This episode features Francisco Olivera (@FrancoOlivera on Twitter) and Alex Morris (@TSOH_Investing on Twitter). Francisco and Alex are Bill's "mastermind" group. The three of them talk daily and discuss ideas. Scroll down to see topics and time stamps.
This episode was recorded in early May. The AT&T and Discovery deal changes some of the discussion. Nevertheless, the thought process is what's more important than the event outcome. Alex and Francisco will return in Season 2 to discuss more media. We are certain of that.
Please also note that Alex sold Qurate Retail Group after this episode was recorded.
Unfortunately, Bill's mic is a little distorted in this episode, but the conversation was so good that Bill didn't want to scrap it. The three gentlemen hope you all enjoy the conversation.
Time stamps as follows:
~2:00 - starting a Substack and thinking through the frequency of client communication
~8:00 - Francisco's research process and why he's Bill's Abominable NO-man.
~12:00 - Position sizing
~17:00 - Buffett on Verizon
~19:00 - Takes on Berkshire annual meeting
~35:00 - What a "bull market" may do to how we all frame investments (note Alex's YOLO hedge idea at ~39 minutes)
~44:00 - How we think about cash/macro; leads into big tech talk
~50:00 - How our investing philosophy has changed.
~53:00 - Comcast discussion
~58:00 - AT&T discussion (changed with deal)
~1:03:00 - Disney discussion
~1:09:00 - Alex presents a counter to some of the Never Sell narrative and points out that great companies go through tough periods
~1:14:00 - Microsoft talk
~1:19:00 - Difference between multiples and market caps
~1:21:00 - Back to position sizing
~1:30:00 - GEICO vs Progressive
~1:35:00 - Back to Substack, then Alex describes his Substack offering at ~1:39:00
~1:48:00 Qurate Retail Group
~1:50:00 - Alex and Francisco's bet for Apple to buy Disney
~1:55:00 - Twitter talk
~2:00:00 - Podcast strategy
~2:20:00 - State of Pay TV
