The Intelligent Investing Podcast

My New Book After 7 years in the making, my book Principles of Power has been released! ***THIS WEEK ONLY*** CYBER MONDAY SALE.... 90% off the Kindle Book...just 0.99 cents :) Summary "Principles of Power can be related to as an advanced Coaching Handbook for Leaders. If you are a leader, an aspiring leader, a coach, consultant, or program facilitator, this book is designed for you. The material is delivered inside of a modern leadership context of service and contribution. Eric features many partnerships in Principles of Power. His inclusion of useful quotes from Warren Buffett, Charlie Munger, Werner Erhard, Nassim Taleb, Seth Godin, and many other leaders attests to the thinking and the research that went into the writing of this book. It is now undeniable that the understanding and implementation of powerful Listening, authentic Relationship, and a recognizable Permission to Lead, are cardinal distinctions of effective leadership. The word, ’cardinal’ has a Latin root and means ‘hinge’ – like a hinge on a gate. So, like a hinge, cardinal distinctions are connected to every nuance of leadership. You will see these distinctions in action in the background of Eric’s many leadership conversations. Authentic Relationship, for example, is essential to the effectiveness and empowerment of the participants and the leader. If authentic Relationship is missing, any outcome or result devolves to the result of domination or force, and is not an outcome of effective leadership. Consider this: Leadership is granted by the permission of those being led. Take a moment and allow that to sink in. The job of the leader is that of an environmentalist, providing the space for people to collaborate, flourish, and create. These two different activities, management and leadership are often commingled, especially in business schools and in the workplace. They are distinct and operate under different rules and measures. It’s like Checkers and Chess – Same game board, different games with different rules and outcomes. Disentangling and distinguishing the two arenas of activity grants power to both managers and leaders. So, the fundamental exercise of listening for people’s greatness is in the background of every sentence in this book. And there is much more… Principles of Power is strongly influenced by the transformational work of Werner Erhard. Much of the author’s thinking is also grounded in the classic distinctions of Tribal Leadership and the thinking of Warren Buffett and his partner, Charlie Munger. Those, plus Eric’s own extensive practical experience renders Principles of Power to be an extremely useful ‘go-to’ resource, filled with useful, implementable information, sprinkled liberally with memorable quotations from intelligent diverse sources – all apt and worth adding to YOUR leadership lexicon." - John King, co-author of Tribal Leadership ABOUT ERIC SCHLEIEN Over the past decade, Eric has trained thousands of individuals including board members of public companies as well as several Fortune 500 CEOs. Eric specializes in organizational culture and has become a leading authority on organizational culture in the investment industry. Eric has been investing for 15 years and has been using breakthrough coaching methodologies for over a decade. Eric had the insight to combine proven coaching methodologies with shareholder activism techniques to create an entirely new model for shareholder activism that was more reliable and created greater sustainable results in a rapid period of time. On average, Tribal Leadership produces a 3-5x increase in profits of culturally troubled companies within an average of 24 months or less. Eric currently resides in Philadelphia, PA. HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page! You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube CONTACT ERIC SCHLEIEN Facebook | LinkedIn | Twitter | YouTube | GSCM | Instagram Email: [email protected]

Viktor is the co-founder of Freetrade, the main commission-free trading app, or neobroker, in the UK, soon launching in Europe. Viktor grew up in Eastern Europe and joined Google's early European team in 2005, where he spent seven years based in Dublin, Ireland. After a year-long gig in Hong Kong, where he headed up search engine optimization Asia-wide at an agency, he began his startup journey both as an operator and investor. When he moved to London, there were no commission-free neobrokers, so he joined forces with founder Adam Dodds to build Freetrade. As an investor, Viktor prefers investing in startups through equity crowdfunding and he's on a personal mission to convince more companies to crowdfund. He is a public equity investor focused on tech companies as well. Viktor holds an MBA from the Central European University and lives in London with his wife. Company Website Viktor's Twitter If you're in the UK, check this out, Freetrade is launching pensions (SIPPs) ABOUT ERIC SCHLEIEN Over the past decade, Eric has trained thousands of individuals including board members of public companies as well as several Fortune 500 CEOs. Eric specializes in organizational culture and has become a leading authority on organizational culture in the investment industry. Eric has been investing for 15 years and has been using breakthrough coaching methodologies for over a decade. Eric had the insight to combine proven coaching methodologies with shareholder activism techniques to create an entirely new model for shareholder activism that was more reliable and created greater sustainable results in a rapid period of time. On average, Tribal Leadership produces a 3-5x increase in profits of culturally troubled companies within an average of 24 months or less. Eric currently resides in Philadelphia, PA. HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page! You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube CONTACT ERIC SCHLEIEN Facebook | LinkedIn | Twitter | YouTube | GSCM | Instagram Email: [email protected]

Show Links The Proxy Activism Project A New Model For Shareholder Activism (Blog) A New Model For Shareholder Activism (YouTube) A New Model For Shareholder Activism (Eric Schleien / John King) Netflix, Sears, and Tribal Leadership (Eric Schleien / John King) How To Keep Large Companies Innovative (Eric Schleien / Scott Forgey) Eric Schleien discussing Tribal Leadership Eric Schleien discussing Activist Investing CBRE Case Study - Tribal Leadership Comparing Transformational & Transactional Leadership (Eric Schleien) Cultural Issues In The Hospital Industry (Eric Schleien) Took 9 Years To Develop ProxyActivism is a project that has taken 9 years to create over the course of thousands and thousands of hours to develop, and finally launch. This blog post will go into the background into how ProxyActivism came to be, our process, how I see this project unfolding, and how you as a value investor can be involved (and no, for all you cynical fucks, I’m not trying to sell you something) The Initial Insight My idea for ProxyActivism started when I did an ontological leadership program with a former Vice President of Disney who decided to quit his job and devote the rest of his life to empowering people. I got more in a few days of intense Socratic style inquiry than in all the years of reading books combined. As someone who relied on books to “get ahead” this was a completely new paradigm for me. Within the next few months, my income tripled, I repaired relationships with the people around me, and produced many more results. I figured there must be some application to business as well. And it turned out my intuition was right. The company had a consulting arm. The consulting arm of the organization was recently named one of the top consulting companies in the world by Forbes. At a lecture I attended at NYU, the preliminary internal data at the company was that their average client experienced a 600% increase in profits within 12 months. I thought to myself, “I wonder if I could combine ontological coaching with shareholder activism?” A Zero Competition Game I figured this must have already been done and figured I would go work for a hedge fund already doing this and get some experience under my belt. However, after searching, I could not find a single hedge fund that was doing activism this way. Even the funds that talked about so-called “transformations” at companies - were really just doing more “change management consulting” and not actually anything transformational. Nothing wrong with that, just not as reliable or as effective. So I became very frustrated that I could not find a single hedge fund playing this game called transform companies. I knew I was missing something. Every single business study on this kind of work showed results that any shareholder activist would be salivating over, this was clear alpha, and a low competition game with very high barriers to entry. (If the barriers to entry were low, I would not be writing about this or even talking about this). Why Is Nobody Already Doing This? I knew I was missing something but couldn’t figure out what. This was the best idea I ever had in my life for a business and also seemingly the lowest hanging fruit. I just couldn’t get why nobody had taken this on before. And then it became quite clear. I called 37 different hedge funds or investment managers that were engaged in some kind of activism. I was excited and figured they would all be competing for me to implement this idea at their fund. I had this vision that I would develop this business as a fund, make a ton of money, and make a ton of people (including myself) extremely successful in this world. These “so-called” rational people however became quite cynical. Not skeptical and open. Cynical and closed off. I couldn’t believe it. Some of them told me this was not their wheelhouse and they were going to stick to what they already knew. Ok fine, I can get that. But an unwillingness to learn something new? Whatever happened to expanding the circle of competence in a low-risk manner that would not take up a lot of time? Interesting. However, there were also managers that told me it sounded like bullshit, that the results sounded too good to be true. I asked them if they wanted me to share with them all the independent case studies out there. Not one person was interested. The Challenge: Combining Two Domains Now I was intrigued. Ontological coaching is so outside the realm of these managers because you can’t measure it directly as a function of cause and effect. I started to see that all business management tools and techniques were based on cause and effect and that these managers, while extremely smart at reading numbers or learning about different management techniques, were also completely immature around their thinking when it came to leadership, ontology, and anything transformational in nature. They were inappropriately trying to apply their pre-existing models for management techniques onto a

Had the pleasure of bringing back on Don Chambers who is currently involved in an activist campaign against SVVC. To see the first episode where he discusses his ongoing battle with SVVC, you can click here. You watch this as a video on YouTube, click here. Show Links BDC Info Don's Proposal to SVVC (see page 16) Election Results Don's Proposal PROPOSAL THREE (Non-Binding Stockholder Proposal) THAT THE BOARD SEEK AND PURSUE ANY AND ALL MEASURES TO ENHANCE SHAREHOLDER VALUE A stockholder, Donald Chambers, submitted the following proposal for inclusion in the Company’s proxy materials. If the stockholder, or a representative of the stockholder who is qualified under state law, is present and properly submits the proposal for a vote, then the proposal will be voted on at the Annual Meeting. The Board of Directors unanimously recommends that you vote AGAINST the proposal. The proposal and the stockholder’s supporting statement, exactly as received from the stockholder, are set forth below and are followed by the Board’s explanation of its reasons for opposing the proposal. As an advisory vote, if approved, the stockholder’s proposal would be a non-binding recommendation to the Board of Directors. The Company will provide Mr. Chambers’s address and number of shares held promptly upon oral or written request. STOCKHOLDER PROPOSAL RESOLVED: That the shareholders of SVVC assembled at the 2020 annual meeting in person and by proxy, hereby request that the Board of Directors of SVVC seek and pursue any and all measures to enhance shareholder value including: (1) orderly termination of the fund, (2) orderly liquidation of SVVC assets with distribution of available cash to shareholders, (3) tender offers for SVVC shares using available cash from any and all investment exits, (4) merger of the fund into an entity offering shareholder exits near NAV (net asset value), or (5) other measures likely to allow shareholders to exit SVVC near its NAV. REPRINTED SUPPORTING STATEMENT FROM STOCKHOLDER I urge shareholders to vote “Yes” to this proposal for the following reasons (based on information, belief and personal computations): The performance of SVVC’s stock has been catastrophic relative to relevant benchmarks. The total annualized compounded market returns of SVVC and three relevant benchmarks over the life of SVVC are: Ticker Description Annual Return 4/28/2001 -10/24/2019 VT1 Total stock market ETF 9.5% VB Small stocks ETF 8.0% SPBDCUP S&P BDC Index 6.3% SVVC -8.9% Basing SVVC’s return on its recent NAV generates a positive return (4.8%). But that highlights the crux of the problem: SVVC’s NAV overstates its value under current management because it does not fully account for prospective fees and expenses. SVVC’s market price does reflect the massive fees and indicates a loss of -8.8% per year. SVVC’s 2% annual management fee (on gross assets) is roughly a 7% annual fee based on the market value of the equity. SVVC’s most recent statement reports $908,003 as the quarterly management fee (which is over 50 cents per share annualized). There are additional expenses and a 20% incentive fee on realized net profits. Accordingly, the discount of SVVC’s market price to its NAV has been very large - recently well over 50%. The annual rate of compensation to each of the four independent directors of SVVC is $50,000 per year yet, reportedly, only one director held SVVC stock and that director held only 700 shares (see SVVC Proxy Statement 5/30/19). Assuming that SVVC’s valuations of its private investments are reasonable, the Directors should be able to locate private equity investors enabling SVVC to be liquidated at a value near to its NAV. Disclosure: Mr. Chambers is a part-time employee (CIO-Model Portfolios) of Biltmore Capital Advisors (BCA) which manages approximately 292,254 shares of SVVC on behalf of its clients. Mr. Chambers has recused himself from all decisions at BCA regarding SVVC transactions or voting while this proposal is under consideration. SVVC is a restricted security for BCA employees so Mr. Chambers is restricted from transacting in SVVC while this proposal is under consideration. About Don Chambers Donald R Chambers currently runs the website, SaveFirstHandTechnology. He is also a recently-retired (June 2017) professor of finance with 36 years of teaching experience. Dr. Chambers has written several books regarding investments and personal finance that are distinguished by their clear writing and ability to make difficult concepts accessible to his audience. He is the lead author of the 600+ page Modern Corporate Finance: Theory and Practice which is in its eighth edition (forthcoming with FlatWorld), the 1,000-page Alternative Investments which is in its third edition with Wiley, and several other books on finance. Dr. Chambers has published over 50 scholarly articles. ​Dr. Chambers has had numerous appearances in media including national television, national public radio, regional television, and region

In this episode, Eric Schleien sits down with Ann Hambly, the Founder/CEO of 1st Service Solutions. I'm a huge fan of Ann, as she transformed the CMBS industry and has also been impacted by the Tribal Leadership technology which I've shared about many times here, here, and here. As one of the managers of Brookfield Asset Management shared with me, "Transforming Culture is the last bastion of alpha due to the low competitive nature of the endeavor." To watch this episode on YouTube, see below or click here. Ann has been involved in literally every aspect of the CMBS industry throughout her 35+ year career. She created from scratch and ran many large servicing shops before creating 1st Service Solutions in 2005. She has been an intentionally integral part in shaping the CMBS industry since its inception. Ann founded 1st Service Solutions in 2005 to address what she saw to be a gaping hole in CMBS. Unlike ‘on book’ commercial real estate loans, there is no ‘banker’ for the borrower to speak to after securitization. In creating what was to become the first borrower advocacy space in commercial real estate, Ann has grown 1st Service Solutions into what is now known as the preeminent CMBS Borrower Advocate practice. The company has been featured on William Shatner’s ‘Moving America Forward’ show as a company changing the business landscape in America. Ann has been and continues to be highly involved in industry leadership as a featured keynote speaker at conferences across the country speaking on CMBS structure, CMBS workouts, assumptions, and hot topics in the general CRE industry. With the release of her book, ‘CMBS 911,’ Ann once again set out to meet an unmet need: explaining, in simplistic and straightforward terms, the roles, responsibilities, and motives of every individual or entity involved in the CMBS process. “The whole process can be overwhelming and confusing for the borrower and there’s always a lot on the line,” she explains. The book has gone on to become an industry bestseller and is being adopted into the Purdue College of Business Real Estate curriculum as well as other colleges and universities. In addition to her own book, Ann’s expertise has been featured in ‘True Leaders: How Exceptional CEOs and Presidents Make a Difference by Building,’ ‘Trends in Commercial-Mortgage Backed Securities,’ and ‘The Law of Distressed Real Estate.’ Ann is also a prolific contributor to many, many real-estate and business-related publications having published 50+ articles, commentaries, and columns in such publications as the Commercial Real Estate Show, the Commercial Observer, Scotsman Guide, GlobeSt.com, Mortgage Bankers Magazine, National Real Estate Investor, Real Estate Business, Real Estate Forum, and Reuters among others. Jurists frequently request Ann’s involvement in high-profile cases regarding commercial real estate because of her vast and varied experience. She has been called upon to provide expert reports, depositions, testimonies, and professional consulting services on many high profile cases. Ann is a member of the Board of Directors of the Counselors of Real Estate (CRE) and has been an active member of C12, a Christian CEO group, for the past several years. In addition, she has previously served on or as the chairman of the Board of Directors for the Mortgage Bankers Association (MBA), the Commercial Mortgage Securitization Association (CMSA), the Multifamily Housing Institute, and the Real Estate Capital Recovery Association (RECRA). Throughout her lengthy career, Ann has received many, many professional awards and citations. Among them are the induction in the Commercial Real Estate’s Hall of Fame, numerous times designation as a ‘Legend and Woman of Influence in Commercial Real Estate’ by Real Estate Forum, named a ‘Top 10 Most Distinguished Women in Real Estate’ by the Mortgage Bankers Association, selected as a member of the prestigious Real Estate Roundtable, and named as one of six ‘Most Influential Women in Commercial Real Estate’ by National Real Estate Investor to name a few. Ann lives in the Dallas/Ft. Worth Metroplex and enjoys time spent with her family, especially her six grandkids. HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page! You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube Contact Eric Schleien Facebook | LinkedIn | Twitter | YouTube | GSCM | Instagram Email: [email protected] Contact Ann Hambly 1st Service Solutions | Email: [email protected]

Summary In this episode of The Intelligent Investing Podcast, I sit down with Luis Carlos Sánchez. Mr. Sánchez is has a background in commercial law and is an avid net-net investor. If you are interested in Net Net Investing, I would also recommend listening to a previous episode with the Founder of Net Net Hunter, Evan Bleker. You can also watch Episode #122 of The Intelligent Investing Podcast on YouTube. Net Net Stocks Mentioned In this episode, we discuss three different net net stocks. Two of the companies either via myself or my clients are also shareholders in. One of the companies is a stock that Luis recently sold but it makes an interesting net net stock case study. Trilogiq SA (Paris: ALTRI) Trilogiq SA is a company based in France that specializes in the production and design of tubular structures for production lines. The company’s products and services are used to reduce non-productive areas, decrease operator movements, and optimize ergonomics, costs, and production times. It's a relatively simple and straightforward business. This makes an interesting net net case study due to the fact that a few years ago the now CEO (who is also the founder) brought in a new CEO to help grow the company. The business, in turn, took on debt to start new projects and they didn't exactly work out too well. During this attempted transition, some value funds that like "strong-moat" businesses started buying the stock. The Founder eventually took back the role of the CEO position in which he pretty much has absolute authority on the direction of the company being the largest shareholder at over 75% ownership in the business. During the past year, the Founder/CEO, Eric Courtin, started shutting down the money-losing projects and bringing the company back closer to its roots once again. They are also paying down debt and sticking to what they do best. Support.com We also highlighted Support.com (NASDAQ: SPRT) as it is another interesting situation. However, the company is much less compelling of an investment as it was back a few months ago pre-COVID. The company mainly focuses on online tech support which has been helped by COVID lockdowns. Ref Holdings We also discussed REF Holdings Limited (HKSE: 1631). The company provides ancillary services such as the provision of conference room facilities and financial printing services for the financial sector in Hong Kong. Ref offers a wide range of financial printing services, from typesetting, proofreading, translation, design, printing, web submitting, newspaper placement to distribution. Luis bought the stock below net cash and recently sold out. HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page! You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube CONTACT ERIC SCHLEIEN Facebook | LinkedIn | Twitter | YouTube | GSCM | Instagram Email: [email protected]

Summary In this episode of The Intelligent Investing Podcast, I sit down with Harris Kupperman (also known as Kuppy). Kupperman is the Chairman and CEO of publicly-traded Mongolia Growth Group (YAK: Canada and MNGGF: USA). Kupperman is also the founder of Praetorian Capital and writer of one of my favorite investment blogs, Adventures In Capitalism. You can also watch this episode on YouTube. On this episode we discuss St. Joe Company (JOE) and Cornerstone Building Brands (CNR) See Blog Posts Below: It's Joe Time Playing The Housing Recovery We also discuss Inflection Investing and the Tortoise Acquisition Arb deal in which Hyliion is getting acquired by Tortoise Acquisition (SHLL – USA) Get In Touch With Kuppy Blog Twitter Praetorian Capital HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page! You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube CONTACT ERIC SCHLEIEN Facebook | LinkedIn | Twitter | YouTube | GSCM | Instagram Email: [email protected]

SUMMARY In this episode, Eric Schleien and Brian Langis discuss TikTok, social media, Facebook, and more. This episode was recorded before Oracle announced an intention to buy TikTok. This was more of a free for all and great discussion as always with Brian. Hope you enjoy! You can also watch this episode on YouTube. HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page! You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube CONTACT ERIC SCHLEIEN Facebook | LinkedIn | Twitter | YouTube | GSCM | Instagram Email: [email protected]

To watch this episode on YouTube, click here. Summary The music industry is growing for the fourth consecutive year, driven by the rise in online streaming. Platforms like Spotify, Youtube, Amazon Music, Pandora, and others are revitalized the industry which presents an opportunity to acquire intellectual property rights that pay royalties each time a song is streamed. Companies like Facebook, TikTok, and SnapChat have also recently announced that they will start paying royalties for music that is being used on their platforms which will only further increase the value of royalties are new users are starting to upload videos. The ICM Crescendo Music Royalty Fund (the “Fund”) is positioned to acquire songs in the $100,000 to $5 million range based on analyzing data such as historical royalty revenue and factors like artists tour schedule, number of playlists a song is on if the artists are releasing songs in the future, amongst other variables. Data Analytics To efficiently and objectively evaluate acquisition opportunities, the ICM Investment Management Inc. (the “Manager”) has developed an algorithm that will offer support in the acquisition process of material catalogs. Currently, 18 different input variables are analyzed to help predict the number of future streams of a particular asset. While machine learning mechanisms come to a conclusion without human intervention, a live tech expert will determine which input variable is useful and will place weights on each. While the model generates a certain prediction, the way we weight the variable will influence the anticipated future income streams. Partnership A Canadian music royalty fund was launched under the partnership between the Manager and Crescendo Royalty Corporation as an advisor to the Fund. Investors now have an opportunity to own music royalties and benefit from the rise in music and video streaming, generate incremental income, and have fun while doing it. ICM Asset Management was founded in 2003 and currently has over $1 billion in assets under management in real estate and venture capital investments. Crescendo Royalty Corporation has been acquiring royalties since 2017 with interest in hits like LaLaLa by International pop star Shakira who performed at Super Bowl LIV and Blame it on the Alcohol by legend Jamie Foxx. Additionally, Devo Harris was brought on as an Advisor and he is a Grammy Award-winning producer and songwriter who discovered, signed, and produced EGOT winner John Legend and has written for Kanye West, Britney Spears, Aretha Franklin & more. Own Your Favorite Song On the ICM Crescendo Music Royalty Fund website, you can submit a song you would like to own. The team will track down the rights holders and will attempt to acquire an interest in the song you submit. By investing in the fund, you can therefore potentially own a piece of your favorite songs. Make Money While Listening to Music The Fund also has a Spotify playlist so you can track all the songs they have acquired. If you listen to the playlist, the Fund will also make money every time you listen to a song on the playlist. To follow the playlist click this link. How to Invest Canadians are able to invest into the Fund directly through the Manager or through their own investment advisor. US residents who are accredited investors can invest into a Delaware based Limited Partnership. Show Links ICM Crescendo Website Funds Spotify Playlist LinkedIn Page Help Out The Podcast If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page! You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube Contact Eric Schleien Facebook | LinkedIn | Twitter | YouTube | GSCM | Instagram Email: [email protected]

Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts YouTube Stitcher TuneIn Spotify Podbean iHeart Radio Summary After global merchandise trade dropped ~20% in the wake of the Covid-19 policy response, shares of shipping companies collapsed, underperforming even the airline ETF. The industry now trades cheaper than at any time on this side of the millennium - less than 25% of liquidation value for some companies. Braxton believes this is unwarranted. Even during the seasonally weakest month of year, tanker earnings are still covering operating costs. In spite of analyst downgrades and widespread panic, tanker companies have used hefty profits from storing excess oil to rapidly deleverage. Structural Balance Although ULCV containerships are currently garnering far better rates than tankers, Braxton feels that this masks a precarious structural balance between supply and demand. Containership demand has actually plummeted, and rates are only being propped up by an ad hoc cartel of dubious legality. Whereas ample tanker demolition candidates provide a cushion, a young fleet severely limits scrapping potential for ULCVs. Worse, new capacity to the tune of 24% of the existing ULCV fleet is set to hit the water over the coming years. International Seaways Braxton discusses corporate governance in the industry and shares a favorite current tanker pick - International Seaways. INSW trades at half of liquidation value, with its strong balance sheet further fortified by an FSO joint venture with Euronav that generates consistent contracted cash flow. The company is repurchasing shares. Distressed Mortgage Notes Braxton outlines his investment in the Navios Maritime Acquisition Corporation First Priority Ship Mortgage Notes due 2021. The bonds trade at a highly distressed valuation, despite solid covenants and a short time to maturity. Braxton says that the value of the underlying fleet and NWC fully covers the bonds and implies a positive value for the equity. NMAC is now aggressively repurchasing bonds out of cash flow (most of which is contracted). While the embezzlement ratio is on the high side even for the shipping industry, Braxton feels that management incentives are likely to favor noteholders. Show Links Never Navios (blog post) Navios Bonds (SEC Filing) Staying In Touch With Braxton Gann Twitter Blog Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM

To watch this episode on YouTube, click here. Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts YouTube Stitcher TuneIn Spotify Podbean iHeart Radio Summary In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Mariusz Skonieczny. We discuss the shipping industry, COVID recovery stocks, value investing in general, Oroco Resources, and Mitcham Industries. We also discuss his new website, Microcap Explosions. About Mariusz Skonieczny Mariusz Skonieczny is the founder of Microcap Explosions and Classic Value Investors and the creator of Value Investing University. He is also the author of several books on the subject of investing. He is a professional investor meaning and has written books and videos. He also, teach ballroom dancing. Mariusz graduated from Indiana University in 2003 with a Finance degree. From 2003 to 2008, he was in the commercial real estate industry as an appraiser and broker. During the 2008/2009 financial crisis, he left the industry to start Classic Value Investors. Staying In Touch With Mariusz Skonieczny Classic Value Investors Twitter Author Page YouTube Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM

Summary In this episode of the Intelligent Investing Podcast, I sit down with Robert Leonard who is the VP of Growth & Innovation at The Investor's Podcast Network. He is also the host of the Millennial Investing Podcast and the Real Estate Investing Podcast. To watch the video of this podcast on YouTube, click here. Robert is a Certified Management Accountant (CMA) who graduated Cum Laude with a BSBA degree in Finance and Economics from the University of Massachusetts, where he also earned his MBA degree in Accounting and Finance. He is an accounting and finance professional with an immense passion for stock and real estate investing, business, entrepreneurship, traveling, and spending time with his friends and family. Show Links JL Collins (The Simple Path to Wealth) on Millennial Investing Pomp (Bitcoin, COVID-10, and Macro) on Millennial Investing Simon Erickson (Growth Investing) on Millennial Investing Gary Mishuris (Warren Buffett Value Investing) on Millennial Investing TIP's Real Estate Deal Analysis 101 Chad Carson (Get Start in Real Estate) on Real Estate Investing Neal Bawa (COVID-19 and Finding Great Markets) on Real Estate Investing Real AF Podcast with Andy Frisella 1st Phorm 75Hard 75Hard book Support The Podcast If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page! You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube CONTACT ROBERT LEONARD LinkedIn Twitter CONTACT ERIC SCHLEIEN Facebook | LinkedIn | Twitter | YouTube | GSCM | Instagram Email: [email protected]

OVERVIEW In this episode of The Intelligent Investing Podcast, Shana Sissel sits down with Eric Schleien to discuss the world of Alternative Investments. Shana is a seasoned investment professional with almost two decades of industry experience. She currently serves as the Chief Investment Officer at Spotlight Asset Group. She also serves as one of the most prominent public faces of the firm. Shana is a frequent contributor on Bloomberg, Fox Business Network, the TD Ameritrade Network, Yahoo Finance and CNBC and travels the globe as a sought-after investment conference speaker. Mrs. Illinois International 2020 In November 2019 Shana was crowned Mrs. Illinois International 2020 at the North Shore Center for Performing Arts in Skokie, Illinois. Financial Literacy For Girls As Mrs. Illinois International she is a prominent advocate for improving financial literacy rates for women and for gender diversity within the finance industry through her platform Investing in Girls. Through her work with organizations like Invest in Girls and Rock the Street Wall Street, Shana seeks to introduce financial concepts to high school girls and serves as a mentor for young women entering the field of finance. Shana also serves as a spokesperson for Women in ETFs (WE), an organization dedicated to improving gender diversity in the investment industry, where she is a member of the WE Speakers Bureau and Press Corp. Women In Finance In 2019, Shana was recognized for her talent as an investor and contributions as an advocate for women in finance when she was named a finalist for Index Portfolio Manager of the Year at the Women in Asset Management Awards. In March of 2020 she was named the winner of Citywire USA’s Women Driving Change in Manager Research & Investment Due Diligence award. SHOW LINKS Rocking Wall Street Invest In Girls All About Alpha Blog SUPPORT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page! You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube CONTACT SHANA LinkedIn Twitter CONTACT ERIC SCHLEIEN Facebook | LinkedIn | Twitter | YouTube | GSCM | Instagram Email: [email protected]

Summary Most investment portfolios look the same, comprised of 60 percent stocks and 40 percent bonds, and each portfolio moves with the rollercoaster of the stock market. Vince Annable, best-selling author of The Household Endowment Model is here to show an alternative investment method that doesn't leave you whiplashed. Modeled after the Yale Endowment Model, The Household Endowment Model is a similarly diversified, non-correlated investment strategy for individuals and families, enabling them to make private, institutional-style investments with minimums in the $50-$100k range, rather than in the millions. By putting your money into alternative investments such as private equity, venture capital, real estate, natural resources, and more, The Household Endowment Model provides an illiquidity premium that prevents emotionally driven bad investment decisions and may contribute to greater overall yields in the future. About Vince Annable Vince Annable, CRPC®, is the creator of The Household Endowment Model® and founder and CEO of Wealth Strategies Advisory Group. Vince has been involved in the financial services industry since 1981. Vince prides himself in bringing new investment methods to high net worth families. He’s had families approach him after learning his method to tell him that they didn’t understand why their own advisors hadn’t told them about it. He’s also taken his message to the public on The Michael Wall Show, ABC15 Sonoran Living, and as the host of the podcast, Your Money Manual. Vince lives in Scottsdale, Arizona, with his wife and enjoys fine food and wine, traveling, and reading. Support The Podcast If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page! You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube Contact Vince Wealth Strategies Advisory Group Contact Eric Schleien Facebook | LinkedIn | Twitter | YouTube | GSCM | Instagram Email: [email protected]

Summary Today's interview guest is Trey Henninger. Trey Henninger runs the blog and podcast, DIY Investing. Trey is a private value investor focused on microcap and dark stocks in the United States. His focus is on high-quality companies with predictable durable earnings where management has skin-in-the-game. Trey runs a concentrated portfolio of 5 stocks with a 20% weighting each. By focusing on small companies, Trey hopes to find overlooked compounders at value prices. His favorite opportunities have a market cap below $50 million. Focus Stock: Northfield Precision Instruments Corporation Basic Company Information: Name: Northfield Precision Instruments Corporation Stock Ticker: $NFPC Location: New York, United States Industry: Industrial Manufacturing Market Cap: $5.3 million TTM Earnings: $668k Shares Outstanding: 234,237 (constant, no change in the last 5 years) Stock Price: $23.00 TTM EPS: $2.85 (based on 2019 FY results) P/B: 1.09 P/E: 8.07 Earnings Yield: 12% Dividend Yield: 2.6% (based on 2019 dividends) 3-year Earnings CAGR from 2015 to 2018: 100.4% (EPS was $0.53 per share in 2015) - dropped a bit in 2019. Investment Thesis Northfield Precision Instruments Corporation is a niche manufacturer of precision air chucks. Precision is a keyword because very careful machining is required in the manufacturing process to meet the required specifications. Northfield is a leading manufacturer in the air chuck industry although the market is quite small. Northfield manufacturers for a worldwide customer base out of a single manufacturing location in New York State, United States. This single manufacturing facility has room for production expansion without adding additional space. The combination of being a small manufacturing concern with room to grow is that Northfield is a huge current and future beneficiary of expanding operating leverage. They have a fixed cost base and are able to sell their goods at a consistent and sustainably competitive gross margin. Gross profit margins are consistently in the 45-50% range over the last 6 years. Northfield is undervalued significantly as they trade for a single-digit P/E while in the process of rapidly growing their earnings. They have been able to sustain a high growth rate because incremental returns on capital clearly exceed 50%. It is my view that Northfield has remained undervalued for two key reasons: They are a small nano-cap company with a market cap below $5 million and they are dark. Northfield doesn't report to the SEC and the only way to receive financial statements is to email their accountant and request physical copies sent by mail. Earnings History 2015 = $0.53 per share 2016 = $1.05 per share 2017 = $2.46 per share 2018 = $4.27 per share 2019 = $2.85 per share 3-yr avg = $3.19 per share As Northfield grows earnings above $1m per year over the next few years and starts to earn multiple millions of dollars per year, they will be able to justify spending money to include their financial reports on OTC Markets. This will grow their potential investing audience and likely broaden their appeal. Potential Risks Northfield is an industrial manufacturer which means it is not immune to cyclicality in the economy. With the current recession, we should expect earnings in 2020 to be lower than in 2018 and 2019. They are likely considered an essential business, so I doubt they would be drastically affected. However, a dip in earnings is both foreseeable and expected. Yet, I expect that earnings will grow again after this recession ends to exceed the 2018 high in earnings. They are highly illiquid. It is difficult to buy shares in the market. It took several months for me to acquire my full position. I think liquidity is largely constrained because current large shareholders are unwilling to sell at such a low price while the profitability of the company continues to improve. In summary, Northfield Precision is a dark company with a low single-digit P/E and a high earnings growth rate. They are able to profitability reinvest their earnings into growth at a high ROIC. While a 2020 recession will slow their progress, Northfield is on the way to becoming a much larger and more profitable company. Simply trading from the current P/E of 8 to a market multiple of 16 would double the stock price. The earnings growth and ROIIC should justify an even higher multiple though. The biggest downside is simply that the company is small and overlooked. It is hard to predict which a company of this size will begin to get a bid in the market. Yet, the low liquidity in shares should ensure that once interest grows the stock price will jump quickly. Connect With Trey Henninger Twitter: @TreyHenninger Blog Podcast:Spotify Apple Podcasts YouTube HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page! You can su

SUMMARY In this episode of The Intelligent Investing Podcast, I sit down with Jim White to discuss his book Opportunity Investing. As the famed value investor, Joel Greenblatt, had to say about the book: "Jim White's marvelous book Opportunity Investing is conclusive evidence of my belief that the secret to investing is to figure out the value of something - and then pay less. Dr. White offers magical advice on how to make big money while saving on capital gains. At the same time, he vividly illuminates the dire situations in Opportunity Zones and presents a wide range of innovative ideas for Opportunity Funds, including directing them toward education and non-profits." QUALIFIED OPPORTUNITY ZONES For those interested in learning more about qualified opportunity zones and opportunity funds, check out Jim's presentation on YouTube. ABOUT JIM WHITE Jim White, PhD is Chairman and CEO of Post Harvest Technologies, Inc. and Growers Ice Company, Inc., Founder and CEO of PHT Opportunity Fund, LLC, and Founder and President of JL White International, LLC. Jim is the best-selling author of What's My Purpose? A Journey of Personal and Professional Growth. The book, which has been lauded by such industry leaders as Steven M.R. Covey and Jack Canfield, seeks to change readers by helping them to identify key truths while breaking down the main barriers (the Five Masks) to fulfillment. Jim is also the founder of the customized yearlong leadership and management transformation process, The Circle of Success; Jim White's Classic Movie Series; and The Red Carpet Tour. These innovative events have attracted more than 100,000 participants worldwide, including Fortune 500 CEOs, management teams, entrepreneurs, governments, and trade associations. Dr. White first found his entrepreneurial spirit at age five when he created his first business-collecting and selling Coke bottles to help support his family. From these humble beginnings, Jim went on to serve his country in Vietnam before entering the corporate world upon his return. Along the way, he would go from high school dropout to academic triumph, eventually earning a B.S. in Civil Engineering, an MBA, and a Ph.D. in Psychology and Organizational Behavior. Dr. White achieved international recognition as CEO of Blount World Trade Corporation; owner and Managing Director of ACEC Centrifugal Pumps NV, Belgium; and as Vice-President and Division Manager of Ingersoll Rand Equipment Corporation. Throughout his career, he has bought, expanded, and sold 23 companies, operating in 44 countries. Jim acquires struggling businesses to revive and develop them into profitable enterprises using his business turnaround strategy. To date, Jim has generated more than $1.8 billion in revenue. RESOURCES PHT Opportunity Fund Jim’s Author Site Economic Innovation Group HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page! You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube GET IN TOUCH WITH ERIC SCHLEIEN Facebook | LinkedIn | Twitter | YouTube | GSCM | Instagram Email: [email protected]

In this episode, I sit down with Malcolm Ingalsbe and Ladislao Zichy Thyssen, co-author Quantrarian Research, a research blog covering microcap equities. We discuss a long position of theirs, XLMedia PLC Summary XLMedia PLC (LSE: XLM) is a leading digital publishing and affiliate marketing company that owns 2000+ informational websites across several high-growth verticals. The company generates sales primarily through revenue-sharing agreements; they publish editorials and other informational content (i.e. product reviews, rankings, ongoing deals, etc.) on their websites which drive visitors to their clients’ services. History and Problems XLMedia has experienced tremendous growth in the past decade, increasing revenues by over 750%. However, XLMedia’s top-line growth has retracted in recent years as it faces a combination of regulatory headwinds, search engine demotions, and the cancellation of sporting events. Worries over these complications have driven the share price down over 80% in the last two years, yet the company produced over 50% free cash flow TTM. New strategy The hindrances currently being faced have precipitated the company’s plan to employ a “quality over quantity” consolidation strategy. This entails a shift of focus towards selling non-core assets and establishing a meaningful presence in mature and regulated markets that are less prone to volatility. This includes infiltrating the U.S. sports-betting market, which should experience very high growth via regulatory tailwinds over the next several years. The company’s new management team is well incentivized and brings more experience to the table than the prior team. Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM Staying In Touch With Malcolm and Ladislao LinkedIn Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube

Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube Background David found this stock by screening for the smallest listed companies in the United States. He doesn't bother screening on any value metrics, just lowest market cap company he can find. No mining, financials, crypto or cannabis. Summary Founded back in 1952. HQ in Duluth, MN. Make emulsions and films in printing. Make different types of glass and etching equipment. Sound deadening equipment. Chemicals and materials. 7m market cap. 1m shares floated. Management owns 30%. 17m Revenue. Loss of 800k. A few bad years, then good thing happens. Sell off legacy business, start a new business. Ebbs and flows over time. Insiders Buying CEO, COO, and Directors have all been buying Valuation Trades at half of book value. At some point there could be good news and a stock pop. Part of David Flood's basket of these low market cap stocks that have been left for dead. About David Flood David runs the blog, Elementary Value, and is a private value investor based in the UK. His investing approach is grounded in the fundamental precepts of value investing based upon Ben Graham’s core concepts of ‘Intrinsic Value’ and ‘Margin of Safety’. His investment strategy involves looking at both ‘Deep Value and ‘Franchise Value’ situations and using the value investing framework to analyze the financial and corporate facets of a given prospective investment. Staying In Touch With David Flood Twitter Blog Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM

Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube Video Display (VIDE) The company does video simulation products and video displays. Simulations for military and aerospace. They’ll also do huge video display units that can be installed in huge rooms like NASA. 5.9m Market Cap Lots of hair on this company. Lots of liabilities. Made 67,000 last year. And loss-making previous 3 years. Why does David like it? 2 reasons: Price chart hit support and volume dropped off. Accumulation period. People picking up shares in the stock. CEO owns 49% of the company. He doesn't want to see the company go under. VIDEO has been around since 1975 which indicates that it has managed to struggle along for all these years. They have divested a lot of their old legacy businesses in 2014. Had expanded over the decades and "diworsified." Potential Catalysts Started to move into a new sector - cybersecurity for defense industry. VIDE has a unit that can test computer systems with homeland security - this could potentially be a lucrative business in the future. just finally turned a profit. the future could be better than in the past. History VIDE has gone on and off doing well to poor again. The stock goes up a lot when things are good. nobody is paying attention to the company, left for dead. nobody talking about the company on stock boards. Those are the kinds of businesses David likes the most: No sign of life and nobody cares about the company. Stock Buybacks VIDE was buying back stock last year in mid-2019. Other Catalysts Potential for some kind of change due to a very old board of directors. About David Flood David runs the blog, Elementary Value, and is a private value investor based in the UK. His investing approach is grounded in the fundamental precepts of value investing based upon Ben Graham’s core concepts of ‘Intrinsic Value’ and ‘Margin of Safety’. His investment strategy involves looking at both ‘Deep Value and ‘Franchise Value’ situations and using the value investing framework to analyze the financial and corporate facets of a given prospective investment. Staying In Touch With David Flood Twitter Blog Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM

Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube Summary https://www.otcmarkets.com/stock/MICR/overview Micron (MICR) is a medical device company founded in 1978. MICR has a heavy debt load and negative working capital. It is sat at an all-time low and has recently announced it is going to de-list. Upon the announcement, the share price got cut in half. >10% owner has been buying more. http://www.openinsider.com/search?q=micr Insiders own 26% of the common. About David Flood David runs the blog, Elementary Value, and is a private value investor based in the UK. His investing approach is grounded in the fundamental precepts of value investing based upon Ben Graham’s core concepts of ‘Intrinsic Value’ and ‘Margin of Safety’. His investment strategy involves looking at both ‘Deep Value and ‘Franchise Value’ situations and using the value investing framework to analyze the financial and corporate facets of a given prospective investment. Staying In Touch With David Flood Twitter Blog Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM

OTC Stock Manual If you’d like to purchase Jan Svenda’s Manual Of Stock (like an updated online Walker’s Manual)…click, here. You can see samples to Jan’s manual, here. Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts YouTube Stitcher TuneIn Spotify Podbean iHeart Radio Summary Calloway's Nursery was first discussed in Episode #22. In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Jan Svenda to discuss Calloway's Nursery, Inc. (CLWY). This may possibly be the least obscure stock that Jan has ever discussed on the show. The company runs a small chain of garden centers in Texas. There is an activist investor in the management who has been a good steward of capital. The original pitch was that the company was trading below liquidation while business was solid. New management came in and realized value. There’s been about an extra 10% return with special dividends. The company currently spits out $3,000,000 a year in free cash flow which is backed up by real estate and a healthy balance sheet. The company is opening up new stores. There’s also the possibility of future improvements in free cash flow. The company is currently valued at about a 10% free cash flow yield. The coronavirus should not hurt them too badly. About Jan Svenda Jan is a “deep value” investor/analyst mainly focused on the US small-cap and micro-cap universe. He started out with a long-only bias (stocks trading close to NCAV etc.) which led to his interest in the OTC world. Jan now covers this space through his exclusive newsletter service where he shares his latest long ideas and a watchlist of OTC stocks which should help subscribers generate material returns and allow them to “monitor” the OTC space more efficiently. The service also acts as a community of engaged members who share the same focus. On top of this, he is interested in short-focused research especially in the thesis revolving around accountancy or earnings manipulation. From time to time he also contributes to Safety in Value’s marketplace ‘Microcap Review’. STAYING IN TOUCH WITH JAN SVENDA To learn more about Jan and his manual of OTC stocks, you can visit his website. He can also be reached via LinkedIn. Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM

For the full video interview on YouTube, click here. Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube Overview Endor AG is a Munich-listed holding company whose sole asset is Fanatec, the premium provider of racing wheels and other accessories for sim racing games played on consoles and PCs Despite being a German-listed small-cap, the company has ~80% market share in the premium wheel/accessories segment and has essentially locked up exclusive branding rights for all the major OEMs and racing organizations (F1/Nascar/WRC) to produce branded replica racing wheels. Growth Endor AG grew 70-80% last year and has compounded revenues at 40% over the last 10yrs, as iRacing/simulated racing has grown organically in popularity at very high rates COVID-19 Impact Current growth is exploding due to COVID-19 and the mainstream recognition sim racing has garnered with normal sports closed for the last three months. The current business is growing 100-200% per annum, so much so that the company can barely keep up with demand. The company has already leaked they are targeting 150-200mm in revenues at 25-30% EBIT margins in the next couple of years (versus 40mm revenues last year and 80mm this year). Going Forward The stock currently trades at ~11x 2021 earnings, and ~2x 2021E sales, despite a multi-year runway where the business could grow 30% for a very long time. Fair value on a 'normal' exchange with English disclosures/investor relations would probably be 4-5x the current price. Jeremy believes that even on the minor German exchange, it's hard to see how the stock doesn't double or triple again. Staying In Touch With Jeremy Raper Blog Twitter Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM

OTC Stock Manual If you’d like to purchase Jan Svenda’s Manual Of Stock (like an updated online Walker’s Manual)…click, here. You can see samples to Jan’s manual, here. Other Episodes Featuring Jan Svenda Altair Vulcan International Millennium Investment & Acquisition Company Conair Corp Mills Music Trust OTC Investing Primer Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio IF YOU’D LIKE TO WATCH THE INTELLIGENT INVESTING PODCAST ON YOUTUBE, CLICK HERE. Summary In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Jan Svenda to discuss Pinelawn Cemetery (PLWN), a dark OTC stock. Articles A Dark OTC Stock with a 9% Dividend Yield (Elementary Value) About Jan Svenda Jan is a “deep value” investor/analyst mainly focused on the US small-cap and micro-cap universe. He started out with a long-only bias (stocks trading close to NCAV etc.) which led to his interest in the OTC world. Jan now covers this space through his exclusive newsletter service where he shares his latest long ideas and a watchlist of OTC stocks which should help subscribers generate material returns and allow them to “monitor” the OTC space more efficiently. The service also acts as a community of engaged members who share the same focus. On top of this, he is interested in short-focused research especially in the thesis revolving around accountancy or earnings manipulation. From time to time he also contributes to Safety in Value’s marketplace ‘Microcap Review’. STAYING IN TOUCH WITH JAN SVENDA To learn more about Jan and his manual of OTC stocks, you can visit his website. He can also be reached via LinkedIn. Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM Disclosure Eric Schleien and clients of his company Granite State Capital Management have no position in Pinelawn Cemetery. I, Eric Schleien, recorded this podcast myself, and it expresses my own opinions. This episode should not be considered investment advice. Please do your own due diligence.

OTC Stock Manual If you’d like to purchase Jan Svenda’s Manual Of Stock (like an updated online Walker’s Manual)…click, here. You can see samples to Jan’s manual, here. Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio IF YOU’D LIKE TO WATCH THE INTELLIGENT INVESTING PODCAST ON YOUTUBE, CLICK HERE. Summary In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Jan Svenda to discuss Altair (ATCD), a dark OTC stock. Articles Altair Corp Update (SeekingAlpha) Obscure, But Likely Attractive (SeekingAlpha) About Jan Svenda Jan is a “deep value” investor/analyst mainly focused on the US small-cap and micro-cap universe. He started out with a long-only bias (stocks trading close to NCAV etc.) which led to his interest in the OTC world. Jan now covers this space through his exclusive newsletter service where he shares his latest long ideas and a watchlist of OTC stocks which should help subscribers generate material returns and allow them to “monitor” the OTC space more efficiently. The service also acts as a community of engaged members who share the same focus. On top of this, he is interested in short-focused research especially in the thesis revolving around accountancy or earnings manipulation. From time to time he also contributes to Safety in Value’s marketplace ‘Microcap Review’. STAYING IN TOUCH WITH JAN SVENDA To learn more about Jan and his manual of OTC stocks, you can visit his website. He can also be reached via LinkedIn. Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM Disclosure Eric Schleien and clients of his company Granite State Capital Management have no position in Altair. I, Eric Schleien, recorded this podcast myself, and it expresses my own opinions. This episode should not be considered investment advice. Please do your own due diligence.

Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube Summary In this episode of The Intelligent Investing Podcast, I sit down with David J Flood to discuss TSR, Inc (TSRI). About David Flood David runs the blog, Elementary Value, and is a private value investor based in the UK. His investing approach is grounded in the fundamental precepts of value investing based upon Ben Graham’s core concepts of ‘Intrinsic Value’ and ‘Margin of Safety’. His investment strategy involves looking at both ‘Deep Value and ‘Franchise Value’ situations and using the value investing framework to analyze the financial and corporate facets of a given prospective investment. Staying In Touch With David Flood Twitter Blog Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM

Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube Summary In this episode, Eric Schleien interviews Zach Schleien, the founder of Filter Off which was recently featured in The New York Times. You can read other articles about Filter Off below: Lockdown Love Does Dating During Quarantine Seem Impossible? Quarantine Dating Coronavirus Sees High Spike In Dating Apps Virtual Dating Is The New Normal Zach Schleien built his first company going into senior year of college called BeginU, a platform for college students to find projects and work opportunities to develop their skills. Following BeginU, he then launched his second company, Top Romp an online dating blog that reviewed hacks and apps for the modern dater. Zach then pursued his Masters in Information Management from Syracuse University where he soon launched his third company, LIFT Protein Muffins. Starting LIFT was where he first dipped his toe into crowdfunding, raising over $5,000 in 30 days on Kickstarter. That Summer he worked for bitly as a Data Analyst. While in school, he co-authored the book, Hacking The Internship Process, which became #2 bestseller for internships on Amazon. One year later he sold his first company, Top Romp. Following graduation, he secured a job in IT with Johnson & Johnson. After his friend’s passing with mental illness, Zach dedicated himself to helping people with mental illness. He launched a $9,500 project on CaringCrowd (a crowdfunding platform for non-profits) with the funds going to the National Alliance on Mental Illness – NAMI New Jersey. He attained his goal within 2 1/2 weeks. The proceeds went to the NAMI Basics program, which supported 360 parents with children who have a mental illness. Zach wanted to do more, so he teamed up with his best friend David, and launched the mental health Slack community, 18percent. With mental health awareness month coming up, he launched another project with the goal to raise $30,000 on CaringCrowd to support 600 families where at least one member of their family had a mental illness. The funds would go to NAMI El Dorado. He attained this mark within 3 weeks. Zach’s passion for helping people, combined with his love for entrepreneurship has helped him grow these companies and non-profits, allowing them to hit their crowdfunding goals. Zach currently runs, Filter Off. Staying In Touch With Zach Schleien Website Twitter Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM

Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio If you'd like to watch this episode on YouTube, click here. Coronavirus Investing Series: Part 12 This is Part 12 of a special Coronavirus Investing Series. If you have not listened to Part 1, please click here to get the overall context/market overview during this unprecedented time. You can also listen to: Part 2 Part 3 Part 4 Part 5 Part 6 Part 7 Part 8 Part 9 Part 10 Part 11 Summary In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Jack Bosch to discuss land arbitrage. It's a pretty unique value investing strategy with low competition due to the non-scalable nature of the investment. For those interested in obscure kinds of investments, you may find this useful. Staying In Touch With Jack Bosch Website Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM

OTC Stock Manual If you'd like to purchase Jan Svenda's Manual Of Stock (like an updated online Walker's Manual)...click, here. You can see samples to Jan's manual, here. Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio IF YOU’D LIKE TO WATCH THE INTELLIGENT INVESTING PODCAST ON YOUTUBE, CLICK HERE. Summary In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Jan Svenda to discuss Vulcan International (VULC), a dark OTC stock that has an extremely nefarious and secretive history. The company is currently in liquidation and Jan believes it could potentially be an attractive investment. Articles Vulcan International Is The Epitome Of A Dark Company | Seeking Alpha East 72 - Vulcan International Corp | Seeking Alpha About Jan Svenda Jan is a “deep value” investor/analyst mainly focused on the US small-cap and micro-cap universe. He started out with a long-only bias (stocks trading close to NCAV etc.) which led to his interest in the OTC world. Jan now covers this space through his exclusive newsletter service where he shares his latest long ideas and a watchlist of OTC stocks which should help subscribers generate material returns and allow them to “monitor” the OTC space more efficiently. The service also acts as a community of engaged members who share the same focus. On top of this, he is interested in short-focused research especially in the thesis revolving around accountancy or earnings manipulation. From time to time he also contributes to Safety in Value’s marketplace ‘Microcap Review’. Staying In Touch With Jan Svenda To learn more about Jan and his manual of OTC stocks, you can visit his website. He can also be reached via LinkedIn. Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM Disclosure Eric Schleien and clients of his company Granite State Capital Management have positions Vulcan International Corp. I, Eric Schleien, recorded this podcast myself, and it expresses my own opinions. This episode should not be considered investment advice. Please do your own due diligence.

Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio IF YOU’D LIKE TO WATCH THE INTELLIGENT INVESTING PODCAST ON YOUTUBE, CLICK HERE. Summary In this episode of The Intelligent Investing Podcast, I sit down with David J Flood to discuss Microwave Filter Co (MFCO). You can read more about the company on David's Blog, here. About David Flood David runs the blog, Elementary Value, and is a private value investor based in the UK. His investing approach is grounded in the fundamental precepts of value investing based upon Ben Graham’s core concepts of ‘Intrinsic Value’ and ‘Margin of Safety’. His investment strategy involves looking at both ‘Deep Value and ‘Franchise Value’ situations and using the value investing framework to analyze the financial and corporate facets of a given prospective investment. Staying In Touch With David Flood Twitter Blog Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM

IF YOU’D LIKE TO WATCH THE INTELLIGENT INVESTING PODCAST ON YOUTUBE, CLICK HERE. Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio Summary In this episode of The Intelligent Investing Podcast, I sit down with David J Flood to discuss Koss Corporation (KOSS). The company is tiny, illiquid, and has been around for decades. Koss also has high insider ownership. As some of you may know, a lot of what David buys revolves around buying stocks when they are selling below book value and the stock sat in a low range on the long-range price chart. About David Flood David runs the blog, Elementary Value, and is a private value investor based in the UK. His investing approach is grounded in the fundamental precepts of value investing based upon Ben Graham’s core concepts of ‘Intrinsic Value’ and ‘Margin of Safety’. His investment strategy involves looking at both ‘Deep Value and ‘Franchise Value’ situations and using the value investing framework to analyze the financial and corporate facets of a given prospective investment. Staying In Touch With David Flood Twitter Blog Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM

If You’d Like To Watch The Intelligent Investing Podcast On YouTube, Click Here. Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio Summary In this episode of the Intelligent Investing Podcast, Eric Schleien sits down with Winston Justice, former OT for the Philadelphia Eagles and founder of Elixr Coffee Roasters. By the time Winston graduated, Justice was widely considered one of the best tackles ever to come out of USC, blocking for two future Heisman Trophy winners, Matt Leinart and Reggie Bush. That's what caught the eye of the Eagles. In the ensuing years with the team from 2006-11, he played in 47 games, with 31 starts, and was named to USA Today's 2009 All-Joe Team. Winston now serves as a Vice President in Bernstein's Nashville headquarters, serving as an asset manager to multigenerational families, entrepreneurs, and nonprofits. Winston Justice was drafted by the Philadelphia Eagles under coach Andy Reid in the second round (39th overall pick) of the 2006 NFL Draft. He played college football at USC under coach Pete Carroll. Prior to joining Bernstein in 2019, he was a portfolio manager for PIA's Alternative Investments Group. Earlier, he co-founded MJC Capital, an early-stage investment vehicle, and also served as a portfolio manager for Wells Fargo Securities. He holds a BA in Public Policy from the University of Southern California, an MBA from George Washington University, and the Certified Investment Management Analyst designation from The Yale School of Management. Winston's philanthropic work includes serving on the board of directors for YCAP, Nashville Coaching Coalition, and service efforts with Habitat for Humanity of Collier County, Young Life Naples, and Eagles Fly for Leukemia in Philadelphia. In 2010, he was the recipient of the Walter Payton Philadelphia Man of the Year award. He relocated to Nashville in 2018 with his wife and their three children. Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM

For Dr. Charles Schleien's Op-Ed in the New York Times on his experience with COVID-19, click here. If You’d Like To Watch This Episode On YouTube, Click Here. Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio Summary In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with his father, Dr. Charles Schleien to discuss everything from COVID-19 to healthcare economics. We take questions from finance professionals on Twitter as well. Resources Dr. Charles Schleien - New York Times Op-Ed Dr. Charles Schleien - CBS Dr. Charles Schleien - CNN - Don Lemon (TRANSCRIPT) COVID-19 Up To Date Research - NEJM Staying In Touch With Dr. Charles Schleien Twitter Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM

If you'd like to watch this episode on YouTube, click here. Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio Coronavirus Investing Series: Part 11 This is Part 11 of a special Coronavirus Investing Series. If you have not listened to Part 1, please click here to get the overall context/market overview during this unprecedented time. You can also listen to: Part 2 Part 3 Part 4 Part 5 Part 6 Part 7 Part 8 Part 9 Part 10 Summary In this episode, Eric Schleien and Alex Portelli discuss the economics of facemasks and COVID-19 tests. Alex has started a company shipping in facemasks and COVID-19 tests and has some very interesting stories. He also makes some suggestions on policy and gives his view on what is working and not working. For a previous episode with Alex, you can listen, here. Alex is a serial entrepreneur and has started a diner, an ATM business, a real estate company, and an online news organization. He’s now currently working on his next venture. Alex is currently an investor in short term rental properties and is the owner of several successful websites. Alex started his privately held AirBnB business 4 years ago and went from owning 0 to 8 properties since then. His web company is prntly.com and he is currently launching another company called prntpage.com which is currently in beta-testing. Prntly.com became notorious after Donald Trump started re-tweeting some of their posts during the primary election cycle in 2016. Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM

Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio Coronavirus Investing Series: Part 10 This is Part 10 of a special Coronavirus Investing Series. If you have not listened to Part 1, please click here to get the overall context/market overview during this unprecedented time. You can also listen to: Part 2 Part 3 Part 4 Part 5 Part 6 Part 7 Part 8 Part 9 Summary Eric Schleien and Brian Dress discuss investment opportunities in the bond market. Brian Dress is an investment analyst at Left Brain Capital Management, LLC. Brian's angle relates to value opportunities his firm is seeing in the corporate and municipal bond markets, based on the massive selloff in credit markets over the past 6 weeks. Particular discussion points in this episode include: Discussion of Bond Markets Pre-COVID Brian thinks the spreads were far too tight which made it very difficult to position portfolios with income to match future expenses. Investors were forced to take too much risk to attain yield. This is something we have discussed extensively before on The Intelligent Investing Podcast. How Credit Cycles Work Historically The main takeaway here is that credit booms and busts occur far more often than do booms and busts in the equity markets. Savvy investors should be willing to take risks on bonds in trough phases like this one and gradually lighten the load as spreads tighten, creating the capacity to take advantage of the next down cycle. Note: high yield bonds have led stock recoveries after every market drawdown since 1980 (1982, 1991, 2002, 2008-9, 2016) Observations In Credit Markets Brian has noticed indiscriminate selling related to a liquidity crunch, causing bonds at all levels of credit quality to sell off heavily. Brian believes this creates fantastic opportunities across the credit spectrum, which he and his company are taking advantage of to reposition clients. I discuss that in regards to all markets, here. COVID-19 Gameplan Brian is upgrading the credit quality of bond portfolios, taking the opportunity to lock in large coupons on stable companies, some of which continue to trade at a discount. Markets have been starved for these types of opportunities in the bond world and, while many of these have already narrowed, plenty of mispriced securities are still out there for investors. There are still chances to lock in great coupons, along with the potential for capital appreciation. Brian believes it is important to recognize that it is likely we will be in a 0% interest world for the foreseeable future. Bond Opportunities After Eric and Brian discussed the general overview/strategy with respect to bonds, Brian presents a few examples where he sees opportunity. Qurate (QRTEA) 8.25% 2030 bonds (Yield to maturity >12% at current price levels) Travel and leisure: Delta 4.375% 2028s (yielding >7% at current prices) and Carnival Cruise (unsecured 2020s and secured 2023s) Illinois Municipals General Obligation 5.1% bonds: effective yield of more than 8% for those in highest tax bracket, possible appreciation potential with interest rates now firmly at 0. New Service Brian is debuting a new service next week at Left Brain Investment Research, which is a twice-monthly pay-per-view Zoom call for investors of all types, where his firm will be introducing a single bond idea and a single stock idea each month and explaining the entire research process that went into those recommendations. Brian has his firm's “shelter-in-place” specials available on his firm's website. Listeners can enter the promo code “Eric” on the subscribe page and receive a full research service (stocks and bonds) for $99/month for the life of the subscription. ***FULL DISCLOSURE, I, Eric Schleien, DO NOT MAKE ANY MONEY OFF THIS PROMO CODE. ALL SAVINGS GET PASSED BACK TO INTELLIGENT INVESTING PODCAST LISTENERS. LBIR Investment Ideas Forum Second, Left Brain Research has its LBIR Investment Ideas Forum with the first two installments coming on April 30 where Brian and his firm will discuss a stock idea with the same format. Listeners can find all the information for these events on the front page of the LBIR website. About Left Brain Left Brain opened the wealth management business in 2014, a hedge fund in 2016, and an investment research platform in 2019. A differentiating characteristic of Left Brain's investing platform is an emphasis on selecting individual securities, particularly individual bonds in the high yield space. Brian genuinely enjoys and gets excited to share his investment philosophy with both individual investors and advisors. The company has slowly built up its investment staff in order to cover a large universe of high yield bonds (about 900) and about 200 stocks. What they've come to realize is that many advisors lack the resources to replicate this type of research apparatus, so they decided to create a product to provide this research to

For a review of this situation, please see: https://savefirsthandtechnology.com/ Subscribe If you like The Intelligent Investing Podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio Overview In this episode of The Intelligent Investing Podcast, I had the pleasure of chatting with Don Chambers who is an activist currently involved with shaking things up at Firsthand Technology Value Fund (SVVC) To see Don's presentation on SVVC or to get in touch with questions if you are a shareholder of SVVC or want to learn more information, please go to the presentation website, here. About Don Chambers Donald R Chambers currently runs the website, SaveFirstHandTechnology. He is also a recently-retired (June 2017) professor of finance with 36 years of teaching experience. Dr. Chambers has written several books regarding investments and personal finance that are distinguished by their clear writing and ability to make difficult concepts accessible to his audience. He is the lead author of the 600+ page Modern Corporate Finance: Theory and Practice which is in its eighth edition (forthcoming with FlatWorld), the 1,000-page Alternative Investments which is in its third edition with Wiley, and several other books on finance. Dr. Chambers has published over 50 scholarly articles. ​Dr. Chambers has had numerous appearances in media including national television, national public radio, regional television, and regional radio. Dr. Chambers co-starred in a nationally-televised cable television series regarding finance in 1988 (45 Fortune) and frequently serves as a public speaker. In more recent years, he has written numerous blogs and spoken frequently regarding investments in his role as Chief Investment Officer of Biltmore Capital Advisors. About Eric Schleien Over the past decade, Eric has trained thousands of individuals including board members of public companies as well as several Fortune 500 CEOs. Eric specializes in organizational culture and has become a leading authority on organizational culture in the investment industry. Eric has been investing for 15 years and has been using breakthrough coaching methodologies for over a decade. Eric had the insight to combine proven coaching methodologies with shareholder activism techniques to create an entirely new model for shareholder activism that was more reliable and created greater sustainable results in a rapid period of time. On average, Tribal Leadership produces a 3-5x increase in profits of culturally troubled companies within an average of 24 months or less. Eric currently resides in Philadelphia, PA.

This is Part 9 of a special Coronavirus Investing Series. If you have not listened to Part 1, please click here to get the overall context/market overview during this unprecedented time. You can also listen to: Part 2 Part 3 Part 4 Part 5 Part 6 Part 7 Part 8 Overview In this episode, I interview Shelly Lombard who spent over 30 years on Wall Street. Shelly started her career with financing leveraged buyouts at Citibank and then spent the rest of her career either at a hedge fund investing in high yield and distressed companies or at a research boutique covering those companies. During the 2007-2009 automotive crisis, Shelly was one of the most quoted auto analysts on Wall Street, frequently appearing in the New York Times, Wall Street Journal, and on CNBC. Currently, she reviews investment ideas for a family office; trains new analysts at several leading investment banks; and guest lectures in the executive education programs at Columbia and Wharton. She is also an active investor in two startups: GuessWhatIBroughtYou.com which delivers cool souvenirs made locally to a traveler's hotel or home and MilleMoney, which features financial content for novice investors. STAYING IN TOUCH WITH ERIC SCHLEIEN Facebook YouTube LinkedIn Twitter Instagram GSCM STAYING IN TOUCH WITH SHELLY LOMBARD LinkedIn YouTube Other Resources Introduction To Distressed Investing by Shelly Lombard

This is Part 8 of a special Coronavirus Investing Series. If you have not listened to Part 1, please click here to get the overall context/market overview during this unprecedented time. You can also listen to: Part 2 Part 3 Part 4 Part 5 Part 6 Part 7 In this episode of The Intelligent Investing Podcast, I sit down with Jeremy Raper to chat about a potential opportunity in Japanese Mall REIT's which have been hit pretty hard during this coronavirus pandemic. Overview If you are willing to look through whatever happens in 2020 and assume we go back to a normalized environment in 2021, then you should be looking at some of the most beaten-down sectors. You have to ask yourself a few questions when valuing names in the most beaten-down sectors of the economy: Is the equity going to survive? What losses are they taking along the way? What does that post-corona-world look like? Japanese REITs Japanese Mall REITs fall within the broader subsector of Japanese REITs. REITs are real estate investment trusts. Furthermore, REITs must pay 90% of their income as dividends. Japanese Hotels Why Japan hotels in particular? Japan has been under-hoteled for a long time. There has been a shortage of hotels and that had been rectified somewhat on the runup to the Olympics. However, the hotel fleet is still pretty tight. Two Cheap Japanese Hotel REITs On this episode, we discuss two Japanese Hotel REITs Japan Hotel Investment Corp Invincible Investment Corp Both REITs trade at fractions of NAV and high normalized cap rates. Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM Staying In Touch With Jeremy Raper Blog Twitter

This is Part 7 of a special Coronavirus Investing Series. If you have not listened to Part 1, please click here to get the overall context/market overview during this unprecedented time. You can also listen to: Part 2 Part 3 Part 4 Part 5 Part 6 You can also listen to a previous episode where we discuss GAN, here. You can also listen to our YouTube clip about GAN, here. Overview In this episode of The Intelligent Investing Podcast, Eric Schleien and Jeremy Raper discuss GAN plc. GAN is a leading developer and supplier of online gaming content and enterprise-level business to business gaming software systems as well as a provider of supporting operational services. GAN has developed the GameSTACK Internet Gaming System (or “IGS”) which the company licenses to online and land-based gaming operators as a turnkey technology solution for both regulated real-money and Simulated Gaming online. GAN will benefit from people staying at home who do online gambling, they have a competitive moat which we go further into detail in the episode, and the company trades at a low multiple for a high growth stock. Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM Staying In Touch With Jeremy Raper Blog Twitter

This is Part 6 of a special Coronavirus Investing Series. If you have not listened to Part 1, please click here to get the overall context/market overview during this unprecedented time. You can also listen to: Part 2 Part 3 Part 4 Part 5 In this episode of The Intelligent Investing Podcast, Eric Schleien & Jeremy Raper discuss opportunities in the Gold Sector. Macro View The macro view is that due to the massive debasement of currency during this coronavirus pandemic, that will be bullish for gold prices. In addition, gold companies such as Kinross Gold are shutting down production due to coronavirus outbreak which ends up being a net-positive for the commodity. Unlike commodities such as copper, gold demand is not impacted by economic activity due to less actual functional utility. Gold Mining Stocks However, Jeremy prefers Gold Minding stocks to owning actual physical gold outright. The reason for this is that if you can buy a gold miner that has been dumped during this coronavirus crisis, and you can find one where their revenue is in US Dollars but their costs are in their local non-US currency, you can also benefit from margin expansion. The margin expansion comes from cheaper labor costs, a lower price of oil, and a debasement of non-US currencies which have been destroyed in relationship to the US Dollar. Polyus Gold Polyus PJSC (Russian: ПАО "Полюс") is a Russian gold mining company. It is the largest gold producer in Russia and one of the top 10 gold mining companies globally by output (2.84 million ounces of gold production in 2019). It is headquartered in Moscow and is listed on both the Moscow and London Stock Exchanges.Polyus’ main assets are located in Eastern Siberia and the Russian Far East - in the regions of Krasnoyarsk Krai, Irkutsk Oblast, Magadan Oblast and the Republic of Sakha. The company is controlled by Said Kerimov, son of Russian billionaire and politician, Suleyman Kerimov. Due to the majority share ownership of Polyus by Said Kerimov, the company is not a buyout candidate. However, the company will benefit from margin expansion and Jeremy believes the company is trading at low-mid single digits of earnings based on $1,500 gold price. That equates to a 7.5% dividend yield on a conservative basis and probably higher with margin expansion. If you want to listen to the episode of Jeremy discussing Polyus Gold, you can listen here. You can also listen to the commentary on Polyus on YouTube. DRD Gold Another gold mining stock that Jeremy likes is DRD Gold based out of South Africa. Like Polyus, they will benefit from a depreciation in their local currency (Rand), and benefit from higher gold prices. Unlike, Polyus, the company is a takeout candidate as their parent company has moved up its ownership stake in DRD from 40% to over 50%. DRD has a boatload of cash and no debt. The company currently trades at a very low P/E bases off $1,500 gold and their parent may very likely buyout shareholders in order to take advantage of the low stock price. Furthermore, the parent will probably want access to a large amount of cash being that the parent is somewhat levered. It's interesting to note that DRD pays an unusually low dividend which Jeremy suspects are due to marching orders from the parent company. Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM Staying In Touch With Jeremy Raper Blog Twitter

In this episode of the Intelligent Investing Podcast, Eric Schleien sits down with WSJ Veteran Reporter, Gregory Zuckerman, to discuss his book "The Man Who Solved The Market: How Jim Simons Launched The Quant Revolution" Editorial Reviews “Leave it to the Wall Street Journal’s Greg Zuckerman to lay open the golden mysteries of quantitative investing. With this fine, humane, and eye-opening book, he’s well and truly broken the code.” —James Grant, Grant’s Interest Rate Observer “Captivating.” —New York Times “A compelling read.” —The Economist “Reads like a delicious page-turning novel.” —Barry Ritholtz, Bloomberg “One of the most important stories of our time.” —Financial Times “Zuckerman brings the reader so close to the firm’s inner workings that you can almost catch a whiff of the billionaire’s Merit cigarette.” —Brandon Kochkodin, Bloomberg “A gripping biography of investment game changer Jim Simons… readers looking to understand how the economy got where it is should eat this up.” —Publishers Weekly "Worthwhile reading for budding plutocrats and numerate investors alike." —Kirkus “Immensely enjoyable.” —Edward O. Thorp, author of A Man for All Markets “An extremely well-written and engaging book . . . a must read, and a fun one at that.” —Mohamed A. El-Erian, author of The Only Game in Town "Page-turning tale…bravura storytelling." —Gary Shteyngart, author of Lake Success About The Book NEW YORK TIMES BESTSELLER Shortlisted for the Financial Times/McKinsey Business Book of the Year Award The unbelievable story of a secretive mathematician who pioneered the era of the algorithm--and made $23 billion doing it. The Man Who Solved The Market: How Jim Simons Launched The Quant Revolution": Summary Jim Simons is the greatest money maker in modern financial history. No other investor--Warren Buffett, Peter Lynch, Ray Dalio, Steve Cohen, or George Soros--can touch his record. Since 1988, Renaissance's signature Medallion fund has generated average annual returns of 66 percent. The firm has earned profits of more than $100 billion; Simons is worth twenty-three billion dollars. Drawing on unprecedented access to Simons and dozens of current and former employees, Zuckerman, a veteran Wall Street Journal investigative reporter, tells the gripping story of how a world-class mathematician and former code breaker mastered the market. Simons pioneered a data-driven, algorithmic approach that's sweeping the world. As Renaissance became a market force, its executives began influencing the world beyond finance. Simons became a major figure in scientific research, education, and liberal politics. Senior executive Robert Mercer is more responsible than anyone else for the Trump presidency, placing Steve Bannon in the campaign and funding Trump's victorious 2016 effort. Mercer also impacted the campaign behind Brexit. The Man Who Solved the Market is a portrait of a modern-day Midas who remade markets in his own image, but failed to anticipate how his success would impact his firm and his country. It's also a story of what Simons's revolution means for the rest of us. About Gregory Zuckerman Greg is a Special Writer at The Wall Street Journal, ​a 20-year veteran of the paper and a three-time winner of the Gerald Loeb award — the highest honor in business journalism. Greg is the author of “The Frackers: The Outrageous Inside Story of the New Billionaire Wildcatters,” a national bestseller published October 2014 by Portfolio/Penguin Press. The book describes how several unlikely individuals created an American energy renaissance that brought OPEC to its knees. The Frackers was named among the best books of 2014 by The Financial Times and Forbes Magazine and book of the year by the New York Financial Writers Association. Greg also wrote “The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History,” a New York Times and Wall Street Journal best seller published December 2010 by Crown Business/Random House. The book has been translated into 10 languages. Greg and his two sons wrote Rising Above: How 11 Athletes Overcame Challenges in their Youth to Become Stars,” a book for young readers and adults published May 2016 by Philomel/Penguin that describes the remarkable stories of how stars in various sports overcame imposing setbacks in their youth. The book was chosen by Scholastic Teacher magazine as a top pick for 2016 and a top 2017 recommendation of the Texas Library Association. In February 2018, Rising Above-Inspiring Women in Sports, also written by Greg and his sons, will be published. At the Journal, Greg writes about big financial firms, personalities and trades, hedge funds, the energy revolution and other investing and business topics. Previously, Greg was the lead writer of the widely read “Heard on the Street” column and covered the credit markets, among other beats. In 2015, Greg won the Loeb Award for a series of stories revealing discord between Bill Gros

This is Part 5 of a special Coronavirus Investing Series. If you have not listened to Part 1, please click here to get the overall context/market overview during this unprecedented time. You can also listen to: Part 2 Part 3 Part 4 OVERVIEW In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Jeremy Raper to discuss some merger arbitrage and special situation investment opportunities in this coronavirus market environment. Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM Staying In Touch With Jeremy Raper Blog Twitter

This is Part 4 of a special Coronavirus Investing Series. If you have not listened to Part 1, please click here to get the overall context/market overview during this unprecedented time. You can also listen to: Part 2 Part 3 Overview After a decade of bankruptcies, shipping investors are fed up. The shipping ETF was shuttered a month ago, and the carnage prompted Morgan Stanley and JP Morgan to drop coverage of the entire sector. Investors fear that Covid-19 will crush oil demand, and plummeting oil prices will result in tanker demand evaporating - potentially resulting in bankruptcies. However, tanker companies have used windfall profits to pay down debt, and some are now on solid footing. Halts In Air Travel As lockdowns spread and air travel grinds to a halt, oil consumption is collapsing, but Braxton says that's good for tankers because what oil isn't getting burned is going into storage on tankers, which were already in short supply. Scorpio Tankers Braxton discusses Scorpio Tankers, which trades at 35 cents on the dollar of liquidation value. Scorpio owns the youngest product tanker fleet of any public company. The product tankers built during the last boom are starting to turn 15 years and older, either trading in a second-tier market or moving into dirty trades. At the same time, new environmental regulations significantly boost the demand for product tankers to carry MGO and other compliant fuels. Other Tankers Braxton mentions several other tanker companies he owns, including Euronav, a prominent owner of crude tankers. Despite the strongest balance sheet in the industry and a policy of paying out 80% of net income as dividends, Euronav trades at two-thirds of liquidation value. IMO 2030 & The Shipbuilding Industry In the show, Braxton explains why he finds the shipbuilding industry unattractive, and how IMO 2030 may put a damper on new ordering. Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM Staying In Touch With Braxon Gann Twitter Blog

This is Part 3 of a special Coronavirus Investing Series. If you have not listened to Part 1, please click here to get the overall context/market overview during this unprecedented time. Part 2 of the series, can be found here. OVERVIEW In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Jeremy Raper to discuss Qantas Airways, an airliner who has seen it's stock plunge during this coronavirus pandemic. Qantas is part of the Australian air travel market which Jeremy believes to have superior dynamics to most parts of the world. Jeremy believes there is triple-digit upside potential in the name with a low probability the stock goes to 0. We go into detail in the show. Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM Staying In Touch With Jeremy Raper Blog Twitter

This is Part 2 of a special Coronavirus Investing Series. If you have not listened to Part 1, please click here to get the overall context/market overview during this unprecedented time. Overview In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Jeremy Raper to discuss AerCap (AER), a bombed-out stock during this coronavirus pandemic. AerCap is the world's largest independent aircraft leasing company. Jeremy believes there is triple-digit upside potential in the name with a low probability the stock goes to 0. We go into detail in the show. Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM Staying In Touch With Jeremy Raper Blog Twitter

This is Part 1 of a special Coronavirus Investing Series. Overview In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Jeremy Raper to discuss a general market overview during this coronavirus pandemic. We discuss 3 baskets of places to start looking and researching to find potential investment opportunities. Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM Staying In Touch With Jeremy Raper Blog Twitter

Show Notes In this episode, Eric sits down with Julian Lin to discuss the mall real estate industry. Julian is a contributor on Seeking Alpha with over 13,000 followers. Julian runs a stock investment newsletter named Best of Breed which invests in high-quality companies with “moaty” business models, conservative balance sheets, and best in class management teams. You can find out more about the newsletter here - there is a 2 week free trial available. Stocks of mall real estate investment trusts (‘Mall REITs’) have been crushed over the past several years, with some names having dividend yields up to 30%. While retail bankruptcies and store closures have indeed pressured the sector, there are many misconceptions. For one, vacant Sears and JCPenney stores do not signal the “death of malls” but instead present opportunity. Mall landlords are replacing these stores with restaurants, fitness centers, movie theaters, all while earning an 8% cash return on investment. Further, not all malls are created equal. Many low-quality malls may eventually need to be completely repurposed away, but high-quality malls, known as “Class A malls,” continue to thrive and should have relevance for decades to come. Class A malls continue to raise rents and grow cash flows. The elevated amount of store closures and retail bankruptcies has depressed occupancy rates and cash flows in the near term, but Class A malls should be able to backfill vacancies and return to strong cash flow growth in short order. Julian reveals the two names that he is most optimistic about in the sector, one with an A credit balance sheet and another with a nearly 13% dividend yield. You can find more high-quality growth and value picks from his newsletter Best of Breed here - there is a 2 week free trial available. Staying In Touch With Eric Schleien Facebook YouTube LinkedIn Twitter Instagram GSCM

In this episode of The Intelligent Investing Podcast, Eric Schleien sits down with Guy Spier who is the founder and investment manager of The Aquamarine Fund. Eric and Guy discuss the philosophy of value investing beyond just looking at a business and how it impacts our day to day living and develops us as a human being. Resources Think and Grow Rich How to Win Friends and Influence People The Infinite Game Finite and Infinite Games Staying in touch with Guy Twitter Linkedin Facebook Instagram Staying in touch with Eric Facebook YouTube LinkedIn Twitter Instagram GSCM

If you like this podcast, please consider subscribing on: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio Summary Eric Schleien sits down with Gobinath Balasubramanian. We discuss Fairfax India and Thomas Cook India. Other interviews with Gobinath on The Intelligent Investing Podcast: A Take-Under In Russia; A Cheap Mexican Cable Company That Will Make Its Market Cap Back In 5 Years Value Investing In India About Gobinath Gobinath Balasubramanian is the Chief Investment Officer of GB Investments LLC, which he founded in 2016. Gobinath is a graduate from The University of Tampa – Sykes School of Business in Tampa, FL where he earned his Masters Degree in Finance. He performed his undergraduate studies at St. Peters Engineering college, in Chennai, India, earning a Bachelor of Engineering degree in Electronics and Communication. He holds the Series 65 license. You can reach Gobinath on his LinkedIn or through his website for GB Investments. You can also see Gobinath’s first podcast on The Intelligent Investing Podcast, here. Contact Eric Schleien Of course, if you’d like to connect with me directly, I always love connecting with listeners of the Intelligent Investing Podcast on my personal Twitter. You can also connect with me on Facebook, Instagram, or through my personal website. To follow The Intelligent Investing Podcast, click here. Thanks!

Today is one of my favorite Saturday's of the year. Every Saturday for over the past decade now, I have woken up every Saturday morning before the Berkshire Hathaway Letter To Shareholders is released, eagerly excited to take in whatever Warren Buffett has to share with us shareholders. I would imagine many of you do the same! Once again, Warren Buffett has released his letter to shareholders this morning. In this episode of The Intelligent Investing Podcast, I break down the 2019 Berkshire Hathaway Letter To Shareholders with some of my thoughts and insights and go over some of the key highlights. 2019 Berkshire Hathaway Letter The full letter can be found, here. You can also watch this podcast on YouTube Connect With Eric Schleien If you’d like to connect with me regarding the letter to discuss more, feel free to reach out! Visit Eric Schleien’s WEBSITE Visit Eric Schleien’s TWITTER Visit The Intelligent Investing Podcast’s TWITTER Like The Intelligent Investing Podcast on FACEBOOK Follow Eric Schleien on FACEBOOK Visit Granite State Capital Management’s WEBSITE Follow Eric Schleien on INSTAGRAM

In this episode, Eric Schleien sits down with Alex Portelli to discuss his various entrepreneurial ventures. Alex is a serial entrepreneur, and has started a diner, an ATM business, a real estate company, and an online news organization. He's now currently working on his next venture. Alex is currently an investor in short term rental properties and is an owner of several successful websites. Alex started his privately held AirBnB business 4 years ago and went from owning 0 to 8 properties since then. His web company is prntly.com and he is currently launching another company called prntpage.com which is currently in beta-testing. Prntly.com became notorious after Donald Trump started re-tweeting some of their posts during the primary election cycle in 2016.