Excited to have the Q1 2025 Investor Audible Series rolling through this quarter.

This week, we have letters from:

• 1Main Capital
• Alluvial Capital
• NZS Capital

Big thanks to the sponsors as well!

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, a website for emerging manager stockpickers.

For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more!

Tegus

Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best.

I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠tegus.co/valuehive⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for a free trial to see for yourself.

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

This is my first podcast with Adrian Godas and I am so excited to share it with you.

Adrian is one of the OGs that helped me learn the mining industry. He answered all my dumb questions, provided actionable investment ideas, and was a wealth of knowledge on the deep roots of mining history.

In this episode, we dive deep into:

• The history of mining
• Adrian's new role at Fast Markets
• Alphamin $AFM
• District Metals $DXM
• Valeura Energy $VLE

And more! You are going to love it.

Big thanks to the sponsors as well!

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, a website for emerging manager stockpickers.

For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more!

Tegus

Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best.

I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠tegus.co/valuehive⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for a free trial to see for yourself.

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Hey guys -- wanted to publish a short episode this week from the Lost File of Jeremy Raper's latest podcast (Pt. 3). Jeremy covered the Westinghouse Bankruptcy, uranium, and how to think about researching new industries.

I think you'll love it.

Big thanks to the sponsors as well!

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, a website for emerging manager stockpickers.

For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more!

Tegus

Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best.

I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠tegus.co/valuehive⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for a free trial to see for yourself.

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

I hope you guys enjoy my Twitter Spaces conversation on all things Deep Value Investing.

Big thanks to my two co-hosts @BuyCheapAndPray and @theotheraharon for making this Spaces worth the listen.

We cover a ton of ground during the conversation, including:

• Position sizing
• Research process
• Portfolio construction
• Investment criteria
• Lessons learned from mistakes
• Deep value mentors/idols

And more.

You're going to love this episode.

Finally, a big thanks to our sponsors for making this episode happen.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.

I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

Very excited to have my friend Derrek -- aka @real_MikeBarnes on Twitter -- on the podast again.

We chat gold, junior miners, Derrek's life-changing trade in Kirkland Lake Gold, his other life-changing trade in Agnico Eagle (AEM), and more.

I loved this conversation. I always learn something new when talking to Derrek, and you will too.

Big thanks to the sponsors as well!

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, a website for emerging manager stockpickers.

For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more!

Tegus

Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best.

I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠tegus.co/valuehive⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for a free trial to see for yourself.

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Jeremy Raper is back for his third appearance on the podcast. We chat Japan, Tariffs, Trump, activist investing, Jeremy's research process, commodities, and more.

As always, Jeremy leaves a ton of knowledge bombs to absorb over the hour.

Big thanks to the sponsors as well!

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, a website for emerging manager stockpickers.

For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more!

Tegus

Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best.

I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠tegus.co/valuehive⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for a free trial to see for yourself.

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Q4 Investor Audibles is out. This week we cover:

• Massif Capital
• Marlton Partners
• Giverny Capital

This is an idea heavy episode that I know you'll love. Make sure to subscribe and leave a review of the podcast if you have time. It helps get the word out about Value Hive.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, a website for emerging manager stockpickers.

For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more!

Tegus

Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best.

I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠tegus.co/valuehive⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for a free trial to see for yourself.

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

This is a replay of our podcast in 2023.

This week we have Jeremy Rapper as a returning guest. We had a very interesting discussion on what I call Social Activism. He discusses lessons on shorting, including the Silicon Valley Bank case.

The conversation then shifts to event-driven investing with the Hunter Douglass Saga as an example of Social Activism.

Jeremy also provides insights on Japanese capitalism and the importance of idea generation through pattern recognition.

He mentions FAR Limited ($FAR.ASX) as another example of Social Activism and touches on commodity investing.

• [0:00] Catch Up since Last Podcast
• [4:00] Lessons on Shorting: Silicon Valley Bank
• [19:00] Event Driven Inverting: The Hunter Douglass Saga
• [38:00] Japanese Capitalism
• [58:00] Idea Generation < Pattern Recognition
• [1:02:00] FAR Limited ($FAR.ASX)
• [1:08:00] Commodity Investing
• [1:35:00] More from Jeremy and Closing Questions

I'm thrilled to have Adam Rossi on the podcast. Adam is a private investor, successful businessman, entrepreneur, beekeeper and maple syrup salesman.

Adam has decades of experience building companies in the cyber and defense spaces. We spent an hour discussing DOGE, defense stocks, and investing like a family office.

I really enjoyed this conversation and I know you will too.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, a website for emerging manager stockpickers.

For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more!

Tegus

Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best.

I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠tegus.co/valuehive⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for a free trial to see for yourself.

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

I can't believe it took me this long to get Matt Warder on the podcast. But here we are.

Matt is the smartest guy in the coal space, and it's not even close.

We chat HCC's latest investor presentation, why coal stocks are cheap, the 2026-2027 setup, and Matt's thoughts on precious metals.

We finish the conversation with lessons from Matt's dinner with Mohnish Pabrai.

Mitimco

This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠⁠⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠⁠⁠⁠⁠⁠, a website for emerging manager stockpickers.

For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more!

Tegus

Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best.

I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to ⁠⁠⁠⁠⁠⁠⁠⁠⁠tegus.co/valuehive⁠⁠⁠⁠⁠⁠⁠⁠⁠ for a free trial to see for yourself.

TIKR

TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠⁠⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠⁠⁠⁠⁠⁠.