The Business Brew

Bill Brewster

  • 1 hour 8 minutes
    John Buckingham - The Prudent Election Episode

    In this episode of The Business Brew, host Bill Brewster interviews John Buckingham, editor of the Prudent Speculator newsletter. John shares his investing expertise, strategies for managing a diversified portfolio, and provides data-driven insights on how stock markets perform under different tax regimes, political administrations, and election cycles.


    They discuss how to stay disciplined and focused on long-term investment objectives amidst market noise and uncertainty. John's commentary is complemented with historical data, illustrating that despite economic and political turbulence, sticking to a disciplined investment strategy can be rewarding.

     

    00:00 Welcome to the Business Brew

    01:52 Introducing John Buckingham

    04:01 Navigating Market Uncertainty

    06:32 The Value of Value Investing

    11:11 The Origin of the Prudent Speculator

    24:13 The Importance of Dividends

    35:56 Navigating Market Volatility

    36:12 Apple's Investment Strategy

    37:43 The Role of Volatility in Investing

    38:18 Market Reactions and Investor Behavior

    39:39 Historical Market Trends and Predictions

    46:39 Investment Strategies and Stock Selection

    51:28 Tax Rates and Market Performance

    57:00 Election Impact on Markets

    01:04:04 Long-Term Investment Philosophy

    01:07:31 Concluding Thoughts

    2 November 2024, 3:00 pm
  • 1 hour 24 minutes
    Mike Alkin - Talking Uranium

    Mike Alkin of Sachem Cove Partners stops by The Business Brew to share his journey in uncovering the uranium investment thesis. Bill found out about Mike when he began listening to Mike's podcast in 2018/19. At that time, Mike was telling everyone that would listen about how asymmetric the opportunity was. Mike interviewed industry insiders, other investors, and laid out his thesis in public. Bill found it inspiring.


    This conversation dives deep into the complexities of the uranium market. The discussion includes a detailed analysis of nuclear power, supply-demand dynamics, and the industry’s challenges. Mike also provides valuable advice for young analysts and highlights the significance of contrarian investing. Additionally, they explore recent advancements in nuclear energy and the evolving markets of EVs, wind, and solar energy.


    As always, this episode is for educational and entertainment purposes only, not financial advice. 

      Michael (Mike) Alkin is a principal of Sachem Cove Partners, LLC, the general partner of Sachem Cove Special Opportunities Fund, LP. He is also the Chief Investment Officer of Public Equities of Lloyd Harbor Capital Management, LLC, the investment manager of the Fund, and in that role is responsible for the Fund’s investment process. He has nearly 30 years of hedge fund experience with extensive investing experience across many cyclical industries. Prior to Sachem Cove and Lloyd Harbor, he was an analyst and partner for 7 years at Knott Partners. Prior to Knott, amongst the firms where held similar roles were Walker Smith Capital, Zweig-DiMenna, and Windsor Partners. Detailed Show Notes

    00:00 Welcome to the Business Brew 

    00:08 Introducing Mike Alkin and the Uranium Thesis 

    00:48 The Inspiration Behind the Podcast 

    01:21 Disclaimer and Acknowledgements 

    02:32 Deep Dive into the Uranium Market 

    05:26 Challenges and Insights in the Uranium Industry 

    09:13 Understanding Market Dynamics and Investor Behavior 

    12:50 The Journey to Conviction in Uranium Investment 

    17:40 The Role of Nuclear Power in the Energy Market 

    42:39 The Impact of Geopolitical Risks on Uranium Supply 

    44:32 The Fuel Cycle and U.S. Fuel Buyers 

    45:23 Challenges with Industry Forecasts 

    46:11 Presenting at the NEI Conference 

    47:09 Confrontations and Convictions 

    48:56 Expert Networks and Market Misconceptions 

    52:10 Global Nuclear Power Dynamics 

    01:01:24 Kazakhstan's Uranium Production 

    01:10:42 The Future of Nuclear and Renewables 

    01:18:01 Investment Strategies and Advice 

    01:22:26 Conclusion and Final Thoughts 

    26 September 2024, 8:52 pm
  • 1 hour 41 minutes
    Dylan Marrello - Raging Bull

    Dylan is a former attorney turned private investor focused on small/microcap stocks and overlooked pockets of the market. He publishes a free newsletter on Substack called Raging Bull Investments, which provides deep-dive investment write-ups and occasional market commentary, and is active on Twitter as raging bull cap/Jake LaMotta.

    11 September 2024, 10:54 am
  • 1 hour 29 minutes
    Richard Cook - Traversing For Value

    Richard Cook, Co-Founder of Cook and Bynum, stops by The Business Brew to discuss his approach to global investing. Richard discusses his concentrated investment strategies, focusing on emerging markets, government dynamics, consumer behavior, and intrinsic value.

    Highlighting key investments in markets like Mexico, Turkey, Pakistan, and Bangladesh, Richard discusses operational execution, investor relations, and long-term strategic planning. The episode also covers strategic investments during the Greek financial crisis, the role of conservative management, and the importance of understanding market dynamics.

    With reflections on experiences in South Africa, Costa Rica, and Turkey, this conversation offers invaluable insights into global investment strategies and the essential qualities of successful business leaders.

    Tune in to gain expert knowledge on navigating global investments and building a successful investment firm. 

     

    00:00 Welcome to The Business Brew 


    00:07 Introducing Richard Cook 


    00:45 Investment Philosophy and Strategy 


    01:09 Shoutout to the Editing Team 


    02:30 Starting the Interview with Richard Cook 


    03:02 Emerging Markets and Government Influence 


    04:15 Investment Holdings and Long-Term Strategy 


    07:47 The Power of Buybacks and Controlling

    Shareholders 


    14:44 Avoiding Bias in Investment Decisions 


    19:08 Lessons from Past Investments 


    24:54 Navigating Market Cycles 


    34:18 Insights on Bottling Businesses 


    46:58 Premiumization in the Beverage Industry 


    48:15 Global Consumption Patterns 


    49:53 Investment Strategies and Intrinsic Value 


    51:29 Challenges in Forecasting Business Durability 


    53:32 Insights on Company Valuation 


    55:15 Case Study: Kraft and Mondelez 


    59:01 AB InBev and Craft Beer Market 


    01:09:59 Investment in Jumbo During Greek Crisis 


    01:20:39 Evaluating Emerging Markets 


    01:25:55 Building an Investment Firm 


    01:28:34 Conclusion and Final Thoughts 

    22 August 2024, 8:00 am
  • 1 hour 3 minutes
    Bruce Berkowitz - Avoiding Disaster And Generating Returns While Doing So

    In this episode of the Business Brew, host Bill Brewster sits down with the esteemed investor Bruce Berkowitz. They delve deep into Berkowitz's illustrious career, from his strategies during the financial crisis to his current outlook on various investment opportunities, including midstream energy and Florida real estate.

    Berkowitz shares anecdotes, personal reflections, and valuable lessons learned over decades in finance. Additionally, Berkowitz emphasizes the importance of due diligence and remaining rational amidst market fluctuations.

    Don't miss this enlightening conversation that offers unique insights into the minds of one of the most successful investors in the industry.


    00:00 Welcome to The Business Brew


    00:07 Introducing Bruce Berkowitz


    01:12 Disclaimer and Due Diligence


    02:01 Shoutout to the Editing Team


    *Dope music*


    03:23 Starting the Interview with Bruce Berkowitz


    04:19 Bruce's Investment Philosophy


    05:06 Insights on Wells Fargo


    09:01 The Importance of Management and Culture


    10:11 Challenges in the Banking Sector


    12:46 Bruce's Focus on U.S. Investments


    14:25 Research and Concentration in Investments


    20:28 Fairholme's Unique Approach


    27:01 Reflections on Sears and Real Estate


    30:43 Lessons from St. Joe


    32:38 Discussion on St. Joe's Elevated Properties


    33:27 Hurricane Resilience and Modern Building Codes


    35:07 Investment Strategies and Market Perspectives


    35:54 Interest Rates and Duration Risk


    39:14 Corporate Spreads and Reinvestment Risk


    41:43 Societal Changes and Financial Perspectives


    46:17 Enterprise Products and Midstream Energy


    48:30 Energy Logistics and Environmental Impact


    57:17 Technological Evolution in Energy


    01:00:40 Mutual Funds vs. ETFs


    01:02:04 Concluding Thoughts and Media Engagement

    8 August 2024, 7:54 pm
  • 1 hour 40 minutes
    Blake Haxton - Industrials and High Yield

    Blake Haxton, analyst at Brandywine Global Asset Management's High Yield and Corporate Strategies Group, joins the Business Brew. This discussion focuses on the companies Blake covers as well as his views on markets generally. Blake tends to focus on "old economy" industries so prepare yourself for plenty of energy discussion. Bill and Blake also discuss industrials and homebuilders. The conversation also touches on the merits of high yield as an asset class.


    Blake was recently featured in Barron's. You can find the article here: https://www.barrons.com/articles/paralympian-blake-haxton-high-yield-brandywine-global-6305e6e5


    We hope you enjoy the conversation.


    Detailed Show Notes:

    4:00 - What Blake covers


    5:10 - commodities are fairly tight from a supply demand perspective


    8:00 - airline discussion


    13:00 - energy as an example of how Brandywine looks to take advantage of capital cycles


    16:00 - the prospective outlook for high yield


    19:00 - how the high yield benchmark is different from the equity benchmark


    24:00 - how the improvement in counterparty risk changed the risk/reward of lending to pipeline companies


    28:25 - how to think about decline curves in the US vs. Canadian oil companies


    30:25 - how differentials impact Canadian energy economics


    38:30 - does it make sense to have an allocation to energy?


    42:10 - a discussion about how assets generally are priced


    52:00 - the pitch for debt vs. equities


    54:45 - where is the US housing market in the cycle?


    1:06:00 - trading down in credit quality for yield


    1:13:00 - how ETFs can provide opportunities when they sell


    1:21:00 - how was covering energy in COVID?


    1:29:00 - what’s different today with shale as a key producer



    1 August 2024, 2:07 pm
  • 1 hour 45 minutes
    Unlocking REIT Potential with Bill Chen: Navigating Multifamily and Office Market Dynamics

    Bill Chen returns to The Business Brew to explore the current landscape of Real Estate Investment Trusts (REITs). Delve into Chen's comprehensive due diligence process, investment strategies, and the future of multifamily and office REITs. Discover key insights on market conditions, cap rates, capital allocation, and the impact of interest rates on investment returns.

    The discussion also highlights strategic decisions by large-cap public REITs, dealing with distressed assets, and the potential risks and opportunities in today's real estate market.

    A must-watch for anyone looking to understand the intricacies of real estate investing in uncertain times.


    Note: This episode was recorded on July 9, 2024.

    00:00 - Welcome to The Business Brew


    00:05 - Introducing Bill Chen and REITs Discussion


    00:35 - A Walk-Through Manhattan with Bill Chen


    03:28 - The Future of Office Spaces


    09:48 - Bank Balance Sheets and Office Exposure


    19:24 - Analyzing REIT Investments


    38:12 - Analyzing Cap Rates in Real Estate Investments


    41:45 - The Impact of Public Company Costs on Returns


    49:30 - Liquidity and Market Dynamics in Real Estate


    53:11 - Challenges and Opportunities in the Current Market


    1:00:10 - Grocery-Anchored Shopping Centers: A Resilient Asset Class


    1:06:17 - Interest Rates and Their Influence on Real Estate Returns


    1:15:02 - Understanding Real Estate Multiples and Leverage


    1:15:41 - Market Fears and Multifamily Capitalization Rates


    1:16:32 - Challenges in Real Estate Development


    1:16:56 - Opportunities in a Down Market


    1:17:20 - Connecting with the Speaker


    1:18:25 - Investment Strategies and Market Timing


    1:19:51 - Balancing Market Humility and Aggression


    1:21:23 - Psychological Approaches to Real Estate Investment


    1:23:24 - Resilience of Multifamily Assets


    1:24:48 - The Future of Home Ownership and Renting


    1:27:54 - Personal Experiences with Real Estate


    1:30:56 - The REIT Mafia and Investment Benchmarks


    1:35:16 - Long-Term Investment Perspectives


    1:42:22 - Final Thoughts and Farewell


    23 July 2024, 11:53 am
  • 1 hour 1 minute
    Al Goldstein - Stoic Lane

    Al Goldstein, Co-Founder, CEO, and Chairman of Stoic Lane stops by The Business Brew to discuss what his firm is doing in the private markets. Stoic lane is focused on acquiring controlling positions primarily in short term rental management and back office solutions for entrepreneurs. The entity is structured as a corporation with shares rather than as a partnership. As of now, Al's long term goal is to go public.


    3:00 - Background and first exit

    6:00 - Entering real estate in 2008

    8:00 - Al's perspective as an immigrant

    10:00 - Starting a private REIT

    13:50 - Al's next venture in consumer lending

    18:30 - What is Stoic Lane

    26:15 - Capital light model with regional brands

    30:00 - Creating the right incentives

    34:00 - Focusing on the long term

    40:00 - Execution is the hard part



    27 June 2024, 8:00 am
  • 6 minutes 57 seconds
    Update

    Bill drops in to give a podcast status update and let the listeners know what is going on.


    Come see him at The CFA Society of New York on June 25th.


    If you are interested in the golf events please send your information to [email protected].


    Thank you as always for listening!

    15 June 2024, 9:02 am
  • 53 minutes 34 seconds
    Charles Lemonides - ValueWorks

    Charles Lemonides, founder and CIO of ValueWorks LLC, stops by The Business Brew to discuss his investment philosophy. Charles started his career as a high yield bond analyst. Over time, he gravitated towards equity. In this episode he says "I find the best investment opportunities are where you can find something that is a real growth opportunity but it is selling for a value price."


    Today, ValueWorks LLC, tends to run portfolios with 25-30 long securities in them. Charles tries to have 15 "very, very different" bets in each portfolio.


    We hope you enjoy this conversation.


    John Hempton on "When do you average down?"


    Detailed Show Notes:

    5:15 - Best investment setups/opportunities


    7:30 - Conceptual position sizing


    9:40 - ValueWorks different vehicles and philosophy


    17:45 - How Charles built his firm around a philosophy


    20:00 - Why Rivian may be a value investment


    28:20 - Comcast


    31:00 - How Charles manages different types of theses?


    35:00 - Where are we in a market cycle?


    39:30 - What stocks do you want into a top?


    44:40 - What makes Charles tick




    6 June 2024, 8:00 am
  • 1 hour 4 minutes
    Consuelo Mack - Host of WealthTrack

    Consuelo Mack stops by The Business Brew to discuss her career in financial media. Consuelo hosts the show WealthTrack, a show Bill has watched and/or listened to for years. This conversation will help Consuelo's fans understand more about her early career and how she developed WealthTrack.


    Bill was very happy Consuelo said yes to coming on the show. His only regret is messing up Ed Hyman and Ed Yardeni in the conversation. He hopes both Eds forgive him.


    We hope you enjoy the conversation!

    24 May 2024, 3:12 pm
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