Micro Cap Mastery & Lessons in Unit Economics w/ Connor Haley, Alta Fox Capital (Episode 36) - a podcast by Brandon Beylo

from 2020-07-31T11:00

:: ::

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better. I couldn't be more excited to partner with TIKR.


***Disclaimer: Nothing you hear on this podcast is in any way, shape or form to be construed as investment advice. The guest on this podcast may hold positions in any/all names mentioned during the podcast. This is not investment advice and investors should always conduct personal due diligence before investing in any security. Past performance of any funds mentioned are not indicative of future returns.***


Connor Haley is the founder and managing partner of Alta Fox Capital. If you haven't heard of Connor, here's a few highlights: 



  • Graduated Harvard University 

  • Founded Alta Fox Capital in 2018 and has generated (to date) 40% gross annualized returns

  • #1 Micro Cap Investor on Micro Cap Club


Connor is a fantastic investor and great business thinker. He focuses all his attention on the fundamental unit economics of business, as well as what makes for a lasting competitive advantage. 


He fishes in overlooked areas (small-micro cap stocks) and routinely hunts overseas in search of attractive IRRs. 


We spend an hour diving into the nuances of business fundamentals, unit economics and why Connor rarely does a DCF model. 


Here's the time-stamp: 



  • [1:36] Intro Questions

  • [7:12] Traditional Education & Self-Taught Investors

  • [13:36] Lessons From The Best Chess Players

  • [17:21] Skewed Institutional Incentives

  • [19:56] Top-Ranked Micro Cap Club Member

  • [22:17] Connor's 3-Pronged Strategy During COVID

  • [27:17] Understanding How Competitors Compete

  • [28:41] The Power of Unit Economic Analysis

  • [34:44] Asking Questions Like An Owner

  • [39:52] Stop Worrying About P/E Ratios

  • [47:11] 3-5 Year Time Horizons & Multiples

  • [51:35] Connor's Q2 Letter & Highlights

  • [55:05] Don't Focus on the Market Narrative

  • [59:47] Looking International For Ideas

  • [60:00] Closing Questions


If you're interested in learning more about Connor and Alta Fox, check out the following links: 




---

Support this podcast: https://anchor.fm/valuehive/support

Further episodes of Value Hive Podcast

Further podcasts by Brandon Beylo

Website of Brandon Beylo