Welcome to The Business Brew
This podcast’s mission is to dig deep into the thought patterns and analysis of investors and business people. The podcast stemmed from Bill Brewster consistently feeling like he was listening to prepackaged material while listening to podcasts. Instead, he wanted long form, in depth, discussions about finance, capital allocation, and the psychology of investing/business.
Bill is a private investor. He cohosts the podcast Value: After Hours with Tobias Carlisle and Jake Taylor. Tobias, Jake and Bill met at a Berkshire Hathaway meeting and formed a lasting friendship. And, as it turns out, people really like the podcast.
While Bill tries to replicate Warren Buffett and Charlie Munger’s thought processes, he is heavily influenced by Bill Miller III, Stan Druckenmiller, and others. This podcast is his attempt to dig deeper into other investing/business philosophies and share the knowledge with the world.
We are interested in interviewing portfolio managers, Wall Street sell side analysts, buy side analysts, private investors, owner operators, and anyone that is willing to go in depth about running a company/division. So, if you are interested in participating please email us with the subject “Guest Appearance.”
Disclaimer: Bill manages a portfolio under the name of Sullimar Capital Group. This podcast is for informational and educational purposes only. Nothing in this podcast or on SullimarCapital.Group is investment advice. All information in this is opinion based, potentially biased, and requires verification.
Bill and his guests make no representation, warranty or undertaking, express or implied, as to the accuracy, reliability, completeness or reasonableness of the information contained in these podcasts. Any assumptions, opinions and estimates expressed constitute the participant’s judgment as of the date thereof and are subject to change without notice. Any projections contained in the information are based on a number of assumptions as to market conditions and there can be no guarantee that any projected outcomes will be achieved. This podcast does not accept any liability for any direct, consequential or other loss arising from reliance on the contents of this presentation.
This podcast series DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICIATION OF AN OFFER TO BUY ANY SECURITIES MENTIONED OR DISCUSSED. Seek the your financial, tax, legal, accounting, or other advisor’s advice before making any investment decisions. We are not your fiduciary or advisor.
Craig Moffett Returns
Craig Moffett has covered the telecommunications industry – first as a management consultant and later as a Wall Street analyst – for more than thirty years. He has been elected to Institutional Investor Magazine’s All-American Research Team in the U.S. Telecom and/or Cable & Satellite sectors on seventeen separate occasions, including nine separate appearances as the #1 analyst in America in either U.S. Telecom and/or Cable & Satellite.
Craig returns to The Business Brew to give an update on his analysis of the US telecommunications ecosystem. Craig is Co-Founder of MoffettNathanson (see https://www.moffettnathanson.com/), a research driven firm that focuses on sound analysis as opposed to the incentives that drive much of Wall Street Sell Side coverage. Craig’s most divergent view is that cable companies may end up with an cost advantaged wireless business when compared Verzion, AT&T, and T Mobile’s business. This is in large part because of postalized rates, which you will learn about in this episode. We hope you enjoy this conversation.
Please see https://podcasters.spotify.com/pod/show/william-brewster1/episodes/Craig-Moffett---A-True-Expert-e1qqks6/a-a8sd2uv for our conversation in November 2022.
For disclaimers - Bill held both Charter and Liberty Broadband
shares until recently. He sold after Charter’s most recent earnings report. Bill has talked a lot about cable and felt like he needed to sell in order to be rational about the cable thesis. We hope this conversation is as unbiased as possible.
A request from The Business Brew – PLEASE fill out the survey on Spotify (assuming you listen there) to indicate whether you are
an institutional or retail investor. The survey results will help this podcast immensely in sponsorship negotiations.
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 to create a free account and learn more about how Daloopa can help increase your team’s speed to differentiated insight.
Bill Chen - Is Now The Time for REITs
Bill Chen, Managing Director at Rhizome Partners, stops by The Business Brew to share his thoughts on why publicly traded REITs are an attractive opportunity. Rhizome Partners is a private partnership targeting deep-value investments with a large margin of safety. In this episode Bill lays out his argument for why publicly traded REITs qualify for consideration now.
We hope you have a wonderful Thanksgiving with your family. Hopefully this provides some less controversial dinner table discussion!
As always, nothing in this show is investment advice. This show is for entertainment and educational purposes only. Please consult your financial advisor before making investment decisions. And do your own due diligence!!
Andrew McAfee - The Geek Way
Andrew McAfee (@amcafee) stops by The Business Brew to discuss his new book The Geek Wayhttps://www.amazon.com/Geek-Way-Radical-Mindset-Extraordinary/dp/B0C1DQW5FC/ref=sr_1_1?keywords=Andrew+McAfee&qid=1700075448&s=audible&sr=1-1Andrew is a Principal Research Scientist at the MIT Sloan School of Management, co-founder and co-director of MIT’s Initiative on the Digital Economy, and the inaugural Visiting Fellow at the Technology and Society organization at Google. He studies how technological progress changes the world. His previous books includeMore from Less and, with Erik Brynjolfsson, The Second Machine Age.McAfee has written for publications including Foreign Affairs, Harvard Business Review, The Economist, The Wall Street Journal, and The New York Times. He's talked about his work on CNN and 60 Minutes, at the World Economic Forum, TED, and the Aspen Ideas Festival, with Tom Friedman and Fareed Zakaria, and in front of many international and domestic audiences. He’s also advised many of the world’s largest corporations and organizations ranging from the IMF to the Boston Red Sox to the US Intelligence Community.McAfee and his frequent coauthor Erik Brynjolfsson are only people named to both the Thinkers50 list of the world’s top management thinkers and the Politico 50 group of people transforming American politics.
Jeremy Raper Returns
Jeremy Raper returns to The Business Brew to discuss what he has been up to lately. Jeremy is currently focused on smaller situations and being the catalyst for value realization. We hope this episode is entertaining and informative. We also implore you to do your own research and due diligence.His bio can be found at https://rapercapital.com. He describes himself as follows:Australian born and raised, I majored in History at Harvard University (Class of ’08). I have 12+ years of buy- and sell-side experience in a variety of roles, and currently manage my personal account full-time. I tend to view the equity markets through a credit analyst’s lens (‘thinking like a creditor rather than an owner’); I try to consider the whole capital structure of an enterprise when I invest; and I believe sustainable free cash flow is the primary foundation of business value. I have little interest in purported growth stocks (unless on the short side if there is a balance sheet/restructuring angle).
Keith Smith - Looking At Unique Ideas
Keith Smith stops by The Business Brew to discuss BDCs, auto dealers, and other ideas he has been looking at. Keith has been looking in areas that are less well covered.
Keith has over 20 years of business valuation experience as well as being trained as an engineer. In addition to managing the Bonhoeffer Fund’s portfolio, Keith serves as an advisor to Willow Oak Asset Management. He is a CFA charterholder and received his MBA from UCLA. He has held positions with Empire Valuation Consultants, PwC, Management Consulting & Research, and served as a captain in the U.S. Air Force.
We hope the episode expands your thinking a bit.
Ryan O'Connor of Crossroads Capital stops by The Business Brew to discuss Nintendo, inflection investing, and much more.
You can find his piece on Google's potential antitrust risk here: https://assets.website-files.com/5fdcb736a43f592037fbd4b4/64f927a7f3a8d64b1a40ac64_21st%20Century%20Trust%20Busting%20and%20Tail%20Risks.pdf
Check this out as well! https://twitter.com/aboveavgodds/status/1701620751210607072?s=46
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 ake 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.