Investing with the Buyside | The IwtB Podcast

As the title indicates, the stock podcast is coming to a close, at least for the time being. As for me, I'm leaving the world of podcasting to return to investing. There are a number of reasons why I had to make this tough decision, but the primary reason is that I have an opportunity to work with Kris Kelley at Legacy Ridge Capital. For the past two years, I've poured my heart and soul into this program in an attempt to level the playing field for all investors. I still believe in the mission and I hope someone can pick up where I've left off, either with a new podcast or with this one! So reach out if you're interested in the platform. Take care and good luck with your portfolio! The post Final Episode with Nate Abercrombie – The Stock Podcast, Ep.49 appeared first on The Stock Podcast | CEO & CFO Interviews.

The post The Current State of Midstream – Follow-up Interview with Chris Sighinolfi appeared first on The Stock Podcast | CEO & CFO Interviews.

Chris Sighinolfi rejoins The Stock Podcast for a follow-up interview where he talks about the current state of midstream. Tune in to hear Chris talk about investor sentiment, the role of ESG (environmental, social, and governance) mandates in the midstream space, and his perspectives on distribution cuts in the sector. The post The State of Midstream – Follow-Up Interview with Chris Sighinolfi – Jefferies Research Managing Director – The Stock Podcast, Ep. 48 appeared first on The Stock Podcast | CEO & CFO Interviews.

Barry Davis is the CEO of EnLink Midstream, LLC (NYSE: ENLC), an integrated midstream company serving the oil and gas industry. ENLC operates gathering, processing, compression, transportation, and fractionation assets. Tune in to hear Barry describe ENLC's operations and to hear him talk about current investor sentiment in the oil and gas space, the benefits of the c-corp structure for midstream, and his thoughts around the distribution. The post EnLink Midstream (ENLC) CEO Barry Davis – The Stock Podcast, Ep.47 appeared first on The Stock Podcast | CEO & CFO Interviews.

NRG Energy's CFO Kirk Andrews rejoins The Stock Podcast to provide a business update. Tune in to hear Kirk describe NRG's path to investment grade and what that could mean for the equity value of the company. NRG is an integrated power producer. The company owns generation assets that primarily sell power at wholesale prices. NRG also operates a large portfolio of retail electricity companies. The integrated nature of NRG's asset portfolio provides investors with stable cashflows. When power prices are high, the generation business benefits. When power prices are low, the retail business benefits. It's an impressive mousetrap with high barriers to entry.   The post NRG Energy (NRG) CFO Kirk Andrews – Follow-Up Interview – The Stock Podcast, Ep.46 appeared first on The Stock Podcast | CEO & CFO Interviews.

Kris Kelley is the founder and managing partner of Legacy Ridge Capital Management, a private investment firm that Kris started in 2018, shortly after he left Janus Henderson Investors. Kris has some strong views when it comes to the money management industry, views I personally agree with and ones I think every investor should hear. Kris is a value-focused, contrarian investor who believes the best way for active managers to serve their investors is through highly concentrated portfolios. Now, if you were to ask a hundred value investors who had the greatest impact on their investment philosophy and principles, I'm sure you'd hear a lot of the same names - Warren Buffett, Charlie Munger, Ben Graham, Seth Klarman, and Stanley Drukenmiller. These investors have most certainly had an impact on me, but Kris has hands-down had the greatest impact on my investing philosophy….and that's because Kris was my mentor during my six years at Janus. He's one of, if not the greatest investors I know personally, he lives and breaths value-investing, and the perspectives he shares in this interview should open everyone's eyes to a flawed industry. The post Kris Kelley – Legacy Ridge Capital Management – The Stock Podcast, Ep.45 appeared first on The Stock Podcast | CEO & CFO Interviews.

Super League Gaming (SLGG) CEO Ann Hand joins The Stock Podcast to describe the investment case for her company. Esports is a relatively new commercial market, but it's growing rapidly and there are numerous ways for companies like SLGG to capitalize on that growth. Tune in to here Ann describe a really interesting investment story. The post Super League Gaming (SLGG) CEO Ann Hand – The Stock Podcast, Ep.44 appeared first on The Stock Podcast | CEO & CFO Interviews.

Vistra Energy's CEO rejoins The Stock Podcast to provide an update on the VST stock thesis. It's always a pleasure to have Curt on the program to talk about his company and provide updates on the investment story. VST is one of my personal favorite investment ideas and Curt does a fantastic job of highlighting the key elements of the investment thesis. If you'd like to tune in to the first interview with Curt, click here! The post Vistra Energy (VST) CEO Curt Morgan – The Stock Podcast, Ep.43 appeared first on The Stock Podcast | CEO & CFO Interviews.

Bruce Young is the CEO of Concrete Pumping Holdings, ticker symbol BBCP. Concrete Pumping Holdings is a construction services company based out of Denver, CO. BBCP is the largest concrete pumping services provider in the US and UK. Tune in to hear Bruce provide an overview of his business, the industry outlook, and his priorities for the company. When this interview was published, Concrete Pumping Holdings had a market cap of about $270M, total debt of $417M, and cash on the balance sheet was nearly $5M, putting the enterprise value just over $650M. Under the GICS classification system, BBCP falls within the industrial sector. The post Concrete Pumping Holdings (BBCP) CEO Bruce Young – The Stock Podcast, Ep.42 appeared first on The Stock Podcast | CEO & CFO Interviews.

Orthobiologics are living substances like stem cells and platelet rich plasma (PRP) that some medical doctors use in the rehabilitation process. Dr. Matthew Lucas from the Centeno-Schultz Clinic, based out of Denver, CO, joins the podcast to explain the use of stem cells and PRP in medicine today. The post Orthobiologics and stem cells explained – Dr. Matthew Lucas with the Centeno-Schultz Clinic – The Stock Podcast, Ep.41 appeared first on The Stock Podcast | CEO & CFO Interviews.

Charles and Colvard's CEO , Suzanne Miglucci, joins The Stock Podcast to discuss moissanite gemstones, e-commerce, digital marketing, direct-to-consumer (DTC) selling and her vision for the company. Charles & Colvard (Nasdaq: CTHR) is the original and leading source of moissanite, the world’s most brilliant gemstone. CTHR manufactures, markets, and distributes moissanite gemstones as well as jewelry that incorporates the gemstones. The post Charles & Colvard (CTHR) CEO Suzanne Miglucci – The Stock Podcast, Ep.40 appeared first on The Stock Podcast | CEO & CFO Interviews.

Professor Joshua Landis is the Director of the Center for Middle East Studies at The University of Oklahoma. Prof. Landis joins The Stock Podcast to discuss the recent Saudi oil attack. On Sept. 14, 2019, the world awoke to the news that numerous drones and scud missiles hit Abqaiq, the world's largest oil processing facility. The attack resulted in 5.7 million barrels of oil production capacity going offline, which equates to about 6% of global oil production. The event was the single largest loss of Saudi oil production in history. Immediately after the attack, Yemen's Iranian-backed Houthi's claimed responsibility. However, Prof. Landis is convinced that Iran is ultimately responsible, and the country with the most to gain from an attack on Saudi oil infrastructure.  The post Saudi Oil, Iran, and The Abqaiq Attack – Professor Joshua Landis – The Stock Podcast, Ep.39 appeared first on The Stock Podcast | CEO & CFO Interviews.

Mike Rothman is the President and Founder of Cornerstone Analytics, an independent research firm that provides macro energy research. Mike is an industry veteran, having covered the oil market sector since 1984. He started his career at Merrill Lynch, built the energy research platform at ISI, and has attended OPEC meetings since 1986. Mike joins The Stock Podcast to discuss the global oil market, capacity reserves, and supply following the recent attack on the Abqaiq oil processing facility. On Sept. 14, 2019, the world awoke to the news that numerous drones and scud missiles hit Abqaiq, the world's largest oil processing facility. The attack resulted in 5.7 million barrels of oil production capacity going offline, which equates to about 6% of global oil production. The event was the single largest loss of Saudi oil production in history.  The post Oil Market Dynamics, Capacity Reserves, and Abqaiq – Cornerstone Analytics’ Mike Rothman – The Stock Podcast, Ep.38 appeared first on The Stock Podcast | CEO & CFO Interviews.

Duke Austin is the CEO & COO of Quanta Services (PWR). Quanta provides E&C contracting services and comprehensive infrastructure solutions for electric and gas utilities, oil and gas companies, and the communications industry. Tune in to hear Duke describe his business, the outlook for US energy infrastructure and 5G build-out, and the financial goals Quanta is targeting. The post Duke Austin – CEO of Quanta Services (PWR) – The Stock Podcast, Ep.37 appeared first on The Stock Podcast | CEO & CFO Interviews.

Brad Slingerlend and Brinton Johns are the co-founders of NZS Capital, LLC, an investment firm that focuses on innovative businesses that demonstrate non-zero-sum (NZS) characteristics. If you’re wondering what non-zero-sum means in investing, you really have to listen to this episode! Brad and Brinton are veteran tech investors with a top tier performance track record. Together they oversaw the Janus Henderson Technology funds for nearly 10 years. Over that period, they honed and perfected their investment philosophy and principles, which they share in this episode. The post Brad Slingerlend and Brinton Johns – Tech Investing with the Co-Founders of NZS Capital – The Stock Podcast, Ep.36 appeared first on The Stock Podcast | CEO & CFO Interviews.

Mark Harding is the CEO of Pure Cycle Corp (PCYO), a growing water utility in Denver, CO. Mark rejoins The Stock Podcast to talk about the progress his company has made on the first two phases of Sky Ranch, a master plan community his company has been developing over the past decade. Mark also provides his perspectives on the oil and gas industry in the state of Colorado, his thoughts on the valuation of PCYO stock, what he's been hearing from investors, and some insight into how he's currently thinking about shareholder returns. The post Mark Harding – CEO of Pure Cycle Corp (PCYO) – Follow-Up Interview – The Stock Podcast, Ep.35 appeared first on The Stock Podcast | CEO & CFO Interviews.

One concept that every student learns in business school is Porter's Five Forces. So I thought that with this episode I'd  walk through Porter's Five Forces for podcasting businesses. It's a good way to demonstrate some of the things I've learned over the past year, while at the same time provide listeners with an annual overview. I'm also using this episode as an opportunity to talk about some changes to The Stock Podcast. At the very least, you'll learn about one of the most well-known concepts in finance used to analyze the competitive landscape. The post Porter’s Five Forces for Podcasting – The Stock Podcast, Ep.34 appeared first on The Stock Podcast | CEO & CFO Interviews.

Meg Gentle is the CEO of Tellurian Inc (ticker symbol TELL), a company that is developing a massive LNG export terminal in Louisiana called Driftwood. Meg joins The Stock Podcast to talk about Tellerian Inc.'s asset portfolio, US energy exports, and the LNG industry. If you don't know what LNG is, you really need to listen to this interview with Meg. LNG is one of the fastest growing exports in the US. Why? Because the cost to produce natural gas in the US keeps falling, and with growing domestic supply, this commodity needs a home. And it's companies like Tellurian that make it possible to send the natural gas to international markets. At the time this interview was recorded, Tellurian Inc. had a market cap of $1.9B, nearly $60M of debt, and a little more than $130M in cash, bringing the total enterprise value to just shy of $1.8B. To summarize some of the key points, Tellurian is developing the Driftwood LNG export terminal. But what's really interesting about Tellurian compared to other LNG companies is that they're building an integrated system. That means Tellurian won't just liquify the natural gas, but they'll own a piece of the production, transportation, and liquefaction. And by building an integrated LNG business, that essentially gives the Tellurian full control of its future. To put things in context as to why LNG exports are such a big deal, consider that about a decade ago, the US was importing LNG. But something interesting was happening in the oil patch during the early 2000s. Some small, intrepid energy companies were developing a new way to extract oil and gas from something called shale. As the frackers perfected this new method of oil and gas extraction, production costs came down and supply started to grow very rapidly. With the growth in domestic supply, natural gas prices declined precipitously. While it may not make gas producers super happy, the price of natural gas in the US has declined to the extent that the country will soon become one of the largest LNG exporters in the world. For producers, at least there's a volume story! The post Meg Gentle – CEO of Tellurian Inc (TELL) – The Stock Podcast, Ep.33 appeared first on The Stock Podcast | CEO & CFO Interviews.

The Stock Podcast is super excited to have Gabriel Weinberg on the program. Gabriel is the founder and CEO of DuckDuckGo, a privacy-focused search engine. And if you’re like me, when you heard the name DuckDuckGo, you probably did a double take. It’s a strange name, but so was Google. Yeah, I’m comparing this company to Google because it makes sense. That’s because DuckDuckGo is one of Google’s biggest competitors. You might be scratching your head at that statement because, well you probably didn’t think Google had any competitors. That, in an of itself is a strange concept. I’ll wager that even the most die-hard free market capitalist uses Google for search, but doesn’t realize that they’re supporting a monopoly by using Google. Approximately 90% of internet search queries go through Google. Think about that for a moment… Across the globe, the majority of us use Google almost exclusively for online discovery. Assume for a moment that your search results aren’t exactly what you actually searched for, but rather tailored by your search history and your location. Well, DDG doesn’t do any of that. You’re completely anonymous on DDG. You’ll hear a lot more about this from Gabriel, who is possibly one of the greatest intellects I’ve had the honor of interviewing. Just as a summary, the interview covers a lot of different topics like data privacy, the history of search, how Google became the behemoth that it is, Gabriel’s background and a bit about DuckDuckGo. But before getting to these topics, we spend about 45 minutes discussing Gabriel’s new book, Super Thinking – The Big Book Of Mental Models, which Gabriel wrote with his wife Lauren McCann. The book is truly fantastic and I encourage anyone who desires to be a better decision-maker to give it a read. The post Gabriel Weinberg – CEO of DuckDuckGo – The Stock Podcast, Ep.32 appeared first on The Stock Podcast | CEO & CFO Interviews.

The CEO and co-founder of Sandstorm Gold Royalties (SAND), Nolan Watson, joins The Stock Podcast to talk about his company and a truly compelling investment story. Sandstorm Gold is a precious metals royalty company. Sandstorm helps finance mining operations in exchange for a royalty interest in the precious metals that a mining company produces. It’s a really interesting business model, and Nolan does a phenomenal job describing a company that screens as quite undervalued. The interview really is truly fantastic, in my opinion. One of the reasons I like it so much is because Nolan has a deep understanding of how the investing landscape has changed, and he does a great job describing those changes. With the growth in passive investing, mining companies have been starved of capital. The end result is that it’s become very challenging for mining companies to grow. However, situations like these present opportunities and Sandstorm and Nolan are capitalizing and profiting from these opportunities. The post Nolan Watson – CEO of Sandstorm Gold Royalties (SAND) – The Stock Podcast, Ep.31 appeared first on The Stock Podcast | CEO & CFO Interviews.

Ted Seides is the host of the Capital Allocators Podcast, one of the few podcasts I try extremely hard not to miss. Capital Allocators is a phenomenal podcast where Ted talks to investors, managers, strategists, and thought leaders. He was a founder and Co-Chief Investment Officer at Protégé Partners, an alternative investment firm. Tune in to hear Ted talk about his motivations for starting a podcast, hedge funds, and hedge fund fees. If you listen to this podcast, there’s probably a good chance you listen to other investing podcasts, so you may already know Ted as the host of the Capital Allocators Podcast. In the event you don’t know about Capital Allocators, you really need to check it out. Before I started my own podcast, I listened to a lot of different investing podcasts. But once I started IwtB, my free time became limited and forced me to become a little more selective with the podcasts I listen to. But Capital Allocators and Ted Seides have consistently been a personal podcast staple! That’s because the content is fantastic, Ted’s guests are super high caliber, and because I really like Ted’s way of interviewing his guests. If the name Ted Seides rings a bell, but you just can’t place it, Ted placed a charitable wager with Warren Buffett that pitted the S&P against several funds of hedge funds. It was a friendly 10-year wager that ended in 2017, and the subject really has been beaten to death, so it isn’t a focal point of this interview. There’s a ton of material on the web and I’ve included a link here that really covers everything you might want to know. As a podcaster, it’s great for me to have Ted on the program to hear him talk about the motivation behind starting Capital Allocators, some of the challenges he’s faced with podcasting, and who he’d like to interview most. As an investor, it’s super interesting to hear Ted’s current views on the hedge fund industry and about hedge fund fees. The post Ted Seides – Host of the Capital Allocators Podcast – The Stock Podcast, Ep.30 appeared first on The Stock Podcast | CEO & CFO Interviews.

Anhydrous ammonia isn’t well-known as an alternative source of fuel, but it’s economic and environmental attributes make it a very compelling alternative to hydrocarbons. That’s why the IwtB Podcast is extremely honored to have Norm Olson on the program to explain some important characteristics of NH3. My favorite quote from this interview really sums up how fascinating anhydrous ammonia is. “It’s kind of a miracle how well this thing works in so many different applications.” If you’re a fan of, or just interested in hydrogen, this is a great interview to listen to. Norm was the Program Manager for Biomass and Alternative Fuels at the Iowa Energy Center and the President of the NH3 Fuel Association. Norm is one of the foremost experts on anhydrous ammonia and one of the biggest champions of NH3 as an alternative energy source. The post Anhydrous Ammonia (NH3) with Norm Olson – The Stock Podcast, Ep.29 appeared first on The Stock Podcast | CEO & CFO Interviews.

Michael Rucker is the CEO and Founder of Scout Clean Energy, a private renewable energy developer. Michael is a renewable energy veteran with many years of experience developing utility-scale renewable energy facilities. Tune in to hear Michael talk about the history of Scout Clean Energy and renewable energy project development. The post Michael Rucker – CEO of Scout Clean Energy – The Stock Podcast, Ep.28 appeared first on The Stock Podcast | CEO & CFO Interviews.

Bob Frenzel is the CFO at Xcel Energy (XEL), one of the largest and greenest utilities in the US. Tune in to the Buyside podcast to hear Bob breakdown everything you’ve wanted to know about utility investing. Topics discussed include the regulatory process, renewable energy, carbon-free target, replacement cost, and how to value utilities. In this interview, you’ll hear Bob talk about some of the elements that are required for a utility to be, well, a great utility. You’ll also hear about Xcel’s carbon-free ambitions and what the company will have to do to achieve their targets. And here’s a spoiler, achieving a carbon-free generation portfolio isn’t solely based on wind, solar, and batteries. The solution is actually much more complicated than pundits would like you to believe. Bob also does a great job of describing just what the regulatory process is like for a utility, how a utility justifies spending money that we, as ratepayers, essentially pay for, and Bob also talks a little about how a utility determines the rates that we as customers must pay. As someone who likes to talk about the future of electric generation and utilities, having Bob on the program is a real treat, but for me, there are two really interesting topics that are discussed. The first is the fact that regulated utilities don’t generate a ton of free cash flow. That’s because they’re constantly reinvesting into the grid. The second relates to replacement cost or replacement value. I won’t spoil that last one. It’s a doozy, at least for the value investors out there! The post Bob Frenzel – CFO of Xcel Energy (XEL) – The Stock Podcast, Ep.27 appeared first on The Stock Podcast | CEO & CFO Interviews.

Paul Comfort is the host of Transit Unplugged, an award-winning public transportation podcast. Paul formerly served as CEO of MTA Maryland, one of the largest public transit systems in the US, and is currently a VP and chief transit evangelist at Trapeze Group. Tune in to The Stock Podcast interview with Paul describe some of the changes taking place in the public transit systems across the US and Europe. The post Paul Comfort – Host of Transit Unplugged and former CEO of MTA Maryland – The Stock Podcast, Ep.26 appeared first on The Stock Podcast | CEO & CFO Interviews.

Lynn Mueller is the Chairman, CEO, and Co-Founder of Sharc Energy Systems (SHRC / INTWF). Sharc Energy has a patented system of recovering thermal energy from wastewater. Tune in to The Stock Podcast to hear Lynn describe one of the most interesting heat recovery and energy recycling systems around today. It's a truly fascinating interview about a company and a technology that could alter the course of natural gas demand going forward. The post Lynn Mueller – CEO of Sharc Energy Systems (SHRC) – The Stock Podcast, Ep.25 appeared first on The Stock Podcast | CEO & CFO Interviews.

Eden Enterprises CFO Darren Gacicia joins The Stock Podcast to talk about his company and the cannabis industry. Eden Enterprises, also known by its retail brand, Garden of Eden, is a vertically integrated marijuana company based out of California. Tune in to hear Darren talk about one of the fastest growing industries in the US. Eden Enterprises is one of the premier cannabis companies in California. One of the things that’s so interesting about this industry is the absence of interstate activity. Based on current rules and regulations, a cannabis company essentially cannot operate in more than one state. It’s a dynamic that will likely change over time, but the system in the US is strange like that – so, for potential new entrants, be sure to keep that in your dispensary business plan! And Eden Enterprises is certainly keeping an eye on industry developments, which could put the company in a good position to capitalize on the changes to come. That’s why it’s such a treat to have Darren Gacicia on the podcast to talk about some of the things he and his company are keeping an eye on. If you’re interested in learning more about a high growth industry, or you’re just interested in hearing from one of the most well-regarded cannabis companies in California, this episode won’t disappoint. The post Darren Gacicia – CFO of Eden Enterprises – The Stock Podcast, Ep.24 appeared first on The Stock Podcast | CEO & CFO Interviews.

CONSOL Energy's CEO, Jimmy Brock, and CONSOL's CFO, David Khani, join The Stock Podcast to describe the CONSOL investment thesis and the business of mining coal. CONSOL is one of the premier coal producers in the country. Tune in to hear management talk about the outlook for the business, the industry, and one of the most valuable coal assets in North America, the Pennsylvania Mining Complex. The post Jimmy Brock and David Khani – CEO and CFO of CONSOL Energy (CEIX) – The Stock Podcast, Ep.23 appeared first on The Stock Podcast | CEO & CFO Interviews.

Wouter van Kempen is the Chairman and CEO of DCP Midstream, the largest natural gas gathering and processor company in the United States. Tune in to hear Wouter describe DCP‘s operational footprint, the game-changing technological advancements his company is implementing, and a truly compelling investment story. DCP Midstream is one of a few MLPs that can boast of having consistently delivered on the inherent agreement between shareholder and management. The agreement relates to the cash the company distributes to investors via the dividend. Sure, one could argue that DCP is a troubled investment story, evidenced by the lack of dividend growth since the commodity price collapse of 2014. However, Wouter van Kempen and his team have done a phenomenal job steering DCP through a very uncertain period of the North American energy cycle and has delivered on one of the most critical components of the MLP investment thesis – stable distributions to shareholders! The post Wouter van Kempen – CEO of DCP Midstream (DCP) – The Stock Podcast, Ep.22 appeared first on The Stock Podcast | CEO & CFO Interviews.

Bahir Manios is the CFO of Brookfield Infrastructure, one of the largest diversified infrastructure companies in the world. Tune in to hear Bahir discuss BIP‘s asset portfolio, investment philosophy, and a very compelling investment story. The post Bahir Manios – CFO of Brookfield Infrastructure Partners (BIP) – The Stock Podcast, Ep.21 appeared first on The Stock Podcast | CEO & CFO Interviews.

Will Eglin is the CEO of Lexington Realty Trust (LXP). Tune in to hear Will describe Lexington‘s portfolio transformation from a commercial REIT to an industrial REIT, the outlook for the LXP dividend, and the most important insider’s perspective on the value in LXP stock. Lexington Realty is a REIT that has been around for years. But the business model has changed over time. Today is one of those times of change, especially as management sees the writing on the wall with respect to commercial real estate values and rents. LXP has already started the process of transitioning from a commercial REIT to an Industrial REIT. In order to achieve this goal, management has plans for re-rating the LXP dividend to a lower level. Despite the dividend pause, there appears to be value in LXP stock. At the time of this interview, net debt is down to a manageable 4.3x EBITDA, and the company has completely repaid its revolver. Management has committed to buy back shares, while at the same time determined to transform itself into an industrial REIT by acquiring industrial properties – potentially up to $200M of industrial assets this year alone. Assuming the company can execute on their plans, the LXP dividend could be resumed at 55-65% of 2019 FFO. I’ll note that consensus pegs the LXP dividend at $0.40-$0.48/share. That’s down meaningfully from 2017, but still juicy enough for The Stock Podcast and rationale real estate investors to Lexington Realty’s shares. The post Will Eglin – CEO of Lexington Realty Trust (LXP) – The Stock Podcast, Ep.20 appeared first on The Stock Podcast | CEO & CFO Interviews.

Devina Rankin is the CFO and SVP of Waste Management (WM), the largest waste services company in North America. In this episode of The Stock Podcast, Devina provides a brief history of the company and a great overview of the waste management business. Tune in if you’d like to learn about the waste management business, the recycling industry, and how landfills work. I realize that Waste Management probably doesn’t need an introduction. Just about everyone out there has probably seen WM’s big green trucks driving around town. However, the waste management business is much more than just picking up trash. There’s a lot that goes on behind the scene that we don’t see. Running a waste management business is very complex, and that’s why it’s great to have Devina on the program to describe how they grew to become the leading waste services provider in North America. The post Devina Rankin – CFO of Waste Management (WM) – The Stock Podcast, Ep.19 appeared first on The Stock Podcast | CEO & CFO Interviews.

Ken Anderson served as Commissioner with the Public Utility Commission of Texas (PUCT) from 2008-2017. Tune in to this episode of The Stock Podcast to hear Ken describes the success of Texas renewable energy, the history of ERCOT, and his views on an ERCOT capacity market. Ken also provides some of his perspectives on the current issues the PUCT will likely have to deal with down the road. In addition, Ken outlines some really interesting regulatory and market considerations regarding Sempra‘s acquisition of Oncor, as well as some of the benefits of limited federal oversight in building out CREZ and potential changes to the regulatory framework in Texas. By means of background, Ken was a slightly controversial figure for utility investors. Ken’s opposition to an ERCOT capacity market was perplexing for many. However, Commissioner Anderson was unwavering when it came to his views on how deregulated power markets should operate. So far, he’s been spot on. ERCOT and Texas have some of the lowest power prices across the US. Part of this is attributable to strength in the Texas renewable energy industry. Sure, Texas is blessed with an extremely strong wind resource, but the free-market philosophy has helped to ensure growth in the industry, not to mention the construction of the CREZ line. It’s a fascinating success story for renewables. The post Ken Anderson – Texas Public Utility Commissioner – The Stock Podcast, Ep.18 appeared first on The Stock Podcast | CEO & CFO Interviews.

Tom O’Flynn is the CFO of AES Corporation (AES). Tom provides a great overview of AES Corporation’s business model. He also discusses some really interesting catalysts for the company and highlights a compelling investment case for the shares of AES’ stock. AES is a power company, but it’s different from regulated utilities, IPPs, and yieldcos, yet at the same time has similar characteristics. The asset portfolio includes traditional generation facilities, renewables, and a lot of the essential infrastructure required to produce and transmit electricity. Since the current management took the reins in 2011, they’ve pruned the portfolio, with more than $5B in asset sales over the past 7 years and exited 13 countries. During that time, management reduced parent level debt by $2B, cut costs by $300M, and they’ve returned almost $3B of cash to shareholders. Part of the return to shareholders has been through dividends, and AES has also bought back about 16% of their stock since 2011. Another interesting fact is that the company has reduced coal generation capacity by about 20% over the past three years, and they’ve replaced a large portion of that capacity with renewable energy. De-risking the business has also been a key priority. Management has reduced AES’ FX exposure to around 15% from 40%. Maybe one of the most interesting facts about AES Corp is that they are the largest owner of battery storage in the world, and the recently announced storage JV with Siemens called Fluence. The Fluence JV positions AES extremely well for the future. One of the reasons the battery JV is so interesting is because of the growth outlook. Generally speaking, growth investors aren’t interested in utilities. That’s because, double-digit earnings growth in utility-land is almost unheard of, at least not on multi-year outlook. Another potentially big catalyst for AES Corp includes IMO 2020. This is a gross oversimplification, but IMO 2020 puts a cap on the amount of sulphur shipping vessels are allowed to use in fuel oil. This global regulation bodes well for global LNG demand. And with respect to debt, individual projects financed with non-recourse term debt, which means there is a natural deleveraging component to the business. Something I like about this management team is that they’re focused on what they know, understand, and where they believe they have a competitive advantage. This perspective led to reducing the number of countries where they operate and becoming more acutely focused on developing and owning long-lived infrastructure assets. The post Tom O’Flynn – CFO of AES Corporation (AES) – The Stock Podcast, Ep.17 appeared first on The Stock Podcast | CEO & CFO Interviews.

Nathan Kroeker is the President and CEO of Spark Energy (SPKE). Tune in to hear Nathan describe Spark Energy’s business model and why he thinks SPKE stock is undervalued. Nathan also shares his thoughts on the outlook for the industry, and an explanation as to why the retail energy services business is misunderstood by the broader market. Most importantly, he outlines the most important aspects of the SPKE investment story and highlights the key elements of a really compelling investment idea. Spark went public in 2014 and was largely considered a roll-up story. Retail electricity businesses were trading really low multiples. So, SPKE could use its public currency, which carried a higher multiple, to roll-up private retail business at lower multiples. Recently, however, Nathan Kroeker shifted the company’s priorities to organic growth, and to optimize the business. Management expects to achieve 20M in cost savings from some discrete integration initiatives, which is a big deal for a company that generates less than $100M in EBITDA. Cash flows could grow meaningfully next year for Spark, especially since earn-out payments from previous acquisitions will be completed by mid-2019. The post Nathan Kroeker – CEO of Spark Energy (SPKE) – The Stock Podcast, Ep.16 appeared first on The Stock Podcast | CEO & CFO Interviews.

Chris Whalen is the Chairman of Whalen Global Advisors, an author, and co-founder of Institutional Risk Analytics. Chris is recognized as one of the investors who anticipated the eventual bankruptcy of Lehman Brothers and has a reputation as one of the foremost banking analysts on Wall Street. Tune in to hear Chris discuss banks, interest rates, and the leadership changes at the Federal Reserve on The Stock Podcast. If you’d like to learn more about Chris Whalen, you should check out his blog here. Also, I highly encourage anyone interested in learning more about interest rates, credit spreads, and the dynamics behind bank earnings power to subscribe to the Institutional Risk Analyst. And if you want to dig deeper, you can purchase the quarterly IRA Bank Book. The post Chris Whalen – Investor, Author, and Historian – The Stock Podcast, Ep.15 appeared first on The Stock Podcast | CEO & CFO Interviews.

Jim Lucier is a Managing Director at Capital Alpha Partners, a leading Wall Street research firm providing strategic policy analysis and political forecasting. Jim leads the energy, environmental, and tax practices at Cap Alpha. Tune in to hear Jim talk to IwtB about Trump's proposal to replace the Clean Power Plan (CPP) with the Affordable Clean Energy (ACE) rule, the Federal Energy Regulatory Commission (FERC) and its importance in the buildout of US energy infrastructure, and a conversation about Colorado's Initiative 97 and the attempt to drastically limit fracking in the state. The post Jim Lucier – Energy and Infrastructure Policy Expert at Capital Alpha – The Stock Podcast, Ep.14 appeared first on The Stock Podcast | CEO & CFO Interviews.

Clearway Energy’s CFO Chad Plotkin joins the podcast to talk about the renewable energy business. Clearway Energy (CWEN), known previously as NRG Yield (NYLD), is one of the biggest owners of renewable energy facilities in the US. Tune in to hear Chad talk about the history of the company, the Global Infrastructure Partners (GIP) acquisition, and how CWEN’s diversified asset portfolio differentiates this yieldco from the others. It’s an extremely insightful interview, especially for investors who want to learn more about the natural deleveraging that occurs for renewable energy businesses. The post Chad Plotkin – CFO of Clearway Energy (CWEN) – The Stock Podcast, Ep.13 appeared first on The Stock Podcast | CEO & CFO Interviews.

Steve Fleishman is a Managing Director and Senior Analyst at Wolfe Research. Steve and his team cover the utilities, power, renewables, and midstream sectors at Wolfe Research. Steve has been Wall Street’s top-ranked utility analyst 14 times, so it’s an enormous honor to have him on the podcast! Tune in to hear Steve provide a great utility primer including a brief history of utilities, trends he and his team are following, and some of his thoughts on utility valuations today. Steve agreed to come onto the program to give listeners of The Stock Podcast a utility primer. So, if you have an interest in utility investing, or you just like to gain an understanding of how utility investors think about the sector, this episode may be what you’re looking for. You may recall from the Chris Sighinolfi interview that sector specialists like Steve know their industries forward and backward and Steve is a prime example of this. Steve has a reputation for being an extremely thoughtful analyst. If you listen to an earnings call with any of the big utilities, you’ll hear why. He asks questions that, in and of themselves, have a lot of meaning. Apart from being one of the best analysts on Wall Street, Steve is one of the nicest guys I’ve met in the industry. He’s genuinely concerned about people, as well as their stock-picking performance. He was also one of a handful of Wall Street analysts that actually reached out to me after I quit my job to start this podcast. I consider myself fortunate to be able to call Steve a friend and he’s doing me and my listeners a big honor by coming onto the podcast. The post Steve Fleishman – Wolfe Research Utility Analyst – The Stock Podcast, Ep.12 appeared first on The Stock Podcast | CEO & CFO Interviews.

The post Curt Morgan – CEO of Vistra Energy (VST) – The Stock Podcast, Ep.11 appeared first on The Stock Podcast | CEO & CFO Interviews.

Mark Harding is the CEO and CFO of Pure Cycle Corporation (PCYO). Pure Cycle owns significant water rights in Colorado and provides water and wastewater services to residential, commercial, and industrial customers. Tune in to hear Mark talk about the fascinating subject of water rights in Colorado, the outlook for Pure Cycle to grow cash flows, and the compelling investment case for PCYO stock. Pure Cycle Corporation is developing a large residential community just east of Denver, CO. But that’s not all Pure Cycle owns – the company possesses the water rights to a large swath of land east of Denver, which will be used for the benefit of Sky Ranch, the master-planned community, but also for oil and gas development in the region. The post Mark Harding – CEO of Pure Cycle Corp (PCYO) – The Stock Podcast, Ep.10 appeared first on The Stock Podcast | CEO & CFO Interviews.

Steve Newby is the Founder and CEO of Summit Midstream Partners (SMLP). Tune in to hear Steve discuss Summit’s operations, his view on industry fundamentals, and what Steve and his team are doing to grow the business and improve cash flow stability. It’s a great interview that highlights the disconnect between a positive outlook and a seemingly mispriced security! The post Steve Newby – Founder and CEO of Summit Midstream Partners (SMLP) – The Stock Podcast, Ep.9 appeared first on The Stock Podcast | CEO & CFO Interviews.

Part 2 of the interview with NRG Energy‘s EVP and CFO, Kirk Andrews. The second part of the interview addresses some of the changes the company has gone through over the past several years, the Transformation Plan that was outlined in mid-2017, and Kirk’s capital allocation philosophy. Importantly, Kirk talks about the potential uses of cash over the next few years. It’s a great interview with a CFO for whom I have a ton of respect. The post Kirk Andrews – CFO of NRG Energy (NRG) – Part II – The Stock Podcast, Ep.8 appeared first on The Stock Podcast | CEO & CFO Interviews.

Kirk Andrews, EVP and CFO of NRG Energy (NRG), discusses the history of NRG and describes some of the big factors that have affected the merchant power generation industry since the turn of the century. Part 1 of the Kirk Andrews interview provides some really interesting background on the power business in general, and fascinating insights into possibly the most underappreciated subsectors in the market today. The post Kirk Andrews – CFO of NRG Energy (NRG) – Part I – The Stock Podcast, Ep.7 appeared first on The Stock Podcast | CEO & CFO Interviews.

Doug Blakeway is the founder and CEO of Nanotech Security Corp., a technology firm that develops and produces products using nanotechnology. Nanotech’s cutting-edge products are currently used for anti-counterfeit and brand authentication, but the applications are far-reaching. Join IwtB to learn more about a fascinating technology and its many uses. The post Doug Blakeway – CEO of Nanotech Security Corp (NTS) – The Stock Podcast, Ep.6 appeared first on The Stock Podcast | CEO & CFO Interviews.

A super educational interview with renowned Syria and Middle East expert, Professor Joshua Landis, the University of Oklahoma’s Director of Middle East Studies. Tune in to The Stock Podcast to hear Dr. Landis discuss the Trump Administration’s decision to renew sanctions against Iran, the Syrian Civil War, and the Kurdish problem in the Middle East. And, most relevant to some listeners, listen to Dr. Landis discuss the geopolitics of oil. A great podcast for anyone who would like to learn more about what’s going on in the Middle East, and some of the implications for energy markets and the geopolitics of energy. Check out Josh’s blog, Syria Comment, to learn more about what’s going on in the region. Professor Joshua Landis is one of the most well-respected and knowledgeable Middle East experts around. Cumulatively, he’s spent years in the Middle East, in Syria and Lebanon in particular. Dr. Landis’ blog, Syria Comment, is one of the most widely read blogs on the Syrian Civil War and the Middle East as a whole. Full disclosure, Dr. Landis was a former professor of mine, so it’s a particular pleasure to have him on the program to talk about some of the most interesting developments in the Middle East, and how those developments are affecting the geopolitics of oil. The post Josh Landis – Director of Middle East Studies at the University of Oklahoma – The Stock Podcast, Ep.5 appeared first on The Stock Podcast | CEO & CFO Interviews.

Chris Sighinolfi is a Managing Director and research analyst with Jefferies Research. Chris is one of Wall Street’s top-rated analysts covering midstream, MLPs, and natural gas services. In this episode of The Stock Podcast, Chris provides an excellent primer for the midstream/MLP sector. It’s a great interview with Chris providing a lot of context and insight into an undervalued subsector of the energy industry. If you’d like to learn about midstream space from one of the best analysts on the Street, this is the podcast to listen to. The post Chris Sighinolfi – Jefferies Research Equity Research Analyst – Midstream/MLP Primer – The Stock Podcast, Ep.4 appeared first on The Stock Podcast | CEO & CFO Interviews.

Mike Garland, President and CEO of Pattern Energy (PEGI), is a wind energy veteran who leads one of the most formidable wind energy companies in North America. Mike provides an enormous amount of context and insight into the wind energy business and the outlook for the industry, as well as critical perspectives as to how investors should be thinking about the PEGI investment thesis. The post Mike Garland – President and CEO of Pattern Energy Group (PEGI) – The Stock Podcast, Ep.3 appeared first on The Stock Podcast | CEO & CFO Interviews.

Pat Sanchez is the President and COO of Sanchez Midstream Partners (SNMP). Listen to Pat describe SNMP’s operation and what gathering, processing, and fractionation are all about. The post Pat Sanchez – COO of Sanchez Midstream Partners (SNMP) – The Stock Podcast, Ep.2 appeared first on The Stock Podcast | CEO & CFO Interviews.

The post Sanchez Midstream Partners (SNMP) COO Pat Sanchez appeared first on The Stock Podcast | CEO & CFO Interviews.

The Stock Podcast, previously known as 'Investing with the Buyside', was founded on the belief that every investor should have the opportunity to hear a CEO or CFO of a public company describe their business, industry, and outlook. The chance to sit down and speak with management is called corporate access. However, you might instead be asking yourself, what is the ‘buy side’, why is corporate access so important, and what’s the difference between the buy side vs sell side? Well, please allow me to grossly oversimplify a very complex industry. The post What is the Buy Side, Sell Side, and Corporate Access? – The Stock Podcast, Ep.1 appeared first on The Stock Podcast | CEO & CFO Interviews.