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Eric Schleien discusses value investing, rational investment analysis, and vital mental models.
Episodes
Thursday Mar 25, 2021
Thursday Mar 25, 2021
Join Eric Schleien with today's interview guest, Trey Henninger, as they talk about Entercom, Northfield Precision, and the new SEC rule that impacts dark companies and small businesses. By taking a close look at the outcomes and probabilities close to ETC and the merger made with CBS Radio, he explains what Entercom holds for the next 12-18 months and tells us the technicalities on why he thinks owning shares from the company can still end up positively.
Summary
In this episode, Trey will also be getting into all the old news, the expected, and the good with Northfield Precision Instrument Corp. Listen as he discusses the company's performance during the pandemic, their ROI report, and how NFPC will seemingly be affected by the new SEC rule that targets dark companies. For Trey, once the new regulation comes into effect in the following months or years, going expert or grey may become an option to be considered for Northfield.
Going in further on the upcoming SEC rule, tune in as Trey explains what the regulation aims to do, what it requires from business entities, how it can backfire, and what it means to trade without a quoted price –a scenario that may just mean good deals for experts. For him, there are always as many opportunities in matters like these as there are risks in every leverage.
About Trey Henninger:
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 of 5 stocks with a 20% weighting each. By focusing on small companies, Trey hopes to find overlooked compounders at value prices. His favorite opportunities have a market cap below $50 million.
- Website
- The DIY Investing Podcast (on all major platforms)
Outline of the episode:
- [00:42] Entercom Communications – America's #2 Radio Broadcasting Company.
- [02:18] ETC as a radio company and as a growing digital audio presence.
- [02:49] The crashing merger of ETC and CBS Radio.
- [03:46] Binary outcomes and the probabilities for the company now.
- [06:55] What the debt market is telling about it.
- [08:03] Covid as an excuse...; The company's ownership.
- [09:49] A business with no assets, basically.
- [13:09] Bad as expected – Northfield Precision
- [15:54] What SEC Rule is, not retail investor-friendly.
- [16:40] How the new regulation can backfire – a theory!
- [18:25] What it means to not get quoted a price…
- [19:45] Anytime you have leverage, there's risk and also lots of opportunities.
Resources:
Follow and subscribe to the new, The Eric Schleien Podcast:
About Eric Schleien:
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:
CONTACT ERIC SCHLEIEN:
Monday Mar 15, 2021
Monday Mar 15, 2021
Join Eric Schleien with his guest Peter McCormack as they talk about podcasting, the unique characteristics of Bitcoin, and what the future holds for it. Because of the oppositions and baseless accusations against it, for Peter, Bitcoin should've already failed. Today, it is still operating and growing even higher.
In this episode, Peter gets into discussing decentralization, Bitcoin mining, his piece of advice to anyone looking into investing in Bitcoin, and so much more. To interested investors, Peter believes there should be a profound investment strategy before throwing money onto Bitcoins. He believes cryptocurrency can be a very punishing investment if done wrong.
Stay tuned to this casual exchange and find out more of what Peter has to say about Bitcoins and investments.
About Peter McCormack:
Peter McCormack is a full-time journalist/podcaster covering topics such as Freedom, Human Rights, Censorship, and Bitcoin. He is the host of the What Bitcoin Did Podcast.
The What Bitcoin Did Podcast, is a twice-weekly Bitcoin podcast where host Peter McCormack interviews experts in the world of Bitcoin development, privacy, investment, and adoption. Launched in November of 2017, the podcast has grown to nearly 200 episodes with a guest list that is a testament to the diversity of knowledge and opinions that represent the broader Bitcoin community.
Individual podcast episodes have focused on engaging and accessible conversations with some of the industry's most influential minds. Established veterans such as Adam Back, Charlie Shrem, and Andreas M. Antonopoulos have shared the WBD mic along with rising stars. No areas of discussion are off-limits, and differences of opinion are encouraged. Past topics have ranged from Cannabis to Censorship, Libertarianism to the Lightning Network, and Sex Workers to Segwit2x.
You can find Peter McCormack on:
Outline of the episode:
- [01:59] Stumbling upon Podcasts in a vegan retreat in Italy…
- [03:29] Podcasters – just get out and do it!
- [04:50] Are cryptocurrencies worth investing in?
- [06:20] What is decentralization?
- [08:04] The resistance of Bitcoin.
- [11:24] On Bitcoin's stability.
- [13:40] What does Blockchain do?
- [17:15] Bitcoin Mining.
- [20:00] A bit of advice to anyone wanting to invest their money in Bitcoins.
- [21:51] Is Satoshi Nakamoto fame-driven, rich, alive?
- [24:39] What could break Bitcoin?
- [27:53] Privacy in Bitcoin.
- [30:30] The first thing to do when getting into Bitcoins.
Resources:
How to Start a Podcast in 2020 Pat Flynn
Understanding DigiCash
How to Download Kraken Pro: Advanced Bitcoin & Crypto Trading on PC:
Kraken's Official Mobile Apps
About Eric Schleien:
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:
CONTACT ERIC SCHLEIEN:
Facebook | LinkedIn | Twitter | YouTube | GSCM | Instagram
Email: IntelligentInvesting@gmail.com
Friday Feb 26, 2021
Friday Feb 26, 2021
Join Eric Schleien with his guest Norma Belenky, the Head of Events of Podbean, as they talk about the evolution of media, Podbean’s exciting podcast features, and most especially the upcoming Finance Podcast Week.
In this episode, Norma shares her story on getting into podcasting and the facet that sets apart a podcast. She also gives us a brief of the stimulating discussions, guests, and perks we can expect from Podbean’s event that every entrepreneur, investor, and alike will gain from.
Stay tuned to their talk to catch a glimpse of Finance Podcast Week’s exciting lineup for everyone.
About Podbean:
Podbean is a podcast publishing and monetization service, providing free and premium hosting packages for individuals and businesses. Podbean offers a user-friendly interface that integrates publishing, management, syndication, and analysis tools into an easy-to-use podcasting package.
Facebook: https://www.facebook.com/NormaJeanBali/
Instagram: https://www.instagram.com/normajeanlovesdoodles/
Outline of the episode:
- [01:12] What is Podbean, and what does it bring?
- [02:32] The upcoming Finance Podcast Week: Guests, Topics, and Program.
- [05:26] Elements of media changed by today’s podcasts.
- [08:54] The freedom in Podcasts.
- [09:41] Live features on Podbean’s Finance Podcast Week and what to expect.
- [13:08] The technology, integrations, platforms, and accessibility of today.
- [15:39] Ask the hosts, join in the conversation – Podbean Finance Week.
- [18:23] Live podcasts + Pre-released episodes of participating podcasters.
- [19:23] The dates to save…
- [22:03] On getting into podcasts and becoming a part of Podbean.
- [25:20] The community, collaborativeness, and openness that is in podcasting.
- [26:37] What needs to be a part of podcasting?
- [27:32] In the age of information overload, to stand out, you need to have…
Resources:
- For tickets, got to Finance Podcast Week
- More info about the Finance Podcast Week
- Podbean Live
About Eric Schleien:
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:
CONTACT ERIC SCHLEIEN
Facebook | LinkedIn | Twitter | YouTube | GSCM | Instagram
Email: IntelligentInvesting@gmail.com
Monday Feb 15, 2021
Monday Feb 15, 2021
Join Eric Schleien with the founders of Alluring Oddities, as they share stories about their income-generating passion for thrift shopping and what it took to make this side-project grow and continue growing.
More than just a business, the founders treat their passion as a venture wherein they can cultivate experiences for their friends, loved ones, and Buffalo's whole community. Community over competition is a general outlook that they endorse.
Learn more from their experiences as you tune in further to what the founders have have to share.
About Alluring Oddities:
Alluring Oddities is a curated and cultivated gallery of mostly 60s or 70s offbeat thrifted treasures in Buffalo, NY.
Outline of the episode:
- [07:45] The fascination towards everything timeless in condition.
- [09:53] Make money out of it, not: get rid of it.
- [11:03] More than just a business, it's a lifestyle.
- [13:22] Alluring Oddities: a thrift store's gross margin.
- [14:37] Set your brand different from others.
- [15:30] The resurgence in Buffalo's market.
- [17:03] Why interact with your audience? Why research? Why benchmark?
- [19:44] Connecting to peoples' stories through their belongings.
- [25:43] On price tagging.
- [26:34] "Community over competition."
- [29:22] What your venture will mostly need from you.
- [30:06] Putting everyone's strengths at work.
Resources:
Bounty Hunter TK4 Tracker IV Metal Detector
Thrift at or Donate to Goodwill
Thrift at or Donate to Salvation Army
About Eric Schleien
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:
CONTACT ERIC SCHLEIEN
Monday Mar 02, 2020
Monday Mar 02, 2020
In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Guy Spier who is the founder and investment manager of The Aquamarine Fund.
Eric and Guy discuss the philosophy of value investing beyond just looking at a business and how it impacts our day to day living and develops us as a human being.
Resources
- Think and Grow Rich
- How to Win Friends and Influence People
- The Infinite Game
- Finite and Infinite Games
Staying in touch with Guy
Staying in touch with Eric
Tuesday Feb 25, 2020
Tuesday Feb 25, 2020
If you like this podcast, please consider subscribing on:
Summary
Eric Schleien sits down with Gobinath Balasubramanian. We discuss Fairfax India and Thomas Cook India.
Other interviews with Gobinath on The Intelligent Investing Podcast:
-
A Take-Under In Russia; A Cheap Mexican Cable Company That Will Make Its Market Cap Back In 5 Years
- Value Investing In India
About Gobinath
Gobinath Balasubramanian is the Chief Investment Officer of GB Investments LLC, which he founded in 2016.
Gobinath is a graduate from The University of Tampa – Sykes School of Business in Tampa, FL where he earned his Masters Degree in Finance. He performed his undergraduate studies at St. Peters Engineering college, in Chennai, India, earning a Bachelor of Engineering degree in Electronics and Communication. He holds the Series 65 license.
You can reach Gobinath on his LinkedIn or through his website for GB Investments.
You can also see Gobinath’s first podcast on The Intelligent Investing Podcast, here.
Contact Eric Schleien
Of course, if you’d like to connect with me directly, I always love connecting with listeners of the Intelligent Investing Podcast on my personal Twitter.
You can also connect with me on Facebook, Instagram, or through my personal website.
To follow The Intelligent Investing Podcast, click here.
Thanks!
Saturday Feb 22, 2020
Saturday Feb 22, 2020
Today is one of my favorite Saturday's of the year. Every Saturday for over the past decade now, I have woken up every Saturday morning before the Berkshire Hathaway Letter To Shareholders is released, eagerly excited to take in whatever Warren Buffett has to share with us shareholders. I would imagine many of you do the same!
Once again, Warren Buffett has released his letter to shareholders this morning. In this episode of The Intelligent Investing Podcast, I break down the 2019 Berkshire Hathaway Letter To Shareholders with some of my thoughts and insights and go over some of the key highlights.
2019 Berkshire Hathaway Letter
The full letter can be found, here.
You can also watch this podcast on YouTube
Connect With Eric Schleien
If you’d like to connect with me regarding the letter to discuss more, feel free to reach out!
Visit Eric Schleien’s WEBSITE
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
Wednesday Jan 29, 2020
Wednesday Jan 29, 2020
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.
Friday Oct 25, 2019
Friday Oct 25, 2019
In this episode of The Intelligent Investing Podcast, Eric Schleien and Glenn Surowiec discuss the Index Investing Bubble as well as discuss General Electric (GE) which has been going through a massive restructuring.
Glenn manages SMA's through GDS Investments which he founded in 2012. From 2001 to 2012, he worked for Alsin Capital Management, Inc. as an equity research analyst (2001-2003), co-portfolio manager (2003-2008), and portfolio manager (2008-2012). Before joining ACM, Glenn worked for Enron Corp. as a derivatives structuring manager, and for Commerce Bancorp (now TD Bank) as a real estate credit analyst.
He currently serves as an advisory board member of Value Conferences, an online-only conference featuring some of the most prestigious value investors across the globe.
Contact Eric Schleien
If you’d like to connect with me Eric directly, he always loves connecting with listeners of the Intelligent Investing Podcast on his personal Twitter. You can also connect with Eric on Facebook, Instagram, or through his personal website. To follow The Intelligent Investing Podcast, click here.
Disclosure: Eric's firm Granite State Capital Management manages SMA's. None of his clients own GE stock. That could always change in the future without notice.
Contact Glenn Surowiec
Glenn can be reached by email: glenn@gdsinvestments.com OR he can be reached via his website.
You can read Glenn's most recent letter to his investors, here.
Monday Aug 26, 2019
Monday Aug 26, 2019
Eric Schleien sits down with Gobinath Balasubramanian. We discuss an interesting mistake Gobinath made buying a Russian Media company as well as one of his largest holdings, Grupo Televisa.
The Russian company was CTC Media and is one of the largest broadcasting companies in Russia. At the time, the company looked cheap. The business had no debt and was spitting out lots of free cash flow. This was during the time of the most recent Russian Oil Embargo when pretty much all Russian stocks plummeted.
So here you have a strong business, a beaten down stock, returns on capital of ~50%, and a valuation of under 10x FCF. So what could go wrong? Well, it's Russian equity markets....so lots! Russia proposed a rule saying that non-Russian owners could not own Russian media companies anymore. Therefore, poor Gobinath was forced to sell the stock 6 months later (tear-jerk).
Eric and Gobinath also discuss one of the largest media companies in Mexico, Grupo Televisa (TV). This is one of Gobinath's largest positions making up about 8% of his fund. At the time of this recording you could make the argument that each division could potentially be worth the current market cap.
Grupo Televisa Divisions
- Content Division: 700m EBITDA
- Broadband Division: 850m EBITDA
- Other Businesses: 400m EBITDA
- Univision Royalty Stream of 16.5% of Total Sales. Total sales of Univision: $3B USD. Royalty = 450m (straight to the bottom line).
Total Market Cap of Grupo Televisa: ~5B USD
Furthermore, the Gobinath likes the fact that management is buying back stock and that the companies founder's son owns 16%. In addition, the Bill & Melinda Gates Foundation own shares as well as Oakmark. Also, the company will make likely make back its market cap in cash within 5 years.
Gobinath Balasubramanian is the Chief Investment Officer of GB Investments LLC, which he founded in 2016.
Gobinath is a graduate from The University of Tampa – Sykes School of Business in Tampa, FL where he earned his Masters Degree in Finance. He performed his undergraduate studies at St. Peters Engineering college, in Chennai, India, earning a Bachelor of Engineering degree in Electronics and Communication. He holds the Series 65 license.
You can reach Gobinath on his LinkedIn or through his website for GB Investments.
You can also see Gobinath's first podcast on The Intelligent Investing Podcast, here.
Contact Eric Schleien
Of course, if you'd like to connect with me directly, I always love connecting with listeners of the Intelligent Investing Podcast on my personal Twitter.
You can also connect with me on Facebook, Instagram, or through my personal website.
To follow The Intelligent Investing Podcast, click here.