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Season 1, Episode 7: Governance Arbitrage, With Henry D. Wolfe

Published June 4, 2019

Wolfe’s thesis: it’s time to admit the public company governance model is broken

The general assumption that management and governance of public companies are efficient, is false. So says Henry D. Wolfe in his recently-released book, “Governance Arbitrage: Blowing up the public company governance model to maximize long-term shareholder value.”

Content:
The underlying thesis (3:00), what needs to replace it (5:30), why institutional investors have to play a key role (7:44), the advantages of the private equity model (8:45), Wolfe’s contrarian investing priority (16:26), Costco the optimal model (21:30).

For more information: https://governancearbitrage.com/

Season 1, Episode 6: The Contrarian Opportunity in Puerto Rico

Published May 28, 2019

With Tobias Carlisle of Acquirers Funds

Almost all headlines from Puerto Rico are negative these days, but there is a way to profit from all the doom and gloom, according to Tobias Carlisle of Acquirers Funds. An insurance company is uniquely positioned to capitalize on Puerto Rico’s recovery. Along the way, Tobias also discusses Tesla (and TSLAQ), his investment style, and other sectors that he finds interesting at present

Content:

Background on Tobias and his fund (0:56), the debate over Tesla (5:26), makeup of the long book and the case for Assured Guarantee (8:37), the specifics of Puerto Rico (12:00), possible target price for AGO (16:25).

Not intended as investment advice.

Season 1, Episode 5: Leverage Can Be a Good Thing, With David Kreinces of ETF Portfolio Management

Published May 21, 2019

Proper use of leverage can generate alpha in all market environments

Leverage, especially using borrowed money to increase returns, has a bad reputation that is no longer justified, according to David Kreinces of ETF Portfolio Management. In fact, proper use of leverage can help investors produce alpha in market environments where other strategies fall short.

Content:
Treasuries as a shock absorber, allowing for use of leverage with growth assets (2:55), why following price action is more important than monitoring news (7:11), including presidential tweets (9:11), background on David and his firm (11:40), why investors’ continued fear of leverage causes missed opportunities (17:00), semiconductor stocks and indexes as the ultimate proxy for growth and artificial intelligence (20:33), current stocks in the portfolio (24:49).