) the tendency ...

Why All News Seems to Be Good News | Sound Underwriting vs. Position Management from 2021-09-12T11:39:13

In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss (i) why all news seems to be good news in securities markets, and whether market cycles have actually been dampe...

Season One Wrap: Highlighting Favorite Episodes | A Glimpse of What's to Come from 2021-07-18T12:47:25

In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic wrap up Season One of This Week in Intelligent Investing. They highlight some of their favorite episodes and provide a g...

Scarcity vs. Abundance, and the Curation Unlock | Firestone's Law of Forecasting from 2021-07-03T13:31:35

In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) scarcity vs. abundance, and curation as the next big unlock; and (ii) "Firestone's Law of Forecasting" and t...

Daniel Kahneman's "Noise" | Is Customer Acquisition Cost the New Rent? from 2021-06-26T13:31:40

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 ...

On Being an Emerging Manager: Experiences, Lessons Learned, Success Factors from 2021-06-12T16:39:35

In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss what it's like to be an emerging manager. Elliot and Phil share their experiences, lessons learned, and success ...

Aggregation of Marginal Gains | A Study of Lifetime Value Creation from 2021-06-05T15:50:47

In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) the concept of "aggregation of marginal gains" and related examples; and (ii) an academic study of lifetime ...

The Big Ideas of Investing | The Sale of Nuance: A Case Study in Incentives from 2021-05-29T14:52:28

In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss (i) the "big ideas" of investing, i.e., what could be said about intelligent investing on a single piece of pape...

The Market's Obsession With What's Next | Investing in the Unknown and Unknowable from 2021-05-22T15:37:27

In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) the market's focus on the next imminent thing, both in terms of companies and broader sectors, and what it m...

Persistence of Market Cap Leaders Over Time | Inflation: Transitory or Not? from 2021-05-15T14:44:52

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 tran...

A Milestone in Corporate Access | Knightian Uncertainty | Top 20 Market Caps from 2021-05-08T15:28:17

In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) Twitter CFO Ned Segal joining Elliot's recent Twitter Spaces discussion, creating a potential template for o...

The Distinctiveness and Future of Berkshire Hathaway | Uncertainty and Risk in Investing from 2021-05-01T16:18:31

In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss (i) the incredible long-term success story, the distinctiveness, and the future of Berkshire Hathaway; and (ii) ...

Emerging vs. Established Quality | Highest-Returning Stocks of the Past Decade from 2021-04-24T16:03:20

In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) emerging quality in contrast to established quality, and (ii) the highest-returning stocks of the past decad...

Commonalities of All-Time Great Investments | Being Polarizing as a Sign of Strength from 2021-04-18T13:58:44

In this episode, co-hosts Phil Ordway and Elliot Turner lead discussions of (i) the commonalities between the best investments of all time and (ii) being polarizing as a sign and source of stren...

The Art of Short Selling | Reflecting on a Survey of Market Tail Risks from 2021-04-12T06:45:41

In this episode, John Mihaljevic co-hosts a discussion of (1) short selling and how it differs from the long investing mindset, led by Elliot Turner; and (2) a survey of market tail risk fears, ...

Special: Surviving 20+ Years, Stitch Fix Deep Dive, with Mario Cibelli and Elliot Turner from 2021-04-05T14:02:20

In this special episode, Elliot sits down for a deep dive with Mario Cibelli, Founder and Portfolio Manager at Marathon Equity Partners.

Mario recorded this episode on the 24th anniversar...

Collecting as a Framework | Breaking a Business Down to the Unit Economics from 2021-03-27T15:07:26

In this episode, John Mihaljevic co-hosts a discussion of (1) collecting as a framework for investment, led by Phil Ordway; and (2) breaking a business down to the unit economics vs. looking at ...

Special: From Poker Player to Portfolio Manager, with Evan Tindell and Elliot Turner from 2021-03-24T18:15:16

In this special episode, Elliot Turner welcomes Evan Tindell, co-founder and Chief Investment Officer of Bireme Capital in a fascinating conversation on how Evan went from starting his career as...

A Retrospective: The COVID Crash | Hobbies and Games for Investors from 2021-03-20T13:51:10

In this episode, John Mihaljevic co-hosts a discussion of (1) the one-year anniversary of the COVID crash -- a restrospective, led by Elliot Turner; and (2) hobbies and games that can add value ...

Holding Competing Ideas at Once | Porting Models Across Investments from 2021-03-13T14:07:18

In this episode, John Mihaljevic co-hosts a discussion of (1) the ability to hold two competing ideas at once, led by Phil Ordway; and (2) porting mental models and concepts from one investment ...

Danny Meyer's Concept of "Constant, Gentle Pressure" | Equity Duration from 2021-03-06T08:09:29

In this episode, John Mihaljevic co-hosts a discussion of (1) the concept of "constant, gentle pressure" from Danny Meyer's book, Setting the Table, led by Elliot Turner; and (2) the meaning of ...

Lottery Tickets and Position Sizing | Earnings Season Investment Process from 2021-02-27T13:17:44

In this episode, John Mihaljevic co-hosts a discussion of (1) lottery tickets and portfolio construction, led by Phil Ordway; and (2) investment process during earnings season, led by Elliot Tur...

David Barr on How Pender Is Finding Value in Fast-Growing Businesses from 2021-02-20T14:55:46

Special guest David Barr, CEO of PenderFund Capital Management, joins us for a conversation on private vs. public market investing, how the concept of value has evolved, and how Dave & Team are ...

Myopic Loss Aversion, Lumpiness of Returns | Human Misjudgment 3.0 from 2021-02-13T14:45:36

In this episode, John Mihaljevic co-hosts a discussion of (1) myopic loss aversion and the lumpiness of investment returns, led by Elliot Turner; and (2) updated thoughts on Charlie Muger's Psyc...

Note Taking, Cloning, and Idol Worship | A Market in Replacement Capital from 2021-02-06T11:50:39

In this episode, John Mihaljevic hosts a discussion of (1) note-taking, cloning, and idol worship; and (2) a quote by Marathon Asset Management: "The stock market is really a market in replaceme...

Short Squeezes, Long-Short Strategies, and Avoiding Ruin in the Stock Market from 2021-01-30T13:07:11

In this episode, John Mihaljevic hosts a discussion of the short squeeze in Gamestop and other stocks with high short interest. Elliot Turner and Phil Ordway share their perspectives, focusing o...

Level 1 Thinking and Keynes' Beauty Contest | Sources of Operating Leverage from 2021-01-23T15:24:44

In this episode, John Mihaljevic hosts a discussion of:

Level 1 thinking and Keynes' beauty contest: Phil Ordway assesses the market environment and asserts that so-called "Level 1" think...

How Smaller Companies Beat Giants | Equity Research: How to Detect BS from 2021-01-16T09:06:22

In this episode, John Mihaljevic hosts a discussion of:

How smaller companies can beat giant corporations: Elliot Turner argues that singular focus around a core essence allows smaller co...

Investing Amid Unprecedented Change | Building From First Principles from 2021-01-09T08:40:38

In this episode, John Mihaljevic hosts a discussion of:

Investing amid change: Phil Ordway addresses a listener question on change. Buffett famously said that he seeks out businesses exhi...

Wholesale Transfer Pricing $NFLX $SPOT $FUBO | Expectations for 2021 from 2020-12-28T06:24:09

In this episode, John Mihaljevic hosts a discussion of:

Wholesale transfer pricing: Elliot Turner talks about business models that involve some degree of wholesale transfer pricing. We di...

Power of Counterfactual Thinking | Reflexivity as a Valuable Concept in Investing from 2020-12-19T15:29:12

In this episode, John Mihaljevic hosts a discussion of:

The power of counterfactual thinking: Phil Ordway talks about counterfactual thinking as a decision-making framework. We discuss ex...

#Neversell | Subscription Business Models | Financial Services Disruption from 2020-12-12T17:08:56

In this episode, John Mihaljevic hosts a discussion of:

Hashtag neversell: Elliot Turner shares his take on #neversell, a recently trending topic among investors on Twitter. We discuss th...

Investing Lessons from the 1930s | "Slow Hunches" in Business and Investing from 2020-12-06T08:12:09

In this episode, John Mihaljevic hosts a discussion of:

Investment lessons from the 1930s: Phil Ordway shares insights from a little-known book, Frederick Lewis Allen's "Since Yesterday: ...

Questions to Ask CEOs | Industry Research | Hindsight Bias and Overconfidence from 2020-11-28T10:57:11

In this episode, John Mihaljevic hosts a discussion of:

Questions to ask management; doing industry research: Elliot Turner responds to a listener question on the investment research proc...

Crowdsourcing Ideas | Yellow and Red Flags When Analyzing a Company from 2020-11-21T13:08:19

In this episode, John Mihaljevic hosts a discussion of:

Crowdsourcing investment ideas: Phil Ordway shares his thoughts on using social media and other venues to source ideas. We discuss ...

Idea Generation | Berkshire Hathaway Q3 Update | Bond-Style Equity Analysis from 2020-11-14T08:33:03

In this episode, John Mihaljevic hosts a discussion of:

The equity investment idea generation process: Elliot Turner responds to a listener question on idea generation and explains how he...

Equity Incentives and Long-Term Investing I Reverse DCF as an Analytical Tool from 2020-11-07T09:03:06

In this episode, John Mihaljevic hosts a discussion of:

How equity incentives affect long-term returns: Phil Ordway takes a look at some of the more excessive equity-based compensation pr...

Dividend Policy and Capital Allocation | Forecasting Surprises and Disasters from 2020-10-31T07:58:36

In this episode, John Mihaljevic hosts a discussion of:

Dividend payout policy as part of overall capital allocation: Chris Bloomstran casts a critical eye toward the tax (in)efficiency o...

Unstoppable Automation Trend | Value Traps and IBM | Index Data Insights from 2020-10-24T14:10:29

In this episode, John Mihaljevic hosts a discussion of:

The implications of automation: Elliot Turner examines the megatrend of automation from both a societal and investment perspective....

Special: The Logistics of Food Delivery, with Isaac Schwartz and Elliot Turner from 2020-10-21T08:38:46

In this special episode, Elliot Turner welcomes Isaac Schwartz, Portfolio Manager at Robotti & Company Advisors LLC for a detailed conversation on Isaac's long arc with the logistics behind food...

The Corporate Tax Code | Sports and Investing Analogy | AT&T Breakup Lessons from 2020-10-17T10:53:42

In this episode, John Mihaljevic hosts a discussion of:

The corporate tax code and the election: Chris Bloomstran talks potential changes to the corporate tax code and how the code chang...

The MVP Machine, and the Growth vs. Value Debate | The Snowflake IPO from 2020-10-10T15:20:28

In this episode, John Mihaljevic hosts a discussion of:

The MVP Machine, and growth versus value: Elliot Turner draws parallels between investing and insights from the bestselling book, ...

Persistent vs. Transient Pandemic Effects | Busted IPOs and Post-Hype Sleepers from 2020-10-03T15:33:54

In this episode, John Mihaljevic hosts a discussion of:

Persistent vs. transient pandemic effects: Phil Ordway opines on several ideas/topics of relevance with regard to the impact of CO...

Nike's Success with Online Sales | Valuing White Space vs. Realized Ambition from 2020-09-25T14:52:53

In this episode, John Mihaljevic hosts a discussion of:

Nike's surprising success with online sales: the durability of the direct-to-consumer opportunity, and what sets apart brands like...

Investing as a Generalist | Options and Repurchases | The Golden Age of Fraud from 2020-09-18T15:27:42

In this episode, John Mihaljevic hosts a discussion of:

Investing as a generalist -- a manifesto: the advantages (and potential drawbacks) of being a generalist investor and taking a gen...

Another Blind Valuation Exercise | Sports Betting Industry | The Imperative of No from 2020-09-12T14:32:55

In this episode, John Mihaljevic hosts a discussion of:

• A new "blind valuation" exercise, with a discussion of equity valuation based on the numbers alone; led by Phil Ordway
...
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Investment Merits of Starbucks | I Investing Like It's 1999 | Blind Valuation Exercise from 2020-09-04T13:58:46

In this episode, John Mihaljevic hosts a discussion of:

• The long-term investment merits of Starbucks, with a look at capital allocation, governance, the China opportunity, store eco...
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Nick Sleep on Habits | Brokerage Sweeps | Psychology of Human Misjudgment from 2020-08-28T13:41:39

In this episode, John hosts a discussion of:

• A Nick Sleep quote on habits; led by Elliot Turner
• Brokerage sweep options and how they have changed to the detriment of the s...
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How Public Companies Can Deserve Quality Shareholders, with Larry Cunningham from 2020-08-21T06:33:13

In this episode, Phil Ordway and Larry Cunningham discuss:

• Corporate governance: best and worst practices
• Capital allocation: do we need a committee?
• Alignment o...
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Intersection of Position Management and Research | Berkshire Q2 Recap from 2020-08-14T15:58:48

In this episode, John hosts a discussion of:

• Intersection of position management and research (led by Elliot Turner)
• Preview of Larry Cunningham's guest appearance next we...
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Insurer Earnings and COVID Losses | Berkshire Q2 Preview | Apple Stock Split from 2020-08-07T11:15:10

In this episode, John Mihaljevic of MOI Global hosts a discussion of:

• Insurance company earnings, COVID losses, and a preview of Berkshire Hathaway's Q2 earnings report, led by Chri...
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Governance and Capital Allocation | Housing and the Business Cycle | Gold as a Hedge from 2020-07-31T05:27:39

In this episode, John Mihaljevic of MOI Global hosts a discussion on three topics:

• Corporate governance and capital allocation, led by Phil Ordway of Anabatic Investment Partners. P...
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Podcast Introduction | Tesla and High-Flying Stocks | Twitter | Investment Mistakes from 2020-07-31T05:02:14

We are thrilled at the launch of a new weekly podcast on intelligent investing. Three terrific investors will be our regular guests:

• Chris Bloomstran of Semper Augustus, based in St...
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