Superinvestors and the Art of Worldly Wisdom

This episode is long overdue. I've been following the work of Asif Suria for over a decade now and it has proven to be one the best sources of investment ideas I have come across. Asif tracks and writes about everything from predictive insider trading patterns to "ubercannibals," or companies that consistently use excess free cash flow to buyback significant amounts of stock over long periods of time. Profit opportunities created by corporate actions such as risk arbitrage and spinoffs are also featured prominently in his work. Essentially, Asif is a classic value investor in search of a catalyst and, as he consistently demonstrates at his website InsideArbitrage.com, event-driven catalysts can be some of the most effective means to realizing hidden value in the stock market. So it is my true pleasure to finally introduce you to my friend, Asif Suria. For notes and links related to this episode visit TheFelderReport.com.

My guest for this episode is Joseph Wang. Joseph is one of the most knowledgeable people I’ve come across when it comes to the world of central banking and how it intersects with markets. His experience on the open markets desk at the New York Fed gives him unique insight into the inner workings of the financial system and how it has evolved in recent years. In this episode we discuss the shift in both monetary and fiscal policy over the past decade and how it has crucial implications for investors in coming years. For notes and links related to this conversation visit TheFelderReport.com.

My guest for this episode is Ben Hunt. This is Ben’s second appearance on the podcast. I had the pleasure of first interviewing him a few years ago and if you are not familiar with his work, I encourage you to go listen to that episode in which he discusses his background and the key concepts he utilizes in analyzing markets. It’s not at all necessary but his framework is truly fascinating and will give you a deeper understanding of what we discuss here. Today, Ben sees a pattern of rapacious behavior in the markets that extends well beyond the world of finance and impacts each one of our lives in very important ways. He also sees a glimmer of hope in how we can overcome it. For links and notes related to this episode visit TheFelderReport.com.

Variant Perception is an investment research firm founded on the idea that man plus machine beats machine (or man) alone. In an era dominated by passive investing and other purely quantitative strategies with relatively short look back periods on the one hand and rampant speculation in meme stocks and other moon shots on the other, nothing could be more contrarian and perhaps more valuable than taking a more thoughtful approach grounded in historical context and driven by tactical tools that have proven valuable through many market cycles. This is precisely the focus of Variant Perception and its CEO, Tian Yang. In this episode, Tian discusses the details of the firm's unique investment analysis framework and, given the apparent paradigm shifts already underway, how it is especially valuable in assessing markets and the economy today. For notes and links related to this episode visit TheFelderReport.com.

Known as "one of the greatest financial historians alive," Edward Chancellor has been working in the markets for three decades now; his study of finance theory, speculative bubbles and economics goes back even further. 'The Price of Time,' Edward's latest book, is clear evidence of his passion for the subject of financial history and his ability to convey the key concepts in an effective and uniquely entertaining way. The book does a masterful job of chronicling the modern history of easy money and explaining its many "secondary consequences," including, "the collapse of productivity growth, unaffordable housing, rising inequality, the loss of market competition and financial fragility." More than that, it takes the reader on a journey from the beginnings of modern central banking in John Law's Mississippi Company to today's fight against rapidly rising inflation pressures, imploring the reader to think critically about what it all means for the future of the economy and markets. In this episode, Edward shares his inspiration for writing it and his thoughts on what history suggests may lie ahead. For notes and links related to this episode visit TheFelderReport.com.

For over 35 years now, Fred Hickey has consistently performed in-depth research into a wide variety of individual stocks and what drives them over the full market cycle. What's more, during that entire span he's distilled his findings into concise and actionable research for subscribers to his newsletter, The High Tech Strategist. In the process, he's earned a reputation among loyal readers for being both a beacon of true value at times of market opportunity and a voice of reason during periods of overzealous speculation. In this conversation, Fred discusses the recent mania in the markets, how it compares to similar episodes of the past and what those have to teach us about how the current decline in stock prices might unfold in the months ahead. For notes and links related to this episode visit TheFelderReport.com.

This is the third conversation with Diego Parrilla I have published as a podcast but the fourth time I have actually recorded a discussion of ours. The first time Diego was kind of enough to share many of the facets of his investment process, I found only afterwards that, due to a technology issue, the audio recording was sadly unusable. So I was very glad to prevent the possibility of another such mishap by having this conversation in person. Though it was the holy week of Semana Santa in Spain and Madrid was relatively quiet as a result, I found Diego and his team toiling away in their top floor offices at Quadriga Funds. Considering Diego's views have been so prescient of late and his framework for approaching markets so relevant to the current environment, I was especially glad to have the chance to talk with him again. For notes and links related to this episode visit TheFelderReport.com.

For long-time Superinvestors listeners, Kiril Sokoloff needs no introduction. Last summer, he was kind enough to host me at his home in Sun Valley, Idaho where we discussed much of the framework that makes up the foundation of Kiril's research and investment process. In this conversation, he shares how he applies this framework to the inflation debate and the most meaningful conclusions he has reached as a result of this process. Moreover, Kiril explains what it all means for the economy, markets and individual investors. For notes and links related to this conversation visit TheFelderReport.com.

Todd Harrison is truly one of the good guys on Wall Street. After a career that took him from the Morgan Stanley options trading desk to running a major hedge fund and then starting a financial media business, Todd founded CB1 Capital several years ago. The firm, an investment adviser and manager, was born out of Todd's belief in cannabis as a relatively untapped source of wellness and as an investment opportunity. After a 9-month bear market that has seen stock prices in the sector fall, in many cases, over 50%, Todd sees what he now calls a, "generational opportunity" and, "the trade of a lifetime." In this conversation, and in typical Toddo fashion, he candidly shares his work and discusses his thesis behind the trade. For notes and links related to our conversation visit TheFelderReport.com.

Jim Stack has been assiduously studying markets in an effort to develop and hone a full-cycle investment discipline since he was first introduced to stock market risk back in the 1973-74 bear market. That experience instilled in him the modicum of skepticism needed to successfully navigate major market turning points, both tops and bottoms, as well as an infectious enthusiasm for investment research that still drives him today. It also set him on a journey that would eventually see him founding InvesTech Research, one of the most successful investment newsletters in the industry, and later Stack Financial Management, an SEC-registered advisory firm with billions under management. In this episode (recorded in Whitefish, Montana), Jim shares the key stories that shaped him as an investor and the lessons learned along the way. He also discusses how he developed some of the major indicators that drive his investment process and how they currently influence his approach to the market. For notes and links related to this episode visit TheFelderReport.com.