Click Here to Read September 2021 Issue
Bill Miller: An Investor’s Evolution (Part I)
Frederik Gieschen (Neckar’s Notes)
“Even though some of the stocks he bought were owned by growth investors and derided by value colleagues, he didn’t see himself as drifting in style towards a growth philosophy. Instead, he discarded what he felt were antiquated tools and recognized a new breed of companies whose value creation was obscured by accounting.”
The Real Purpose of Risk Mitigation
Derek Hernquist (Aptus Capital Advisors)
“In the end, what matters is the compounded return earned by a portfolio, not the average return. And equally important, the investor’s ability to hold that portfolio. Effective risk mitigation can help with both, by removing dead weight from the portfolio AND creating an opportunistic mindset for the owner.”
Crypto Mining Explained: CEO Interviews
Viridi Funds has launched their bitcoin mining CEO interview series. The first interviews are with Jaime Leverton of Hut 8 and Peter Wall of Argo Blockchain. Both companies are listed on NASDAQ.
Located in energy rich Alberta, Canada, Hut 8 has one of the highest installed capacity rates in the industry.
Peter Wall of Argo Blockchain
Argo Blockchain is a global leader in cryptocurrency mining with one of the largest and most efficient operations powered by clean energy
The Greatest Value Investor You’ve Never Heard Of
Brandon Beylo (Macro Ops)
“We can have no finer role model. First and foremost, he was a value investor — a member of that eccentric tribe that believes it’s better to underpay than to overpay.” Those words by James Grant were in reference to one of the greatest value investors the world has ever seen.
The Case for Optimism
Gregory Powell (Miller/Howard Investments)
“No one can entirely dismiss bear cases for the market, but what is the case for optimism? When the pandemic finally fades, are we set up for a strong recovery?”
The Arithmetic of High Conviction Portfolios
Joachim Klement, Klement on Investing
“The natural conclusion of that research is that active manages should run more concentrated portfolios focused only on their high conviction ideas.”
Halving Emissions by 2030 and the Relevance of 5 Key Solutions
Gary Hart & Gabriela Herculano (iClima Earth)
“We can borrow two key concepts from finance to further understand which solutions are the most impactful. One of them is the notion of time value of carbon. Similar to time value of money, avoidance of CO2e in the future is worth less than avoidance of CO2e now. Another is Return on Investment (ROI) that we can translate as Carbon Return – the solutions with high avoidance per $ invested. Trillions of investments will be needed.”
The A-H Premium: Same Stock, Different Story
Vivek Viswanathan, CFA, Ph.D. (Rayliant Gobal)
“There are 136 firms that dual-list in both the mainland China A-share market and offshore Hong Kong H-share market and all of them except China Merchants Bank are currently more expensive in the A-share market than the H-share market.”
A Look at Current and Future Battery Technologies and the Minerals Needed to Supply the Growing Demand
Brigita Darminto (iClima Earth)
In the next two decades it is expected that over 90% of battery demand will come from electric vehicles (EVs).
The Case for India Financials
Amit Anand (NextFins)
“In a market with so many available opportunities, how does an investor decide what stocks are worth owning? Generally, every country has a theme that consistently outperforms and the reasons for outperformance are structural in nature.”
Bonds: Hold ‘Em, Fold’ Em, Walk Away, or Run?
Michael Lebowitz, RIA Advice
“In this article, we explore a few essential factors that tend to dictate bond yields. We aim to assess whether the recent increase in yields is a buying opportunity or foreshadows even higher rates.”
Discretion
Joachim Klement, Klement on Investing
“Because the discretionary decisions are substantially worse than a purely rule-based approach, investors who invest in funds tracking the S&P 500 have lost out on substantial amounts of money over time.”