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Season 2, Episode 20: The Case for Investing in Sports Teams, With Jonathan Boyar

Published June 24, 2020

Jonathan Boyar, principal at Boyar Value Group, joins the podcast to discuss the merits of investing in the public equity of professional sports teams.

Boyar is specifically bullish on the Liberty Braves Group (NASDAQ: BATRA, BATRK), a tracking stock that consists of the Atlanta Braves Major League Baseball team and real estate development. 

Content Segments:

  • Sports teams as investments and two that have the guest’s attention at present (3:34);
  • Liberty Braves discussion (5:50);
  • Why now? “You’re at a point of maximum pessimism,” with MLB specifically (8:24);
  • The opportunity brought by sports gambling (14:06);
  • Background on the guest (16:38);
  • The Boyar Value Group’s investing style (19:15) and recent purchase of Twitter (20:50);
  • The makeup of the firm’s portfolio and how it deviates from the S&P 500 (24:22);
  • The opportunity with Hanesbrands (26:40).

For more information on the guest:

Not intended as investment advice.

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Contrarian Calls, Revisited: Chris Stanton’s Prediction for a 20% Drop in the S&P 500

Published June 15, 2020

Chris Stanton, chief investment officer at Sunrise Capital, this January said a market correction was long overdue. With risk seemingly everywhere, Stanton predicted a drop of 20% in the S&P 500 by the end of the first quarter, or March 31.

“Rest assured, we’re heading for a correction and I would argue it’s going to be terrifying when it comes,” Stanton said in the Season 2 premier.

The S&P 500 was around 3,300 at the time of Stanton’s statement.

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Season 2, Episode 18: The Methods of a Short Activist Hedge Fund

Published June 9, 2020

With Gabriel Grego, Quintessential Capital Management

Gabriel Grego of Quintessential Capital joins the podcast to discuss his short activist strategy.

Grego finds three or four “high conviction” ideas to trade a year. His process is exhaustive but straightforward, though few managers have the stomach to replicate it. The reasons for this are discussed in the second half of the podcast.

Content:

  • How it all starts. Finding the right target is crucial. Grego’s focus on “extreme corporate catastrophic situations” (1:39);
  • Some of the typical “red flags” to look for (3:43);
  • Trendy industries are often clusters for fraudulent behavior. COVID-19 is the most recent example (6:01);
  • Narrowing the target list and creating a thesis (10:37);
  • The final step: “boots on the ground” research (16:46);
  • Background on the guest (21:57);
  • Activist shorting is “scary stuff” (25:38);
  • More terrifying than being a paratrooper? (27:29);
  • Background on QCM’s fund and current exposure (30:28);
  • How QCM has dealt with the events of 2020, including a rare (and successful) attempt to time markets in March (34:05);
  • Chinese companies traded in the U.S. look “very very interesting,” though Chinese fraud is “a different beast” (42:14).

More Information on the Guest:

Not intended as investment advice.

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