The Security Analysis Podcast

Matt Cochrane and I are reuniting to discuss another investing classic. Today’s episode is about Poor Charlie’s Almanac: The Essential Wit & Wisdom of Charlie Munger . Poor Charlie’s Almanac is a collection of essays & speeches from Charlie Munger, along with Munger’s commentary on them, highlighting his unique approach to business & life. We’ve discussed three other books: Peter Lynch’s Beating t...

Today’s podcast is with Diania Merriam. Most people are familiar with the FIRE movement, where people seek 25x their expenses and retire early. She took a different approach and instead reached her ‘coast FIRE’ number and did not retire. However, she used this as an opportunity to leave traditional W-2 corporate work. Diania also runs the EconoMe conference, a personal finance conference with pers...

Ian Cassel has been investing in microcaps for the last two decades. He is a full time private investor. He also runs Microcap Club, where microcap investors share interesting ideas. Links * Microcap Club: https://microcapclub.com/ * Intelligent Fanatics Capital: https://if.capital/ * Ian’s Twitter feed: https://x.com/iancassel Disclaimer Nothing on this podcast is investment advice. The informati...

Zach Abraham is the Chief Investment officer at Bulwark Capital and he’s the host of Know Your Risk radio, which has a lot of interesting guests & content. This is a discussion about Zach’s experiences in the industry, his views on the broader market. We also extensively discuss Boeing. Zach was early in identifying the troubles at Boeing in 2019. Links: * Bulwark Capital: https://bulwarkcapitalmg...

Matt Cochrane returns to the podcast! We have been doing a bunch of episodes where we re-read investing classics and talk about them. So far, we’ve revisited “Beating the Street” by Peter Lynch and “Common Stocks and Uncommon Profits” by Phil Fisher. Today, we’re going to talk about “The Little Book That Builds Wealth” by Pat Dorsey. Pat Dorsey was the pioneer behind Morningstar’s economic moat co...

Tobias Carlisle returns to the podcast! This was recorded on 8/1/24 and we discuss the rotation into value that occurred in July, along with many other topics. Tobias has written some of my favorite books about investing, which I highly recommend you check out: * Quantitative Value * Deep Value * Concentrated Investing * The Acquirer’s Multiple He also runs an excellent weekly podcast called Value...

This episodes features a discussion with Lawrence Hamtil and Douglas Ott. Lawrence is a partner and portfolio manager at Fortune Financial, and Douglas is the founder and chief investment officer at Andvari Associates. I’ve had Lawrence on the podcast before and I encourage you to check out that podcast, where we talked about a wide variety of topics. Today, we’re specifically zoning in on Lawrenc...

This is a solo Q&A podcast where I answer questions I’ve received on Twitter and via email. Topics covered: * The temptation to enter the casino. * Ethics of investing in alcohol stocks. * Key metrics when evaluating a stock. * Emerging markets. * The unrealized profit tax. * Merits of running multiple strategies. * Gold as an international asset class. * Shareholder yield. * Jobs for value invest...

Tim Travis is a deep value investor and the CEO of T&T Capital management. His investing style incorporates options and distressed investing along with value investing to generate income and reduce risk. Links * T&T Value Investing: https://www.ttvalueinvesting.com/ Disclaimer Nothing on this podcast is investment advice. The information in this podcast is for information and discussion purposes o...

Cullen Roche returns to the podcast! He is the chief investment officer at Discipline Funds, which focuses on low fee, systematic, index based investing. He is a returning guest to the podcast and I encourage you to check out our first episode from last year. Cullen is a prolific investing blogger where he discusses macroeconomics and the banking system at Pragmatic Capitalism. Welcome to the podc...

Tim Melvin has worked in the financial industry for 40 years as a stockbroker, advisor, and portfolio manager. He has extensive experience with deep value investing and specializes in small banks. He is a prolific financial writer and has helped write great investing books, such as the Little Book of Value Investing. His substack is also a fantastic read. This conversation was a joy. Tim is filled...

Today I am interviewing Adam Mead, the CEO of Mead Capital Management, a New Hampshire based Registered Investment Advisor. He is a prolific writer, writing the Watchlist Investing newsletter, and he has written “The Complete Financial History of Berkshire Hathaway” This discussion focuses mostly on Adam’s work chronicling the history of Berkshire Hathaway. He created the most comprehensive study...

Matt Cochrane and I revisited Common Stocks & Uncommon Profits and discussed it in depth. I hope you enjoy the discussion. The book is an investing classic and Warren Buffett credits the book for changing his views towards more of a quality orientation. Links: * Common Stocks & Uncommon Profits: https://www.amazon.com/Common-Stocks-Uncommon-Profits-Writings/dp/0471445509 * Long Term Mindset: https...

This week’s episode is a solo podcast. I sourced these questions via email and Twitter. Topics discussed: * The small cap value rally. * The role of managed futures in a portfolio. * If fundamental investing still works. * Backtesting rules of thumb. Disclaimer Nothing on this podcast is investment advice. The information in this podcast is for information and discussion purposes only. It does not...

Michael Fritzell returns to the podcast. I highly recommend our first episode from a year ago where we discussed his approach to investing. Michael lives in Singapore and writes the “Asian Century Stocks” substacks where he profiles companies throughout Asia from a value investing perspective. Companies discussed: * Sony * Casio * Best Mart * IMAX China * Lao Feng Xiang * Koshidaka Links: * Michae...

This episode is with Compounding Quality. He is a former hedge fund analyst and he has a very popular substack where he shares his philosophy of quality investing. He has written an excellent book, called: The Art of Quality Investing: How to invest in the best companies in the world Links: * Compounding Quality Twitter feed: https://x.com/QCompounding * The Art of Quality Investing: https://www.a...

Alex Morris returns to the podcast. I encourage you to listen to our first episode from a year ago where we discussed his investment philosophy and several of his holdings. Alex runs a Buffett-style concentrated portfolio where he buys high quality companies and holds for the long run. His returns have been very impressive in the past couple years, up by 35% in 2023 and 19% in Q1 alone. Companies...

Paul Gabrail operates the Everything Money YouTube channel and website. The channel covers a wide variety of investment strategies, but focuses on value investing concepts. Paul has been investing via his Family office, the Crossroads Group, investing in everything from stocks to private businesses to real estate. Links: * Everything Money: https://www.everythingmoney.com/ * Everything Money YouTu...

Kyla is a prolific financial writer with a focus on analyzing the economy. She makes short form videos, long form videos, podcasts, articles and now she’s written a great book – In This Economy? She grounds her analysis of the economy in a relatable way and makes complex economic topics clearer to understand. Links * Kyla’s main website: https://kylascanlon.com/ * YouTube channel: https://www.yout...

Today’s conversation is with Left Field Investing. He is an anonymous substack writer with a military and engineering background. His blog is appropriately named as he seeks out truly left field ideas in industries such as private prisons and toenail fungus pharmaceutical stocks. Links: * Twitter: https://twitter.com/LeftField_FHRS * Left Field Investing Substack: Disclaimer Nothing on this podcas...

Tyler Moody is an electrical engineer and DIY investor. He is an active stock picking value investor. He was inspired by Warren Buffett’s letters and began blogging about his investing process a few years ago. His blog is transparent into his portfolio, providing rationale for buy and sell decisions. His results have been very impressive. He achieved a 18.2% average annual return since 2020, and l...

Ben Sparham is a DIY British Investor. He writes the QV Capital newsletter where he writes about a macroeconomics and individual stocks. For his stock portfolio, he is focused on moaty high quality names and we discuss a few of them. Links: * Twitter: https://x.com/bensparham_ * Substack: Disclaimer Nothing on this substack is investment advice. The information in this article is for information a...

Edwin Dorsey started the Bear Cave substack account in 2020 when he was still in college at Stanford. The Bear Cave features excellent analysis of potential short candidates. Edwin performs deep dives into troubled companies. This is our second conversation. I highly recommend that you also check out our first one! In this conversation, we dig right into specific companies. Companies discussed: *...

Mikro Cap David is a talented substack writer & investor. He is based in Croatia. He casts a wide net and looks for attractively priced micro cap stocks anywhere in the world. He also has interesting views on some large cap stocks. Links * David’s Twitter feed: https://twitter.com/david_katunaric * David’s substack: Disclaimer Nothing on this podcast is investment advice. The information in this p...

John Huber is the managing partner of Saber Capital Management. Saber is modeled after the original Buffett partnership fee structure. Saber’s investment philosophy is that the best returns come from the best businesses. He is also a prolific value investing blogger and has put out some truly fascinating thought provoking content. Links * John’s Twitter Feed: https://twitter.com/johnhuber72 * Sabe...