The Special Situation Cast

Non-GAAP Mike has a fascinating background as an analyst at a very well-known hedge-fund and when it wound up transitioned into tech. He also writes a superb substack called non-GAAP where he dives deep into proxy's to come up with valuable signals that something is about to change in a business.

Non-GAAP:

https://nongaap.substack.com/

Mike on Twitter:

https://twitter.com/nongaap?lang=en

Ian Bezek of Ian's Corner on how he ended up at the well known Kerrisdale hedge fund, how he started Ian's Corner and why he's very interested in Mexican and South American ideas. He also explains why he likes a unique REIT that holds the Empire State Building and exploits its one-of-a-kind observatory.
Ian Bezek @ Seeking Alpha
https://seekingalpha.com/author/ian-bezek#regular_articles
or on Twitter:
https://twitter.com/irbezek

Talking to Dave Waters of Alluvial Capital and OTC Adventures. Dave is a true micro-cap specialist. He talks about his process and how he likes to find ideas.

We talk about several specific ideas like underappreciated REITS, an asset play with unique trophy assets, and rural telcos, among other things.  $LICT $NEN $NUVR $WHLR 

Videocast with Jan Svenda who is an independent analyst who is focused on short selling.

Jan Svenda also publishes the OTC Manual. which is the go-to resource in OTC land.
He also contributes to Seeking Alpha and Breakout Point.

In this discussion, we talk about a number of highly interesting short ideas and venture into OTC companies.

On the short side, we talk about GSX Techedu Inc. ($GSX), Luckin Coffee ($LKNCY), Wirecard ($WDI), Great Ajax Corp ($AJX), Inspire Medical Systems ($INSP). We also get to talking about under-the-radar OTC companies like Altair ($ATCD) and Life Insurance Company of Alabama ($LINSA).

I am talking to Mariusz Skonieczny, private investor, founder of ClassicValueInvestors.com and author of ten investment books.

-Mariusz grew his account from $10,000 in 2009 to $1.1 million in 2019 without any crypto.

-His concentrated portfolio suffered a big hit in March as he suffered a 50%+ drawdown.

-We talk about tankers as we are both very interested in this sector for the medium term.

-Mariusz does extensive due diligence talking to executives and other people with deep domain expertise. 

-Holds a basket that includes the companies aforementioned but also Euronav and Teekay Tankers 

-After tankers, we also cover Oroco resources  and Mitcham Industries 

http://classicvalueinvestors.com/

Christian Herzeca talks me through the special situation around the GSE’s Fannie & Freddie. He breaks the case down to political, legal and practical layers.

One thing I’m taking away is that studying the legal argument greatly adds to confidence.

These are some of America’s great companies with great business models.

Effectively a regulated duopoly.

The political side of the situation draws a lot of attention there is too much fear of the Democrats taking the election.

In practice, there are ways for FHFA director Calabra to mitigate that threat. 

Key reading material to get up to speed are the following documents:

Moelis Blueprint (November 2018)

Collins 5 th C en banc opinion

Seila Scotus opinion

Timothy Howard’s (former Fannie Mae CFO) blog:

HOWARD ON MORTGAGE FINANCE

He also wrote The Mortgage Wars

I am talking to Andrew Walker, portfolio manager at Rangeley Capital and his widely read YAVB blog

In this episode, we discuss:

• Madison Square Garden and the worst run team in the NBA
• The Taubman / Simon Property M&A deal 
• The Tiffany's and LVMH M&A deal 
• Cable companies 
• Twitter / the worst run social media property in the NASDAQ? (I'm detecting a pattern here) 
• Kontoor Brands; dividend stock that suspended its dividend

And more. You can find Andrew's must-read blog here (http://yetanothervalueblog.com/) and he's also on Twitter https://twitter.com/AndrewRangeley

I am talking to Lizz Hall, an independent investor, marketer and famous Fintwitter.

In this episode, we discuss:

• How she got started in investing with a concentrated portfolio and chained together several monster investments.
• A search strategy that starts by immersion in culture
• Investments in $TGT, $AMZN, $LON:GAW, $MAR
• Why Elon Musk is the greatest CEO of all-time

And more. You can find Liz on Twitter here (investment philosophy super thread): https://twitter.com/LAForeverHall/status/1205981236960714754?s=20