Compounders Podcast

Democratizing Access to Private Real Estate with Matt Blair, CEO of REI Capital Management

My guest on the show today is Matt Blair, the co-founder and CEO of REI Capital Management. Private real estate has been an asset class that has performed well over many years—but has largely been inaccessible to the average individual investor. In co-founding REI, Matt has the goal of democratizing access to private real estate investments. In this enlightening conversation, Matt and I discussed:

• How retail investors can typically access private real estate investments today;
• Why REI has gone through a lengthy SEC process to try to expand access to private real estate;
• The investment strategy REI is employing;
• Important investor considerations such as diversification and liquidity; and
• The types of property Matt is looking to acquire—without overpaying of course.

For more information about REI Capital Management, please visit: https://reicapitalmanagement.net/team-member/matthew-blair/

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.

Investing in Growing Cash Cows with Tim Call, President and CIO of The Capital Management Corporation

Our guest on the show this week is Tim Call, the President and CIO of The Capital Management Corp., a long-only investment firm that focuses on cash cows. The firm has been around since the 1960s and has remarkable client retention numbers. In this enlightening conversation, Tim and I covered:

• The lasting legacy of the firm;
• What a cash cow means to CMC;
• Why they think SMID cap is a great place to be investing;
• The philosophy surrounding portfolio concentration; and
• How to get the most out of a small investment team.

For more information about The Capital Management Corp., please visit: https://cmcva.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 Moat Around Sky Harbor Group with Tal Keinan, CEO of Sky Harbor Group (NYSE American: SKYH)

My guest on the show today is Tal Keinan, the CEO of Sky Harbor Group, a publicly traded developer and operator of airplane hangars. Before conducting the interview, I had the opportunity to learn a lot about Sky Harbor from an investor friend who owns the stock and knows the company as well as just about anyone on the planet. That led to a deep, rich conversation where we covered:

• The process by which Sky Harbor became public;
• Whether Sky Harbor is a real estate company, an operating company—or both;
• An overview of the supply and demand dynamics for business aircraft hangar space;
• How Sky Harbor views the threat of emerging competition; and
• The economics and returns associated with developing new hangars.

For full disclosure, I am not a Sky Harbor shareholder.

For more information about Sky Harbour Group, please visit: https://skyharbour.group/

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.

Employing an Investigative Journalist's Process within an Investment Firm with Tania Pouschine, Founder & Portfolio Manager of Fithian

My guest on the show today is Tania Pouschine, the Founder and Portfolio Manager of Fithian. I reached out to Tania to have her on the podcast after I heard from an allocator friend that Fithian employed one of the most unique and differentiated investment processes in the public equity space. With that as the backdrop, I was excited to speak with Tania—who was formerly an investigative journalist—about:

• The circumstances surrounding the founding of Fithian in 2016;
• How being an investigative journalist informs her investment process;
• Fithian's perspective on what performing deep due diligence on companies actually looks like;
• The global long-only strategy Fithian runs for clients; and
• The characteristics of a prototypical Fithian stock

For more information about Fithian, please visit: https://www.fithianllc.com/

This episode is sponsored by: Daloopa

Earnings season—two words that can make any analyst’s heart race. The late nights, the endless manual updates, and the constant pressure to deliver timely, accurate insights—it’s overwhelming. But it doesn’t have to be.

With Daloopa, you can revolutionize the way you work. Their automated model update solution takes the manual effort out of the equation, delivering complete, accurate, and real-time financial data at the click of a button. No more endless spreadsheets. No more scrambling to keep up.

Daloopa empowers you to initiate coverage faster, refine your investment theses with confidence, and focus on what really matters—identifying key opportunities and delivering actionable recommendations that drive results. Plus, with fully auditable data, you’ll always have the confidence that your insights are backed by accuracy.

So, if you’re ready to get ahead of earnings season and take your analysis to the next level, visit daloopa.com/comp today. Daloopa—because your time is too valuable to spend it on data entry: https://go.daloopa.com/comp

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.

Assessing Capital Allocation Prowess with Kevin Fogarty and Brent Robinson, Value Creators Capital

My guests on the show today are Brent Robinson and Kevin Fogarty of Value Creators, a US-focused public equity firm that has a long track record of success. After working together for a number of years at Dupont Capital Management, Brent and Kevin helped found Value Creators in 2023. When I heard about the proprietary process the firm uses to assess capital allocation, I knew I had to have them on the podcast. In this fascinating conversation, we covered:

• The long history the Value Creators team has together;
• The circumstances surrounding the founding of the firm;
• How they assess capital allocation;
• Portfolio construction, including concentration; and
• The process they use to whittle down their investment universe.

For more information about Value Creators Capital, please visit: https://www.valuecreatorscapital.com/

This episode is sponsored by: Daloopa

Earnings season—two words that can make any analyst’s heart race. The late nights, the endless manual updates, and the constant pressure to deliver timely, accurate insights—it’s overwhelming. But it doesn’t have to be.

With Daloopa, you can revolutionize the way you work. Their automated model update solution takes the manual effort out of the equation, delivering complete, accurate, and real-time financial data at the click of a button. No more endless spreadsheets. No more scrambling to keep up.

Daloopa empowers you to initiate coverage faster, refine your investment theses with confidence, and focus on what really matters—identifying key opportunities and delivering actionable recommendations that drive results. Plus, with fully auditable data, you’ll always have the confidence that your insights are backed by accuracy.

So, if you’re ready to get ahead of earnings season and take your analysis to the next level, visit daloopa.com/comp today. Daloopa—because your time is too valuable to spend it on data entry: https://go.daloopa.com/comp

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.

Aligning Home Sellers with their Real Estate Agents with Nic Johnson, Founder of Listwise

My guest on the show today is Nic Johnson, the founder of Listwise, a company that is trying to revolutionize how residential brokers get paid when helping clients sell their homes. After spending many years at PIMCO as a portfolio manager, Nic founded Listwise in 2022 to help create better alignment between home sellers and their brokers. In this wide-ranging discussion, we covered:

• What led Nic to start Listwise;
• The problem associated with selling a home that the company is attempting to solve;
• How Listwise incentivizes brokers to get the highest price for a seller;
• Common mistakes homeowners make when they are selling their house; and
• How the company is attracting customers

For more information about Listwise, please visit: https://listwise.com/

This episode is sponsored by: Daloopa

Earnings season—two words that can make any analyst’s heart race. The late nights, the endless manual updates, and the constant pressure to deliver timely, accurate insights—it’s overwhelming. But it doesn’t have to be.

With Daloopa, you can revolutionize the way you work. Their automated model update solution takes the manual effort out of the equation, delivering complete, accurate, and real-time financial data at the click of a button. No more endless spreadsheets. No more scrambling to keep up.

Daloopa empowers you to initiate coverage faster, refine your investment theses with confidence, and focus on what really matters—identifying key opportunities and delivering actionable recommendations that drive results. Plus, with fully auditable data, you’ll always have the confidence that your insights are backed by accuracy.

So, if you’re ready to get ahead of earnings season and take your analysis to the next level, visit daloopa.com/comp today. Daloopa—because your time is too valuable to spend it on data entry: https://go.daloopa.com/comp

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.

Why Moats Matter with Todd Wenning, President and CIO of KNA Capital

My guest on the show today is Todd Wenning, the President and CIO of KNA Capital. Many of our listeners might have come across Todd’s excellent discussions of moats during his time at Morningstar and Ensemble Capital—or on his Substack Flyover Stocks. Todd founded KNA Capital earlier this year and I was eager to speak with Todd about:

• What pushed him to start his own firm;
• Why economic moats are so important to him and his process;
• How he decided on the right level of concentration;
• What he finds so valuable about the process of teaching undergrads; and
• Why nostalgia can be a very attractive theme to invest behind

For more information about KNA Capital, please visit: https://www.kna-capital.com/

For more information about the Flyover Stocks substack, please visit: https://www.flyoverstocks.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.

Turning Over as Many Rocks as Possible with James Emanuel, Author of "Fabric of Success"

My guest on the show this week is James Emanuel, a private investor and the founder of Rock & Turner. James has thought deeply about many aspects of the investment world—and is an active writer on his Substack as well as being the author of a number of books. In this deep conversation, we discussed:

• What led James to focus on investing full time;
• Why he decided to run what is essentially an all-cap global strategy;
• The reasons he has such a negative opinion of dividends;
• Why he calls stock-based compensation the most abused aspect of corporate finance; and
• His newest book, Fabric of Success

James mentioned several securities on this podcast. The only one I own is Berkshire Hathaway. For more information about "Fabric of Success", you can purchase your copy here: https://www.amazon.com/Fabric-Success-Threads-Tapestry-Business/dp/B0D5W7B9W1

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.

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.