In episode 162, we welcome our guest, Chase Nobles. Chase kicks off the episode with some background, meeting his business partner, and how he went on to become the co-founder of Kush.com.
He then gets into starting Kush Tourism as a resource for cannabis tourists during the early days of cannabis legalization in the state of Washington, showing them facilities, the industry, and educating them about cannabis and the business behind it.
Next, Chase discusses the phase of the business where he and his co-founder realized the value of their business was the network they built. That spurred the idea for a wholesale marketplace.
That evolution of the business ultimately led to raising funds and meeting angel investor, Jason Calacanis. Chase goes on to describe the platform, and how it has grown into the marketplace we know today as Kush.com.
Meb then asks Chase to discuss the near-term hurdles for growth. Chase explains the backlog of applicants for the platform they are currently working through, and the work it takes to process them, as an example.
As the conversation winds down, Meb asks about challenges in the industry. Chase talks about the issues with payment processing, and the hope that things will change in order to ease the burden on that front.
All this and more, including Chase’s perspective of the greatest challenges of being a CEO, in episode 162.
In episode 161, we welcome our guest, Brandon Zick. Brandon begins talking about his background in farming, and the current ownership structure he’s seeing in the farm business; land ownership and operations are a generation or two removed, which creates a robust rental market, and what makes investment possible.
Meb asks Brandon why investors should consider farmland in their investment portfolios. Brandon discusses the tangibility of owning a real asset such as farmland, the inflation hedge it provides, and its ability to diversify a portfolio.
Next, Brandon gets into the structural inefficiencies of the farmland market, and the risk/return profile it can provide investors.
Meb then asks about the ownership structure of their investments. Brandon talks about Ceres buying land from absentee land owners, their goal of partnering with top decile farmers, and putting more incentives in place for their tenants. He also mentions the farmer relationship and involving them in the underwriting process when looking at acquiring farms.
The conversation then turns to some history on the farmland bust phase in the 80s, and how leverage in the system contributed to that environment, but has also influenced how people acquire and own farmland today.
Brandon then goes on to explain why investors should embrace volatility, and how important it is as a land owner to have equity in land and cash in hand to be able to make acquisitions and grow.
As the conversation winds down, Meb asks Brandon about his thoughts on technology and it’s impacts in agriculture. Brandon talks about it being an exciting development, allowing farming to be less labor intensive and freeing farmers to make higher value, broad scale decisions.
Brandon wraps up with a discussion of Ceres’ fund, and what is on the horizon for Ceres.
All this and more in episode 161, including a discussion about what keeps Brandon up at night and what he’s particularly excited about, as well as his most memorable investment.
Last year when we published The Best Investment Writing Volume 2, we offered authors the opportunity to record an audio version of their chapter to be released as a segment of the podcast, and listeners loved it.
This year, we’re bringing you the entire volume of The Best Investment Writing Volume 3 in podcast format.
You’ll hear from some of the most respected money managers and investment researchers all over the world.
Enough from me, let’s let Jack take over this special episode.
In episode 160, we welcome our guest, John Huber. John begins with some background on his approach to investing, and the framework he relies on at Saber Capital Management. John modeled his strategy after the early years of Warren Buffett’s partnerships. At Saber Capital Management, he focuses on good businesses that are poised to do well over time, and a tactical approach to portfolio management.
Next, Meb asks about the portfolio approach. John discusses his portfolio being concentrated and long only. He mentions he thinks diversification can be had in fewer positions than is commonly thought. He tends to have 5-6 stocks representing 80% - 90% of his capital.
The conversation then shifts into details about what he looks for when researching companies for potential investment. He talks about compounders, and how looking for them has changed since the days of Graham and Dodd to now, where the focus on intangible aspects is much more important.
John then gets deeper into his process. He reveals that he sees the investment landscape in two buckets. 1) companies increasing intrinsic value over time, and 2) companies eroding value over time. He tries to avoid companies that erode value over time. He notes that focusing on key variables can get him most of the way there, then he covers his final step, figuring out how much the company is worth, and how much to pay for it.
He discusses the degree in which large cap stocks fluctuate between their 52-week highs and lows, and his weighting to them in his portfolio. He then gets into a couple of cases with Apple and Facebook, followed by a description of his sell criteria.
All this and more in episode 160, including John’s most memorable investment.
In episode 159, we welcome our guest, Ashby Monk. The episode kicks off with a discussion about the concept of saving planet earth and the important role that asset owner investors, the largest institutions in the world such as sovereign wealth funds that total approximately $100 trillion, now have.
Meb then asks Ashby to get into the models behind large institutional investors. Ashby discusses some history, and boils it down to what he thinks are the three functions that drive success: people, process, and information.
The conversation then gets into Ashby’s thoughts about insourcing vs. outsourcing. Ashby explains that both paths are viable, and the importance of starting with a rigorous understanding of what it costs to run investments internally vs. externally. Ashby notes that he thinks the institutions pursuing the highest quality inputs in terms of people, process, and information should receive recognition, independent of the model they’re running.
Meb asks about trends in the industry. On the good side, Ashby discusses the push on fees and costs, and the positive effect it has on institutional investors as a catalyst for innovation. Ashby then talks about how being green and good stewards of the environment has delivered outperformance.
The conversation then shifts into Long Term Stock Exchange (LTSE) and its mission.
As the chat winds down, Meb and Ashby discuss the app he co-founded, Long Game, and the mission to engage people in their financial decisions in an entirely different way.
All this and more, including what Ashby is particularly excited about and his most memorable investment in episode 159.