Compounders Podcast

Hunting for Undervalued Compounders in Asia with Dan Rupp, Founder and CIO of Parkway Capital

My guest on the show today is Dan Rupp, the Founder and CIO of Parkway Capital. After spending many years at a very well-known, Asia-focused investment firm called Overlook, Dan founded Parkway Capital to take advantage of some of the less liquid and smaller-cap opportunities he was consistently unearthing. Dan is the first Asia-only investor we have had on the podcast, and I was excited to speak with him about:

• The types of opportunities he thought he could invest in with a smaller capital base;
• How he is building his team and his asset base;
• The Parkway portfolio, which consists of Compounders, Defensive companies and Deep Value stocks
• Why he is so constructive on the Chinese market right now
• The investment case for Chinese white goods manufacturer, Haier

Dan mentioned a handful of securities on this podcast. I don’t own any of them.

Listen to all Compounders Podcast episodes on either Apple or Spotify

iTunes: https://apple.co/3xlUvPY

Spotify: https://spoti.fi/3jxkxLl

All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

From Kroger and Wal-Mart to Running a MicroCap Company with Bill Bennett, CEO of Innovative Food Holdings (OTCQB: IVFH)

My guest on the show today is the Bill Bennett, the CEO of Innovative Foods Group. After a number of years for working for big companies like Wal-Mart and Kroger, Bill became the CEO of Innovative Foods in early 2023. Since that time, he has been leading an aggressive business improvement plan that has started to bear fruit. In this conversation, we covered:

• What initially attracted Bill to the company and the CEO role;
• Where Innovative Foods plays within the specialty foods subsegment of the massive foodservice industry;
• The divestitures the company has made to simplify the business;
• The secular tailwinds behind the specialty foods category; and
• What the company needs to do to hit its EBITDA and revenue targets.

For full disclosure, I am not an IVFH shareholder. For more information about Innovative Food Holdings, please visit: https://investors.ivfh.com/

Listen to all Compounders Podcast episodes on either Apple or Spotify

iTunes: https://apple.co/3xlUvPY

Spotify: https://spoti.fi/3jxkxLl

All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

MicroCaps with Durable Cash Flow Streams with Adam Wilk, Founder and CIO at Greystone Capital Management

My guest on the show today is Adam Wilk, the Founder and CIO of Greystone Capital Management. Adam is a savvy microcap investor who prefers to run a very concentrated portfolio. In this in-depth conversation, we covered:

• How Adam applies learnings from being an NBA scout to the investing realm;
• Why he has chosen to own so few companies;
• The types of microcap companies that Adam gravitates toward;
• His approach to assessing management teams; and
• What it was like starting a new firm in March of 2020.

For full disclosure, Adam mentioned a number of securities on this podcast. I do not own any of them. For more information about Greystone Capital Management, please visit: https://www.greystonevalue.com/

Listen to all Compounders Podcast episodes on either Apple or Spotify

iTunes: https://apple.co/3xlUvPY

Spotify: https://spoti.fi/3jxkxLl

All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

Tackling an Underdiagnosed Disease State with Jim Cunniff, President and CEO of Electromed (NYSE American: ELMD)

My guest on the show today is Jim Cunniff, President and CEO of Electromed, Inc. (NYSE American: ELMD). Electromed is best known for its main products, the SmartVest, a medical device that helps people with a chronic lung condition breathe easier and have a better quality of life. After working at Baxter and Stryker, Jim became CEO in 2023 and has brought a new level of focus and urgency to the Electromed. In this conversation, covered:

• Why Jim decided to take the CEO role at Electromed;
• What is special about the SmartVest, as well as the drivers of growth;
• Why Bronchiectasis remains an underdiagnosed condition;
• What he has learned from being an operating partner at Shore Capital; and
• How the company generates 70%+ gross margins.

For full disclosure, I am not an Electromed shareholder. For more information about Electromed, please visit: https://investors.smartvest.com/overview/default.aspx

Listen to all Compounders Podcast episodes on either Apple or Spotify

iTunes: https://apple.co/3xlUvPY

Spotify: https://spoti.fi/3jxkxLl

All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

Antifragile Businesses with the Most Upside with Jim Edwards, Founder and Managing Partner of Maestria Partners

My guest on the show today is Jim Edwards, the founder and managing partner of Maestria Partners. Jim spent a number of years working for big university endowments until launching Maestria in 2023. Jim is a fundamental investor at heart who thought deeply about how to differentiate his firm before going out on his own. In this wide-ranging conversation, we discussed:

• Jim’s journey from the allocator world to launching his own investment firm;
• What he learned about differentiation and best practices during his time as an allocator;
• The types of business models he gravitates toward;
• His approach to valuing companies that the market already has a deep appreciation for; and
• Why he has chosen to run a pretty concentrated portfolio

For more information about Maestria Partners, please visit: https://maestriapartners.com/

Listen to all Compounders Podcast episodes on either Apple or Spotify

iTunes: https://apple.co/3xlUvPY

Spotify: https://spoti.fi/3jxkxLl

All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

Building a Company with a Growth Mindset with Carl Herberger, CEO of Corero Network Security (LSE: CNS / OTCQB: DDOSF)

My guest on the show today is Carl Herberger, the CEO or Corero Network Security. Carl joined Corero, a UK-listed microcap company, at an exciting time for the company. Cybersecurity is such a hot space that I was excited to speak with Carl about:

• What he thought was so compelling about the opportunity to lead Corero;
• Where the company’s products play in the cybersecurity ecosystem;
• How a small company lands partnerships with well-known, large companies;
• Ways in which AI is going to impact the cybersecurity market going forward; and
• How he is currently balancing the tension between achieving growth and better profitability

For full disclosure, I am not a Corero shareholder.

For more information about Corero, please visit: https://www.corero.com/ 

Listen to all Compounders Podcast episodes on either Apple or Spotify

iTunes: https://apple.co/3xlUvPY

Spotify: https://spoti.fi/3jxkxLl

All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

Building a Disruptive, Independent ETF Platform with Yuri Khodjamirian, CIO of Tema ETFs

My guest on the show today is Yuri Khodjamirian, the CIO at Tema. Tema is an innovative company that is trying to revolutionize the ETF industry. The company has a passion for providing investors, especially those in retail space, with access to institutional quality managers and strategies. In this in-depth discussion, we covered:

• Tema’s mission at it relates to providing quality access to ETF strategies
• How Tema is trying to differentiate its ETFs within a very crowded space
• Why some prominent venture firms thought was so attractive about Tema to warrant an investment;
• The strategy behind the Tema Monopolies and Oligopolies ETF, ticker TOLL; and
• His approach to establishing an edge in well-known stocks.

For more information about Tema ETFs, please visit: https://temaetfs.com/

Listen to all Compounders Podcast episodes on either Apple or Spotify

iTunes: https://apple.co/3xlUvPY

Spotify: https://spoti.fi/3jxkxLl

All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

The Investment Case for Canadian MicroCaps with Mathieu Martin, Portfolio Manager of the Rivemont MicroCap Fund

My guest on the show today is Mathieu Martin, the Portfolio Manager of the Rivemont Microcap Fund. Mathieu is a microcap specialist who focuses on Canadian stocks. I have personally become fascinated with the differences between the US and Canadian markets, and I was excited to talk to Mathieu about:

• Where his love for microcap stocks began;
• The level of inefficiency he sees within Canadian microcaps;
• Why US-based investors don’t venture up to Canada as often as they should; and
• What he learned after having a tough year in 2022;
• Just how cheap Canadian microcaps are at the current moment

For more information about Rivemont MicroCap Fund, please visit: https://rivemont.ca/en/rivemont-microcap-fund/

Listen to all Compounders Podcast episodes on either Apple or Spotify

iTunes: https://apple.co/3xlUvPY

Spotify: https://spoti.fi/3jxkxLl

All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

Learning from Markets in Chaos with Brendan Hughes, Author of "Markets in Chaos" and Investment Advisor at Lafayette Investments

My guest on the show today is author and investor, Brendan Hughes. Brendan wrote a very interesting book entitled Markets in Chaos where he analyzed various boom-and-bust cycles that have happened over history. Brendan is also on the investment team at Lafayette Investments, a Maryland-based RIA. In this wide-ranging discussion, we covered:

• The major lessons he learned from writing Markets in Chaos
• Lafayette’s approach to security selection;
• How he and his firm define a quality company;
• Similarities and differences between today and the 1970s US energy crisis; and
• Why he has a strong distaste for the value and growth labels that get placed on investment strategies

For more information about Lafayette Investments, please visit: https://www.lafayetteinvestments.com/

"Markets in Chaos" on Amazon: https://www.amazon.com/Markets-Chaos-History-Market-Crises/dp/1637425147

Listen to all Compounders Podcast episodes on either Apple or Spotify

iTunes: https://apple.co/3xlUvPY

Spotify: https://spoti.fi/3jxkxLl

All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.

Bringing Institutional Quality Service to Wealthy Families with Chet Rastogi, Partner and Portfolio Manager of Heron Bay Capital Management

My guest on the show today is Chet Rastogi, Partner and Portfolio Manager of Heron Bay Capital Management. Chet is a seasoned investor who helps the firm run both its discretionary and systematic strategies. In this interesting conversation, we discussed:

• Heron Bay’s definition of a quality company;
• What it means to be a good steward of clients’ capital;
• Why the firm employs both discretionary and systematic strategies;
• How he thinks about concentration in both types of strategies; and
• The case for continuing to run a microcap strategy

For more information about Heron Bay Capital Management, please visit: https://www.heronbaycap.com/

Listen to all Compounders Podcast episodes on either Apple or Spotify

iTunes: https://apple.co/3xlUvPY

Spotify: https://spoti.fi/3jxkxLl

All opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.