Episodes

  • Dylan Marrello - Raging Bull
    Sep 11 2024

    Dylan is a former attorney turned private investor focused on small/microcap stocks and overlooked pockets of the market. He publishes a free newsletter on Substack called Raging Bull Investments, which provides deep-dive investment write-ups and occasional market commentary, and is active on Twitter as raging bull cap/Jake LaMotta.

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    1 hr and 41 mins
  • Richard Cook - Traversing For Value
    Aug 22 2024

    Richard Cook, Co-Founder of Cook and Bynum, stops by The Business Brew to discuss his approach to global investing. Richard discusses his concentrated investment strategies, focusing on emerging markets, government dynamics, consumer behavior, and intrinsic value.

    Highlighting key investments in markets like Mexico, Turkey, Pakistan, and Bangladesh, Richard discusses operational execution, investor relations, and long-term strategic planning. The episode also covers strategic investments during the Greek financial crisis, the role of conservative management, and the importance of understanding market dynamics.

    With reflections on experiences in South Africa, Costa Rica, and Turkey, this conversation offers invaluable insights into global investment strategies and the essential qualities of successful business leaders.

    Tune in to gain expert knowledge on navigating global investments and building a successful investment firm.

    00:00 Welcome to The Business Brew


    00:07 Introducing Richard Cook


    00:45 Investment Philosophy and Strategy


    01:09 Shoutout to the Editing Team


    02:30 Starting the Interview with Richard Cook


    03:02 Emerging Markets and Government Influence


    04:15 Investment Holdings and Long-Term Strategy


    07:47 The Power of Buybacks and Controlling

    Shareholders


    14:44 Avoiding Bias in Investment Decisions


    19:08 Lessons from Past Investments


    24:54 Navigating Market Cycles


    34:18 Insights on Bottling Businesses


    46:58 Premiumization in the Beverage Industry


    48:15 Global Consumption Patterns


    49:53 Investment Strategies and Intrinsic Value


    51:29 Challenges in Forecasting Business Durability


    53:32 Insights on Company Valuation


    55:15 Case Study: Kraft and Mondelez


    59:01 AB InBev and Craft Beer Market


    01:09:59 Investment in Jumbo During Greek Crisis


    01:20:39 Evaluating Emerging Markets


    01:25:55 Building an Investment Firm


    01:28:34 Conclusion and Final Thoughts

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    1 hr and 29 mins
  • Bruce Berkowitz - Avoiding Disaster And Generating Returns While Doing So
    Aug 8 2024

    In this episode of the Business Brew, host Bill Brewster sits down with the esteemed investor Bruce Berkowitz. They delve deep into Berkowitz's illustrious career, from his strategies during the financial crisis to his current outlook on various investment opportunities, including midstream energy and Florida real estate.

    Berkowitz shares anecdotes, personal reflections, and valuable lessons learned over decades in finance. Additionally, Berkowitz emphasizes the importance of due diligence and remaining rational amidst market fluctuations.

    Don't miss this enlightening conversation that offers unique insights into the minds of one of the most successful investors in the industry.


    00:00 Welcome to The Business Brew


    00:07 Introducing Bruce Berkowitz


    01:12 Disclaimer and Due Diligence


    02:01 Shoutout to the Editing Team


    *Dope music*


    03:23 Starting the Interview with Bruce Berkowitz


    04:19 Bruce's Investment Philosophy


    05:06 Insights on Wells Fargo


    09:01 The Importance of Management and Culture


    10:11 Challenges in the Banking Sector


    12:46 Bruce's Focus on U.S. Investments


    14:25 Research and Concentration in Investments


    20:28 Fairholme's Unique Approach


    27:01 Reflections on Sears and Real Estate


    30:43 Lessons from St. Joe


    32:38 Discussion on St. Joe's Elevated Properties


    33:27 Hurricane Resilience and Modern Building Codes


    35:07 Investment Strategies and Market Perspectives


    35:54 Interest Rates and Duration Risk


    39:14 Corporate Spreads and Reinvestment Risk


    41:43 Societal Changes and Financial Perspectives


    46:17 Enterprise Products and Midstream Energy


    48:30 Energy Logistics and Environmental Impact


    57:17 Technological Evolution in Energy


    01:00:40 Mutual Funds vs. ETFs


    01:02:04 Concluding Thoughts and Media Engagement

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    1 hr and 4 mins
  • Blake Haxton - Industrials and High Yield
    Aug 1 2024

    Blake Haxton, analyst at Brandywine Global Asset Management's High Yield and Corporate Strategies Group, joins the Business Brew. This discussion focuses on the companies Blake covers as well as his views on markets generally. Blake tends to focus on "old economy" industries so prepare yourself for plenty of energy discussion. Bill and Blake also discuss industrials and homebuilders. The conversation also touches on the merits of high yield as an asset class.


    Blake was recently featured in Barron's. You can find the article here: https://www.barrons.com/articles/paralympian-blake-haxton-high-yield-brandywine-global-6305e6e5


    We hope you enjoy the conversation.


    Detailed Show Notes:

    4:00 - What Blake covers


    5:10 - commodities are fairly tight from a supply demand perspective


    8:00 - airline discussion


    13:00 - energy as an example of how Brandywine looks to take advantage of capital cycles


    16:00 - the prospective outlook for high yield


    19:00 - how the high yield benchmark is different from the equity benchmark


    24:00 - how the improvement in counterparty risk changed the risk/reward of lending to pipeline companies


    28:25 - how to think about decline curves in the US vs. Canadian oil companies


    30:25 - how differentials impact Canadian energy economics


    38:30 - does it make sense to have an allocation to energy?


    42:10 - a discussion about how assets generally are priced


    52:00 - the pitch for debt vs. equities


    54:45 - where is the US housing market in the cycle?


    1:06:00 - trading down in credit quality for yield


    1:13:00 - how ETFs can provide opportunities when they sell


    1:21:00 - how was covering energy in COVID?


    1:29:00 - what’s different today with shale as a key producer



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    1 hr and 41 mins
  • Unlocking REIT Potential with Bill Chen: Navigating Multifamily and Office Market Dynamics
    Jul 23 2024

    Bill Chen returns to The Business Brew to explore the current landscape of Real Estate Investment Trusts (REITs). Delve into Chen's comprehensive due diligence process, investment strategies, and the future of multifamily and office REITs. Discover key insights on market conditions, cap rates, capital allocation, and the impact of interest rates on investment returns.

    The discussion also highlights strategic decisions by large-cap public REITs, dealing with distressed assets, and the potential risks and opportunities in today's real estate market.

    A must-watch for anyone looking to understand the intricacies of real estate investing in uncertain times.


    Note: This episode was recorded on July 9, 2024.

    00:00 - Welcome to The Business Brew


    00:05 - Introducing Bill Chen and REITs Discussion


    00:35 - A Walk-Through Manhattan with Bill Chen


    03:28 - The Future of Office Spaces


    09:48 - Bank Balance Sheets and Office Exposure


    19:24 - Analyzing REIT Investments


    38:12 - Analyzing Cap Rates in Real Estate Investments


    41:45 - The Impact of Public Company Costs on Returns


    49:30 - Liquidity and Market Dynamics in Real Estate


    53:11 - Challenges and Opportunities in the Current Market


    1:00:10 - Grocery-Anchored Shopping Centers: A Resilient Asset Class


    1:06:17 - Interest Rates and Their Influence on Real Estate Returns


    1:15:02 - Understanding Real Estate Multiples and Leverage


    1:15:41 - Market Fears and Multifamily Capitalization Rates


    1:16:32 - Challenges in Real Estate Development


    1:16:56 - Opportunities in a Down Market


    1:17:20 - Connecting with the Speaker


    1:18:25 - Investment Strategies and Market Timing


    1:19:51 - Balancing Market Humility and Aggression


    1:21:23 - Psychological Approaches to Real Estate Investment


    1:23:24 - Resilience of Multifamily Assets


    1:24:48 - The Future of Home Ownership and Renting


    1:27:54 - Personal Experiences with Real Estate


    1:30:56 - The REIT Mafia and Investment Benchmarks


    1:35:16 - Long-Term Investment Perspectives


    1:42:22 - Final Thoughts and Farewell


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    1 hr and 46 mins
  • Al Goldstein - Stoic Lane
    Jun 27 2024

    Al Goldstein, Co-Founder, CEO, and Chairman of Stoic Lane stops by The Business Brew to discuss what his firm is doing in the private markets. Stoic lane is focused on acquiring controlling positions primarily in short term rental management and back office solutions for entrepreneurs. The entity is structured as a corporation with shares rather than as a partnership. As of now, Al's long term goal is to go public.


    3:00 - Background and first exit

    6:00 - Entering real estate in 2008

    8:00 - Al's perspective as an immigrant

    10:00 - Starting a private REIT

    13:50 - Al's next venture in consumer lending

    18:30 - What is Stoic Lane

    26:15 - Capital light model with regional brands

    30:00 - Creating the right incentives

    34:00 - Focusing on the long term

    40:00 - Execution is the hard part



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    1 hr and 1 min
  • Update
    Jun 15 2024

    Bill drops in to give a podcast status update and let the listeners know what is going on.


    Come see him at The CFA Society of New York on June 25th.


    If you are interested in the golf events please send your information to businessbrewgolf@gmail.com.


    Thank you as always for listening!

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    7 mins
  • Charles Lemonides - ValueWorks
    Jun 6 2024

    Charles Lemonides, founder and CIO of ValueWorks LLC, stops by The Business Brew to discuss his investment philosophy. Charles started his career as a high yield bond analyst. Over time, he gravitated towards equity. In this episode he says "I find the best investment opportunities are where you can find something that is a real growth opportunity but it is selling for a value price."


    Today, ValueWorks LLC, tends to run portfolios with 25-30 long securities in them. Charles tries to have 15 "very, very different" bets in each portfolio.


    We hope you enjoy this conversation.


    John Hempton on "When do you average down?"


    Detailed Show Notes:

    5:15 - Best investment setups/opportunities


    7:30 - Conceptual position sizing


    9:40 - ValueWorks different vehicles and philosophy


    17:45 - How Charles built his firm around a philosophy


    20:00 - Why Rivian may be a value investment


    28:20 - Comcast


    31:00 - How Charles manages different types of theses?


    35:00 - Where are we in a market cycle?


    39:30 - What stocks do you want into a top?


    44:40 - What makes Charles tick




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    54 mins