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Get That Bread - A Value Investing Podcast

Stephen Lee & Mark

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Get That Bread - A Value Investing Podcast

Get That Bread - A Value Investing Podcast

Stephen Lee & Mark

1
Followers
0
Plays
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About Us

Hey! We’re Get That Bread where we discuss, teach and employ value investing strategies with real-life examples. Our goal is to equip those folks who never went to business school or pursued a career in finance with a common-sense framework that has generated compelling returns for practitioners. We want to give you the tools to analytically breakdown a stock just like the guys and gals on Wall Street. Ultimately, through these episodes, we hope you make better and more informed investment decisions, particularly in the stock market. If you’re feeling a little hungry and willing to make some bread, come join us in the conversation! You can also find more content available on YouTube at bit.ly/2C4xqHP.

Latest Episodes

Episode 10 - Stock Analysis 2019: A Case Study of Biglari Holdings (Tickers: BH-A, BH)

Stock Analysis 2019: A Case Study of Biglari Holdings (Tickers: BH-A, BH) Biglari Holdings (tickers: BH-A, BH) is a conglomerate with two distinct lines of businesses: its operating units and its investment arm. The enterprise is led by Chairman and CEO, Sardar Biglari, who owns 55% of the company. Having once been attributed the titled the "Sage of San Antonio," Sardar has previously been likened to the younger version of the more famous Warren Buffett, aka the "Oracle of Omaha." With current valuations at historic lows, Biglari Holdings appears on sale for 50% off its net asset value, not including its four operating units, which include Steak n Shake, Western Sizzlin, First Guard (a property casual insurance company), and Maxim magazine. It also owns ~15% of the restaurant chain, Cracker Barrel Old Country Store (ticker: CBRL). Considering only the company's cash and the carrying value of its investments, net of total debt, Biglari Holdings as of 1Q19 end is worth approximately $...

34 min2019 MAY 27
Comments
Episode 10 - Stock Analysis 2019: A Case Study of Biglari Holdings (Tickers: BH-A, BH)

Episode 9 - Making Sense of the Stock Market

Episode 9 - Making Sense of the Stock Market This episode's format is slightly different. Instead of discussing particular investment ideas or financial metrics, I bring on a guest - my brother Victor - to touch on some of the underlying mechanics of the stock market and how it could make sense for certain prospective investors. Victor is a business leader of a mid-sized family apparel retail establishment. Although he did graduate from business school with a concentration in organization management and has the means to invest, he harbors certain reservations on the financial markets, which I think are shared by many people today. What exactly are investors owning when they purchase a common stock? Are stocks merely financial "paper" and represent ownership interests in name only? Isn't there an agency problem or disconnect where the interests of retail investors are largely, if not entirely, neglected by the board of directors? I try unpacking these issues and attempt to dispel som...

49 min2019 MAY 3
Comments
Episode 9 - Making Sense of the Stock Market

Episode 8 - Merger Arbitrage (LSC Communications): LKSD

Episode 8 - Merger Arbitrage (LSC Communications): LKSD Please Like, Subscribe and Review to keep us going! Financial Model: http://bit.ly/2DzOg1Q Notes: http://bit.ly/2UYhkLj I discuss a merger arbitrage opportunity involving acquisition candidate LSC Communications (ticker: LKSD). The business is involved with traditional and digital print, and is being acquired by competitor, Quad/Graphics Inc. (ticker: QUAD), in an all-stock transaction anticipated to completed by mid-2019 through a 1 (LKSD) for 0.625 (QUAD) exchange ratio. Given LKSD's current dividend yield of ~15%, as of the date of this recording; the dramatic decline in LKSD's valuation following its merger announcement in October 2018; and the implied upside in the merger arbitrage over the next 2-4 months it appears that no matter the circumstance that unfolds (1. merger is canceled, 2. merger is delayed, 3. merger is completed) LKSD shareholders at current price levels are walking away with a compelling result. Borrowing...

26 min2019 APR 27
Comments
Episode 8 - Merger Arbitrage (LSC Communications): LKSD

Stock Analysis 2019 - NL Industries - A Substantial Discount to Net Asset Value - An Anomaly

Stock Analysis 2019 - NL Industries A Substantial Discount to Net Asset Value - An Anomaly For the Video Version of this Episode Check out our Youtube. http://bit.ly/2C4xqHP Financial Model Link: http://bit.ly/2UEEzK7 Episode Notes Link: http://bit.ly/2GhmPKR I discuss the substantial disconnect between the market price of NL Industries (ticker: NL) versus its net asset value (NAV), revealing at first glance what appears to be an asymmetric risk-reward opportunity. With the company's NAV estimated to be within the range of approximately $494 million to $605 million vs. NL' s market capitalization of $190 million, as of the date of this recording, this could be an interesting opportunity for the diversified value investor. The company's three assets are publicly traded companies: (1) Kronos Worldwide Inc. (ticker: KRO), (2) CompX Internatinoal (ticker: CIX), and (3) Vahli Inc. (ticker: VHI). One last note regarding NL, which I forgot to discuss in the video is that given it's relativ...

19 min2019 APR 17
Comments
Stock Analysis 2019 - NL Industries - A Substantial Discount to Net Asset Value - An Anomaly

Episode 6 - Stock Valuation: Understanding Book Value for Beginners

Episode 6 - Stock Valuation: Stock Valuation: Understanding Book Value for Beginners A Video Version of this episode: http://bit.ly/2C4xqHP 1) Book value IS NOT market value!!! Book value, or equity, is an accounting construct that at times diverges from economic reality. (So just because a company is trading below book value doesn't mean it's necessarily cheap; and vice versa, not all stocks trading above 1x book value are expensive). 2) Here's the computation for P/B: (method 1) = Market capitalization / equity (method 2) = price per share / book value per share. CONNECT WITH US Instagram: www.instagram.com/getbread_official Facebook: www.facebook.com/justmakinbread Twitter: https://twitter.com/justmakinbread Credits: Music: [Cosimo Fogg (201)] https://soundcloud.com/cosimo-fogg/ja...... [VII 초] https://soundcloud.com/viisecs/lo-fi... [rubensoxo] https://soundcloud.com/rubensoxo/chil... [dBrewin'] https://soundcloud.com/darian-brewer-... Find out more on the Get That Bread - A Va...

19 min2019 APR 6
Comments
Episode 6 - Stock Valuation: Understanding Book Value for Beginners

Episode 5 - Stock Valuation: EV to EBITDA & EV to EBIT

Episode 5 - Stock Valuation: EV to EBITDA & EV to EBIT Please check out our Youtube Page for a supplementary video on Episode 5 http://bit.ly/2FEn57t Thanks for listening. Please subscribe, review and leave 5 stars to keep us going! Find out more on the Get That Bread - A Value Investing Podcast website.

13 min2019 MAR 28
Comments
Episode 5 - Stock Valuation: EV to EBITDA & EV to EBIT

Episode 4 - Stock Analysis 2019 - Newell Brands

Episode 4 - NEWELL BRAND *Please check these links for more on NEWELL: YouTube Episode: http://bit.ly/2TVm5DX NWL Financial Model: http://bit.ly/2HGVtAa NWL Episode Notes: http://bit.ly/2TdFMCB * 0:04 INTRO 1:57 NEWELL PRODUCTS 2:11 Recapitalization Play - EQUITY AND DEBT 2:52 Investor Confidence 3:27 Earning & Sales 3:35 Poor Communication From company 3:49 Top Management OUT 4:28 Divestiture program 5:07 30% Returns 5:16 Near Term Headwinds 5:23 Toys R Us 6:03 Valuation Methodology 6:40 Value Range of Stock 7:31 YEAR END 2017 - Trading at $24.6 Billion dollars 8:31 DEBT FALLING 8:41 Decreased Share count - 41% 9:36 Market Capitalization 10:10 Margin of Safety 10:17 CEO Michael POLK on 3rd Quarter 11:21 RISKS? 12:00 Michael Polk Stepping Down 12:24 China Tariffs 14:14 Macro Risk - 10 Year Bull Run 15:34 Background Story - 2016 16:35 Revenue Targets Missed - 2016 17:00 2017 Transformation PLAN 17:25 EARLY 2018 - Carl Icahn Involved 17:35 Carl Icahn - 7% Interest in Company 18:20 Car...

31 min2019 MAR 20
Comments
Episode 4 - Stock Analysis 2019 - Newell Brands

Episode 3 - Accounting & Financial Statements for Value Investing

EPISODE 3 Notes: 0:12 Language of Business - Accounting 1:11 Tools of Investopedia. 1:33 3 Core Statements 1:35 Income Statement 1:38 Balance Sheet 1:42 Cash Flow 2:02 Income Statement - Breakdown 3:19 pre Tax income 4:15 Net income net loss 4:42 Basic vs Diluted Shares Outstanding 5:52 Diluted Shares - Important 6:50 Margin Profile 7:02 Income Statement - current profit 7:17 Balance Sheet 8:02 EQUITY 8:06 Net Income Minus Dividends = Retained Earnings 8:35 BALANCE SHEET = IMPORTANT 10:08 Capitol Structure 10:17 Net Debt vs Net Cash 12:04 Book Value per Share 13:02 CASH FLOW STATEMENT 13:47 Depreciation 14:01 DNA 14:23 Capitol Expenditure 15:52 Income Statement - Cash Flow Statement 16:16 Marked to Market 17:20 Cash Flow Statement - 3 Parts. 17:59 3 Segments 19:40 Foundation of Financial Statements 20:07 Financial statements and Financial Accounting 20:17 Where to access statements 20:40 SEC Edgar 21:03 NOTES on statements 22:00 Joel Greenblatt 22:28 Mr Market Ben Graham Quote Find ...

24 min2019 MAR 13
Comments
Episode 3 - Accounting & Financial Statements for Value Investing

Episode 2 - Beginner Stock Metrics & SEC Filings

EPISODE 2 Notes: 1:10 - Stock Screeners for Investing/Value Investing 4:00 - Joel Greenblatt 5:20 - P/E Multiple (Price-to-Earnings Ratio) 8:00 - Using Yahoo Finance Page + Understanding Metrics 9:00 - 52 Week Range 11:00 - Market Cap 12:00 - EPS / PE Ratio 14:00 - Dividend Yield 15:15 - Understanding Volume 16:00 - Full Look at a Stock 17:30 - SEC Filings, Investor Relations Page, Earnings Conference Call Transcripts 18:30 - Three Types of Filings for Investors 19:00 SEC EDGAR https://www.sec.gov/edgar/searchedgar/companysearch.html 19:40 8-K Filing, 10-Q Filing, 10-K Filing 22:00 Earnings Conference Call 26:00 Psychological Thinking For Investing 28:00 Brokerage Websites & Extra Help 30:00 Sourcing Ideas for Screeners 30:30 Conclusion Quotes from Charlie Munger and Warren Buffet For Video Content check out our Youtube Page - https://bit.ly/2C4xqHP Find out more on the Get That Bread website.

32 min2019 MAR 11
Comments
Episode 2 - Beginner Stock Metrics & SEC Filings

Episode I - A Beginner's Guide to Investing In Stocks

EPISODE #1: 0:00 - Who We Are 2:54 - Passive & Active Investing 5:10 - Joel Greenblatt 7:00 - Value Investing Research 9:00 - Price to Book Value 13:00 - Charles Munger 15:00 - The Psychology of Investing Youtube Page For More Resources - http://bit.ly/2C4xqHP Find out more on the Get That Bread website.

17 min2019 MAR 6
Comments
Episode I - A Beginner's Guide to Investing In Stocks
the END

Latest Episodes

Episode 10 - Stock Analysis 2019: A Case Study of Biglari Holdings (Tickers: BH-A, BH)

Stock Analysis 2019: A Case Study of Biglari Holdings (Tickers: BH-A, BH) Biglari Holdings (tickers: BH-A, BH) is a conglomerate with two distinct lines of businesses: its operating units and its investment arm. The enterprise is led by Chairman and CEO, Sardar Biglari, who owns 55% of the company. Having once been attributed the titled the "Sage of San Antonio," Sardar has previously been likened to the younger version of the more famous Warren Buffett, aka the "Oracle of Omaha." With current valuations at historic lows, Biglari Holdings appears on sale for 50% off its net asset value, not including its four operating units, which include Steak n Shake, Western Sizzlin, First Guard (a property casual insurance company), and Maxim magazine. It also owns ~15% of the restaurant chain, Cracker Barrel Old Country Store (ticker: CBRL). Considering only the company's cash and the carrying value of its investments, net of total debt, Biglari Holdings as of 1Q19 end is worth approximately $...

34 min2019 MAY 27
Comments
Episode 10 - Stock Analysis 2019: A Case Study of Biglari Holdings (Tickers: BH-A, BH)

Episode 9 - Making Sense of the Stock Market

Episode 9 - Making Sense of the Stock Market This episode's format is slightly different. Instead of discussing particular investment ideas or financial metrics, I bring on a guest - my brother Victor - to touch on some of the underlying mechanics of the stock market and how it could make sense for certain prospective investors. Victor is a business leader of a mid-sized family apparel retail establishment. Although he did graduate from business school with a concentration in organization management and has the means to invest, he harbors certain reservations on the financial markets, which I think are shared by many people today. What exactly are investors owning when they purchase a common stock? Are stocks merely financial "paper" and represent ownership interests in name only? Isn't there an agency problem or disconnect where the interests of retail investors are largely, if not entirely, neglected by the board of directors? I try unpacking these issues and attempt to dispel som...

49 min2019 MAY 3
Comments
Episode 9 - Making Sense of the Stock Market

Episode 8 - Merger Arbitrage (LSC Communications): LKSD

Episode 8 - Merger Arbitrage (LSC Communications): LKSD Please Like, Subscribe and Review to keep us going! Financial Model: http://bit.ly/2DzOg1Q Notes: http://bit.ly/2UYhkLj I discuss a merger arbitrage opportunity involving acquisition candidate LSC Communications (ticker: LKSD). The business is involved with traditional and digital print, and is being acquired by competitor, Quad/Graphics Inc. (ticker: QUAD), in an all-stock transaction anticipated to completed by mid-2019 through a 1 (LKSD) for 0.625 (QUAD) exchange ratio. Given LKSD's current dividend yield of ~15%, as of the date of this recording; the dramatic decline in LKSD's valuation following its merger announcement in October 2018; and the implied upside in the merger arbitrage over the next 2-4 months it appears that no matter the circumstance that unfolds (1. merger is canceled, 2. merger is delayed, 3. merger is completed) LKSD shareholders at current price levels are walking away with a compelling result. Borrowing...

26 min2019 APR 27
Comments
Episode 8 - Merger Arbitrage (LSC Communications): LKSD

Stock Analysis 2019 - NL Industries - A Substantial Discount to Net Asset Value - An Anomaly

Stock Analysis 2019 - NL Industries A Substantial Discount to Net Asset Value - An Anomaly For the Video Version of this Episode Check out our Youtube. http://bit.ly/2C4xqHP Financial Model Link: http://bit.ly/2UEEzK7 Episode Notes Link: http://bit.ly/2GhmPKR I discuss the substantial disconnect between the market price of NL Industries (ticker: NL) versus its net asset value (NAV), revealing at first glance what appears to be an asymmetric risk-reward opportunity. With the company's NAV estimated to be within the range of approximately $494 million to $605 million vs. NL' s market capitalization of $190 million, as of the date of this recording, this could be an interesting opportunity for the diversified value investor. The company's three assets are publicly traded companies: (1) Kronos Worldwide Inc. (ticker: KRO), (2) CompX Internatinoal (ticker: CIX), and (3) Vahli Inc. (ticker: VHI). One last note regarding NL, which I forgot to discuss in the video is that given it's relativ...

19 min2019 APR 17
Comments
Stock Analysis 2019 - NL Industries - A Substantial Discount to Net Asset Value - An Anomaly

Episode 6 - Stock Valuation: Understanding Book Value for Beginners

Episode 6 - Stock Valuation: Stock Valuation: Understanding Book Value for Beginners A Video Version of this episode: http://bit.ly/2C4xqHP 1) Book value IS NOT market value!!! Book value, or equity, is an accounting construct that at times diverges from economic reality. (So just because a company is trading below book value doesn't mean it's necessarily cheap; and vice versa, not all stocks trading above 1x book value are expensive). 2) Here's the computation for P/B: (method 1) = Market capitalization / equity (method 2) = price per share / book value per share. CONNECT WITH US Instagram: www.instagram.com/getbread_official Facebook: www.facebook.com/justmakinbread Twitter: https://twitter.com/justmakinbread Credits: Music: [Cosimo Fogg (201)] https://soundcloud.com/cosimo-fogg/ja...... [VII 초] https://soundcloud.com/viisecs/lo-fi... [rubensoxo] https://soundcloud.com/rubensoxo/chil... [dBrewin'] https://soundcloud.com/darian-brewer-... Find out more on the Get That Bread - A Va...

19 min2019 APR 6
Comments
Episode 6 - Stock Valuation: Understanding Book Value for Beginners

Episode 5 - Stock Valuation: EV to EBITDA & EV to EBIT

Episode 5 - Stock Valuation: EV to EBITDA & EV to EBIT Please check out our Youtube Page for a supplementary video on Episode 5 http://bit.ly/2FEn57t Thanks for listening. Please subscribe, review and leave 5 stars to keep us going! Find out more on the Get That Bread - A Value Investing Podcast website.

13 min2019 MAR 28
Comments
Episode 5 - Stock Valuation: EV to EBITDA & EV to EBIT

Episode 4 - Stock Analysis 2019 - Newell Brands

Episode 4 - NEWELL BRAND *Please check these links for more on NEWELL: YouTube Episode: http://bit.ly/2TVm5DX NWL Financial Model: http://bit.ly/2HGVtAa NWL Episode Notes: http://bit.ly/2TdFMCB * 0:04 INTRO 1:57 NEWELL PRODUCTS 2:11 Recapitalization Play - EQUITY AND DEBT 2:52 Investor Confidence 3:27 Earning & Sales 3:35 Poor Communication From company 3:49 Top Management OUT 4:28 Divestiture program 5:07 30% Returns 5:16 Near Term Headwinds 5:23 Toys R Us 6:03 Valuation Methodology 6:40 Value Range of Stock 7:31 YEAR END 2017 - Trading at $24.6 Billion dollars 8:31 DEBT FALLING 8:41 Decreased Share count - 41% 9:36 Market Capitalization 10:10 Margin of Safety 10:17 CEO Michael POLK on 3rd Quarter 11:21 RISKS? 12:00 Michael Polk Stepping Down 12:24 China Tariffs 14:14 Macro Risk - 10 Year Bull Run 15:34 Background Story - 2016 16:35 Revenue Targets Missed - 2016 17:00 2017 Transformation PLAN 17:25 EARLY 2018 - Carl Icahn Involved 17:35 Carl Icahn - 7% Interest in Company 18:20 Car...

31 min2019 MAR 20
Comments
Episode 4 - Stock Analysis 2019 - Newell Brands

Episode 3 - Accounting & Financial Statements for Value Investing

EPISODE 3 Notes: 0:12 Language of Business - Accounting 1:11 Tools of Investopedia. 1:33 3 Core Statements 1:35 Income Statement 1:38 Balance Sheet 1:42 Cash Flow 2:02 Income Statement - Breakdown 3:19 pre Tax income 4:15 Net income net loss 4:42 Basic vs Diluted Shares Outstanding 5:52 Diluted Shares - Important 6:50 Margin Profile 7:02 Income Statement - current profit 7:17 Balance Sheet 8:02 EQUITY 8:06 Net Income Minus Dividends = Retained Earnings 8:35 BALANCE SHEET = IMPORTANT 10:08 Capitol Structure 10:17 Net Debt vs Net Cash 12:04 Book Value per Share 13:02 CASH FLOW STATEMENT 13:47 Depreciation 14:01 DNA 14:23 Capitol Expenditure 15:52 Income Statement - Cash Flow Statement 16:16 Marked to Market 17:20 Cash Flow Statement - 3 Parts. 17:59 3 Segments 19:40 Foundation of Financial Statements 20:07 Financial statements and Financial Accounting 20:17 Where to access statements 20:40 SEC Edgar 21:03 NOTES on statements 22:00 Joel Greenblatt 22:28 Mr Market Ben Graham Quote Find ...

24 min2019 MAR 13
Comments
Episode 3 - Accounting & Financial Statements for Value Investing

Episode 2 - Beginner Stock Metrics & SEC Filings

EPISODE 2 Notes: 1:10 - Stock Screeners for Investing/Value Investing 4:00 - Joel Greenblatt 5:20 - P/E Multiple (Price-to-Earnings Ratio) 8:00 - Using Yahoo Finance Page + Understanding Metrics 9:00 - 52 Week Range 11:00 - Market Cap 12:00 - EPS / PE Ratio 14:00 - Dividend Yield 15:15 - Understanding Volume 16:00 - Full Look at a Stock 17:30 - SEC Filings, Investor Relations Page, Earnings Conference Call Transcripts 18:30 - Three Types of Filings for Investors 19:00 SEC EDGAR https://www.sec.gov/edgar/searchedgar/companysearch.html 19:40 8-K Filing, 10-Q Filing, 10-K Filing 22:00 Earnings Conference Call 26:00 Psychological Thinking For Investing 28:00 Brokerage Websites & Extra Help 30:00 Sourcing Ideas for Screeners 30:30 Conclusion Quotes from Charlie Munger and Warren Buffet For Video Content check out our Youtube Page - https://bit.ly/2C4xqHP Find out more on the Get That Bread website.

32 min2019 MAR 11
Comments
Episode 2 - Beginner Stock Metrics & SEC Filings

Episode I - A Beginner's Guide to Investing In Stocks

EPISODE #1: 0:00 - Who We Are 2:54 - Passive & Active Investing 5:10 - Joel Greenblatt 7:00 - Value Investing Research 9:00 - Price to Book Value 13:00 - Charles Munger 15:00 - The Psychology of Investing Youtube Page For More Resources - http://bit.ly/2C4xqHP Find out more on the Get That Bread website.

17 min2019 MAR 6
Comments
Episode I - A Beginner's Guide to Investing In Stocks
the END
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