The JRo Show

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  ********************************************************** 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. ********************************************************** 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 **********************************************************

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 ********************************************************** 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. ********************************************************** 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 **********************************************************

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  ********************************************************** 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. ********************************************************** 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 **********************************************************

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 ********************************************************** 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. ********************************************************** 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 **********************************************************

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 ********************************************************** 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. ********************************************************** 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 **********************************************************

Diamond Hill is a philosophically pure intrinsic value investing firmLiving in Columbus, The Austin of OhioWhat makes a great equity analyst vs an average analystHow to determine investing team size (using math)Analyst productivity and how that leads to a better opportunity set and ultimately better client outcomesGeneralist vs specialist analyst team structureHow Diamond Hill is slowly, at the margin, transitioning from a strict sector specialist team structure to a more hybrid modelWhat is expected of an analyst when it comes to pitching a new idea and maintaining coverageNew 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 ideasWhat types of deliverables analysts should provide and why a shorter writeup is superior to a longer writeupTable stakes skills of accounting, numerical literacy, and mathematical common senseInterviewing candidates, identifying talent, and bring hyper aware of the barriers to exit when hiring peopleThe hurdle he uses for hiring talentThe two types of people that produce great work, but why one type may not be the right cultural fit ********************************************************** ⁠⁠⁠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 at⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠https://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. 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. ********************************************************** 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 **********************************************************

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 ********************************************************************* ⁠⁠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 at⁠⁠ ⁠⁠⁠⁠⁠https://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. 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. ********************************************************************* 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 *********************************************************************

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 at⁠ ⁠⁠⁠https://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 *****************************************************************

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? ***************************************************************** 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

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