Value is Dead, Long Live Value

This episode is brought to you by:

CFA Institute. CFA Institute is a global association of investment professionals whose mission is to lead the investment profession by promoting the highest standards of ethics and professional excellence for the ultimate benefit of society. The CFA Institute serves a global community of investment professionals working to build an investment industry where investors' interests come first, financial markets function at their best, and economies grow. The Chartered Financial Analyst credential is the most respected and recognized investment designation in the world.

[00:01:55] – How value investing has changed

[00:05:45] – How does he apply the lens of market over-reaction to the current market today

[00:08:35] – Areas where he prepares most

[00:12:18] – Where markets may be over reacting in media

[00:20:10] – How does he invest on this thinking

[00:22:35] – Other parts of media that he finds interesting

[00:27:35] – Aggregation theory and how it plays into his investment philosophy

[00:31:06] – Structuring a long-short portfolio in today’s media market

[00:35:59] – Customer acquisition costs and how it’s impacting retailers

[00:40:51] – The role of physical locations in a world that was upended by virtual retailers

[00:49:41] – Consumer Internet Story thesis and what he’s seen during his career

[00:58:11] – Why the FAANG stocks can’t win in the niches

[01:02:25] – The distrusted 50

[01:05:00] – How he thinks about Capital Allocation and buybacks

[01:11:08] – His view on international equity markets

[01:13:58] – His take on the asset management business

[01:19:38] – Allocation of a portfolio in between periods of conviction

[01:21:08] – People that he has learned the most from

[01:23:54] – How do you identify people who are capable of evolving after a rough spot

[01:26:53] – How does he force himself to adapt to new conditions and evolve

[01:30:31] – Thoughts in investing in cannabis industry

[01:32:31] – Conditions where he would get interested in cryptocurrency

[01:36:20] – Kindest thing anyone has done for him