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Eric Schleien discusses value investing, rational investment analysis, and vital mental models.
Episodes
Saturday Mar 21, 2020
Saturday Mar 21, 2020
This is Part 4 of a special Coronavirus Investing Series. If you have not listened to Part 1, please click here to get the overall context/market overview during this unprecedented time.
You can also listen to:
Overview
After a decade of bankruptcies, shipping investors are fed up. The shipping ETF was shuttered a month ago, and the carnage prompted Morgan Stanley and JP Morgan to drop coverage of the entire sector. Investors fear that Covid-19 will crush oil demand, and plummeting oil prices will result in tanker demand evaporating - potentially resulting in bankruptcies. However, tanker companies have used windfall profits to pay down debt, and some are now on solid footing.
Halts In Air Travel
As lockdowns spread and air travel grinds to a halt, oil consumption is collapsing, but Braxton says that's good for tankers because what oil isn't getting burned is going into storage on tankers, which were already in short supply.
Scorpio Tankers
Braxton discusses Scorpio Tankers, which trades at 35 cents on the dollar of liquidation value. Scorpio owns the youngest product tanker fleet of any public company. The product tankers built during the last boom are starting to turn 15 years and older, either trading in a second-tier market or moving into dirty trades. At the same time, new environmental regulations significantly boost the demand for product tankers to carry MGO and other compliant fuels.
Other Tankers
Braxton mentions several other tanker companies he owns, including Euronav, a prominent owner of crude tankers. Despite the strongest balance sheet in the industry and a policy of paying out 80% of net income as dividends, Euronav trades at two-thirds of liquidation value.
IMO 2030 & The Shipbuilding Industry
In the show, Braxton explains why he finds the shipbuilding industry unattractive, and how IMO 2030 may put a damper on new ordering.
Staying In Touch With Eric Schleien
Staying In Touch With Braxon Gann
Friday Mar 20, 2020
Friday Mar 20, 2020
This is Part 3 of a special Coronavirus Investing Series. If you have not listened to Part 1, please click here to get the overall context/market overview during this unprecedented time.
Part 2 of the series, can be found here.
OVERVIEW
In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Jeremy Raper to discuss Qantas Airways, an airliner who has seen it's stock plunge during this coronavirus pandemic. Qantas is part of the Australian air travel market which Jeremy believes to have superior dynamics to most parts of the world. Jeremy believes there is triple-digit upside potential in the name with a low probability the stock goes to 0. We go into detail in the show.
Staying In Touch With Eric Schleien
Staying In Touch With Jeremy Raper
Wednesday Mar 18, 2020
Wednesday Mar 18, 2020
This is Part 2 of a special Coronavirus Investing Series. If you have not listened to Part 1, please click here to get the overall context/market overview during this unprecedented time.
Overview
In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Jeremy Raper to discuss AerCap (AER), a bombed-out stock during this coronavirus pandemic. AerCap is the world's largest independent aircraft leasing company. Jeremy believes there is triple-digit upside potential in the name with a low probability the stock goes to 0. We go into detail in the show.
Staying In Touch With Eric Schleien
Staying In Touch With Jeremy Raper
Wednesday Mar 18, 2020
Wednesday Mar 18, 2020
This is Part 1 of a special Coronavirus Investing Series.
Overview
In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Jeremy Raper to discuss a general market overview during this coronavirus pandemic. We discuss 3 baskets of places to start looking and researching to find potential investment opportunities.
Staying In Touch With Eric Schleien
Staying In Touch With Jeremy Raper
Friday Mar 13, 2020
Friday Mar 13, 2020
Show Notes
In this episode, Eric sits down with Julian Lin to discuss the mall real estate industry.
Julian is a contributor on Seeking Alpha with over 13,000 followers. Julian runs a stock investment newsletter named Best of Breed which invests in high-quality companies with “moaty” business models, conservative balance sheets, and best in class management teams. You can find out more about the newsletter here - there is a 2 week free trial available.
Stocks of mall real estate investment trusts (‘Mall REITs’) have been crushed over the past several years, with some names having dividend yields up to 30%. While retail bankruptcies and store closures have indeed pressured the sector, there are many misconceptions.
For one, vacant Sears and JCPenney stores do not signal the “death of malls” but instead present opportunity. Mall landlords are replacing these stores with restaurants, fitness centers, movie theaters, all while earning an 8% cash return on investment.
Further, not all malls are created equal. Many low-quality malls may eventually need to be completely repurposed away, but high-quality malls, known as “Class A malls,” continue to thrive and should have relevance for decades to come. Class A malls continue to raise rents and grow cash flows.
The elevated amount of store closures and retail bankruptcies has depressed occupancy rates and cash flows in the near term, but Class A malls should be able to backfill vacancies and return to strong cash flow growth in short order.
Julian reveals the two names that he is most optimistic about in the sector, one with an A credit balance sheet and another with a nearly 13% dividend yield.
You can find more high-quality growth and value picks from his newsletter Best of Breed here - there is a 2 week free trial available.
Staying In Touch With 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
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Monday Feb 10, 2020
Monday Feb 10, 2020
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.
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.