During their recent episode, Taylor, Carlisle, and Todd Wenning discussed Can ESG and Buffett-Style Investing Coexist?. Here’s an excerpt from the episode: Jake: Todd, are you able to reconcile Buffett– I know all the things– moats and everything that you’ve learned over the years. With ESG, is there a synthesis … Read More
VALUE: After Hours (S07 E43): Old Dominion Freight Line: A Case Study in Network-Effect Moats
During their recent episode, Taylor, Carlisle, and Todd Wenning discussed Old Dominion Freight Line: A Case Study in Network-Effect Moats. Here’s an excerpt from the episode: Todd: Yeah, I think cyclical could be moaty. I think when they have downswings in their industry, that’s a good time to pick them … Read More
VALUE: After Hours (S07 E43): Leading Economic Indicators Can Mislead
During their recent episode, Taylor, Carlisle, and Todd Wenning discussed Why Trucking Cycles May Be Turning. Here’s an excerpt from the episode: Tobias: Are you seeing any recovery outside of transport? Do you think it’s all trucking? Do you think it’s trucking specific? Todd: Yeah, I have in the portfolio … Read More
VALUE: After Hours (S07 E43): Inside the Warhammer Flywheel: Why Games Workshop Has a Real Moat
During their recent episode, Taylor, Carlisle, and Todd Wenning discussed Inside the Warhammer Flywheel: Why Games Workshop Has a Real Moat. Here’s an excerpt from the episode: Todd: Sure. So, one of the companies that we have in the KNA Capital portfolio is a UK company called Games Workshop. If … Read More
VALUE: After Hours (S07 E41): How to Avoid Value Traps Before They Blow Up
During their recent episode, Tobias Carlisle and Jonathan Boyar discussed How to Avoid Value Traps Before They Blow Up. Here’s an excerpt from the episode: Jonathan: It’s difficult, if not impossible. I mean, part of it is just gut feeling from doing this for a long time. But if you … Read More
VALUE: After Hours (S07 E37): Give Yourself a Longer Time Horizon—or Only Bad Options Remain
During their recent episode, Taylor, Carlisle, and Luca Dell’Anna discussed Give Yourself a Longer Time Horizon—or Only Bad Options Remain. Here’s an excerpt from the episode: Luca: Yeah. So, I always make the example of imagining that one day a mafia guy comes to you, and he says, “I will … Read More
VALUE: After Hours (S07 E37): Reproducible Success vs. Luck-Driven Wins
During their recent episode, Taylor, Carlisle, and Luca Dell’Anna discussed Reproducible Success vs. Luck-Driven Wins. Here’s an excerpt from the episode: Tobias: That’s what’s been holding me back so far. [chuckles] This is a related idea. But one of the ideas from Winning Long-Term Games, is this reproducible success strategies, … Read More
VALUE: After Hours (S07 E37): Irreversible Losses Absorb Future Gains
During their recent episode, Taylor, Carlisle, and Luca Dell’Anna discussed Irreversible Losses Absorb Future Gains. Here’s an excerpt from the episode: However, if you crunch the numbers, the real expected number of wins is only 0.64. And the reason why of this big difference, 2 versus 0.64, is survival, because … Read More
VALUE: After Hours (S07 E37): Performance Is Subordinate to Survival
During their recent episode, Taylor, Carlisle, and Luca Dell’Anna discussed Performance Is Subordinate to Survival. Here’s an excerpt from the episode: And from him, I’ve learned the lesson that performance is subordinate to survival, that it’s not the fastest skier who wins the race, but the fastest one amongst those … Read More
VALUE: After Hours (S07 E33): Surviving a Tough Decade in Real Assets
During their recent episode, Taylor, Carlisle, and Will Thomson discussed Surviving a Tough Decade in Real Assets. Here’s an excerpt from the episode: William: Yeah. So, I think one of the edges that we bring to the table is a very different portfolio construction approach, which I think has yielded … Read More
VALUE: After Hours (S07 E32): CapEx, AI, and the Prisoner’s Dilemma
During their recent episode, Taylor, Carlisle, and Kai Wu discussed CapEx, AI, and the Prisoner’s Dilemma. Here’s an excerpt from the episode: Tobias: Yeah, that was where my question was going. I saw a chart on Twitter last week, at the end of last week, that said that the Mag-7 … Read More
VALUE: After Hours (S07 E32): Value Investor Buying Big Tech
During their recent episode, Taylor, Carlisle, and Kai Wu discussed Value Investor Buying Big Tech. Here’s an excerpt from the episode: Jake: Yeah. What’s the biggest surprise jump from what we’d say traditional value would say it was wildly overpriced, or not good or something versus the insight that you … Read More
VALUE: After Hours (S07 E31): Unemployed Value Degen Stephen Farrington on small cap stocks $PTLO and $CROX
During their recent episode, Taylor, Carlisle, and Stephen Farrington discussed: The Hunt for Mispricing in Small-Caps Insider Buying: Finding Signal in the Noise Company Hack – Why CFOs and General Counsel Matter Most Portillo’s: Everyday Value Done Right Crocs: Ugly Shoes, Beautiful Numbers Expansion Beyond Chicago: Myth vs Reality The … Read More
VALUE: After Hours (S07 E30): Net-Net Skepticism and Avoiding Scams
During their recent episode, Taylor, Carlisle, and Ethan Everett discussed Net-Net Skepticism and Avoiding Scams. Here’s an excerpt from the episode: Tobias: You had a good line in here about net-net skepticism and how investors can profit from that, so given that I love net-nets. Jake: And I cannot lie. … Read More
VALUE: After Hours (S07 E30): Voltaire’s Bond Lottery Arbitrage
During their recent episode, Taylor, Carlisle, and Ethan Everett discussed Voltaire’s Bond Lottery Arbitrage. Here’s an excerpt from the episode: Tobias: Let’s talk Voltaire. Ethan: Oh, boy. Tobias: This is the one I like. How did a success in the bond lottery arbitrage shape his writing and his worldview? Ethan: … Read More
VALUE: After Hours (S07 E30): Nietzsche, Buffett, and Eternal Recurrence
During their recent episode, Taylor, Carlisle, and Ethan Everett discussed Nietzsche, Buffett, and Eternal Recurrence. Here’s an excerpt from the episode: Tobias: You’ve also covered one of my favorite philosophers, Nietzsche, and you connected him to Warren Buffett. What common ground do they share? Ethan: So, this is an exciting … Read More
VALUE: After Hours (S07 E30): Spinoza and Emotional Bondage in Investing
During their recent episode, Taylor, Carlisle, and Ethan Everett discussed Spinoza and Emotional Bondage in Investing. Here’s an excerpt from the episode: Tobias: Tell us a little bit about Baruch Spinoza and irrational emotions, how they explain the stock market. Ethan: Fantastic. Yeah. So, Baruch Spinoza is a really interesting … Read More
VALUE: After Hours (S07 E29): Lessons from the XPEL Investment
During their recent episode, Taylor, Carlisle, and Jason Hirschman discussed Lessons from the XPEL Investment. Here’s an excerpt from the episode: My question is for XPEL. So, XPEL is a slightly different situation where it’s a newer business. They have similar crisis, but more directly related to their core business. … Read More
VALUE: After Hours (S07 E29): Blending Value and Growth Opportunities
During their recent episode, Taylor, Carlisle, and Jason Hirschman discussed Blending Value and Growth Opportunities. Here’s an excerpt from the episode: Second, should you be a value investor or growth investor? I think the best opportunities tell you the answer. Value of growth? I think the answer is yes. Again, … Read More
VALUE: After Hours (S07 E29): The “Salad Oil” Approach to Investing
During their recent episode, Taylor, Carlisle, and Jason Hirschman discussed The “Salad Oil” Approach to Investing. Here’s an excerpt from the episode: So, guys, I think your audience has probably deeper knowledge of Berkshire Hathaway than any other financial podcast in the developed world. [Jake laughs] So, I think I … Read More