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45 - Geoff Gannon Interview: Concentrated Investing in Overlooked Stocks ($NC, $KARE.AT, $NKR, $TRUX, $VLGEA)

The DIY Investing Podcast: Value Investing | Fundamental Analysis | Mental Models | Business Management

Release Date: 10/06/2019

60 - Opportunities are Rare: Go the Extra Mile show art 60 - Opportunities are Rare: Go the Extra Mile

The DIY Investing Podcast: Value Investing | Fundamental Analysis | Mental Models | Business Management

In this episode, I discuss how investors can sometimes fail by not seizing available opportunities. When an investment opportunity meets your requirements you should go the extra mile if needed to make the investment.

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59 - How to manage Currency Risk (Loss of Purchasing Power Parity) show art 59 - How to manage Currency Risk (Loss of Purchasing Power Parity)

The DIY Investing Podcast: Value Investing | Fundamental Analysis | Mental Models | Business Management

One potential risk of earning an acceptable return is for your investment returns to be eroded by changes in the value of foreign currency. You can limit this risk by avoiding countries with large problems that may impact the currency.

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58 - Investing Goals for 2020 show art 58 - Investing Goals for 2020

The DIY Investing Podcast: Value Investing | Fundamental Analysis | Mental Models | Business Management

The key to becoming a better investor is to focus on improving your investing process. In this episode, I discuss my 2020 Investing Goals.

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57 - Technical Analysis for Value Investors with David Keller show art 57 - Technical Analysis for Value Investors with David Keller

The DIY Investing Podcast: Value Investing | Fundamental Analysis | Mental Models | Business Management

Technical analysis quantifies investor behavior. Value investors can leverage charts to improve their investing process. Behavioral Finance is also critical to reducing investing mistakes.

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56 - HemaCare 100-Bagger with Dan Schum show art 56 - HemaCare 100-Bagger with Dan Schum

The DIY Investing Podcast: Value Investing | Fundamental Analysis | Mental Models | Business Management

In this episode, I interview Dan Schum of NoNameStocks.com

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55 - How to manage Inflation Risk (Loss of Purchasing Power) show art 55 - How to manage Inflation Risk (Loss of Purchasing Power)

The DIY Investing Podcast: Value Investing | Fundamental Analysis | Mental Models | Business Management

In today's low inflation environment, one of your best opportunities is to find and invest in companies that will thrive when high inflation returns. When the rest of the market gets hammered, your investments would be safe.

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54 - How to Classify Companies by Business Quality: An Investing System show art 54 - How to Classify Companies by Business Quality: An Investing System

The DIY Investing Podcast: Value Investing | Fundamental Analysis | Mental Models | Business Management

In this episode, learn how to classify companies by business quality. If you begin your investing research with a business quality classification, you can limit investing mistakes and maximize your margin of safety.

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53 - How to buy illiquid stocks show art 53 - How to buy illiquid stocks

The DIY Investing Podcast: Value Investing | Fundamental Analysis | Mental Models | Business Management

Purchasing illiquid stocks presents unique challenges. Your buying process should focus on overcoming those challenges. Use limit orders and study price changes to buy sufficient shares.

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52 - The Acquirer's Multiple with author Tobias Carlisle (Interactive Book Review) show art 52 - The Acquirer's Multiple with author Tobias Carlisle (Interactive Book Review)

The DIY Investing Podcast: Value Investing | Fundamental Analysis | Mental Models | Business Management

In this episode, I interview Tobias Carlisle, author of The Acquirer's Multiple and fund manager of the ETF ZIG. Listen to an interactive review of this Deep Value Investing book.

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51 - Psychology of Selling Losers show art 51 - Psychology of Selling Losers

The DIY Investing Podcast: Value Investing | Fundamental Analysis | Mental Models | Business Management

In this episode, I discuss the psychology involved in selling losing stock positions. A core aspect of behavioral finance is overcoming our weaknesses. Ignoring opportunity cost is a key investing weakness.

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Show Outline: Interview with Geoff Gannon of Focused Compounding Capital Management

The full show notes for this episode are available at https://www.diyinvesting.org/Episode45

Part 1: Background and Geoff's Investing Process

  • How have you developed as an investor over time?
  • Willow Oak Partnership - Hedge Fund Launch
  • Geoff Gannon's Investing Process:
    • Concentrated (5 positions - 20% each)
    • Overlooked stocks (Low liquidity, low beta)
    • High Quality & Value Focus
  • What to look for in corporate management
  • Does selling stocks add value?
  • Village Supermarket (VLGEA), Activision (ATVI), Coinstar (now private)

Part 2: Example Investments - NACCO ($NC)

  • Up 90% YTD (as of October 3rd, 2019)
  • Finding value during spin-offs
  • How to earn infinite returns on capital while mining coal 

Part 3: Stock Talk - Karelia Tobacco (KARE.AT), Nekkar (NKR), Truxton Trust (TRUX)