Marketplace Roundtable

Latest Episodes:

Marketplace Roundtable #95: The Space Sector Heats Up With Cestrian Capital Research May 06, 2021

Show notes

The launch of the ARK Space Exploration ETF (ARKX) in late March was one of the most hyped ETF launches in recent memory. Of course there's the Cathie Wood component to the excitement, with the fund manager she runs, ARK, crushing markets and growing AUM eleven-fold in 2020. But there's something about space as a sector that has many investors particularly excited at this moment in time.
Cestrian Capital Research's Alex King has been following the space sector very closely for years now, He even enrolled at the Space University, completing his executive education there in 2018. The following year, he launched his Seeking Alpha Marketplace service, The Fundamentals, with a focus on space and cloud computing names. We cover the space sector from top to bottom in this episode of The Marketplace Roundtable Podcast.
Show Notes
3:00 - Alex's general approach to investing
7:45 - Why the space sector?
13:15 - Why is space a theme investors should be paying attention to at the current moment in time?
17:00 - Cathie Wood and ARK's investing style
22:00 - ARKX Under the Hood: Too much concentration in the top holdings?
24:30 - Analyzing top holding Trimble (TRMB)
28:45 - A head to head comparison: The ARK Space Exploration ETF (ARKX) vs. the Procure Space ETF (UFO)
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Investing 2020s With Kirk Spano Episode #3: Talking SPACs With Julian "The SPAC King" Klymochko Apr 22, 2021

Show notes

Accelerate Funds' Julian "The SPAC King" Klymochko join's Margin of Safety Investing's Kirk Spano to talk all things SPAC.
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Marketplace Roundtable #95: Sifting the World For Top SPACs With Chris DeMuth Jr. Apr 14, 2021

Show notes

2020 was the year of the SPAC, with money raised through "blank check" companies outpacing traditional IPOs for the first time. With so many SPACs listing, finding the right ones to invest in them can be an often-times confusing and overwhelming process. Sifting the World's Chris DeMuth Jr. has been investing in SPACs, through the hedge fund he founded, Rangeley Capital, for more than a decade. In the latest episode of The Marketplace Roundtable Podcast, DeMuth and host Jonathan Liss take investors through the SPAC "alphabet", going under the hood of each of the three currently available SPAC ETFs. Chris also discusses his favorite individual SPAC.
Show Notes
3:00 - What are SPACs and why are they so hot right now?
10:00 - Chris' early and ongoing involvement with SPACs
12:30 - Specifics of the SPAC structure
16:45 - The case of DraftKings, the third most successful SPAC listing of all time
26:30 - Chris' favorite SPAC ETF
43:45 - What's an individual SPAC Chris is currently excited about?
50:00 - Sifting the World: Chris' investing process
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Investing 2020s With Kirk Spano Episode #2: Shareholder Yield And Tail Risk With Meb Faber Mar 29, 2021

Show notes

Cambria Funds co-founder, CEO and CIO Meb Faber joins Margin of Safety Investing's Kirk Spano to discuss his firm's tail risk and shareholder yield ETF suites. Funds covered include: TAIL, FAIL, SYLD, FYLD and EYLD.
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Investing 2020s With Kirk Spano Episode #1: Asymmetric Opportunities With The SPAC & New Issue ETF (SPCX) Mar 16, 2021

Show notes

In this inaugural episode of “Investing 2020s”, host and analyst Kirk Spano interviews Matt Tuttle, the manager of the SPAC & New Issue ETF (SPCX). This is a timely episode as it covers the red hot SPAC market segment and identifies a low risk, high potential reward way to use SPACs to your advantage.
Kirk and Matt discuss how SPACs near IPO prices offer rare asymmetric investment opportunity of large potential upside with limited risk as SPACs are backed by a cash trust. Along the way, they also touch on hot markets, Reddit investors and an option trading idea. Of interest to smart investors is the segment on how family offices and institutions are using the SPAC & New Issue ETF as an alternative asset sleeve to manage market correlation. They conclude discussing the ETF with how you can use this ETF in your asset allocation. This medium form (20-30 minutes) interview ends with a discussion of macro tail risk and a coming ETF that offers a potential solution to that portfolio asset allocation issue.
To read more about the SPAC & New Issue ETF visit their website and follow Kirk Spano’s articles.
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Value Investor's Edge Live #33: Midsize Bulkers Running Hot: Insights From Grindrod Shipping (GRIN) Mar 15, 2021

Show notes

CEO Martyn Wade and CFO Stephen Griffiths of Grindrod Shipping (GRIN), a dry bulk shipping company focused on the small and mid-sized segments, joined J Mintzmyer's Value Investor's Edge Live on 4 March 2021 to discuss the rapidly improving market outlook and company specific plans.
GRIN is significantly benefiting from surging rates and should see a very strong first half of 2021 with hopeful follow-through in subsequent reporting periods. Dry bulk overall has been in a broad bear market since 2011 and there are many signs of green shoots as worldwide demand improves while the supply via new orders remains near record lows.
Although GRIN is a smaller company, this interview contains relevant insights for investors in all other dry bulk companies, including: Diana Shipping (DSX), Eagle Bulk (EGLE), Genco Shipping (GNK), Golden Ocean (GOGL), Navios Partners (NMM), Safe Bulkers (SB), and Star Bulk Carriers (SBLK).
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Value Investor's Edge Live #32: Surging Containership Rates - MPC Containers Update Mar 02, 2021

Show notes

Constantin Baack, CEO of MPC Containers (OTCPK:MPZZF), a leading small-sized containership lessor, joined J Mintzmyer's Value Investor's Edge Live on 9 February 2021 to discuss this segment of the surging containership markets.
MPCC is one of our current top picks at Value Investor's Edge, and is significantly benefiting from surging rates. Although it's not currently listed in the US markets, there's sufficient trading liquidity on the Oslo Exchange ("MPCC") and they are considering a potential US-listing if market conditions remain favorable throughout the year.
For more particular information on MPC Containers, I highly recommend reviewing their latest earnings presentation, which was published on 25 February. Their full Q4-20 financial report is also linked.
For readers and listeners primarily interested in US-listed names, the primary comps include: Atlas Corp. (ATCO), Capital Product Partners (CPLP), Costamare (CMRE), Euroseas (ESEA), Global Ship Lease (GSL), Navios Maritime Containers (NMCI), Navios Maritime Partners (NMM), and SFL Corp. (SFL). The content from this interview should be relevant for investors in all of these names.
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Value Investor's Edge Live #31: The Bullish Case For The Containership Sector Is Clearer Than Ever Feb 16, 2021

Show notes

In this special iteration of the Marketplace Roundtable, Daniel Shvartsman interviews J Mintzmyer, Head of Research at Value Investor's Edge. J reviews the current shipping market conditions and outlines the bullish thesis in the containership sector. Several top picks in the sector are reviewed along with a macro overview for 2021.
Show Notes
2:30 – The different sectors of shipping
4:00 - The containership thesis/trade
6:30 – The core drivers for the containership sector
9:30 – The port clogging issue in containerships
13:00 – How long can this run last?
17:30 – Breaking down the economics and key variables
19:00 – Why is this not just a repeat of the tankers story?
21:30 – How these rates fit into historical cycles
24:15 – What do costs look like for container leasers
26:00 – What about a COVID hangover as spending shifts to experiences and away from goods
28:30 – J’s favorite sector picks: DAC, NMCI, ATCO
31:30 – SA PRO: Diving into the ZIM long case
35:00 – Catching up on Value Investor’s Edge
39:45 – Importance of diversification in the shipping sector and managing volatility
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Marketplace Roundtable #94: Three ETF Picks For 2021 With BOOX Research Feb 01, 2021

Show notes

After 15 years as an analyst at top financial institutions, Dan Victor stepped out on his own in 2018 as an independent investor and market strategist. The result is his increasingly popular Seeking Alpha handle, BOOX Research, where he combines a data-driven, fundamentals-first approach to offer nearly daily stock and ETF ideas, as well as his Seeking Alpha Marketplace service, Conviction Dossier. In today's podcast, we stress test three of his' top ETF picks for 2021: Emerging Markets (IEMG), shorting the long-end of the Treasury yield curve (TBF) and international dividend growth (VIGI).
Show Notes
2:15 - BOOX Research's back-story
3:15 - What does it take for an investor to be sufficiently diversified?
8:15 - Process for finding new investing ideas
9:45 - Top ETF picks for 2021: 1) iShares Core MSCI Emerging Markets ETF (IEMG)
13:15 - After a decade of underperformance, what's the long case of emerging markets right now?
16:00 - Why IEMG over other comparable ETFs like (EEM), (VWO) and (SCHE)?
23:45 - Top ETF picks for 2021: 2) ProShares Short 20+ Year Treasury ETF (TBF)
34:15 - Top ETF picks for 2021: 3) Vanguard International Dividend Appreciation ETF (VIGI)
39:30 - Would you recommend the US-focused version of VIGI, (VIG)?
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The Value Investor's Edge Live #30: Insights From 6-Bagger Danaos Corp. (DAC) Jan 19, 2021

Show notes

Evangelos Chatzis, CFO of Danaos Corp. (DAC), a major containership lessor, joined J Mintzmyer's Value Investor's Edge Liveon Nov. 12, 2020, to discuss the containership markets and forward free cash flow potential.
Danaos was a top pick at the time at Value Investor's Edge and traded at a more than 50% discount to net asset value even as underlying market conditions were surging. We had allocated shares to this position at $5.05 in early-September, making DAC a potential 6-bagger as of the 2nd week of January (6x in 4 months). Admittedly DAC outperformed even our wildest expectations and our current 'fair value estimate' is $25/sh.
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