This Week in Intelligent Investing

In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss (1) how the likelihood of financial distress has evolved since the financial crisis of 2008, and (2) the mental exhaustion and fatigue many investors feel as a result of the experience of the past few years. Enjoy the conversation!   The primary purpose of this podcast is to educate and inform. The views, information...

In this special episode, Mike "@nongaap" Puangmalai, Resident Artist at WCM Investment Management, joins Phil and Elliot to share the origin story behind his insights into corporate governance, which led to the "Dark Arts" series and an investment process built around analyzing corporate governance. Mike shares some of the secrets he learned from rigorous proxy analysis, his thoughts on the matura...

In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss the "man overboard moment" Michael Mauboussin wrote about in a 2015 white paper entitled, "Managing the Man Overboard Moment." We also talk about the concept of "sector rotation." Enjoy the conversation!   The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by h...

In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss post-COVID growth curves of fast-growing businesses. For background, see the Q1 letter of RGA Investment Advisors at https://www.rgaia.com/wp-content/uploads/2022/05/Q122-Investment-Commentary-.pdf Enjoy the conversation!   The primary purpose of this podcast is to educate and inform. The views, information, or opini...

In this special episode, co-host Phil Ordway speaks with Mary Childs, author of The Bond King: How One Man Made a Market, Built an Empire, and Lost It All. About the Guest: Mary Childs is a co-host of NPR's Planet Money podcast. Before joining the team in 2019, she was a senior reporter at Barron's magazine, where she covered the alternatives industry, the bond market and capitalism. Before that,...

In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss impressions and takeaways from the Q&A session with Warren Buffett and Charlie Munger at the Berkshire Hathaway Annual Meeting 2022. Enjoy the conversation!   The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show...

In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss timely issues in corporate governance, including the pending sale of Twitter to Elon Musk and proposals at the Berkshire Hathaway annual meeting. Enjoy the conversation!   The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neit...

In this special episode, Mario Cibelli, Jason Moser, Mike Puangmalai, and Elliot Turner discuss PayPal's next chapter. Learn why the share price decline alters the trajectory of the company and is an opportunity to own growth cheaply. Enjoy the conversation!   The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their ow...

In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss pricing versus valuation, especially in the context of "transition" companies, such as Netflix. We also talk about the implications of so-called safe equities trading at high multiples. Enjoy the conversation!   The primary purpose of this podcast is to educate and inform. The views, information, or opinions expresse...

In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss the energy sector as a source of opportunities and challenges for intelligent investing. Enjoy the conversation!   The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be construed...

In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss intelligent investing in housing and homebuilders. We focus on the sector dynamics, without giving specific investment recommendations. Enjoy the conversation!   The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this s...

In this special episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic speak with Max Frumes, co-author of The Caesars Palace Coup: How a Billionaire Brawl Over the Famous Casino Exposed the Power and Greed of Wall Street. About the Guest: Max Frumes leads a news team at Fitch Solutions covering corporate debt and restructuring. He previously was the founding editor of a leading publica...

In this special episode, TWIII co-host Phil Ordway welcomes Roger Lowenstein, author of the newly published book, Ways and Means: Lincoln and His Cabinet and the Financing of the Civil War. About the Guest: Roger Lowenstein reported for The Wall Street Journal for more than a decade. His work has appeared in The Wall Street Journal, Bloomberg, The New York Times, the Washington Post, Fortune, Atla...

In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) times when markets trade on headlines rather than value; and (ii) "safe" assets amidst all the chaos in the world. Enjoy the conversation!   The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of i...

In this special episode, Mario Cibelli joins us to talk about the "rapidly forming new reality for public small/mid growth companies," the steps companies can take to adapt to this new normal, and how portfolio managers should think about diversification and turnover. About the Guest: Mario D. Cibelli is the General Partner of Marathon Partners L.P., an Investment Partnership focused on less effic...

In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss (i) executive compensation, and why the details should matter to long-term investors; and (ii) Covid winners and losers: were the winners really the losers, and vice versa? Enjoy the conversation!   The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or...

In this special episode, co-hosts Phil Ordway and John Mihaljevic speak with Adam J. Schwartz, Chief Investment Officer of Black Bear Value Partners, about the challenge and opportunity of designing an investment business that is most congruent with the manager's investment philosophy. About the Guest: Adam J. Schwartz manages Black Bear Value Partners. He has nearly two decades of buy-side invest...

In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) "overstaying one's welcome" as an investor, or how to think about selling vs. holding; and (ii) reading for purpose and the importance of journalism. Enjoy the conversation!   The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their o...

In this special episode, co-hosts Phil Ordway and Elliot Turner speak with award-winning investing columnist Spencer Jakab about his new book, The Revolution That Wasn't: GameStop, Reddit, and the Fleecing of Small Investors. About the Book: The Revolution That Wasn’t is the riveting story of how the meme stock squeeze unfolded, and of the real architects (and winners) of the GameStop rally. Drawi...

In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) the inflation debate, and whether the word "transitory" still has relevance; and (ii) investing in unprofitable companies. Enjoy the conversation!   The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor...

In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss (i) investing and life lessons learned from the late Lou Simpson; and (ii) Buffett's quote, “Charlie (Munger) and I would much rather earn a lumpy 15 percent over time than a smooth 12 percent.” Enjoy the conversation!   The primary purpose of this podcast is to educate and inform. The views, information, or opinions...

In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss (i) the historically high disparity between large-cap vs. small-/mid-cap valuation; and (ii) Peter Bernstein on survival and the avoidance of disaster, as well as managing through bubbles. Enjoy the conversation!   The primary purpose of this podcast is to educate and inform. The views, information, or opinions expre...

Saurabh Madaan, Managing Member of Manveen Asset Management, and Michael Mauboussin, Head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management, joined members for a fireside chat at Latticework on December 15, 2021. Saurabh and Michael explored the topic, “Expectations Investing as Applied to Growth Businesses”. Michael is co-author with Al Rappaport of the revised a...

Elliot Turner, Managing Partner and Chief Investment Officer of RGA Investment Advisors, and Nick Devlin, Chief Executive Officer of Naked Wines (UK: WINE), joined members for a fireside chat at Latticework on December 16, 2021. Elliot and Nick discussed the evolution and business model of Naked Wines and explored the topic, “Driving Customer Value via Scale Economies Shared”.   The primary purpos...

In this episode, co-hosts Phil Ordway, Elliot Turner, and John Mihaljevic discuss (i) superforecasting and the Good Judgment Open; and (ii) the biggest lessons of the year 2021. Enjoy the conversation!   The primary purpose of this podcast is to educate and inform. The views, information, or opinions expressed by hosts or guests are their own. Neither this show, nor any of its content should be co...