Archive for the 'Executives' Category

In this episode of the Intelligent Investing Podcast, Eric Schleien sits down with WSJ Veteran Reporter, Gregory Zuckerman, to discuss his book "The Man Who Solved The Market: How Jim Simons Launched The Quant Revolution"

 

Editorial Reviews

“Leave it to the Wall Street Journal’s Greg Zuckerman to lay open the golden mysteries of quantitative investing. With this fine, humane, and eye-opening book, he’s well and truly broken the code.” —James Grant, Grant’s Interest Rate Observer

“Captivating.” —New York Times
 
“A compelling read.” —The Economist
 
“Reads like a delicious page-turning novel.” —Barry Ritholtz, Bloomberg
 
“One of the most important stories of our time.” —Financial Times
 
“Zuckerman brings the reader so close to the firm’s inner workings that you can almost catch a whiff of the billionaire’s Merit cigarette.” —Brandon Kochkodin, Bloomberg

“A gripping biography of investment game changer Jim Simons… readers looking to understand how the economy got where it is should eat this up.” —Publishers Weekly

"Worthwhile reading for budding plutocrats and numerate investors alike." —Kirkus

“Immensely enjoyable.” —Edward O. Thorp, author of A Man for All Markets
 
“An extremely well-written and engaging book . . . a must read, and a fun one at that.” —Mohamed A. El-Erian, author of The Only Game in Town

"Page-turning tale…bravura storytelling." —Gary Shteyngart, author of Lake Success

About The Book

  • NEW YORK TIMES BESTSELLER
  • Shortlisted for the Financial Times/McKinsey Business Book of the Year Award
  • The unbelievable story of a secretive mathematician who pioneered the era of the algorithm--and made $23 billion doing it.

 

The Man Who Solved The Market: How Jim Simons Launched The Quant Revolution": Summary

Jim Simons is the greatest money maker in modern financial history. No other investor--Warren Buffett, Peter Lynch, Ray Dalio, Steve Cohen, or George Soros--can touch his record. Since 1988, Renaissance's signature Medallion fund has generated average annual returns of 66 percent. The firm has earned profits of more than $100 billion; Simons is worth twenty-three billion dollars.

Drawing on unprecedented access to Simons and dozens of current and former employees, Zuckerman, a veteran Wall Street Journal investigative reporter, tells the gripping story of how a world-class mathematician and former code breaker mastered the market. Simons pioneered a data-driven, algorithmic approach that's sweeping the world.

As Renaissance became a market force, its executives began influencing the world beyond finance. Simons became a major figure in scientific research, education, and liberal politics. Senior executive Robert Mercer is more responsible than anyone else for the Trump presidency, placing Steve Bannon in the campaign and funding Trump's victorious 2016 effort. Mercer also impacted the campaign behind Brexit.

The Man Who Solved the Market is a portrait of a modern-day Midas who remade markets in his own image, but failed to anticipate how his success would impact his firm and his country. It's also a story of what Simons's revolution means for the rest of us.

 

About Gregory Zuckerman

Greg is a Special Writer at The Wall Street Journal, ​a 20-year veteran of the paper and a three-time winner of the Gerald Loeb award — the highest honor in business journalism.

Greg is the author of “The Frackers: The Outrageous Inside Story of the New Billionaire Wildcatters,” a national bestseller published October 2014 by Portfolio/Penguin Press. The book describes how several unlikely individuals created an American energy renaissance that brought OPEC to its knees. The Frackers was named among the best books of 2014 by The Financial Times and Forbes Magazine and book of the year by the New York Financial Writers Association.

Greg also wrote “The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History,” a New York Times and Wall Street Journal best seller published December 2010 by Crown Business/Random House. The book has been translated into 10 languages.

Greg and his two sons wrote Rising Above: How 11 Athletes Overcame Challenges in their Youth to Become Stars,” a book for young readers and adults published May 2016 by Philomel/Penguin that describes the remarkable stories of how stars in various sports overcame imposing setbacks in their youth. The book was chosen by Scholastic Teacher magazine as a top pick for 2016 and a top 2017 recommendation of the Texas Library Association. In February 2018, Rising Above-Inspiring Women in Sports, also written by Greg and his sons, will be published.

At the Journal, Greg writes about big financial firms, personalities and trades, hedge funds, the energy revolution and other investing and business topics. Previously, Greg was the lead writer of the widely read “Heard on the Street” column and covered the credit markets, among other beats.

In 2015, Greg won the Loeb Award for a series of stories revealing discord between Bill Gross, founder of bond powerhouse Pimco, and others at the firm, including Mohamed El-Erian. The stories led to Mr. Gross’s surprise departure from Pimco. In 2012, Greg broke news about huge, disastrous trades by the J.P. Morgan trader nicknamed the “London Whale.”

In 2007, Greg was part of a team that won the Gerald Loeb award for breaking news coverage of the collapse of hedge fund Amaranth Advisors and in 2003 he won the Loeb award for breaking news coverage of the demise of telecom provider WorldCom. Greg was part of a team that won the New York Press Club Journalism award in 2008. He was a finalist for the 2011 Gerald Loeb award for investigative news coverage of the insider trading scandal and a finalist for the 2008 Gerald Loeb award for coverage of the mortgage meltdown.

Greg appears regularly on CNBC, Fox Business, Yahoo Finance, Bloomberg Television and various television networks. He makes regular appearances on National Public Radio, BBC, ABC Radio, Bloomberg Radio and radio stations around the globe.

Greg gives speeches to business groups on a variety of topics. Over the past year, he has spoken to groups in New York, Los Angeles, San Francisco, Houston, Dallas, Las Vegas, Phoenix, Calgary, Montreal and Niagara Falls.

Greg joined the Journal in 1996 after writing about media companies for the New York Post. Previously, he was the managing editor of Mergers & Acquisitions Report, a newsletter published by Investment Dealers’ Digest. He graduated from Brandeis University in 1988, Magna Cum Laude.

A graduate of Brandeis University, Greg lives with his wife and two sons in West Orange, N.J., where they enjoy the Yankees in the summer, root for the Giants in the fall, and reminisce about Linsanity in the winter.

 

Staying In Touch With Gregory Zuckerman

 

Staying In Touch With Eric Schleien

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In this episode, Eric Schleien sits down with Alex Portelli to discuss his various entrepreneurial ventures. 

Alex is a serial entrepreneur, and has started a diner, an ATM business, a real estate company, and an online news organization. He's now currently working on his next venture.

Alex is currently an investor in short term rental properties and is an owner of several successful websites.

Alex started his privately held AirBnB business 4 years ago and went from owning 0 to 8 properties since then. His web company is prntly.com and he is currently launching another company called prntpage.com which is currently in beta-testing.

Prntly.com became notorious after Donald Trump started re-tweeting some of their posts during the primary election cycle in 2016.  

 

 

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Show Summary

Happy day before Halloween! This is a very special episode of The Intelligent Investing Podcast. I bring Brian Langis back on the show to discuss Brookfield Asset Management which we have discussed before. We go into some of the slides from Brookfield Investor Day 2019 on both Brookfield Asset Management and also some of their subs such as Brookfield Business Partners. We discuss larger trends, low and negative interest rates, valuations, and culture.

Cultural Activism

We spend quite a while on the cultural activism going on at Brookfield Business Partners led by their COO, Denis Turcotte. I had the pleasure of meeting him at the Brookfield Investor Day and noticed he wasn't just giving lip service to culture but actually doing it and knew he didn't learn this from business school. Many of you don't know this but I have a 10 year background in transformational coaching and a 7 year background specifically on organizational culture- not just understanding it but actually empowering organizations to elevate it. Brookfield Business Partners is actually working with businesses to elevate culture not just talk about it and no surprise, profits go up!

Better Culture Equals Greater Profits

One of the things I have discussed with my colleagues John King and Scott Forgey is that greater culture equates to greater profits. John King is the inventor of Tribal Leadership which is the most cutting edge and leading cultural transformation technology on the planet. Scott Forgey is working with me on empowering organizations to elevate their culture, except we are focusing on public companies. When an organization goes from what is known as Stage 2 to Stage 4, profits go up by an average of 300% - 500%.

Relevant Links For This Episode

  1. Eric Schleien interviews John King on Tribal Leadership | Thrive Global
  2. Cultural Activism: A New Model For Activism | The Intelligent Investing Podcast
  3. Netflix, Sears, Tribal Leadership | The Intelligent Investing Podcast
  4. How To Keep Large Companies Innovative | The Intelligent Investing Podcast
  5. The Oaktree / Brookfield Transaction | The Intelligent Investing Podcast
  6. 2019 Brookfield Investor Day Slides | Brookfield Asset Management Investor Relations
  7. Getting Into The Weeds: Recap on Brookfield Asset Management | The Intelligent Investing Podcast

Connect With Eric Schleien

  • Visit Eric Schleien’s Podcast
  • Visit Eric Schleien’s Twitter
  • Visit The Intelligent Investing Podcast’s Twitter
  • Like The Intelligent Investing Podcast on Facebook
  • Follow Eric Schleien on Facebook
  • Visit Granite State Capital Management’s Website
  • Follow Eric Schleien on Instagram

Connect With Brian Langis

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Eric Schleien sits down with fund manager, Christian Olesen to discuss his largest position, Cambria Automobiles, based in the UK.

Christian is a value investor who is not afraid to go anywhere and everywhere to look for value. He's invested in many obscure markets and obscure securities and we discuss some of those themes on this episode as well. For any hardcore value investing junkie, this episode is one you will surely not want to miss.

About Christian

Christian Olesen is the investment manager of the Olesen Value Fund. Previously, Christian worked in a dual role of Analyst and Trader for Xaraf Management, a group within Paloma Partners that focuses on a variety of equity and credit strategies. Before that, Christian was Senior Associate in the research department of DebtTraders Group, a New York-based broker-dealer specializing in distressed and high yield bonds, and Senior Financial Analyst in the corporate finance advisory services group of Stern Stewart & Co., a New York-based financial advisory firm best known for its proprietary EVA® (Economic Value Added) concept. Christian holds a B.S. in Economics, with concentrations in Finance and Accounting, from The Wharton School, University of Pennsylvania. He also holds the CFA (Chartered Financial Analyst) designation.

Christian can be reached through LinkedIn

Connect with Eric Schleien: 

Visit Eric Schleien's Podcast: https://www.EricSchleien.com/Podcast

Visit Eric Schleien's Twitter: https://twitter.com/ericschleien

Visit The Intelligent Investing Podcast's Twitter: https://twitter.com/investingcast

Like The Intelligent Investing Podcast on Facebook: https://www.facebook.com/theintelligentinvestingpodcast/

Follow Eric Schleien on Facebook: https://www.facebook.com/eric.schleien

Visit Granite State Capital Management's Website: https://www.GSCM.co

Follow Eric Schleien on Instagram: https://www.instagram.com/ericschleien/

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Episode #55: Eric Schleien sits down with Gautam Baid to discuss his new book, The Joys Of Compounding.

The Joys Of Compounding is a celebration of the value investing discipline. It takes investors beyond stocks and business fundamentals to give them a valuable and compelling life philosophy. All lifelong learners will find this book immensely useful as a timeless source of insight and inspiration.

“Compound interest,” Albert Einstein reputedly said, “is the most powerful force in the universe.” So what happens when you apply such an incredible power to knowledge building? You become a learning machine.

In The Joys Of Compounding, Gautam Baid integrates the wisdom, strategies, and thought processes of over 200 preeminent figures in history whose teachings have stood the test of time. Distilling generations of investment and life lessons and compiling it with his personal experiences into a comprehensive guide on value investing, Baid demonstrates their practical applications in the areas of business, investing, and decision making.

Gautam Baid, CFA, is Portfolio Manager at Summit Global Investments, an SEC-registered investment advisor based out of Salt Lake City, Utah. Previously, he served at the Mumbai, London, and Hong Kong offices of Citigroup and Deutsche Bank as Senior Analyst in their healthcare investment banking teams. Gautam is a CFA® charterholder and member of CFA Institute, USA; an MBA in Finance from Nirma University, India; and an MS in Finance from ICFAI University, India.

He is a strong believer in the virtues of compounding, good karma, and lifelong learning. Gautam’s views and opinions have been published on various forums in print, digital, and social media. In 2018, he was profiled in Morningstar’s Learn From The Masters series.

Learn more at www.TheJoysOfCompounding.com and connect with Gautam on Twitter @Gautam__Baid.

You can order The Joys Of Compounding on Amazon & The Book Depository 

Disclaimer: The views and opinions expressed by Gautam Baid are solely his own and do not reflect the views of Summit Global Investments. Any recommendations, examples, or other mentions of specific investments or investment opportunities of any kind are strictly provided for informational and educational purposes and do NOT constitute an offering or solicitation, nor should any material herein be construed as investment advice.

 

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In this episode, @EricSchleien interviews @DavidYarus who is the founder of mllnnl, a millennial marketing agency that helps global brands and non-profits understand and engage the modern consumer. David is also the founder of JSwipe, the world's largest and fastest-growing Jewish dating app, with more than 1 million users across 70 countries - acquired by Spark Networks in 2015. He is passionate about human connection, millennial empowerment, and all things #future. Previously, David was the general manager of Mr Youth, where he ran the youth marketing for brands like Coca-Cola, Microsoft, and Spotify. David spends his free time thinking about Facebook ad strategy, studying consumer behavior, and exploring the interplay of presence and hustle.

Links:

 

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In this episode, Radu Bolohan co-hosts with me to interview Matthew Sullivan who is the CEO & Founder of QuantmRE which seeks to disrupt the real estate industry by putting it on the blockchain. I don't believe I've ever been so tough on a guest. Radu & I asked Matthew some tough questions and to say we poked at him would be an understatement! This show is filled with lots of meat & substance & isn't some pump for another coin. This ended up making for a fascinating interview (IMO anyway).

To learn more about Matthew's company, you can go to the link here: http://quantmre.com/home

 

Cheers!

Eric Schleien

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Show Summary:

In this episode, I interview Danielle Strachman who is the general partner of the 1517 fund. What is the 1517 fund you might be asking? Well, it’s pretty rad, hence why I wanted to bring Danielle on the show. 1517 supports teams with grant, pre-seed, and seed funding for technology startups. Their focus is on makers, hackers, and scientists interested in working outside tracked institutions because they believe that the path geared towards higher education is not for all. And unlike Shark Tank, where it’s all about the hot marketing pitch, they have a very different philosophy on how they find their founders - one which I believe makes for a much more “Intelligent” & rational investment framework for this space.

For more about their philosophy and how they do things, I HIGHLY recommend reading what Danielle wrote on Medium called The 1517 Anti-Pitch Playbook. The link is here: https://medium.com/1517/a-1517-anti-pitch-playbook-683f70ffa85c

Danielle also has a very fascinating background. In 2010, during the founding of the Thiel Fellowship, she joined the organization to lead the design and operations. She is the visionary behind the Thiel Summit series that has been attended by some 2000 young entrepreneurs. Previous to her work with Peter Thiel, Danielle founded and directed Innovations Academy in San Diego, a K-8 charter school serving 350 students, with a focus on student-led project based learning and other alternative programs.

Basically, this woman is a total badass and it was an honor to have her on the show.

For more info on the 1517 Fund you can go to: http://www.1517fund.com

To read some of their articles you can check out their Medium page here: https://medium.com/@1517

To get in contact with Danielle directly (do you have a tech idea that’s scalable and think it can change the world but nobody will listen to you?…then def email her!!): danielle@1517fund.com

Hope you enjoy the episode!

Kindly,
Eric Schleien

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Interview with Whitney Tilson

In this episode, I interview Whitney Tilson who is the founder of Kase Learning and someone I have known since I'm a teenager. Before starting Kase Learning, Whitney founded and, for nearly two decades, ran Kase Capital Management, which managed three value-oriented hedge funds and two mutual funds. He is also the co-founder of Value Investor Insight, an investment newsletter. Whitney has co-authored two books, The Art of Value Investing: How the World's Best Investors Beat the Market (2013) and More Mortgage Meltdown: 6 Ways to Profit in These Bad Times (2009), was one of the authors of Poor Charlie’s Almanack (2005), the definitive book on Berkshire Hathaway Vice Chairman Charlie Munger, and has written for Forbes, the Financial Times, Kiplinger’s, the Motley Fool and TheStreet.com. He was featured in two 60 Minutes segments in December 2008 about the housing crisis (which won an Emmy) and in March 2015 about Lumber Liquidators, was one of five investors included in SmartMoney’s 2006 Power 30, was named by Institutional Investor in 2007 as one of 20 Rising Stars, has appeared dozens of times on CNBC, Bloomberg TV and Fox Business Network, was on the cover of the July 2007 Kiplinger’s, has been profiled by the Wall Street Journal and the Washington Post, and has spoken widely on value investing and behavioral finance.

He served for two years on the Board of Directors of Cutter & Buck, which designs and markets upscale sportswear, until the company was sold in early 2007. Prior to launching his investment career in 1999, Mr. Tilson spent five years working with Harvard Business School Professor Michael E. Porter studying the competitiveness of inner cities and inner-city-based companies nationwide. He and Professor Porter founded the Initiative for a Competitive Inner City, of which Mr. Tilson was Executive Director. Mr. Tilson also led the effort to create ICV Partners, a national for-profit private equity fund focused on minority-owned and inner-city businesses that has raised nearly $500 million. Before business school, Mr. Tilson was a founding member of Teach for America and then spent two years as a consultant at The Boston Consulting Group.

Mr. Tilson received an MBA with High Distinction from the Harvard Business School, where he was elected a Baker Scholar (top 5% of class), and graduated magna cum laude from Harvard College, with a bachelor’s degree in Government. Mr. Tilson is an avid mountaineer and has climbed Mt. Kilimanjaro, Mt. Blanc, the Matterhorn and the Eiger. He also competes in obstacle course races regularly and is the all-time record holder in the 50+ age group at the 24-hour World’s Toughest Mudder, having completed 75 miles and nearly 300 obstacles in 2016. Mr. Tilson spent much of his childhood in Tanzania and Nicaragua (his parents are both educators, were among the first couples to meet and marry in the Peace Corps, and have retired in Kenya). Consequently, Mr. Tilson is involved with a number of charities focused on education reform and Africa. For his philanthropic work, he received the 2008 John C. Whitehead Social Enterprise Award from the Harvard Business School Club of Greater New York. He was a member (and, for two years, served as Chairman) of the Manhattan chapter of the Young Presidents’ Organization. Mr. Tilson lives in Manhattan with his wife and three daughters.

Kase Learning Website: https://www.kaselearning.com/

 

Hope you enjoy the episode!

 

Best,

Eric I. Schleien

Granite State Capital Management, LLC

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Hello, it's Eric Schleien again! On this episode, I interview Tom Jacobs of Huckleberry Capital Management. We discuss special situations investments and unravel a very interesting financial mystery as it relates to a relatively unknown investment manager many decades ago.... Maurece Schiller.

{the sound is a little weird at the beginning and I did my best to fix the sound here}

 

To find out more about Tom and Hucklberry, visit the website: https://www.investhuckleberry.com/

 

Best,

Eric

www.EricSchleien.com

www.GSCM.co

 

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