Podcasts about eric schleien

NEW PODCAST Hey All! I've started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Scheien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. Summary I received this email last year about Trupanion and wanted to address some points made. The entire email is here: Hi Eric,   I come in peace as a Chester County native who still very much prefers Wawa over Sheetz, despite living in Pittsburgh. You seemed very open to hearing counterpoints, as per your podcast on TRUP, so I wanted to give you some things to chew on.    You made two points (I'll summarize): 1) It is justifiable to exclude development expenses from IRR and 2) there are "no accounting shenanigans" going on.    I would love, then, to hear your thoughts on the following:   Let's first level set with the IRR methodology: the company allocates fixed expenses between Subscription and Other based on their relative revenue contributions. This includes a pro-rata allocation of G&A expenses.    So let's get into G&A expenses -- what's in there? Typical back office stuff, finance, accounting, etc. But also a couple million bucks of rental income related to subleasing of the company HQ. Per their 2019 10-K: "The change was primarily due to a $3.1 million increase in compensation expenses, a $0.8 million increase in professional service fees, and a $1.5 million increase in depreciation expense mainly due to owning our home office building since August 2018, partially offset by a total of $2.6 million in savings from additional lease income and less rental expense."   The rental income has the effect of reducing reported G&A (i.e. it's netted against expenses). So my first question for you is as follows: if you firmly believe development expenses that aren't related to acquiring new pets are justifiably excluded from IRR calculations, how are you comfortable with several million dollars of sublease income that's clearly not related to acquiring subscription pets benefitting IRR?   Next up is their pet-food VIE. Also from the 10-K: The Company has also entered into a series of agreements to provide ancillary services to the variable interest entity at cost. The Company provided $1.2 million and $1.4 million of these services for the years ended December 31, 2020 and 2019, respectively, which were recorded against its operating expenses.   So TRUP provides back office support to the VIE and reduces its reported opex to account for the compensation for providing the services.    So the next question is the same as the first: Would you bucket this in line with "development expenses" as being rightly excluded from IRR, or are you OK with the company getting the tailwind from the expense reduction?   Now here's where the situation becomes a bit more nefarious. The VIE has received a total of $9.5 million of funding from TRUP, including $7.0MM of preferred capital and $2.5MM from a line of credit. Think for a minute about what's going on here: the company pushed $9.5MM of cash down to another legal entity, and now reduces its reported OpEx for services provided to the VIE, with the payments being made with money TRUP used to finance the VIE. Money coming out of one pocket and right into the other.    Third question: Do you think this is an accounting shenanigan?   Lastly, management knows PAC is getting out of hand and pulled a fast one in the first quarter to make it look like they've got things under control. Aren't you the slightest bit curious how they're going to hold PAC at $280 for the balance of this year in an increasingly competitive environment?   Management casually slipped in the following comment during the earnings call: "We expect stock-based compensation to be around $6-$7 million per quarter for the remainder of the year." Coupled with the $8.4 million of SBC already booked in 1Q'21, TRUP is on track to recognize $28 million of SBC expense in 2021. Putting this figure into perspective, it is 3x higher than last year's $8.9 million of total recognized SBC expense. Last year SBC expense was 1.8% of revenue; this year it will be 4.1%.   What does SBC have to do with PAC and IRR?    Well, for the purposes of calculating PAC (a key input into the IRR calculation), management excludes SBC because it's non-cash. By upping the portion paid in the form of equity, management is artificially reducing the level of PAC incorporated in their IRR calculation. in 1Q'21, fully-loaded PAC (including SBC) was $328/pet, representing 22.4% y/y growth. SBC embedded in Sales and Marketing was $40/pet -- leaps and bounds above historical levels ($20/pet). See the charts at the bottom of the email. Had SBC been more in-line with historical levels ($20/pet), PAC (for the purposes of the company's IRR calculation) would have been ~$310...much closer to the full year figure I was expecting.   This is all a long winded way of saying, if you were to run the company's IRR calc with PAC of $315 or above, there is absolutely no way they would be within the boundaries of their self-imposed 30-40% target range. The only reason they'll print numbers within range this year is a result of their increased use of SBC in compensating their employees.     The table below illustrates Restricted Stock grants (not expense, but grants) since 1Q'19. The grants in the most recent quarter -- $66 million! -- jump off of the page and explain why SBC will be elevated in the quarters to come. But don't just take my word for it. From what I can tell, we both respect Buffett a lot, and here's what he's got to say on the topic: "I have no objection to the granting of options. Companies should use whatever form of compensation best motivates employees -- whether this be cash bonuses, trips to Hawaii, restricted stock grants or stock options. But aside from options, every other item of value given to employees is recorded as an expense."     When it comes to SBC, RSUs are a functional cash equivalent, so there is no legitimate justification to exclude the related expense from any measure of profitability -- GAAP or otherwise.         Perhaps using RSUs makes sense for the time being given the extreme overvaluation of TRUP. Management can handsomely compensate employees and gloss over the dilutive impact on the company's financials. But what happens when shares are back at $30, but territory partners are expecting their compensation to remain flat in nominal terms? Shareholders will either be 1) massively diluted or 2) the company would have to lean more heavily on cash compensation. The latter of the two options is a functional non-starter at the current juncture given the company's persistently negative free cash flow (another topic the bulls don't understand, but I'll let sleeping dogs lie on this one).   Last question: Do you believe SBC is a true expense? If it is, should the company be including it in its IRR calculation?     Management updated guidance, and frankly, I think the financial outlook is worse than I was expecting. "Adjusted Operating Income" -- which is ex. SBC, D&A, and Pet Acquisition -- is forecast at $75MM. PAC -- ex. SBC -- is forecast at $66MM. That leaves us to $9MM. "Development expense" will be $4MM (at the mid), SBC is $28MM, D&A will be $12MM, resulting in a pre-tax net loss of $35MM. This is larger than the company's cumulative net loss for the past six years combined!      I know this is a battleground stock and don't expect everyone to come around. But I also think: 1) there's only one set of correct answers to the questions I've laid out above, 2) none of the afforementioned points are "dumb", and 3) management is using sleight of hand to paint a picture of the company that is out of step with reality.  As someone who puts a lot of value in associating with the right people, I certainly don't appreciate the games / shenanigans that Daryl and team are pulling.      $MM Adjusted Operating Income 75 - PAC (66) - Development expense (4) - SBC (28) - D&A (12) Pre-tax Income (35)   HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube GET IN TOUCH WITH ERIC SCHLEIEN Facebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com Disclosure: Eric Schleien and some SMA clients of Eric Schleien through GSCM own shares of TRUP. Nothing here is investment advice. Do your own due diligence.  

NEW PODCAST Hey All! I've started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Scheien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. NET NET HUNTER This episode is sponsored by Net Net Hunter. If you're interested in finding high-quality stocks trading at fractions of liquidation value – this research service is for you. I personally use this service at my firm to help me research tiny and obscure net-net stocks all around the world. Using Net Net Hunter comes out to way less money than hiring an analyst to do the exact same thing manually. It's a service I love and I am proud to be able to offer this service to my listeners. If this is something you're interested in, please click here. Summary Evan Bleker is a professional investor who has built his track record by buying high quality net net stocks. When not researching stocks, he focuses his time on helping small investors learn the strategy so they can earn great returns. Evan manages two investing websites: Net Net Hunter and Broken Leg Investing. Net Net Hunter Complete guide to net net stocks Broken Leg Investing Deep Value Guide Evan discussed Warren Buffett's net net investing practice during his partnership. Further resources available here: You can follow Evan's portfolio performance here: You can sign up for his free newsletter on the Net Net Hunter home page.   Show Notes 1:06 - What is Westell (WSTL)? 2:24 - Estimating liquidation value 3:07 - A simplified approach to finding high quality net-net stocks 3:55 - The 5G rollout 5:10 - Potential catalyst 5:26 - Dark Companies; The new SEC rule 8:57 - Westell quarterly update HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube GET IN TOUCH WITH ERIC SCHLEIEN Facebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com Disclosure: Eric Schleien and some SMA clients of Eric Schleien through GSCM own shares of WSTL. Nothing here is investment advice. Do your own due diligence.    

Vitaliy recently had the pleasure of speaking with Eric Schleien on his Intelligent Investing Podcast. What follows is that conversation, which primarily focuses on Uber's business model. Enjoy! You can listen to the original interview here: https://ericschleien.com/podcast/discussing-ubers-business-model-vitaliy-katsenelson/  

NEW PODCAST Hey All! I've started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Scheien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. NET NET HUNTER This episode is sponsored by Net Net Hunter. If you're interested in finding high-quality stocks trading at fractions of liquidation value – this research service is for you. I personally use this service at my firm to help me research tiny and obscure net-net stocks all around the world. Using Net Net Hunter comes out to way less money than hiring an analyst to do the exact same thing manually. It's a service I love and I am proud to be able to offer this service to my listeners. If this is something you're interested in, please click here. Summary Today's interview guest is Trey Henninger where discuss a recent update on Solitron Devices (SODI) Trey Henninger runs the blog and podcast, DIY Investing. Trey is a private value investor focused on microcap and dark stocks in the United States. His focus is on high-quality companies with predictable durable earnings where management has skin-in-the-game. Trey runs a concentrated portfolio. By focusing on small companies, Trey hopes to find overlooked compounders at value prices. His favorite opportunities have a market cap below $50 million.   RESOURCES My Book on Amazon Alex Bossert's VIC writeup on Solitron Trey Henninger's Stock Thesis on Solitron Connect With Trey Henninger Twitter Blog Spotify Apple Podcasts YouTube HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube GET IN TOUCH WITH ERIC SCHLEIEN Facebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com Disclosure: Eric Schleien and some SMA clients of Eric Schleien through GSCM own shares of SODI. Nothing here is investment advice. Do your own due diligence.  

Summary In this episode, I sit down with Vitaliy Katsenelson of IMA to discuss Uber's business model. We ended up chatting for about an hour and went pretty deep into the weeds around ride-sharing, Uber, and also what the future holds for the industry both in the United States and globally. Show Links Investor.fm Contrarian Edge The Six Commandments Was Our Money Manager Kidnapped? More About Vitaliy Katsenelson Vitaliy N. Katsenelson, CFA, is CEO at Investment Management Associates in Denver, Colo.  He is the author of Active Value Investing (Wiley, 2007) and the The Little Book of Sideways Markets (Wiley, December 2010). He runs the blog ContrarianEdge.com.  He writes monthly for Institutional Investor. More About Eric Schleien To learn more about me, Eric Schleien, check out my personal website and business website. You can also reach out to me on Twitter, Instagram, and LinkedIn. If you'd like to read my book, you can find it on Amazon. Reviews are appreciated. New Podcast Hey All! I've started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Schleien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. To learn more about Eric's work, check out his ontological coaching firm, Transformational Leadership Associates. Help Out The Podcast If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube Contact Eric Schleien Facebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com  

Welcome to the Investing for Beginners podcast. In today's show, we discuss: Investing in REITs with Eric Schleinen of Granite State Capital Management How to do due diligence and analysis for companies such as REITs, Limited Partnerships, and management for these companies. How to find these types of ideas outside of the big world of […] The post Examples of Hard Asset Investing Through REITs and LPs with Eric Schleien appeared first on Investing for Beginners 101.

This episode is a recording of a live episode from the Finance Podcast Week live program.   Finance Podcast Week is back for the LIVE October Roundtable on Finance Myths and Horror Stories! In this episode is hosted by Eric Schleien of The Intelligent Investing Podcast and The Eric Schleien Podcast, joined by Andy Wang, Managing Partner at Runnymede Capital Management, Co-founder of the Asian American Podcast Association, and host of the Inspired Money Podcast, Andrew Sather of the Investing for Beginners podcast and Evan Bleker of Net Net Hunter and Broken Leg Investing as they discuss Finance Horror stories they've seen and even been part of!  ... Finance Podcast Week is brought to you by Podbean! Podbean is a podcast publishing and monetization service, hosting over 500,000 podcasts. If you're looking to start your own podcast, monetize your podcast and livestream directly to your listeners, you can set up an account at podbean.com

It's Eric Schleien with episode #167 of The Intelligent Investing Podcast. Today I discuss one of my current positions LAACO with a quick update. Summary I originally invested in LAACO when the stock was trading at roughly $2000/unit. The thesis was that you could buy the entire company at a significant discount to the private market value of the assets. You can read my original thesis, here. Recently, there has been news reports that the company may be in the process of selling their self-storage business which would be huge for shareholders. You can see a link to an article, here. More About Eric Schleien To learn more about me, Eric Schleien, check out my personal website and business website. You can also reach out to me on Twitter, Instagram, and LinkedIn. If you'd like to read my book, you can find it on Amazon. Reviews are appreciated. New Podcast Hey All! I've started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Schleien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. To learn more about Eric's work, check out his ontological coaching firm, Transformational Leadership Associates. Help Out The Podcast If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube Contact Eric Schleien Facebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com

Today we're doing something a bit different. Usually we release videos where I analyze either stocks live for people… Or we release videos from our weekly Lives we do talking about various topics. Today though, we're releasing an audio only of a podcast interview I did on September 21st on the FInance Podcast Week September LIVE Roundtable! In this 1 hour discussion, I join Eric Schleien of the Intelligent Investing Podcast and Andrew Sather of the Investing For Beginners Podcast to talk all things investing and finance. Some of the topics we covered are… What we do in our Value Investing Masterclass to help new students learn fast Why I love tiny nanocap stocks. How things have changed in the last few years and why its hard to find undervalued stocks. Including why I haven't bought a new stock in 6 years. What are the questions Andrew and I get asked most from investors and non investors. Some stocks Andrew, Eric, and I are looking at now. And why we're looking at these kinds of stocks. Examples of quirky OTC stocks we've researched. How to find the value of hidden assets on balance sheets - and how this can lead to finding great stocks. Why book value doesn't mean much for modern companies. Why we love special situations stocks. Why Eric and I are looking at commercial real estate investments right now. Why I'm looking at private business investments right now. And more. To listen to the full 1 hour long discussion click here. And I'd love to hear your thoughts on anything in the discussion as well. Did we miss anything? Should we have explained things better? Let me know about these things or anything in the comments below. Always in your service, Jason P.S. To learn how to evaluate and value stocks fast, make sure to join our newly relaunched Value Investing Masterclass by clicking here. P.P.S. For the first 10 people who sign up to the newly relaunched course we're giving up to $9,000 in bonuses FOR FREE. To get these bonuses join today using the link above.

It's Eric Schleien back atcha with Episode #166 of The Intelligent Investing Podcast. Today I bring on Jason Rivera to discuss BE Semiconductor Industries NV (BESIY). Summary Jason found the company when they were a $640 million dollar market cap company. Since then, the stock is up ~10x. Not a bad return! When Jason  found them, they were a pick and shovel play in the semiconductor industry. The company builds testing kits. They also build plastic casings for the actual semiconductor pieces. They're a necessary business for the semiconductor industry. Jason believes you can expect that trend rapidly grow because of the internet of things and 5G. Jason  found the stock by going one by one through the OTC markets database. There's around 20,000 companies listed there. More About Eric Schleien To learn more about me, Eric Schleien, check out my personal website and business website. You can also reach out to me on Twitter, Instagram, and LinkedIn. If you'd like to read my book, you can find it on Amazon. Reviews are appreciated! Get In Touch With Jason Rivera To learn more about Jason Rivera, check out his website: Value Investing Journey   New Podcast Hey All! I've started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Schleien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. To learn more about Eric's work, check out his ontological coaching firm, Transformational Leadership Associates.   Help Out The Podcast If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube Contact Eric Schleien Facebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com

Join Eric Schleien as he discusses Altria Group Inc (NYSE: MO) with Jason Rivera from Value Investing Journey. Eric Schleien has been following Altria for many years and brought Jason on after he saw that he's talked about it on his website. For those who don't know, Altria is the maker of Marlboro cigarettes and is considered the ultimate sin stock. You can make the argument that the stock has often been cheap due to the fact it is a sin stock leading to high rates of returns over many decades. About Eric Schleien To learn more about Eric Schleien, check out his personal website and business website. You can also reach out to him on Twitter, Instagram, and LinkedIn. Microcap Shareholder Activism If you are an executive of a microcap public company or a large shareholder of a microcap company where the executives are not doing right by shareholders, I'd be happy to see if me and my team can help with our novel approach to shareholder activism. For more information, see our offering at Transformational Leadership Associates and would be happy to do a free consult. If you'd like to read Eric Schleien's book, you can find it on Amazon. What Are Sin Stocks? Sin stocks are public companies involved in activities that are considered unethical by society, such as alcohol, tobacco, gambling, adult entertainment or weapons. ESG investors tend to exclude sin stocks, as the companies involved are thought to be making money from exploiting human weaknesses and vices. Why Do People Avoid Sin Stocks? A common question people ask is why do people avoid sin stocks? In reality, a stock doesn't know you own it. As long as you aren't participating in a secondary offering, you buying stock in Altria in no way contributes to the tobacco industry. However, even though that is the reality, there are many reasons why people avoid sin stocks. For example, there is an entire investment industry around what is coined ESG. ESG stands for Environmental, Social, and Governance. Companies are given a score based on a variety of metrics. This has led to a whole new money making scheme in the name of “feeling good” about what you're investing in despite the fact it makes no actual impact to the planet. However, this ESG fad has led to opportunities for prudent investors. Altria Stock Valuation Jason discusses how he values Altria. Jason assumes the company is worth 11x EBIT which he considers high for most companies but appropriate for Altria. That would get you to a value of about $129.5 billion. Then, if you add cash of just under $2 billion and subtract the company's $28.2 billion in debt, that gets you to a value of about $101 Most companies, I wouldn't value it. An 11 X EBIT, multiple them. I would, again, for the competitive advantage we already talked about, so that gets us to a value of about 129.5 billion. Plus cash they had about just under $2 billion cash minus all of their debt at $28.2 billion. That gets us to a value of about $101.3 billion. This contrasts to a current market cap of about $93 billion. What's The IRR For Altria Stock? Jason assumes that the future returns for Altria will essentially be their dividend of just over 7%. In addition, Jason believes the company will be a good hedge for inflation. This IRR is much higher than a US Treasury Bond and he believes it is a good fit for a long-term portfolio with someone who is extremely risk averse. About Jason Rivera To learn more about Jason Rivera, check out his website: Value Investing Journey

Hi, it's Eric Schleien, and welcome back to another episode of The Intelligent Investing Podcast! In this episode, I had the pleasure of sitting down with the wonderful Jason Rivera who runs Value Investing Journey. I've always liked government contractors due to the sticky nature of their business, high margins, and lots of recurring revenue. I also love them when they are tiny and undiscovered and filling some interesting niche or segment of their market. A company that seems to possibly fit that bill is WidePoint Corporation (WYY). What Is WidePoint Corporation? WidePoint Corporation (WYY) is the leading provider of Trusted Mobility Management (TM2) solutions. TM2 converges at the intersection of WidePoint's pioneering Telecom Lifecycle Management (TLM), Telecom Bill Presentment & Analytics, Mobile and Identity (IdM) Management solutions. Market demand for secure mobile management such as WidePoint TM2 solutions is increasing due to security risks and vulnerabilities that could result from allowing mobile devices and cloud-based applications access to an organization's technology infrastructure. In today's connected world with high-profile data breaches, it is important for an enterprise to have a TM2 solution in place to protect valuable mobile assets and infrastructure while complying with changes in privacy and data protection laws and regulations. WidePoint TM2 solutions provide security, manageability, and visibility of an enterprise's mobile assets and services through a single platform supported by our secure TM2 framework. WidePoint is the leading provider of customized telecom and mobile management solutions to the U.S. public sector. WidePoint has a diverse portfolio of government and commercial clients, serving global and international enterprises and the Fortune 100 across a multitude of industries. More About Eric Schleien To learn more about me, Eric Schleien, check out my personal website and business website. You can also reach out to me on Twitter, Instagram, and LinkedIn. If you'd like to read my book, you can find it on Amazon. Reviews are appreciated! Get In Touch With Jason Rivera To learn more about Jason Rivera, check out his website: Value Investing Journey  

This episode is a recording of a live episode from the Finance Podcast Week live program.   Finance Podcast Week is back for the LIVE September Roundtable! In this episode is hosted by Eric Schleien of The Intelligent Investing Podcast and The Eric Schleien Podcast, joined by Andrew Sather of the Investing for Beginners podcast and Jason Rivera of the I love Value Investing podcast by the Investor's Podcast Network as they discuss what's been going on in the world of investing! ... Finance Podcast Week is brought to you by Podbean! Podbean is a podcast publishing and monetization service, hosting over 500,000 podcasts. If you're looking to start your own podcast, monetize your podcast and livestream directly to your listeners, you can set up an account at podbean.com

Eric Schleien hosts the September Roundtable for Finance Podcast Week. Join Eric Schleien, host of the Intelligent Investing Podcast, with Andrew Sather and Jason Rivera for a jam packed hour long finance roundtable.  Eric Schleien Discusses Real Estate Stocks In this episode, Eric Schleien sits down with Andrew Sather and Jason Rivera to discuss two real estate stocks. Laaco Ltd (LAACZ), which owns the Los Angeles Athletic Club and has a Self-Storage Business. Cedar Realty Trust (CDR), which owns grocery anchored retail outlets across the United States. Eric Schleien believes that both of these are cheap real estate stocks that would be some of the best picks for 2021. Both of these stocks are special situations as it is likely that both of these will be selling core assets for a higher price than the current market value. In Cedar's case, they may sell the entire company. With Laaco, they may sell their self-storage business at what would almost certainly be a higher price than the current market price if they were to get a fair valuation on the assets.   Eric Schleien Discusses Modern Value Investing One of the things that Eric points out during the roundtable is that modern GAAP accounting isn't always appropriate for companies such as Amazon (AMZN) or Trupanion (TRUP) to show true value of the business. For example, Amazon's R&D expense he believes is an asset even though it gets run through the income statement as an expense.  To learn more about Eric Schleien, check out his personal website and business website. You can also reach out to him on Twitter, Instagram, and LinkedIn. If you'd like to read his book, you can find it on Amazon.   Jason Rivera Discusses Altria Stock During the episode Jason Rivera discusses Altria (MO) as a potential value investment due to the stability of the business mixed with a high dividend yield. Jason believes that Altria is a better inflation hedge than buying TIPS. To learn more about Jason Rivera, check out his website: Value Investing Journey   Andrew Sather Discusses Defense Contractors Andrew believes that defense contractors offer good value in this market. As a value investor, he is always looking for sectors and companies that are being mispriced by the market for various reasons. To learn more about Andrew Sather, check out his website: Investing For Beginners

This episode is a recording of a live episode from the Finance Podcast Week live program.   Finance Podcast Week is back for the LIVE August Roundtable! In this episode we're joined by Justin Klein of InvestTalk, Eric Schleien of The Intelligent Investing Podcast and The Eric Schleien Podcast, Andrew Sather of the Investing for Beginners podcast and Robert Leonard from the Millennial Investing podcast and Real Estate 101 podcast by the Investor's Podcast Network as they discuss what's been going on in the world of investing since our main event in March! ... Finance Podcast Week is brought to you by Podbean! Podbean is a podcast publishing and monetization service, hosting over 500,000 podcasts. If you're looking to start your own podcast, monetize your podcast and livestream directly to your listeners, you can set up an account at podbean.com

Principles Of Power My book Principles Of Power: The Art & Wisdom of Badassery is now available on Amazon. I would be extremely grateful if you could pick up a copy and write an honest review. Would mean the world! New Podcast Hey All! I've started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Scheien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. To learn more about Eric's work, check out his ontological coaching firm, Transformational Leadership Associates. Summary In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Evan Bleker of Net-Net Hunter to discuss a tiny little company, McCoy Global Inc. (MCB.TO) with a current market cap of $21 million. Show Notes [00:48] Tiny little company traded on Canadian Venture Exchange [2:14] A study on net-nets that buying at a huge discount to net current asset value doesn't enhance performance that much [4:21] The company is cash flow positive [5:26] Modeling out different scenarios (classic Dhandho!) [6:09] Could be a $2/stock if drilling takes off About Evan Bleker Evan Bleker is a professional investor who has built his track record by buying high quality net net stocks. When not researching stocks, he focuses his time on helping small investors learn the strategy so they can earn great returns. Evan manages two investing websites: Net Net Hunter and Broken Leg Investing. Net Net Hunter Complete guide to net net stocks Broken Leg Investing Deep Value Guide Help Out The Podcast If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube Contact Eric Schleien Facebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com

New Podcast Hey All! I've started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Scheien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. To learn more about Eric's work, check out his ontological coaching firm, Transformational Leadership Associates. Summary In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Braxton Gann to discuss another shipping company, Dorian LPG (LPG). Braxton believes the business is cheap due to the business trading at a steep discount to its Net Asset Value. Show Notes [2:10] Shipping has been in a bull market [2:37] Track record of management [4:45] Eric Schleien pushing back on Braxton on concerns about shipping stocks [8:08] How to make money with shipping stocks [10:26] Recap on Scorpio Tankers Help Out The Podcast If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube Contact Eric Schleien Facebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com  

New Podcast Hey All! I've started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Scheien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. To learn more about Eric's work, check out his ontological coaching firm, Transformational Leadership Associates. Summary In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Braxton Gann to discuss Stealth Gas (GASS). Braxton believes the business is cheap due to the business trading at a steep discount to its Net Asset Value. Show Notes [1:19] About the company [2:19] "Shipping has been one of the worst industries over the past decade..." [3:13] Value of the second hand market for ships [3:54] Resource Recommendation: Value Investors Edge [5:02] Investment Risks [6:58] Salaries in the shipping industry Help Out The Podcast If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube   Contact Eric Schleien Facebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com  

Welcome to the Investing for Beginners podcast. In today's show, we discuss: Investing in Japan and China with Eric Schleien of Granite State Capital Management Details of the upcoming merger with Discovery and Time Warner Media The future of podcasting, plus investing in one of the leading podcasting platforms, Libsyn For more insight like this […] The post Chinese, Japanese, and Media Stocks with Eric Schleien appeared first on Investing for Beginners 101.

New Podcast Hey All! I've started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Scheien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. Podbean This podcast is sponsored by Podbean.  Podbean is probably the easiest way to create your own podcast. We use Podbean to host the Intelligent Investing Podcast and my new podcast, The Eric Schleien Podcast.  Download the free Podbean Podcast App, to start, record, and publish your very own podcast in minutes.  Podbean provides everything you need to run your podcast and you can record and publish episodes directly from the app on your phone. Check it out! TIKR.COM This episode is brought to you by TIKR.com. This is a product I personally use for researching stocks at my firm. TIKR.com is focused on bringing institutional-quality investment research tools to individual investors. TIKR.com is powered by S&P Global CapitalIQ and has coverage of 50k+ stocks globally with financials, estimates, valuation metrics, ownership, transcripts, news, filings, and more. Join TIKR.com‘s free beta today with tikr.com/intelligent NET NET HUNTER This episode is sponsored by Net Net Hunter. If you're interested in finding high-quality stocks trading at fractions of liquidation value – this research service is for you. I personally use this service at my firm to help me research tiny and obscure net-net stocks all around the world. Using Net Net Hunter comes out to way less money than hiring an analyst to do the exact same thing manually. It's a service I love and I am proud to be able to offer this service to my listeners. If this is something you're interested in, please click here. Summary On today's episode, I sit down with Andrew Walker who is a portfolio manager at Rangeley Capital LLC and runs Yet Another Value Blog. We discuss Pershing Tontine (PSTH), a SPAC run by Bill Ackman that just recently announced a deal to acquire 10% of Universal Music Group (UMG) from Vivendi. Show Notes [4:24] The UMG announcement [7:15] Background on SPACs [9:47] A unique tontine structure [14:38] Spinning Eagle SPAC [16:50] SPACs vs SPARCs [22:31] Valuation [27:09] UMG's Economic Moat Resources PSTH Article 1: https://yetanothervalueblog.substack.com/p/further-breaking-down-and-simplifying   PSTH Article 2: https://yetanothervalueblog.substack.com/p/breaking-down-the-ridiculously-complex   HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube GET IN TOUCH WITH ERIC SCHLEIEN Facebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com Disclosure: Eric Schleien and some SMA clients of Eric Schleien through Granite State Capital Management, LLC own shares of PSTH. Nothing here is investment advice. Do your own due diligence.  

NEW PODCAST Hey All! I've started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Scheien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. Podbean This podcast is sponsored by Podbean.  Podbean is probably the easiest way to create your own podcast. We use Podbean to host the Intelligent Investing Podcast and my new podcast, The Eric Schleien Podcast.  Download the free Podbean Podcast App, to start, record, and publish your very own podcast in minutes.  Podbean provides everything you need to run your podcast and you can record and publish episodes directly from the app on your phone. Check it out! TIKR.COM This episode is brought to you by TIKR.com. This is a product I personally use for researching stocks at my firm. TIKR.com is focused on bringing institutional-quality investment research tools to individual investors. TIKR.com is powered by S&P Global CapitalIQ and has coverage of 50k+ stocks globally with financials, estimates, valuation metrics, ownership, transcripts, news, filings, and more. Join TIKR.com‘s free beta today with tikr.com/intelligent NET NET HUNTER This episode is sponsored by Net Net Hunter. If you're interested in finding high-quality stocks trading at fractions of liquidation value – this research service is for you. I personally use this service at my firm to help me research tiny and obscure net-net stocks all around the world. Using Net Net Hunter comes out to way less money than hiring an analyst to do the exact same thing manually. It's a service I love and I am proud to be able to offer this service to my listeners. If this is something you're interested in, please click here. Summary Today's interview guest is Trey Henninger where we discuss the multi-bagger potential in Solitron Devices as well as do a recap on Entercom (now known as Audacy), and Northfield Precision. You can listen to the former Northfield Precision podcast here, and the Entercom podcast episode, here. Trey Henninger runs the blog and podcast, DIY Investing. Trey is a private value investor focused on microcap and dark stocks in the United States. His focus is on high-quality companies with predictable durable earnings where management has skin-in-the-game. Trey runs a concentrated portfolio. By focusing on small companies, Trey hopes to find overlooked compounders at value prices. His favorite opportunities have a market cap below $50 million. Show Notes [00:02:50] What is Solitron? [00:03:42] "I interviewed the CEO on my podcast"  [00:04:29] This was at the time a $5 million market cap company. And they looked like they were going to earn something like half a million dollars to a million dollars ... [00:05:58]  "I think the best way to  value the company is using an earnings analysis" [00:09:27] Consistently profitable with strong moat [00:12:52] Bought a new facility [00:14:18] Company hitting an inflection point [00:15:09] Recap on Entercom (ETM) [00:17:29] Recap on Northfield Precision (NFPC) RESOURCES My Book on Amazon Alex Bossert's VIC writeup on $SODI Trey Henninger's Stock Thesis on $SODI  Connect With Trey Henninger Twitter Blog Spotify Apple Podcasts YouTube HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube GET IN TOUCH WITH ERIC SCHLEIEN Facebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com Disclosure: Eric Schleien and some SMA clients of Eric Schleien through GSCM own shares of SODI & NFPC. Nothing here is investment advice. Do your own due diligence.  

Join Eric Schleien in this Q&A format as he answers questions on short positions, investment strategies, destroying your own conclusions on business and investments, and so much more. When asked about the mistakes he's made with investments and what can be learned from them, Eric expounds on what he thinks is a rear-view mirror thinking and on how he managed to lose more money to areas of omission than commission.  Summary While it's common for others to work on becoming large firms, Eric's unique gameplay is to stay boutique and manageable. For Eric, it's not necessarily rejecting growth. Instead, it's more about being able to hold control and balance on different elements. When you're running multiple large funds, it will reach a point where you start losing the competitive advantage by becoming too large, he explains. In this episode, the group also brings up the relevance of Environmental and Social Trends in determining the long-term value of companies. Quoting from Brookfield Asset Management CEO Bruce Flatt, "It's not a good business to not be a good steward of the environment.", for Eric, if a business is taking steps to have an adaptable and inclusive culture – value is quickly elevated. Even though it's not the end-all-be-all, for Eric, when a business does good in proving its CSR, it helps contribute to building a competitive advantage and value in the long run. Show Notes [01:20] Podcasting is going to be bigger than radio; On Liberated Syndication/Libsyn (LSYN). [06:26] How do you size your investments and know what to trim? [10:38] The art form to portfolio management. [14:00] On the threat inflation poses. [19:50] The advantages of being a boutique firm. [21:53] On not taking short positions. [26:26] Has the pandemic changed investment strategies? [28:22] Rear-view mirror thinking. [34:05] How do you factor in ESTs on a business's long-term value? [36:39] There's only so much you can control when you run large funds. [42:06] When an investor insists on dividends… Resources Principles of Power - The Art & Wisdom of Badassery Book by Eric Schleien About Eric Schleien Over the past decade, Eric has trained thousands of individuals, including board members of public companies as well as several Fortune 500 CEOs. Eric specializes in organizational culture and has become a leading authority on organizational culture in the investment industry. Eric has been investing for 15 years and has been using breakthrough coaching methodologies for over a decade. Eric had the insight to combine proven coaching methodologies with shareholder activism techniques to create an entirely new model for shareholder activism that was more reliable and created greater sustainable results in a rapid period of time. On average, Tribal Leadership produces a 3-5x increase in profits of culturally troubled companies within an average of 24 months or less. Eric currently resides in Philadelphia, PA. Help Out The Podcast If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube CONTACT ERIC SCHLEIEN Facebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: intelligentInvesting@gmail.com

Are you looking for an asset to invest in long-term? Then, publicly-traded real estate can be a fit for you! Publicly traded real estate can help you construct your equity or fixed-income portfolio. This can also be a good option for you if you are the kind of investor who is on the safe side as it is known to be historically one of the best-performing asset classes available.Today, we pick the brain of Granite State Capital Management CEO and Intelligent Investing Podcast host Eric Schleien. Eric elaborates on the ins and outs of investing in publicly traded real estate. Eric details the two ways you can invest in this asset class. He emphasizes that this kind of investment is for people with a long-term time frame. So, if you are a person who is in it for the long run, listen now and learn if this is something you need to consider investing in.

The GameStop short took many by surprise and brought the world of short selling into the mainstream. Join us for this in-depth panel moderated by Eric Schleien of the Intelligent Investing Podcast with Jake McClure of The Personal Wealth Coach Podcast and Rick Bloom from Rick Bloom Talks Money on the nuances of what actually happened, and how all the pieces fit together. Eric Schleien's Book Thank you for supporting the podcast. My new book, Principles of Power, is now on Amazon. I would be incredibly grateful and humbled for a purchase with an honest review. About Principles of Power "Principles of Power can be related to as an advanced Coaching Handbook for Leaders. 
If you are a leader, an aspiring leader, a coach, consultant, or program facilitator, this book is designed for you. The material is delivered inside of a modern leadership context of service and contribution. 
Eric features many partnerships in Principles of Power. His inclusion of useful quotes from Warren Buffett, Charlie Munger, Werner Erhard, Nassim Taleb, Seth Godin, and many other leaders attests to the thinking and the research that went into the writing of this book. 
It is now undeniable that the understanding and implementation of powerful Listening, authentic Relationship, and a recognizable Permission to Lead, are cardinal distinctions of effective leadership. 
The word, 'cardinal' has a Latin root and means ‘hinge' – like a hinge on a gate. So, like a hinge, cardinal distinctions are connected to every nuance of leadership. You will see these distinctions in action in the background of Eric's many leadership conversations. 
Authentic Relationship, for example, is essential to the effectiveness and empowerment of the participants and the leader. If authentic Relationship is missing, any outcome or result devolves to the result of domination or force, and is not an outcome of effective leadership.
Consider this: Leadership is granted by the permission of those being led. Take a moment and allow that to sink in. The job of the leader is that of an environmentalist, providing the space for people to collaborate, flourish, and create. These two different activities, management and leadership are often commingled, especially in business schools and in the workplace. They are distinct and operate under different rules and measures. It's like Checkers and Chess – Same game board, different games with different rules and outcomes.
Disentangling and distinguishing the two arenas of activity grants power to both managers and leaders.
 So, the fundamental exercise of listening for people's greatness is in the background of every sentence in this book. And there is much more…
Principles of Power is strongly influenced by the transformational work of Werner Erhard. Much of the author's thinking is also grounded in the classic distinctions of Tribal Leadership and the thinking of Warren Buffett and his partner, Charlie Munger. 
Those, plus Eric's own extensive practical experience renders Principles of Power to be an extremely useful ‘go-to' resource, filled with useful, implementable information, sprinkled liberally with memorable quotations from intelligent diverse sources – all apt and worth adding to YOUR leadership lexicon." - John King, co-author of Tribal Leadership Other Resources Eric Schleien discussing GME Puts Eric Schleien discussing why he hates shorting stocks - GME Finance Podcast Week About Eric Schleien Over the past decade, Eric has trained thousands of individuals including board members of public companies and Fortune 500 CEOs. Eric specializes in organizational culture and has become a leading authority on organizational culture in the investment industry. Eric has been featured in The Wall Street Journal, GuruFocus, and was featured in Warren Buffett's Biography, “Of Permanent Value.” Eric is also a certified Tribal Leadership consultant with over a decade's worth of experience in the field of transformational coaching. Since 2012, Eric has specialized in producing breakthroughs at the level of organization. He's also the co-creator of the Udemy course, Leadership By Design. Eric also hosts The Intelligent Investing Podcast which is a business/value investing podcast. Eric loves interviewing interesting people and has interviewed Warren Buffett's son, Peter Buffett, Jimmy Fallon, and former adult film star, Bree Olson as well as over 100 interviews on his podcast. Eric currently serves as the Chief Executive Officer of Granite State Capital Management, LLC and runs a real estate investment and consulting firm, Wyoming Warehousing & Safe Deposit Company. About Jake McClure Jake McClure has been working with his father and partner, Jeff in finance since January of 1991. In 2010 he completed business studies for his designation as Certified Investment Management Analyst® at The Wharton School, University of Pennsylvania. In 2007 In concert with Jeff, he founded an objective, fee-based fiduciary service in The Personal Wealth Coach, an SEC Registered Investment Advisory Firm. Jake is married to Alissa, a cellist, and a world traveler. They have two children. Jake is also a successful artist, having been commissioned by the Austin Ballet's BATS to create the 2011 annual Long Award, and has had showings of his artwork in many public places. Jake has also given musical business advice to several major recording labels and production companies. His passion lies in finding the links between economics, art, and music, then defining those links in the lives of his clients.   About Rick Bloom  Rick is a partner and co-founder of Bloom Advisors and the law firm of Bloom, Bloom & Associates. He is a licensed attorney, certified public accountant (CPA), and financial advisor. Additionally, Rick holds the Series 65 license. Rick currently hosts the podcast "Rick Bloom Talks Money" and writes a weekly financial column in the Observer & Eccentric Newspapers. He served as host of the popular “Money Talk” radio show on WXYT-AM 1270 and the “Rick Bloom Show” on WDTK-AM 1400. Rick was a featured writer of regular financial columns for the Detroit News and Oakland Press and also aired twice-daily business updates on the Michigan Radio Network. He has been recognized by a variety of esteemed financial publications and has been named a top financial advisor for several years. He has presented at conferences and given speeches to hundreds of business and civic organizations throughout his career and has made appearances on both radio and television. Rick is a member of the Fidelity Investment Financial Advisory Council. Rick is an honors graduate of both Michigan State University and the University of Michigan Law School. Help Out The Podcast If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube CONTACT ERIC SCHLEIEN Facebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com  

The GameStop short took many by surprise and brought the world of short selling into the mainstream. Join us for this in-depth panel moderated by Eric Schleien of the Intelligent Investing Podcast with Jake McClure of The Personal Wealth Coach Podcast and Rick Bloom from Rick Bloom Talks Money on the nuances of what actually happened, and how all the pieces fit together.

Today's guest on The Expat Money Show is Eric Schleien, the sole portfolio manager of Granite State Capital Management. After reading his first book on Warren Buffet when he was just 14 years old, he became passionate about value investing and has been managing his own capital since February 2005. http://www.gscm.co/ (GSCM) maintains a focus but is not limited to, identifying opportunities among ignored and obscure securities which tend to be either undiscovered or misunderstood by the wider market. They focus on this area due to the high barriers to entry and low competition market environment leading to more inefficiently priced securities. Large hedge funds and institutions will often not be able or willing to look in these areas leading to higher inefficiencies. Today we will be talking to our guest about opportunities in the financial markets overseas and what he expects to boom.   HERE'S WHAT WE DISCUSSED IN DETAIL IN THIS INTERVIEW:Buying foreign assets for less than their worth How to study different business ideas The opinion of big tech and FANG stocks Why does Eric Schleien buy stock overseas? What are alternative investment markets? The advantage that smaller investors have over institutions SASS  Does he buy in USD or local currency?  Trends, countries, commodities? What does he think will perform well? Where are the countries that have a bad rap & underperforming stocks? How does Eric Schleien find these stocks? And finally, what is THE country to look at if you want to invest? RELATED PODCAST EPISODEShttps://expatmoneyshow.com/episodes/tariq-dennison/ (113: TAX OPTIMIZED RETIREMENT ACCOUNTS FOR EXPATS – TARIQ DENNISON) https://expatmoneyshow.com/episodes/ep-091-ladislas-maurice/ (091: THE WANDERING INVESTOR SHARES INSIGHTS FROM AROUND THE WORLD – LADISLAS MAURICE) https://expatmoneyshow.com/episodes/085-warren-black/ (085: WARREN BLACK – INTERNATIONAL TAX EXPERT CHAMPIONS FOR SOVEREIGNTY)   HOW TO REACH ERIC SCHLEIENhttps://intelligentinvesting.podbean.com/ (The Intelligent Investing Podcast) https://twitter.com/EricSchleien (Twitter.com/EricSchleien) https://www.instagram.com/EricSchleien/ (Instagram.com/EricSchleien ) http://www.gscm.co (www.GSCM.co) FINAL THOUGHTSGreat interview with Eric Schleien, he really knows his business. If you want to invest and not sure where to start, listen to Eric's podcast, it's fantastic! at https://podcasts.apple.com/us/podcast/the-intelligent-investing-podcast/id1205082419 (The Intelligent Investing Podcast). I enjoyed our conversation so much that Eric invited me to be a guest on HIS podcast. Make sure you look up my episode, should air sometime in March.    Support this podcast

Join us for this exclusive pre-released episode as part of Finance Podcast Week. This episode is brought to you by Eric Schleien of The Intelligent Investing Podcast. ... In this episode, Norma Jean shares her story on getting into podcasting and the facet that sets apart a podcast. She also gives us a brief of the stimulating discussions, guests, and perks we can expect from Podbean's event that every entrepreneur, investor, and alike will gain from. Stay tuned to their talk to catch a glimpse of Finance Podcast Week's exciting lineup for everyone. About Eric Schleien: Over the past decade, Eric has trained thousands of individuals, including board members of public companies as well as several Fortune 500 CEOs. Eric specializes in organizational culture and has become a leading authority on organizational culture in the investment industry. Eric has been investing for 15 years and has been using breakthrough coaching methodologies for over a decade. Eric had the insight to combine proven coaching methodologies with shareholder activism techniques to create an entirely new model for shareholder activism that was more reliable and created greater sustainable results in a rapid period of time. On average, Tribal Leadership produces a 3-5x increase in profits of culturally troubled companies within an average of 24 months or less. Eric currently resides in Philadelphia, PA.  About Podbean:  Podbean is a podcast publishing and monetization service, providing free and premium hosting packages for individuals and businesses. Podbean offers a user-friendly interface that integrates publishing, management, syndication, and analysis tools into an easy-to-use podcasting package. Podbean: https://www.podbean.com/ ... Finance Podcast Week runs from March 26th-March 28th, 2021 with live-streamed sessions and panels, and brand new, exclusive episodes.  Utilizing Podbean's live streaming platform, we're offering you the opportunity to join the conversation and be part of the experience. Finance Podcast Week is brought to you by Podbean and brings you expertise and insight on podcast topics ranging from personal finance, budgeting, real estate, cryptocurrency, investing for millennials, the GameStop short, and more!  Follow the Finance Podcast Week channel here for daily meditations, episode releases and more! For more information and to register to join the live streams in real-time go to www.podcastweek.live.finance    The content of Finance Podcast Week is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on our site and podcast constitute a solicitation, recommendation, endorsement, or offer by Podbean or any third party service providers to buy or sell any securities or other financial instruments.

Join Eric Schleien with his guest Norma Belenky, the Head of Events of Podbean, as they talk about the evolution of media, Podbean's exciting podcast features, and most especially the upcoming Finance Podcast Week.   In this episode, Norma shares her story on getting into podcasting and the facet that sets apart a podcast. She also gives us a brief of the stimulating discussions, guests, and perks we can expect from Podbean's event that every entrepreneur, investor, and alike will gain from.   Stay tuned to their talk to catch a glimpse of Finance Podcast Week's exciting lineup for everyone.   About Podbean:  Podbean is a podcast publishing and monetization service, providing free and premium hosting packages for individuals and businesses. Podbean offers a user-friendly interface that integrates publishing, management, syndication, and analysis tools into an easy-to-use podcasting package.   Facebook:       https://www.facebook.com/NormaJeanBali/ Instagram:       https://www.instagram.com/normajeanlovesdoodles/   Outline of the episode:   [01:12] What is Podbean, and what does it bring? [02:32] The upcoming Finance Podcast Week: Guests, Topics, and Program. [05:26] Elements of media changed by today's podcasts. [08:54] The freedom in Podcasts. [09:41] Live features on Podbean's Finance Podcast Week and what to expect. [13:08] The technology, integrations, platforms, and accessibility of today. [15:39] Ask the hosts, join in the conversation – Podbean Finance Week. [18:23] Live podcasts + Pre-released episodes of participating podcasters. [19:23] The dates to save… [22:03] On getting into podcasts and becoming a part of Podbean. [25:20] The community, collaborativeness, and openness that is in podcasting. [26:37] What needs to be a part of podcasting? [27:32] In the age of information overload, to stand out, you need to have…   Resources: For tickets, got to Finance Podcast Week  More info about the Finance Podcast Week  Podbean Live   About Eric Schleien:   Over the past decade, Eric has trained thousands of individuals, including board members of public companies as well as several Fortune 500 CEOs. Eric specializes in organizational culture and has become a leading authority on organizational culture in the investment industry.   Eric has been investing for 15 years and has been using breakthrough coaching methodologies for over a decade. Eric had the insight to combine proven coaching methodologies with shareholder activism techniques to create an entirely new model for shareholder activism that was more reliable and created greater sustainable results in a rapid period of time. On average, Tribal Leadership produces a 3-5x increase in profits of culturally troubled companies within an average of 24 months or less. Eric currently resides in Philadelphia, PA.   Help Out The Podcast If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube   CONTACT ERIC SCHLEIEN Facebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com  

Join Eric Schleien & Rafael Resendes discuss how to value and measure the intrinsic value of Tesla (TSLA) and GameStop (GME).   Rafael Resendes is the portfolio manager & co-founder of Applied Finance Capital Management.   To watch this on YouTube (which for this one, I would recommend) - you can click, here.   Resources For listeners interested in some of the research presented on the show today, you can sign up for the monthly newsletter, The Valuation Edge. For listeners interested in actually modeling companies they can join the waiting list for the Intrinsic Value Tool. Value Investing 2nd Edition, on Amazon. Eric Schleien's Book: Principles Of Power: The Art & Wisdom of Badassery, on Amazon   About Eric Schleien Over the past decade, Eric has trained thousands of individuals including board members of public companies as well as several Fortune 500 CEOs. Eric specializes in organizational culture and has become a leading authority on organizational culture in the investment industry. Eric has been investing for 15 years and has been using breakthrough coaching methodologies for over a decade. Eric had the insight to combine proven coaching methodologies with shareholder activism techniques to create an entirely new model for shareholder activism that was more reliable and created greater sustainable results in a rapid period of time. On average, Tribal Leadership produces a 3-5x increase in profits of culturally troubled companies within an average of 24 months or less. Eric currently resides in Philadelphia, PA.   Help Out The Podcast If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube   CONTACT ERIC SCHLEIEN Facebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com

Welcome to the Intelligent Investing Quick Thoughts Series, where I just spend a few minutes on relevant topics, thoughts, or things in the news. Episodes are all under 10 minutes. You can also watch the conversation on YouTube by clicking here.   Summary In this episode, Eric Schleien discusses how to play GameStop (GME) from a value investing standpoint and what he is doing around selling Put Options.   Other episodes discussing GameStop (GME) Eric Schleien discussing GME Puts Eric Schleien discussing why he hates shorting stocks - GME About Eric Schleien Over the past decade, Eric has trained thousands of individuals including board members of public companies as well as several Fortune 500 CEOs. Eric specializes in organizational culture and has become a leading authority on organizational culture in the investment industry. Eric has been investing for 15 years and has been using breakthrough coaching methodologies for over a decade. Eric had the insight to combine proven coaching methodologies with shareholder activism techniques to create an entirely new model for shareholder activism that was more reliable and created greater sustainable results in a rapid period of time. On average, Tribal Leadership produces a 3-5x increase in profits of culturally troubled companies within an average of 24 months or less. Eric currently resides in Philadelphia, PA.   About Julian Lin Julian is a contributor on Seeking Alpha with over 13,000 followers. Julian runs a stock investment newsletter named Best of Breed which invests in high-quality companies with “moaty” business models, conservative balance sheets, and best in class management teams. You can find out more about the newsletter here – there is a 2 week free trial available.   Help Out The Podcast If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube   CONTACT ERIC SCHLEIEN Facebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com    

Welcome to the Intelligent Investing Quick Thoughts Series, where I just spend a few minutes on relevant topics, thoughts, or things in the news. Episodes are all under 10 minutes. Summary In this episode, Eric Schleien discusses how to play GameStop (GME) from a value investing standpoint and what he is doing around selling Put Options. About Eric Schleien Over the past decade, Eric has trained thousands of individuals including board members of public companies as well as several Fortune 500 CEOs. Eric specializes in organizational culture and has become a leading authority on organizational culture in the investment industry. Eric has been investing for 15 years and has been using breakthrough coaching methodologies for over a decade. Eric had the insight to combine proven coaching methodologies with shareholder activism techniques to create an entirely new model for shareholder activism that was more reliable and created greater sustainable results in a rapid period of time. On average, Tribal Leadership produces a 3-5x increase in profits of culturally troubled companies within an average of 24 months or less. Eric currently resides in Philadelphia, PA. Help Out The Podcast If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube   CONTACT ERIC SCHLEIEN Facebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com

Companies are not just ticker codes They're real living, breathing entities. Their financial information is freely available and helps you to understand the business. Learning how to read them will make you a better investor. In this Quick Tip, Eric Schleien from Granite State Capital talks about the why and some tips on reading company financials.Portfolio tracker Sharesight tracks your trades, shows your true performance, and saves you time and money at tax time. Get 4 months free at https://www.sharesight.com/au/sharesforbeginnersDisclosure: The links provided are affiliate links. I will be paid a commission if you use these link to make a purchase. You will also usually receive a discount by using these links/coupon codes. I only recommend products and services that I use and trust myself or where I have interviewed and/or met the founders and have assured myself that they're offering something of value.Stocks for Beginners is for information and educational purposes only. It isn't financial advice, and you shouldn't buy or sell any investments based on what you've heard here. Any opinion or commentary is the view of the speaker only not Stocks for Beginners. This podcast doesn't replace professional advice regarding your personal financial needs, circumstances or current situation. See acast.com/privacy for privacy and opt-out information.

I discuss why I hate shorting stocks and discuss the recent example of GameStop (GME).   About Eric Schleien Over the past decade, Eric has trained thousands of individuals including board members of public companies as well as several Fortune 500 CEOs. Eric specializes in organizational culture and has become a leading authority on organizational culture in the investment industry. Eric has been investing for 15 years and has been using breakthrough coaching methodologies for over a decade. Eric had the insight to combine proven coaching methodologies with shareholder activism techniques to create an entirely new model for shareholder activism that was more reliable and created greater sustainable results in a rapid period of time. On average, Tribal Leadership produces a 3-5x increase in profits of culturally troubled companies within an average of 24 months or less. Eric currently resides in Philadelphia, PA. Help Out The Podcast If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube   CONTACT ERIC SCHLEIEN Facebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com

"The problem is you have a lot of these young people in Robin Hood, and they're putting $50 on red, hitting red and think oh I'm really smart. so next time we'll put $1,000 on red. And the problem is when you're gambling and speculating at some point that comes back to bite you in the ass."Eric Schleien is the CEO and founder of Granite State Capital Management, the host of the Intelligent Investing podcast, the CEO of Wyoming Warehousing & Safe Deposit Company, and founder of the Proxy Activism Project where he invented a new form of shareholder activism. He's also a partner and co-founder of Transformational Leadership Associates.Eric talks about his investing journey, how he values companies and how your advantage over the highly paid managers on Wall St. It was a great pleasure meeting him.Here are links to all things Eric.Granite State Capital Management: https://www.gscm.co/Personal Site: https://ericschleien.com/Eric's Book Principles Of Power: The Art & Wisdom Of Badassery: https://www.amazon.com/Principles-Power-Art-Wisdom-Badassery/dp/0578798964/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=&sr=Twitter: https://twitter.com/EricSchleienYouTube: https://youtube.com/c/ericschleien1Instagram: http://instagram.com/ericschleienThe Intelligent Investing Podcast: https://ericschleien.com/podcast/The Eric Schleien Podcast: https://www.ericschleienpodcast.com/Portfolio tracker Sharesight tracks your trades, shows your true performance, and saves you time and money at tax time. Get 4 months free at https://www.sharesight.com/au/sharesforbeginnersDisclosure: The links provided are affiliate links. I will be paid a commission if you use these link to make a purchase. You will also usually receive a discount by using these links/coupon codes. I only recommend products and services that I use and trust myself or where I have interviewed and/or met the founders and have assured myself that they're offering something of value.Stocks for Beginners is for information and educational purposes only. It isn't financial advice, and you shouldn't buy or sell any investments based on what you've heard here. Any opinion or commentary is the view of the speaker only not Stocks for Beginners. This podcast doesn't replace professional advice regarding your personal financial needs, circumstances or current situation. See acast.com/privacy for privacy and opt-out information.

In this episode, Eric Schleien sits down with Ann Hambly, the Founder/CEO of 1st Service Solutions. I'm a huge fan of Ann, as she transformed the CMBS industry and has also been impacted by the Tribal Leadership technology which I've shared about many times here, here, and here. As one of the managers of Brookfield Asset Management shared with me, "Transforming Culture is the last bastion of alpha due to the low competitive nature of the endeavor." To watch this episode on YouTube, see below or click here. Ann has been involved in literally every aspect of the CMBS industry throughout her 35+ year career. She created from scratch and ran many large servicing shops before creating 1st Service Solutions in 2005. She has been an intentionally integral part in shaping the CMBS industry since its inception. Ann founded 1st Service Solutions in 2005 to address what she saw to be a gaping hole in CMBS.  Unlike ‘on book' commercial real estate loans, there is no ‘banker' for the borrower to speak to after securitization.  In creating what was to become the first borrower advocacy space in commercial real estate, Ann has grown 1st Service Solutions into what is now known as the preeminent CMBS Borrower Advocate practice. The company has been featured on William Shatner's ‘Moving America Forward' show as a company changing the business landscape in America. Ann has been and continues to be highly involved in industry leadership as a featured keynote speaker at conferences across the country speaking on CMBS structure, CMBS workouts, assumptions, and hot topics in the general CRE industry. With the release of her book, ‘CMBS 911,' Ann once again set out to meet an unmet need: explaining, in simplistic and straightforward terms, the roles, responsibilities, and motives of every individual or entity involved in the CMBS process. “The whole process can be overwhelming and confusing for the borrower and there's always a lot on the line,” she explains. The book has gone on to become an industry bestseller and is being adopted into the Purdue College of Business Real Estate curriculum as well as other colleges and universities. In addition to her own book, Ann's expertise has been featured in ‘True Leaders: How Exceptional CEOs and Presidents Make a Difference by Building,' ‘Trends in Commercial-Mortgage Backed Securities,' and ‘The Law of Distressed Real Estate.' Ann is also a prolific contributor to many, many real-estate and business-related publications having published 50+ articles, commentaries, and columns in such publications as the Commercial Real Estate Show, the Commercial Observer, Scotsman Guide, GlobeSt.com, Mortgage Bankers Magazine, National Real Estate Investor, Real Estate Business, Real Estate Forum, and Reuters among others. Jurists frequently request Ann's involvement in high-profile cases regarding commercial real estate because of her vast and varied experience. She has been called upon to provide expert reports, depositions, testimonies, and professional consulting services on many high profile cases. Ann is a member of the Board of Directors of the Counselors of Real Estate (CRE) and has been an active member of C12, a Christian CEO group, for the past several years. In addition, she has previously served on or as the chairman of the Board of Directors for the Mortgage Bankers Association (MBA), the Commercial Mortgage Securitization Association (CMSA), the Multifamily Housing Institute, and the Real Estate Capital Recovery Association (RECRA). Throughout her lengthy career, Ann has received many, many professional awards and citations. Among them are the induction in the Commercial Real Estate's Hall of Fame, numerous times designation as a ‘Legend and Woman of Influence in Commercial Real Estate' by Real Estate Forum, named a ‘Top 10 Most Distinguished Women in Real Estate' by the Mortgage Bankers Association, selected as a member of the prestigious Real Estate Roundtable, and named as one of six ‘Most Influential Women in Commercial Real Estate' by National Real Estate Investor to name a few. Ann lives in the Dallas/Ft. Worth Metroplex and enjoys time spent with her family, especially her six grandkids.   HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube   Contact Eric Schleien Facebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com   Contact Ann Hambly 1st Service Solutions | Email: ahambly@1stsss.com

SUMMARY In this episode, Eric Schleien and Brian Langis discuss TikTok, social media, Facebook, and more. This episode was recorded before Oracle announced an intention to buy TikTok. This was more of a free for all and great discussion as always with Brian. Hope you enjoy! You can also watch this episode on YouTube. HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube CONTACT ERIC SCHLEIEN Facebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com

To watch this episode on YouTube, click here. Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts YouTube Stitcher TuneIn Spotify Podbean iHeart Radio   Summary In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Mariusz Skonieczny. We discuss the shipping industry, COVID recovery stocks, value investing in general, Oroco Resources, and Mitcham Industries. We also discuss his new website, Microcap Explosions.   About Mariusz Skonieczny Mariusz Skonieczny is the founder of Microcap Explosions and Classic Value Investors and the creator of Value Investing University. He is also the author of several books on the subject of investing. He is a professional investor meaning and has written books and videos. He also, teach ballroom dancing. Mariusz graduated from Indiana University in 2003 with a Finance degree. From 2003 to 2008, he was in the commercial real estate industry as an appraiser and broker. During the 2008/2009 financial crisis, he left the industry to start Classic Value Investors.   Staying In Touch With Mariusz Skonieczny Classic Value Investors  Twitter Author Page YouTube   Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM

OVERVIEW In this episode of The Intelligent Investing Podcast, Shana Sissel sits down with Eric Schleien to discuss the world of Alternative Investments. Shana is a seasoned investment professional with almost two decades of industry experience. She currently serves as the Chief Investment Officer at Spotlight Asset Group. She also serves as one of the most prominent public faces of the firm. Shana is a frequent contributor on Bloomberg, Fox Business Network, the TD Ameritrade Network, Yahoo Finance and CNBC and travels the globe as a sought-after investment conference speaker.   Mrs. Illinois International 2020 In November 2019 Shana was crowned Mrs. Illinois International 2020 at the North Shore Center for Performing Arts in Skokie, Illinois.   Financial Literacy For Girls As Mrs. Illinois International she is a prominent advocate for improving financial literacy rates for women and for gender diversity within the finance industry through her platform Investing in Girls. Through her work with organizations like Invest in Girls and Rock the Street Wall Street, Shana seeks to introduce financial concepts to high school girls and serves as a mentor for young women entering the field of finance. Shana also serves as a spokesperson for Women in ETFs (WE), an organization dedicated to improving gender diversity in the investment industry, where she is a member of the WE Speakers Bureau and Press Corp.   Women In Finance In 2019, Shana was recognized for her talent as an investor and contributions as an advocate for women in finance when she was named a finalist for Index Portfolio Manager of the Year at the Women in Asset Management Awards. In March of 2020 she was named the winner of Citywire USA's Women Driving Change in Manager Research & Investment Due Diligence award.   SHOW LINKS Rocking Wall Street Invest In Girls All About Alpha Blog   SUPPORT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!       You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube   CONTACT SHANA LinkedIn Twitter   CONTACT ERIC SCHLEIEN Facebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com

Summary   Today's interview guest is Trey Henninger.    Trey Henninger runs the blog and podcast, DIY Investing. Trey is a private value investor focused on microcap and dark stocks in the United States. His focus is on high-quality companies with predictable durable earnings where management has skin-in-the-game. Trey runs a concentrated portfolio of 5 stocks with a 20% weighting each. By focusing on small companies, Trey hopes to find overlooked compounders at value prices. His favorite opportunities have a market cap below $50 million.      Focus Stock: Northfield Precision Instruments Corporation   Basic Company Information:   Name: Northfield Precision Instruments Corporation Stock Ticker: $NFPC Location: New York, United States Industry: Industrial Manufacturing Market Cap: $5.3 million TTM Earnings: $668k   Shares Outstanding: 234,237 (constant, no change in the last 5 years) Stock Price: $23.00 TTM EPS: $2.85 (based on 2019 FY results)   P/B: 1.09 P/E: 8.07 Earnings Yield: 12% Dividend Yield: 2.6% (based on 2019 dividends) 3-year Earnings CAGR from 2015 to 2018: 100.4% (EPS was $0.53 per share in 2015) - dropped a bit in 2019.    Investment Thesis   Northfield Precision Instruments Corporation is a niche manufacturer of precision air chucks. Precision is a keyword because very careful machining is required in the manufacturing process to meet the required specifications. Northfield is a leading manufacturer in the air chuck industry although the market is quite small. Northfield manufacturers for a worldwide customer base out of a single manufacturing location in New York State, United States. This single manufacturing facility has room for production expansion without adding additional space. The combination of being a small manufacturing concern with room to grow is that Northfield is a huge current and future beneficiary of expanding operating leverage. They have a fixed cost base and are able to sell their goods at a consistent and sustainably competitive gross margin. Gross profit margins are consistently in the 45-50% range over the last 6 years.    Northfield is undervalued significantly as they trade for a single-digit P/E while in the process of rapidly growing their earnings. They have been able to sustain a high growth rate because incremental returns on capital clearly exceed 50%. It is my view that Northfield has remained undervalued for two key reasons: They are a small nano-cap company with a market cap below $5 million and they are dark. Northfield doesn't report to the SEC and the only way to receive financial statements is to email their accountant and request physical copies sent by mail.    Earnings History 2015 = $0.53 per share 2016 = $1.05 per share 2017 = $2.46 per share 2018 = $4.27 per share 2019 = $2.85 per share 3-yr avg = $3.19 per share   As Northfield grows earnings above $1m per year over the next few years and starts to earn multiple millions of dollars per year, they will be able to justify spending money to include their financial reports on OTC Markets. This will grow their potential investing audience and likely broaden their appeal.    Potential Risks Northfield is an industrial manufacturer which means it is not immune to cyclicality in the economy. With the current recession, we should expect earnings in 2020 to be lower than in 2018 and 2019. They are likely considered an essential business, so I doubt they would be drastically affected. However, a dip in earnings is both foreseeable and expected. Yet, I expect that earnings will grow again after this recession ends to exceed the 2018 high in earnings.  They are highly illiquid. It is difficult to buy shares in the market. It took several months for me to acquire my full position. I think liquidity is largely constrained because current large shareholders are unwilling to sell at such a low price while the profitability of the company continues to improve.    In summary, Northfield Precision is a dark company with a low single-digit P/E and a high earnings growth rate. They are able to profitability reinvest their earnings into growth at a high ROIC. While a 2020 recession will slow their progress, Northfield is on the way to becoming a much larger and more profitable company. Simply trading from the current P/E of 8 to a market multiple of 16 would double the stock price. The earnings growth and ROIIC should justify an even higher multiple though. The biggest downside is simply that the company is small and overlooked. It is hard to predict which a company of this size will begin to get a bid in the market. Yet, the low liquidity in shares should ensure that once interest grows the stock price will jump quickly.    Connect With Trey Henninger Twitter: @TreyHenninger  Blog Podcast:Spotify Apple Podcasts YouTube HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!         You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube   GET IN TOUCH WITH ERIC SCHLEIEN Facebook  |  LinkedIn  | Twitter  | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com   Disclosure: Eric Schleien and some SMA clients of Eric Schleien through GSCM own shares of NFPC. Nothing here is investment advice. Do your own due diligence. 

OTC Stock Manual   If you'd like to purchase Jan Svenda's Manual Of Stock (like an updated online Walker's Manual)…click, here.   You can see samples to Jan's manual, here.   Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts YouTube Stitcher TuneIn Spotify Podbean iHeart Radio   Summary Calloway's Nursery was first discussed in Episode #22. In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Jan Svenda to discuss Calloway's Nursery, Inc. (CLWY). This may possibly be the least obscure stock that Jan has ever discussed on the show. The company runs a small chain of garden centers in Texas. There is an activist investor in the management who has been a good steward of capital. The original pitch was that the company was trading below liquidation while business was solid. New management came in and realized value. There's been about an extra 10% return with special dividends. The company currently spits out $3,000,000 a year in free cash flow which is backed up by real estate and a healthy balance sheet. The company is opening up new stores. There's also the possibility of future improvements in free cash flow. The company is currently valued at about a 10% free cash flow yield. The coronavirus should not hurt them too badly.   About Jan Svenda Jan is a “deep value” investor/analyst mainly focused on the US small-cap and micro-cap universe. He started out with a long-only bias (stocks trading close to NCAV etc.) which led to his interest in the OTC world. Jan now covers this space through his exclusive newsletter service where he shares his latest long ideas and a watchlist of OTC stocks which should help subscribers generate material returns and allow them to “monitor” the OTC space more efficiently. The service also acts as a community of engaged members who share the same focus. On top of this, he is interested in short-focused research especially in the thesis revolving around accountancy or earnings manipulation. From time to time he also contributes to Safety in Value's marketplace ‘Microcap Review'.   STAYING IN TOUCH WITH JAN SVENDA To learn more about Jan and his manual of OTC stocks, you can visit his website. He can also be reached via LinkedIn.   Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM  

OTC Stock Manual   If you'd like to purchase Jan Svenda's Manual Of Stock (like an updated online Walker's Manual)…click, here.   You can see samples to Jan's manual, here.   Other Episodes Featuring Jan Svenda Altair Vulcan International Millennium Investment & Acquisition Company Conair Corp Mills Music Trust OTC Investing Primer   Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio     IF YOU'D LIKE TO WATCH THE INTELLIGENT INVESTING PODCAST ON YOUTUBE, CLICK HERE.   Summary In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Jan Svenda to discuss Pinelawn Cemetery (PLWN), a dark OTC stock.   Articles A Dark OTC Stock with a 9% Dividend Yield (Elementary Value)   About Jan Svenda Jan is a “deep value” investor/analyst mainly focused on the US small-cap and micro-cap universe. He started out with a long-only bias (stocks trading close to NCAV etc.) which led to his interest in the OTC world. Jan now covers this space through his exclusive newsletter service where he shares his latest long ideas and a watchlist of OTC stocks which should help subscribers generate material returns and allow them to “monitor” the OTC space more efficiently. The service also acts as a community of engaged members who share the same focus. On top of this, he is interested in short-focused research especially in the thesis revolving around accountancy or earnings manipulation. From time to time he also contributes to Safety in Value's marketplace ‘Microcap Review'.   STAYING IN TOUCH WITH JAN SVENDA To learn more about Jan and his manual of OTC stocks, you can visit his website. He can also be reached via LinkedIn.   Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM   Disclosure Eric Schleien and clients of his company Granite State Capital Management have no position in Pinelawn Cemetery. I, Eric Schleien, recorded this podcast myself, and it expresses my own opinions. This episode should not be considered investment advice. Please do your own due diligence.

OTC Stock Manual   If you'd like to purchase Jan Svenda's Manual Of Stock (like an updated online Walker's Manual)…click, here.   You can see samples to Jan's manual, here.   Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio     IF YOU'D LIKE TO WATCH THE INTELLIGENT INVESTING PODCAST ON YOUTUBE, CLICK HERE.   Summary In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Jan Svenda to discuss Altair (ATCD), a dark OTC stock.   Articles Altair Corp Update (SeekingAlpha) Obscure, But Likely Attractive (SeekingAlpha)   About Jan Svenda Jan is a “deep value” investor/analyst mainly focused on the US small-cap and micro-cap universe. He started out with a long-only bias (stocks trading close to NCAV etc.) which led to his interest in the OTC world. Jan now covers this space through his exclusive newsletter service where he shares his latest long ideas and a watchlist of OTC stocks which should help subscribers generate material returns and allow them to “monitor” the OTC space more efficiently. The service also acts as a community of engaged members who share the same focus. On top of this, he is interested in short-focused research especially in the thesis revolving around accountancy or earnings manipulation. From time to time he also contributes to Safety in Value's marketplace ‘Microcap Review'.   STAYING IN TOUCH WITH JAN SVENDA To learn more about Jan and his manual of OTC stocks, you can visit his website. He can also be reached via LinkedIn.   Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM   Disclosure Eric Schleien and clients of his company Granite State Capital Management have no position in Altair. I, Eric Schleien, recorded this podcast myself, and it expresses my own opinions. This episode should not be considered investment advice. Please do your own due diligence.  

Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube   Summary In this episode, Eric Schleien interviews Zach Schleien, the founder of Filter Off which was recently featured in The New York Times. You can read other articles about Filter Off below: Lockdown Love Does Dating During Quarantine Seem Impossible? Quarantine Dating Coronavirus Sees High Spike In Dating Apps Virtual Dating Is The New Normal  Zach Schleien built his first company going into senior year of college called BeginU, a platform for college students to find projects and work opportunities to develop their skills. Following BeginU, he then launched his second company, Top Romp an online dating blog that reviewed hacks and apps for the modern dater. Zach then pursued his Masters in Information Management from Syracuse University where he soon launched his third company, LIFT Protein Muffins. Starting LIFT was where he first dipped his toe into crowdfunding, raising over $5,000 in 30 days on Kickstarter. That Summer he worked for bitly as a Data Analyst. While in school, he co-authored the book, Hacking The Internship Process, which became #2 bestseller for internships on Amazon. One year later he sold his first company, Top Romp. Following graduation, he secured a job in IT with Johnson & Johnson. After his friend's passing with mental illness, Zach dedicated himself to helping people with mental illness. He launched a $9,500 project on CaringCrowd (a crowdfunding platform for non-profits) with the funds going to the National Alliance on Mental Illness – NAMI New Jersey. He attained his goal within 2 1/2 weeks. The proceeds went to the NAMI Basics program, which supported 360 parents with children who have a mental illness. Zach wanted to do more, so he teamed up with his best friend David, and launched the mental health Slack community, 18percent. With mental health awareness month coming up, he launched another project with the goal to raise $30,000 on CaringCrowd to support 600 families where at least one member of their family had a mental illness. The funds would go to NAMI El Dorado. He attained this mark within 3 weeks. Zach's passion for helping people, combined with his love for entrepreneurship has helped him grow these companies and non-profits, allowing them to hit their crowdfunding goals. Zach currently runs, Filter Off.   Staying In Touch With Zach Schleien Website Twitter   Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM

Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio   If you'd like to watch this episode on YouTube, click here.   Coronavirus Investing Series: Part 12 This is Part 12 of a special Coronavirus Investing Series. If you have not listened to Part 1, please click here to get the overall context/market overview during this unprecedented time. You can also listen to: Part 2 Part 3 Part 4 Part 5 Part 6 Part 7 Part 8 Part 9 Part 10 Part 11   Summary  In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Jack Bosch to discuss land arbitrage. It's a pretty unique value investing strategy with low competition due to the non-scalable nature of the investment. For those interested in obscure kinds of investments, you may find this useful.   Staying In Touch With Jack Bosch Website   Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM  

OTC Stock Manual    If you'd like to purchase Jan Svenda's Manual Of Stock (like an updated online Walker's Manual)...click, here.     You can see samples to Jan's manual, here.   Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio    IF YOU'D LIKE TO WATCH THE INTELLIGENT INVESTING PODCAST ON YOUTUBE, CLICK HERE.   Summary In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Jan Svenda to discuss Vulcan International (VULC), a dark OTC stock that has an extremely nefarious and secretive history. The company is currently in liquidation and Jan believes it could potentially be an attractive investment.   Articles Vulcan International Is The Epitome Of A Dark Company | Seeking Alpha East 72 - Vulcan International Corp | Seeking Alpha   About Jan Svenda Jan is a “deep value” investor/analyst mainly focused on the US small-cap and micro-cap universe. He started out with a long-only bias (stocks trading close to NCAV etc.) which led to his interest in the OTC world. Jan now covers this space through his exclusive newsletter service where he shares his latest long ideas and a watchlist of OTC stocks which should help subscribers generate material returns and allow them to “monitor” the OTC space more efficiently. The service also acts as a community of engaged members who share the same focus. On top of this, he is interested in short-focused research especially in the thesis revolving around accountancy or earnings manipulation. From time to time he also contributes to Safety in Value's marketplace ‘Microcap Review'.   Staying In Touch With Jan Svenda To learn more about Jan and his manual of OTC stocks, you can visit his website. He can also be reached via LinkedIn.   Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM   Disclosure  Eric Schleien and clients of his company Granite State Capital Management have positions Vulcan International Corp. I, Eric Schleien, recorded this podcast myself, and it expresses my own opinions. This episode should not be considered investment advice. Please do your own due diligence.

If You'd Like To Watch The Intelligent Investing Podcast On YouTube, Click Here.   Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio   Summary In this episode of the Intelligent Investing Podcast, Eric Schleien sits down with Winston Justice, former OT for the Philadelphia Eagles and founder of Elixr Coffee Roasters. By the time Winston graduated, Justice was widely considered one of the best tackles ever to come out of USC, blocking for two future Heisman Trophy winners, Matt Leinart and Reggie Bush. That's what caught the eye of the Eagles. In the ensuing years with the team from 2006-11, he played in 47 games, with 31 starts, and was named to USA Today's 2009 All-Joe Team. Winston now serves as a Vice President in Bernstein's Nashville headquarters, serving as an asset manager to multigenerational families, entrepreneurs, and nonprofits.   Winston Justice was drafted by the Philadelphia Eagles under coach Andy Reid in the second round (39th overall pick) of the 2006 NFL Draft. He played college football at USC under coach Pete Carroll. Prior to joining Bernstein in 2019, he was a portfolio manager for PIA's Alternative Investments Group. Earlier, he co-founded MJC Capital, an early-stage investment vehicle, and also served as a portfolio manager for Wells Fargo Securities. He holds a BA in Public Policy from the University of Southern California, an MBA from George Washington University, and the Certified Investment Management Analyst designation from The Yale School of Management. Winston's philanthropic work includes serving on the board of directors for YCAP, Nashville Coaching Coalition, and service efforts with Habitat for Humanity of Collier County, Young Life Naples, and Eagles Fly for Leukemia in Philadelphia. In 2010, he was the recipient of the Walter Payton Philadelphia Man of the Year award. He relocated to Nashville in 2018 with his wife and their three children.   Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM

For Dr. Charles Schleien's Op-Ed in the New York Times on his experience with COVID-19, click here.   If You'd Like To Watch This Episode On YouTube, Click Here. Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio   Summary In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with his father, Dr. Charles Schleien to discuss everything from COVID-19 to healthcare economics. We take questions from finance professionals on Twitter as well.    Resources Dr. Charles Schleien - New York Times Op-Ed Dr. Charles Schleien - CBS Dr. Charles Schleien - CNN - Don Lemon (TRANSCRIPT) COVID-19 Up To Date Research - NEJM Staying In Touch With Dr. Charles Schleien Twitter   Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM

If you'd like to watch this episode on YouTube, click here. Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio   Coronavirus Investing Series: Part 11 This is Part 11 of a special Coronavirus Investing Series. If you have not listened to Part 1, please click here to get the overall context/market overview during this unprecedented time. You can also listen to: Part 2 Part 3 Part 4 Part 5 Part 6 Part 7 Part 8 Part 9 Part 10   Summary In this episode, Eric Schleien and Alex Portelli discuss the economics of facemasks and COVID-19 tests. Alex has started a company shipping in facemasks and COVID-19 tests and has some very interesting stories. He also makes some suggestions on policy and gives his view on what is working and not working. For a previous episode with Alex, you can listen, here. Alex is a serial entrepreneur and has started a diner, an ATM business, a real estate company, and an online news organization. He's now currently working on his next venture. Alex is currently an investor in short term rental properties and is the owner of several successful websites. Alex started his privately held AirBnB business 4 years ago and went from owning 0 to 8 properties since then. His web company is prntly.com and he is currently launching another company called prntpage.com which is currently in beta-testing. Prntly.com became notorious after Donald Trump started re-tweeting some of their posts during the primary election cycle in 2016.   Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM

Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio   Coronavirus Investing Series: Part 10 This is Part 10 of a special Coronavirus Investing Series. If you have not listened to Part 1, please click here to get the overall context/market overview during this unprecedented time. You can also listen to: Part 2 Part 3 Part 4 Part 5 Part 6 Part 7 Part 8 Part 9   Summary Eric Schleien and Brian Dress discuss investment opportunities in the bond market. Brian Dress is an investment analyst at Left Brain Capital Management, LLC.  Brian's angle relates to value opportunities his firm is seeing in the corporate and municipal bond markets, based on the massive selloff in credit markets over the past 6 weeks.  Particular discussion points in this episode include:   Discussion of Bond Markets Pre-COVID  Brian thinks the spreads were far too tight which made it very difficult to position portfolios with income to match future expenses.  Investors were forced to take too much risk to attain yield. This is something we have discussed extensively before on The Intelligent Investing Podcast.   How Credit Cycles Work Historically The main takeaway here is that credit booms and busts occur far more often than do booms and busts in the equity markets.  Savvy investors should be willing to take risks on bonds in trough phases like this one and gradually lighten the load as spreads tighten, creating the capacity to take advantage of the next down cycle.  Note: high yield bonds have led stock recoveries after every market drawdown since 1980 (1982, 1991, 2002, 2008-9, 2016)    Observations In Credit Markets  Brian has noticed indiscriminate selling related to a liquidity crunch, causing bonds at all levels of credit quality to sell off heavily.  Brian believes this creates fantastic opportunities across the credit spectrum, which he and his company are taking advantage of to reposition clients. I discuss that in regards to all markets, here.   COVID-19 Gameplan  Brian is upgrading the credit quality of bond portfolios, taking the opportunity to lock in large coupons on stable companies, some of which continue to trade at a discount. Markets have been starved for these types of opportunities in the bond world and, while many of these have already narrowed, plenty of mispriced securities are still out there for investors.  There are still chances to lock in great coupons, along with the potential for capital appreciation.  Brian believes it is important to recognize that it is likely we will be in a 0% interest world for the foreseeable future.   Bond Opportunities After Eric and Brian discussed the general overview/strategy with respect to bonds, Brian presents a few examples where he sees opportunity. Qurate (QRTEA) 8.25% 2030 bonds (Yield to maturity >12% at current price levels) Travel and leisure: Delta 4.375% 2028s (yielding >7% at current prices) and Carnival Cruise (unsecured 2020s and secured 2023s) Illinois Municipals General Obligation 5.1% bonds: effective yield of more than 8% for those in highest tax bracket, possible appreciation potential with interest rates now firmly at 0.   New Service Brian is debuting a new service next week at Left Brain Investment Research, which is a twice-monthly pay-per-view Zoom call for investors of all types, where his firm will be introducing a single bond idea and a single stock idea each month and explaining the entire research process that went into those recommendations.   Brian has his firm's “shelter-in-place” specials available on his firm's website.  Listeners can enter the promo code “Eric” on the subscribe page and receive a full research service (stocks and bonds) for $99/month for the life of the subscription.  ***FULL DISCLOSURE, I, Eric Schleien, DO NOT MAKE ANY MONEY OFF THIS PROMO CODE. ALL SAVINGS GET PASSED BACK TO INTELLIGENT INVESTING PODCAST LISTENERS.   LBIR Investment Ideas Forum Second, Left Brain Research has its LBIR Investment Ideas Forum with the first two installments coming on April 30 where Brian and his firm will discuss a stock idea with the same format.  Listeners can find all the information for these events on the front page of the LBIR website.     About Left Brain Left Brain opened the wealth management business in 2014, a hedge fund in 2016, and an investment research platform in 2019. A differentiating characteristic of Left Brain's investing platform is an emphasis on selecting individual securities, particularly individual bonds in the high yield space. Brian genuinely enjoys and gets excited to share his investment philosophy with both individual investors and advisors.  The company has slowly built up its investment staff in order to cover a large universe of high yield bonds (about 900) and about 200 stocks.  What they've come to realize is that many advisors lack the resources to replicate this type of research apparatus, so they decided to create a product to provide this research to advisors so that they can select stocks and especially high yield bonds that will help clients achieve income goals in a compressed interest rate environment. Data-Driven Bottom-Up Approach Left Brain has a data-driven, bottom-up approach that incorporates technology to rank securities on the basis of a number of quantitative and qualitative factors, including revenue growth, gross margins, competitive dynamics, and accelerating results. The company portfolios are concentrated, as they view this as an allocation model with the best chance to deliver superior results and excess returns; usually no more than 20-25 stocks at any given time, particularly in the hedge fund.   Management Company management is paramount in both equities and credit.  Left Brain wants to see a history of success for the CEO, a strong capital allocation strategy, and an alignment of interests with investors (“skin in the game”); also for equities and bonds, they want to see strong fundamentals in the underlying business, no matter what the valuation or possible yield compensation   Equities The company looks for strong (and accelerating) revenue growth, high (and expanding) gross margins, favorable competitive dynamics   Distressed Bonds For distressed bonds: Left Brain looks for deleveraging (either through improved EBITDA or retiring debt through asset sales), improving trends in operating metrics (revenue, EBITDA, total debt), high yield compensation per unit of leverage (Debt/EBITDA), and most importantly, a strong Free Cash Flow (FCF) profile.   Staying In Touch With Left Brain Investment Research Click here for more information on Left Brain Investment Research Click here for more information on Left Brain Wealth Management   Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM

This is Part 7 of a special Coronavirus Investing Series. If you have not listened to Part 1, please click here to get the overall context/market overview during this unprecedented time. You can also listen to: Part 2 Part 3 Part 4 Part 5 Part 6 You can also listen to a previous episode where we discuss GAN, here. You can also listen to our YouTube clip about GAN, here.   Overview In this episode of The Intelligent Investing Podcast, Eric Schleien and Jeremy Raper discuss GAN plc. GAN is a leading developer and supplier of online gaming content and enterprise-level business to business gaming software systems as well as a provider of supporting operational services. GAN has developed the GameSTACK Internet Gaming System (or “IGS”) which the company licenses to online and land-based gaming operators as a turnkey technology solution for both regulated real-money and Simulated Gaming online.   GAN will benefit from people staying at home who do online gambling, they have a competitive moat which we go further into detail in the episode, and the company trades at a low multiple for a high growth stock.   Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM Staying In Touch With Jeremy Raper Blog Twitter  

In this episode of the Intelligent Investing Podcast, Eric Schleien sits down with WSJ Veteran Reporter, Gregory Zuckerman, to discuss his book "The Man Who Solved The Market: How Jim Simons Launched The Quant Revolution"   Editorial Reviews “Leave it to the Wall Street Journal's Greg Zuckerman to lay open the golden mysteries of quantitative investing. With this fine, humane, and eye-opening book, he's well and truly broken the code.” —James Grant, Grant's Interest Rate Observer “Captivating.” —New York Times   “A compelling read.” —The Economist   “Reads like a delicious page-turning novel.” —Barry Ritholtz, Bloomberg   “One of the most important stories of our time.” —Financial Times   “Zuckerman brings the reader so close to the firm's inner workings that you can almost catch a whiff of the billionaire's Merit cigarette.” —Brandon Kochkodin, Bloomberg “A gripping biography of investment game changer Jim Simons… readers looking to understand how the economy got where it is should eat this up.” —Publishers Weekly "Worthwhile reading for budding plutocrats and numerate investors alike." —Kirkus “Immensely enjoyable.” —Edward O. Thorp, author of A Man for All Markets   “An extremely well-written and engaging book . . . a must read, and a fun one at that.” —Mohamed A. El-Erian, author of The Only Game in Town "Page-turning tale…bravura storytelling." —Gary Shteyngart, author of Lake Success About The Book NEW YORK TIMES BESTSELLER Shortlisted for the Financial Times/McKinsey Business Book of the Year Award The unbelievable story of a secretive mathematician who pioneered the era of the algorithm--and made $23 billion doing it.   The Man Who Solved The Market: How Jim Simons Launched The Quant Revolution": Summary Jim Simons is the greatest money maker in modern financial history. No other investor--Warren Buffett, Peter Lynch, Ray Dalio, Steve Cohen, or George Soros--can touch his record. Since 1988, Renaissance's signature Medallion fund has generated average annual returns of 66 percent. The firm has earned profits of more than $100 billion; Simons is worth twenty-three billion dollars. Drawing on unprecedented access to Simons and dozens of current and former employees, Zuckerman, a veteran Wall Street Journal investigative reporter, tells the gripping story of how a world-class mathematician and former code breaker mastered the market. Simons pioneered a data-driven, algorithmic approach that's sweeping the world. As Renaissance became a market force, its executives began influencing the world beyond finance. Simons became a major figure in scientific research, education, and liberal politics. Senior executive Robert Mercer is more responsible than anyone else for the Trump presidency, placing Steve Bannon in the campaign and funding Trump's victorious 2016 effort. Mercer also impacted the campaign behind Brexit. The Man Who Solved the Market is a portrait of a modern-day Midas who remade markets in his own image, but failed to anticipate how his success would impact his firm and his country. It's also a story of what Simons's revolution means for the rest of us.   About Gregory Zuckerman Greg is a Special Writer at The Wall Street Journal, ​a 20-year veteran of the paper and a three-time winner of the Gerald Loeb award — the highest honor in business journalism. Greg is the author of “The Frackers: The Outrageous Inside Story of the New Billionaire Wildcatters,” a national bestseller published October 2014 by Portfolio/Penguin Press. The book describes how several unlikely individuals created an American energy renaissance that brought OPEC to its knees. The Frackers was named among the best books of 2014 by The Financial Times and Forbes Magazine and book of the year by the New York Financial Writers Association. Greg also wrote “The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History,” a New York Times and Wall Street Journal best seller published December 2010 by Crown Business/Random House. The book has been translated into 10 languages. Greg and his two sons wrote Rising Above: How 11 Athletes Overcame Challenges in their Youth to Become Stars,” a book for young readers and adults published May 2016 by Philomel/Penguin that describes the remarkable stories of how stars in various sports overcame imposing setbacks in their youth. The book was chosen by Scholastic Teacher magazine as a top pick for 2016 and a top 2017 recommendation of the Texas Library Association. In February 2018, Rising Above-Inspiring Women in Sports, also written by Greg and his sons, will be published. At the Journal, Greg writes about big financial firms, personalities and trades, hedge funds, the energy revolution and other investing and business topics. Previously, Greg was the lead writer of the widely read “Heard on the Street” column and covered the credit markets, among other beats. In 2015, Greg won the Loeb Award for a series of stories revealing discord between Bill Gross, founder of bond powerhouse Pimco, and others at the firm, including Mohamed El-Erian. The stories led to Mr. Gross's surprise departure from Pimco. In 2012, Greg broke news about huge, disastrous trades by the J.P. Morgan trader nicknamed the “London Whale.” In 2007, Greg was part of a team that won the Gerald Loeb award for breaking news coverage of the collapse of hedge fund Amaranth Advisors and in 2003 he won the Loeb award for breaking news coverage of the demise of telecom provider WorldCom. Greg was part of a team that won the New York Press Club Journalism award in 2008. He was a finalist for the 2011 Gerald Loeb award for investigative news coverage of the insider trading scandal and a finalist for the 2008 Gerald Loeb award for coverage of the mortgage meltdown. Greg appears regularly on CNBC, Fox Business, Yahoo Finance, Bloomberg Television and various television networks. He makes regular appearances on National Public Radio, BBC, ABC Radio, Bloomberg Radio and radio stations around the globe. Greg gives speeches to business groups on a variety of topics. Over the past year, he has spoken to groups in New York, Los Angeles, San Francisco, Houston, Dallas, Las Vegas, Phoenix, Calgary, Montreal and Niagara Falls. Greg joined the Journal in 1996 after writing about media companies for the New York Post. Previously, he was the managing editor of Mergers & Acquisitions Report, a newsletter published by Investment Dealers' Digest. He graduated from Brandeis University in 1988, Magna Cum Laude. A graduate of Brandeis University, Greg lives with his wife and two sons in West Orange, N.J., where they enjoy the Yankees in the summer, root for the Giants in the fall, and reminisce about Linsanity in the winter.   Staying In Touch With Gregory Zuckerman Twitter Email Website WSJ Profile   Staying In Touch With Eric Schleien Podcast Blog Facebook YouTube LinkedIn Twitter Instagram GSCM

This is Part 5 of a special Coronavirus Investing Series. If you have not listened to Part 1, please click here to get the overall context/market overview during this unprecedented time. You can also listen to: Part 2 Part 3 Part 4   OVERVIEW In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Jeremy Raper to discuss some merger arbitrage and special situation investment opportunities in this coronavirus market environment.   Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM Staying In Touch With Jeremy Raper Blog Twitter

This is Part 3 of a special Coronavirus Investing Series. If you have not listened to Part 1, please click here to get the overall context/market overview during this unprecedented time. Part 2 of the series, can be found here.   OVERVIEW In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Jeremy Raper to discuss Qantas Airways, an airliner who has seen it's stock plunge during this coronavirus pandemic. Qantas is part of the Australian air travel market which Jeremy believes to have superior dynamics to most parts of the world. Jeremy believes there is triple-digit upside potential in the name with a low probability the stock goes to 0. We go into detail in the show. Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM Staying In Touch With Jeremy Raper Blog Twitter

This is Part 2 of a special Coronavirus Investing Series. If you have not listened to Part 1, please click here to get the overall context/market overview during this unprecedented time. Overview In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Jeremy Raper to discuss AerCap (AER), a bombed-out stock during this coronavirus pandemic. AerCap is the world's largest independent aircraft leasing company. Jeremy believes there is triple-digit upside potential in the name with a low probability the stock goes to 0. We go into detail in the show. Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM Staying In Touch With Jeremy Raper Blog Twitter

This is Part 1 of a special Coronavirus Investing Series. Overview In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Jeremy Raper to discuss a general market overview during this coronavirus pandemic. We discuss 3 baskets of places to start looking and researching to find potential investment opportunities. Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM Staying In Touch With Jeremy Raper Blog Twitter

In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Guy Spier who is the founder and investment manager of The Aquamarine Fund. Eric and Guy discuss the philosophy of value investing beyond just looking at a business and how it impacts our day to day living and develops us as a human being.   Resources Think and Grow Rich How to Win Friends and Influence People  The Infinite Game  Finite and Infinite Games    Staying in touch with Guy Twitter Linkedin Facebook   Instagram   Staying in touch with Eric Facebook YouTube LinkedIn Twitter Instagram GSCM

Today is one of my favorite Saturday's of the year. Every Saturday for over the past decade now, I have woken up every Saturday morning before the Berkshire Hathaway Letter To Shareholders is released, eagerly excited to take in whatever Warren Buffett has to share with us shareholders. I would imagine many of you do the same! Once again, Warren Buffett has released his letter to shareholders this morning. In this episode of The Intelligent Investing Podcast, I break down the 2019 Berkshire Hathaway Letter To Shareholders with some of my thoughts and insights and go over some of the key highlights. 2019 Berkshire Hathaway Letter  The full letter can be found, here.  You can also watch this podcast on YouTube Connect With Eric Schleien If you'd like to connect with me regarding the letter to discuss more, feel free to reach out!   Visit Eric Schleien's WEBSITE Visit Eric Schleien's TWITTER Visit The Intelligent Investing Podcast's TWITTER Like The Intelligent Investing Podcast on FACEBOOK Follow Eric Schleien on FACEBOOK Visit Granite State Capital Management's WEBSITE Follow Eric Schleien on INSTAGRAM

In this episode, Eric Schleien sits down with Alex Portelli to discuss his various entrepreneurial ventures.  Alex is a serial entrepreneur, and has started a diner, an ATM business, a real estate company, and an online news organization. He's now currently working on his next venture. Alex is currently an investor in short term rental properties and is an owner of several successful websites. Alex started his privately held AirBnB business 4 years ago and went from owning 0 to 8 properties since then. His web company is prntly.com and he is currently launching another company called prntpage.com which is currently in beta-testing. Prntly.com became notorious after Donald Trump started re-tweeting some of their posts during the primary election cycle in 2016.      

Hi Guys, it's Eric Schleien back again bringing you Episode #75! Thank you everyone for supporting the show 75 episodes later! You guys rock! This episode was recorded right before Christmas, however, a month later not much has changed. I sit down with Igor Ciric who is an individual investor who applies engineering frameworks to invest in publicly traded technology and technology-related companies. Check-Cap Ltd. (CHEK) One of the Igor's holdings is in a company called Check-Cap Ltd. (CHEK). Check-Cap is a clinical-stage medical diagnostics company developing C-Scan®, the first capsule-based system for preparation-free, colorectal cancer screening. Utilizing innovative ultra-low dose X-ray and wireless communication technologies, their capsule generate information on the contours of the inside of the colon as it passes naturally. This information is used to create a 3D map of the colon, which allows physicians to look for polyps and other abnormalities. Designed to improve the patient experience and increase the willingness of individuals to participate in recommended colorectal cancer screening, C-Scan removes many frequently-cited barriers, such as laxative bowel preparation, invasiveness and sedation. Investment Overview Check cap was selling $70 a share back in 2015. Today it's an illiquid stock selling for around $1.6 a share and the market cap is a bit over 13M. Articles For Context: CE-mark FDA  Israeli ministry of health - commercial approval Alternatives To A Colonoscopy  C-scan price of $600 vs. $500 for Pillcam and $1000 for colonoscopies (US). Colon cancer screening multi billion market. Medtronic has $3 bil in annual net income and $123 bil market cap. 1 month of income -> $28 a share. (17x current share price) Given Imaging had losses and no revenue for the six months in 2001. In 2002 the company grew revenues $29 million. In 2014, Covidien acquired Given Imaging for $860 million net of cash, 4.78X the $160 - $200 million in annual sales Covidien expected to gain from the acquisition. (When the company had grown) -> $100 a. share (60x current share price) Exact Sciences Corporation multiple of x22.5 would generate $150 a share (92x current share price) Risks Funding  Going Commerical (GE - Assembly, packaging, and shipping) Warrants & Further Dilution Recent Study Results To see the most recent news, click here

Summary   In this episode of The Intelligent Investing Podcast, Eric Schleien and Jeremy Raper sit down to discuss everything from Jeremy's personal growth into a 'credit-based equity investor' to specific long (Shinoken, Gan) and short (Nio) ideas and how he generates ideas like these.   Discussion of investment philosophy - Pursue a methodology I term 'credit-based equity investing, or 'thinking like a creditor but applied to stocks' - It means using the skeptical, 'downside before upside' mentality of a creditor to pick stocks, rather than the typical equity mindset (which emphasises growth/blue sky/optimism) - Method derives from time spent in Japan, where due to decades of low rates/QE the fundamental discipline of credit analysis structurally disappeared from the market - This created an opportunity to identify investment ideas using a credit skill-set - However, the true opportunity lay not in applying those tools to fixed income/bond markets but to equity markets, given the excess liquidity in the system provided by QE/central banks meant typical bankruptcy restructurings were not common - Instead, the equity market was serially used to recapitalize troubled/distressed issuers - This pattern is now being replicated, to an extent, in other markets like Europe and the US (since these markets are, from a monetary perspective, looking more and more like Japan)     Stocks we discussed Shinoken (Tokyo listed, 8909)   - Small cap Japanese part real estate developer, part RE management/recurring revenue stream business unfairly sold down last year t0

In this episode of The Intelligent Investing Podcast, Eric Schleien and Glenn Surowiec discuss the Index Investing Bubble as well as discuss General Electric (GE) which has been going through a massive restructuring. Glenn manages SMA's through GDS Investments which he founded in 2012. From 2001 to 2012, he worked for Alsin Capital Management, Inc. as an equity research analyst (2001-2003), co-portfolio manager (2003-2008), and portfolio manager (2008-2012). Before joining ACM, Glenn worked for Enron Corp. as a derivatives structuring manager, and for Commerce Bancorp (now TD Bank) as a real estate credit analyst. ​He currently serves as an advisory board member of Value Conferences, an online-only conference featuring some of the most prestigious value investors across the globe. Contact Eric Schleien If you'd like to connect with me Eric directly, he always loves connecting with listeners of the Intelligent Investing Podcast on his personal Twitter. You can also connect with Eric on Facebook, Instagram, or through his personal website. To follow The Intelligent Investing Podcast, click here. Disclosure: Eric's firm Granite State Capital Management manages SMA's. None of his clients own GE stock. That could always change in the future without notice.   Contact Glenn Surowiec Glenn can be reached by email: glenn@gdsinvestments.com OR he can be reached via his website. You can read Glenn's most recent letter to his investors, here. ​

In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Braxton Gann to discuss two shipping companies, Scorpio Tankers (STNG) and Diamond S Shipping Company (DSSI).  Overview A lot of managers are concerned about the "trade war" because less trade = less shipping. Braxton thinks that a trade war is a positive because the trade will be less efficient, increasing ton-miles.   Some investors also worry that a global recession will send these shipping companies into bankruptcy, forgetting that new supply would be cut off by a recession, and that obsolete vessels would be scrapped mercilessly.   There has been a lot of talk about OPEC cutting production being a negative for STNG, but STNG carries products, not crude. Saudi Arabia is adding refinery capacity, and the OPEC cuts will have to be renewed in March.   IMO 2020 Another puzzle is that shipping companies are downplaying the obvious effects of IMO 2020, which can easily be enforced by spot checks. Braxton thinks this is because most companies can't afford scrubbers, even though they offer payback times of 10 months or less.   Another factor that we didn't end up getting to on the show is that many shipyards are going bankrupt, and shippers will have to rebuild their balance sheets for a couple of quarters before ordering more product tankers, which can take a year and a half to build.   The Tanker Thesis   The main reason Braxton likes product tankers is due to the disruption that will occur from IMO 2020. Many ports don't have the low-sulfur fuels required for IMO 2020, and each low-sulfur blend must be carried in a different tank. Braxton started looking at product tankers when he realized they would be the ones carrying LSFO blends. Inventories of refined products and bunker fuels are surprisingly low, so you could get a double boost from normalizing inventories and arbitrages between ports. This could boost demand by 10% or more, excluding the effect of normal GDP growth.   Contact Eric Schleien If you'd like to connect with me Eric directly, he always loves connecting with listeners of the Intelligent Investing Podcast on his personal Twitter. You can also connect with Eric on Facebook, Instagram, or through his personal website. To follow The Intelligent Investing Podcast, click here.

In this episode of the Intelligent Investing Podcast, Eric Schleien discusses Trupanion (TRUP). OVERVIEW The price of Trupanion (TRUP) stock has recently declined from the mid 30's/share to the low 20's/share. Trupanion has high short interest due to claims of overvaluation on a price to book level and due to claims that the business model is flawed and unsustainable. Even some longs are selling the stock. For example, Todd Wenning of Ensemble Capital shared in a recent blog post from his online publication Intrinsic Investing that he has grown concerned with Trupanion's ability to communicate their value proposition to pet owners and that Trupanion has trailed the industry growth rate as defined by the North American Pet Health Insurance Association (NAPHIA), after years of outperformance.   CONCERNS RAISED BY ENSEMBLE CAPITAL In addition, Todd shares a few concerns on his blog: Todd assumes that when there are industry tailwinds, most companies with what he refers to as “emerging moats” should be able to continue to gain market share and recently this hasn't happened with Trupanion. He cites this as a red flag. Todd also explains that Trupanion is often the first brand that vet customers hear from their vets yet Trupanion has a slowing growth rate and is not outpacing the industry recently   There have also been concerns raised on Seeking Alpha that California raised their prices by 150% in California since 2015 with an additional 20% price-hike this year. He has concerns that this will lead to adverse selection which is a worst nightmare scenario for any insurer: healthy pets leaving due to higher prices while the sick pets stay leading to unsustainable losses.   FAULTY ASSUMPTIONS However, there are some faulty assumptions here.  Yes, it's true that Trupanion subscription growth only grew a bit over 15% compared to the industry's 17% growth rate, but looking at this alone doesn't tell the entire story. In reality, Trupanion is growing faster than the industry when you compare similar products in the marketplace. For example, there are lots of cheap products in the pet insurance marketplace that really aren't comparable. In addition, some companies are underpricing during a period where the pet insurance category is gaining more awareness. We have seen this before.   COMPETITORS UNDERPRICING POLICIES Trupanion competitors from time to time will grow faster than the category due to mis-priced policies. For example, Nationwide grew pretty quickly and grabbed market share two years ago. However, they had to pull back after a year because they couldn't price their product properly Another example is Healthy Paws. If we look at Healthy Paws, they have grown pretty quickly. However, if you look at their pricing, they're able to get away with it because they keep switching underwriters and they keep rolling over new pets to new books of business. Healthy Paws recently had to change their product by introducing caps, changing their deductible structure to longer having zero deductibles. In addition, we see pricing increases of 30% on top of natural age based pricing factors. The fact that they are mis-priced has now become a problem for Healthy Paws. In Washington, they can't even underwrite policies anymore.    THE CALIFORNIA FALLACY California is getting a lot of attention for Trupanion. However, this concern is also totally unwarranted and blown completely out of proportion. Just like Trupanion, Healthy Paws also files in California and 34% of pets need more than a 50% pricing increase. That's base rate increases + 15% = 65%. California, however, is capped at 50%. The way you win your insurance category long-term is to price more accurately than your competition. Short-term this means you won't always be growing faster due to the ebbing and flowing of the many other pet insurance competitors that underprice their policies. This has never been shown to be sustainable (obviously) and economic reality always settles in within a few years time. Trupanion is by far the best in the business when it comes to pricing policies accurately to get their 70% target as quickly as they can. California is no different than what Trupanion has disclosed on their main book of business. Nothing would suggest that churn is different in California despite the massive pricing increases in recent years. One-third of Trupanion customers interact with the product in the first year. The company is processing 80,000 claims/month and the average claim is only a few hundred dollars. When rates increase, there is an increased churn of 20% across their entire book, California is no different. One of the biggest opportunities for Trupanion currently is their first year churn rate.  The reality in California is that the greatest usage amongst Trupanion customers are specialty and referral hospitals (cancer centers, cardiologists, urologists, etc). This leads to greater Trupanion customer population density. The California market has seen large increases in these types of hospitals and the Trupanion customers are seeing value in them as can be seen through claims passing through those hospitals.   BUSINESS AS USUAL The business model is not broken. None of this should be news. The panic ensues by those who can't see the context behind the numbers. However, I'm happy to have the shorts keep shorting. Recently, the borrow rate on shares has climbed to nearly 10% meaning that through Interactive Brokers, myself and my investors through Granite State Capital Management are getting ~5% interest on our shares. Disclosure: Granite State Capital Management manages SMA's with positions Trupanion (TRUP). However, this could change at anytime without prior notice. This is not a buy or sell recommendation. I wrote this article myself, and I am expressing my own opinions. I am not receiving compensation for this post. SHOW LINKS Why We Sold Trupanion (Intrinsic Investing Blog) Trupanion: $8 Price Target, Adverse Selection Exposed In Filings (Seeking Alpha) Trupanion: Downgrading To $1 As Rate Spiral Takes Hold (Seeking Alpha) TRUPANION: SLOWING GROWTH; ISSUES IN CALIFORNIA (Granite State Capital Management | Blog) CONTACT ERIC SCHLEIEN If you'd like to connect with me directly, I always love connecting with listeners of the Intelligent Investing Podcast on my personal Twitter. You can also connect with me on Facebook, Instagram, or through my personal website. To follow The Intelligent Investing Podcast, click here.  

Eric Schleien sits down with Gobinath Balasubramanian. We discuss an interesting mistake Gobinath made buying a Russian Media company as well as one of his largest holdings, Grupo Televisa. The Russian company was CTC Media and is one of the largest broadcasting companies in Russia. At the time, the company looked cheap. The business had no debt and was spitting out lots of free cash flow. This was during the time of the most recent Russian Oil Embargo when pretty much all Russian stocks plummeted. So here you have a strong business, a beaten down stock, returns on capital of ~50%, and a valuation of under 10x FCF. So what could go wrong? Well, it's Russian equity markets....so lots! Russia proposed a rule saying that non-Russian owners could not own Russian media companies anymore. Therefore, poor Gobinath was forced to sell the stock 6 months later (tear-jerk). Eric and Gobinath also discuss one of the largest media companies in Mexico, Grupo Televisa (TV). This is one of Gobinath's largest positions making up about 8% of his fund. At the time of this recording you could make the argument that each division could potentially be worth the current market cap. Grupo Televisa Divisions Content Division: 700m EBITDA Broadband Division: 850m EBITDA Other Businesses: 400m EBITDA Univision Royalty Stream of 16.5% of Total Sales. Total sales of Univision: $3B USD. Royalty = 450m (straight to the bottom line). Total Market Cap of Grupo Televisa: ~5B USD Furthermore, the Gobinath likes the fact that management is buying back stock and that the companies founder's son owns 16%. In addition, the Bill & Melinda Gates Foundation own shares as well as Oakmark. Also, the company will make likely make back its market cap in cash within 5 years. Gobinath Balasubramanian is the Chief Investment Officer of GB Investments LLC, which he founded in 2016. Gobinath is a graduate from The University of Tampa – Sykes School of Business in Tampa, FL where he earned his Masters Degree in Finance.  He performed his undergraduate studies at St. Peters Engineering college, in Chennai, India, earning a Bachelor of Engineering degree in Electronics and Communication.  He holds the Series 65 license. You can reach Gobinath on his LinkedIn or through his website for GB Investments. You can also see Gobinath's first podcast on The Intelligent Investing Podcast, here. Contact Eric Schleien Of course, if you'd like to connect with me directly, I always love connecting with listeners of the Intelligent Investing Podcast on my personal Twitter. You can also connect with me on Facebook, Instagram, or through my personal website. To follow The Intelligent Investing Podcast, click here.    

In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with David J Flood. David is a private value investor based in the UK. His investing approach is grounded in the fundamental precepts of value investing based upon Ben Graham's core concepts of ‘Intrinsic Value' and ‘Margin of Safety'. His investment strategy involves looking at both ‘Deep Value and ‘Franchise Value' situations and using the value investing framework to analyze the financial and corporate facets of a given prospective investment. In this episode, we discuss Equitech International Corp (EQTL) which is a nanocap dark company. David wrote a blog post about the company not too long ago. If you enjoy reading about obscure companies on blogs such as NoNameStocks or OTC Adventures, then you'll also enjoy David's blog.

In this episode, Eric Schleien sits down with Jan Svenda to discuss Millennium Investment & Acquisition Company (MILC). Jan is a “deep value” investor/analyst mainly focused on the US small-cap and micro-cap universe. He started out with a long-only bias (stocks trading close to NCAV etc.) which led to his interest in the OTC world. Jan now covers this space through his exclusive newsletter service where he shares his latest long ideas and a watchlist of OTC stocks which should help subscribers generate material returns and allow them to “monitor” the OTC space more efficiently. The service also acts a community of engaged members who share the same focus. On top of this, he is interested in short-focused research especially in thesis revolving around accountancy or earnings manipulation. From time to time he also contributes to Safety in Value's marketplace ‘Microcap Review'. CONNECT WITH JAN SVENDA To learn more about Jan and his manual of OTC stocks, you can visit his website. He can also be reached via LinkedIn. CONNECT WITH ERIC SCHLEIEN: Visit Eric Schleien's Podcast Visit Eric Schleien's Twitter: Visit The Intelligent Investing Podcast's Twitter Like The Intelligent Investing Podcast on Facebook Follow Eric Schleien on Facebook Visit Granite State Capital Management's Website Follow Eric Schleien on Instagram  

Episode Summary In this episode of The Intelligent Investing Podcast, Eric Schleien interviews DTEJD1997 to discuss an under-the-radar company called Caledonia Mining.   

In this episode, Eric Schleien sits down with Jan Svenda to discuss Conair Corp (CNGA), which is an obscure OTC stock. CNGA was talked about briefly in EP. 29 with Dan Schum of NoNameStocks which you can listen to here. Jan is a “deep value” investor/analyst mainly focused on the US small-cap and micro-cap universe. He started out with a long-only bias (stocks trading close to NCAV etc.) which led to his interest in the OTC world. Jan covered this space through his exclusive newsletter service where he shared his latest long ideas and a watchlist of OTC stocks which should help subscribers generate material returns and allow them to “monitor” the OTC space more efficiently. Connect with Jan Svenda To learn more about Jan and his manual of OTC stocks, you can visit his website. Jan can also be reached via LinkedIn. Connect With Eric Schleien Visit Eric Schleien's Podcast Visit Eric Schleien's Twitter Visit The Intelligent Investing Podcast's Twitter Like The Intelligent Investing Podcast on Facebook Follow Eric Schleien on Facebook Visit Granite State Capital Management's Website Follow Eric Schleien on Instagram

In this episode, Eric Schleien sits down with Geoff Gannon to discuss NACCO Industries (NC). NACCO Industries is an American publicly traded holding company, headquartered in Cleveland, Ohio, involved in the coal mining, small appliance and specialty retail industries. Not long ago, the company spun off Hamilton Beach. Connect With Geoff Gannon Visit Geoff's Podcast: Focused Compounding Visit Geoff's Website Connect With Eric Schleien Visit Eric Schleien's Podcast Visit Eric Schleien's Twitter Visit The Intelligent Investing Podcast's Twitter Like The Intelligent Investing Podcast on Facebook Follow Eric Schleien on Facebook Visit Granite State Capital Management's Website Follow Eric Schleien on Instagram

Is Detroit Real Estate a hot-bed for value investors? Eric Schleien interviews DTEJD1997 who is from the area to discuss. Connect With Eric Schleien Visit Eric Schleien's Podcast Visit Eric Schleien's Twitter Visit The Intelligent Investing Podcast's Twitter Like The Intelligent Investing Podcast on Facebook Follow Eric Schleien on Facebook Visit Granite State Capital Management's Website Follow Eric Schleien on Instagram

In this interview, Eric Schleien sits down with Jan Svenda to discuss Mills Music Trust. Jan is a “deep value” investor/analyst mainly focused on the US small-cap and micro-cap universe. He started out with a long-only bias (stocks trading close to NCAV etc.) which led to his interest in the OTC world. Jan covered this space through his exclusive newsletter service where he shared his latest long ideas and a watchlist of OTC stocks which should help subscribers generate material returns and allow them to “monitor” the OTC space more efficiently. Connect with Jan Svenda To learn more about Jan and his manual of OTC stocks, you can visit his website.  He can also be reached via LinkedIn. Connect With Eric Schleien Visit Eric Schleien's Podcast Visit Eric Schleien's Twitter Visit The Intelligent Investing Podcast's Twitter Like The Intelligent Investing Podcast on Facebook Follow Eric Schleien on Facebook Visit Granite State Capital Management's Website Follow Eric Schleien on Instagram

OTC Investing Jan Svenda In this interview, Eric Schleien sits down with Jan Svenda to discuss OTC Investing. Jan is a "deep value" investor/analyst mainly focused on the US small-cap and micro-cap universe. He started out with a long-only bias (stocks trading close to NCAV etc.) which led to his interest in the OTC world. Jan now covers this space through his exclusive newsletter service where he shares his latest long ideas and a watchlist of OTC stocks which should help subscribers generate material returns and allow them to "monitor" the OTC space more efficiently. The service also acts a community of engaged members who share the same focus. On top of this, he is interested in short-focused research especially in thesis revolving around accountancy or earnings manipulation. From time to time he also contributes to Safety in Value's marketplace 'Microcap Review'. Connect with Jan Svenda To learn more about Jan and his manual of OTC stocks, you can visit his website at: https://jansvenda.com/ He can also be reached via LinkedIn. Link to podcast: https://ericschleien.com/podcast/jan-svenda-otc-investing/ Connect with Eric Schleien:  Visit Eric Schleien's Podcast: https://www.EricSchleien.com/Podcast Visit Eric Schleien's Twitter: https://twitter.com/ericschleien Visit The Intelligent Investing Podcast's Twitter: https://twitter.com/investingcast Like The Intelligent Investing Podcast on Facebook: https://www.facebook.com/theintelligentinvestingpodcast/ Follow Eric Schleien on Facebook: https://www.facebook.com/eric.schleien Visit Granite State Capital Management's Website: https://www.GSCM.co Follow Eric Schleien on Instagram: https://www.instagram.com/ericschleien/

Eric Schleien sits down with fund manager, Christian Olesen to discuss his largest position, Cambria Automobiles, based in the UK. Christian is a value investor who is not afraid to go anywhere and everywhere to look for value. He's invested in many obscure markets and obscure securities and we discuss some of those themes on this episode as well. For any hardcore value investing junkie, this episode is one you will surely not want to miss. About Christian Christian Olesen is the investment manager of the Olesen Value Fund. Previously, Christian worked in a dual role of Analyst and Trader for Xaraf Management, a group within Paloma Partners that focuses on a variety of equity and credit strategies. Before that, Christian was Senior Associate in the research department of DebtTraders Group, a New York-based broker-dealer specializing in distressed and high yield bonds, and Senior Financial Analyst in the corporate finance advisory services group of Stern Stewart & Co., a New York-based financial advisory firm best known for its proprietary EVA® (Economic Value Added) concept. Christian holds a B.S. in Economics, with concentrations in Finance and Accounting, from The Wharton School, University of Pennsylvania. He also holds the CFA (Chartered Financial Analyst) designation. Christian can be reached through LinkedIn Connect with Eric Schleien:  Visit Eric Schleien's Podcast: https://www.EricSchleien.com/Podcast Visit Eric Schleien's Twitter: https://twitter.com/ericschleien Visit The Intelligent Investing Podcast's Twitter: https://twitter.com/investingcast Like The Intelligent Investing Podcast on Facebook: https://www.facebook.com/theintelligentinvestingpodcast/ Follow Eric Schleien on Facebook: https://www.facebook.com/eric.schleien Visit Granite State Capital Management's Website: https://www.GSCM.co Follow Eric Schleien on Instagram: https://www.instagram.com/ericschleien/

Eric Schleien sits down with DTEJD1997 about Butler National (BUKS).  This is a nano-cap company engaged in avionics, casino gambling (owning and managing) and design services. It's a mini-conglomerate so-to-speak. In the past few years, even with mediocre earnings, BUKS has been cash flow positive and has used that free cash flow to substantially pay down debt. You can listen to the full analysis in this episode. As always, I keep the identity of DTEJD1997 private and nothing in this podcast should be deemed as a buy or sell recommendation of any security. As of the time of this writing, myself, Eric Schleien, nor clients of Granite State Capital Management, LLC own any shares of BUKS. However, that could change at any time without prior notice.  Connect with Eric Schleien:  Visit Eric Schleien's Podcast: https://www.EricSchleien.com/Podcast Visit Eric Schleien's Twitter: https://twitter.com/ericschleien Visit The Intelligent Investing Podcast's Twitter: https://twitter.com/investingcast Like The Intelligent Investing Podcast on Facebook: https://www.facebook.com/theintelligentinvestingpodcast/ Follow Eric Schleien on Facebook: https://www.facebook.com/eric.schleien Visit Granite State Capital Management's Website: https://www.GSCM.co Follow Eric Schleien on Instagram: https://www.instagram.com/ericschleien/

Episode #55: Eric Schleien sits down with Gautam Baid to discuss his new book, The Joys Of Compounding. The Joys Of Compounding is a celebration of the value investing discipline. It takes investors beyond stocks and business fundamentals to give them a valuable and compelling life philosophy. All lifelong learners will find this book immensely useful as a timeless source of insight and inspiration. “Compound interest,” Albert Einstein reputedly said, “is the most powerful force in the universe.” So what happens when you apply such an incredible power to knowledge building? You become a learning machine. In The Joys Of Compounding, Gautam Baid integrates the wisdom, strategies, and thought processes of over 200 preeminent figures in history whose teachings have stood the test of time. Distilling generations of investment and life lessons and compiling it with his personal experiences into a comprehensive guide on value investing, Baid demonstrates their practical applications in the areas of business, investing, and decision making. Gautam Baid, CFA, is Portfolio Manager at Summit Global Investments, an SEC-registered investment advisor based out of Salt Lake City, Utah. Previously, he served at the Mumbai, London, and Hong Kong offices of Citigroup and Deutsche Bank as Senior Analyst in their healthcare investment banking teams. Gautam is a CFA® charterholder and member of CFA Institute, USA; an MBA in Finance from Nirma University, India; and an MS in Finance from ICFAI University, India. He is a strong believer in the virtues of compounding, good karma, and lifelong learning. Gautam's views and opinions have been published on various forums in print, digital, and social media. In 2018, he was profiled in Morningstar's Learn From The Masters series. Learn more at www.TheJoysOfCompounding.com and connect with Gautam on Twitter @Gautam__Baid. You can order The Joys Of Compounding on Amazon & The Book Depository  Disclaimer: The views and opinions expressed by Gautam Baid are solely his own and do not reflect the views of Summit Global Investments. Any recommendations, examples, or other mentions of specific investments or investment opportunities of any kind are strictly provided for informational and educational purposes and do NOT constitute an offering or solicitation, nor should any material herein be construed as investment advice.  

Eric Schleien interviews DTEJD1997 about Meritage Hospitality Group (MHGU). The company has an interesting model. They are buying up Wendy's franchises at 4x EBITDA, often from people who want out of the business. The stock trades at low multiples to earnings. Could be an interesting long-term investment. As always, I keep the identity of DTEJD1997 private and nothing in this podcast should be deemed as a buy or sell recommendation of any security. As of the time of this writing, myself, Eric Schleien, nor clients of Granite State Capital Management, LLC own any shares of MHGU. However, that could change at any time without prior notice.  Connect with Eric Schleien:  Visit Eric Schleien's Podcast: https://www.EricSchleien.com/Podcast Visit Eric Schleien's Twitter: https://twitter.com/ericschleien Visit The Intelligent Investing Podcast's Twitter: https://twitter.com/investingcast Like The Intelligent Investing Podcast on Facebook: https://www.facebook.com/theintelligentinvestingpodcast/ Follow Eric Schleien on Facebook: https://www.facebook.com/eric.schleien Visit Granite State Capital Management's Website: https://www.GSCM.co Follow Eric Schleien on Instagram: https://www.instagram.com/ericschleien/