368.1K
Downloads
175
Episodes
Eric Schleien discusses value investing, rational investment analysis, and vital mental models.
Episodes
Monday Apr 07, 2025
Monday Apr 07, 2025
In this solo episode of The Intelligent Investing Podcast, Eric Schleien breaks down the case for why Vistry Group (LSE: VTY) may be one of the most mispriced stocks in the UK market right now — or possibly a classic value trap.
After issuing three profit warnings in late 2024, Vistry’s stock tanked over 60%. But the actual issues were contained within a legacy division the company is actively winding down. Meanwhile, its Partnerships business — a capital-light, 40%+ ROCE cash machine — continues to execute and grow, backed by massive UK government tailwinds.
In this deep-dive, Eric Schleien discusses:
-
Vistry’s misunderstood dual business model
-
What really caused the profit warnings
-
The hidden strength of the Partnerships segment
-
Labour’s UK housing policy and billions in new funding
-
A compelling valuation with 3–4x return potential
-
Why this could be the UK’s version of NVR
-
What risks are real — and which ones the market is overreacting to
This episode is essential listening for anyone interested in value investing, behavioral mispricings, and the intersection of policy and capital allocation.
—
🎧 Watch on YouTube:
-
🎬 Full Podcast Playlist: https://www.youtube.com/playlist?list=PLH7Zqn5JeEVEQM8rIf6y72p3kRuo-7Qy6
-
📺 Main Channel: https://www.youtube.com/@EricSchleien1
—
📘 Read Eric’s Book:
"Principles of Power: The Art & Wisdom of Value Investing"
→ https://amzn.to/3XPPY8y
—
🔗 More from Eric Schleien:
-
Website & Blog: https://ericschleien.com
-
Full Podcast Archive: https://intelligentinvesting.podbean.com
-
Twitter: https://twitter.com/EricSchleien
Wednesday Jan 01, 2025
Wednesday Jan 01, 2025
Episode Description:
Welcome to another episode of the Intelligent Investing Podcast with your host, Eric Schleien. In this in-depth episode, we’re diving into the UK housing market with a comprehensive analysis of Vistry Group, one of the most undervalued opportunities in the sector today. Known for his detailed and thoughtful investment insights, Eric Schleien brings unparalleled depth to this discussion, making this episode a must-listen for sophisticated investors.
Key Takeaways:
- The Vistry Transformation: A closer look at the company’s pivot to a partnerships-focused business model and why it’s a game-changer.
- Challenges & Opportunities: An honest assessment of Vistry’s recent profit warnings, rising interest rates, and regulatory pressures.
- Historical Context: How decades of UK housing policy have shaped the current market landscape and what it means for Vistry.
- Financial Deep Dive: Stress testing the numbers to reveal why Vistry’s valuation offers substantial downside protection and potential upside.
- Bull vs. Bear Case: An unbiased exploration of the risks and rewards of investing in Vistry.
- Unique Insights: Insights you won’t find anywhere else—leveraging Eric’s analytical expertise to uncover overlooked opportunities.
About Eric Schleien:
Eric Schleien is a value investor, portfolio manager, and the host of the Intelligent Investing Podcast. Known for his ability to uncover deep-value opportunities and provide sophisticated investment analysis, Eric is committed to educating investors and fostering meaningful conversations around finance and investing.
Listen to the Full Episode:
In this episode, Eric unpacks the Vistry story like never before, providing a masterclass in patience, due diligence, and deep-value investing. Whether you’re a seasoned professional or exploring the UK housing sector for the first time, this episode will leave you with actionable insights.
Watch the Full Episode on YouTube here.
Connect with Eric Schleien:
- Website: Eric Schleien
- LinkedIn: Eric Schleien on LinkedIn
- Twitter: @EricSchleien
Subscribe & Review:
If you enjoyed this episode, please subscribe to the Intelligent Investing Podcast on Apple Podcasts, Spotify, or your favorite podcast platform. Don’t forget to leave a review to help others discover the podcast.
For more episodes and expert insights, visit the Intelligent Investing Podcast. Connect with Eric Schleien on social media and stay updated with the latest episodes and investment tips.
Wednesday Jan 12, 2022
Wednesday Jan 12, 2022
NEW PODCAST
Hey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Scheien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance.
NET NET HUNTER
This episode is sponsored by Net Net Hunter. If you’re interested in finding high-quality stocks trading at fractions of liquidation value – this research service is for you. I personally use this service at my firm to help me research tiny and obscure net-net stocks all around the world. Using Net Net Hunter comes out to way less money than hiring an analyst to do the exact same thing manually. It’s a service I love and I am proud to be able to offer this service to my listeners. If this is something you’re interested in, please click here.
Summary
Evan Bleker is a professional investor who has built his track record by buying high quality net net stocks. When not researching stocks, he focuses his time on helping small investors learn the strategy so they can earn great returns.
Evan manages two investing websites: Net Net Hunter and Broken Leg Investing.
Evan discussed Warren Buffett’s net net investing practice during his partnership. Further resources available here:
You can follow Evan’s portfolio performance here:
You can sign up for his free newsletter on the Net Net Hunter home page.
Show Notes
- 1:06 - What is Westell (WSTL)?
- 2:24 - Estimating liquidation value
- 3:07 - A simplified approach to finding high quality net-net stocks
- 3:55 - The 5G rollout
- 5:10 - Potential catalyst
- 5:26 - Dark Companies; The new SEC rule
- 8:57 - Westell quarterly update
HELP OUT THE PODCAST
If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!
You can subscribe to the podcast on the following platforms:
GET IN TOUCH WITH ERIC SCHLEIEN
Facebook | LinkedIn | Twitter | YouTube | GSCM | Instagram
Email: IntelligentInvesting@gmail.com
Disclosure: Eric Schleien and some SMA clients of Eric Schleien through GSCM own shares of WSTL. Nothing here is investment advice. Do your own due diligence.
Tuesday Dec 14, 2021
Tuesday Dec 14, 2021
NEW PODCAST
Hey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Scheien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance.
NET NET HUNTER
This episode is sponsored by Net Net Hunter. If you’re interested in finding high-quality stocks trading at fractions of liquidation value – this research service is for you. I personally use this service at my firm to help me research tiny and obscure net-net stocks all around the world. Using Net Net Hunter comes out to way less money than hiring an analyst to do the exact same thing manually. It’s a service I love and I am proud to be able to offer this service to my listeners. If this is something you’re interested in, please click here.
Summary
Today’s interview guest is Trey Henninger where discuss a recent update on Solitron Devices (SODI)
Trey Henninger runs the blog and podcast, DIY Investing. Trey is a private value investor focused on microcap and dark stocks in the United States. His focus is on high-quality companies with predictable durable earnings where management has skin-in-the-game. Trey runs a concentrated portfolio. By focusing on small companies, Trey hopes to find overlooked compounders at value prices. His favorite opportunities have a market cap below $50 million.
RESOURCES
- My Book on Amazon
- Alex Bossert's VIC writeup on Solitron
- Trey Henninger's Stock Thesis on Solitron
Connect With Trey Henninger
HELP OUT THE PODCAST
If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!
You can subscribe to the podcast on the following platforms:
GET IN TOUCH WITH ERIC SCHLEIEN
Facebook | LinkedIn | Twitter | YouTube | GSCM | Instagram
Email: IntelligentInvesting@gmail.com
Disclosure: Eric Schleien and some SMA clients of Eric Schleien through GSCM own shares of SODI. Nothing here is investment advice. Do your own due diligence.
Tuesday Dec 07, 2021
Tuesday Dec 07, 2021
Summary
In this episode, I sit down with Vitaliy Katsenelson of IMA to discuss Uber's business model. We ended up chatting for about an hour and went pretty deep into the weeds around ride-sharing, Uber, and also what the future holds for the industry both in the United States and globally.
Show Links
More About Vitaliy Katsenelson
Vitaliy N. Katsenelson, CFA, is CEO at Investment Management Associates in Denver, Colo. He is the author of Active Value Investing (Wiley, 2007) and the The Little Book of Sideways Markets (Wiley, December 2010). He runs the blog ContrarianEdge.com. He writes monthly for Institutional Investor.
More About Eric Schleien
To learn more about me, Eric Schleien, check out my personal website and business website. You can also reach out to me on Twitter, Instagram, and LinkedIn.
If you'd like to read my book, you can find it on Amazon. Reviews are appreciated.
New Podcast
Hey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Schleien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance. To learn more about Eric's work, check out his ontological coaching firm, Transformational Leadership Associates.
Help Out The Podcast
If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!
You can subscribe to the podcast on the following platforms:
Contact Eric Schleien
Facebook | LinkedIn | Twitter | YouTube | GSCM | Instagram
Email: IntelligentInvesting@gmail.com
Tuesday Sep 21, 2021
Tuesday Sep 21, 2021
Eric Schleien hosts the September Roundtable for Finance Podcast Week. Join Eric Schleien, host of the Intelligent Investing Podcast, with Andrew Sather and Jason Rivera for a jam packed hour long finance roundtable.
Eric Schleien Discusses Real Estate Stocks
In this episode, Eric Schleien sits down with Andrew Sather and Jason Rivera to discuss two real estate stocks.
- Laaco Ltd (LAACZ), which owns the Los Angeles Athletic Club and has a Self-Storage Business.
- Cedar Realty Trust (CDR), which owns grocery anchored retail outlets across the United States.
Eric Schleien believes that both of these are cheap real estate stocks that would be some of the best picks for 2021. Both of these stocks are special situations as it is likely that both of these will be selling core assets for a higher price than the current market value. In Cedar’s case, they may sell the entire company. With Laaco, they may sell their self-storage business at what would almost certainly be a higher price than the current market price if they were to get a fair valuation on the assets.
Eric Schleien Discusses Modern Value Investing
One of the things that Eric points out during the roundtable is that modern GAAP accounting isn’t always appropriate for companies such as Amazon (AMZN) or Trupanion (TRUP) to show true value of the business. For example, Amazon’s R&D expense he believes is an asset even though it gets run through the income statement as an expense.
To learn more about Eric Schleien, check out his personal website and business website. You can also reach out to him on Twitter, Instagram, and LinkedIn.
If you'd like to read his book, you can find it on Amazon.
Jason Rivera Discusses Altria Stock
During the episode Jason Rivera discusses Altria (MO) as a potential value investment due to the stability of the business mixed with a high dividend yield. Jason believes that Altria is a better inflation hedge than buying TIPS.
To learn more about Jason Rivera, check out his website: Value Investing Journey
Andrew Sather Discusses Defense Contractors
Andrew believes that defense contractors offer good value in this market. As a value investor, he is always looking for sectors and companies that are being mispriced by the market for various reasons.
To learn more about Andrew Sather, check out his website: Investing For Beginners
Thursday Jul 29, 2021
Thursday Jul 29, 2021
I had a blast chatting with Evan Bleker who runs Net-Net Hunter. We discussed an interesting little company that many of you may be familiar with called ADDvantage Technologies Group, Inc. (AEY).
Show Notes
[00:35] Overview of ADDvantage
[1:23] The 5G Rollout
[2:05] How 5G Cell Towers Work
[4:13] The Impact of COVID on ADDvantage
[5:15] What it will take for the company to breakeven
[6:18] The Delta COVID strain & Telecom Companies
[7:52] The company may go bankrupt
[9:53] Large upside in stock if they don't go to 0
[11:41] Brief discussion on American Tower (AMT)
Thursday Jun 17, 2021
Thursday Jun 17, 2021
New Podcast
Hey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Scheien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance.
Podbean
This podcast is sponsored by Podbean. Podbean is probably the easiest way to create your own podcast. We use Podbean to host the Intelligent Investing Podcast and my new podcast, The Eric Schleien Podcast. Download the free Podbean Podcast App, to start, record, and publish your very own podcast in minutes. Podbean provides everything you need to run your podcast and you can record and publish episodes directly from the app on your phone. Check it out!
TIKR.COM
This episode is brought to you by TIKR.com. This is a product I personally use for researching stocks at my firm. TIKR.com is focused on bringing institutional-quality investment research tools to individual investors. TIKR.com is powered by S&P Global CapitalIQ and has coverage of 50k+ stocks globally with financials, estimates, valuation metrics, ownership, transcripts, news, filings, and more. Join TIKR.com‘s free beta today with tikr.com/intelligent
NET NET HUNTER
This episode is sponsored by Net Net Hunter. If you’re interested in finding high-quality stocks trading at fractions of liquidation value – this research service is for you. I personally use this service at my firm to help me research tiny and obscure net-net stocks all around the world. Using Net Net Hunter comes out to way less money than hiring an analyst to do the exact same thing manually. It’s a service I love and I am proud to be able to offer this service to my listeners. If this is something you’re interested in, please click here.
Summary
On today's episode, I sit down with Andrew Sather who is a self-taught investor since 2012. He specializes in identifying value traps and avoiding stock market bankruptcies. You can also listen to his podcast - Investing For Beginners.
Show Notes
[2:29] Infrastructure Bill
[3:34] Not a typical minding company - economic moat
[4:32] Long-term industry tailwinds
[5:27] 125 year quarry rights
[7:56] Valuing the business
[9:47] Discussing $MLM's competitor Vulcan Materials $VMC
Resources
- Seeking Alpha Articles by Andrew Sather
- E-Investing for Beginners
HELP OUT THE PODCAST
If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!
You can subscribe to the podcast on the following platforms:
GET IN TOUCH WITH ERIC SCHLEIEN
Wednesday Jun 02, 2021
Wednesday Jun 02, 2021
NEW PODCAST
Hey All! I’ve started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Scheien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance.
Podbean
This podcast is sponsored by Podbean. Podbean is probably the easiest way to create your own podcast. We use Podbean to host the Intelligent Investing Podcast and my new podcast, The Eric Schleien Podcast. Download the free Podbean Podcast App, to start, record, and publish your very own podcast in minutes. Podbean provides everything you need to run your podcast and you can record and publish episodes directly from the app on your phone. Check it out!
TIKR.COM
This episode is brought to you by TIKR.com. This is a product I personally use for researching stocks at my firm. TIKR.com is focused on bringing institutional-quality investment research tools to individual investors. TIKR.com is powered by S&P Global CapitalIQ and has coverage of 50k+ stocks globally with financials, estimates, valuation metrics, ownership, transcripts, news, filings, and more. Join TIKR.com‘s free beta today with tikr.com/intelligent
NET NET HUNTER
This episode is sponsored by Net Net Hunter. If you’re interested in finding high-quality stocks trading at fractions of liquidation value – this research service is for you. I personally use this service at my firm to help me research tiny and obscure net-net stocks all around the world. Using Net Net Hunter comes out to way less money than hiring an analyst to do the exact same thing manually. It’s a service I love and I am proud to be able to offer this service to my listeners. If this is something you’re interested in, please click here.
Summary
Today’s interview guest is Trey Henninger where we discuss the multi-bagger potential in Solitron Devices as well as do a recap on Entercom (now known as Audacy), and Northfield Precision.
You can listen to the former Northfield Precision podcast here, and the Entercom podcast episode, here.
Trey Henninger runs the blog and podcast, DIY Investing. Trey is a private value investor focused on microcap and dark stocks in the United States. His focus is on high-quality companies with predictable durable earnings where management has skin-in-the-game. Trey runs a concentrated portfolio. By focusing on small companies, Trey hopes to find overlooked compounders at value prices. His favorite opportunities have a market cap below $50 million.
Show Notes
[00:02:50] What is Solitron?
[00:03:42] "I interviewed the CEO on my podcast"
[00:04:29] This was at the time a $5 million market cap company. And they looked like they were going to earn something like half a million dollars to a million dollars ...
[00:05:58] "I think the best way to value the company is using an earnings analysis"
[00:09:27] Consistently profitable with strong moat
[00:12:52] Bought a new facility
[00:14:18] Company hitting an inflection point
[00:15:09] Recap on Entercom (ETM)
[00:17:29] Recap on Northfield Precision (NFPC)
RESOURCES
- My Book on Amazon
- Alex Bossert's VIC writeup on $SODI
- Trey Henninger's Stock Thesis on $SODI
Connect With Trey Henninger
HELP OUT THE PODCAST
If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!
You can subscribe to the podcast on the following platforms:
GET IN TOUCH WITH ERIC SCHLEIEN
Facebook | LinkedIn | Twitter | YouTube | GSCM | Instagram
Email: IntelligentInvesting@gmail.com
Disclosure: Eric Schleien and some SMA clients of Eric Schleien through GSCM own shares of SODI & NFPC. Nothing here is investment advice. Do your own due diligence.
Thursday May 27, 2021
Thursday May 27, 2021
New Podcast
Hey All! I've started a second show completely devoted to the field of Ontology which is another huge passion of mine. Please check out The Eric Scheien Podcast which is an ontological podcast where I break down distinctions of human consciousness as an access to enhancing performance.
TIKR.com
This episode is brought to you by TIKR.com. This is a product I personally use for researching stocks at my firm. TIKR.com is focused on bringing institutional-quality investment research tools to individual investors. TIKR.com is powered by S&P Global CapitalIQ and has coverage of 50k+ stocks globally with financials, estimates, valuation metrics, ownership, transcripts, news, filings, and more. Join TIKR.com's free beta today with tikr.com/intelligent
Net Net Hunter
This episode is sponsored by Net Net Hunter. If you're interested in finding high-quality stocks trading at fractions of liquidation value - this research service is for you. I personally use this service at my firm to help me research tiny and obscure net-net stocks all around the world. Using Net Net Hunter comes out to way less money than hiring an analyst to do the exact same thing manually. It's a service I love and I am proud to be able to offer this service to my listeners. If this is something you're interested in, please click here.
Summary
Today I'm discussing the merger between Discovery Communications & WarnerMedia. I believe this situation provides an asymmetric risk profile. In the episode I outline the situation, valuation, and how I'm thinking about the investment opportunity.
Show Notes
[1:55] Overview
[2:11] Market doesn't like the deal
[3:01] Makeup of the deal
[3:53] Will be spending more on content than Netflix
[4:34] Why is the stock down?
[8:15] John Malone
[9:18] Intrinsic value of Discovery Communications
Resources
About Eric Schleien
Eric Schleien is the Founder/CEO of Granite State Capital Management, LLC. In addition to being a value investor, over the past decade, Eric has trained thousands of individuals, including board members of public companies as well as several Fortune 500 CEOs. Eric specializes in organizational culture and has become a leading authority on organizational culture in the investment industry.
Eric has been investing for 15 years and has been using breakthrough coaching methodologies for over a decade. Eric had the insight to combine proven coaching methodologies with shareholder activism techniques to create an entirely new model for shareholder activism that was more reliable and created greater sustainable results in a rapid period of time. On average, Tribal Leadership produces a 3-5x increase in profits of culturally troubled companies within an average of 24 months or less.
Eric currently resides in Philadelphia, PA.
Help Out The Podcast
If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page!
You can subscribe to the podcast on the following platforms: