The Intelligent Investing Podcast

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Eric Schleien discusses value investing, rational investment analysis, and vital mental models.

Episodes

Tuesday Jun 08, 2021

#154: Pershing Square Tontine $PSTH - Andrew Walker

Tuesday Jun 08, 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 Walker who is a portfolio manager at Rangeley Capital LLC and runs Yet Another Value Blog. We discuss Pershing Tontine (PSTH), a SPAC run by Bill Ackman that just recently announced a deal to acquire 10% of Universal Music Group (UMG) from Vivendi.

Show Notes

[4:24] The UMG announcement

[7:15] Background on SPACs

[9:47] A unique tontine structure

[14:38] Spinning Eagle SPAC

[16:50] SPACs vs SPARCs

[22:31] Valuation

[27:09] UMG's Economic Moat

Resources

PSTH Article 1:

https://yetanothervalueblog.substack.com/p/further-breaking-down-and-simplifying

PSTH Article 2:

https://yetanothervalueblog.substack.com/p/breaking-down-the-ridiculously-complex

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

Email: IntelligentInvesting@gmail.com

Disclosure: Eric Schleien and some SMA clients of Eric Schleien through Granite State Capital Management, LLC own shares of PSTH. Nothing here is investment advice. Do your own due diligence.

Wednesday Jun 02, 2021

#153: Multi-bagger Potential in Solitron Devices $SODI; a recap of Entercom $ETM/$AUD and Northfield Precision $NFPC - Trey Henninger

Wednesday Jun 02, 2021

NEW PODCAST

Podbean

TIKR.COM

NET NET HUNTER

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

You can subscribe to the podcast on the following platforms:

GET IN TOUCH WITH ERIC SCHLEIEN

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

#152: The Discovery Communications $DISCA $DISCK / WarnerMedia $T Merger

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

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

John Malone Interview on CNBC
My Book on Amazon

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:

CONTACT ERIC SCHLEIEN

Email: intelligentInvesting@gmail.com

Wednesday May 26, 2021

#151: Some Quick Thoughts On My Largest Position, Liberated Syndication (LSYN)

Wednesday May 26, 2021

This episode is also 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

This episode 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 some very brief thoughts on Liberated Syndication (LSYN). They filed an 8k which led some investors to be alarmed. I think the fears are overblown and briefly discuss my views on the company and the recent development.

Show Notes

[01:15] About Liberated Syndication
[01:55] The Concern Over The 8k Filing
[02:27] Paying Low Multiple For Growth
[03:39] Free Call Option On Litigation Outcome

Resources

VIC Writeup on LSYN

About Eric Schleien

Eric currently resides in Philadelphia, PA.

Help Out The Podcast

You can subscribe to the podcast on the following platforms:

CONTACT ERIC SCHLEIEN

Email: intelligentInvesting@gmail.com

Monday May 24, 2021

#150: How To Invest In Outer Space...seriously! - Robert Jacobson

Monday May 24, 2021

Summary

Join Eric Schleien with today's interview guest, Robert Jacobson, as they talk everything about entrepreneurship, technology advancements, and how you can invest in outer space. Robert admits he is no rocket scientist, but as you join us in this discussion, listen as he tells us the many non-hyperbolic real things that are developing right above us.

In this episode, Robert shares the different business models on space and technology exploration emerging in the industry today. From businesses leveraging the advantages of multiple small satellites, providing internet to remote areas, ultramodern telescopic devices, advanced GPS tracking, and even the fusion of VR technology and floatation tanks.

As you remain tuned in, find out more as Robert, later on, speaks of his book that gives us a great introduction to how the industry that will help change humanity is affecting us economically, socially, and more.

About Robert Jacobson

Robert is a hyper-connector, advisor, entrepreneur specializing in the emerging New Space economy.

Robert Jacobson is an entrepreneur and investor driven by a life-long passion for space. A born improviser, team builder, and dealmaker, Robert approaches business challenges with a flexible and creative mindset. With a talent for developing nuanced, boundary-defying solutions, he creates effective bridges between various enterprises and worlds of experience—from merging interests and subject matter to propelling humanity forward via space's myriad offerings.

Robert authored the book Space Is Open for Business on democratizing the New Space economy.

Robert's Website
Space Advisors
Twitter
Robert's Book; Space Is Open For Business: The Industry That Can Transform Humanity

Show Notes

[00:25] What outer space is doing for us.
[03:14] The XPRIZE – Getting a human to space.
[07:55] "It wasn't going to be through NASA."
[10:18] The space advancements by 2020.
[15:10] -An audacious goal of backing up Earth's civilization.
[17:07] On Astrabotic and the project – Great Pause.
[18:39] Floatation tanks – The closing thing to walking on outer space.
[21:15] The opportunities for space ventures today.
[26:34] New business models through satellite advancements, etc.
[35:17] A book on the industry that can help transform humanity.

Resources

Space Is Open For Business Book by Robert C. Jacobson:
Propel X – Alternative investments
Space Angels – Your access to smart space investing
Syndicate 708 - Propelling the next generation of Deep Tech entrepreneurs
Starburst - The #1 Aerospace Accelerator

About Eric Schleien

Eric currently resides in Philadelphia, PA.

Help Out The Podcast

You can subscribe to the podcast on the following platforms:

CONTACT ERIC SCHLEIEN

Email: intelligentInvesting@gmail.com

Friday May 21, 2021

#149: Discussing some incredibly OBSCURE net-net stocks - Evan Bleker

Friday May 21, 2021

Summary

In this episode I sit down with Evan Bleker to discuss what he's currently doing in the net-net world for 2021. It was a pleasure to have him back on the show. We discussed the big winners from 2020 and biggest losers. One of the big winners we discussed was a net-net stock called Polar Power. We also discussed how tanker stocks were the biggest losers for 2020 as well. We then discuss Evan's general net-net strategy, and a few stocks such as Kaspien, Playmate Toys, and TLV Holdings. If you're interested in investing in net-net stocks you won't want to miss this.

Show Notes

[00:21] Discussing the net-net portfolio for 2020

[00:44] Big winners and losers of 2020

[00:48] Polar Power

[01:59] Tankers

[02:49] Kaspien

[10:18] Playmates Toys

[15:05] TLV Holdings

[26:15] ADDvantage Technologies

Resources

Evan Bleker's Book on Amazon

Eric Schleien's Book on Amazon

About Evan Bleker

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.

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

Contact Eric Schleien

Email: intelligentInvesting@gmail.com

Tuesday May 11, 2021

#148: Discussing Trupanion (TRUP)...again! - Reaction To Steel City Capital Letter

Tuesday May 11, 2021

This episode is also 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

It's time again for another Trupanion (TRUP) episode as there's been another writeup on the company that completely misunderstands their business in my opinion. For my other episode on Trupanion where I made a rebuttal to Todd Wenning at Ensemble Capital which you can listen to here.

This is a rebuttal to the Steel City Capital letter which you can view on Seeking Alpha.

Show Notes

[3:28] The PAC spend is the output, NOT the input as Steel City Capital attempt to argue

[3:53] Growth inline with PAC spend

[5:26] Including development expenses in IRR doesn't make sense

[6:06] The proper way to look at Trupanion's subscription business IRR

[6:37] Doesn't make sense to include preloaded costs into IRR calculation

[7:24] How to look at "Other" Business

About Eric Schleien

Help Out The Podcast

CONTACT ERIC SCHLEIEN:

Email: intelligentInvesting@gmail.com

Thursday May 06, 2021

#147: Shaking Things Up At Firsthand Technology Value Fund; Should They Liquidate? - Don Chambers

Thursday May 06, 2021

This episode is also 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

Eric Schleien brings on Don Chambers to discuss his activism at Firsthand Technology Value Fund (SVVC). Don will be proposing to terminate the management company and potentially liquidate the company after that at the next annual meeting. The company currently trades at a steep discount to NAV.

For prior episodes about SVVC:

Show Notes

[00:01:55] Update On SVVC

[00:02:13] Cards are stacked against the investor and they're tremendously stacked in favor of the entrenched money managers.

[00:02:50] The proposal on the proxy

[00:03:09] The Annual Meeting

[00:03:24] Binding vs Non-Binding Resolutions

[00:04:18] The Previous Non-Binding Proposal Last Year

[00:05:30] The Entrenched management team

ABOUT DON CHAMBERS

Donald R Chambers currently runs the website, SaveFirstHandTechnology. He is also a recently-retired (June 2017) professor of finance with 36 years of teaching experience. Dr. Chambers has written several books regarding investments and personal finance that are distinguished by their clear writing and ability to make difficult concepts accessible to his audience. He is the lead author of the 600+ page Modern Corporate Finance: Theory and Practice which is in its eighth edition (forthcoming with FlatWorld), the 1,000-page Alternative Investments which is in its third edition with Wiley, and several other books on finance. Dr. Chambers has published over 50 scholarly articles.

Dr. Chambers has had numerous appearances in media including national television, national public radio, regional television, and regional radio. Dr. Chambers co-starred in a nationally-televised cable television series regarding finance in 1988 (45 Fortune) and frequently serves as a public speaker.

In more recent years, he has written numerous blogs and spoken frequently regarding investments in his role as Chief Investment Officer of Biltmore Capital Advisors.

About Eric Schleien

Help Out The Podcast

CONTACT ERIC SCHLEIEN:

Email: intelligentInvesting@gmail.com

Wednesday May 05, 2021

#146: How To Become An Expat; Lowering Your Taxes; Increasing Your Standard Of Living - Mikkel Thorup

Wednesday May 05, 2021

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

Join Eric Schleien with today's interview guest, Mikkel Thorup, as they talk real about the many possibilities of living life as an expat in foreign countries. Due to dyslexia and being made to study in special classes, Mikkel was poorly treated by many peers during his younger years – an experience with discrimination he did not feel when he got to live life outside the country.

Mikkel shares in this episode the key points he gets clear with, on tax and obligations to the government, with clients who are interested in living an expat's life. From his experience in living in other countries, he also discusses the cost of living, lifestyle, and luxuries that foreign countries experience that the average life in North America no longer caters to nowadays for many.

As an expat, Mikkel keeps things in perspective. For him, a country's government should always be viewed separately from its people and culture, and that people shouldn't go to other countries and try making it like their own. Instead, Mikkel believes it's crucial to learn how to embrace the experience, culture, food, language, and everything else about a place that people can make friends and stories with.

About Mikkel Thorup

Mikkel Thorup is the host of The Expat Money Show podcast. He is also the author of the #1 Best-Selling book Expat Secrets on Amazon. Mikkel has spent over 20 years in continual travel around the world, visiting more than 100 countries, including Colombia, North Korea, Zimbabwe, and Iran.

His goal is to help people just like you to generate additional streams of income, legally eliminate your tax bill, and take advantage of offshore structures so you can travel the world freely and never have to worry about money again.

Website: https://expatmoneyshow.com/
Podcast: https://expatmoneyshow.com/episodes/
Twitter: https://twitter.com/ThorupMikkel

Show Notes

[01:35] Getting into special class and dropping out of school.
[09:15] What is an expat?
[12:36] The school system in the pandemic.
[15:03] Want the expat life? What to ask?
[23:40] Healthcare in Panama.
[27:09] On residency-based and territorial-based tax systems.
[29:32] What to look into - The FEIE.
[34:15] Belize is an excellent place for certain reasons…
[37:35] The cost of living and the quality of life in South East Asia.
[39:19] What can expats get life access to that North America can no longer offer?
[47:08] Experiencing North Korea and Iran.
[50:16] On Amazing Switzerland and Estonia's VISA Program.
[59:44] What people who want to be an expat need to learn…

Resources

The Expat Money Show - Is E-Residency in Estonia Right for You with Ott Vatter:
Expat Secrets - How To Pay Zero Taxes, Live Overseas & Make Giant Piles of Money Book by Mikkel Thorup

About Eric Schleien

Eric currently resides in Philadelphia, PA.

Help Out The Podcast

You can subscribe to the podcast on the following platforms:

CONTACT ERIC SCHLEIEN:

Email: intelligentInvesting@gmail.com

Tuesday Apr 27, 2021

#145: My Favorite Stock Idea for 2021, Why I Don't Short Stocks, and More: Q&A w/ Eric Schleien

Tuesday Apr 27, 2021

Join Eric Schleien in this Q&A format as he answers questions on short positions, investment strategies, destroying your own conclusions on business and investments, and so much more. When asked about the mistakes he's made with investments and what can be learned from them, Eric expounds on what he thinks is a rear-view mirror thinking and on how he managed to lose more money to areas of omission than commission.

Summary

While it's common for others to work on becoming large firms, Eric's unique gameplay is to stay boutique and manageable. For Eric, it's not necessarily rejecting growth. Instead, it's more about being able to hold control and balance on different elements. When you're running multiple large funds, it will reach a point where you start losing the competitive advantage by becoming too large, he explains.

In this episode, the group also brings up the relevance of Environmental and Social Trends in determining the long-term value of companies. Quoting from Brookfield Asset Management CEO Bruce Flatt, "It's not a good business to not be a good steward of the environment.", for Eric, if a business is taking steps to have an adaptable and inclusive culture – value is quickly elevated. Even though it's not the end-all-be-all, for Eric, when a business does good in proving its CSR, it helps contribute to building a competitive advantage and value in the long run.

Show Notes

[01:20] Podcasting is going to be bigger than radio; On Liberated Syndication/Libsyn (LSYN).
[06:26] How do you size your investments and know what to trim?
[10:38] The art form to portfolio management.
[14:00] On the threat inflation poses.
[19:50] The advantages of being a boutique firm.
[21:53] On not taking short positions.
[26:26] Has the pandemic changed investment strategies?
[28:22] Rear-view mirror thinking.
[34:05] How do you factor in ESTs on a business's long-term value?
[36:39] There's only so much you can control when you run large funds.
[42:06] When an investor insists on dividends…

Resources

Principles of Power - The Art & Wisdom of Badassery Book by Eric Schleien

About Eric Schleien

Eric currently resides in Philadelphia, PA.

Help Out The Podcast

You can subscribe to the podcast on the following platforms:

CONTACT ERIC SCHLEIEN

Email: intelligentInvesting@gmail.com