Bill Gunderson, founder of Gunderson Capital Management, joins the Marketplace Roundtable Podcast to discuss his investing experience as reflected in the Best Stocks Now! Premium service.
Gunderson has been a professional money manager for 22 years and finds investors generally fall into one of two camps: value investors or "more from the cam, slam, momentum" school of thought. Gunderson finds himself "right in the middle," combining value with "momentum, alpha, and performance."
One integral lesson he's learned in his career is that "stocks and indexes follow earnings." This explains why the market has gone up for 10 years and counting. This year the S&P 500 is on track to make $165 per share, compared to $58 in 2009 when the rally began. Next year the consensus is for $180 per share, or 9% higher than this year, which according to Gunderson's expectations should translate into a level above 3,200 for the S&P 500 in coming months.
As earnings season kicks off, he is keeping an eye out for companies that begin to stray from the course that was projected. Last earnings season it was Netflix (NFLX), which caused Gunderson to sell his shares in the streaming services company. China trade talks are "the biggest cloud hanging over the market," but Gunderson expects a resolution by the end of the year or sooner. "It's just gotta happen," he says. "Not getting a resolution or some real big question mark over the election coming up -- I think those are the biggest factors."
Favorite ideas include Charter Communications (CHTR), "a cable company so disliked by their customers they had to change their name." Gunderson has a big position in CHTR and remains bullish as earnings expectations increase. He recently wrote about Lululemon Athletica (LULU), which has "a very strong history of beating earnings," and likes Chipotle (CMG), Dexcom (DXCM), and Insulet Corp (PODD), among others.
Topics covered:

2:00 - Describe your investing style

3:15 - Key lesson learned

4:00 - Assessment of current market, particularly in light of earnings

7:15 - Any sector you focus on?

10:00 - Anything that currently scares you about the markets?

11:00 - Thoughts on Zuckerberg vs. Warren

12:30 - Favorite stock ideas. (CHTR) (LULU) (CMG) (DXCM) (PODD) (BX)


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Today's guest on The Marketplace Roundtable Podcast is the Founder, President and Director of Research & ETFs at Hoya Capital Real Estate, Alex Pettee. Hoya Capital Real Estate is a Connecticut-based registered investment advisor that is working to make real estate investing more accessible to all investors. In that vein, Hoya Capital advises ETFs and individual accounts by investing in portfolios of publicly traded commercial and residential real estate companies.
Alex also goes by the moniker Hoya Capital Real Estate here at Seeking Alpha. He’s been a contributing author since 2015 - around the time he founded Hoya Capital - building up a following of more than 12,000 investors with his unparalleled analysis of the U.S. real estate market. In August, he joined the team at the iREIT on Alpha marketplace service, run by Brad Thomas, to provide the macro side of the real estate investing equation.
In March of this year, Alex launched the Hoya Capital Housing ETF (HOMZ), which is really the first fund to offer exposure to the entire U.S. housing market in a single fund. Alex and I cover the U.S. housing market from both a top-down and bottom-up perspective including how the macro analysis he provides to iREIT on Alpha is a great compliment to the single name analysis Brad Thomas specializes in.
Topics covered:
2:45- Hoya Capital’s Backstory: How did Alex become “obsessed” with real estate as an asset class and come to launch the Hoya Capital Housing ETF.5:30 - A year of firsts: Alex joins the iREIT on Alpha Seeking Alpha Marketplace service as the “Macro real estate” specialist.10:15 - Lower rates vs. recession concerns: Which trend has the upper hand in the U.S. housing market?18:00- When will the backlog of “deferred household formations” among Gens X and Y finally enter the housing market?22:00 - Viewing current homebuilder valuations in light of the massive run-up YTD (XHB) (ITB).25:00- Current dynamics in the rental market (REZ).29:30- HOMZ - The entire U.S. housing market in a single ETF.32:30- Looking under the hood: Understanding sector caps and weightings within HOMZ.37:00 - HOMZ: More of a capital appreciation or an income play?40:15 - Creating an ex-U.S. equivalent to HOMZ is harder than it seems.43:00 - In search of a higher quality higher-yield real estate product.
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Michael Kramer, founder of Mott Capital Management, joins the Marketplace Roundtable Podcast to discuss his investing experience as reflected in the Reading the Markets service.
On the whole, he is "very bullish on the equity market," believing another up leg to be imminent that will be reminiscent of the late 2016 to early 2018 period. For 2020, he has a target valuation of 3,400 for the S&P 500, corresponding to an increase of about 10% to 15% from current levels. He also shares some of his top picks.
Topics Covered:2:00 - Investing strategy/key lesson6:15 - Something new learned over the past year8:15 - View of macro picture15:00 - Thoughts on equity market sectors19:45 - Anything that scares you about the markets or your portfolio?20:45 - Something that gives you confidence23:00 - Concerns about recession, inflation, manufacturing?25:00 - Favorite ideas (DIS) (NFLX) (T) (SQ) (AMD)
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Thomas Lott, an adherent to Graham and Dodd/Buffett style investing, joins the Marketplace Roundtable Podcast to discuss his strategy as reflected in the Cash Flow Compounders service.
Lott seeks companies that have the ability to compound earnings per share better than market rates over an extended period of time. In this case at least 8%, which is more than the 6% annual average in the S&P 500 since 2015.
It's not just about earnings growth, however. Investment-grade balance sheets, higher return on equity, high margins, and stocks that didn't lose material value during the Great Recession are additional factors that go into Lott's screen. Right now he has a list of "about 100 names" that he considers "best in class" and an additional list of 200 second-tier stocks.
The critical decision is choosing an entry point for investing. Here Lott tracks prices to identify when stocks trade cheaply "to their typical trading patterns." He ranks the 100 names on a daily basis using "four or five metrics" and then does more fundamental work "to figure out if this is something I want to own."
Right now, Lott sees markets "kind of at an inflection point" where there could soon be a shift from growth back to value stocks. One of his favorite ideas right now is Wabtec Corp. (WAB), a manufacturer of locomotives and locomotive parts that recently acquired GE Transportation. There are several factors that go into his thesis, all of which are discussed on the podcast starting around 19:31.

Topics Covered

2:00 minute mark - Investing strategy7:00 - How much does balance sheet factor in to your analysis?8:15 - What have you learned during your investing career that you find valuable right now?10:30 - Lessons from the past year13:45 - Something that scares you about markets/portfolio right now?15:15 - Something that gives you confidence?17:00 - Are you concerned that "safer" stocks could also be punished in a recession related sell-off?19:30 - Favorite ideas. (DELL) (WAB) (CMCSA) 
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This trailer previews our initial two shows on The Investing Edge, from Value Investor's Edge Live hosted by J Mintzmyer, and The Razor's Edge, hosted by Daniel Shvartsman and Akram's Razor.

Our excerpt for Value Investor's Edge Live is from our first episode, where J Mintzmyer speaks with Robert Bugbee of Scorpio Tankers about the company's comfortable cash position and the pending catalyst of IMO 2020.

Our excerpt from The Razor's Edge is from the first episode, which covers Disney, Netlfix, and the streaming universe. Daniel Shvartsman asks Akram's Razor about whether Netflix can solve a budding challenge - too much content on the service.

The Investing Edge is a podcast channel on Seeking Alpha that features shows from different Seeking Alpha authors, with a focus on their unique investing style. Authors will speak with CEOs and industry experts, break down key market stories and topics, and share insights on how they research new investments.

The first two shows on The Investing Edge are:

Value Investor's Edge Live, hosted by J Mintzmyer of Value Investor's Edge. The show will feature J's conversations with publicly traded shipping company CEOs, sector experts, and fellow deep value investors about their companies and investing approaches.

The Razor's Edge, hosted by SA podcast host Daniel Shvartsman and Seeking Alpha author Akram's Razor of The Razor's Edge.



 
 
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The Fortune Teller joins the Marketplace Roundtable Podcast to discuss his investing experience as reflected in the Wheel of Fortune service. TFT's strategy starts with a comprehensive view of the entire market across asset classes. The primary concern is risk. "We think that our first responsibility is assessing and calculating the risk," says TFT. "Risk management lies at the very core and essence of everything we do."
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Avi Gilburt rejoins the Marketplace Roundtable to share his prognosis on the market after a bumpy year. He reviews the basis of his investing style, and its roots in investor sentiment. He sees the potential for both a strong correction and an eventual bigger rally, which leaves him looking for a better entry point. The story is similar in bitcoin and metals as well.

Topics covered:

2:00 minute mark - Description of "Fibonacci Pinball" and "Elliot Wave."4:30 - What do these theories say about today's market?6:30 - How does this affect your investing strategy?9:00 - Lessons learned.10:30 - What to look for when entering into an investment.13:30 - Would your investing strategy be useful in dealing with anything from the past year or so?15:00 - Can central bank action affect Elliot Wave cycle?18:00 - Does anything scare you about the markets or your portfolio?19:15 - What gives you confidence?20:00 - Bitcoin bottom and rally.22:30 - Specific ideas recommendations.
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A family office manager explains how he evaluates and builds client portfolios via ETFs, CEFs and single stock positions. 
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Ruerd Heeg joins the Marketplace Roundtable Podcast to discuss his quantitative methods of investing as reflected in his Global Deep Value service.
Heeg seeks stocks with multiple favorable fundamentals, such as those trading below net current assets or with low price earnings. He diversifies by investing in multiple parts of the world through a variety of strategies. "I export fundamentals for thousands of global stocks, then I rank these stocks in several metrics simultaneously, using a computer program." The metrics are determined by the strategy -- Heeg has seven that are based on academic research.
A simple metric that has improved results is to filter stocks by liquidity. This yielded better companies than before. A statistical approach, "using many small positions," is a good way to hedge out the factor of luck, says Heeg.

Topics Covered

2:10 minute mark - Investing strategy, mathematical models6:45 - Key lesson learned over time8:00 - Anything valuable to take away from how the markets have been behaving?10:15 - What are some sectors you cover?14:00 - Specific picks (OAOFY) (TSLA)20:15 - Concerns about market/portfolio22:30 - What gives you confidence now?24:15 - Talking about the Sanofi Genzyme CVR (GCVRZ) value right. 
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David Alton Clark of Clark Capital joins the Marketplace Roundtable podcast to discuss his  High Yield Income Forum service and how his investing strategy has evolved over the last quarter century.
Having successfully navigated the dot-com collapse in the early 2000s and real estate bubble later that decade, Clark today values capital preservation over capital creation. "You really need to watch out for your nest egg as you're building it up over time," he says.
That includes seemingly simple things like having a plan to "layer in" to a position once a decision has been made to invest.

Topics Covered:

2:00 - Investing strategy4:00 - Key lesson learned in your career6:30 - Lesson learned in the last year8:30 - What are you watching as we head toward the end of the year?10:45 - Concerns about the market/portfolio13:00 - What gives you confidence about your approach?16:45 - Characteristics of bubbles19:00 - Stock pick ideas - AT&T (T)22:45 - Century Link (CTL)27:30 - Iron Mountain (IRM)29:30 - How important is dividend income to your investing thesis? 
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