Equity Investing Through a Creditor's Lens w/ Jeremy Raper, Raper Capital (Episode 27)

This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive Today's guest is Jeremy Raper. Jeremy runs RaperCapital.com and recently launched a premium investment research service.  Jeremy looks at public markets through the eyes of a credit analyst. This gives him a unique perception on markets, companies and capital structure situations. He's not afraid to invest all along the capital structure, and often writes about unique long/short bond opportunities.  Before launching his premium research service, Jeremy worked over a decade on both the buy and sell side research departments. He even spent time in Japan doing equity/credit analysis.  During our chat we talk about Jeremy's investment process, the edges gained while living/working in Japan, how he finds ideas and how he thinks about valuation/risk.  Here's the podcast outline:  [1:10] - Lessons From Playing Tennis [3:00] How Jeremy Got Started In Markets [6:15] Lessons From The Buy & Sell Side [8:35] Jeremy's First Taste in Credit Instruments [26:00] Jeremy's Four Pillars of Investing [32:12] Portfolio Construction and Allocation [35:24] How To Extract Value From Net Nets [39:51] The Pendulum of Shareholder vs. Customer Focus [43:42] Returns ON Capital vs. Return OF Capital  [56:00] How To Avoid Value Traps [60:00] Sustainable Free Cash Flow Definitions [69:00] Jeremy's Three Buckets of Idea  [74:28] How To Prioritize New Investment Ideas [80:00] Kill Your Ideas Quickly [84:33] If The Price Is Right, Look Deeper (CLMT) [93:18] Real-Time Example of Credit Analysis (361 Degrees) [105:46] Finding The Main Drivers of an Investment [108:19] Raper Capital Premium -- What To Expect  [118:28] Closing Questions If you want to learn more about Jeremy's research, head over to his site RaperCapital.com. Also make sure to follow him on Twitter @puppyeh1 --- Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support