Behind The Idea

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Behind The Idea #54: JD.Com And Pricing In Headline Risk Feb 05, 2019

Show notes

JD.Com is a value investor favorite and the 'hip' China play. Except that it had a terrible 2018, selling off more than 50% amidst China-U.S. trade negotiations and an accusation of rape against CEO and founder Richard Liu (charges not pursued). Seeking Alpha author Long Hill Road Capital argues that the company has hidden value and that the headline noise will fade. We take a closer look to see if there is value in JD's shares at this point.

Behind The Idea #53: PG&E And The Lost Safety Of Utilities Jan 29, 2019

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A fast-moving story attracts traders, professionals who can sift through the noise for opportunities, and people with a high risk tolerance. Utility companies attract investors with low-risk tolerances eager for defensive positions and steady income. So where does that leave Pacific General & Electric, PG&E (PCG)? Hard to say. We break it down and look at what the broader lessons are for investors.

Behind the Idea #52: Bank Of America And The Yield Curve Jan 22, 2019

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Banks are opaque, thorny, and full of questions. They are also popular investments. Seeking Alpha author Eric Basmajian argues that banks are going to face a tough 2019, with Bank of America as a leading example. But the company's Q4 earnings report was well received. So what's going on? Behind the Idea tries to peel apart the layers and understand the company's prospects.

Behind The Idea #51: DaVita's Murky Economics Jan 15, 2019

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DaVita Inc has achieved a rare dual feat - be a staple in Berkshire Hathaway's portfolio and be a target of John Oliver's criticisms. The kidney dialysis provider exemplifies the murky ecosystem of healthcare providers and payments. Does that make it a short? We break down a recent article by Ethan Watkins to see if we can better understand this situation.

Behind The Idea #50: Match Group And The Investor Love Story Jan 08, 2019

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Match Group is a dating conglomerate, owners of OKCupid, Match, a majority share of Hinge, PlentyofFish, OurTime, Meetic, and most of all, Tinder. The company is also a favorite pitch of investors. Is it just because there are a lot of 20 and 30-something investors out there or people who like to make jokes about dating, or is there a deeper story? We look at a Detroit Bear long idea on the company to understand the stickiness of the Tinder experience and what that means for the stock.

Behind The Idea #49: The Inaugural Alphies And 2018 Wrap-Up Dec 18, 2018

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2018 is reaching the finish line, and thus will end the first year of Behind the Idea (and maybe the post crisis bull market?). To celebrate, we're having the first ever Alphies celebration, as Mike Taylor and Daniel Shvartsman work through their favorite guest, the biggest surprises from the ideas they covered, and the most predictable outcomes.

Behind the Idea #48: View From The Short Side - Kase Learning Shorting Conference Recap Dec 11, 2018

Show notes

We wrap up our Kase Learning Shorting Conference coverage by reviewing the conference. We hit our favorite short ideas, our favorite presentations, key themes, and questions over the aims of investing and short selling and the future of the market.

Behind The Idea #47: Ebix's Roll-up Strategy And The Unwind With Mads Thamsborg Dec 04, 2018

Show notes

This is the second episode of our Kase Learning Shorting conference coverage. Ebix has been a battleground for much of the decade, and also a big winner for bulls. Mads Thamsborg of Bodenholm Capital joins Behind the Idea to share his case for why the second fact is going to change. A leveraged balance sheet, a roll-up story unwinding, and accounting red flags? Makes for a classic short case and a classic Behind the Idea discussion.

Behind The Idea #46: Aphria's Acquisitions Too Hazy? With Gabriele Grego & Nate Anderson Dec 03, 2018

Show notes

We kick off our Kase Learning Shorting Conference coverage with a joint interview of Gabriele Grego of Quintessential Capital and Nate Anderson of Hindenburg Investment Research. They followed the trail of Aphria's recent acquisition binge, and what they found raised more questions and concerns. Mike Taylor talked with them about how they did their work and what they learned along the way.

Behind The Idea #45: Amazon's Path To Physical Retail Dominance With Priya Anand Nov 27, 2018

Show notes

We've made it to the end of our Amazon miniseries. To bring things home, we talk with Priya Anand of The Information. She tells us about what she's seeing from Amazon's competition and potential regulators and what that might mean for the company. We build on a few of the same threads from previous podcasts, like Amazon's sterling reputation and know-no-bounds business approach, but break into some new ground on the physical store front and other areas.

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