Simon Kold, Author of "On the Hunt for Great Companies" and Founder & Portfolio Manager at Kold Investments, joins the podcast to discuss what makes a great company based on his research and writing of his new book, "On the Hunt for Great Companies."

You can buy your copy of Simon's new book, "On the Hunt for Great Companies" here: https://www.amazon.com/Hunt-Great-Companies-Evaluating-Durability/dp/1394285744

Chapters:

[0:00] Introduction + Episode sponsor: Fintool

[2:30] Why Simon decided to write the book

[4:30] Authenticity of communication as an indicator of management passion / deviations from the norm

[12:53] Maximizing shareholder value (pretenders vs. reality) / Founder CEOs / Project IRRs vs. buybacks

[23:09] Value capture / over-earning vs. over-extraction

[33:47] Industries with staying power / longer-term predictability (example of Alcohol industry) / building competitive advantages ($COST example)

[44:42] Premise / value add of the book + final thoughts

Today's sponsor: Fintool

Fintool is ChatGPT for SEC Filings and earnings calls. Are you still doing keyword searches and going to the individual filing and using control F? That’s the old way of doing things before AI. With Fintool, you can ask any question and it’s going to automatically generate the best answer. So they may pull from a portion of an earnings call, or a 10k, whatever it may be and then answer your question. The best part- every portion of the answer is cited with the source document.

Now- if you’ve tried to do any of this in ChatGPT you may know that the answers are often wrong or hallucinations. The way Fintool is able to outperform ChatGPT is their focus on the SEC filings. If you’re an analyst or a portfolio manager at a hedge fund, check them out at https://fintool.com?utm_source=substack&utm_campaign=yavb&utm_content=podcast280

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Alex Morris, Author of "Buffett and Munger Unscripted" and Owner & Analyst at TSOH Investment Research, joins the podcast to discuss the 2024 Berkshire Annual Letter.

You can buy your copy of Alex's new book, "Buffett and Munger Unscripted" here: hhttps://amzn.to/4asUWNi

Chapters:

[0:00] Introduction + Episode sponsor: Fintool

[2:40] Alex's initial thoughts on Berkshire's 2024 annual letter

[4:23] Was there anything different for Alex reading the letter this year (having worked on the Buffett book and spending a lot more time studying him and Berkshire)

[6:52] Buffett's macro take on 2024

[9:59] Would it shock Alex if this is Buffett's last letter and/or he retires at the annual meeting

[14:10] Capital allocation - changing strategy on the horizon

[21:17] Discussion on $OXY

[24:43] Buffett addressing his mistakes

[31:08] Japanese investments

[37:22] Results in the insurance business

[39:27] Thoughts on Class A / Class B structure

Today's sponsor: Fintool

Fintool is ChatGPT for SEC Filings and earnings calls. Are you still doing keyword searches and going to the individual filing and using control F? That’s the old way of doing things before AI. With Fintool, you can ask any question and it’s going to automatically generate the best answer. So they may pull from a portion of an earnings call, or a 10k, whatever it may be and then answer your question. The best part- every portion of the answer is cited with the source document.

Now- if you’ve tried to do any of this in ChatGPT you may know that the answers are often wrong or hallucinations. The way Fintool is able to outperform ChatGPT is their focus on the SEC filings.

If you’re an analyst or a portfolio manager at a hedge fund, check them out at https://fintool.com?utm_source=substack&utm_campaign=yavb&utm_content=podcast280

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

Welcome to the latest edition of Yet Another Value Podcast's Book Club. Once a month, Andrew and co-host, Byrne Hobart, will discuss their thoughts on the book, "Advanced Portfolio Management: A Quant's Guide for Fundamental Investors" by Giuseppe A. Paleologo.

See Byrne's writing at: https://www.thediff.co/

"Advanced Portfolio Management: A Quant's Guide for Fundamental Investors" on Amazon: https://www.amazon.com/Advanced-Portfolio-Management-Fundamental-Investors/dp/1119789796

Chapters:

[0:00] Introduction + Episode sponsor: Fintool

[2:24] First thoughts and overall impressions of "Advanced Portfolio Management"

[5:54] Which pieces do you use to implement into your investing process that Byrne picked up from this book / how they implement "stop-losses"

[19:00] It's not enough to have great ideas / "it only takes one" vs. concentrated portfolio / making good calls over time

[29:17] Is there anything to buying things that are classified wrong in order to generate alpha?

[32:54] How much are these factor and pod-shop models gameable

[40:23] How much does Byrne think matching uncorrelated data is going to be taken over by AI vs. fundamental investors going forward

[48:25] Beating the bots / final thoughts

Today's sponsor: Fintool

Fintool is ChatGPT for SEC Filings and earnings calls. Are you still doing keyword searches and going to the individual filing and using control F? That’s the old way of doing things before AI. With Fintool, you can ask any question and it’s going to automatically generate the best answer. So they may pull from a portion of an earnings call, or a 10k, whatever it may be and then answer your question. The best part- every portion of the answer is cited with the source document.

Now- if you’ve tried to do any of this in ChatGPT you may know that the answers are often wrong or hallucinations. The way Fintool is able to outperform ChatGPT is their focus on the SEC filings. If you’re an analyst or a portfolio manager at a hedge fund, check them out at https://fintool.com?utm_source=substack&utm_campaign=yavb&utm_content=podcast280

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer