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► Probeer Moneybird 120 dagen gratis via: https://www.moneybird.nl/jongbeleggen Opdat we van elkaar leren: in deze aflevering twee slimme particuliere beleggers aan het woord! Pim en Milou prijzen zichzelf gelukkig met luisteraars als Frenkel en Tomas, leden uit het warme bad dat de Jong Beleggen-community is, die bereid waren naar de studio af te reizen om alles over hun manier van beleggen te delen. Met de één duiken we in zaken als ROIC en operationele hefboom, van de ander leren we portfolio's als voetbalelftal benaderen. Met aanvallers, middenvelders, verdedigers en al. Maar eerst: een nieuwe ontwikkeling in het ontrafelen van het geheim van Spotify's verdienmodel…► Uitgebreide show notes en achtergrondinformatie: https://jongbeleggendepodcast.nl/194-beleggers-aan-het-woord-frenkel-tomas ► Word Vriend: https://portfoliodividendtracker.com ► Updates via Instagram: https://www.instagram.com/jongbeleggen ► Mijn volledige portfolio: https://app.portfoliodividendtracker.com/p/jongbeleggen 1) We maken gebruik van programmatic advertising, wat inhoudt dat we geen invloed hebben op de spots die in de podcast worden afgespeeld. Dit is vergelijkbaar met tv, YouTube, radio en de krant, uiteraard met uitzondering van de advertenties die we zelf hebben ingesproken.2) Deze podcast is 100% expertise-vrij en alleen geschikt voor amusementsdoeleinden. De inhoud mag niet worden beschouwd als financieel advies.Zie het privacybeleid op https://art19.com/privacy en de privacyverklaring van Californië op https://art19.com/privacy#do-not-sell-my-info.
Send us a textIs Your Business Beating the Stock Market?In this episode of The Margin Method, Steve shares the three metrics every founder must know if they want to grow profitably and build a business that's both valuable and optional. Drawing from his experience as a CFO for a billion-dollar construction firm, he breaks down what he calls the "three efficiencies"—and how they reveal whether you're wasting money on sales, underperforming on labor, or sitting on a business that's barely outperforming an index fund.If you've ever wondered how to measure true performance, this one's for you. Steve walks you through the calculations, benchmarks, and tells you exactly where to look in your financials—without getting lost in jargon. You'll leave knowing which KPI deserves your attention... and why it might just be time to raise your standards.Disclaimer:The views expressed here are those of the individual Coltivar Group, LLC (“Coltivar”) personnel quoted and are not the views of Coltivar or its affiliates. Certain information contained in here has been obtained from third-party sources. While taken from sources believed to be reliable, Coltivar has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendations. The Company is not affiliated with, nor does it receive compensation from, any specific security. Please see https://www.coltivar.com/privacy-policy-and-terms-of-use for additional important information.Want to see if you're a fit for our KPI Kickoff? Check it out here: https://www.coltivar.com/boost Support the show
On today's episode, Kyle Grieve chats with James and Abigail Zimmerman about the strength of growing and sustainable cash flowing businesses; the importance of strong balance sheets; how they navigate their circle of competence, and the steps they take to expand it; why simplicity is so important in an age of complexity, how they use cash as a boost, and not a drag on returns, and much more. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 02:28 - How communities—public and private—can spark better investment ideas. 07:06 - Why free cash flow yield is their north star metric. 10:09 - How to tell if value drivers are simple or deceptively complex. 14:00 - Why staying inside your circle of competence protects your downside. 19:22 - How “Fort Knox” balance sheets help survive any market storm. 28:23 - Key signals that suggest a business can sustain high ROIC. 32:56 - What truly shows management is aligned, not just insider ownership. 43:25 - The hidden risks that make many retailers dangerous investments. 53:07 - How an equity-bond lens helps compare all asset classes. 01:06:39 - When to double down on winners. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here. Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Read about The Magic Formula here. Check out Value Investors Club here. Check out SumZero here. Check out MOI Global here. Follow Kyle on X and LinkedIn. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: SimpleMining Hardblock AnchorWatch Unchained Fundrise DeleteMe CFI Education The Bitcoin Way Vanta Onramp Indeed Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://premium.theinvestorspodcast.com/ Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
What separates companies that have thrived for decades, like Apple, Amazon, and Google, from those that have disappeared? It all comes down to economic moats: the lasting advantages that protect profits and market share.In this episode of FinPod, we explore:What economic moats are and why they matterThe five types of moats: brand power, network effects, switching costs, cost advantages, and regulatory protectionHow to spot a company's moat through financial metrics like ROIC, gross margins, and free cash flowReal-world examples: Apple, Visa, Google, and cautionary tales like Blackberry and KodakHow finance teams like FP&A, valuation, and strategy roles protect and grow moatsThe future of moats: data, platforms, and the power of adaptabilityHow YOU can build your own personal career moat to stay competitiveIf you work in finance or strategy or are curious about how businesses stay competitive long-term, this episode is packed with practical insights.#EconomicMoats #CorporateFinance #BusinessStrategy #FPA #FinanceCareers #FinPod
In this episode of Corporate Treasury 101, we dive into the evolving role of corporate treasury and explore how it can shift from a traditional cost center to a strategic business partner. Our guest, Kurt Smith, Director at Marengo Capital and Vice President of the Australian Corporate Treasury Association, shares actionable insights on how treasury teams can move beyond operational functions and start driving enterprise value. We explore how treasurers can help define risk appetite, optimize capital allocation, and influence key business decisions. From understanding the strategic importance of metrics like ROIC and WACC to navigating internal relationships and regulatory discussions, this episode is packed with practical advice for any treasury professional looking to elevate their impact.Kurt Smith draws from decades of experience in fund management, derivatives trading, and treasury consulting to explain how corporate finance teams can move upstream in the value chain. He breaks down what it means to be a strategic treasurer, how to optimize working capital through better cash conversion cycles, and why financial acumen should be embedded across treasury teams. We also discuss the state of treasury in Australia, how ACTA supports professionals through networking and education, and how treasurers can embrace AI to free up time for higher-value work.What You'll Learn in This EpisodeHow to reposition treasury from a cost center to a value-adding business partnerThe importance of aligning treasury with enterprise risk appetite and capital allocationWhy understanding ROIC and WACC is critical for measuring impactHow to improve working capital through smarter cash conversion and internal advocacyReal-world examples of building treasury influence through operational and regulatory engagementHow ACTA is raising the bar for treasury professionals in AustraliaWhere AI fits into the future of strategic treasuryEpisode Breakdown & Timestamps[00:00] – Introduction & AFP Partnership ($100 Off CTP Certification)[01:00] – Kurt Smith's Background and Role at ACTA[03:03] – What Treasury Departments Typically Focus On[04:39] – Core Treasury Functions: Cash, Risk, and Funding[06:15] – From Cost Center to Value Creation Unit[09:12] – Defining and Influencing Risk Appetite[13:36] – Operational vs. Strategic Treasury[17:28] – KPIs that Matter: ROIC, WACC, and Enterprise Risk[20:59] – Turning Treasury into a Profit Center[26:00] – Strategic Cash Flow Management & Internal Advocacy[30:37] – Case Study: Streamlining Insurance with Tech[34:51] – Cash Conversion Cycle and Working Capital Optimization[41:50] – Creating a Competitive Internal Market for Capital[46:00] – Real-Time Cost of Capital: Why Treasury Should Own It[55:00] – Treasury in Australia: Opportunities & Challenges[01:03:00] – ACTA's Role in Supporting Treasury Professionals[01:10:00] – AI, Digital Tools & the Future of Strategic Treasury[01:24:48] – Final Thoughts & How to Connect with KurtFollow our guest Kurt Smith:LinkedIn: https://www.linkedin.com/in/kurt-smith-phd-97053515/ Website:
Send us a textMaster business finance for free with 100+ video lessons—no gimmicks, no hooks, just valuable knowledge: https://www.byfiq.com/Steve reveals the five things financially savvy CEOs focus on (and the common traps they avoid) to build cash-rich, high-growth companies.If you're ready to shift from operator to strategic thinker, this one's for you. Disclaimer:BYFIQ, LLC is a wholly owned entity of Coltivar Group, LLC. The views expressed here are those of the individual Coltivar Group, LLC (“Coltivar”) personnel quoted and are not the views of Coltivar or its affiliates. Certain information contained in here has been obtained from third-party sources. While taken from sources believed to be reliable, Coltivar has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendations. The Company is not affiliated with, nor does it receive compensation from, any specific security. Please see https://www.byfiq.com/terms-and-privacy-policy for additional important information.Register for our April 8th financial workshop here: https://www.coltivar.com/register-for-byfiq-workshop-apr-8 Support the show
Will Chris and Karly agree on the impacts of privatization on retail? In this episode, Chris Ressa and Karly Iacono focus on significant deals such as Walgreens' privatization by Sycamore Partners, Nordstrom's strategic move to go private, and Blackstone's acquisition of ROIC. What are the implications of these changes for investors? Plus, they recap the highlights of ICSC OAC from earlier this month. Takeaways were the changing role of AI in retail and the overall sentiment in the industry.TakeawaysThe retail real estate market remains positive despite volatility.AI is becoming increasingly integrated into retail operations.Privatization can offer retailers flexibility and strategic growth opportunities.Investors need to consider the implications of ownership changes on loan covenants.Walgreens' privatization raises questions about future store closures.Nordstrom's move to go private reflects confidence in long-term growth.Blackstone's acquisition of ROIC signals bullishness in retail real estate.The trend of consolidation among public REITs continues.Retailers are exploring innovative ways to grow through acquisitions and assignments.The importance of understanding the real estate implications in privatization deals.Chapters00:00 Key Takeaways from ICSE OAC Conference05:53 The Impact of AI on Retail09:11 Understanding Retailers Going Private12:01 Financial Flexibility and Strategic Growth14:53 Real Estate Investor Perspectives on Ownership Changes17:57 Case Study: Walgreens and Sycamore Partners24:06 Case Study: Nordstrom's Strategic Move29:53 Case Study: ROIC and Blackstone's Acquisition
Welcome to What's in Store? with Karly and Chris – your insider guide to the hottest topics at the intersection of retail and real estate.In this episode, Karly and Chris dive into three high-impact stories dominating headlines: Walgreens, Nordstrom, and ROIC. From ownership transitions to evolving business strategies, this discussion breaks down what it all means for investors, landlords, and the future of retail space.Plus, hear key takeaways from ICSC OAC, a closer look at retail market trends, and how private equity and public-to-private shifts are changing the game.Timestamps:ICSC OAC Conference Takeaways: 0:43Privatization of Retailers: 8:45 Walgreens Restructuring & Strategy: 14:27Nordstrom's Strategic Moves: 28:29ROIC Case Study: 33:41If you're in commercial real estate or retail strategy, you won't want to miss this.Karly Iacono | Senior Vice President CBRE Investment Properties | Retail Capital MarketsO (201) 712-5612 | M (201) 600-3237karly.iacono@cbre.com | www.cbre.comWarning-IRS Circular 230 Disclosure: CBRE and its affiliates do not provide tax advice and nothing contained herein should be construed to be tax advice. Please be advised that any discussion of U.S. tax matters contained herein is not intended or written to be used, and cannot be used, by the recipient of any Information for the purpose of avoiding U.S. tax-related penalties; and was written to support the promotion or marketing of the transaction or other matters addressed herein. Accordingly, any recipient of this video should seek advice based on your particular circumstances from an independent tax advisor. You also agree that the information herein down not constitute legal or other professional advice and you should obtain legal advice from a qualified attorney licensed in your state. The opinions contained in this video are those of Karly Iacono and may not represent those of CBRE. All content is for educational purposes only. The following content may contain the trade names or trademarks of various third parties, and if so, any such use is solely for illustrative purposes only. All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with, endorsement by, or association of any kind between them and CBRE or Karly Iacono.
(0:00) Welcoming Cyan Banister and David Sacks! (3:23) Behind the scenes of the Besties in DC: White House, cabinet interviews, and more (33:00) How M&A will be unleashed, Google buys Wiz for $32B, Tim Walz on Tesla (49:09) Deep dive on Google/Wiz: breakup fee, impact on VC, ROIC, cloud advantage (1:00:28) Treasury vs Fed tension, Bond markets, consumers, deregulation (1:12:57) Space rescue, SpaceX vs China, lunar landing Thanks to our partners for making this happen: Hims: https://www.hims.com | https://www.forhers.com Gemini: https://www.gemini.com/allin iTrustCapital (use code allin): https://www.itrustcapital.com/allin Follow Cyan: https://x.com/cyantist Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect Referenced in the show: Bessent interview: https://youtu.be/lSma9suyp24 Lutnick interview: https://youtu.be/182ckTL2KBA https://www.cnbc.com/2025/03/18/google-to-acquire-cloud-security-startup-wiz-for-32-billion.html https://x.com/Tim_Walz/status/1902197581586833643 https://www.nbcnews.com/politics/politics-news/democratic-party-hits-new-polling-lowvoters-want-fight-trump-harder-rcna196161 https://x.com/elonmusk/status/1519735033950470144 https://www.ft.com/content/e6f516e8-2262-44d2-a030-7071b62b0be7 https://x.com/thesamparr/status/1902385138308104685 https://www.wsj.com/economy/central-banking/interest-rates-decision-federal-reserve-ed172223 https://www.cnbc.com/quotes/US10Y https://www.nytimes.com/2025/03/10/technology/eric-schmidt-relativity-space.html https://arstechnica.com/space/2024/11/chinas-long-term-lunar-plans-now-depend-on-developing-its-own-starship https://www.nbcnews.com/politics/elections/steve-kornacki-white-men-white-women-gap-gender-gap-rcna196791
On this Dialogue episode of The Synopsis, we give an update on Dream Finders Homes and Floor & Decor. Check out our written business updates for $FND and $DFH below! Dream Finders Homes 4Q24 Business Update Floor & Decor 4Q24 Business Update ~Mentioned Memos~ Home Depot Memo: Priced to Outperform Perfection For full access to all of our updates and in-depth research reports, including our Dream Finders Homes Exploratory Report and our Floor & Decor Extensive Research Reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes Dream Finders Homes 4Q24 Business Update *~* (0:00) — Where's the Letter? (1:34) — High Level Overview (5:27) — Acquisition Model Similar to Constellation Software (9:20) — Rare Case where ROE makes more Sense, Riff on Bank Balance Sheets (12:57) — Operating Income, Tariffs, Non-homebuilder Acquisitions (20:04) — Valuation Floor & Decor 4Q24 Business Update *~* (24:00) — Overview, Same Store Sales Controversy (33:45) — Founder Operators versus Professional Managers, Cabinet Selection Concerns, Store Roll Outs Slowing (42:00) — Tariffs, Spartan, Operating Leverage (49:12) — Valuation -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of publication, one or more contributors to this report has a position in FND and DFH. Furthermore, accounts one or more contributors advise on may also have a position in FND and DFH. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
On this Company episode of The Synopsis we draw on our 75-page research report on Axon Enterprises, a leading law enforcement technology provider, for a very in-depth break down of the company. Founder Rick Smith took a failed concept—the TASER—and not only created a succesful business around it, but made it become a mainstay of policing. Not content to just reinvent how policing worked in the field, Axon pushed into other critical areas of law enforcement like officer video, cloud-based data management, and vertical software. A 1,000x return since going public in 2001, Axon is one of the highest returning stocks of all time. But more interesting than the investment returns, is all of the lessons we can learn from Billionaire Founder Rick Smith. Learn more about our 75-page research report here. For full access to all of our in-depth research reports, become a Speedwell Member here. If you need help getting Speedwell Research to become an approved research vendor, so you can expense your subscription, please email info@speedwellresearch.com *~*~*~* Mentioned Speedwell Memos: Minimum Viable Products versus Maximum Possible Products How Axon's Founder Built a $35bn Business: 10 Lessons from Rick Smith -*-*-*-*-*-*-*-*-*-*- Show Notes Part 1: Founding History and Background (0:00) Axon Overview (3:34) — Background of the Advent of the TASER (12:08)— Rick Smith Reinvents the TASER and the Founding of AirTaser (15:39) — AirTaser Early Struggles (23:20) — Taser International rename, Going Public (34:36) — Broadening their Mission and Product Lines, Introducing Axon (43:47) — R&D Fumbles, Importance of Knowing when to Iterate vs Innovate (51:11) — Axon Camera Business Frictions, Gaining Adoption and Building a Competitive Moat (1:17:57) — Concluding History *~* Part 2: Financials, Industry, Competition, and Valuation (1:26:22) — Revenue Segments, Business Model (1:43:39) — Profitability and Mature Margins (1:47:45) — Industry and TAM, Pricing Power (1:57:59) — Competition (2:29:38) — Why Axon Wins (One Breath Take) (2:33:36) — ROIC, Mature Profitability, Free Cash Flow (2:40:51) — Valuation (2:44:07) — Risks (2:49:01) — Free Axon Resources from Speedwell -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more! Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of recording contributors had a position in Perimeter Solutions. Furthermore, accounts contributors advise on also may have a position in Perimeter Solutions. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
In this insightful conversation we talk with Philz Coffee Cofounder, Jacob Jaber, on what it was like to build and operate a coffee business from a single counter in a bodega to chain of 75 stores. Jacob talks about the many things he learned operating in the extremely competitive food and beverage industry, while also distilling his experience down to general business lessons that are highly applicable to many industries. We hope you enjoy it! *~*~*~*~* Get access to all of Speedwell Research's in-depth Research Reports here. If you need help getting Speedwell added as an approved research vendor for your investment firm, please reach out to info@speedwellresearch.com -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Intro (0:48) — Philz Coffee Founding History (4:25) — What Need Did Philz Coffee Fulfill? (12:14) — Forgoing Sales and Creating Fricition (16:30) — Scaling, Ambitions, and Growth (25:46) — Raising Capital, Store Economics, ROIC (37:50) — What Changes with Scale, Keeping Consumer Surplus (43:30) — Figuring out Price, Competition (51:18) — Identifying and Investing in New Business Concepts (59:24) — How Running a Business changed Jacob as an Investor (1:05:49) — Purpose -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more! Sign up for Speedwell's free newsletter and weekly memos here *~*~*~*~* Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
In the February mailbag, Jason and Jeff tackle various listener questions including the pitfalls and strategic uses of options trading, ETFs versus individual stocks, and long-term investment strategies for kids and grandkids. They also explore the significance of return on equity (ROE) and return on invested capital (ROIC), and discuss managing stocks that have skyrocketed in value. 01:52 Mailbag Time: Listener Questions02:42 Exploring Options Trading13:20 Understanding Return on Equity and Invested Capital18:50 Investing for Future Generations23:09 Upstart: Recent Developments and Insights25:46 Economic Uncertainties and Market Reactions27:58 Confluent's Growth and Market Position30:09 Understanding Bond ETFs33:02 Closed-End Funds: Risks and Rewards34:39 Frameworks vs. Rules in Investing36:36 Navigating Stock Price Increases43:54 ETFs vs. Individual Stocks48:24 Spam Comment of the MonthCompanies mentioned: AAPL, APP, AXON, CELH, CFLT, FLNC, MELI, UPST, ZMSubscribe to our portfolio on Savvy Trader Email: investingunscripted@gmail.comTwitter: @InvestingPodCheck out our YouTube channel for more content: To get 15% off any paid plan at finchat.io, visit https://finchat.io/unscriptedListen to the Chit Chat Stocks Podcast for discussions on stocks, financial markets, super investors, and more. Follow the show on Spotify, Apple Podcasts, or YouTubeInvesting Unscripted is brought to you by Public.com* Visit https://public.com/investingunscripted *All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC (NMLS ID 1890144), which is licensed to engage in virtual currency business activity by the NYSDFS. Cryptocurrency is highly speculative, involves a high degree of risk, and has the potential for loss of the entire amount of an investment. Cryptocurrency holdings are not protected by the FDIC or SIPC. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The 6%+ yield is the average, annualized yield to worst (YTW) across all ten bonds in the Bond Account, before fees, as of 12/13/2024. A bond's yield is a function of its market price, which can fluctuate; therefore, a bond's YTW is not “locked in” until the bond is purchased, and your yield at time of purchase may be different from the yield shown here. The “locked in” YTW is not guaranteed; you may receive less than the YTW of the bonds in the Bond Account if you sell any of the bonds before maturity or if the issuer defaults on the bond. Public Investing charges a markup on each bond trade. See our Fee Schedule (https://public.com/disclosures/fee-schedule). Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. See Bond Account Disclosures to learn more.Alpha is an AI research tool powered by GPT-4. Alpha is experimental and may generate inaccurate responses. Output from Alpha should not be construed as investment research or recommendations, and should not serve as the basis for any investment decision. Public makes no warranties about its accuracy, completeness, quality, or timeliness of any Alpha out. Please independently evaluate and verify any such output for your own use case.*Terms and Conditions apply.2025 Portfolio Contest2024 Portfolio Contest2023 Portfolio Contest
Formulário de Aptidão para conhecer o método exclusivo do Ricardo com Dividendos Sintéticos: https://lvnt.app/t4ykpa26/02 - COMPRE WEGE3 até R$ 48,80Olá, seja bem-vindo a mais um Fechamento de Mercado, comigo Flávio Conde e Ricardo Afonso.A recomendação de hoje é WEGE3 que caiu 8%, um absurdo, e fechou perto dos R$ 48,00. Toda essa queda ocorreu em função de uma leve retração nas margens de lucratividade com a margem EBITDA de 22,1% no 4T24 ligeiramente menor do os 22,6% do 3T24, -0,5 pp, e 0,7 pp acima dos 21,4% do 4T23 bem como margem de 15,7% x 16,0% no 3T24 e -0,3 pp, e 20,4%, -4,7 pp no 4T23. Por que as margens de lucratividade foram menores? Porque o custo do produto vendido (CPV) foi um pouco maior no 4T24 representando 66,6% das vendas versus 65,6% no 3T24 e 66,3% no 4T23.Além disso, o retorno sobre o capital investido (ROIC) alcançou 34,2% no 4T24, uma queda de 5,0 pontos percentuais em relação ao 4T23 e de 2,9 pontos percentuais em relação ao 3T24. Porém, um número muito alto que poucas cias. apresentam no Brasil.Analistas chatos podem escrever que ficaram preocupados com a leve queda de margens de lucratividade e ações caírem. Entretanto, eu não fiquei preocupado e recomendo manter as ações de WEGE3 não apenas porque se o dólar subir para R$ 5,85/5,95 as ações subirão junto, mas também porque os resultados da WEG foram sólidos, crescentes e com margens altas apesar de ligeira queda.O Ibovespa com queda em torno de -0,75%, ao redor de 125,0 mil pontos, depois de subir 0,60% ontem, com volume negociado fraco de R$ 21 bilhões, R$ 4 bilhões abaixo da média de R$ 25 bilhões, das segundas de mercado em alta em dezembro de 2023. Por que o mercado performou assim?1º. O Ibovespa negativou às 10h35 depois que o dólar começou a avançar e foi atrás durante todo o dia com o dólar fechando a R$ 5,80, alta de cinco centavos, com a volta da preocupação de economistas e investidores com a combinação inflação mais alta e risco fiscal crescendo conforme o aumento da reprovação do governo Lula é confirmada a cada pesquisa. Os juros também seguiram o dólar e avançaram bem com os títulos do Tesouro Prefixado pulando de 14,59% a.a. para 14,87% a.a. e o IPCA+2029 de 7,46% para 7,51% a.a. Os dados de emprego voltaram a surpreender em janeiro, com a criação de 137.303 vagas formais, conforme dados do Cadastro Geral de Empregados e Desempregados, o Caged, do Ministério do Trabalho, 93% acima das 70.990 esperadas pelo mercado, indicando um mercado de trabalho bastante forte apesar da alta dos juros e dos sinais de desaquecimento da economia no fim do ano passado2o. Na B3, parte de investidores venderam bem com destaques de queda de IRBR3 -17%, WEGE3 -8%, AZUL -8%, VIVT -6%, MRVE3 -6%, VBBR3 -4% e AURE -4%. Além de WEGE3, outra queda exagerada foi VIVT com -6% e vou contar a todos. 3º. Porém, parte de investidores compraram bem como: ABEV3 5%, GGBR4 3%, EMBR3 2%, CSNA3 2%, GOAU4 2%, BRFS3 1,5% e USIM5 1,3%.4º. Mercados pioram com Trump prevendo tarifas de 25% para Europa: Os índices de ações e os juros longos americanos passaram a cair na tarde desta quarta-feira, após o presidente dos Estados Unidos, Donald Trump, confirmar a taxação de importações do México e do Canadá a partir de 2 de abril e afirmar que deve divulgar em breve tributação de 25% sobre importações da União Europeia.5º. O saldo de investimentos estrangeiros no mercado secundário da Bovespa, de ações já em circulação, ficou positivo em R$ 847 milhões na segunda-feira, 24 de fevereiro, conforme dados da B3. Com isso, o saldo acumulado no mês no mercado secundário da bolsa brasileira subiu para R$ 4,2 bilhões e, no ano, para R$ 11,0 bilhões. Os estrangeiros respondem por 56,50% do volume negociado na Bovespa em fevereiro e por 57,10% no acumulado do ano.
Send us a textAre you building a business that truly creates value, or just chasing growth?In this episode, Steve breaks down the powerful connection between strategy and finance—and why Return on Invested Capital (ROIC) is the key to long-term success. Discover why profitability alone isn't enough, how 70% of bankrupt companies were still making a profit, and the crucial financial levers that separate thriving businesses from those stuck in survival mode.If you're serious about scaling with precision and maximizing value, this is an episode you can't afford to miss. Tune in now!Disclaimer:The views expressed here are those of the individual Coltivar Group, LLC (“Coltivar”) personnel quoted and are not the views of Coltivar or its affiliates. Certain information contained in here has been obtained from third-party sources. While taken from sources believed to be reliable, Coltivar has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendations. The Company is not affiliated with, nor does it receive compensation from, any specific security. Please see https://www.coltivar.com/privacy-policy-and-terms-of-use for additional important information.Support the show
In this episode of Dividend Talk, we dive into the world of dividend-focused ETFs available to European investors. In the News of the Week, we explore the recent sharp decline in Greggs' share price following its trading update, despite record sales. Is this an opportunity to buy, or should investors look elsewhere? The Listener Questions segment tackles a range of intriguing topics: How to prioritise investments when building a dividend portfolio. Why many REITs show negative ROIC vs WACC differences. Expectations for organic growth in diversified dividend portfolios. A thought experiment involving a €50,000 inheritance and turnaround companies. Finally, we wrap up with stock-specific discussions, including Schneider Electric, PepsiCo, and Eaton, while addressing questions on private equity, T. Rowe Price, and Sonoco Products.
On this Company episode of The Synopsis we cover Perimeter Solutions. Perimeter Solutions is the sole provider of a key fire fighting product, as well as other fire safety solutons. They went public through an acquistion vehicle controlled by Transdigm Founder and Billionaire, Nick Howley, as well as "The Outsiders" Author, William Thorndike. Nick Howley wants to apply the same model that made Transdigm so succesful to Perimeter Solutions. Access the Free Portion of our Perimeter Solutions Exploratory Report Here For full access to all of our in-depth research reports, become a Speedwell Member here. If you need help getting Speedwell Research to become an approved research vendor, so you can expense your subscription, please email info@speedwellresearch.com -*-*-*-*-*-*-*-*-*-*- Show Notes (0:47) Background Story on their Main Firefighting Product (4:42) — Corporate History and Everarc SPAC (7:57) — Aren't SPACs a red flag? Weird Compensation Agreement (13:03) — Business High Level Overview: Fire Safety and Specialty Products (18:45) — Adjusted EBITDA??? (20:30) — Figures and Margins (24:30) — Competitive Advantages of each Business Lines (40:17) — Growth Opportunities (53:22) — Capital Allocation and Transdigm Parallels (1:04:53) — ROIC (1:07:55) — Odd Compensation Arrangement (1:15:47) — Valuation (1:17:34) — You Should Know This -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more! Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of recording contributors had a position in Perimeter Solutions. Furthermore, accounts contributors advise on also may have a position in Perimeter Solutions. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
In today's episode, Shawn O'Malley (@Shawn_OMalley_) explores the fundamentals of, and merits in, being a long-term, quality-focused investor, using John Huber's success and philosophy as an example to follow. Huber is the rare money manager who truly aligns incentives with his investors by using the template created by Warren Buffett back in his days before Berkshire Hathaway. You'll learn about what makes Huber's fee structure special, Huber's philosophy for investing long-term in high-quality companies, how time-arbitrage gives long-term investors a structural advantage in markets, how to blend both a focus on value and quality, the importance of assessing compounding power, how much to pay for quality companies, how changes in valuation multiples affect returns even for great businesses, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU'LL LEARN 00:00 - Intro 01:36 - Why John Huber used the Buffett partnership fee structure in his fund 03:44 - How time-arbitrage gives investors an advantage over time 04:55 - What it means to find investments where you can win big, and if you lose, not lose much 11:40 - How to calculate ROIC and why it matters for compounders 28:11 - What price to pay for the highest-quality businesses 32:33 - How changes in price-to-earnings multiples can affect returns over time 35:36 - How to blend both value and quality as investing styles And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Saber Capital Management's website. Check out What Is Your Investing Edge? Article from John Huber. John Huber's latest interviews on Millennial Investing (YouTube Video) and We Study Billionaires (YouTube Video). Follow John's Substack: Base Hit Investing. Buffett's 1987 shareholder letter discussing returns on capital. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Toyota Facet Fundrise Public Bluehost Airbnb Fundrise NetSuite Connect with Shawn: Twitter | LinkedIn | Email HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Send us a textIs your business truly profitable, or just looking good on paper? In this episode of Boosting Your Financial IQ, Steve Coughran dives deep into the often-misunderstood world of profitability.Drawing insights from his book Outsizing and research on 300+ companies, he explains why accounting profit doesn't always reflect a company's real financial health. Steve reveals the critical metrics every business owner should know—like return on invested capital (ROIC) and cash flow—and shares surprising findings on how only a small percentage of businesses capture the majority of profits.Tune in to uncover what it really takes to drive lasting value!Disclaimer:BYFIQ, LLC is a wholly owned entity of Coltivar Group, LLC. The views expressed here are those of the individual Coltivar Group, LLC (“Coltivar”) personnel quoted and are not the views of Coltivar or its affiliates. Certain information contained in here has been obtained from third-party sources. While taken from sources believed to be reliable, Coltivar has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendations. The Company is not affiliated with, nor does it receive compensation from, any specific security. Please see https://www.byfiq.com/terms-and-privacy-policy for additional important information.Register for the free Measure What Matters Webinar here: https://www.coltivar.com/measure-what-matters-webinar Support the show
In this company episode on CoStar Group, Speedwell Research draws on their extensive research report to cover everything from Founder Andy Florance's entrance into the real estate data space from his Princeton dorm room to becoming the dominant real estate data and analytics provider. Florance not only beat out competition in the commerical data space, but succesfully entered several new markets including taking a fledging apartments listing platform and driving it to the #1 spot. Today CoStar is looking to do it again with Homes.com, while still aggresviely expanding their growing array of internet real estate businesses. Learn the inner workings of the real estate data and markeplace business, as well as how a company succesfully expanded far beyond their original core product and continues to find new markets to fight after. We hope you enjoy! Company Description: Real estate data & analytics provider and operator of real estate marketplace. Purchase the full CoStar Group Report here. More details on our CoStar Group Report here. Purchase a Speedwell Membership to gain access to all of our Reports here. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes Section 1: History and Background (2:45) — High Level CoStar Overview (6:15) — Founding History Starts (16:52) — IPOing (26:54) — 2008 Financial Crisis (35:40) — Lawsuits and LoopNet (49:44) — Apartments.com acquisition (59:46) — Xcelligent Lawsuit and the Last of the Direct Competitors (1:04:56) — Closing Out History and S&P 500 Addition * Section 2: The Business (1:07:35) — Business Section Overview (1:21:30) — Multifamily and Apartments.com Business (1:29:00) — Residential Overview (1:30:43) — Loopnet Overview (1:34:07) — Other Businesses/ Wrapping Up Business Section * Section 3: TAM and Industry (1:43:13) — TAM Overview (1:50:29) — How the Residential Industry Works (2:01:15) — Multifamily Industry * Section 4: Competition (2:08:53) — CoStar Competitors (2:15:35) — Why Does CoStar Win (2:23:48) — Why LoopNet Wins (2:25:30) — Zillow and Apartments.com Competition (2:34:03) — Homes.com vs Zillow * Section 5: Growth Opportunites, Capital Allocation, and Valuation (2:40:45) — International (2:46:38) — ROIC, Free Cash Flow, (2:54:06) — Dilution and Capital Allocation (3:00:33) — Valuation (3:05:45) — Risks (3:10:50) — Bull / Bear Summary (3:15:50) — Conclusion -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Purchase the full CoStar Group Report here. More details on our CoStar Group Report here. Purchase a Speedwell Membership to gain access to all Reports here. *~* Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. At the time of publishing, one or more contributors to the podcast had a position in Costar Group. Furthermore, accounts one or more contributors advise on may also have a position in CoStar Group. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
In this episode, CJ interviews Anthony “Tony” Boor, Executive Vice President and CFO of Blackbaud, who shares the unique path he took from working at a motorcycle shop in New Mexico to becoming a CFO. Tony reflects on his first management experiences and the lessons learned as he navigated his early career. The conversation dives into the evolving role of CFOs, particularly as they take on more GM responsibilities. Tony offers insights into Blackbaud's business model, its revenue layer cake strategy, and their expansion into verticals like payments, which sees over $100 billion processed through their platform annually. He discusses how they monetize this and secure a competitive edge. Tony also introduces his approach to efficiency metrics, including ARR per OTE, and elaborates on key financial concepts like EVA and ROIC. The interview explores his consolidation philosophy focused on simplifying, standardizing, and automating, and how this has played out at Blackbaud. Tune in to hear Tony's insights on building the right team to propel a career forward in the long-ass lightning round and a fascinating embezzlement story.If you're looking for an ERP head to NetSuite: https://netsuite.com/metrics and get a customized KPI checklist.—SPONSORS:Leapfin is accounting automation software that automatically prepares and posts reliable journal entries. High-growth businesses like Reddit, Canva, and Seat Geek choose Leapfin to eliminate manual tasks, accelerate month-end close, and enable accounting leaders to provide faster insights to help their companies grow. To automatically standardize your revenue data with measurable business impact, check out leapfin.com today.Planful is a financial performance management platform designed to streamline financial tasks for businesses. It helps with budgeting, closing the books, and financial reporting, all on a cloud-based platform. By improving the efficiency and accuracy of these processes, Planful allows businesses to make better financial decisions. Find out more at www.planful.com/metrics.Mercury is the fintech ambitious companies use for banking and all their financial workflows. With a powerful bank account at the center of their operations, companies can make better financial decisions and ensure that every dollar spent aligns with company priorities. That's why over 100K startups choose Mercury to confidently run all their financial operations with the precision, control, and focus they need to operate at their best. Learn more at mercury.com.Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust®; Members FDIC.NetSuite provides financial software for all your business needs. More than 38,000 thousand companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform ✅ NetSuite: https://netsuite.com/metrics and get a customized KPI checklist.Maxio is the only billing and financial operations platform that was purpose built for B2B SaaS. They're helping SaaS finance teams automate billing and revenue recognition, manage collections and payments, and put together investor grade reporting packages.
Feeling stuck on how to start with property investing? We've all been there. But what if we told you that everyday people, like Leah Finch, are doubling their money in just over a year? For today's episode of Dashdot Insider, Leah shares how she saw a 109% return on her first investment property in just 16 months. Leah and her partner dove into the world of property investing with no special background—just determination, the right advice, and a plan. Now, they're on track to secure the future they've dreamed of, with more time to enjoy life and less financial stress. It's not a fluke. It's about making smart decisions, using data, and taking that first leap. Curious how she did it and want to learn how you can, too? Tune in to this episode and hear her story firsthand. If you love this episode, email us at podcast@dashdot.com.au, and don't forget to subscribe, rate, and share this podcast. See you on the inside! In this episode, we cover: 00:00 Coming Up 02:28 Education and Inspiration: Kickstarting Your Property Journey 05:07 Partnership Dynamics: Navigating Different Decision-Making Styles 05:50 Emotional Rollercoaster: Celebrating Milestones and Success 13:12 How to Achieve Your Property Investment Goals 17:47 What's Next for Future Investments Connect With Us: Free Rentvesting Calculator (https://dashdot.com.au/rentvesting) Subscribe on Youtube (https://www.youtube.com/@dashdotinsider) Listen on Spotify (https://spoti.fi/3Np19x8) Dashdot Website (https://www.dashdot.com.au/) Ready to work with us directly? (https://dashdot.com.au/discovery) Get your Property Portfolio Growth Plan (https://dashdot.com.au/portfoliogrowthplan) See omnystudio.com/listener for privacy information.
Clay Finck chats with Alexander Morris about the initial things Alex looks at when analyzing a company, why paying up for quality companies is acceptable for long-term investors, how ROIC plays a role in Alex's investment decisions, why Alex recently added Spotify to his portfolio, how Alex thinks about Spotify's valuation and their path to profitability, and much more! Alexander Morris provides high-quality equity research with deep dive company analysis and complete portfolio transparency through his newsletter, The Science of Hitting. Prior to working on his newsletter full-time, Alex was an analyst for an RIA for 10 years. IN THIS EPISODE, YOU'LL LEARN 00:00 - Intro 03:00 - The initial things Alex looks at when analyzing a company. 08:37 - Why paying up for quality companies is acceptable for long-term investors. 11:33 - How ROIC plays a role in Alex's investment decisions. 13:58 - What the objective of Alex's portfolio is. 32:37 - Why Alex recently added Spotify to his portfolio. 35:59 - How Alex thinks about Spotify's valuation and their path to profitability. 44:38 - The mistakes that Alex has learned over the years. And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Check out Alex's Newsletter. Read Sven Carlsson's book, The Spotify Play. Read Peter Lynch's book, One Up on Wall Street. Read Peter Lynch's book, Beating the Street. Read Berkshire's shareholder letters. Related episode: Listen to MI149: Peter Lynch & GARP Investing w/ Robert Reynolds, or watch the video. Related episode: Listen to MI131: Richer, Wiser, Happier w/ William Green, or watch the video. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Range Rover Public Toyota Airbnb Facet Found Fundrise NetSuite Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
How can you tell if your business truly has a competitive advantage? It's not just about having great people or believing in your product—it's about tangible results. Learn how to identify and measure real competitive advantages by examining your return on invested capital (ROIC) and comparing it to your weighted average cost of capital (WACC). If your ROIC is significantly higher than your WACC, you might be on the path to success. Tune in for insights on building and leveraging advantages that your customers actually care about, ensuring long-term profitability and business growth.Disclaimer:The views expressed here are those of the individual Coltivar Group, LLC (“Coltivar”) personnel quoted and are not the views of Coltivar or its affiliates. Certain information contained in here has been obtained from third-party sources. While taken from sources believed to be reliable, Coltivar has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendations. The Company is not affiliated with, nor does it receive compensation from, any specific security. Please see https://www.coltivar.com/privacy-policy-and-terms-of-use for additional important information. Support the show
In this insightful lesson, we delve into the crucial aspects of assessing your business's financial health, focusing on understanding the true profitability and economic performance of your company. If you're relying solely on income statements to gauge your financial success, you might be overlooking key insights. This lesson breaks down why it's essential to go beyond just profit margins and look at other critical metrics to fully grasp your business's economic reality. This lesson is perfect for entrepreneurs, financial analysts, and business owners who want to enhance their financial acumen and avoid costly mistakes. By mastering these financial metrics and concepts, you'll be better equipped to evaluate your business's performance, make strategic decisions, and drive sustainable growth. Support the Show.
On this Company episode of The Synopsis we cover Porsche AG. Porsche is a brand that has tried to become "luxury at scale" with over 300k units produced annually versus undisputed luxury car brands who produce closer to ~10k. While their strategy might have diluted their brand, they still enjoy superior positioning compared to most premium car manufacturs like BMW and Mercedes-Benz. Listen to this episiode to learn not just about Porsche's history and business model, but also about the car industry and different car manufacturer's strategies. Access the Free Portion of our Porsche AG Exploratory Report Here For full access to all of our in-depth research reports, become a Speedwell Member here. Memos Referenced in the Episode: Value Capture Index Introduction -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (1:17) Why Research Porsche? (3:22) Porsche History (15:14) Crises in Porsche's History (18:23) Corporate Structure (24:32) - The Automotive Industry (29:39) - Industry Production Figures and Company Financial Profiles (32:21) Value Capture Index and Competitior Business Models (45:08) ROIC and Earnings Improvements (51:02) Risks and Closing Comments -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more! Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of recording no contributor had a position in Porsche AG. Furthermore, accounts contributors advise on also did not currently have a position in Porsche AG. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
Welcome to DividendTalk, where we dive into the latest news, strategies, and tips for dividend investors. In Episode 201, we're exploring three European companies boasting impressive Return on Invested Capital (ROIC). News of the week: - **Nationale-Nederlanden's New Venture**: Dutch insurer Nationale-Nederlanden is set to launch a digital bank next year. Joris from DGI shares his thoughts on this strategic move. Main Topic: Warren Buffett once said, "Leaving the question of price aside, the best business to own is one that can employ large amounts of incremental capital over an extended period at very high rates of return." In this episode, we break down what ROIC is, why it's crucial for investors, and how it's calculated. We also compare ROIC with other financial metrics like ROI and ROCE, and discuss the significance of comparing ROIC with a company's Weighted Average Cost of Capital (WACC). We then discuss 3 European examples after the theoretical introduction. Last but not least, we also discuss several of our listeners questions. Tune in for insightful discussions and expert analysis on these topics and more in Episode 201 of DividendTalk!
Omdat de beleggerswereld groter is dan alleen de dagelijkse beslommeringen van Pim en Milou komen in deze aflevering twee andere beleggers aan het woord: Guido (32) en Ronald (59). Deze vanaf het begin zeer betrokken beleggers in de Jong Beleggen-community nemen je mee in hun portfolio, beleggersbeslissingen en strategie. Beiden beleggen ze in kwaliteit, maar verschil mag er wezen: de één is vrachtwagenchauffeur en houdt van high margin-bedrijven, de ander belegt voor een iets concreter doel dan de meeste lange termijnbeleggers, wat noopt tot andere keuzes. Ook komen we even kort terug op de vorige aflevering over ROIC.► Uitgebreide show notes en achtergrondinformatie: https://jongbeleggendepodcast.nl/165-particuliere-beleggers-aan-het-woord-met-guido-ronald ► Word Vriend: https://portfoliodividendtracker.com ► Updates via Instagram: https://www.instagram.com/jongbeleggen ► Mijn volledige portfolio: https://app.portfoliodividendtracker.com/p/jongbeleggen 1) We maken gebruik van programmatic advertising, wat inhoudt dat we geen invloed hebben op de spots die in de podcast worden afgespeeld. Dit is vergelijkbaar met tv, YouTube, radio en de krant, uiteraard met uitzondering van de advertenties die we zelf hebben ingesproken.2) Deze podcast is 100% expertise-vrij en alleen geschikt voor amusementsdoeleinden. De inhoud mag niet worden beschouwd als financieel advies.Zie het privacybeleid op https://art19.com/privacy en de privacyverklaring van Californië op https://art19.com/privacy#do-not-sell-my-info.
De metric ROIC bevat veel voor beleggers zeer belangrijke informatie over een bedrijf. Het vertelt je hoeveel waarde een bedrijf creëert dan wel vernietigt, het zegt iets over de aanwezigheid van een competitief voordeel en het laat zien in hoeverre een bedrijf in staat is zijn eigen groei te financieren. Kortom: bijzonder waardevolle informatie, en dus een metric waar iedereen goed naar zou moeten kijken. Gek genoeg wordt de ROIC in de praktijk maar weinig gebruikt. In deze aflevering hoor je hoe je ‘m gebruikt en geloof ons: dat wil je weten.► Uitgebreide show notes en achtergrondinformatie: https://jongbeleggendepodcast.nl/164-return-on-invested-capital-roic ► Word Vriend: https://portfoliodividendtracker.com ► Updates via Instagram: https://www.instagram.com/jongbeleggen ► Mijn volledige portfolio: https://app.portfoliodividendtracker.com/p/jongbeleggen 1) We maken gebruik van programmatic advertising, wat inhoudt dat we geen invloed hebben op de spots die in de podcast worden afgespeeld. Dit is vergelijkbaar met tv, YouTube, radio en de krant, uiteraard met uitzondering van de advertenties die we zelf hebben ingesproken.2) Deze podcast is 100% expertise-vrij en alleen geschikt voor amusementsdoeleinden. De inhoud mag niet worden beschouwd als financieel advies.Zie het privacybeleid op https://art19.com/privacy en de privacyverklaring van Californië op https://art19.com/privacy#do-not-sell-my-info.
No episódio 31 do JKCast, José Kobori respondeu as dúvidas dos ouvintes sobre ETF e fundo passivo de ações, QUEDA DO DOLAR? Relação JUROS E INFLAÇÃO, WACC, ROE, ROIC, ROA. ------------------------------------------------------------------------------------------------------
In this company episode on Constellation Software, Speedwell Research draws on their extensive research report to cover everything from Mark Leonard's early insight into the quality of Vertical Market Software Businesses to their unique operating structure. Investors can learn not only about the software business, but also about how Constellation Software has created a conglomerate of hundreds of companies through an impressive multi-decade acquistion spree, all while keeping capital allocation discipline. We hope you enjoy! Company Description: A decentralized and acquisitive conglomerate of Vertical Market Software Companies based out of Canada. Purchase the full Constellation Software Report here. Purchase a Speedwell Membership to gain access to all Reports here. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes Section 1: History and Background (0:00) Intro (0:58) Constellation Software High-Level Business Description (5:01) Mark Leonard History and Constellation Software Background (10:31) Constellation Software IPO *~* Section 2: Vertical Market Software (13:25) What is VMS and Competitive Advantages (20:37) Financial Model Benefits *~* Section 3: Corporate Structure and Revenue Segments (23:32) Six Groups (33:54) Revenue Segments and Context (38:41) How SaaS Changes Things (44:29) Constellation Software Competitive Advantages *~* Section 4: Topicus and Lumine (52:05) Topicus (1:06:46) Lumine *~* Section 5: Capital Allocation, Valuation & Risks. (1:08:37) Capital Deployment and Hurdle Rates (1:17:29) ROIC (1:20:00) Risks (1:23:06) Bull/ Bear Case -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Purchase the full Constellation Software Report here. Purchase a Speedwell Membership to gain access to all Reports here. Articles Mentioned Speedwell's Memo: From Private to Public Markets: The Detrimental Impact of Investors' Expectations *~* Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. At the time of publishing, one or more contributors to the podcast had a position in Constellation Software. Furthermore, accounts one or more contributors advise on may also have a position in Constellation Software. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
Based on the earnings call held on Thursday, January 25th, 2024, Southwest Airlines Co. has publicized their earnings report. The CEO communicated to investors that he has not personally made any major points in the transcript. Given this context, it is beneficial to examine the company's recently released financial figures and strategies. Southwest Airlines Co. has displayed commendable financial performance in the fourth quarter of 2023. The operating revenue, reaching $6.8 billion, exceeded market expectations, demonstrating the financial resilience of the airline. The executives acknowledged to investors during the call that Southwest Airlines' performance can be attributed to several implemented initiatives. The airline has optimized its network, matured their market presence, deployed an effective revenue management system, and enhanced customer experience through a partnership with Boeing and the modernization of digital services. With the intention of driving growth, the company focuses on targeted initiatives such as these. Southwest Airlines' performance in both leisure and corporate travel has been strong, as stated by the company on the earnings call. Market trend analysis reveals a solid demand for its services. Positive consumer sentiment is further evidenced by rising customer satisfaction scores, and the success of their managed business initiatives. Looking ahead to 2024, the executives outlined a clear plan during the earnings call. Revenue-generating strategies include continued network optimization efforts, market maturation, and increased participation in Global Distribution Systems (GDS). Operational efficiency improvement through sophisticated scheduling techniques and digital modernization are also on the plan. The goal of these initiatives is a return on invested capital (ROIC) that surpasses the airline's cost of capital for the year 2024. To conclude, Southwest Airlines Co., based on the discussion during the earnings call and the information shared with the investors, appears to be a financially stable organization that understands the importance of strategic planning. The emphasis remains on driving revenue, enhancing customer experience, and being attuned to positive consumer trends. However, like any other business entity, the future success of Southwest will depend on its ability to remain adjustable to changes in operating environment and market conditions. This earnings call is a snapshot in time and true financial resilience will be tested with time and unforeseen market forces. LUV Company info: https://finance.yahoo.com/quote/LUV/profile For more PSFK research : www.psfk.com This email has been published and shared for the purpose of business research and is not intended as investment advice.
In this podcast on Evolution, Speedwell Research draws on their 74-page report to cover everything from the company's inception experimenting with a single roulette wheel to a global business with 60%+ margins. Studying this extremely unique business will teach listeners about the importance of value chain positioning, using negotiating leverage, and how to maintain a very lucrative business in a highly competitive industry. Everyone says the house aways wins, but not in the online casino world where it is the supplier, and Evolution is the largest supplier. We hope you enjoy! Company Description: B2B supplier in the online casino space specializing in the live casino vertical. Purchase the full Evolution Report here. Purchase a Speedwell Membership to gain access to all Reports here. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes Section 1: History and Background (0:00) Intro (2:20) Evolution High-Level Business Description (5:01) Evolution History and Background *~* Section 2: TAM and Market Differences (35:32) TAM Overview (40:05) Grey and Black Markets (44:38) Aggregators (53:35) North America Regulation *~* Section 3: Business Model (1:00:59) How they Make Money (1:05:07) How Evolution Differentiates *~* Section 4: Competition (1:17:55) Competition Overview (1:22:33) Playtech (1:31:42) Vertical Integration (1:39:10) Pragmatic *~* Section 5: Capital Allocation, Valuation & Risks. (1:47:30) Capital Allocation and ROIC (1:51:35) Acquisitions and Slot Business (1:59:37) Risks (2:04:47) Valuation (2:06:39) Bull/ Bear Case -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Purchase Speedwell's EVO Report here: https://speedwellresearch.com/2023/12/19/evolution/ Become a full Speedwell Research Member here: https://speedwellresearch.com/subscribe/ Articles Mentioned Speedwell's Memo Introducing the Piton Idea: https://speedwellsnippets.substack.com/p/the-piton-network-decisions-that Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. At the time of publishing, one or more contributors to the podcast had a position in Evolution. Furthermore, accounts one or more contributors advise on may also have a position in Evolution. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
“The investment management business actually looks a lot more like every other business, where there's products, there's marketing, and there's distribution, and you have to be outstanding at all three of those things in order to succeed in this business.” – Robert Cantwell, Founder and CIO of Compound Kings Chapters (00:02:23) Introduction (00:04:53) Defining a compounder (growth, profitability, high ROIC) (00:06:22) Investing in challenging markets (00:14:26) Robert's thoughts on the rise of active management (00:17:28) Why so much money is still in mutual funds (00:19:33) Thematic ETFs and where they can go wrong (00:39:05) Why investing in public markets is so challenging (00:46:09) Top three positions in Compound Kings today: Meta, ServiceNow, and Adyen (01:05:35) What it's like to build an ETF business Explore the episode notes. Search and down a transcript and find links to related books, interviews, lectures, and more: outlieracademy.com/129. About Robert Cantrell and Compound Kings. Robert Cantwell is the Founder of Upholdings and Portfolio Manager of Compound Kings, which is an exchange-traded fund focused on investing in companies often called compounders. Compounders are typically profitable, growing, and generate very high returns on invest capital (ROIC). Watch and listen. Watch this episode on YouTube Find this episode in your favorite podcast app Get new episodes delivered via email Brought to you by HVMN. With Ketone-IQ, fuel your best anytime with a boost of awesome-feeling energy and clarity. Unlock the power of nature's superfuel—no fasting or keto diet required. Advertise with Outliers and reach our global community Learn more about your ad choices. Visit megaphone.fm/adchoices
John Huber, Founder and Portfolio Manager at Saber Capital Management, joins the podcast today to describe the concept "Inevitable Retail Winners", characteristics of inevitability, as well as talking through many different examples that exemplify this concept. In addition, John shares his thesis on Floor & Decor (NYSE: FND). For more information about Saber Capital Management, please visit: https://sabercapitalmgt.com/home/ Article from Base Hit Investing: https://basehitinvesting.substack.com/p/munger-podcast-thoughts-retail-stocks YAV blog post on retail: https://www.yetanothervalueblog.com/p/cyber-monday-thoughts-part-1-retail Chapters: [0:00] Introduction + Episode sponsor: Alphasense [1:55] What is an "inevitable retail winner" and Charlie Munger's thoughts on this [10:19] Restaurants [12:34] Various retail companies mentioned, are they "inevitable retail winners"; characteristics of "inevitability" - using AutoZone as an example as well [22:09] Retail management and culture [27:33] Floor & Decor $FND: what is their moat? / customer experience / why inventory is a moat [38:55] Pro vs. DIY customer spend / comment on ROIC on new stores / does $FND want to own their own stores [45:14] Macro impact on $FND? [51:14] $FND valuation [58:20] $FND described as a "category killer" [1:00:21] $FND risks [1:03:36] Any difference in $FND pre vs. post IPO + mistakes management made in the past [1:07:16] Push back on $FND thesis: recent acquisitions and "category killer" [1:11:32] Any other retails that John thinks has a chance to be inevitable or he thinks that a lot of investors talk about in this "inevitable" way Today's episode is sponsored by: Alphasense This episode is brought to you by AlphaSense, the AI platform behind the world's biggest investment decisions. The right financial intelligence platform can make or break your quarter. AlphaSense is the #1 rated financial research solution by G2. With AI search technology and a library of premium content, you can stay ahead of key macroeconomic trends and accelerate your investment research efforts. AI capabilities, like Smart Synonyms and Sentiment Analysis, provide even deeper industry and company analysis. AlphaSense gives you the tools you need to provide better analysis for you and your clients. As a Yet Another Value Podcast listener, visit alpha-sense.com/fs today to beat FOMO and move faster than the market.
In this episode of The Synopsis we cover capital-light homebuilder, Dream Finders Homes. We dovetail into the homebuilding industry, the macro supply/ demand environment, as well as detail Dream Finders Homes business model and how it differs from peer NVR. This podcast is informed by Speedwell Research's new short format reports, called “Exploratory Reports”. We released the first Exploratory Report on Dream Finders Homes for free (link below). Dream Finders Homes Report Link: https://speedwellsnippets.substack.com/p/dream-finders-home-exploratory-report -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) - Intro, What is an Exploratory Research Piece? (2:37) - Macro Backdrop, Housing Supply/ Demand Factors (10:51) - Homebuilding as a Business (13:57) - Dream Finders Homes History and Background (19:17) - ROIC, Financial Performance, (22:36) - Capital-light Model vs Traditional (27:14) - Original Capital-light Homebuilder, NVR and how NVR differs from DFH (34:08) - Competitive Factors, How do Homebuilders Differentiate? (37:18) - Risks and Concerns (42:36) - Closing Thoughts (44:33) - Conclusion -*-*-*-*-*-*-*-*-*-*- Piece Introducing the The Value Capture Index: https://speedwellsnippets.substack.com/p/the-consumers-hierarchy-of-preferences-dc6 Speedwell's free newsletter: https://speedwellsnippets.substack.com/ More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy Purchase a Speedwell Membership: https://speedwellresearch.com/subscribe/ Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. At the time of publishing, no contributors to the podcast had a position in DFH. Furthermore, accounts one or more contributors advise on did not have a position in DFH. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
In this episode of The Synopsis, we cover everything from Etsy's founding history and early strategic errors to how Josh Silverman quickly reaccelerated growth and improved profitability after several years of sagging performance. We dovetail into what makes the platform unique and how Etsy has been able to succeed where both eBay and Amazon failed. We draw on Speedwell's 79 page report to teach not just about Etsy, but also help investors learn about how great CEOs run a business. -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (0:54) Founding History (3:01) Where the Name “Etsy” Comes From (6:45) Issues with Founder Robert Kalin (10:45) New CEO, The Chad Dickerson Era (14:02) Foolish Endeavors (19:48) Turning Around Etsy, Josh Silverman Appointed CEO (25:29) Identifying Where Etsy Can Improve, Initiatives to Improve the Buyer Experience (35:40) Etsy Advertising, A Fumble Recovered (41:16) How Etsy Makes Money (44:41) Covid Ecommerce Boom, 2021 Bull Market, Metric Distortions (51:09) Changing Buyer Behavior, Improving Frequency (59:21) International Opportunity (1:03:03) Capital Allocation, Acquisitions (1:12:07) ROIC (1:14:22) Competition, Take-Rates (1:26:56) Pre-Mortem -*-*-*-*-*-*-*-*-*-*- Purchase Speedwell's full 79 page ETSY research report here: https://speedwellresearch.com/2023/09/28/etsy-deep-dive/ Speedwell's free newsletter: https://speedwellsnippets.substack.com/ More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. At the time of publishing, one or more contributors to the podcast had a position in ETSY. Furthermore, accounts one or more contributors advise on may also have a position in ETSY. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
Conheça os fundos da TG:https://tgcore.com.br/________________Invista em uma cadeira de valor, escolha a Marelli Sophie Trader: Acesse https://www.loja.marelli.com.br/stockpickers e use o cupom DESCONTOSTOCKPICKERS para ganhar 5% de desconto + frete grátis para todo o Brasil________________Fundo Selection Stock Pickers:https://lp.infomoney.com.br/fundo-stock-pickers-presente-exclusivo-v1?utm_source=infomoney&utm_medium=stockpickers&utm_campaign=202208_infomoney_stockpickers-10082022_youtube________________Lucas Collazo e Henrique Esteter recebem, Ivan Barboza, Sócio-gestor da Ártica Asset Management, ao vivo no episódio #215 do Stock Pickers, para falar sobre cenário em geral.________________ EQUIPE DE PRODUÇÃO Direção de cortes e produção: Mari Shimojo e Leonardo TanakaEdição: Nando LimaRedes sociais: Rafaella Bertolini________________ TELEGRAM DO STOCK PICKERS: acesse gratuitamente a lista mais quente do mercado: https://t.me/stockpickersoficial ________________ Siga o Stock Pickers em todas as redes sociais: https://linktr.ee/stockpickers_ ________________ STOCK BOOKS: todos os livros indicados no Stock Pickers! https://docs.google.com/spreadsheets/d/1XkSGoaGUFy05K8V-ST0aTDRhCp-81G4AJTPDpZSFSIU/edit?usp=sharing
Consultorio bursátil de septiembre de 2023 en el que Adrián Godás y Paco Lodeiro respondemos a las preguntas de los oyentes. Las preguntas generales de este mes son sobre: la Cuenta de Ahorros Flexible de Revolut, gestión patrimonial e inversión inmobiliaria, cómo comprar Bitcoin, obtener rentas del patrimonio financiero, recomendaciones de libros de temática variada, cartas anuales y trimestrales de fondos o ETFs indexados, ETFs o fondos indexados para invertir en China, ratios de rentabilidad sobre el capital: ROIC, ROCE o ROE, ventajas e inconvenientes de invertir en productoras de oro, cómo calcular la rentabilidad conjunta de acciones e indexados y sobre invertir en fútbol. Y las dudas sobre empresas y sectores son sobre: Lithium Americas, Valaris, Alphabet y Sitio Royalties Corp. Patrocinador del programa: Paleobull, con código de descuento para los oyentes.
In this podcast on Copart, Speedwell Research covers everything from Founder Willis Johnson's early business career to the industry dynamics, and how Copart became the global, salvage marketplace auction leader. Investors can learn a lot from Willis Johnson's early business intuition and movement from the lowest wrung of the salvage vehicle value chain as a liquidator to ultimately a critical service provider for insurance companies. We draw on Speedwell's 85 page report, released in May 2023, to teach not just about Copart's business, strategy, and formidable competitive advantages, but also to parse out cultural factors that distinguish truly great companies. We hope you enjoy! (Please note that about 1/3rd into the podcast, the sound quality periodically declines. It then improves towards the last 1/3rd of the podcast. We apologize for this and have identified the issue for future recordings.) -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (2:19) Willis Johnson Background History and Early Career (9:19) BTS Auctions: The Beginnings of Copart (14:12) Changing the Business Model to Align Incentives (17:57) How Jay Adair was Introduced to Copart (18:40) Copart's Early Expansion (24:09) Experimenting with Internet Auctions in the 90's (29:43) CAT Events and Copart's Ethics (38:33) Industry Overview (50:23) IAA History, IPO, Private Buyout, Merging with KAR, Spin-off, and Ritchie Bros Acquisition (1:07:26) Copart vs IAA, Competitive and Cultural Differences, Market Share (1:24:06) Financials (1:27:12) Capital Allocation, Growth Assumptions (1:30:58) ROIC and variations compared to IAA (1:34:00) International, Details on How the German Market is Different, Barriers to International Growth (1:45:27) Other Business Initiatives (1:51:22) Growth Expectations and the Reverse DCF (1:53:40) Risks, Autonomous Vehicles -*-*-*-*-*-*-*-*-*-*- Purchase Speedwell's full ~22,000 word CPRT report here: https://speedwellresearch.com/2023/05/22/copart-deep-dive/ Speedwell's free newsletter: https://speedwellsnippets.substack.com/ More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. At the time of publishing, one or more contributors to the podcast had a position in CPRT. Furthermore, accounts one or more contributors advise on may also have a position in CPRT. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
In this podcast on RH, Speedwell Research covers everything from Restoration Hardware's beginnings as just a catalog in a personal living room to massive multi-story Galleries with restaurants that generate >$10mn. Investors can learn much from the early business failings, as well as the incredible turnaround and business transformation Gary Friedman led. We draw on Speedwell's 86 page research report, released in March 2023, to teach you not just about RH, but also about novel customer acquisition strategies, the dangers of promotions, how to build a coherent consumer value prop, and show how changing a business's strategy requires reworking every element of the company. Enjoy! -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (1:31) Early Founding History, Novel Customer Acquisition Strategy (5:48) First IPO in 1998 (8:23) Restoration Hardware Model Starts to Break (9:29) Gary Friedman Background and Takeover of Restoration Hardware (14:43) Initial Business Changes Friedman Makes (18:32) Second IPO in 2012, Starting to Envision a Luxury Retailer (24:27) Ascent of Luxury Mountain, The Mega Gallery Strategy (26:43) Solving a Key Business Shortcoming, The King Midas Problem, What Meituan has in Common with RH (32:26) Source Book Strategy and When Mailing a 540 Page Catalog Makes Sense (35:12) Growing Pain Period, Reworking Key Elements of the Business (45:13) RH Membership and the Problems with Promotions (52:07) What Job RH Does, The Consumer's Hierarchy of Preference (54:35) The Value Capture Index and How to Assess Retailer's Pricing Strategies, Competition, Disadvantages of Ecommerce (1:06:03) ROIC and Margins, Reverse DCF, Revenue Build (1:14:50) RH Brand Extensions, Private Jets and Yacht, Guesthouse (1:20:45) Acquisitions, Waterworks, Apple vs LVMH Model (1:26:05) What Could the Business Look Like in 10 Years? (1:27:46) Pre-Mortem -*-*-*-*-*-*-*-*-*-*- Purchase Speedwell's full ~21,000 word RH report here: https://speedwellresearch.com/2023/03/22/rh-deep-dive/ Speedwell's free newsletter: https://speedwellsnippets.substack.com/ Free Piece on The Value Capture Index: https://speedwellsnippets.substack.com/p/the-consumers-hierarchy-of-preferences-dc6 More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. At the time of publishing, one or more contributors to the podcast had a position in RH. Furthermore, accounts one or more contributors advise on may also have a position in RH. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
https://linktr.ee/nordicanimism https://shop.nordicanimism.com/shop/9-books-and-calendars/ Remember, we welcome comments, questions, and suggested topics at thewonderpodcastQs@gmail.com. S4E21 TRANSCRIPT:----more---- Mark: welcome back to the Wonder Science-based Paganism. I'm your host, mark, Yucca: And I'm Yucca. Mark: and today we are excited to have Rune Hjarnø with us who is a thinker and podcaster and pagan animist Norse Animist coming to us from Scandinavia. So welcome Ro Rune: Thank you very much. Super happy to be here. Mark: Rune was suggested to us by one of our listeners who had been listening Toro's work and said that we could have a very interesting conversation. So we are here to have a very interesting conversation. Rune: Totally. Yucca: Yeah. Thank you for coming on. I'm really excited. So. Rune: thanks for having me. It's gonna be super interesting. Yucca: Yeah, do you wanna go ahead and start by just, you know, letting our listeners know a little bit about who you are and what your background and interests are? Rune: Yeah, let me, let me try yeah. My name is Rune I'm a Danish anthropologist of religion. And I, what I'm trying to do on my general platform, which is called Nordic Animism is that I'm trying to use indigenous knowledge scholarship and new animist thinking to look at our own cultural heritage as Euro ascendants because there's this weird assumption in our time that These are ways of thinking about our own culture that are only available if you belong to an indigenous colonized groups. And that assumption is there seemingly in popular culture and in scholarship and, and in all kinds of ways, in spite of the fact that what a lot of indigenous peoples are actually doing is that they're encouraging us as majority populations to start thinking like this about ourselves. But it's a difficult, for a number of reasons to do with cultural politics. It's a diff difficult step to take. So a lot of, not a lot of people are doing it. It's spite of the fact that indigenous knowledge is becoming a big thing. Anyway, so yeah. So that's basically what I'm doing. And I also feel that when I'm doing that I'm, I'm being brought through dealing with a lot of these problems of cultural politics because when you. When you look at, for instance, our culture as euron and people, and also the ways that our traditional culture has been sometimes co-opted then you are necessarily faced with issues such as well, racism, whiteness, the construction of whiteness, the rejection of animism actually as a part of construction of whiteness and these sort of things. So, and therefore it becomes a very, I think a very intersect intersectional work that is basically becomes a form of, of decolonizing. So yeah, and I'm then trying to do this to sort of bring this into popular spaces because one thing is that, you know, I can sit online and I can go blah, blah, blah in my highbrow, you know, academic language and nobody's gonna understand the stand a bloody thing, but what what actually. Or to come out of something like this is popular culture stuff that can be communicated to real people. Stuff that that can also attract actually real people. So, I've launched symbolism of totemic kinship with the world around us. I've written a book about the, the turning of the seasons and I've, yeah. Different, different projects like that. And then I'm continuously communicating on my channel. Yeah. Did that kind of sum it up or did I speak too lo too long? Yucca: No, that's great. And I have to say, I'm so excited to hear you talking about indigenous European cultures because so often the ideas that, that there isn't. And that that's the, that European is the opposite of indigenous, rather than seeing that there's indigenous all over the world, not just from specific groups. And I think that that's really valuable that you're bringing this to light. Rune: Thanks and I, I'll just add one little. Have it at there. And that is that when I'm talking about traditional European culture, I actually don't use the word indigenous. And the reason is that when we talk about indigenous peoples, we mostly talk, or we are generally talking about people who have been exposed to colonialism. That means that if you are in Wyoming and there's a group of Shoshone living there, you know, then when they can then the word indigenous, that to them, that's also a legal category. That it, it means access to fishing rights and land rights and hunting and access to funding, to first language teaching and all these kind of things that we don't need as majority populations. So what, so what I'm basically. This is just, I'm, I'm just saying this as, because this is an important little addition that, that is important to not actually when we talk about indigenous knowledge I mean, and I give you at some level you could call it indigenous knowledge, traditional knowledge, and in majority traditional knowledge and indigenous knowledge are basically the same kinds of knowledge, but the word indigenous is just a little bit touchy. And it's touchy for the indigenous people. So it's important to sort of, move around it a little bit. But like, I, I, I definitely get you a sentiment. We need to be able to speak about our our own heritage in exactly the same, or with those categories that, you know, authors like Robin Kimara and these kind of people are using to understand their culture. Mark: Yes. Yes. I, I think the, the first thing that strikes me as, as you speak is that we are definitely on the same page from a value standpoint. You know, we're, we're very, very adamant about the need for decolonization and the the importance of indigenous and traditional understandings of the nature of the world of development, of reciprocity in our ecological relationships, all of those kinds of values. So, I, I think maybe that's a good place to start from. Our work has been in building community around a science rooted. Understanding of the nature of the world, but a transformation of the value system that informs the way society operates. And it sounds like at least the transformation part of it is very similar ru to what you, you are focusing on. Rune: Totally. And I think I would probably also say the science routing. I'm, I'm not a natural scientist. I'm, I'm, More of a historical religion, anthropologist type. But but I don't perceive and this may be where we differ, I'm not sure, but I don't perceive necessarily a contradiction between, for instance religious languages or animist mythologies, a way of understanding the world and a scientific way of understanding the world. If you look at how an animist mythology, for instance, is typically structured, then you'd find that there are, it's. It's not one package, it's not one worldview that some people kind of buy into. And then to kind of adopt that whole thing as if they're in installing a new operative system on a computer. It's more like a, a, a jumbled up toolbox with a lot of kind of stuff lying in it. And, and then you can use it in different ways and it's kind of combined in different ways for different purposes. And some of these different tools can be contradictory and they can be radically contradict, contradictory. So the same, for instance, animist way of talking about, say, deities can be contradictory from one ritual situation to the next. And this also count, this counts on many levels in religious practices. So if you have a scien, a scientific perception of the world, then in a sense that's also just one toolbox. So if you move out of the, the, the monolithic. Ways of understanding the world that have characterized Abrahamic traditions particularly Christianity where, you know, there's ki there's kind of one worldview and you have to buy into that if, if you, when, when, and I think that would be a pagan step to move out of that. And then science just is just this incredibly beautiful, powerful, deep knowledge system, which in itself is like a web of, of, of roots that, that come from all kinds of different places in the world and kind of come together in, in Occidental science. And then, then that, that does not necessarily need to be in any conflict with creating tali talismans and seagulls and stuff like that, for instance. Yucca: Absolutely. Yeah. Mark: and we do all that stuff. Rune: Yeah. Mark: yeah. And I mean, we understand it as influencing ourselves at a psychological level and transforming our perspective on the world. We've been talking about animism and throwing the word around a lot, and I think it might be valuable for us to visit what we mean by that. I just wrote a blog post this week about naturalistic animism, and I think that one of the things about the, the traditional western colonizers view of animism is that it is a supernatural idea that there, that a rock has a soul in it. And I think that's a very dualistic, very Christian informed way of understanding animism. I see animism as being about what are, what is my relationship with the rock? Do I relate to the rock as a person or do I relate to the rock as an inanimate thing that I can exploit? And that's, that's kind of my take on, on a naturalistic approach to animism. What, what do you think animism is and how does it Rune: I agree and with some of what you say, but not all of it. I think the relationship is absolutely foundational to animism and in a sense, I think that the relating with the rock is more foundational than if there is any sort of faith or belief in whatever figure that lives inside the rock. Like, be and, and that's because the relationship is important. So if you, if you look at how, for instance, new animist theory and, and also the philosophers who are doing panist thinking and all these things. When, when you look at these ways of thinking, then being becomes predicated on relating, I, I relate where, where Decart, the kind of quintessential modernist thinker would say, I think therefore I am. So the world is enclosed in the human thinking space. The, the animist position would, would be, I relate or we relate, therefore we are, and that means that, so that, but, but if, if I should tie that to what you say with supernatural, then in a sense it's, it's extremely sort of, mundane. Like we are we are in a relation right now and we're trying to understand each other and we are sitting in different continents and, you know, we, we have different positions and it's interesting and blah, blah, blah, that defined, but there's also an exchange of value between us. You have a podcast, I'm coming on your podcast. Perhaps some of my followers would go over there and the other way around. And so there's an exchange going on in that, in the relation that we are in right now, our subjectivities are defined in that, in this encounter that we are in now, our subjectivities are defined by that, right? So the con the current perception of a lot of anthropological scholarship would be that, that this relation is inhabited by subjectivity. So subjectivity is not only inside our minds or inside our brains, it's actually in our relation. Now, that means that when the inu eat are relating with the C, which is an all life defining factor in Inuit life, then their relation with the sea is inhabited by subjectivity. That sub subjectivity, that inhabits, that relating, that is the, the, the sea mother sna, the inwar, they would call it the inwar, the relational subjectivity of the sea. So, and whether that should be called supernatural or not, I'm not really sure, but like. I'm not, actually, I'm not really sure about the word supernatural, if it's because it, it, I think it has a heavy, heavy baggage somehow. But an Inuit shaman can actually interact with Sedna, the sea mother, and thereby engage that subjectivity that inhabits the the relation between a group of Inuit and the sea. And that's the same with a stone or with, if, if you have a farmstead in Northern Europe 200 years ago, the stone could be kind of a relational hub for the way that the people in that farm state relates to their land. So it becomes inhabited by, I'm not sure what the word would be in English, but these sort of g like or elf like beings that would typically work as a patron spirit protecting specific farm. Or ensuring basically the positive and mutually giving reciprocal relating between that group of people and the agrarian life sustenance that they are living with and living from. Yucca: So that that spirit would be the relationship itself. Am I understanding correctly? Rune: Yeah. Or the subjective, the the subject, the subjective relationship. Yeah. So, and this is sometimes called the individual. So we are individuals from a moderna's perspective that there's an inside us with. But if you take away the, the, the in Yucca: Mm-hmm. Rune: then we are evi right now because we are producing relating with each other from Yucca: delightful word. Rune: Yeah, it's a lovely word, isn't it? Yucca: that. Rune: And. Mark: Yeah. Rune: And then what many animists would would say, or animist thinkers would say that that that divi is a central purpose of religion, basically. And that it individuates a relation. So if you have a Santa Priestess who's being possessed by the storm, gods ysa and she's dancing around, then that human being is dividing ysa in a number of ways. One of them is portraying Younga. People see younga in front of their eyes dancing. Another part of the dividuation is that she's initiated, she's crowned as a San Priestess, so, so there's deep mystical individuations that are connected with that and that whole thing. But it's basically about producing. Relating and, and ch challenging that subjective relating into the world. Mark: Mm-hmm. Yeah. Rune: that make sense? Am I, Mark: it. It, oh, it absolutely does. Yeah. It, it, it absolutely makes sense. And that this, this focus on, on the relationship, as I said, I think is very core to the at least to my idea of animism. And so the, the question about the reality of the, the gnome elf figure doesn't really even enter into it. It's, it's not, you know, because this is all subjectivity. It objectivity is not, is is not a part of that model. It's all about what do you see? What do you think about it, and how do you feel in relation to it? Rune: Yeah. Something like that. I would say that the reality or the what, what, you know, post-Christian, it's called the belief in the el that that is it's secondary to the relation. Like if, if you, if you say you have a shamanic perception and you could and you, you bring yourself into a trance and you speak to the elf and you ask the elf so what would you prefer the most? Would you prefer that I cultivate an abstract transcend belief in your transcendent existence? Or would you prefer a ball of porridge? The, the elf is gonna prefer the ball of porridge because that is act that is an actual exchange of of material. And the what, what you could almost call the revelation of that relationship is. That is core, I think, to producing an animist way of being in the world. So that's not only you giving the ball of porridge to the stone that is perhaps inhabited by a stone ina or an elf or what we can call it. But it's also then perceiving the gift being given back from the world now that then you are in a reciprocal relationship with the world around us. Mark: Yeah, and, and it's that, you know, a as you say, as with Robin Wall Kemmerer and you know, writers like that, it's that reciprocity that is so important the. And, and the hardest, I think for us, as, you know, modern Westerners to get our minds around because we are taught as Christianity teaches that the world is essentially inanimate and it's a pile of resources here for us to mine. And that is the diametric opposite of what we're talking about here. Rune: Exactly. Mark: you know, the, the idea that, that we can't just dig a hole in the ground and take minerals out and then leave the hole is completely foreign to the way capitalism works. Rune: exactly. Exactly. And. If you look at how traditional knowledge and tales and traditional knowledge and folklore and the like they actually express and analyze the rupture of these relationships in euros and populations. So, and you see this in a, like, in a wide kind of array of tales, like the most monumental in northern Europe is the Ragner rock, which is the, basically the collapse of the relational cosmos in this kind of e eco cosmos, social complete crashing. Now, some of the scholars who have been working on the Ragnar Rock, they say that this. Myth may have occurred or may have, may have been inspired by the experience of climate change in Northern Europe in the, the mid sixth century. And often when people are relating mythology to natural history events, you should always be a little bit cautious because sometimes it's just like weird, oh shit. But but this exact example the, the emergence of this myth and this event, they're actually historically very close to each other. It's a couple of hundred years, and the event was cataclysmic. It ba in Scandinavia populations collapsed. And there would've been complete social breakdown. So it was a very, very violent event. And what happened was basically that it was a global cooling that lasted I think four or five years and. In Northern Europe, that global, global cooling just meant that summer didn't come for a, a, a, a short period for, for a couple of years. And if you're living in an agrarian subsistence, agrarian community, then that just means that everybody's gonna die. And which is what you see that happened in some areas of Scandinavia. So, so anyway, so, so, when you look at the Ragnarok myth, what you see is that it's, it's very much a myth about loss of connectivity. So the main spark of the myth is a, a divine FRA side. There's God brothers who are killing each other. And then what happens is that the relations between the guards, kind of the forces of order and social coherence and the yna, the giants, the. Forces of nature who are related in all these problematic and crazy and fertile ways, and Nordic mythology, that relation crashes completely. And then they start behaving like Christian angels and demons and basically going into like the state of cosmic total war. So that's perhaps the most iconic tale of losing animist kinship. But you find them by all the way down to today. You see that fairy tales and different stories are sort of this struggling, but also people's experiences. Some farmer, you know, walking up a home from his fields and then he meets a little, meet a little group of elves and they're leaving. So he asked them, why are you leaving? And he, they say, there's too much noise here and too many church bells, so we are moving to Norway. Something like that, you know? And and that is of course a traditional knowledge perspective of basically ruptured relation because this relational subjectivity, which are these Ls that are, that is sub subjectivity, inhabiting human being, human relating with the land, that when that is torn, then that can be experienced as the elves packing, packing their bags and, Mark: Or, or as the magic going away, Rune: Yeah. Mark: which is another, you know, repeated trope in many, many stories about how there used to be magic. You know, we, we used to have, you know, this relationship, right? And now it's drained away, it's gone. And many of those stories are actually specific about Christianity driving the magic away, Rune: Yes. Yes. There, there there's a tension. There's a tension. Like I, I'm not, I'm, I'm generally, I'm, I'm, I'm trying to not, you know, go into this sort of Christianity bashing and all those Mark: Uhhuh. Rune: but but there is a tension. The, there's a tension between and sometimes it's, it is pretty intense, like, churches in the landscape in Northern Europe, the, if they're big stones lying in the landscape, then typically people, local people would say it was trolls who were throwing the stones at the churches and all when they were building the churches. So there's almost like a conflict between the, the churches and the, and the landscape itself. Mark: Hmm. Hmm. Yucca: So one of the expressions that I've heard you use a few times is new animism. So how does new animism differ from our understanding of some of the traditional forms? Or what does that mean when you're speaking about new animism? Rune: animism that is a little bit of. It's a scholarship position more than it's a kind of a religious position out in the world. May, but things are also related. But when, when I say new animism, it's because anim, like animism was invented by actually the guy who invented anthropology and cultural scholarship. A guy called Edward Burnett Tyler, who was this sort of Victorian British armchair scholar. And he. Invented cultural evolutionism in which people are first living in these barbers, state of superstition, where they are animist, infantile animists. And, and, and, and that was, that was, that was what he thought of animism. And then you then he kind of developed how humans would develop on gradually improving stages until they became almost like, Victorian, England English people of his own time. Exactly, exactly. That, that was a paradigm for, for the end of history. So, so, so that was, and, and at that point, the idea of animism was just that everything is sort of animate. However up through the 20th century there was the, the, the most progressive anthropologists were the American School of Anthropology, who were at a very early point starting to be permissive to other other cultures, cultural realities and saying, okay, so there are different cultural realities and perhaps they're equally good. And there was a guy named, oh shit, I forgot his name right now. Oh damn. Really important guy whose name I should be able to remember at any given point of time who went and, and learned from the the Jiwei Irving, hallow Hallowell was his name. Yucca: Okay. Rune: So he went and and started learning the philosophy of jiwei indigenous Americans in, in the Great Lake areas. I think he went into Canada a little bit. And he, I think he was the first who was kind of saying, well, he was looking, he was looking at their, their language and saying that they have different grammatical categories and some of these categories indicate animated personal beings. And some of them are like what we talk about. If I talk about this book, then the word book is in, in English is, is just an it, you know. And he noticed that what was called animate and inanimate by the Ojibwe was different. So Stones, for instance, and thunder and number of different things were adamant to the Ojibwe. And he started developing this language where he was like, okay, so these are people, they have a different philosophy about what, where, where there's personhood and where there isn't. So from that came. New animist thinking, which is kind of relieved from or dealing with the this bigoted evolutionist heritage of seeing animist as a animism, as as something inferior. And today, the, this has then become the whole position where where the, the, the understanding of what animism is and how it works is, is then updated. For instance, animism is incredibly complex. It's not infantile at all, and it's certainly not primitive. It's many societies that have animist knowledge systems in them. not something necessarily that children practice, it's something that elders practice. It's something that it takes lifespans to, to understand that at, at a, at a very high level. So, so, so yeah. So that's sort of what's in, in new animism. Yucca: Mm. Thank you. Mark: Thank you for explaining that. Yeah, that's good. So, you mentioned before we started recording that that you sort of take issue with the atheism of our movement or that you have questions about it or whatever that is. So I thought that I would raise that topic and we could discuss it. Rune: I've been sort of thinking about it, kind of atheism. Atheism. No, I, it, it ki I think my, sort of, my, my question. Kind of springs from the whole idea of decolonizing if we have what is called the modern epistemology, like the, the epistemology is the perception, how we perceive the world. Then the modern fundamental to the modern epistemology would be a seclusion between human subjectivity and personhood. An agency which is inside our skulls, and then the, the dead outside. And I can't help seeing an and i atheism as perhaps related to that and that therefore co like actual actually practicing a a decolonizing would be. To say, okay. But subjectivity and agency is not only inside humans goals, it's also, it is something that inhabits the world in a, in a wider in a wider sense. It's something that inhabits our interactions and perceptions in a much wider sense. And yeah, I just had, I just had tr part of my, my problem was to that I have, I have tr, I have trouble reconciling that with, with an, with an atheist position. Mark: Hmm. Yucca: I can certainly say that for my part, my perception of the outside world, I. Is, I don't think that that necessarily reflects my idea that there's this dead outside world, the living me, but rather seeing self as part of this larger system. I'm coming from the perspective of, of an ecologist looking at, you know, my body is an ecosystem that is an open system and things are coming in and going out. I don't see the need to have a, a, a deity or a God or a conscious spirit that needs to be there for me to be part of a, of a living vibrant world. Rune: Makes a lot of sense. Mark: Yeah, that's well said. I, I feel very much the same. Yeah, because yeah, that hard line between the, the inner living world and the outer dead world is definitely not something that I embrace at all. To me it's all living. Right. But because, but just because it's living doesn't necessarily mean that it's conscious or that it's animated by something that one could actually at some point identify and measure. You were talking about toolkits before and I think that it's, it's y part of what we do as Ethiopia, pagans, and, and naturalistic pagans is we understand that in the context of the symbolic world, we suspend whatever disbelief we might have in, in the, the literal reality of supernatural phenomena in order to have a symbolic, metaphorical, psychological, emotional, impactful experience. And that is what brings me into deep relation with the rest of the world. Did that make Rune: Cool. Yes, it does. However, when you are focusing on psychology, then psychology is a space that is characterized by being. Inside human human minds and, and what I would, I don't know fear or my, I think my, my question would then be, if it's psychology, I, you then actually extending that perception of, of personhood to the world, or, I does. Because like when you speak to a lot of, say, scholars today, often psychologies would, or psychology would be a language where, for instance, mythology can be given a space. But that actually maintains the, the the the enclosure. Try to compare this with. With I had this debate with, with a friend of mine who also he was criticizing the literalist idea of mythology. So he was saying, he was talking about, I, I believe Irish mythology, and he was saying, but who, who, who would believe such an grotesque idea as if Ireland were literally plowed with the, the fertility guard dog does penis in a right. And yeah, innocent. But what if you, if we think about relation, if we take relationships as our, our fundamental way of thinking about these things then, and we understand if we understand the plow that the farmer is using when he's plowing his land as imminent with. Dha. See then, then when, when it's imminence, if we understand the the materiality of the plow as n n not as culturally imbued with, but in the materiality, DDA is there right then, then we have actually, then we have crossed out of the modern paradigm and into a this enchanted perception of the world. And I think we, like, I think that is the step, the, that, that's where it becomes real in a sense. And, and there, there, there's a number of co contemporary philosophers and, and, and thinkers who make that, that, that enchanting possible. Bruno Laur the sometimes they call it the ontological turn thinking or the Cambridge School, and they're so difficult to read that it's almost, it's almost impossible to understand what they're saying, but which, which is part of a I think it's, I think it's part of a safeguarding strategy because if you wanna say that ELs and g nos are real, then it's, it's, it's then, you know, scholars are gonna, you know, it's much, much better to say, well, relational ontologies are possible on the basis of you know, concatenated hops of individual re networks or something like that. You know, then people get, get busy nodding and looking like they are trying to look like they look clever, right? But but the idea of imminence that, for instance that that objects act chairs, Invite us to sit on them balls do hold strawberries, they act. And the, the example with plow and DDA would, in that sense be a, a imminent in that sense. Damn, it's, it's difficult for me to to, to get to these things. But does, does it make sense my, Mark: It, it, it Rune: questioning. Mark: it, it does make sense. I do see it somewhat differently, and some of that is because my understanding of the way humans relate with the world is that we create a model of the world in our minds. And we re and we relate to that. We, we perceive, we receive perceptual input, we filter that and massage it, and in some way invent it to some degree. And then, you know, so, all right, I receive all this input and I filter it and I decide what it is. And okay, there it is. There's, there's the bowl, right? And so I can relate in a, in an I vow sort of way with the bowl whether or not the bowl actually has any sort of supernatural el or metaphorical, symbolic, literal nature. Rune: Yeah, Mark: And it's, it's about what's on me to enchant the world. And us as a culture to develop the habits of enchanting the world. So that's, that's how I look at it. And I, I, I mean, I think the way that you look at it is, is perfectly legitimate and useful. It's just, I don't look at it quite the same way. Rune: but I think, I think, I think what you say there makes a lot of sense. Like, and it's important to, to, I might also be hashing it out in a little bit extreme. Terms here, because of course, humans do create models of the world, and we are imaginary beings that we have this capacity of, for instance, imagining stuff that doesn't exist already. And then by this insane capacity of projection, we are able to, to create stuff in the world that, that no other creature is, is capable of. And, and that capacity is in a sense, I think related to also the story of Dhada and all this. However, when you are then talking about the bowl and you're talking about. What its literal external nature is then what you're doing, I think, is that you are actually, you're reaching across the divide and you're talking about it in this, what can't would call the ding, the, the, you're talking about it in itself as, as completely detached from human perception. And and I I would say that that is probably so difficult to talk about that, that we almost can't. So perhaps there only is a cultural reality available, and then enchantment becomes then it kind of becomes a, a question of do we want a boring, interesting a boring uninteresting reality? Or, or do we want a reality where, you know, We have sex on rock car rings and dance around meadows and wear their elves and trolls and, and stuff like that is enchantment. It becomes more of, of a kind of enchantment or no enchantment than a, a question about that. There isn't exterior truth that defies in. Gentlemen, oh man, I feel I'm have trouble speaking in state terms here. Mark: No, you're, you're absolutely making sense. The place where I think we may differ is that, I find the world as revealed by science to be utterly enchanting. It is miraculous the nature of the universe. It is so inspiring and wonder and humility and awe and inspiring that I feel that without that, even without populating it, with those kinds of figures, I can still just be in this kind of open-hearted wondering, loving relationship with the nature, with the world itself in a way that demands that I have reciprocal relationships with things rather than rather than object, defy relationships with things. And so, you know, that may just be the path by which I got here. Which was through a lot of science. But yeah, I mean that's, that's the world that I inhabit is just, you know, that this world is just knocked down, drag out amazing. And I still want to dance around stones and have sex on beaches and all that kind of stuff. Rune: No, man. Thanks for that. That, yeah, that's, it's, it's, it's beautiful. And I totally, I totally follow what you're saying. I think, I think science is, is an incredibly beautiful and powerful way of looking at the world. And, and it has. And part of, I think part of what I'm, what fascinates me with science is that it, it has a trickster nature. Science, that thing about always questioning things. That thing about always being critical and being inherently critical of power, for instance. And also being playful proper science. Like a lot of contemporary scholarship, you know, a lot of contemporary cultural, cultural and social scholarship. It isn't playful for shit. It's just boring ass. They should, they should, yeah. They should do something else, like pick strawberries or something. But but but, but scholarship when it's real science, when it's real, it has a playful or in it. And and that's something that, that that yeah. But I then what I also think is that if we talk about atheism then I would say that if we look at research, history, history, It's probably a very fairly brief bleep in the history of science that science have understood itself as particularly atheist. And today with, for instance, new animus scholarship and these things, it's kind of, we're kind of, we're kind of moving theves back into the beauty of the scientific perception, so, Mark: Well that's, that's interesting. I mean, one of the reasons that. I mean, science is young for one thing, science other, other than just sort of the standard trial and error that leads to discovery, which all people have always done the Yucca: in our instinctual way of understanding the world. Right. But Mark: but formalized, the scientific method is only a few hundred years old and during most of that time, there has been a domination by Christianity mostly in the West, such that you couldn't actually say that you were an atheist, whether you, you whether your work pointed in that direction or not. So I think that, you know, the liberty, I mean, to be honest, it wasn't really until Richard Dawkins and the, you know, the four horsemen who I have many problems with, let me. Say to start with many problems. But it wasn't until they started standing up and saying, yes, we're atheists at the end of the 20th century, that it really became sort of more acceptable for a part of the population to start to express that. So it's new. It is. It's, it's a new thing. But when you look like at ancient Greece, there were people that were questioning whether the gods existed in any meaningful sense. Yucca: And I Rune: you, and you. Yucca: oh, I was just gonna say that I think that the, the common perception of what atheism is, is dominated by that very recent, very vocal and kind of, very negative kind of, no, no, no take on the world instead of a, a yes. Embracing take on the world. Mark: Yes. Rune: I wanna add one specific perspective to the to the understanding of history of religions in relation to this. And that is that if you look at the history of religions of Europe, then you have what you call like, normative knowledge forms. And and then what you also have is a. Considerable space of rejected ways of knowing all kinds of ideas that have been there through history, and they gone in all. And, and that's what's sometimes called esotericism. So Esotericism is this label that basically sort of gives an umbrella term for all the weird shit that's been happening for the last 2000 years outside of the normative knowledge hierarchy. So all the Astrologies and the Kabbalah and the spiritists and the, the philosophers and all that stuff, that, all that stuff is, is esotericism. And when you look at European history, a lot of a a lot of is, people are always like when we talk about intellectuals, that there will always be this sort of at least a kind of a consciousness that. Esoteric, non-normative ways of knowing are there, but sometimes also direct practice. I think that Darwin was an esoteric I think that a lot of the and I don't remember, I think he was Alchemist or something like that, and practicing some Yucca: Newton certainly was. Rune: Newton new. Sorry. Yes, you are. You are, you are right there. That was the important name I was looking for. No Darvin yeah, that was a different story with him. But I think that that part of the, like if you look at the last 150 years is that, that I think in the eight late 19th century, you started having positivism. If I remember correctly. And that's sort of where you get the very strong split between or where science starts to see itself as in some sort of opposition to other ways of of thinking. And yeah, like, the there, there was an old Icelandic professor at the University of Coing in and my old professor remembered him from his student years. And he had, had, he had had this this Christmas lecture about gnomes and that was early 20th century. And as these sort of learned, super white scholars were sitting there and they were listening to him and he was talking about gnomes, at some point, they, it, it dawned on them that, That he he believed in grunes and he told about how he had met them when he was a, he was a child and these kind of things. And so that was sort of the, a, a clash between an early 20th century scholar from ICE Iceland, which is a bit of a particular story in these things. It's a little bit of kind of a insular bobble in in some respects. And in Copenhagen they were like, but, but about, about this Icelandic professor talking about G norms. But yeah. Yucca: Well, one of the things before we started recording that you had mentioned was that I'm trying to figure out how quite how to word this but you're very interested in to today and some of the political implications of some of the work that you're doing. Is that something you wanna speak to a little bit? Rune: Yeah, it's, I mean, when, when I started working on Nordic animism, I well, I knew all the time that it was important and that it's something that you can, like, you can never, you turn your face away from it, you have to look it straight in the eye, just all the time. I just, the word these words, Nordic Norse, Viking stuff, you know, all that kind of stuff, it just has a load of having been co-opted by all kinds of, Horrid political movements and, but it's actually deeper than not just that, like, it's not just hillbillys who are, you know, driving around in pickup trucks with guns and calling themselves some militia and waving Thor hammers and these kind of things. It, it's, it's, it's on, I think it's on deeper layers of our self image and, and self perception as people racialized as white and and yeah, and, and I, I, I feel that I'm getting new realizations of this more or less all the time. No, not all the time, but, but often reckon with a certain regularity that that when you are thinking with Euro traditionalism, then. Then it's just there. For instance, I, I think that today I think that that whiteness is almost like shaved, like a ball just talking about balls. It is almost as if whiteness is shaped a little bit like a ball. So if you wanna move out of it, then you come close to the borders and then it intensifies and scares you back in. So if you wanna if you wanna basic, yeah. Basically move out of the, the whiteness complex, then you're gonna have to start looking to Euro traditionalism. And as soon as you come in contact with that, you, you will start seeing ruins and. May Pires and stuff that has been co-opted by Nazis or other nasty people. So, so that, and that is sort of a, an inherent paradox, which is a condition for working with these things if you're a white person. And realizing that that paradox, realizing the nature of it and, and starting to cope with it, is an important feature. So that's one rea fairly reason realization. I also encounter policing actually where most non-white peoples would be like, well, decolonizing white people. What's not to like and what took you guys so long? Then scholars, white scholars, they, they often have this sort of they, they, they don't like that whole idea. And and, and then they often frame it as, oh, there's an inherent potential for nationalism in what you're doing. Or something like that, you know? And which there might be, there might be, and I'm fucking dealing with that all the time. And, and in the dealing with it, That's when the stuff becomes very applicable actually for, for thinking about how to be a respectful, kind, contemporary human. So today there are actually I'm familiar with two, perhaps perhaps even three, like systematic programs that use Nordic animism thinking for Deradicalizing right. Extremists in, in prison systems and, and these kind of things. So, so, so, so you see that, I think that when you're moving close to some stuff that feels dangerous and feel problematic, then you're also finding the solu, you're finding solutions on that path. Mark: Hmm. Hmm. It, it's, it's interesting as, as I listen to you, because what you say makes absolute sense to me in the context of Europe. In the United States, it's a little different because here we are in this completely colonized place, and many of us, like, you know, I've, I've had my d n A study done. I'm English, English, English, English, English. Nobody ever stepped out of their lane. And actually, you know, even married an Italian for God's sake. And, but my people have been here for 400 years. I have no ancestral or familial memory of any kind of tradition from England. And so my approach has been I need to create this anew. I need to, I n I need to start from values. Values like inclusiveness and kindness and you know, those compassion, those kinds of values reverence for the earth. And then from there, build a practice which can draw on some of the symbols and and, you know, folkloric practices like maypoles and things like that, but is fundamentally about not stealing from the indigenous people of this place. And instead creating my own understanding of a sacred landscape that I inhabit, that I can share with other people that derive from the same kind of lineage that I do. And with everybody else who wants it. I mean, you know anybody who wants it, but I understand that people who have been marginalized, they probably want to reach back to their ancestry, right. And pull that forward. I really don't, I, I don't feel a kinship with England. So it, it, it's just, I, I'm just struck by the difference. I don't have any firm fast conclusions about it. I just, it, it is a d a different experience. Rune: No, I think, I think what you're doing is probably very important and, and give like, like I. I'm kind of operating in this field where, where as an old world, I sometimes feel a little bit like a target for sort of old world nostalgia and these kind of things. I'm probably wearing a kilt and speaking all Gaelic all the time and all these things. But but what I actually think is that, that over there in Turtle Island, the cultural situation is such an intense mix of and, and it's as if the, the problems of our age are intensified on your side of the pond. The fact of, of living on genocided land in a highly cre and cre realiz culture. With the, the, the descendants of, of victims of colonization in your living space, probably every single day. Maybe not for all of you, but for many of you probably, right? And also immersed in, I I I perceive Americans as very immersed in ideological structures that are that are sort of connected with the problem. Now, that means, I think that means that, that the, the real answers in a sense are, are, are, are gonna probably come from, from America and, and, and stuff like what you are doing when you're thinking like this, mark. I think it's beautiful and, and it's, and I think it has an aspect of. Playfulness in it to say, Hey, I've been listening a little bit to your, your, your podcast and how you are thinking with different things, and you also like playing with seagulls and, and, and have been working on wheels of season like me and these sort, sort of things. And I think that playfulness will be an important voice in producing the answers that will bring us to a to a a decolonial future. I also think that one question that I meet a lot and which you also touch a little bit here is the question of cultural exchange. And I think that the ways that people have been talking about cultural exchange in American spaces in the last couple of years have a, have a problematic aspects. When we are not allowed to or when, if, if all cultural exchange is universally cri criticized at as cultural appropriation for instance, that is an essentially nationalist idea, which I've tried to criticize it which is difficult because you also have minorities. Who have been sitting there and their traditional culture has been completely overrun with like swarms, like locusts of white hippies. And they've been giving statements like, please stay away from our traditional spirituality. And of course, when that is the case, then that makes things fairly easy. You stay away. That's the respectful thing to do. But but there's also stories that, that I'm hearing a lot and I'm hearing 'em sort of in direct personal ways and that I'm not seeing so much in public space. And that is stories about mors who are perhaps in very, they're perhaps white Americans or Canadians, and they're in very deep and respectful rela learning relationships with, for instance, indigenous elders. Now, if that's the case, then that transfer of knowledge, if there is a teacher present, Then that knowledge is legitimate. Because if you wanna challenge that knowledge, then you're challenging the legitimacy of the teacher. And that is a, is, is a that can very easily be a colonizing practice. If you say, no, no, no, that Arapahoe elder there, he doesn't have the legitimacy to teach a white kid how to give tobacco to a stone because that's cultural appropriation or something like that. Then you're actually challenging the, the, the author, the ownership of the Arapaho elder. See what I'm saying? Mark: Yes, Rune: So, so, and, and I, I think, yeah. So anyway, I just wanted to mention that because you mentioned appropriation now. I think it's, it's important that, that the, the way that we are thinking about cultural exchange is, is is relieved from. What I think is, is a bit too unambiguous condemnation in, in the appropriation discourses. Mark: I, I really agree. It's, it's nuanced and Americans are not good at nuance. We, we just, we really are not, we're very, very black and white thinkers, most of us. And you know, a lot of good and bad, and usually we are good and somebody else is bad, and it's, it's an unhelpful way to approach the world. But certainly, I mean, if I were welcomed into a space where an indigenous person wanted to teach me some aspect of their culture, I would feel given permission absolutely entitled to incorporate that into my practice. I wouldn't feel entitled to teach it but I would feel entitled to incorporate it into my practice. That hasn't happened to me yet. So, Rune: But if you, if you, if you were part of that practice for 25 years and and then the person said, now you are a teacher. Mark: well then, yeah, Rune: You see? Yucca: But we run into the tricky problem of the outside perception and other people trying to gate keep that. And, and it's just such a very, it's a very raw, it's like when you, when you've been wounded and it hasn't healed yet. And there's just so many feelings and the nuance and it's, it's really, it's something that we, you know, we are just grappling with all the time. And I think that there's in certain directions that, you know, the pendulum swung really far in some ways, but it's not just one pendulum, right? There's so many pendulums going in every single direction at once, and you're just trying to sort through all of this generational trauma and guilt, and it's just a really heavy topic. Rune: No, thanks for that. Thanks for that. You okay. That was, that was really well said. And, and I sometimes also feel a little bit like an elephant in a porcelain shop when I'm, I'm, I'm talking to Americans about these things because I'm sitting on this side of the pond. And when you're interacting with Americans specifically, you, you get the feeling that, that, because these things are so intense, then you're talking to people where every single individual is on an MA level in, you know, critical race studies. Be because it, because, because it's so intense. Or, and that also means that, you know, I need to be a little bit careful when I'm kind of throwing out my state. Ah, come on. You guys need to calm down a little bit on the, on the, on the critical, Yucca: it's good to have an outside perspective too, though, right? It's very valuable to hear that. And just hear w you know, what it looks like from the outside because we don't see ourselves from the outside. We just see ourselves in the midst of it going, oh, my ancestors murdered and raped my other ancestors. And you know, I don't know what you are feeling. And you're feeling and everybody's angry at each other. And you know, sometimes it's good just to have that outside perspective going, Hey, this is what I see from the outside, you know, Mark: and particularly in the United States, we have been so adamant about denying our responsibility for the Gen, the American genocide, the enslavement of Africans. We're still denying those things, and to the degree that in right wing states, they're banning teaching about them. And what that means is that because we won't acknowledge the wound, we can't heal it, and. And so the, the subject becomes very, because it's an open wound, it's very sensitive, you prod at it at all. And immediately people have these really vehement reactions. Rune: Yeah. Mark: And my hope is that as we go forward, I mean, this younger generation seems to have more comprehension about these issues. My hope is that as we go forward into the next generation, we'll start to come to grips with some of that horrible history. But it's very difficult to come to some kind of reconciliation with people who have been horribly colonized and abused when you won't even admit that you did it. Rune: Yeah. Yeah, yeah. Yeah. And I think also like with these sort of processes, I think the, the kind of cultural spaces that we are inhabiting today, primarily the internet cultural spaces I think they're probably also doing some unfortunate things to us, like, A tendency such as narcissism on social media platforms, speaking as a person who has a social media platform. Mark: me too. Yucca: that's all of us here, right? Yeah. Rune: it's like, it, it's, Yucca: double-edged. Yeah. Rune: it's a very dominating feature about how how people are reacting and or how people are, are interacting. And, and, and like I feel that, that, I almost feel that if we have the, the modernist subject here, the modernist idea of the subject that I spoke about before where, where humanity is inside a case, and if you, if you move into a if you move back in time where people would meet a group of elves that are moving away, that's because. Their subjectivity is not as encased as ours today. It's a little bit more fluffy like that then it is as what has it is as if what happens today is that these, these shells, they become hotter. They become like crystal, they become brittle. And it's as if I, if they touch each other, then it just goes. And, and then we have these, the, these so it's almost as it's almost as a kind of an in intensification of the, the modern subjectivity. And I don't know what's gonna happen, but I hope that what's gonna happen is that it's gonna open somehow again and hopefully in a way where it doesn't explode and then everybody just go mad. Which actually sometimes I feel that's what you're seeing. I, I've, sometimes I feel there's quite a lot of madness going around, like rather crazy reaction patterns. Mark: Mm-hmm. Rune: And unfortunately not only on the right wing, I mean, of course the right winging is like supreme when it comes to madness. Like, I mean now here in 2023, it feels as if, if it's such a long time ago that Donald Trump was the president in the us. But when I think about how, how was even, I'm not living over there. I'm living here, and it just feels like, oh fuck, you don't know if there's gonna be a civil war in America and what's that's gonna do to the world. Like the, eh, it was such a madness dominated situation, such a madness dominated situation, and it just felt like. It just felt like, it really felt like madness had had just taken up this gigantic space in the world that, that it, it, it didn't use to have and like, yeah. Anyway, you, you probably Yucca: Absolutely. Yeah. Rune: agree even. Yeah. Mark: Yeah. Rune: And I thought it was something I wanted to say about this whole thing with yeah. But, but I also think that like, with these strong reaction patterns and these intensifying subjective borders Then I also think it, that it's important to be a little bit like, okay, so now I'm just gonna say it, you know, all cultural exchange is not cultural appropriation. And sometimes when people shout cultural appropriation, it's actually not legitimate. Yucca: Yeah, Rune: they, there are many cases where, where it's super legitimate, but there are also cases where people are shouting it, where it's not legitimate. And there are legitimate cases of cultural exchange even within, between white and indigenous groups. You. Mark: Sure. And, and there are, there are over claims. I mean, I read a rant by an indigenous man who argued that no one should be allowed to use feathers in any kind of religious or ritual context except for indigenous Americans. People have been using feathers and seashells and pine cones and other Yucca: we were humans. Mark: since, since before we were humans. That is a birthright of every homo sapiens. And I mean, I, I mean, I understand the person's outrage about cultural appropriation, but that's just a little much. Rune: yeah. It becomes, it it like I spoke on my channel to this Irish, amazing Irish guy called Monan. Magan who and he was telling about how his ancestors was a Phyla, a a poets an Irish poet. And that, that he was the last person to legitimately carry a feathered cloak, a specific cloak with made with crimson feathers that were part of their tradition, their and and I later I heard Monon there, he spoke with an. Aboriginal Australian author that I'm quite fascinated by, Tyson, young Porter. I really recommend his book, sand Talk. And Tyson, he was telling him, Hey man, you should go to you should go to New Zealand because the Maori, they have actually feather cloaks. They make feather cloaks. And that is a specific it's a specific sign of, of specific status among the Maori. So if you want to. Recover this ancient Irish symbol of a specific cultural status as a, as a poet, a speaker of which, which is also cosmologically super important in, in moron's tradition there. Then he might be able to learn some of that from or he might be able to learn something about it or rebuild it with inspiration from the Maori. Now I think that something like that would be an that, like if something like that would become possible, that would be very, very good. Very, if people are ha have wounds that are too deep for it to be possible, then of course, you know, Respecting people's feelings is it's a condition of building positive relations, which is the whole thing is about. Mark: Right? Rune: So, but but if stuff like that could be possible, that would be, I think, very beautiful to reach that point. Mark: Mm-hmm. Yucca: And so, can we talk about your book for a moment? Because it seemed your book is something that you have Done digging into the literature in many different languages and, and brought forward some some traditions to that people might be really interested in. Rune: Yeah, I don't know if I've been digging in literature in many different languages, Yucca: well, Rune: I, but like, I'm a Yucca: least two and it's in English, so we got three languages Rune: yeah. Yeah. Well, yeah, I'm, I'm a, I'm a Skiddish movie and so, so, so I read read Danish and Swedish, and, and that's, that, that's an advantage of course, because a lot of the re and I'm a scholar, you know, I'm a nerd already, so, so that means that reading these kind of old, weird folklore compilations is, is available to me, but it is, or more available to me than for perhaps to you. Right. So, so what I did with this calendar book here, which is called, it's called the Nordic Animist Year, was that yeah, I was in, there was a couple of different Cal Calend traditions that I was interested in communicating. One of them was the ROIC calendar, where every day, around the year used to have two runes attached to it. And these runes, like from a, from one perspective, they just place the day in, in relation to a week. So if there's one specific room and in a given year, then it means it's a Tuesday and next year, perhaps it, that same room would be a Monday. But then you can look at your room staff and you can see if, if it's a Monday tomorrow, right? And the other then marks. There is a line of ruin that where one of the ruins marks the new moon. So you know when the lunar month begins and those two. The weeks they're fixed on our year. So that means that it represents a solar and the lunar moons then represents the lunar cycle. So that was a beautiful, beautiful example of an animist tradition that nobody, it seemed to me that nobody really sort of was so aware. Yeah, yeah. You know, you could meet scholars who knew that it was there and a couple of nerds here and there, but it wasn't really communicated into, into public space that that system even existed. So, so I took that system and then I sort of worked through also a number, a bit of scholarship on on all the different holidays around the year because the The the traditional animist year used to be actually rather dense with all kinds of traditions. And and so, so I was, I was also kind of inspired again by indigenous scholarship where these people are often, they at least in North America and also in Australia they sometimes work with calendars as a way of getting back or maintaining or getting back into, into connection with traditional ways of knowing. And that partic I think it's just a very strong intuition and like you've done it yourself. Mark and I, you know, you can see on your podcast that you were talking a lot about sewing and Belton and, and, and all these different holidays. So, so I basically, yeah, did, did this, this little book as a, as a. Kind of a cursory introduction to the the entire year in the, in the Nordic in Nordic area. Mark: Hmm. Yucca: Wonderful. Mark: Well, we'll definitely put a link to where people can buy it in the show notes for the, for the podcast. I wanna read it myself. It sounds, sounds great. Yeah. Yucca: And so where else can people find you? Rune: Oh my God. Yeah. I'm on, I'm on, I'm on all those social media platforms that I can't be bothered to mention. But, but, but particularly, particularly look for my, for Nordic animism on my YouTube, because my YouTube channel that's kind of the, the backbone, but then I'm also on, you know, Facebook and Instagram and even on TikTok and Yucca: well, we'll include the links in that then in the show notes for everybody. Yeah, and thank you so much. This was really amazing. You gave us so much to think about. I'm gonna be thinking about this for a long time, so really, really value you coming on and spending this time with us. Thank you. Rune: Thank you very much. It was so nice to meet you guys. And and, and have a chat here. Mark: Yeah. Really enjoyed it. Thank you so much. I. Rune: You're welcome.
Ben and Moe go over the debt ceiling deal coming closer, Desantis joining the race, FTC going after Abbott, and ADI/TOL's earnings. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure
Success comes from value creation. For a strategic initiative to create value, it must increase willingness to pay or decrease willingness to sell. Otherwise, the resources expended will not flow into profitability. Today's discussion is one I was looking forward to because we're focusing on value-based strategy frameworks and using strategic analysis to understand whether a company has a competitive advantage. Joining us to explore this topic is someone who has taken a fundamentally sound framework and brought it to life with excellent insights and vivid examples, Felix Oberholzer-Gee. Felix Oberholzer-Gee is the Andreas Andresen Professor of Business Administration in the Strategy Unit at Harvard Business School. A member of the faculty since 2003, Felix has won numerous awards for excellence in teaching, including the Harvard Business School Class of 2006 Faculty Teaching Award for best teacher in the core curriculum and the 2002 Helen Kardon Moss Anvil Award for best teacher in the Wharton MBA program. He teaches competitive strategy in executive education programs such as the Program for Leadership Development, the Senior Executive Program for China, and a program for media executives titled Effective Strategies for Media Companies. His course, Strategies Beyond the Market, is a popular elective class for second-year MBA students. Felix is the author of numerous books, and his latest book, Better, Simpler Strategy, will be a major subject of today's conversation. In this episode, Felix, Tano, and I discuss how Felix defines his strategy framework, why willingness to pay and willingness to sell should be at the core of every strategy conversation, the value of ROIC as a metric of success, how Felix thinks about driving competitive advantages, value capture versus value creation, how to think about complements and substitutes, the potential for innovation and productivity growth, and so much more! Key Topics: Welcome Felix to the show (2:03) Why a Ph.D. for career advancement unexpectedly led to Felix's transition into academia (2:24) How case writing guides Felix's interests and research focus (4:20) Defining a value-based strategy framework (6:25) Why should every conversation start with “Are we increasing willingness to pay or are we decreasing willingness to sell?” (10:08) Why Felix chose return on invested capital (ROIC) as a primary metric (12:40) Looking at ROIC distribution over the long term (14:22) Focusing on creating a competitive advantage inside of your industry segment (18:25) The significant issues strategists have with P&L statements (21:31) Value capture versus value creation (24:56) Determining willingness to pay (28:21) Harnessing network effects to increase willingness to pay (29:19) When to be worried about new entrants (33:18) Types of relationships between complementors (36:59) Understanding complements and value creation (40:26) Identifying complements and subtitutes (43:27) The effect of different management practices on productivity and willingness to sell (50:53) Tying willingness to pay and willingness to sell to strategy maps (56:01) Case study: Best Buy (58:09) The potential for innovation and productivity growth (1:02:09) Why Felix is obsessed with the differences between how we think about products and services versus jobs (1:04:50) Felix's book recommendations (1:08:18) And much more! Mentioned in this Episode: Felix Oberholzer-Gee's Book | Better, Simpler Strategy: A Value-Based Guide to Exceptional Performance Youngme Moon's Book | Different: Escaping the Competitive Herd Frances Frei & Anne Morriss' Book | Uncommon Service: How to Win by Putting Customers at the Core of Your Business Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!
Rebecca Hotsko chats with Braden Dennis. In this episode, they discuss Braden's investment process looks like for finding great stocks, his 6-question framework for finding “high-quality businesses” to invest in, how to determine if a company's high ROIC is sustainable or not, Braden's analysis and deep dive into Constellation Software and Shopify, why the P/E ratio is not the right multiple to value Shopify with, and what metrics are more relevant to the company, how to make sure you don't overpay for a business that's trading at a premium, Braden's thoughts on Brookfield Asset Management company given its spin-off, is Brookfield Asset Management's spin-off good for shareholder value, and so much more! Braden is the founder of Stratosphere and the co-host of The Canadian Investor Podcast.IN THIS EPISODE, YOU'LL LEARN:00:00 - Intro04:32 - What Braden's investment process looks like for finding great stocks. 06:36 - His 6-question framework and checklist for finding “high-quality businesses” to invest in. 10:53 - The most important factors he looks for to identify a company has a sustainable moat. 13:23 - How to determine if a company's high ROIC is sustainable or not. 16:55 - Braden's analysis and deep dive into Constellation Software and Shopify. 30:30 - How to make sure you don't overpay for a business that's trading at a premium.37:39 - Why the P/E ratio is not the right multiple to value Shopify with, and what metrics are more relevant to the company.50:46 - Braden's thoughts on Brookfield Asset Management company given its recent spin-off. 51:06 - Is Brookfield Asset Management's spin-off good for shareholder value.And much, much more!*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCESCheck out: Stratosphere. Check out: The Canadian Investor Podcast. Related Episode: Listen to MI239: Deep Dive into Apple & Google w/ Logan Kane, or watch the video.NEW TO THE SHOW?Check out our Millennial Investing Starter Packs.Browse through all our episodes (complete with transcripts) here.Try Robert and Rebecca's favorite tool for picking stock winners and managing our portfolios: TIP Finance.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts.P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSGet a FREE audiobook from Audible.Get personalized, expert advice that helps you see things clearly with ATB.Take stock of your finances and investing strategy with Betterment.Let an expert do your taxes from start to finish so you can relax with TurboTax.Talk to your clients about Desjardins Responsible Investment today and support what's right for society and what's good for business.If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.Support our free podcast by supporting our sponsors.Connect with Braden: Website | LinkedIn | Twitter Connect with Rebecca: Twitter | InstagramEmail: Rebecca@theinvestorspodcast.comSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
My guest this week is Michael Mauboussin. Many of you will know Michael and his work well. He's Head of Consilient Research at Counterpoint Global, one of the sharpest investment minds I know, and a frequent guest on this show. In this discussion, we go deep into his recent work on market share, returns on capital, and capital allocation - all of which are coming under increasing scrutiny for different reasons. Please enjoy this great conversation with my friend Michael Mauboussin. Listen to Founders podcast Founders Episode #136 A Success Story: Estee Lauder Invest Like the Best with David Senra: Passion & Pain For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus streamlines the investment research process so you can get up to speed and find answers to critical questions on companies faster and more efficiently. The Tegus platform surfaces the hard-to-get qualitative insights, gives instant access to critical public financial data through BamSEC, and helps you set up customized expert calls. It's all done on a single, modern SaaS platform that offers 360-degree insight into any public or private company. I've been so impressed by the platform that my firm, Positive Sum, recently made an investment in Tegus. We did so because we feel that Tegus will be the gold standard platform for investing research for decades to come. As a listener, you can take Tegus for a free test drive by visiting tegus.co/patrick. ----- Today's episode is brought to you by Brex. Brex is the integrated financial platform trusted by the world's most innovative entrepreneurs and fastest-growing companies. With Brex, you can move money fast for instant impact with high-limit corporate cards, payments, venture debt, and spend management software all in one place. Ready to accelerate your business? Learn more at brex.com/best. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes [00:03:46] - [First question] - Overview of Michael's recent research on market share [00:05:48] - Market share dynamics in modern history [00:08:43] - How market share data is useful for investors [00:12:30] - Investing in early breakout companies from low-concentration markets [00:14:34] - Surprises from his recent research project [00:15:29] - Using the value stick for stakeholder satisfaction [00:19:12] - Examples of value creation using the value stick [00:23:33] - Market power in relation to markups and willingness to pay [00:32:00] - Identifying a company's real ROIC numbers [00:44:00] - How important absolute ROIC is when picking investments [00:47:07] - Research on capital generation and allocation trends [00:54:25] - Characteristics of great capital allocation strategies [00:59:26] - Surprises in the market since his deep-dive research [01:02:54] - Artificial intelligence and other sources of disruptive innovation
IN THIS EPISODE, YOU'LL LEARN:02:52 - Breaking down Warren Buffett's strategy of “buying down wonderful companies at a fair price.” 02:52 - What the Acquirer's Multiple Investing strategy is. 08:35 - Why enterprise value is more useful than market cap to value stocks. 08:35 -The benefits of the Acquirer's multiple strategy vs Warren Buffett value investing strategy. 16:42 - How mean reversion works, what companies and financial metrics typically exhibit mean reversion. 29:28 - Why a competitive advantage is key for a company to sustain a high ROIC. 40:55 - What are things that investors mistake as being moats or sustainable advantages? 50:58 - How to implement this strategy and use the Acquirer's multiple stock screener. And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCESTobias Carlisle's book The Acquirer's Multiple.Tobias Carlisle's book Deep Value.Tobias Carlisle's book Quantitative Value.The Acquirer's Podcast.The Acquirer's Multiple.The Acquirer's Fund.Related Episode: MI025: Deep Value Investing W/ Tobias Carlisle - MI025.Related Episode: MI084: Warren Buffett, Charlie Munger, And Berkshire Hathaway W/ Adam Mead - MI084.NEW TO THE SHOW?Check out our Millennial Investing Starter Packs.Browse through all our episodes (complete with transcripts) here.Try Robert and Rebecca's favorite tool for picking stock winners and managing our portfolios: TIP Finance.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts.P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSGet a FREE audiobook from Audible.Invest in high quality, cash flowing real estate without all of the hassle with Passive Investing.Save time and money on your rental property insurance with Steadily. Get a commitment-free quote today.If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.Ship with FedEx and be ready for this holiday season with picture proof of delivery.Find an advisor who's invested in you with iA Financial Services Inc.Design your perfect suit with Indochino. Get 10% off any purchase of $399 or more by use promo code INVEST.Support our free podcast by supporting our sponsors.Connect with Tobias: Website | Twitter | LinkedInConnect with Rebecca: Twitter | InstagramSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
0:00 Antonio Gracias joins to talk: Tesla's early days, investing in Elon, macroeconomic outlook, ROIC, importance of energy independence, future of manufacturing, financial-ization of the P&L & more 22:35 Q: How has the poker game influenced your decision making in business and life? 29:33 Q: What was the scariest step of becoming a first-time fund manager? 32:34 Q: Crypto market unwinding & how it relates to the money supply 35:57 Q: Current pre-seed / seed valuations & metrics 38:58 Q: When investing in early-stage SaaS companies, how to find outliers? 42:11 Q: What would you do if dropped in the middle of Kansas at age 25 with no resources? 44:46 Q: Where will the next disruptions in industrial automation come from & how will the US hit economies of scale in semiconductor manufacturing 47:02 Q: Any plans for All-In Media? 50:02 Q: US strategy in the Russia/Ukraine War 54:19 Q: How have your first impressions changed as you've matured in your career, and whose first impressions have stood out to you the most? 58:29 Q: Are you interested in crypto micropayments? 1:00:55 Q: Biggest mistakes of your career that you've learned the most from? 1:09:54 Q: What impact could tech have on political discourse? What does a viable path forward look like? 1:15:36 Q: Are remote / distributed startup systems viable coming out of the pandemic? 1:19:41 Q: Advice for non-technical people trying to get into the startup world? 1:24:44 Q: Thoughts on the potential consumer credit crisis? 1:26:17 Lightning round: What problem do you most want to solve right now? All-In consortium? Can SMBs democratize their own labor supply? How to get more investors interested in hardware? Will this be a relatively short recession? Follow the besties: https://twitter.com/chamath https://linktr.ee/calacanis https://twitter.com/DavidSacks https://twitter.com/friedberg Follow the pod: https://twitter.com/theallinpod https://linktr.ee/allinpodcast Intro Music Credit: https://rb.gy/tppkzl https://twitter.com/yung_spielburg Intro Video Credit: https://twitter.com/TheZachEffect
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