The Intrinsic Value Podcast - The Investor’s Podcast Network

Clay Finck chats with Arif Karim about the importance of pricing power, the investment case for Ferrari stock, and much more!

Arif is a senior investment analyst at Ensemble Capital. Before joining Ensemble Capital, he was a senior investment analyst and co-portfolio manager at Kilimanjaro Capital.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

02:03 - The importance of pricing power for a company operating in an inflationary environment.

04:06 - How an investor can determine whether a company has adequate pricing power or not.

09:39 - Why Costco has spectacular pricing power, despite their very low margins.

15:52 - The investment case for Ferrari.

38:58 - What an idiosyncratic business is.

And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

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Connect with Arif: Website | Twitter | LinkedIn   

Connect with Clay: Twitter

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Robert Leonard brings back his good friend Chad Carson to discuss his new book The Small & Mighty Real Estate Investor, including the differences between building a small portfolio and a large portfolio, how to deal with debt in partnerships, people not paying rent, the psychology of being a workaholic, the 7 rules of a small and mighty real estate investor, and much, much more!

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

12:05 - What it means to be a small & mighty real estate investor.

12:05 - 7 rules of a small & mighty real estate investor.

34:18 - How to deal with being a workaholic.

43:11 - How to think about debt.

46:41 - How to deal with tenants not paying rent.

47:13 - Why you might not want to build a big real estate portfolio.

And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

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Connect with Robert: Twitter | Website

Connect with Chad: Website | Twitter

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Clay Finck chats with Tony Coniaris about the investment process and philosophies at Oakmark, Netflix as a value investment, Netflix stock valuation, and much more!

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:50 - Oakmark’s criteria for a quality value investment.

07:44 - What it means to have a bottoms up investment approach rather than a top down approach.

11:39 - Why Netflix qualifies as a value investment for Oakmark.

15:30 - Tony’s thoughts on the volatility of the stock’s price action.

18:13 - How Tony thinks about valuing Netflix.

30:20 - Tony’s thoughts on a recent addition to Oakmark’s holdings - Willis Towers Watson.

And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

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Connect with Oakmark: Website | Twitter   

Connect with Clay: Twitter

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! 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! 

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Robert Leonard chats with Devon Kennard about designing your game plan for financial success, including what financial success actual means, how it plays into having a happy life, whether net worth or cash flow is more important, what a money personality is, how the conversations around money have changed in professional sports, and much, much more.

Devon Kennard is an NFL player, entrepreneur, and real estate investor. He was also nominated for the prestigious Walter Payton Man of the Year Award in 2019.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

06:24 - What financial success means.

15:44 - How the conversations around money have changed in professional sports.

29:01 - How financial success plays into a happy life overall.

37:56 - What a money personality is.

58:19 - Whether net worth or cash flow is more important.

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

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Support our free podcast by supporting our sponsors:

Connect with Robert:  Twitter

Connect with Devon: Website | Twitter | Instagram

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Patrick Donley sits down with Marilyn Moedinger to chat about her career in architecture and academia, her early days in construction as a general laborer and project manager, what it was like traveling around the world studying vernacular architecture, and how it’s been renovating a 300-year-old family farm house, plus a whole lot more.

Marilyn is the founding principal of Runcible Studios and has been an adjunct professor for over 10 years where she has taught design studios, construction detailing, building science, theory, and design/build

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro.

02:47 - How Marilyn got turned onto architecture.

06:24 - Why she took a job as a general laborer right out of college.

11:22 - What are some of her early challenges were as a project manager?

25:59 - Why going back to get a Masters degree at UVA was one of her best financial decisions?

28:35 - What is involved in getting licensed as an architect?

35:00 - What her next steps were after obtaining her Masters degree in architecture.

36:01 - How she got to travel around the world studying vernacular architecture.

44:50 - What the jump was like starting her own architecture practice.

45:48 - Why academia wasn’t for her.

53:53 - Why she named her company Runcible Studios.

55:13 - How she survived during the pandemic doing other entrepreneurial ventures.

60:16 - What it’s been like renovating a 300-year-old family farm house.

66:40 - What her own real estate portfolio looks like and her plans for the future.

69:36 - How she bought and managed a renovation sight unseen.

72:55 - How she used a 1031 on a condo she rented to purchase two properties.

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

SPONSORS

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Connect with Patrick (@jpatrickdonley): Twitter

Connect with Marilyn Twitter | Website

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In this MI Rewind episode, Clay Finck chats with Chris Kuiper and Jack Neureuter about Fidelity and Bitcoin, decentralization and network effects, and much more!

Chris Kuiper is the Director of Research at Fidelity Digital Assets and Jack Neureuter is the Research Analyst at Fidelity Digital Assets. Together they wrote the Bitcoin First White Paper which outlines why investors need to consider bitcoin separately from other digital assets.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

06:56 - Why Fidelity chose to offer services for Bitcoin only, and none of the other digital assets.

13:47 - Why institutions are interested in buying Bitcoin for their company’s balance sheet.

16:59 - Chris and Jack’s thoughts regarding common criticisms of Bitcoin.

19:45 - Why Bitcoin should be considered separately from all other digital assets from an investment standpoint.

28:08 - Why decentralization and network effects are critical aspects of Bitcoin’s value proposition.

44:24 - Things happening in the Bitcoin space that make Chris and Jack most excited about its future.

And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

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Connect with Fidelity Digital Assets: Website | Twitter

Connect with Clay: Twitter

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Robert Leonard chats with Tobias Carlisle about the global economy, market assessment, value investing opportunities, mean reversion trades, quality assessment in deep value strategies, using screeners, and more!

Tobias Carlisle is the founder of The Acquirer’s Multiple®. He is also the founder of Acquirers Funds® which manages ZIG, the Acquirers Fund, and DEEP, the Roundhill Acquirers Deep Value Fund.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:33 - His current assessment of the global economy and markets. 

08:59 - Why he thinks the current market conditions create a favorable set up for value investors going forward?

20:32 - How long a mean reversion trade typically takes and how this differs from a time horizon of a quality investor. 

24:39 - How to use his screeners and find companies that are cheap on an acquirer’s multiple basis?

44:39 - How an assessment of quality plays a role in a deep value strategy. 

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

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Connect with Robert:  Twitter

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In this MI Rewind episode, Clay Finck chats with Kevin McGarvey about why Kevin believes that putting their small business on a Bitcoin Standard is a necessity for small businesses to thrive, and much more! Kevin McGarvey is the Co-Owner and President of All Out Parking Lots.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

11:47 - What led Kevin and his partner to putting their small business on a Bitcoin Standard?

17:07 - What the process was like for Kevin to make this move.

22:02 - How Kevin stores the Bitcoin on his company’s balance sheet.

22:49 - The unique way Kevin decides to reward his employees and attract new talent.

42:41 - What Kevin is most excited about for the future of Bitcoin.

And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

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Robert Leonard & Gautam Baid discuss Gautam's investment evolution, Buffett's influence, behavioral edge, simpler businesses, value traps, negative info, disqualifying features, Indian stock market & more!

Gautam Baid is the Managing Partner of Stellar Wealth Partners India Fund and Equity Advisor of Stellar Wealth PMS. He has a long-term, value-oriented approach and has worked in portfolio management and investment banking. Gautam is also the author of The Joys of Compounding.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

02:30 - How Gautam’s investment philosophy has evolved over the years after discovering the art of intelligent investing through teachings of Warren Buffett and value investing. 

11:22 - Why he believes the biggest edge investors can have in markets today is behavioral rather than informational? 

22:45 - What are “disqualifying features” and how investors can apply these into their own investment checklists? 

25:52 - Why Gautam focuses on investing in simpler businesses that require fewer assumptions. 

32:27 - Why great companies may not always be great stocks. 

35:06 - How to distinguish between a company that is undervalued and out of favor vs a value trap? 

47:52 - Why incorporating “negative information” into your investment process may be useful. 

53:56 - His thoughts on the potential opportunities in the Indian stock market within the scope of a value oriented, fundamental lens. 

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

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Connect with Robert:  Twitter

Connect with Gautam: Website |Book 

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Patrick Donley chats with Tyron McDaniel about his background and career, his work in inner-city Houston, and his thoughts on making housing more affordable at scale. You’ll also learn about Tyron's innovative approach to renovating and developing homes, his views on gentrification, and advice he gives to young people based on his many years of real world experience.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

02:04 - What it was like growing up in the 5th Ward of Houston.

02:04 - How he was able to see a good part of the country at a young age.

05:25 - What happened after he “quit-uated” from college.

05:35 - Why driving a semi was formative for his life and career.

07:33 - How a book on tape he listened to changed his life and perspective.

12:03 - What some of the old school real estate infomercials were like.

13:35 - How he got into the mortgage industry after being in trucking and focused on sales.

22:45 - How he got involved in buying real estate and netted $22,000 on his first deal.

24:41 - What it was like being a lender during the GFC of 2008.

26:31 - Why a nightmare renovation made him move toward new construction.

27:35 - How he learned about the power of partnerships.

34:11 - What the benefits and challenges of buying “old raggedy houses” are.

45:43 - What his thoughts on gentrification and affordable housing are.

56:42 - What his strategy is after renovating an older home.

56:42 - How he views where we are in the current market cycle.

01:02:30 - What his strategy is going forward for other asset classes.

01:02:44 - What are some other asset classes that are of interest to him?

01:06:35 - Why RE Twitter is such a valuable resource.

01:06:35 - Advice he gives to young people.

And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

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Connect with Patrick (@jpatrickdonley): Twitter

Connect with Tyron McDaniel: Instagram | Website | Twitter

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