Jeffrey Kamys returns to discuss Q1 earnings, with updates on DKNG, PENN, MGM, BALY and more. We dive into Bally's potential tender offer after rejecting Standard Chartered's $38 per share and the company's transition to being more software-oriented after acquiring Gamesys. Jeffrey overviews opportunities in sports gambling content provider Gamblin…

My guest today is Jeffrey Kamys, Chief Investment and Portfolio Manager at Baseline Investments and Inherent Wealth Fund, where he manages the iBET Sports Betting & Gaming ETF (IBET). Jeffrey walks through the current landscape in sports betting in the US today and what the path to legalization looks like. I get Jeffrey's takes on disparities in va…

My guest today is J Mintzmyer, Head of Research at Value Investor's Edge and my favorite follow on all things shipping. J discusses where he thinks we are in the shipping cycle and how he gauges risk / reward based on company-specific and industry-specific factors. J uses this risk / reward framework to talk through International Seaways (INSF), Sc…

My guest today is Twebs (https://twitter.com/twebs). Twebs writes The Asymmetry Infantry (https://twebs.substack.com/) and is host of Single Stock Spaces (RSS feed: https://api.substack.com/feed/podcast/487271/private/05bd0330-8d56-4df0-8ad3-9051293c432a.rss). He spent 15+ years on the buy side and chats with me on lessons learned there, specifical…

Nick Widmer discusses how NFTs will figure greatly into our relationship with products and services. We talk about LinksDAO and other projects where NFTs could represent value beyond the aesthetic and unlock physical goods and services in the future. Nick discusses why the current ecosystem is the way it is, including the incentives of influencers,…

The Impervious is back to talk all things 2022 outlook! We exchange takes on inflation, growth v. value, uranium, SPACs, Chinese stocks, US cannabis and more.By stocktalking

Diligent Dollar (https://diligent-dollar.com/) and I discuss his Value Trap Coffee Can Portfolio (VTCCP). We discuss the five names currently in VTCCP ($STRT, $ALSN, $AXL, $ANF and $CATO) and why opportunities exist specifically in auto suppliers and retail. Diligent also pitches Bath and Bodyworks ($BBWI) and the potential for the stock to be a co…

"If we talk in two years, I'll be shocked if Nike isn't issuing NFTs." - Nick Widmer Nick Widmer (https://nickwidmer.substack.com/, https://twitter.com/nfwidmer) returns to the show to talk about non-fungible tokens, Web3 and the next generation of brand building. Nick explains to me why NFTs are a logical vehicle for companies to use to build thei…

I explain why I think the stock market puck is going to the movie theater industry and how turbo poker tournaments are my mental model for market cycles. I review Cinemark's 2021 quarterly earnings call and why CEO Mark Zoradi's comments demonstrate that 2H 2021 and 2022 are going to be an amazing time for the box office. Book recommendations: - Th…

I discuss why I'm a big fan of Apple's buyback strategy and think buybacks are a better use of capital than acquisitions, any capex they could do, debt paydown, keeping the cash or raising the dividend. Based on the company's capital allocation strategy and earnings growth, Apple still is a great buy and one of my top holdings. Some links I mention…

The Impervious returns to swap takes on gold + gold miners, Tesla + FAANG upcoming earnings, inflation v. deflation, the crypto lending market and QQQ's year of outperformance versus Berkshire Hathaway.By stocktalking

Diligent Dollar is back to explain how he finds opportunities in levered companies that scare away most equity investors. Diligent talks through several examples including Platform Specialty Products (now Element Solutions) to highlight scenarios where debt to EBITDA multiples don't tell the whole story. We discuss Diligent's Civeo ($CVEO) thesis (…

Phil Andrews of Cathie's Ark returns for an awesome discussion on ARK and how the Cathie's Ark website and trading floor provide valuable data and commentary to the ARK community. Phil responds to the ARK bears and debunks some popular narratives on ARK’s exposure to a sell-off triggered by illiquidity. We discuss the best ARK portfolio holdings to…

The Impervious and I come together to talk about the market’s new all-time highs and the crush in implied volatility. For once, we both agree energy is well positioned to benefit from technical (potential short squeeze, high amount of options traded) and fundamental (supply constrained, demand growing) factors. Sean talks about opportunities in ura…

GameStop! The Impervious and I take stock of extreme volatility in $GME, $AMC and other favorites of the WSB crowd. How long could this phenomenon last? Sean crafts a generalized strategy for trading single digit price stocks with condensed option chains and gives recommendations for $GNUS, $XSPA and $AG.…

I bought both Nintendo (NTDOY) and National CineMedia (NCMI) this week and use this podcast to explain my thinking. I preview Nintendo's earnings ahead of its February 1st Q3 release and discuss why I think growth expectations are too low. Next, I react to the Wall Street Journal's recent article on National CineMedia and the revelation they've eng…

The Impervious and I review our best and worst trades of 2020 and make bold predictions for 2021.By stocktalking

My guest today is Phil Andrews, the creator of Cathie’s Ark (cathiesark.com). I use Cathie’s Ark almost daily to source investing ideas by looking at trade data from the ARK Invest ETFs. Phil has done an amazing job making this data understandable and actionable. Phil gives the backstory behind Cathie's Ark and the underlying sources of data for th…

Sean and I talk about the potential implications of the SolarWinds breach and how we are in the early innings of this developing story. We react to the in-podcast announcement of Congress agreeing to a $900 billion stimulus package and debate to what extent the market has priced in fiscal action. The Impervious breaks down friends of the pod $CRWD,…

Chris Seifel of Seifel Capital Management comes on to talk free cash flow in high growth companies, shortcomings in using P/S multiples, the CANSLIM method, why he is wary of investing in small caps, CrowdStrike’s incredible growth runway and artificial intelligence. Chris’s depth and breadth of knowledge on cyber security and AI - as well as how t…

Are we in a bubble? The Impervious and I debate the question everyone is asking as the market again hovers around all-time highs. We talk about the IPO market and the crazy upward movements from offering prices for Airbnb, DoorDash and C3.ai. In industry specific news, we talk about the consequences of the $FEYE hack and the consequences for $CRWD,…

The Impervious and I are back to try to make sense of a market continuing to make all time highs. We review a disappointing non-farm payrolls report, the declining DXY and the implications of frothy multiple stocks being included in major indexes. Sean plays the role of bear as I do my best to defend the movie theater bull thesis in light of Warner…

Diligent Dollar (https://diligent-dollar.com) is back to talk about National CineMedia ($NCMI) and the movie theater industry before and after COVID. Are theaters in secular decline? Are studios dismantling their relationships with theaters to move to Premium Video on Demand (PVOD)? Which of the major theater chains ($CNK, $AMC, Cineworld (Regal's …

With the vaccine picture improving in clarity and the election outcome all but certain, Sean and I look forward to the market’s next obstacles. Bill Ackman shorts corporate credit and the Fed bemoans the cessation of backstop programs - the Impervious and I exchange takes. I double down on bullish views for back-to-work ($NCMI) and Sean throws in a…

With five days till Election Day, Sean and I weigh the strength of third quarter earnings against the uncertainty of the future. The Impervious and I talk $CROX, $AAPL, $AMZN and more Q3 calls. Is the market discounting strong fundamentals? We discuss how we expect stocks to trade in a variety of election outcomes. Sean offers some precious metals …

The Impervious and I react to $FSLY's Q3 downguide and discuss potential market weakness after a nice run off the September lows. We discuss whether Fastly's less than stellar news will impact cloud favorites like $CRWD and $NET. Sean gives some third quarter earnings strategies and gold miner picks ($GDX, $NEM). We close with a spirited discussion…

This conversation with Brandon Quittem made me completely rethink Bitcoin as an asset class and its role in traditional asset allocation. Brandon is a writer, speaker, entrepreneur and BTC enthusiast whose articles have been read by over two million people. Brandon covers BTC valuation models, excess energy from renewable resources and how they rel…

Diligent Dollar (https://diligent-dollar.com/) comes on to talk $TRUP, $AZO, $YELP, $ANGI, $FAST and $NVR. DD is one of the best financial blogs on the internet and stands out for high-quality analysis of names no one else is covering. Diligent discusses his process for forecasting future cash flows and finding high ROIC businesses. He discusses th…

Sean and I analyze tech's several week sell-off and whether we're in a secular bull market. The Impervious critiques my idea of selling puts to leg into the market and talks about the advantages of 30-45 days out for expiries. A little bit of macro talk - to what extent possible election surprises are priced into the market and the ongoing Fed put.…

My guest today is Ryan Reeves, the founder and CEO of Investing City. Ryan is an amazing follow on Twitter (@investing_city) and I’m excited to release this interview. No one I follow reads more 10Ks and produces more high quality analysis on top tier businesses. We talk about Ryan’s research process, position sizing, evaluating expectations, re-ra…

Back from vacation, I'm ready to join The Impervious on a spirited discussion about tech's sell off. With SPY closing at 338, we talk about market expectations going into the fourth quarter - energy, industrials, precious metals and more. On the bull side, we cover the arguments for and against $DKNG (new deal with ESPN, including link outs on arti…

Josh Brostoff, Senior ServiceNow Architect at GlideFast Consulting, discusses the growth of ServiceNow through superior workflows and its Customer Service Management offering. We walk through highlights of Q2 earnings and the company’s goal of hitting $10 billion in revenue. Can $NOW land more 8 figure deals after a record Q2? Josh talks tech valua…

A crazy Tuesday marked by CRM knocking the cover off earnings and SPY closing at a hard-to-believe 344. The Impervious and I talk market action for the next few months and years. Will we ever see money leave tech? Will gold and silver catch another bid? What's the outlook for $FB after notching another all-time high? All that and more in this episo…

Battle of the lame footwear! The Impervious and I turn to shoe sellers as the cloud sells off and the market trades sideways in a week where my eventful is Sean’s boring price action. We analyze Buffett’s move into $GOLD and the road ahead for $SPY, including whether the future for e-commerce stocks looks different than essential cloud names. We ma…

$SPY keeps running as the market defies gravity. We review last week and stellar earnings from $TWLO, $NET and $BRK.B. Sean overviews the macro picture and a possible dollar shortage's impact on precious metals and crypto. Earnings previews - $CRWD and $SPG. Sean and I make a new bet in honor of $IAC's $1 billion stake in $MGM.…

SPY continues to rally on a stellar week of earnings. I morph into the ultimate bull (ready to launch new long positions in $PYPL and $MELI) while The Impervious preaches caution, precious metals and crypto. Sean is looking to hold puts into $MRNA earnings based on insider selling and likes the miners ($GDX, $NEM) heading into this week. We offer t…

With SPY closing at 325, Sean and I ponder the market's next move. Megacap tech continues to trend higher as financials and energy play catch-up. We preview a new competitive game that blends daily fantasy sports and market trading, with "player salaries" based on implied volatility. Surprise surprise - $TSLA earnings may determine the winner.…

Nick Martin is a Principal Software Engineer at Indigo Agriculture and long-time fixer of things. He previously worked at Tapjoy, where he helped build a premier adtech platform capable of handling billions of requests per day. Nick details his steps to fix broken teams, create alignment in organizations, optimize organizations for finding the high…

Earnings are back! The Impervious and I break down the big week ahead for banks ($XLF, $JPM, $C, $WFC, $GS, $MS, $BAC) and what it means for the market. We talk some macro, including retail trading in China and the Fed leaving the repo market. Sean offers some guidance on how to trade bubbles with the EV manufacturers ($TSLA, $NIO, $WKHS, $SHLL, $S…

The Impervious and I trade bearish takes on the market in the wake of some wild price action last week that left SPY at a round 300. Trade for the week ahead - short sports gambling ($DKNG), long cloud ($FSLY, $NET, $NOW). Sean and I connect on a trade we both like for next week and ponder trading in the electric vehicle space ($WKHS, upcoming SPAC…

The Impervious and I discuss a new dark pool index, try to provide explanations for the market’s inexplicable run up and philosophize on bull markets in recessions and bear markets in expansions. Is the COVID defense trade back? Sean gives some insights on airlines, precious metals, tech, crypto and more. I offer an impassioned defense for why the …

The Impervious is back to talk about the greatest fifty day rally in market history and the continued sector rotation out of tech and into the most capital-intensive businesses. As per usual, Sean provides no shortage of picks for the week ahead, including GSX puts, CHWY puts and HEXO calls.By stocktalking

The Impervious starts his redemption tour after a shockingly wrong bear call last Sunday. We discuss SPY ripping past 300 and the prospects of a continued bull run (spoiler: neither of us think this can last). Sean talks forgotten sectors of the market and the potential for a rotation into small caps. We trade thoughts on continued U.S.-China tensi…

Mike Lombardo is the CEO of GlideFast Consulting. GlideFast serves top-tier Fortune 500 and federal government clients, helping perform ServiceNow integrations that support every use case under the sun. Mike and I chat on entrepreneurship, the ServiceNow ecosystem and enterprise software in the wake of COVID. Mike discusses the unique applications …

The Impervious has turned bearish. Sean makes the technical and fundamental case for another leg down based on a pending CLO crisis, renewed China trade war and dashed expectations. We discuss his plays for the week including $HPQ, $CAR and $SRNE for the degenerate gambler in all of us. Sean previews notable earnings for next week in tech ($CRM, $S…

Philip Kiely is a software developer and author of Writing for Software Developers. He has written for a number of highly visible clients including Smashing Magazine, CSS-Tricks and Twilio. For his recently released book, he interviewed amazing writers and founders like Matt Levine of Bloomberg; serial entrepreneur, Stripe engineer and critically-a…

Max Widmer comes on to talk Zillow and the future of real-estate in the post-COVID world. Max is an Enterprise Sales Executive Team Lead in Zillow’s Premier Broker group and someone I’ve learned a ton from. We discuss Zillow’s flywheel and the breadth and depth of its platform, including 3D tours, Zillow Offers and the core of the business - how re…

The Impervious and I give an update on Week 1 of our $QQQ v. $BRK.B bet. Sean - out to a massive early lead - touts the merit of tech and death of value, while I vigorously defend Buffett and the brilliance of using insurance float to buy stocks. We review the folly of trading earnings and a terrible trade I made in $NET. Sean previews $DDOG earnin…

I bring Nick Widmer on the podcast to talk about the future of advertising, company culture and crypto. Nick is one of the smartest people I know and has helped create ads that have aired during the Super Bowl and worked with an incredible range of clients including Jeep, Progressive and MGM. I ask Nick about ROIs on different types of advertising …

TheImpervious and I speculate on Monday (5/4/2020) and beyond’s action in light of last week’s earnings news and the Oracle’s decision to sell down all of Berkshire’s airlines positions. Sean shares some options plays on $CVS, $DIS, and the airlines. We discuss escalations in China - U.S. tensions and what it could mean for equities (as well as a s…