In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss (i) the idea of a noise audit in the investment process and Daniel Kahneman's new book, "Noise: A Flaw in Human Judgment"; and (ii) whether customer acquisition cost (CAC) should be considered the new rent. Enjoy the conversation! About the Co-Hosts: Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable...
Jun 26, 2021•1 hr 10 min•Season 1Ep. 49
In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss what it's like to be an emerging manager. Elliot and Phil share their experiences, lessons learned, and success factors. Enjoy the conversation! About the Co-Hosts: Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discove...
Jun 12, 2021•1 hr 58 min•Season 1Ep. 48
In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) the concept of "aggregation of marginal gains" and related examples; and (ii) an academic study of lifetime value creation in the stock market. Enjoy the conversation! About the Co-Hosts: Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities...
Jun 05, 2021•1 hr 6 min•Season 1Ep. 47
In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss (i) the "big ideas" of investing, i.e., what could be said about intelligent investing on a single piece of paper; and (ii) the sale of Nuance to Microsoft as a case study in management incentives. Enjoy the conversation! About the Co-Hosts: Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price in...
May 29, 2021•1 hr 8 min•Ep. 46
In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) the market's focus on the next imminent thing, both in terms of companies and broader sectors, and what it means for positioning; and (ii) Richard Zeckhauser's paper on risk, Investing in the Unknown and Unknowable . Enjoy the conversation! About the Co-Hosts: Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth a...
May 22, 2021•1 hr 11 min•Season 1Ep. 45
In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss (i) the largest companies by market cap in 1999 vs. 2021; and (ii) whether the current bout of inflation is transitory or not. Enjoy the conversation! About the Co-Hosts: Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on d...
May 15, 2021•1 hr 2 min•Season 1Ep. 44
In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) Twitter CFO Ned Segal joining Elliot's recent Twitter Spaces discussion, creating a potential template for other public companies and taking a step toward democratizing corporate access; and (ii) Knightian uncertainty, and (iii) Buffett's table of the top 20 companies by market cap in 1989 vs. 2021. Enjoy the conversation! About the Co-Hosts: Elliot Turner is a co-founder and Managing Partner, CIO at RGA Invest...
May 08, 2021•1 hr 2 min•Season 1Ep. 43
In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss (i) the incredible long-term success story, the distinctiveness, and the future of Berkshire Hathaway; and (ii) the important distinction between uncertainty and risk in investing. Enjoy the conversation! About the Co-Hosts: Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy...
May 01, 2021•1 hr•Season 1Ep. 42
In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) emerging quality in contrast to established quality, and (ii) the highest-returning stocks of the past decade or two. Enjoy the conversation! About the Co-Hosts: Philip Ordway is Managing Principal and Portfolio Manager of Anabatic Fund, L.P. Previously, Philip was a partner at Chicago Fundamental Investment Partners (CFIP). At CFIP, which he joined in 2007, Philip was responsible for investments across the cap...
Apr 24, 2021•1 hr 1 min•Ep. 41
In this episode, co-hosts Phil Ordway and Elliot Turner lead discussions of (i) the commonalities between the best investments of all time and (ii) being polarizing as a sign and source of strength. John Mihaljevic joins the session. Enjoy the discussion! About the Co-Hosts: Philip Ordway is Managing Principal and Portfolio Manager of Anabatic Fund, L.P. Previously, Philip was a partner at Chicago Fundamental Investment Partners (CFIP). At CFIP, which he joined in 2007, Philip was responsible fo...
Apr 18, 2021•1 hr 11 min•Season 1Ep. 40
In this episode, John Mihaljevic co-hosts a discussion of (1) short selling and how it differs from the long investing mindset, led by Elliot Turner; and (2) a survey of market tail risk fears, led by Phil Ordway. Enjoy the discussion! The content of this podcast is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or ...
Apr 12, 2021•57 min•Season 1Ep. 39
