Darren Fisk, Founder and CEO of Forum Investment Group, LLC, stops by The Business Brew to discuss his real estate investment firm, strategy, and thoughts. Darren focuses on multifamily real estate. His background is in lending and he added an equity focus during the GFC. This conversation covers lending, insurance, how to think about development, and more.

Darren's father in law taught him that "Cash may be king, but cash flow is queen." Thus, in the beginning of Forum they were focused on cash flow. Today they are willing to develop real estate as well.

Forum's investment structures are through LLCs as opposed to an LP/GP structure, which is interesting. We hope you find this conversation enjoyable.

Matthew Sweeney, CFA, Managing Partner & Portfolio Manager of Laughing Water Capital stops by The Business Brew for a laid back conversation about how he approaching investing. Laughing Water Capital tends to focus on smaller companies in an effort to find overlooked opportunities. In the episode, Matt talks about his idea of "value," how he got started in the business, and why he prefers stocks with smaller ($500mm-$3Bn) market capitalizations.

We hope you enjoy the episode.

Sponsor Info:

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Daloopa⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠is founded by a former hedge fund analyst to bring simplicity into the investment process. ⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠offers an AI driven single source for all company reported data, and allows for investment teams to make the most informed decisions in the shortest amount of time.

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠scales the velocity of an investment team’s idea gen. Analysts spend less time locating and manually inputting meaningful disclosures into Excel and more time synthesizing in the minutes after the print. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠captures data from all company reported sources, including from footnotes, MD&As, and investor presentations.

⁠⁠⁠⁠⁠Daloopa's⁠⁠⁠⁠⁠ data sheets include GAAP to non-GAAP adjustments, guidance, and all company specific KPIs. Each datapoint is auditable to the source for easy verification and accuracy. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Daloopa’s ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Excel plugin can also update your existing models for the latest quarter in just a single click.

Bulge-bracket banks and major multi-managers are trusting ⁠⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠⁠for use in initiating coverage, building and maintaining industry dashboards, and keeping their models up to date.

Visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Daloopa.com/BusinessBrew⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to create a free account and learn more about how ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠can help increase your team’s speed to differentiated insight.

Hedda Nadler, co-founder of Mount & Nadler, stops by The Business Brew to discuss her career as one of the leading marketing practitioners serving professional money managers. Mount & Nadler represents a broad range of clientele in the financial and investment spheres, with an emphasis on investment companies and money managers. This conversation gives the perspective of one of the people behind the scenes of finance.

Under Hedda's direction, Mount & Nadler is known among mutual funds, money managers and the media as a firm that provides excellent and responsive services whether the news is positive or negative. During her 40+ year career, Hedda also has ably handled PR for shareholder activists and lift-outs, as well as crisis counseling. Throughout, she has advised clients sensibly and effectively when dealing with the media.

Sponsor Info:

⁠⁠⁠⁠⁠⁠⁠⁠⁠Daloopa⁠⁠⁠⁠⁠⁠⁠ ⁠⁠is founded by a former hedge fund analyst to bring simplicity into the investment process. ⁠⁠ ⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠⁠⁠offers an AI driven single source for all company reported data, and allows for investment teams to make the most informed decisions in the shortest amount of time.

⁠⁠⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠⁠⁠scales the velocity of an investment team’s idea gen. Analysts spend less time locating and manually inputting meaningful disclosures into Excel and more time synthesizing in the minutes after the print. ⁠⁠⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠⁠⁠captures data from all company reported sources, including from footnotes, MD&As, and investor presentations.

⁠⁠⁠⁠Daloopa's⁠⁠⁠⁠ data sheets include GAAP to non-GAAP adjustments, guidance, and all company specific KPIs. Each datapoint is auditable to the source for easy verification and accuracy. ⁠⁠⁠⁠⁠⁠⁠⁠⁠Daloopa’s ⁠⁠⁠⁠⁠⁠⁠⁠⁠Excel plugin can also update your existing models for the latest quarter in just a single click.

Bulge-bracket banks and major multi-managers are trusting ⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠for use in initiating coverage, building and maintaining industry dashboards, and keeping their models up to date.

Visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Daloopa.com/BusinessBrew⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to create a free account and learn more about how ⁠⁠⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠⁠⁠can help increase your team’s speed to differentiated insight.

Wes Gray, the Alpha Architect himself, stops by the Business Brew to discuss how he (a) created the ETF $BOXX, (b) helps people start their own ETFs, (c) why value and momentum work as factors, and much more.

This episode is a quick release after Corey Hoffstein's. It may or may not be the only episode we release for the next 13 days or so.

The release cadence is influenced by the amount of press BOXX has been getting. We hope to add to your understanding. As always, do your due diligence!

Sponsor Info:

⁠⁠⁠⁠⁠⁠⁠⁠Daloopa⁠⁠⁠⁠⁠⁠ ⁠⁠is founded by a former hedge fund analyst to bring simplicity into the investment process. ⁠⁠ ⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠⁠offers an AI driven single source for all company reported data, and allows for investment teams to make the most informed decisions in the shortest amount of time.

⁠⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠⁠scales the velocity of an investment team’s idea gen. Analysts spend less time locating and manually inputting meaningful disclosures into Excel and more time synthesizing in the minutes after the print. ⁠⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠⁠captures data from all company reported sources, including from footnotes, MD&As, and investor presentations.

⁠⁠⁠Daloopa's⁠⁠⁠ data sheets include GAAP to non-GAAP adjustments, guidance, and all company specific KPIs. Each datapoint is auditable to the source for easy verification and accuracy. ⁠⁠⁠⁠⁠⁠⁠⁠Daloopa’s ⁠⁠⁠⁠⁠⁠⁠⁠Excel plugin can also update your existing models for the latest quarter in just a single click.

Bulge-bracket banks and major multi-managers are trusting ⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠for use in initiating coverage, building and maintaining industry dashboards, and keeping their models up to date.

Visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠Daloopa.com/BusinessBrew⁠⁠⁠⁠⁠⁠⁠⁠⁠ to create a free account and learn more about how ⁠⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠⁠can help increase your team’s speed to differentiated insight.

Corey Hoffstein, Founder and CEO of Returned Stacked Portfolio Solutions, stops by to discuss how he uses ETFs to leverage his investing assets. Corey and Bill discuss a concept that is not novel to institutional investors, but may benefit individuals today because of ETF innovations. Bill wanted to discuss how Corey came up with his idea, how he executes his idea, and what risks his strategy might have.

You can find more information at Return Stacked Portfolio Solutions.

Sponsor Info:

⁠⁠⁠⁠⁠⁠⁠Daloopa⁠⁠⁠⁠⁠ ⁠⁠is founded by a former hedge fund analyst to bring simplicity into the investment process. ⁠⁠ ⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠offers an AI driven single source for all company reported data, and allows for investment teams to make the most informed decisions in the shortest amount of time.

⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠scales the velocity of an investment team’s idea gen. Analysts spend less time locating and manually inputting meaningful disclosures into Excel and more time synthesizing in the minutes after the print. ⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠captures data from all company reported sources, including from footnotes, MD&As, and investor presentations.

⁠⁠Daloopa's⁠⁠ data sheets include GAAP to non-GAAP adjustments, guidance, and all company specific KPIs. Each datapoint is auditable to the source for easy verification and accuracy. ⁠⁠⁠⁠⁠⁠⁠Daloopa’s ⁠⁠⁠⁠⁠⁠⁠Excel plugin can also update your existing models for the latest quarter in just a single click.

Bulge-bracket banks and major multi-managers are trusting ⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠for use in initiating coverage, building and maintaining industry dashboards, and keeping their models up to date.

Visit ⁠⁠⁠⁠⁠⁠⁠⁠Daloopa.com/BusinessBrew⁠⁠⁠⁠⁠⁠⁠⁠ to create a free account and learn more about how ⁠⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠⁠can help increase your team’s speed to differentiated insight.

Will Thomson of Massif Capital returns for his annual appearance. In this episode he teaches about the lithium and copper markets. The end of the episode is more general and worth hanging around for.

You can find Massif Cap's letters here. The Q4 letter discusses lithium on Page 7. Whole letter is worth a read.

Sponsor Info:

⁠⁠⁠⁠⁠⁠Daloopa⁠⁠⁠⁠ ⁠⁠is founded by a former hedge fund analyst to bring simplicity into the investment process. ⁠⁠ ⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠offers an AI driven single source for all company reported data, and allows for investment teams to make the most informed decisions in the shortest amount of time. 

⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠scales the velocity of an investment team’s idea gen. Analysts spend less time locating and manually inputting meaningful disclosures into Excel and more time synthesizing in the minutes after the print. ⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠captures data from all company reported sources, including from footnotes, MD&As, and investor presentations.

⁠Daloopa's⁠ data sheets include GAAP to non-GAAP adjustments, guidance, and all company specific KPIs. Each datapoint is auditable to the source for easy verification and accuracy. ⁠⁠⁠⁠⁠⁠Daloopa’s ⁠⁠⁠⁠⁠⁠Excel plugin can also update your existing models for the latest quarter in just a single click.

Bulge-bracket banks and major multi-managers are trusting ⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠for use in initiating coverage, building and maintaining industry dashboards, and keeping their models up to date.

Visit ⁠⁠⁠⁠⁠⁠⁠Daloopa.com/BusinessBrew⁠⁠⁠⁠⁠⁠⁠ to create a free account and learn more about how ⁠⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠⁠can help increase your team’s speed to differentiated insight.

Devin Martin, recommended by the one and only Tom Morgan, stops by the show to discuss how he helps high performing individuals hone in on what they truly want out of life. Devin primarily works with successful people who want to achieve something more/different.

In this episode we discuss his methodology. There is some discussion of ayahuasca and psychedelics so be prepared (shout out to one of the best songs in The Lion King).

As always, we hope you enjoy the show! Big shoutout to Daloopa for sponsoring the show.

Sponsor Info:

⁠⁠⁠⁠⁠Daloopa⁠⁠⁠ ⁠⁠is founded by a former hedge fund analyst to bring simplicity into the investment process. ⁠⁠ ⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠offers an AI driven single source for all company reported data, and allows for investment teams to make the most informed decisions in the shortest amount of time. 

⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠scales the velocity of an investment team’s idea gen. Analysts spend less time locating and manually inputting meaningful disclosures into Excel and more time synthesizing in the minutes after the print. ⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠captures data from all company reported sources, including from footnotes, MD&As, and investor presentations.

Daloopa's data sheets include GAAP to non-GAAP adjustments, guidance, and all company specific KPIs. Each datapoint is auditable to the source for easy verification and accuracy. ⁠⁠⁠⁠⁠Daloopa’s ⁠⁠⁠⁠⁠Excel plugin can also update your existing models for the latest quarter in just a single click.

Bulge-bracket banks and major multi-managers are trusting ⁠⁠⁠Daloopa ⁠⁠⁠for use in initiating coverage, building and maintaining industry dashboards, and keeping their models up to date.

Visit ⁠⁠⁠⁠⁠⁠Daloopa.com/BusinessBrew⁠⁠⁠⁠⁠⁠ to create a free account and learn more about how ⁠⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠⁠can help increase your team’s speed to differentiated insight.

Andrew Walker, friend of the pod, returns to discuss some of his reflections following the Spirit merger ruling going against him. Bill pinged Andrew following the ruling and asked whether he would want to come back on the podcast to discuss the pros and cons of publicly liking a stock idea that does not work out. For those that listened to the episode a few weeks ago, or remember Bill's Qurate days, you may glean a little more insight into why the Spirit merger caused Bill to think so much.

The episode then goes on to discuss Calumet Specialty Products Partners. You can go back to last week's episode for a SAF primer. And you can also subscribe to https://yetanothervaluepodcast.substack.com/ to find Andrew's research on that company.

As always, we hope you enjoy the show.

Sponsor Info:

⁠⁠⁠⁠Daloopa⁠⁠ ⁠⁠is founded by a former hedge fund analyst to bring simplicity into the investment process. ⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠offers an AI driven single source for all company reported data, and allows for investment teams to make the most informed decisions in the shortest amount of time. ⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠scales the velocity of an investment team’s idea gen. Analysts spend less time locating and manually inputting meaningful disclosures into Excel and more time synthesizing in the minutes after the print. ⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠captures data from all company reported sources, including from footnotes, MD&As, and investor presentations. Our data sheets include GAAP to non-GAAP adjustments, guidance, and all company specific KPIs. Each datapoint is auditable to the source for easy verification and accuracy. ⁠⁠⁠⁠Daloopa’s ⁠⁠⁠⁠Excel plugin can also update your existing models for the latest quarter in just a single click.

Bulge-bracket banks and major multi-managers are trusting ⁠⁠Daloopa ⁠⁠for use in initiating coverage, building and maintaining industry dashboards, and keeping their models up to date.

Visit ⁠⁠⁠⁠⁠Daloopa.com/BusinessBrew⁠⁠⁠⁠⁠ to create a free account and learn more about how ⁠⁠⁠⁠Daloopa ⁠⁠⁠⁠can help increase your team’s speed to differentiated insight.

Detailed Show Notes

2:16 - That hot hot song

3:00 - Andrew's reflections on Spirit

15:40 - Bill's Qurate experience

18:00 - The double edged sword of being public

22:00 - What is the duty to vet guests?

24:50 - Binary bets vs. slow bleed bets

29:45 Being aware of being on tilt

32:00 - Calumet Specialty Products discussion