Things I Didn't Learn In School Paul Podolsky

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Man has always asked the question: what is it all about?
J. Krishnamurti, 1969
Stories are intrinsic to being human, a survival mechanism. Some forms of story—poetry—can be created virtually for free and others—movie making—cost millions of dollars. But just because we need something, doesn’t mean it’s easy money.
What’s a good business? Monopolies (toll bridges), massive economies of scale (big tech), products people are addicted to (cigarettes), and services you are legally obligated to buy (insurance) all offer good cash flow even if some of them, like cigarettes, are terrible for you. Making movies is far cooler than any of these businesses but faces a structural challenge. Supply is unlimited and demand (our time) is fixed.
That’s why I wanted to talk to Mike D’Alto, the founder of First Gen Content, a film finance and production company that has made the films Bird, Catch the Fair One, Call Jane, and On Swift Horses. Mike co-founded the company with three others: Claude Amadeo, Randal Sandler, and Chris Triana. Mike and I both share a passion for stories and business. Many storytellers don’t understand finance; many business people don’t understand stories. Mike is the rare person with an understanding of each.
The basic issue is stories and businesses operate on different time frames. You can only measure good art over long time frames, like centuries. Does it have staying power? Yet, we measure business acumen in quarters or years. Any storyteller who is not independently wealthy must navigate these opposing realities.
Also, before turning to the investment update, I want to share that one of the previous podcast guests, George Manahan, testified before Congress, the link to his testimony is here, before the passage of the National Plan to End Parkinson’s Act. I’m hopeful this podcast gave him a platform to share his message.
Investment Update

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“In spite of all the farmer’s work and worry, he can’t reach down to where the seed is slowly transmuted into summer. The earth bestows.”
Rainer Maria Rilke, 1875-1926
The difference between the Soviet Union and the United States is the former repelled people and the latter attracted (and continues to attract) them. That’s true despite the US’s many flaws. The attraction is related to an idea that is abstract until you lose it—freedom. That’s what led Rob Koyfman’s parents to leave Ukraine many years ago and come to New Jersey.
An element of liberty is the ability to create a business from scratch. Yes, many of these businesses fail and being an entrepreneur is hard. Yet, the pride in ownership is fundamental, like cooking your own food versus eating in a cafeteria. Still Press Media is a creation out of thin air, ditto Kate Capital. Rob has been an entrepreneur longer than me and created something amazing, Koyfin.
For those not in finance, some context is helpful. In regular life, only two companies create the phones most of us use, Apple and Samsung. In finance, one company, Bloomberg, has a lock on the software many professionals use. A single subscription costs about $35,000 without all the bells and whistles. While many have tried to disrupt this business, little has worked. Mike Bloomberg is worth over $100 billion.
Rob’s product, Koyfin, is making inroads into that cash flow kingdom. I was interested in his path and philosophy so I cold emailed him and he was kind enough to share his story.
A few highlights:
On the balance between ego and humility:
“You don’t have to be an egomaniac, you don’t have to be an a*****e to also be ambitious and confident.”
On choosing what features to add and what to leave out of Koyfin:
“We are so constrained on resources we need to be very focussed in what we deliver.”
A surprising insight:
“Having someone who can communicate well is a superpower.”
I am leaving tomorrow morning for a multi-day wedding. I’ll try to find time to update you with my thoughts on markets, but the post won’t come out Friday. To my US readers, Happy Memorial Day.

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We hear about sanctions all the time. Biden just put more on China.
Do they matter? If so, in what way?J provides a framework to help us all understand.
This is J’s second appearance. In our conversation last year, here, you can hear J’s background and how he created his shipping advisory service, Value Investor’s Edge.
He is the perfect guy to discuss s…

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David is former CIA and the author of Damascus Station and Moscow X.
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Barton is trained as an accountant and equity investor. We all know how much tech is driving the stock market. He sheds light on how to make sense of what is going on. 
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Jim returns to the show to share his perspective on Ukraine, the border and the November election. 
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