The JRo Show

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**The JRo Show**

The JRo Show interviews experts in and outside the field of investing to explore the themes of achieving mastery, sustained performance, and longevity. Does it really take 10,000 hours of deliberate practice to become a master? Listen in on Thursdays to find out.

Latest Episodes:

Interview with Steve Scruggs, Portfolio Manager of the FPA Queens Road Small Cap Value Fund Jun 19, 2024

About the FPA Queens Road Small Cap Value Fund

What criterial he looks for when investing in a business

Portfolio management philosophy and cash position

Being a generalist

Avoiding making macro predictions

The research process and industries he tends to avoid

His four-pillar investing framework and research process

Valuation and DCF modeling

What he looks for in management and corporate culture

The concept of Mittelstand and how he incorporates it into his process

His thoughts on current small-cap valuations and free cash flow yields

Discussion on MSC Industrial Direct (NYSE: MSM)

What he’s reading

The investors he admires

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Options are not suitable for all investors and carry significant risk. Certain complex options strategies carry additional risk. Options can be risky and are not suitable for all investors. See the ⁠⁠⁠⁠⁠⁠Characteristics and Risks of Standardized Options⁠⁠⁠⁠⁠⁠ to learn more.

For each options transaction, Public Investing shares 50% of their order flow revenue as a rebate to help reduce your trading costs. This rebate will be displayed as a negative number in the “Additional Fees” column of your Trade Confirmation Statement and will be immediately reflected in the total dollars paid or received for the transaction. Order flow rebates are only issued for options trades and not for transactions involving other assets, including equities. For more information, refer to the ⁠⁠⁠⁠⁠⁠Fee Schedule⁠⁠⁠⁠⁠⁠.

All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Open to the Public Investing, Inc., member FINRA & SIPC. See ⁠⁠⁠⁠⁠⁠public.com/#disclosures-main⁠⁠⁠⁠⁠⁠ for more information.

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FinChat.io is The Complete Stock Research Platform for fundamental investors.

With its beautiful design and institutional-quality data, FinChat is incredibly powerful and easy to use.

Use our LINK and get 25% off any premium plan: ⁠⁠⁠⁠⁠⁠⁠http://finchat.io/jro⁠⁠⁠⁠⁠⁠

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Interview with Bill Miller IV of Miller Value Partners Jun 11, 2024

About Miller Value Partners

Investing strategy and philosophy

Why being too dogmatic about the definition of value may not work in your favor

Portfolio management philosophy

Risk Management

On why he doesn’t short or use options

His thesis on bitcoin and why he considers himself to be a massive bitcoin bull

Thesis on Microstrategy as the largest corporate owner of bitcoin

Team structure and research process at Miller Value Partners

Insider buying

Idea generation

Stock screens

Technical and momentum investing

Incorporating macro

Valuation

Selling vs trimming

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Options are not suitable for all investors and carry significant risk. Certain complex options strategies carry additional risk. Options can be risky and are not suitable for all investors. See the ⁠⁠⁠⁠⁠Characteristics and Risks of Standardized Options⁠⁠⁠⁠⁠ to learn more.

All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Open to the Public Investing, Inc., member FINRA & SIPC. See ⁠⁠⁠⁠⁠public.com/#disclosures-main⁠⁠⁠⁠⁠ for more information.

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FinChat.io is The Complete Stock Research Platform for fundamental investors.

With its beautiful design and institutional-quality data, FinChat is incredibly powerful and easy to use.

Use our LINK and get 25% off any premium plan: ⁠⁠⁠⁠⁠⁠http://finchat.io/jro⁠⁠⁠⁠⁠

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Interview with Ric Dillon, founder and CEO of Vela Investment Management Jun 06, 2024

About Vela Investment Management

Vela investment philosophy

Vela portfolio management philosophy

Why he offers a long/short strategy and uses options

Vela’s iterative research process

Idea generation

Ric’s macro views

Vela’s valuation methodology

Selling vs trimming

What’s next for Vela Investment Management

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Options are not suitable for all investors and carry significant risk. Certain complex options strategies carry additional risk. Options can be risky and are not suitable for all investors. See the ⁠⁠⁠⁠Characteristics and Risks of Standardized Options⁠⁠⁠⁠ to learn more.

All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Open to the Public Investing, Inc., member FINRA & SIPC. See ⁠⁠⁠⁠public.com/#disclosures-main⁠⁠⁠⁠ for more information.

**********************************************************

FinChat.io is The Complete Stock Research Platform for fundamental investors.

With its beautiful design and institutional-quality data, FinChat is incredibly powerful and easy to use.

Use our LINK and get 25% off any premium plan: ⁠⁠⁠⁠⁠http://finchat.io/jro⁠⁠⁠⁠

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Interview with Chris Pavese of Broyhill Asset Management Apr 18, 2024

Broyhill overview and investment philosophy
Portfolio management
Risk management
Team size and research process and idea generation
Macro outlook and incorporation into process
Valuation When to sell
What Chris is reading

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Options are not suitable for all investors and carry significant risk. Certain complex options strategies carry additional risk. Options can be risky and are not suitable for all investors. See the ⁠⁠⁠Characteristics and Risks of Standardized Options⁠⁠⁠ to learn more.

All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Open to the Public Investing, Inc., member FINRA & SIPC. See ⁠⁠⁠public.com/#disclosures-main⁠⁠⁠ for more information.

**********************************************************

FinChat.io is The Complete Stock Research Platform for fundamental investors.

With its beautiful design and institutional-quality data, FinChat is incredibly powerful and easy to use.

Use our LINK and get 25% off any premium plan: ⁠⁠⁠⁠http://finchat.io/jro⁠⁠⁠

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Interview with XPEL CEO Ryan Pape Apr 12, 2024

Business description

Business Model

Problems solving and value proposition

Market share

Pricing power and pricing strategy

Balance Sheet

Income statement and biggest costs/expenses

Future growth opportunities

Market penetration

Ryan's history at XPEL

Margins and returns on invested capital

Asset turnover, inventory turnover, and cash conversion cycle

Operating cash flow conversion

Asset light and variable cost business model and the possibility of vertically integrating in the future

Acquisition strategy, history, and capital allocation philosophy

Incentive compensation metrics

Business risks

Competitive advantages

Xpel's culture

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Options are not suitable for all investors and carry significant risk. Certain complex options strategies carry additional risk. Options can be risky and are not suitable for all investors. See the ⁠⁠Characteristics and Risks of Standardized Options⁠⁠ to learn more.

All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Open to the Public Investing, Inc., member FINRA & SIPC. See ⁠⁠public.com/#disclosures-main⁠⁠ for more information.

**********************************************************

FinChat.io is The Complete Stock Research Platform for fundamental investors.

With its beautiful design and institutional-quality data, FinChat is incredibly powerful and easy to use.

Use our LINK and get 25% off any premium plan: ⁠⁠⁠http://finchat.io/jro⁠⁠

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Interview with Win Murray, Director of Research at Diamond Hill (former DoR at Harris Oakmark) Mar 28, 2024

Diamond Hill is a philosophically pure intrinsic value investing firm
Living in Columbus, The Austin of Ohio
What makes a great equity analyst vs an average analyst
How to determine investing team size (using math)
Analyst productivity and how that leads to a better opportunity set and ultimately better client outcomes
Generalist vs specialist analyst team structure
How Diamond Hill is slowly, at the margin, transitioning from a strict sector specialist team structure to a more hybrid model
What is expected of an analyst when it comes to pitching a new idea and maintaining coverage
New idea production vs maintenance coverage
How the best analysts get the most stocks into the port, which leads to the largest coverage list, which leads to the least time to find new ideas
What types of deliverables analysts should provide and why a shorter writeup is superior to a longer writeup
Table stakes skills of accounting, numerical literacy, and mathematical common sense
Interviewing candidates, identifying talent, and bring hyper aware of the barriers to exit when hiring people
The hurdle he uses for hiring talent
The two types of people that produce great work, but why one type may not be the right cultural fit

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⁠⁠⁠Public.com⁠⁠⁠⁠ just launched options trading, and they’re doing something no other brokerage has done before: sharing 50% of their options revenue directly with you. That means instead of paying to place options trades, you get something back on every single trade.

-Earn $0.18 rebate per contract traded

-No commission fees

-No per-contract fees

By sharing 50% of their options revenue, Public has created a more transparent options trading experience. You’ll know exactly how much they make from each trade because they literally give you half of it. Activate options trading at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://public.com/jro⁠⁠⁠⁠ by March 31 to lock in your lifetime rebate. Paid for by Public Investing. Must activate Options Account by March 31 for revenue share. Options not suitable for all investors and carry significant risk. Full rebate terms here (⁠⁠⁠⁠https://public.com/disclosures/rebate-terms⁠⁠⁠⁠). US members only.

Options are not suitable for all investors and carry significant risk. Certain complex options strategies carry additional risk. Options can be risky and are not suitable for all investors. See the ⁠Characteristics and Risks of Standardized Options⁠ to learn more.

All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Open to the Public Investing, Inc., member FINRA & SIPC. See ⁠public.com/#disclosures-main⁠ for more information.

**********************************************************

FinChat.io is The Complete Stock Research Platform for fundamental investors.

With its beautiful design and institutional-quality data, FinChat is incredibly powerful and easy to use.

Use our LINK and get 25% off any premium plan: ⁠⁠http://finchat.io/jro⁠

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Interview with Dan Davidowitz of Polen Capital Mar 13, 2024

Polen Capital's culture: radical candor, autonomy, mastery, purpose

Investing philosophy: competitive advantages, concentrated portfolios (20-25 stocks), position sizing

Large Company Focus Growth Strategy: 132 stocks in 35 years, largest position in Amazon

Risk management: eliminate risky businesses

Analysis of Visa, MasterCard, cyclicals

Team structure: meetings twice weekly, Polen One-Pagers

Learning from mistakes: conservative margin modeling

Investing spectrum: seek double-digit annualized returns

Selling criteria: valuation, trimming stocks

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⁠⁠Public.com⁠⁠⁠ just launched options trading, and they’re doing something no other brokerage has done before: sharing 50% of their options revenue directly with you. That means instead of paying to place options trades, you get something back on every single trade.

-Earn $0.18 rebate per contract traded

-No commission fees

-No per-contract fees

By sharing 50% of their options revenue, Public has created a more transparent options trading experience. You’ll know exactly how much they make from each trade because they literally give you half of it. Activate options trading at⁠⁠⁠⁠⁠⁠⁠https://public.com/jro⁠⁠⁠ by March 31 to lock in your lifetime rebate. Paid for by Public Investing. Must activate Options Account by March 31 for revenue share. Options not suitable for all investors and carry significant risk. Full rebate terms here (⁠⁠⁠https://public.com/disclosures/rebate-terms⁠⁠⁠). US members only.

Options are not suitable for all investors and carry significant risk. Certain complex options strategies carry additional risk. Options can be risky and are not suitable for all investors. See the Characteristics and Risks of Standardized Options to learn more.

All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Open to the Public Investing, Inc., member FINRA & SIPC. See public.com/#disclosures-main for more information.

*********************************************************************

FinChat.io is The Complete Stock Research Platform for fundamental investors.

With its beautiful design and institutional-quality data, FinChat is incredibly powerful and easy to use.

Use our LINK and get 25% off any premium plan: ⁠http://finchat.io/jro

*********************************************************************

Estimating mid-cycle, normalized earnings with Alex Fitch and Michael Nicolas from Harris Associates (Oakmark Funds) Feb 19, 2024

How Harris Oakmark thinks about and defines value investing

Mid-cycle earnings and why they are important (using the coin flip analogy)

CBRE example of mid-cycle earnings

Banks and SCHW example of mid-cycle earnings

Additional common adjustments they make to get to true normalized economic earnings power

Estimating normalized earnings for software and faster-growing tech companies (and Salesforce example)

Amazon and Alphabet examples

Even more adjustments for SBC, amortization, and non-recurring items

Lithia Motors example

First Citizens example

Quick discussion on modeling share repurchases and benchmarking capital allocation decisions on buying back stock at a discount

How Harris Associates determines the appropriate P/E ratio for different businesses

Masco example and choosing an appropriate peer comp group

Thoughts around P/E multiple expansion

American Express example for choosing a fair P/E multiple

Dealing with stocks with a wider range of outcomes

How they pick a required rate of return

Idea generation and research process at Harris Oakmark

What Harris looks for in hiring an analyst

Humility and willingness to accept constructive feedback

The primary responsibilities of the Director of Research at Harris Associates

Unique cultural attributes of working at Harris Associates

*****************************************************

⁠⁠Public.com⁠⁠ just launched options trading, and they’re doing something no other brokerage has done before: sharing 50% of their options revenue directly with you. That means instead of paying to place options trades, you get something back on every single trade.

-Earn $0.18 rebate per contract traded

-No commission fees

-No per-contract fees

By sharing 50% of their options revenue, Public has created a more transparent options trading experience. You’ll know exactly how much they make from each trade because they literally give you half of it. Activate options trading at⁠⁠⁠⁠https://public.com/jro⁠⁠ by March 31 to lock in your lifetime rebate. Paid for by Public Investing. Must activate Options Account by March 31 for revenue share. Options not suitable for all investors and carry significant risk. Full rebate terms here (⁠⁠https://public.com/disclosures/rebate-terms⁠⁠). US members only.

*****************************************************************

FinChat.io is The Complete Stock Research Platform for fundamental investors.

With its beautiful design and institutional-quality data, FinChat is incredibly powerful and easy to use.

Use our LINK and get 25% off any premium plan: http://finchat.io/jro

*****************************************************************

Interview with Todd Ahlsten of Parnassus Investments Jan 24, 2024

Todd Ahlsten is the Chief Investment Officer and Portfolio Manager of Parnassus Investments. Todd is also a panelist on the prestigious Barron's Roundtable. In this episode, we discuss Todd's background, investment process, and what he sees in the market today. Listen in for topics like:

- How did Todd become CIO of Parnassus?

- What makes a successful investor?

- How does Parnassus operate?

- What is "short shelf-life information"?

- How does Todd look at the macro economy?

- What kind of valuations does Todd look for?

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This show is brought to you by Public.com*. Sign up for a high-yield cash account today:⁠⁠https://public.com/jro

*A High-Yield Cash Account is a secondary brokerage account with Public Investing. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at⁠ ⁠https://public.com/disclosures/high-yield-account⁠

Interview with Chris Bloomstran Dec 04, 2023

2:00 On Semper Augustus investing philosophy and process

4:00 On what it means to be an “opportunistic” value investor

12:00 What the Semper Augustus portfolio-level metrics look like relative to the S&P 500

20:00 Why he thinks stocks are attractively valued today

24:00 On how he thinks about valuation

37:00 Chris shares his lessons from studying high price-to-sales stocks

45:00 How Chris spends his day, what he reads, and what podcasts he listens to, and how long he spends doing so

1:00:00 Why he finds ValueLine so valuable

1:07:00 – On the private investing social event he hosts every year

1:12:00 – starts deep discussion on Warren Buffett and Berkshire Hathaway

Interview with Quoc Tran Nov 16, 2023

2:00 – Quoc’s concentrated investing philosophy and portfolio-level metrics

5:00 – Three different categories of stocks Quoc typically invests in

6:00 – Portfolio management philosophy

7:00 – Different layers of risk management

11:00 – On using data to make process improvements such as a moat trajectory review and ESG research

21:00 – Quoc dives deeper into his team’s step-by-step three-stage research process

38:00 – Incorporating a macro view into fundamental analysis

40:00 – Quoc on valuation process

42:00 – Quoc on when to sell

48:00 – Quoc on a final lesson for investors

Interview with Dan O'Keefe Oct 19, 2023

3:00 – Definition of value investing according to Dan

10:00 – Dan’s risk management and portfolio management philosophy

17:00 – when to sell a stock

22:00 – On how he incorporates a macro outlook into fundamental bottom-up stock picking on a global basis

32:00 – Dan describes his team’s equity research process including the reason for nurturing an absolute mindset, not a relative mindset

57:00 – How Dan spends his quiet time.

1:01:00 – How to be a global investor

1:07:00 – Dan thoughts on passively investing in the S&P 500

1:13:00 – the contradictory psychological profile needed to be a good investor.

Interview with Bill Nygren Sep 28, 2023

Bill Nygren, Chief Investment Officer at Harris Associates, joins The JRo Show to discuss his team's research process. If you’ve ever wanted to know what it’s like to work at Harris Associates, this is the podcast for you!

2 min 15 seconds – Bill’s background and career.

9 min 20 seconds – Advice for new analysts

19 min 50 seconds – The research process at Harris Associates

26 min 20 seconds – The stock pitching process at Harris

47 min – What it takes to be a good portfolio manager.

59 min 50 seconds – Bill’s personal life and expectations for the rest of his career.

1 hour 12 min - How he talks with management teams.

1 hour 16 min – Why he reads ValueLine every week

1 hour 23 min, 49 seconds – Lessons from his career