The Security Analysis Podcast

Jared Dillian served in the Coast Guard, worked as a trader at Lehman Brothers, and writes the Daily Dirtnap newsletter. He’s also a DJ and a prolific author. His published books include Street Freak, an account of his time at Lehman Brothers and a novel called All the Evil of This World. He also wrote a collection of essays, Those Bastards (in reference to a quote from Dick Fuld, CEO of Lehman) w...

Today’s episode is a Q&A, ask-me-anything style podcast. I reached out to subscribers of the website to see if they have any questions. This episode covers a lot of ground and many different topics. If you have any questions, feel free to email me at valuestockgeek@substack.com. If you would like to subscribe to my website (there is a free tier), go to www.securityanalysis.org . You will receive u...

Phil Bak is the CEO of Armada ETFs, a REIT-specialized asset manager. He has wide ranging experience in the ETF business, including time spent as a managing director of the New York Stock Exchange.  He is also very active on Twitter and operates a Substack blog. Links * Armada ETF’s: https://www.armadaetfs.com/ * Phil’s Twitter Feed: https://twitter.com/philbak1 * Phil’s substack: Disclaimer Nothi...

Tobias Carlisle is a returning guest to the podcast for a discussion about the state of the market and value investing. Tobias has written some of my favorite books on investing: * Quantitative Value * Deep Value * Concentrated Investing * The Acquirer’s Multiple Tobias is also the manager of two ETF’s: ZIG and DEEP which employ his deep value strategy. Links * Check out the first episode of this...

Todd Wenning is a professional investor and writer. He publishes the Flyover Stocks newsletter, which focuses on finding high quality businesses with economic moats and great shareholder friendly management. He has extensive writing experience through various blogs, the CFA institute, and the Motley Fool. He notably worked at Morningstar where he covered a variety of different companies, industrie...

Christian Ryther is a value investor and ultramarathoner who manages money via Curreen Capital. Curreen Capital seeks out ‘ugly duckling’ stocks – companies that are misunderstood, underappreciated, and cast aside but the reality is that they are high quality companies. Links * Curreen Capital - http://www.curreencapital.com/ * Christian’s Twitter feed: https://twitter.com/CurreenCR * Christian’s...

Ethan Tucker works in commercial real estate and runs a family investment office in Baltimore. He blogs at thegarpinvestor.com. His focus is on high quality companies. Links: * The GARP Investor blog: https://thegarpinvestor.com/ * Ethan’s Twitter feed: https://twitter.com/thegarpinvestor Disclaimer Nothing on this podcast is investment advice. The information in this podcast is for information an...

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. His work has resulted in his site becoming wildly popular, with over 50,000 subscribers and is frequently featured on Bloomberg business alerts. I’m a long only investor, but...

Hunter is an anonymous financial writer who writes the Lewis Enterprises substack. By day, he is an investment professional who focuses on real assets, private equity, and other alternative investments. He is very active on Twitter and his substack. On his substack, he chronicles his views about alternative investments and the increasing financialization of the American economy. Links * Hunter’s T...

Eric Balchunas is the Senior ETF analyst at Bloomberg, where he extensively chronicles the ETF revolution. You’ll frequently see him on Bloomberg talking about the latest ETF news. He’s the host of the Trillions podcast, which has a focus on ETFs. Eric is the author of an amazing book, the Bogle Effect, which chronicles the story of Jack Bogle, the growth of passive low-cost investing and ETFs, an...

Jeremy Schwartz is the Global Chief Investment Officer of Wisdomtree. Wisdomtree is a firm that creates some extremely interesting and useful ETFs & strategies with $93 billion under management. Jeremy has been with Wisdomtree since 2005 in a variety of different roles. He has worked with the legendary Jeremy Siegel, author of stocks for the long run, for over 20 years. Links * Wisdomtree Funds. h...

Ryan Kirlin is the President of Alpha Architect. Alpha Architect is a firm filled with top notch geniuses and researchers who produce a tremendous quantity of valuable investing research. Additionally, they are at the leading edge of an ETF revolution and produce many unique and highly useful ETFs. Ryan is an expert in ETFs and previously worked for the NYSE ETF group, where he was responsible for...

Michael Mitchell is a former hedge fund partner with over 15 years of public markets investing experience. He worked with special situations, activism, and event driven long/short trades. He retired from the hedge fund world in 2019 and shares investment thoughts and ideas on Twitter under his handle, @ignorenarrative. Currently, he runs Children’s Eye Care of Northern Colorado with his wife, an o...

Jack Burns is a graduate of the US Naval Academy and served seven years as an officer in the Marines. He left active duty in 2021 and pursued an MBA at Georgetown. He has a very interesting substack where he posts about financial topics that interest him. He also assembled a very fascinating version of an all-weather portfolio. His allocations include advanced strategies such as managed futures, l...

Geoff is a wealth manager who has spent decades in the financial industry in various capacities, seeing the good, the bad, and the ugly. I recently read his book, Low Risk Rules, which is a manifesto outlining his approach. The book is geared to entrepreneurs investing significant sums of money, family offices, and investment professionals. High level, Geoff thinks that these folks make investing...

Scott Reardon is a value investor who runs Dakota Value Funds. They fund operates both a deep value quantitative strategy and a fundamental strategy focusing on buying high quality businesses at strong valuations. Additionally, Scott is a bestselling novelist who wrote the Dark Continent thriller series and Bonfire of the Beast. In this conversation, we talk about the nuances and limitations of qu...

Today’s conversation is with @TheGladiatorHC who is an Australian who has achieved financial independence via real estate and microcap investing. He focuses on the Australian microcap market and owns rental properties. His Twitter account is at https://twitter.com/TheGladiatorHC Disclaimer Nothing on this podcast is investment advice. The information in this podcast is for information and discussi...

Jake Taylor is a very thoughtful value investor who manages money via Farnam Street Investments. He is a co-host of an excellent podcast, Value After Hours, which premieres live every Tuesday at 1:30 PM EST. He wrote a fiction book, The Rebel Allocator, which teaches the principles of capital allocation through an engaging fictional story. He also recently founded a company, Journalytic, which is...

Evan Bleker invests in classic Benjamin Graham style net-net’s. Net-net’s are companies that trade below liquidation value with a cash-rich balance sheet. These companies are not typically available in the US large cap space outside of major market crashes. Due to this, Evan looks for these opportunities all over the world in micro & nano market caps. Evan chronicles these efforts on his website,...

Matthew Cochrane is a Navy veteran and a detective in Florida, where he investigates violent crimes and property theft. When he isn’t cracking cases and busting the bad guys, he is a do-it-yourself investor and prolific investing blogger. Matt has a strong focus on growth-oriented companies with moats. He is currently a lead advisor at 7 investing. Prior to 7 investing, he was a writer for the Mot...

“Stop Ironing Shirts” is a good Twitter follow. He is a former banker who retired at the age of 36. At the peak of his earnings, he was making $300k/year. He retired at 36 with a $1.9 million nest egg. We discussed his journey towards this goal, including the pressures of investing through the lost decade of the 2000s. While he primarily invests in index funds, he is an active bank investor, lever...

Frank Vasquez is a retired lawyer with degrees in economics and engineering from Cal Tech and a law degree from Georgetown. Frank’s focus is on risk parity investing for DIY investors. He believes in constructing portfolios of diversified asset classes to achieve a smoother and more reliable rate of return which helps maximize safe withdrawal rates during retirement. Additionally, these portfolios...

Tyler runs the website https://portfoliocharts.com/ which features a variety of useful data visualization tools and back testing for asset allocations. The website features sample portfolios and also contains tools for users to create their own DIY asset allocations that are backed by data. I’ve used the tools on the website to create my own asset allocation. In this conversation, we discuss Tyler...

Cullen Roche is an expert on monetary policy and macroeconomics. His work helped me shed a lot of my misconceptions about monetary policy and how macroeconomics actually works. The conversation is a timely discussion about macroeconomics, the role of the Fed, and the current (May 2023) debt ceiling situation and recent bank failures. Links * Discipline Funds, which is where Cullen applies his macr...

This conversation is with Alex Morris, who writes The Science of Hitting substack, where he blogs about his concentrated Buffett style portfolio. He hunts for very high quality companies which he holds in a very concentrated 12-stock portfolio. A noteworthy investment of his was Microsoft, which he has owned since 2011. He bought the stock when it was deeply depressed and has held through its extr...