In episode 308, we welcome our guest, Maciej Wojtal, founder and CIO of Amtelon Capital, an investment fund focused on Iranian equities. In today's episode, we're covering Maciej’s best idea: Iranian equities.
In today’s episode, we start by hearing how the 2015 nuclear deal between the US and Iran sparked Maciej’s interest in Iran. He shares what he learned early on – the country has a resilient economy with great demographics – and when paired with companies trading at 3-4x earnings, he was compelled to set up his firm in 2018. Maciej walks us through what it’s been like over the last few years: handling new sanctions under the Trump administration, 70% currency depreciation one year, and, most recently, the impact of COVID.
As we wind down, he shares the possibilities for the country going forward and the potential for foreign inflows to drive valuations up in the near future.
Please enjoy this special “Best Ideas” episode with Amtelon Capital’s Maciej Wojtal.
This episode is sponsored by Bitwise. The Bitwise 10 Crypto Index Fund is the world’s largest crypto index fund. It holds a diversified portfolio of cryptoassets, including bitcoin, ethereum, and DeFi assets. Shares of the fund trade under the ticker "BITW" and are accessible through traditional brokerage accounts. Shares may trade at a premium or discount to net asset value (NAV). For more information: www.bitwiseinvestments.com
In episode 300, we welcome our guest, Geoffrey Batt, managing partner and founder of the Euphrates Advisors, where he invests in Iraqi equities. In today's episode, we're covering Geoffrey's best idea: investing in the Iraqi stock market.
Geoffrey begins by telling us how learning about Daniel Cloud’s post-Soviet Union Russia fund led him to look around the world to find somewhere he could earn huge returns, which led him to Iraq. He gives us an overview of the market and economy and how it’s rebounded since Saddam Hussein died. Then he walks us through everything he’s had to deal with since he first invested there in 2010 – political instability, a 20% currency devaluation, negative oil prices, and an Iraqi stock market that closed in response to COVID. We talk about the tailwinds for Iraq, including the growth of the banking sector and ESG, which Geoffrey believes is bullish for oil.
Be sure you stick around until the end to hear about Geoffrey’s first trip to Iraq, when he was driving to visit with a company and was forced to turn around because of a car bomb.
Please enjoy this special “Best Ideas” episode with Euphrates Advisors’ Geoffrey Batt.
Episode 289 is a Mebisode. In this episode, you’ll hear Meb put today's stock valuations into historical perspective. He addresses the claim that stock valuations should be high because bond yields are low and then looks at what conditions were present at the start of the best ten-year stock returns in history. Finally, he provides some thoughts on what investors could do to handle the current market environment.
All of this and more in episode 289.
In episode 288, we welcome our guest, Doug Pugliese, the Head of 1042 QRP Solutions at Alpha Architect, where he manages the firm’s qualified replacement property investment strategies practice. In today’s episode, we’re covering Doug’s best idea: employee stock ownership plans.
ESOP’s are a niche but incredibly attractive way for a business owner to sell their business for both themselves and the long-term viability of the company. The episode starts with a broad overview and then dives into the inner workings of an ESOP sale. Doug explains how the tax benefits of a 1042 election allow the owner to defer capital gains tax and even invest the proceeds into a portfolio of blue chip stocks.
As the conversation winds down, Doug shares why ESOP’s may be an ideal way for middle market private equity companies to exit investments.
Please enjoy this special “Best Ideas” episode with Alpha Architect’s Doug Pugliese.
In episode 287, we welcome our guest, Jonathan Hsu, the co-founder and General Partner at Tribe Capital, a venture capital firm focused on using product and data science to engineer N-of-1 companies and investments.
In today’s episode we're talking about using a quantitative approach to venture capital investing in a way that hasn’t been done before. Jonathan us through his background, with stops at Facebook and Social Capital. Then we hear how Tribe Capital leverages their data science capabilities to assess the product-market fit of companies to invest from the seed stage to late stage. Jonathan explains how this process led him to invest in both Slack and Carta.
As we wind down, we learn about the firm’s co-invest vehicles, which allow others to access their deal flow.
All this and more in episode 287 with Tribe Capital’s Jonathan Hsu.
This episode is sponsored by Masterworks. Masterworks is opening the doors to top-tier, blue-chip art investments to everyone. Use Promo Code “MEB” to skip their 15,000 person wait list.