Today we speak with Thomas Hayes, founder of Great Hill Capital, a long/short equity manager based in New York City.  Tom outlines the opportunities that he’ll be focusing on in 2022 - from two tangible investment ideas to the sectors that he thinks are most compelling today.  He also discusses his value-based investment approach, and areas of portfolio management, such as position sizing and risk management, that are top of mind for investors.  He provides further insights into the current commodity cycle, geopolitical risk, and the impact of the crisis in Ukraine.  Key Points From This Episode:Introducing our esteemed guest and his deep background in the financial markets.Taking a chance in 2012 to start on the road to founding Great Hill Capital.Describing the importance of attracting like-minded clients.How Tom deals with risk management around building large positions. Two big ideas for 2022, and why!How long he is willing to hold stock that he feels is undervalued. The thesis for why he thinks biotech is a compelling sector. Where we are in the current commodity cycle and how he thinks the cycle will play out.Talking about the impact of the crisis in Ukraine. About Thomas HayesThomas J. Hayes is Chairman and Managing Member of Great Hill Capital, LLC - a Long/Short Equity Manager based in NYC - servicing Accredited Investors and Qualified Institutions.Thomas makes regular TV appearances on Fox Business, Yahoo! Finance, Bloomberg, BBC, CGTN America, Cheddar, OAN and i24News. He is frequently quoted in The Wall Street Journal, Financial Times, CNBC, Reuters, Fortune, USA Today, U.S. News & World Report, Kiplinger and MarketWatch. He graduated from Columbia University and serves on the Pension Commission for the Town of Ridgefield, CT - where he lives with his wife and two daughters.

While the shipping industry has forever been cyclical, it’s been on a particularly wild ride in the era of COVID-19. Shifting supply chains, continual bottlenecks caused by the pandemic, and eventual post-COVID recovery, all have a significant impact on shipping.  So how can you best position yourself to benefit from these dynamics in 2022? On today’s episode of The Pitch Podcast, we speak with J. Mintzmyer, the Founder of Value Investor’s Edge and an expert in maritime shipping, who explains how supply chain disruptions have affected the shipping sector and beyond, the impact of new environmental regulations, and how his team values shipping stocks.  He also shares his investment framework, including how to know when a market move is something you should pay attention to versus when it’s just volatility and noise.  Key Points From This Episode:The fascination with international trade that got J interested in the maritime shipping sector.Insight into the kinds of cargo these ships carry, from crude oil and dry bulk to containers.J unpacks how the supply chain crisis impacted the shipping sector and his investments.Find out how pricing works for shipping companies based on historical precedents.Some of the weaknesses in the shipping system and how they play out.How long J believes the supply chain crisis will persist and his advice for investors.Learn how rates are impacted by the supply of ships and why there are so few new ships hitting the water in 2022Why J says that new environmental regulations will actually be very bullish for the sector.His view on whether or not fewer, slower ships will lead to further inflation for consumers.The private market component to shipping and some insight into J’s investments.How his team values shipping stocks using both quantitative and qualitative metrics.Why qualitative metrics such as a competent management team are of crucial importance.Price to NAV (net asset value), future projected cashflows, and price to book valuation methodologies.An example of a recent investment that J made that typifies his approach.What gives J and his team an edge in the shipping sector.

[SHOW NOTES]These days it feels like the price of everything -- from housing, cars, gasoline, and even travel -- is skyrocketing. Today's guest, Kevin Muir, makes the argument that the inflation we are seeing around us is not a transient blip that will normalize with the easing of the pandemic, but an enduring force and a new economic reality. Kevin is the author of the MacroTourist Newsletter, with a tongue-in-cheek tagline of "All I Bring to the Party is 25 years of Mistakes."  He is an expert macro thinker and trader and offers many nuggets of wisdom throughout the episode. Key Points in This EpisodeKevin's career evolution from trading at a prestigious investment bank to striking it out on his ownHow it's easier to make money than to keep it, and the importance of remaining humble and constantly learningHis views on market bubbles, and how today's environment compares with previous bubblesThe rise of the retail trader as a formidable market force, and how hedge funds have to now think harder about right-tail riskModern Monetary Theory and its place in the current debateHow the fiscal and monetary response to COVID was different from past cycles and will have different consequencesWhat has changed in the market that will lead to inflation enduring in the 4-5% rangeHow to position portfolios in the new economic regime 

Show NotesToday’s guest, Tobias Carlisle, believes that deeply undervalued and out-of-favor stocks offer asymmetric returns, with the potential for a limited downside and a greater upside. Tobias is the founder and managing director of Acquirers Funds. He’s written three books on value investing and has significant experience in investment management, business valuation, and corporate governance. Today he introduces us to the concept of the Acquirer’s Multiple, which is also the title of one of his books, and what he believes is the secret to beating the market. In this episode, he explains how he developed this concept and what it is based on. Tuning in, you’ll hear what is meant by mean reversion and the different ways a discount evaluation is removed. Tobias explains why excess debt doesn’t scare him off, what three factors he uses to determine a margin of safety, and what he looks for when he does a forensic accounting diligence of financial statements. Tune in to find out more about value investing and how Tobias has achieved so much success through it.Key Points From This EpisodeAn introduction to Tobias Carlisle and the strategies for the funds he manages.The ways a discount evaluation is removed.What mean reversion is and why it’s a safer bet. How Tobias developed the concept of the Acquirer’s Multiple and what it is based on. Why excess debt doesn’t scare Tobias off. The three factors Tobias uses to determine a margin of safety.  The role of humility and acknowledging what you don’t know when investing in a company.The time horizon Tobias looks at for a stock to mean revert and why the valuation is easier the further out you go.Thoughts on when to cut your losses if it doesn’t mean revert. Business performance versus investor perception and which plays a greater role in stocks that do well.The industries best suited to Tobias’s style of investing. Thoughts on why people continue to buy expensive stocks when cheap stocks tend to outperform them in the long run.  How Tobias goes about doing a forensic accounting diligence of stocks, and what he looks for in the results.The two schools of thought on why value investing works.What Tobias looks for when shorting stocks. Whether or not there are currently that many deep value stocks out there, given the overall rise in asset and equity prices. Why Tobias believes that value can do well on an absolute basis on a three to five-year time horizon. Insight onto the two ETFs that Acquirers Funds run and how they differ.

Show NotesWith real estate values soaring to new highs, it’s common to wonder how to incorporate the risk of a potential market correction while still participating in property appreciation over the long term.  Our guest today, Gabe Bodhi, is a Denver-based professional real estate investment manager who shares insights learned through previous market cycles.  Gabe discusses the various inefficiencies of the non-institutional real estate market and how value-add and mismanaged real estate can present attractive opportunities for savvy investors.Key Points in This Episode Gabe's depth of experience in the financial markets and how he came to found Tekton GroupHow markets are cyclical and tend to overshoot on the way up and downWhy he is a value investor and how he weaves value into his investment strategyThe view that leverage is beta and not alpha, and how to employ leverage in real estate transactionsImportant areas for due diligence, and how physical due diligence can uncover potential red flagsHow he looks for value-added and mismanaged real estate as investment opportunitiesThe inefficiencies that are prevalent in sub-institutional real estate investing, and the enhanced return opportunitiesThe metrics he employs to value and transact real estate, including unlevered yield to total costCompares real estate to public stocks, and how REITs and private real estate are similar and differentWhy Colorado is an attractive market and why he invests predominately in that marketHow to find the right investment manager and the risks to watch out for when selecting a private real estate manager

Show NotesWith startup funding at record levels, many investors are trying to keep updated on key investment themes and funding trends in the market.  We have a timely discussion with Christine Hall, a reporter for Tech Crunch, who shares her insight into areas of startup funding that are attracting increased attention from the investment community as well as where to look for future opportunities.   Key Points in This EpisodeGrowing areas of e-commerce, including the pet space and restaurantsRoll-up strategies in consumer brands What is food tech where to find the innovation, for example: food trends beyond alternative meats, coffee without coffee beans, plant-based products to reduce less waste, baby foods/ infant nutritionAreas within fintech getting increased attention: cross border, payments/digital wallets, Africa in the spotlight, education finance solutionsAn overview of how VC funding rounds work from an investment perspectiveSentiment in the venture capital space

Episode  16 Show NotesWith the US markets having enjoyed a strong run, investors are looking for investments that still can compound at attractive rates.  We have a timely discussion with David Mullings of Blue Mahoe Capital.  David has a deep background in investing, and specializes in the Jamaican market.  In this episode, David discusses public and private investment opportunities in Jamaica, and why that market has produced spectacular investment returns.  He also weighs in on some important ESG topics, and the role diversity can play in portfolio diversification. Key Points in This EpisodeDavid’s investing background in the U.S. and how he came to found Blue Mahoe CapitalKey characteristics that make Jamaica an attractive and overlooked investment opportunityWhat characteristics David looks for when searching for promising investmentsComposition of the Jamaican stock market and key stocks and industries Public versus Private investments and the best way to get exposure to JamaicaHow he approaches ESG and impact investing How portfolio diversification can be achieved via diversity

Episode  15 Show Notes Show NotesWant to buy commercial real estate but wondering how to get started?  We speak with George Pino and Joe Killinger at Commercial Brokers International and they cover many important topics to be successful.  This interview is filled with important nuggets to consider - including benefits of triple net structures, the current frothiness in core markets versus opportunities in secondary markets, and how to approach due diligence in real estate transactions.  George and Joe offer their depth of market experience for a highly educational conversation. Key Points in This EpisodeJoe and George’s background and the path they took to become real estate investorsWhat triple-net real estate means and the benefits of these types of assetsHow to think about leverage in real estate and the right amount of debt to put on a transactionTheir view of the current investment environment in real estate and where there may be opportunitiesThe benefits of secondary markets in real estateWhat to look for in real estate transactions and how to do your due diligencePracticalities around investing in real estate such as title documentation and estate taxes

Episode 14 Show NotesThe meteoric rise in the value of cryptocurrencies seems to be the topic du jour.  Whatever your thoughts on the value of crypto, the blockchain technology underpinning it is likely here to stay.  In today’s episode, we interview Aly Madhavji, managing partner at the Blockchain Founders Fund, and he discusses the investment opportunities within the broader blockchain industry.  He touches on the diverse use cases of blockchain, and where the industry is headed.Key Points to this EpisodeAly’s extensive background in blockchain as Senior Blockchain Fellow at INSEAD, advisor to the UN, and manager of a venture fundThe importance of a global reach when investing in blockchain and where the unicorns are found The fundamentals and differences between blockchain and cryptoWhy he thinks we are not in a crypto bubbleHow we are in the early innings of blockchain growth and fascinating use cases in a variety of applications Venture funds and issues with the current structure of performance feesPros and cons of accelerator programs What he looks for in a perfect founder

Episode 13 Show NotesPrivate credit is a game everyone is involved in. In today's episode, we speak to Colin Kilgour of Kilgour Williams Capital.  In this episode we talk about the attractiveness of private credit and how fintech lending platforms have changed the game. Colin is the manager of the firm Kiwi Private Credit Fund, and he shares his knowledge in the private credit market. An Introduction of our guest Colin Kilgour.Developing your expertise in private credit. Definition of private credit and comparing it to publicly traded debt.Colin’s role in the process.Competitors in the marketplace.The investment case for private credit.Why aren't banks competing? Who are the industries that tend to be the borrowers with the loans? The effects of COVID in the marketplace.Diversification in private credit.More important trends to watch for.The warning signs that your portfolio could be affected.