Forum Topics Baby Giants Podcast
UncleWally
2 months ago

@ Strawman, maybe I missed something somewhere but did we miss a Baby Giants Ep last week?

TNX...

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Solvetheriddle
2 months ago

@UncleWally last week MJ/AP/CW said they were having a break for a bit? not sure what that means , negotiating a big sponsorship? :)

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mikebrisy
2 months ago

or

Maybe the gang is breaking up or going through a rough patch .... "we're having a break for a bit" might be a euphemism?

or

Maybe someone's going on a summer holiday in the northern hemisphere

or

????

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neke86_
2 months ago

Don't want to talk out of turn with details not mine to divulge but at least one of them is travelling abroad right now I believe.

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Strawman
2 months ago

ahh, so you guys are the 4 downloads we get each week! ;)

Yeah Matt and Claude are travelling for a bit.

We'll be back in a month or so.

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Bear77
2 months ago

28cb33ec2a192446fe57abcdf5d67123b391cc.png

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mikebrisy
2 months ago

Yeah, @Strawman. Tell Matt and Claude to scrap all the hassle of the podcast, and just run it as a SM Meeting.

We'll all ask great questions on slido to help you all up your game!

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Strawman
2 months ago

Ha, I like it @mikebrisy !

And I think we just found our inhouse graphic artist @Bear77

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UncleWally
2 months ago

Thanks for the heads up Strawpeople. I must have missed that bit.

Including me I count at least 5 SM listeners. Things are looking up!


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UncleWally
4 months ago

If you enjoyed Andrew's chat with Matt Joass on their recent Baby Giants pod last week then you'll probably enjoy something along similar lines from Gaurav Sodhi, John Addis and Graham Whitcomb on Intelligent Investors latest Stocktake Pod. In particular Gaurav and John discuss why Gaurav is so pro Lovisa and why he is prepared to "Break the Rules" of Portfolio Management which leads to further discussion about weightings - some interesting stuff in there.


Also, John reveals he is writing a book about some of the big mistakes Intelligent Investor has made over years and what they have learned from them.


There's some discussion about Australian Telcos at the beginning of the Pod but if you want to fast forward to the good stuff then listen in at the 18.40 min mark.

Well worth the effort.


https://www.intelligentinvestor.com.au/investment-news/the-telco-files/153394




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UncleWally
4 months ago

Just listened to the latest Baby Giants pod #117 and really enjoyed it.

https://www.babygiants.com.au/1870616/14733568-117-imexhs-rpmglobal-non-consensus-generalist-investing

Matt shared some of his considerable knowledge on RPM Global (ASX:RUL) a Strawman favorite at #7 on the Strawman Index and a long time MAVEN holding.

Also, an enlightening discussion between Matt and our very on STRAWMAN on DCFs, their thoughts on analysts and their shortcomings and Non-Consensus investing.

One of your best to date Andrew - Thanks!


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mikebrisy
4 months ago

@UncleWally I'll second that. Well worth listening to.

Matt and @Strawman articulated really clearly the reasons why I invest so much time in DCF modelling.

On $RUL, I just wish Matt had more fully addressed the issue of shouldn't they be spending more on developing the platform, rather than buying back shares. The development spend as a % of revenue is meagre compared with great tech companies. (Even though I know that some of the development gets paid for by clients and is expensed and not even counted as development spend,... so the best kind.) To be honest, that is the one issue that is holding me back from taking a bigger position in $RUL.

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UncleWally
4 months ago

That's a good point @mikebrisy.

I don't know the answer but perhaps they don't re-invest back into the platform as much as they could because they think they are the only ones in that space (a comment I have heard somewhere recently) and if the the price is right, they have indicated they will sell out - according to Matt.

If that is the case then buying back shares will give a higher return per share. This is pure supposition but it's a possibility.


I hold on SM and IRL.


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Mujo
4 months ago

They did stop a lot of reinvestment about 2 years ago or so after flagging that they had but out every module for a whole life mine and for most type of mines - and through acquisition like AMT (which in hindsight was very astute as one of their best selling, industry leading, product). I do hope they don’t fall behind but they do appear to know what they’re doing and guess it doesn’t really need to adapt all that much once built - perhaps better UI

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Wini
4 months ago

Very good point @mikebrisy. The "customer pays for development" angle has always been a tricky one for me. The idea is good in theory if your customers have uniform problems and issues to solve and any work you do for one customer can be easily ported across to others. In practice however it is rarely the case, generally you are solving a specific problem for a customer, usually based on a legacy software or process that conflicts with your overarching modules.

I remember many years ago speaking to a former BVS CEO (maybe three CEO's previous now!) who spouted the same benefit. Ultimately they took massive impairments and downgrades as over time they had different customers running completely different software stacks because they had been customised so much.

If done right, having customers fund development is obviously a great feature, but when it's done wrong you lose a lot of the unit economic benefits that software brings.

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Strawman
4 months ago

Was great to get Matt's views on RPM.

And an interesting question raised here. (great insights as always @mikebrisy @Wini @UncleWally )

I'll see if we can line up a chat with management, and maybe get some insight on how they think about development spend.

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mushroompanda
4 months ago

@Wini I think this is a great point. Another way to put it - would a customer be happy paying for development on a feature that is widely applicable to others?

Having worked for a company that had customers contribute to dev work on a SaaS product, this collaborates with the situation I saw. It happened for custom features, or the product itself was sub-scale where one customer's usage dominated.

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mikebrisy
one year ago

This week's Baby Giants Podcast is excellent listening, with some great perspectives on investing, interpreting results, and valuation.

The discussion of $XRO was excellent, capturing the different perspectives on whether there is value from here.

Claude Walker was on fire, this week.

Of course, @Strawman did good too, :-)

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