Mark Cooper, founder and CIO of MAC Alpha Capital Management, stops by The Business Brew to discuss the potential opportunity in international markets.

Mark has 20 years of experience in equity investing and almost 9 years in commodity trading, working at top-tier hedge funds and mutual funds with some legendary value investors.

Mark’s experience prior to founding MAC Alpha Capital Management:

• Co-Portfolio Manager, First Eagle Investment Management, 2014 to 2019 | International Small Cap Value strategy.
• Portfolio Manager and Analyst, PIMCO, 2010 to 2014 | Global generalist managing a diversified quantitative U.S. equity fund.
• Partner and Portfolio Manager, Omega Advisors, 2005 to 2010 | Global industrials, capital goods, and commodities/energy sectors.
• Analyst, Pequot Capital Management, 2002 to 2004
• Portfolio Manager, JP Morgan, 1992 to 2000 | Fixed income, commodities, and foreign exchange asset classes, co-managing a $50 billion notional value portfolio investing in both European and exotic options and managing a $10 billion portfolio focused on long-dated gold and silver.
• Adjunct Professor of Finance and Economics, Columbia Business School, 2004 to 2025| Applied Value Investing

Education and Credentials:

• MBA - Columbia Business School 2002 | Bachelor of Science - Massachusetts Institute of Technology 1991. Former US Army officer Former Vice Chairman of Harlem success academy HSA #2 (a charter school) |Co-author of Value Investing: From Graham to Buffett and Beyond – Second Edition.

Sponsorship Information

Thank you to ⁠⁠⁠Fiscal.ai⁠⁠⁠ for sponsoring the show.

DISCOUNT INFO: If you use the affiliate link ⁠⁠⁠⁠fiscal.ai/brew⁠⁠⁠⁠, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About ⁠⁠⁠Fiscal.ai⁠⁠⁠

⁠⁠⁠Fiscal.ai⁠⁠⁠ is the complete modern data terminal for global equities.

The ⁠⁠⁠Fiscal.ai⁠⁠⁠ platform combines a powerful user experience with all the financial data capabilities that professional investors need.

Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models.

And unlike legacy data terminals where it can take hours or even days, ⁠⁠⁠Fiscal.ai⁠⁠⁠’s data is updated within minutes of earnings reports.

⁠⁠⁠Fiscal.ai⁠⁠⁠ also tracks all the company-specific Segment & KPI data so you don’t have to.

• Like to track Amazon’s Cloud Revenue? They’ve got it.

• How about Spotify’s premium subscribers?

• Or Google’s quarterly paid clicks?

They’ve got all of it.

Matthew Quigley, Founder of Draft Line Capital, stops by the show to discuss lending to athletes. Matthew got involved in sports via FSU's booster program. He eventually joined FSU to work on recruiting and coaching students on how maximize NIL earnings.

Matthew now runs Draft Line Capital. Draft Line lends to athletes to help them: with working capital, purchase loss of value insurance, and more. Notably, Draft Line will not lend for frivolous expenses. Learn more listening! Contact Matthew by going to DraftLineCap.com.

Bill references an Amazon show: The Money Game. That is worth a watch for some background.

Sponsorship Information

Thank you to ⁠⁠⁠Fiscal.ai⁠⁠⁠ for sponsoring the show.

DISCOUNT INFO: If you use the affiliate link ⁠⁠⁠⁠fiscal.ai/brew⁠⁠⁠⁠, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About ⁠⁠⁠Fiscal.ai⁠⁠⁠

⁠⁠⁠Fiscal.ai⁠⁠⁠ is the complete modern data terminal for global equities.

The ⁠⁠⁠Fiscal.ai⁠⁠⁠ platform combines a powerful user experience with all the financial data capabilities that professional investors need.

Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models.

And unlike legacy data terminals where it can take hours or even days, ⁠⁠⁠Fiscal.ai⁠⁠⁠’s data is updated within minutes of earnings reports.

⁠⁠⁠Fiscal.ai⁠⁠⁠ also tracks all the company-specific Segment & KPI data so you don’t have to.

• Like to track Amazon’s Cloud Revenue? They’ve got it.

• How about Spotify’s premium subscribers?

• Or Google’s quarterly paid clicks?

They’ve got all of it.

Peter Mantas of Logos LP, ⁠https://www.logoslp.com/⁠, stops by The Business Brew for an update. The previous episode discussed the potential of the life sciences industry. Since then uniQure released potentially groundbreaking results. Hence, Peter came back for an update.

Shoutout to the ClearPoint group chat!

For more information on how Peter invests, please see ⁠https://podcasts.apple.com/us/podcast/peter-mantas-logos-lp-portfolio-construction-biotechs/id1492171651?i=1000537962817⁠ on Apple or ⁠https://open.spotify.com/episode/6r003LhN4REFSxYxogPWXH?si=7ApTcSdmRzepl5oW44friw⁠ on Spotify.

Sponsorship Information

Thank you to ⁠⁠Fiscal.ai⁠⁠ for sponsoring the show.

DISCOUNT INFO: If you use the affiliate link ⁠⁠⁠fiscal.ai/brew⁠⁠⁠, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About ⁠⁠Fiscal.ai⁠⁠

⁠⁠Fiscal.ai⁠⁠ is the complete modern data terminal for global equities.

The ⁠⁠Fiscal.ai⁠⁠ platform combines a powerful user experience with all the financial data capabilities that professional investors need.

Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models.

And unlike legacy data terminals where it can take hours or even days, ⁠⁠Fiscal.ai⁠⁠’s data is updated within minutes of earnings reports.

⁠⁠Fiscal.ai⁠⁠ also tracks all the company-specific Segment & KPI data so you don’t have to.

• Like to track Amazon’s Cloud Revenue? They’ve got it.

• How about Spotify’s premium subscribers?

• Or Google’s quarterly paid clicks?

They’ve got all of it.

Maja Vujinovic stops by The Business Brew for a crypto discussion. Maja is CEO of FGNX, a D.A.T. The meat of this conversation is about Maja's experience in payments and how that led her to crypto. Maja then discusses Bitcoin and Ethereum's role in the modern financial system.

Sponsorship Information

Thank you to ⁠⁠Fiscal.ai⁠⁠ for sponsoring the show.

DISCOUNT INFO: If you use the affiliate link ⁠⁠⁠fiscal.ai/brew⁠⁠⁠, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About ⁠⁠Fiscal.ai⁠⁠

⁠⁠Fiscal.ai⁠⁠ is the complete modern data terminal for global equities.

The ⁠⁠Fiscal.ai⁠⁠ platform combines a powerful user experience with all the financial data capabilities that professional investors need.

Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models.

And unlike legacy data terminals where it can take hours or even days, ⁠⁠Fiscal.ai⁠⁠’s data is updated within minutes of earnings reports.

⁠⁠Fiscal.ai⁠⁠ also tracks all the company-specific Segment & KPI data so you don’t have to.

• Like to track Amazon’s Cloud Revenue? They’ve got it.

• How about Spotify’s premium subscribers?

• Or Google’s quarterly paid clicks?

They’ve got all of it.

Takeaways

Maja Vujinovic has been in the crypto space since 2010.

Mobile payments are crucial for developing markets.

Bitcoin's peer-to-peer nature addresses remittance issues.

Traditional banks often overlook developing markets.

Ethereum serves as a financial layer, while Bitcoin is a reserve asset.

Stablecoins are essential for programmable finance.

Tokenization can unlock liquidity in illiquid assets.

Government regulation is crucial for crypto's future.

The cultural mindset in large corporations can hinder innovation.

Tokenization can expand market access and reduce operational costs. Maja believes Bitcoin is being brought mainstream by companies like MicroStrategy.

Treasury companies can provide exposure to crypto assets without direct ownership.

Family offices are increasingly interested in holding crypto through equity in companies.

Ethereum is seen as a bridge for traditional finance to enter the crypto space.

The future of finance is digital, with a focus on AI and crypto integration.

Scale in the crypto ecosystem allows for greater influence and capital attraction.

Vujinovic emphasizes the importance of community in the success of cryptocurrencies.

The younger generation is moving away from traditional assets like treasuries.

AI and crypto are expected to evolve together, creating new opportunities.

Shitcoins have a place in the market, driven by community engagement.

This week, Dan Rasmussen - founder of Verdad Advisors and author of The Humble Investor - drops by to challenge conventional wisdom, discuss humility, and stir up some lively debate.

In this conversation, Dan discusses his investment philosophy; focusing on the risks associated with private equity, the unpredictability of future growth, and the importance of patience in investing. Dan also touches on his approach to investigating biotech investing.

We hope you enjoy the show.

Sponsorship Information

Thank you to ⁠Fiscal.ai⁠ for sponsoring the show.

DISCOUNT INFO: If you use the affiliate link ⁠⁠fiscal.ai/brew⁠⁠, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About ⁠Fiscal.ai⁠

⁠Fiscal.ai⁠ is the complete modern data terminal for global equities.

The ⁠Fiscal.ai⁠ platform combines a powerful user experience with all the financial data capabilities that professional investors need.

Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models.

And unlike legacy data terminals where it can take hours or even days, ⁠Fiscal.ai⁠’s data is updated within minutes of earnings reports.

⁠Fiscal.ai⁠ also tracks all the company-specific Segment & KPI data so you don’t have to.

• Like to track Amazon’s Cloud Revenue? They’ve got it.

• How about Spotify’s premium subscribers?

• Or Google’s quarterly paid clicks?

They’ve got all of it.

Takeaways

Private equity is often treated as less risky than it truly is.

The recent decline in private equity fundraising indicates a shift in investor sentiment.

Future growth rates are unpredictable.

Focus on profitability and quality in business investments.

Volatility is predictable both in cross-section and time series.

Japan may be a good place for value investors to hunt.

David Gardner returns to discuss his new book: Rule Breaker Investing: How to Pick the Best Stocks of the Future and Build Lasting Wealth. After decades of research, the book is a culmination of David's work in investing. This conversation should whet your appetite and help understand David's philosophy.

Takeaways

Investing requires a long-term mindset and patience.

Market volatility is a natural part of investing.

Concentration in a few strong positions can be beneficial.

Initial position sizing should be conservative, typically around 5%.

Avoid adding to losing positions; focus on winners.

Understanding the brand and leadership of a company is crucial.

Total addressable market can expand, leading to growth opportunities.

AI can enhance investment strategies and content creation.

Investing is about understanding the underlying business, not just stock prices.

Building a portfolio should reflect personal values and vision.

Other Episode

You can find David and Bill's first conversation at:

Apple: https://podcasts.apple.com/us/podcast/david-gardner-an-investing-fool/id1540847053?i=1000542928487

Spotify: https://open.spotify.com/episode/6QQaQXlOz4mvjFS425vkQs?si=VsXHLcseTneft5J0APQS_Q

Youtube: https://www.youtube.com/watch?v=VXijHth4OrU

Sponsorship Information

Thank you to Fiscal.ai for sponsoring the show. DISCOUNT INFO: If you use the affiliate link ⁠fiscal.ai/brew⁠, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About Fiscal.ai

Fiscal.ai is the complete modern data terminal for global equities.

The Fiscal.ai platform combines a powerful user experience with all the financial data capabilities that professional investors need.

Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models.

And unlike legacy data terminals where it can take hours or even days, Fiscal.ai’s data is updated within minutes of earnings reports.

Fiscal.ai also tracks all the company-specific Segment & KPI data so you don’t have to.

• Like to track Amazon’s Cloud Revenue? They’ve got it.

• How about Spotify’s premium subscribers?

• Or Google’s quarterly paid clicks?

They’ve got all of it.

Braden Dennis stops by to discuss building Fiscal.ai. Long time show listeners may remember Stratosphere.io. That was "Era 1" of the company. Today, Braden is working on "Era 3" of the company; Fiscal.ai.

Braden talks about building a product for himself, to acquiring customers, to early LLM adoption, and finally to competing with FactSet. Fiscal.ai recently raised $10mm in a Series A round led by Portage and Social Leverage.

We hope you enjoy the conversation. It's a cool story.

ALSO, if you use the affiliate link fiscal.ai/brew, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans.

Thank you for using the affiliate link, I appreciate the support. -Bill

Spencer Cibelli, Investment Associate at Robotti & Company, stops by to discuss Haypp Group; the world’s largest online retailer of nicotine pouches and traditional snus products. The nicotine pouch category is, as Mugatu would say, "So hot right now." Spencer details Haypp's unique characteristics, benefit to customers, and value offered to suppliers. This business has an interesting niche. And may just be an unlikely "Win-Win-Win" example. Enjoy the episode!

Sponsor Notes

This episode is brought to you by Fiscal.ai

Fiscal.ai is the complete modern data terminal for global equities. The Fiscal.ai platform combines a powerful user experience with all the financial data capabilities that professional investors need.

Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models.

And unlike legacy data terminals where it can take hours or even days, Fiscal.ai’s data is updated within minutes of earnings reports. Fiscal.ai also tracks all company specific Segment & KPI data so you dont have to!
Use my affiliate link fiscal.ai/brew, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans.

Takeaways

Haypp is the world's largest online retailer of nicotine pouches.

The company has a unique data insights business that contributes to its revenue.

Consumer behavior in the nicotine pouch market shows a willingness to switch brands.

Regulatory challenges are significant but manageable for Hape.

Pricing strategies allow Haypp to offer lower prices than traditional retailers.

The growth potential in the nicotine pouch market is substantial, especially in the US.

Management's long-term vision is focused on market share growth.

Valuation metrics suggest Haypp is an attractive investment opportunity.

The online penetration of nicotine products is still low, indicating room for growth.

Haypp's relationships with manufacturers are symbiotic and beneficial for both parties.