I'm excited to have Keith Smith of Bonhoeffer Capital on the podcast this week. Keith previously joined The Hive almost four years ago. During our first conversation, Keith dove deep on his investment process, valuation analysis, and how he sources new ideas. This week, we dove deep on mining and metals services companies, including: FerreyCorp Wajax North American Construction (disclosure: I own some and this is NOT investment advice) Mader Group And more! If you enjoyed this podcast and want t...
Oct 13, 2023•1 hr 14 min•Season 4Ep. 47
I'm excited to have Brian Laks of Old West Capital Management on the podcast this week. Brian previously joined The Hive almost four years ago. During our first conversation, Brian dove deep on uranium and how he finds investment opportunities in the market's most hated corners. This week, we discussed a host of topics, including: Brian's Uranium thesis and how he's playing it Could tin be the next uranium? How Brian finds hated ideas Brian's research process Patience when investing in themes Do...
Oct 06, 2023•1 hr 19 min•Season 4Ep. 40
I'm excited to have Toff Capital on the podcast this week. Toff is a professional investor who publishes the Substack, ToffCap.Substack.com . This week, we discussed a host of topics, including: Toff's research process Idea generation Toff's background and why he studied physics Becoming a valuation expert Specialty Chemicals Distribution ADF Group $DRX Mongolia Growth Group $YAK If you enjoyed this podcast, please check Toff out on Twitter @ToffCap . Finally, a big thanks to the following spons...
Sep 29, 2023•1 hr 20 min•Season 4Ep. 39
This week we're continuing our Investor Audibles series with Q1 2023 letters from the following investors/funds: Buckley Capital Immersion Investments Greenlight Capital Please let me know what other letters you'd want to hear on future Investor Audible series episodes! Finally, a big thanks to the following sponsors for making the podcast a reality. Mitimco This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMC...
Sep 22, 2023•56 min•Season 4Ep. 38
I'm excited to share my first episode in my Uranium Industry Primer Series. This week, Daren Heitman of Azarias Capital joined the podcast to discuss the broad uranium bull thesis. Specifically, we discussed: Supply-side economics, drivers, incentives, and risks Demand-side economics, drivers, incentives, and risks How to structure a trade to express a bullish uranium hypothesis How to model supply and demand Getting to the 80/20 of the Uranium thesis The importance of the Fuel Cycle If you enjo...
Sep 15, 2023•1 hr 6 min•Season 4Ep. 37
I'm excited to share the replay of my conversation with Nicholas Radice. Nicholas, now gone from Twitter, shares unique insights into his investment process. We dive deep into distressed investing as Nicholas shares his strategy of combining Ian Cumming & Peter Thiel's investment philosophies to create something highly differentiated. This was my first podcast exploring the corners of distressed investing Twitter, and I know you'll love it. Hey guys! This week we have Nicholas E. Radice on t...
Sep 08, 2023•1 hr 32 min•Season 4Ep. 36
Also, a big thanks to the following sponsors for making the podcast a reality! 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 th...
Sep 01, 2023•1 hr 5 min•Season 4Ep. 35
This week we're continuing our Investor Audibles series with Q1 2023 letters from the following investors/funds: Gator Capital Palm Harbour Capital SaltLight Capital Please let me know what other letters you'd want to hear on future Investor Audible series episodes! Finally, a big thanks to the following sponsors for making the podcast a reality. Mitimco This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo in...
Aug 25, 2023•54 min•Season 4Ep. 34
This week we engage in a conversation with John Evans, CEO of Subsea 7. The discussion covers a wide range of topics, including the history and dynamics of the offshore space, factors crucial for success, the structure of the offshore value chain, customer relationships, barriers of entry, and future industry prospects. John also addresses misconceptions about Subsea 7 and provides insights into managing backlog. [0:00] Who is John Evans? [7:00] The History of the Offshore Space [13:00] Things n...
Aug 18, 2023•1 hr 20 min•Season 4Ep. 33
I'm excited to share the two-year anniversary of the most popular Value Hive episode to date! This week we chat with Dan McMurtrie, co-founder and Portfolio Manager of Tyro Partners. Tyro manages assets for Institutions and High Net Worth Individuals. We utilize a deep dive research process focused on evaluating the secular trends and supply chains driving Technology, Healthcare, Industrial, and Consumer markets. Today Dan joins The Hive for a three-hour podcast with topics ranging from post-con...
Aug 11, 2023•3 hr 13 min•Season 4Ep. 32
I'm excited to share my latest conversation with Derrek aka @real_MikeBarnes on Twitter. Derrek is a retail trader who specializes in resource stocks, particularly gold miners. I like Derrek because he's a multi-dimensional investor. Not only does he invest in resource stocks, but he's also heavily invested in names like Nintendo $NTDOY and Phillip Morris $PM. You will love this conversation. Derrek is a real trader and a testament to the value of the FinTwit community. If you like what you hear...
Aug 04, 2023•1 hr 16 min•Season 4Ep. 30
This week we're continuing our Investor Audibles series with Q1 2023 letters from the following investors/funds: Alluvial Capital Laughing Water Capital Cedar Creek Capital Please let me know what other letters you'd want to hear on future Investor Audible series episodes! Finally, a big thanks to the following sponsors for making the podcast a reality. Mitimco This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MIT...
Jul 28, 2023•55 min•Season 4Ep. 30
A big thanks to the following sponsors for making the podcast a reality! Mitimco This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created emergingmanagers.org , a website for emerging manager stockpickers. For those lo...
Jul 21, 2023•1 hr 35 min•Season 4Ep. 29
This week our guest is Avram (or Avi) Fisher. Avi discusses his Perfect Investment Hypothesis, highlighting key factors that make an investment ideal. The conversation then delves into the topic of the industrials supercycle, exploring trends and dynamics in the industrial sector. Avi also discusses construction accounting and its complexities. Additionally, Avi highlights Matrix Service ($MTRX) as an investment opportunity. [0:00] Who is Avi Fisher? [9:00] The Perfect Investment Hypothesis [13:...
Jul 14, 2023•1 hr 9 min•Season 4Ep. 28
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 ($FAR.ASX) as another example of Social ...
Jul 07, 2023•1 hr 39 min•Season 4Ep. 27
Hey Guys! This week we have Judd Arnold as a returning guest. Judd discusses why Tidewater is the best energy stock at the moment. He explores offshore opportunities, like VAL, RIG, and NE. Judd highlights the importance of liquidity and provides insights on finding post-bankruptcy ideas. He also mentions Pagaya (PGY) as an interesting company and shares additional investment ideas. [0:00] Why Tidewater is the best? [10:00] You are long CAPEX, not price. [15:00] Sub Sea 7 [25:00] Offshore opport...
Jun 30, 2023•1 hr 31 min•Season 4Ep. 26
Hey all! I am on vacation with my wife's family this week and do not have a new episode! Instead, I'm replaying one of my most popular podcasts, "Shrubbery Capital Pt. 2." The podcast has grown since that original airing and new Value Hive listeners should learn a ton from The Shrub! This episode was all about idea generation, what happens when we go from an Inflationary Environment to Recessionary Environment, why he is bullish on Bayer ($BAYN) and how at the end of the day most analyst in the ...
Jun 23, 2023•1 hr 16 min•Season 4Ep. 25
Hey guys! I'm stoked to have Mike Alkin on the podcast this week. Mike runs Sachem Cove Capital, a private investment fund. Mike is known as the "Uranium Guy" on Twitter and this week he provides the Ultimate Uranium Crash Course. It's everything you need to get up to speed on the Uranium Bull Thesis. We discuss supply/demand drivers, how to build demand and supply models, forecasting potential uranium prices, and how to structure a trade based on the underlying macro/fundamental thesis. I know ...
Jun 16, 2023•1 hr 31 min•Season 4Ep. 24
I hope you guys enjoy this podcast with Thomas Bachrach, Principal at PFH Capital. This is Thomas's third time on the show and I always learn something when we chat. This week, Thomas pitches NRP, discusses how value investors can underwrite mining/commodity stocks, and other interesting ideas in Latin America that have his attention. If you enjoyed this episode, please follow Thomas on Twitter @PFHCapital and check out his website pfhcapital.com Finally, a big thanks to the following sponsors f...
Jun 09, 2023•1 hr 32 min•Season 4Ep. 23
This week we're continuing our Investor Audibles series with Q1 2023 letters from the following investors/funds: Alluvial Capital Greenhaven Road Capital 1 Main Capital Please let me know what other letters you'd want to hear on future Investor Audible series episodes! Finally, a big thanks to the following sponsors for making the podcast a reality. Mitimco This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo...
Jun 02, 2023•56 min
Hey guys! This episode, we have James Davolos, from Horizon Kinetics, as a returning guest, sharing valuable insights on various topics. James discusses the nature of sticky inflation and the distinction between structural and cyclical inflation. He also dives into the royalty business model in the precious metals industry, exploring its history and the concept of streaming agreements. James provides insights on exiting a royalty business and emphasizes the importance of conducting due diligence...
May 26, 2023•1 hr 6 min•Season 4Ep. 21
I'm stoked to share my conversation with Calvin Froedge. Calvin has one of the most unique investing backgrounds I've encountered in four years of the podcast. He didn't graduate high school. Instead, he spent his late teen years working for his dad's machinery business. He explored other business ventures in his early twenties before moving to Panama. Today, Calvin spends his time researching new investments and running his Shipping Data company, Marhelm. I thoroughly enjoyed this conversation....
May 19, 2023•1 hr 15 min•Season 4Ep. 20
Hey Guys! This episode, we hear from Tavi Costa, portfolio manager at Crescat Capital, and get his insights into the precious metals industry. Tavi talks about the importance of precious metals CAPEX and explains how the demand for precious metals, specifically gold, affects the industry. He also discusses the differing opinions of gold bears. Tavi shares his thoughts on the inflation super cycle and how it impacts investing criteria. He also talks about identifying mistakes and valuing precious...
May 12, 2023•1 hr 26 min•Season 4Ep. 19
Hey guys! This episode features Alex Verge, CEO of Journey, who shares his insights and experiences in the energy industry. Alex explains his “buy and exploit” game plan and emphasizes the importance of owning the land. He also talks about the cycles of the energy industry and how understanding them is crucial for success. Alex discusses the increasing costs in the energy space and shares his experiences during the 2014-2020 cycle. He reflects on the challenging times when oil prices went negati...
May 05, 2023•1 hr 38 min•Season 4Ep. 18
Welcome to another episode of the Value Hive Podcast, folks! Today, we have a real treat for y'all as we've got Jared Dillian in the house. This guy's a top-notch writer and author of "Those Bastards," and he drops some serious knowledge bombs on us. Now, if you're into finance and investing, you're going to love this one. Jared and I dive deep into important topics, like writing, idea generation, and the lessons we can learn from the history of finance. We discuss Jared's approach to generating...
Apr 28, 2023•53 min•Season 4Ep. 17
Hey guys! In the latest episode of The Value Hive Podcast, I had the pleasure of speaking with Will Thomson, the managing partner at Massif Capital. Will's investment focuses on tangible assets that can help decarbonize the world. Throughout our conversation, we covered various topics related to investing in this space. We started by discussing the importance of copper and cobalt in transitioning to a lower-carbon future. Will shared his insights on how to evaluate companies that produce these m...
Apr 21, 2023•1 hr 26 min•Season 3Ep. 16
Hey guys! This week I'm stoked to have Judd Arnold on the podcast. Judd runs Lake Cornelia Research Management, a hedge fund and bespoke investment research firm. Judd joined The Value Hive to break down the Offshore Energy Industry. Most of the podcast discusses convexity, how to find it within the offshore space, and how to compare various convexity levels between industry opportunities. You can easily tell Judd knows his industry inside out, which makes for a highly educational (and entertain...
Apr 14, 2023•1 hr 26 min•Season 4Ep. 15
This week we're continuing our Investor Audibles series with Q4 2022 letters from the following investors/funds: SRK Capital HCM Capital Bonhoeffer Capital Please let me know what other letters you'd want to hear on future Investor Audible series episodes! Finally, a big thanks to the following sponsors for making the podcast a reality. 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...
Apr 07, 2023•1 hr 10 min•Season 4Ep. 14
I hope you guys enjoy my podcast with Twitter's own WTI Realist. We spend nearly 90 minutes dissecting the oil bull thesis, emphasizing under-followed parts of the value chain like midstream and royalty businesses. If you enjoyed the podcast, please follow WTI Realist on Twitter here . Also, check out his Substack here ! Here's the time-stamp: [0:00] Meet our guest, WTI Realist [7:00] The Simplicity of the Oil Industry [14:45] Understanding the “Full Cycle” in the Oil Industry [16:30] Should Exp...
Mar 31, 2023•1 hr 28 min•Season 4Ep. 13
Hey guys! This week we're excited to have our friend Harris Kupperman (aka Kuppy) back on the podcast. Kuppy is a dear friend and one hell of an investor. We spend the podcast discussing the idea of patience and boredom as keys to successful investing. We also touch on Kuppy's Inflection Investing framework. Finally, we dive deep into one of Kuppy's newest equity positions: Journey Energy (JOY). Full disclosure, Kuppy owns ~2% of the company and I own shares in my retirement account. Please do y...
Mar 24, 2023•1 hr 12 min•Season 4Ep. 12
