Preferred Shares Podcast Preferred Shares Podcast

Welcome to Episode 10 of the Preferred Shares Podcast.
Lawrence Hamtil, of Fortune Financial Advisors, and Douglas Ott, of Andvari Associates, were the primary researchers for this episode. In this episode, we are joined by Ian Clark, founder and head of Dichotomy Capital, a power market focused investment manager that utilizes intensive research to find attractive opportunities in the public and private markets. 
In this episode
Ian Clark’s personal and professional background
What is a fat pitch for an expert in the utility space?
Difference between regulated and unregulated markets
Is there an investor preference for utilities that are diversified or focused on one type of market?
Ian’s checklist for evaluating a utility investment
Factors that impact the capital structure of a utility company
Catastrophe risk and why water utilities are so boring
Are synergies really available post-acquisition in a heavily regulated environment?
Best practices in the utility space
The push/pull of returning capital to shareholders versus reinvesting for growth
Ian on the Averch-Johnson effect
Will data centers and AI be a boon to utilities?
Is there a great capital allocator in the utility space?
Utilities are the last bastion for true scuttlebutt research
Episode resources
Dichotomy Capital website
NextEra Investor Materials
Duke Energy Investor Relations
US Federal Energy Regulatory Commission (FERC)
Changing Times, Changing Values: A Historical Analysis
of Sectors within the US Stock Market 1872-2013
Additional reading
Curious to see what else we’ve been working on? Below are some pieces we’ve written independently that we think you’d like:
Recession Resiliency: The Auto Repair Ecosystem, Douglas Ott, 4/17/2024
Generational Smoking Bans, Devin LaSarre, 4/21/2024
Disclaimer
All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.
Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.


This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com

Welcome to Episode 9 of the Preferred Shares Podcast.
Lawrence Hamtil, of Fortune Financial Advisors, and Douglas Ott, of Andvari Associates, were the primary researchers for this episode.
In this episode
- The Federal Aid Road Act of 1916
- Route 66
- Strong road advocate Cyrus Avery
- Dwight D. Eisenhower
- Influences of the Trans-Continental Motor Truck Trip and German Autobahn
- The Federal Aid Highway Act of 1956
- Quantifying the enormity of resources needed to build the interstate system
- Opposition to the interstate program - scandals, corruption, inefficiency, displacement, and the continually contentious topic of billboards
- Looking back on the total economic benefits from the roads programs
Episode resources
How The Interstate Highway System Changed American Industry, Lawrence Hamtil, 3/7/2024
The Golden Age of American Railroading, Iowa University Libraries, June-Aug 1989
America on the Move, Eyewitness, 11/3/1919, page 4
The Greatest Decade 1956-1966, pt 2, USDT FHA, updated 6/27/2017
1919 Transcontinental Motor Convoy, Eisenhower Library, 1919
Essays on the Effects of Highway Spending, Daniel Leff Yaffe, 2020
All Those Numbers: Logistics, Territory and Walmart, Jesse Lecavalier, May 2010
Highways and Globalization, Taylor Jaworski, Carl Kitchens & Sergey Nigai, May 2023
The Highway Capital Problem, USDT, Federal Highway Administration, Office of Program and Policy Planning, 1975
Benefits of Interstate Highways, United States. Federal Highway Administration, 1970
Additional reading
Curious to see what else we’ve been working on? Below are some pieces we’ve written independently that we think you’d like:
Andvari Q1 2024 Letter: Kelly Partners, CoStar, and Rates, Douglas Ott, 4/4/2024
Haypp Group: Ahead of the Nicotine Pouch Megatrend, Devin LaSarre, 2/25/2024
Disclaimer
All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.
Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.


This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com

Welcome to Episode 8 of the Preferred Shares Podcast.
Devin LaSarre, of Invariant, was the primary researcher for this episode.
In this episode
- The unique origin story of Bellerby Globes
- The complexities of artisanal globemaking
- Bellerby’s current size, output, and price points
- Custom products and the production process, start to finish
- The importance of control and quality assurance
- Attracting and retaining talented team members
- Relationships with the suppliers of input materials
- Planning for the company’s future
- The lack of competition within the artisanal globemaking space
- Complexity preventing counterfeiting
- Bespoke projects currently in the works
- Advice to founders determined to build a high-quality product
Disclaimer
All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.
Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.


This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com

Welcome to Episode 7 of the Preferred Shares Podcast.
Douglas Ott, of Andvari Associates, was the primary researcher for this episode.
In this episode
-The battle between the NFL and the AFL
-The origins of specific franchises, including the Colts, Cardinals, and Giants
-Lamar Hunt’s influence and the Hunt family’s wealth and other endeavors
-Commonalities across original and current franchise owners
-Long-term mentality and ‘permanent capital’
-Future outlook for franchise and league expansion
Episode resources
National Football League, Wikiwand
NFL Team Valuations, Forbes, 7/30/2023
Hunt Family, Forbes, 12/16/20
Additional reading
Along with the resources above relating to episode 3, below are some pieces we’ve written independently that we think you’d like:
Rock Pile Riches, Lawrence Hamtil, 2/2/2024
Altria: The Great Race, Devin LaSarre, 2/4/2024
Enjoy this episode? Share it with someone who loves business history as much as you do!
You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.
Disclaimer
All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.
Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.


This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com

Welcome to Episode 6 of the Preferred Shares Podcast.
This episode is our first interview with a special guest; friend of the show Warwick from Down Under (Australia). Warwick is a chemical process engineer by training and has worked at some of the world’s most secretive food companies, including Mars and Cargill. We are privileged to share his expertise and stories with you.
“One thing I've learned is the thing that you think is so unlikely that it will never happen, even though the consequences are pretty bad—that's waiting for you next week.” - Warwick from Down Under
In this episode
* (0:02:20) Warwick’s background in the food industry, spanning back more than two decades
* (0:03:04) Warwick’s current role overseeing a plant that processes 400 tons of carrots into carrot juice PER DAY
* (0:03:55) Extreme quality control at Mars is not hyperbole
* (0:05:31) Plant safety, GMP (good manufacturing processes), and what can go terribly wrong
* (0:06:54) Differences between Mars and its publicly-held competitors. The importance of culture, consequences, and morale
* (0:10:13) The shortcomings of business improvement systems (Six Sigma, Lean, etc.)
* (0:13:41) Manufacturers losing technical strength over the last 20 years
* (0:14:31) How the pandemic altered the manufacturing landscape
* (0:20:54) Step changes in process automation, technical debt, and managing key systems
* Siemens and Allen-Bradley (Rockwell) - Automation and digitization
* (0:25:55) Approaching evolving regulation and comparing the Australian system to the United States
* (0:30:02) Quality and consistency problems as a leading indicator prior to major food safety risks
* (0:31:04) The story of when Warwick presented to John Mars, a notably intimidating character
* (0:33:00) Implementing rigorous safety systems and the importance of on-site evaluations
* (0:35:35) Learnings from the Deepwater Horizon disaster
* (0:39:37) Critical inputs - Industrial Staples:
* FUCHS and Klueber - Industrial lubricant oil suppliers
* GEA - Expansive provider of industrial equipment and services
* EcoLab and Diversy - Cleaning chemical suppliers
* Fastenal and Coventry Group - Critical industrial parts distributors
* Spirax-Sarco, TLV, and Armstrong International - Steam equipment suppliers
* (0:48:02) Capital equipment, warranties, maintenance, and the benefits to scaled operators
* (0:54:17) Energy availability vs. post-production transport costs and the formation of geographic moats
Episode resources
* Praise for an Unlikely ‘Whistleblower’, Food Safety News, 9/25/2015
* Workers on Doomed Rig Voiced Concern About Safety, New York Times, 7/21/2010
* EPSC Learning Sheets Booklet, European Process Safety Centre, 2023
* Knowledge, Service, Products, Spirax-Sarco, 2019, Order a free copy of the book!

Additional reading
Along with the resources above relating to episode 3, below are some pieces we’ve written independently that we think you’d like:
Toxic State, Devin LaSarre, 12/24/2023
Linear Technology: The Analog Chip Company That No One Leaves, Douglas Ott, 9/1/2022
Enjoy this episode? Share it with someone who loves business history as much as you do!
You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.
Disclaimer
All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.
Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podc

Welcome to Episode 5 of the Preferred Shares Podcast.
Lawrence Hamtil, of Fortune Financial Advisors, and Douglas Ott, of Andvari Associates, were the primary researchers for this episode.
In this episode
* Immigrating to the Unites States
* Pest control on the family farm
* Experimentation with poisons
* Winning early clients
* Lucky breaks
* Family squabbles
* The first leveraged buyout
* Rapid, sustained growth
* Reflections on seemingly unstoppable industry dynamics
Episode resources
* Q3 2023 Letter: Introducing Rollins, Douglas Ott, 11/7/2023
* Orkin Exterminator Company Gives You Surety Bonded Guarantee, The Atlanta Constitution, Vol 80 Iss 330, 1948
* Chain Store Exterminator, Fortune, Vol 45 Iss 5, 1952
* Termite Swarming Is a Warning—Call Orkin for Free Inspection, The Atlanta Constitution, Vol 82 Iss 271, 1950
* Otto Slays 'Em on TV, Broadcasting Telecasting, 1955
* So you think there are bugs in your approach?, Sponsor, 1956
* Spot removes a stigma, Television Age, 1957
* Otto the Orkin Man, TV ad, 1950s
* FINAL ORDER, OPINION, ETC. , IN REGARD TO ALLEGED VIOLATION OF SEC. 5 OF THE FEDERAL TRADE COMMISSION ACT, 1986
Additional reading
Along with the resources above relating to episode 3, below are some pieces we’ve written independently that we think you’d like:
Peter Lynch’s Blossoms in the Desert, Lawrence Hamtil, 9/20/2018
British American Tobacco: Identity Crisis, Devin LaSarre, 12/10/2023
Enjoy this episode? Share it with someone who loves business history as much as you do!
You can also follow Preferred Shares, Devin, Doug, and Lawrence on Twitter.
Disclaimer
All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.
Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.


This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.preferredsharespodcast.com