Guest Interview: Chris Barto
(Edition Number: Eighteen)
Today we are welcoming Chris Barto, head of Fiducia Investment Research. Today represents the eighteenth edition of the guest interview series.
“Every single day I sit down at my computer and get to open my screen and start reading whether it is a 10-k, news articles on a new company, research article on a specific topic (FinTech, Automation, etc), and look for trading opportunities. I can’t imagine a better life.”
Chris is someone I have been speaking to, on an almost daily basis, for some time now, and always enjoy what he has to say. A great head on those young shoulders.
Investing from the age of 16, Chris later became an analyst at an RIA after graduating from university and quickly broke off from the corporate world to start his own company, Fiducia Investment Research.
You can find Chris over on Twitter, under the handle: @fiducia_invest.
At present, Chris’s sole source of income is through his work at Fiducia, and primarily his dual-portfolio, where he operates one concentrated long book, and one trading book.
You can find out more about Fiducia Investment Research here.
Good morning Chris, thanks for taking the time to answer some questions today. We have been in cahoots for some time, and I always appreciate our conversations, so it’s going to be fun to share some of that wisdom today.
You state that you have been investing since you were just 16 years of age. We will get to your process soon, but first I think it would be great to kick this thing off by explaining a little about who you are, where you started, and some context on the journey that led you to where you are now?
Sure thing, I am going to type like I am talking so everyone feels more connected, and I will try not to throw too much jargon out there. My name is Chris Barto and I started investing when I was 16 years old. Back in economics class in high school we did the Market Watch stock game and I have been fascinated ever since; I sort of knew immediately that this is what I wanted to do.
I grew up in a finance household so maybe it is in my blood, my Dad is a CPA by background, but has been CFO of small businesses throughout his career. My first job at 16 was at Giant Eagle as bag boy (I actually had the interview on my birthday April 7th), and then I was moved to the cashier, I saved probably 60% of what I earned there and invested it and that is when I sort of became addicted to the saving and investing and it drove my mindset I have today.
I was a huge saver; my friends would call me cheap. Obviously, under 18 I had to buy stocks in my dad’s name, so the first stock I bought was $300 worth of good old General Electric. I think I made $20 and sold. Young, made $20, can you imagine the rush that gave me?
I knew what I wanted to do from the moment I made my first dollar without doing work for someone else, it was a snowball effect from there. Fast forward a few years I am an undergrad in college. I went to Indiana University of Pennsylvania, a small college in Indiana, PA. I was and still am under the impression that you do not need some Ivy League school to be successful, I have met and currently know people on both sides of the spectrum and from my personal experience, I would go with the smaller school people when I decide to hire analysts for Fiducia.
I continued to trade and invest through college, and my senior year I finally joined the Student Managed Investment Portfolio. It was a student ran endowment of about $1.5m and I was the head of the Industrials sector with a few analysts under me. Want to know how well this is about wrap up? My first pitch was to sell General Electric at $32 and it passed for the endowment. I will have to dig up the pitch someplace, but there were a lot of things I was not a fan of nor were they doing so well, and Stephen Tusa from J.P. Morgan was obviously my favourite analyst at the time!
To end this, I applied to 65 jobs during my senior year, and I received no offers, a few interviews and it was a pretty big mental beat down when all your friends have secured jobs right out of college. Then one week after college ended, I was sitting in the gym in between reps and I get a call from a place I interviewed with, the one place that I felt I fit in the most and he asked if I wanted to start next week.
That brings me to my two years as an analyst at an RIA of which I learned so much in such a short time frame (maybe it was the 12+ hour days). We operated more independently, used derivatives, long-equity portfolio, concentrated strategy. Sadly, things ended on bad terms and I left. This brings me to starting Fiducia.
So, you left the mainstream employment racket, to set up Fiducia Investment Research LLC at the end of 2020.
Can you talk us through the motivation for making that move, and then a little about what you do at Fiducia?
I love reading, building, and learning. I am also a very large risk taker but not in the gambling sense, but the sense that I like to back myself into a corner and fight my way out. I think I cause myself a lot of unnecessary stress with that. Knowing what you have wanted to do since you were young sort of ignites a fire inside of you and since I have had the experience as an analyst for a few years, and continue to build off that with my connections, I feel starting young is the best way to go about what I want to do.
Fiducia in Italian means trust, it also means faith and confidence. I want to build a confident research website for people to read and join a community of like-minded investors to build wealth and trade. Most of the ideas and investments I talk about on the website I own, have owned, or want to own. I post about 1-2x a week for paying members from what I am seeing in the market, news flow on my businesses, thoughts, and market commentary, and then the bonus is I simply provide some trade ideas which people can either swing the stock or options whichever you are comfortable with. I post my gains and losses and am transparent with my portfolio, I want to build alongside my members and create as they call it now a “digital campfire”.
Money has become pretty mainstream to talk about and I see no harm in being open about my portfolio since we all have the same end goal, make money.
Every single day I sit down at my computer and get to open my screen and start reading whether it is a 10-k, news articles on a new company, research article on a specific topic (FinTech, Automation, etc), and look for trading opportunities. I can’t imagine a better life.
I would like people to think of my website as a datapoint. At the end of the day, all we are as analysts are datapoints to other people. I want to be a reference point for decision making, not the sole decision-maker or deciding factor. What I mean by data point is, let us take Analyst A who has a price target on Apple of $150 12mo out, and Analyst B who has a price target of $95 12mo out. Each provides their own research for their price targets, to me they are both data points and we want to understand the why and how they got to their PTs and use them as reference points. I will not use either one as a deciding factor, I am the deciding factor based on my due diligence after understanding each point they make.
What are your ambitions with Fiducia?
Bottom line, I want to build a Pittsburgh based research firm and hire another analyst, and then take in capital to manage as early as 2022-2023. I am as straightforward as they come, and nothing will stop the process. I want to hire people smarter than me, quicker than me, brighter than me.
Now let us move onto your investment approach. I know that you run a two-portfolio method.
So, could you perhaps explain why it is you opt to do that? Then provide us with an overview of your investment process, what you are looking for, what your position sizing looks like, and so on.
Yes, this is my favourite thing to talk about for many reasons. I am a long-term investor, but damn do I love trading. My strategy is simple, over the years I built my long-term account to be my Roth IRA and I have been aggressive in it most people would say, and per my return data. I have maxed it out I think essentially every year since 2014. I then run a portfolio where I mainly trade, recently it has been an 80/20 split between stocks and then cash and options trades. Markets are dynamic, and opportunity always presents itself. Running two portfolios gives me the ability to focus on my long-term account and equity research and keep my turnover low in there, where my trading account I can simply exit and enter as I please and search for new opportunities and be more active. I guess in the next decade we will see which account ends up performing the best.
I was taught to basically build a four-legged table, not all equal at 25% though. I look at management, fundamentals, technical analysis, and sentiment (macro, individual equity, etc). Anyone who knows me knows I love to study and pay attention to management. How management talks about their business, where they see it going, their background, enthusiasm, etc. Some may label me a growth investor, some may label me as risky, but at the end of the day, I am an opportunistic investor and invest my capital where I think I can produce the best CAGR over a specific time period whether it be 3 years, 5 years or 10 years catching secular trends. Personally, I find the value vs growth debates on Twitter hilarious, both sides thinking they are right. I am open to opportunities in every corner of the market, I just do not see the value in arguing.
I try to look for businesses that other people do not really cover much, obviously, Cloudflare has gained some popularity, but I still feel people are not fully paying attention to what they are doing, and this is where I feel I have an edge. I am certainly more tech-centric. My process is derived from my former workplace and a mix of what I have learned from other investors over the years. I do start by looking for thematic investments, I really think the trend is your friend. I then like to focus on management and watch interviews, read their blog posts if applicable. I actually listen to the most recent earnings call before the 10-k, you get a better feel for how they respond and the tone of their voice. Then I will go through the 10-k and take notes, jot questions down I can solve over time, and continue my due diligence. Usually, I will start an initial position and then build conviction over time the more I read and research. Searching for sentiment is always fun and gathering research on the opposite thought process, if I am a bull, what does a bear think? Are there people shorting my business? Why? What can I learn from them? So, I hunt for those answers.
I like to keep my process relatively simple, so I can explain it to people easily like this. One thing I have learned from studying other funds is that things do not need to be complicated. Information overload and trying to think of a “brand new marketing beating strategy” can lead to incompetent decision making, and in my experience leads to buying at the wrong times and making short-term irrational decisions.
I put my money where my conviction is, I am not a personal fan of the 2-4% type stuff, obviously when I manage outside capital that will change, but I manage my own and I just do not have the time to study 15-20 different names in-depth. I like my 4-5 position process and I still find myself learning something new every day on the names. If I were to manage capital, I would let my highest convictions (top 5) make up 50% of the fund. So those are the kind of investors I will eventually attract.
I also trade for income; my website does not support me (yet). This puts me in a position where my back is against the wall, I have to make money. That is why I feel I can grow with my members.
You run a concentrated portfolio at times, sometimes with as little as five positions.
Clearly, concentration can generate some outsized returns, but the other edge of that sword entails some significant downside.
What is your take on position sizing with respect to concentration?
So out of the 7 years, I have been managing the portfolio, I think 4 years have been sub 10 positions and as I grow it is getting smaller which is sort of interesting. My largest drawdowns were in Feb/March 2020 obviously, and this year peak to trough -29% and I think 2020 was -31%.
I have no issue gutting this volatility, yeah, my businesses were 100% overextended (hindsight 20/20 right), but at the same time, I am staying disciplined and not trying to trade too much in my LT account, lowering turnover. I also want to add, this strategy may not be for everyone. In fact, I would say most people would just scoff at it and not sleep well at night if they had 4-5 holdings. I do not need access to this capital until I am at least 50+, I am currently 25.
Maybe subconsciously it has to do with the nominal gain, but for me, the concentration helps me focus and stay disciplined when it comes to news and analysis. It forces me to really know what I own and be able to explain it well and pitch it well. I covered in-depth about 20 names at the last place I worked, and I thought that was a little much for just myself as an analyst. I think two people could handle 20 names really well, I think the long hours I worked was highly correlated to just how many names we owned, and I feel like that potentially led to some information overload for me to make irrational decisions. Who knows?
I think an investor should size their position relative to their research, and what that research says to them. Obviously, my research tells me Cloudflare.
Can you share with us some of the contents of your holdings, and share some of the brief bull cases there?
Of course, as you know and many of my followers on Twitter know I am very open and transparent (to an extent obviously). Paid members get the juicy details and I answer a lot of one-on-one questions, but I am open about my holdings. In my long-term growth account, I own:
a. Mission to build a better internet. Matthew Prince, Michelle Zatlyn, and Lee Holloway have an incredible story. Internet security and speed is only becoming more prudent to businesses, e-commerce, payments, etc. They have built a very easy and efficient developer platform, so I have heard. Why not invest at the epicentre of this?
a. Pesky financial close. Why not automate it? Increased WFH, remove manual errors, and back office becoming more efficient. This is an easy sell for me on a fairly recession-proof feel business if it leads to greater corporate efficiency.
a. The business literally created their own space, the pioneers of ‘connected planning’. Connecting all departments of a business so they are on the same page, historically it was mostly just Finance. Anaplan connects everyone from HR, marketing, general and admin, supply chain, top executives in real-time forecasting and predictive analytics so they are all on the same page.
4. Zebra Technologies
a. Automation, that is it really. My old sport works at an automation company and things are on fire in the industry, I would like public exposure there and Zebra was a name I covered at my old place of work. Anders is an amazing CEO with vision, they have made some strategic acquisitions the past 5 years to grow in all industries they serve which gives me very solid insight into the state of the economy given they have their toes in it all.
Homing in one of the lesser-known positions that you just mentioned there, Zebra.
Could you perhaps dig a little deeper into the thesis for that one? Perhaps detailing a little about what Zebra do, for those who may not be aware?
Yes, so actually as I write this, I am closing my Zebra position in my long-term account and replacing it with SharpSpring because I think the re-open rotation will lose steam personally. I still really like Zebra and believe them to be a long-term secular winner and I will continue research on the name for my website and members.
Zebra was a name I followed at the firm I used to work at, it is not a FinTwit favourite, and I feel it gets heavily ignored because it is not hyper-growth. It was an “economic reopen” play for me, as well as a play on automation and RFID which I am still a very larger believer in, but per risk/reward and given the run-up in valuation I feel SharpSpring will provide me with a better R/R the next 3-5 year. At least that is the thesis, right?
So, Zebra operates in two reportable segments, Asset Intelligence & Tracking (AIT) and Enterprise Visibility & Mobility (EVM). AIT includes barcode printing and asset tracking, and EVM includes mobile computing and data capture + RFID. We are increasingly seeing e-commerce bust through the roof, this was a play on that for me. Amazon, Home Depot, Target, etc are all customers of Zebra and this was a great tangent to play the complex omnichannel. My original thesis on them back in November was a re-open play, I may be heavily SaaS, but I saw the re-open trade was going to happen eventually, right? Zebra touches on each end market for re-open:
· Retail and E-commerce
· Transportation and logistics
· Public sector
So, you can sort of see where my thought process was going with this investment. Maybe I should have weighted more of my portfolio to it, but I was pretty happy with the performance. The business gives me insights into the economy and how we are really doing under the surface. I think for anyone who wants to diversify a bit away from ‘hypergrowth’ names, Zebra is a name to own hence my “Room in a Tech Portfolio” writing from November. I used the profits from my “re-open” trade I spotted in November, and I have allocated towards SharpSpring now. I am essentially long SaaS next 5 years for my “no-touch” port. I think in certain names the risk and reward are still there.
Investing personalities should match the investor’s personality, in my opinion. It most often makes life easier.
Do you agree with this sentiment, and what if so, how do you feel your investing style marries your own personality?
Easily. You are right when it makes life easier, my strategy with heavy concentration is not for everyone. My personality is pretty outgoing, tough, and emotionally disconnected from the market. When I start something, I heavily focus on it so you can see why I study so few names.
It is a challenge to really dive deep and know your name like the back of your hand. I would call myself level-headed and rational, 95% of my job is easing emotions. People get scared when the market drops right? Having the personality where you can think rationally when the market wants to be irrational, bodes well for future performance and can help others from making silly decisions. I guess we can use the recent -10% QQQ sell-off as an example, high growth names were down 30-35%, sure that is tough and people panicked, but we are just at prices not seen since November so really what is the big deal? I think you Tweeted about the rubber band stretching so far and snapping, that is all that happened. Some personalities should stay away from the market, and some will prevail. I can tell someone’s personality just by their portfolio sometimes.
Who have been some of the biggest influences on your investing style, and why?
I do not want to be basic and say, Peter Lynch or Buffett. I would say my old boss to be honest. He opened my eyes a lot to various strategies and I think I sort of just piggybacked and learned from his mistakes and successes. You know, if we all had the same strategy, we wouldn’t really have a diverse global capital market. I guess I built my own strategy based on a few things:
1. I love innovative new businesses that no one cares to look into, how else do we find an edge? Where does the opportunity lie? Are people too lazy to take the time to understand the industry and business model? Sure, I can buy LMT, and MO like everyone else I know, but personally I just see no edge there. Attempting to learn new areas of business is where I think people can gain an edge in investing.
2. I love trading, so I developed a simple 80/20 active portfolio strategy where I simply keep 80% long stock and now 20% cash and options to trade while running the long-term oriented growth investing account. When I profit from a trade, I move into long stock and move some out to pay bills. It keeps me disciplined and protects my profits with proper risk management.
3. I am an opportunistic investor, while I cannot focus on everything, I try to understand the baseline of a new business and use the resources at my disposal to become educated.
My biggest influencer honestly is not anyone super famous in the industry, I like Bill Ackman’s focused strategy on concentration. David Tepper resonates well with me (representing Pittsburgh), I was moulded by the place I used to work mostly, and I give credit to my dad for handing me Peter Lynch Beating the Street when I was younger.
I know that you are an avid user of both technical and fundamental analysis. Which form of analysis do you feel is your strength, and what are your thoughts on utilising both in an investment strategy?
I think it’s critically important to understand both.
Because traders and other funds out there use technical analysis, machines and algorithms are built off of it, and it’s a factor I think that plays a huge roll in trends and breaking up/side/sideways. If an investor can understand the basic technical analysis and couple that with their long-term investment strategy, I think a lot of alpha generation can occur. Not by “timing the markets”, but by noticing key pivot points and support and resistances, couple technical with your valuation you can pinpoint where you think your business may be overvalued.
An example, Cloudflare at $93 in hindsight that valuation + overbought indicators were screaming. I ignored it because of my long-term view on the business, maybe I let bias get in the way of shaving shares, if I listened to my own discipline, I would have been able to shave 10% and wait and buy that 10% back at a lower price. We are now -30%+ off the highs. (At the time of writing)
One that I like to ask everyone. What are the three most influential books that have changed the way you think?
Honestly, one was a non-investing book, Bob Igers “The Ride of a Lifetime” really resonated with me on building yourself and how hard it is to manage people, deal with people, and building your own set of principles. The second would be Peter Lynch Beating the Street, I think this is imperative to read as investors develop their own style and learn from one of the most level-headed investors (in my opinion). Lastly, The Millionaire Next Door really shaped my thinking on money and building wealth, just how I view it as a means to freedom rather than a means to buy my Audi R8 (which obviously I still want). It is not always about the flashy things, while they are cool, I am buying my way to freedom financially.
When assessing a company. What are the must-have factors that must be present in the company before you would even consider allocating one ounce of capital into their business?
You know, it has taken me over a month to complete these questions. Time is valuable right? I was able to read a lot more, study my process, revisit some key areas and I even learned a lot about myself the past month. I think must-have factors are founder-led (or close to founder-led) businesses. I find it the easiest way to connect, an example is Matthew Prince leading Cloudflare. He is active on Twitter (which can have its pros and cons) and really seems to understand and relate to main street, which I think is valuable.
You may not believe this, but I used to follow and find “deep-value” stocks. Now my portfolio is all SaaS, it is not necessarily paying a premium for the business, but what I have learned and developed over the years is the advancement of technology has fascinated me so much I enjoy reading about it so I started to invest in it. I will break it down simply:
1) Preferably Founder-Led
2) Focus on grabbing market share, if applicable
3) Focus on profitability (at least chatter about it)
4) Gross Margins +70% usually, I like my business to retain more of its revenue
5) Eyeing Free Cash Flow Yield (or potential to model out future FCF)
6) Monitoring the YoY increase in ROIC and Operating Margins.
We can look at dozens of metrics, but I think having a nice base of a few ‘at a glance’ type can prove well to start due diligence on a business.
What are your quick-fire sell rules?
Management and legal issues, convincing short reports. A perfect example is GRWG, a FinTwit favourite that got hit last year by the Hindenburg Report. I owned them at $15, I can’t remember exactly what I sold at, was slightly over $15, and the report on management and legal issues really scared me off I guess you could say.
Obviously, GRWG is much higher so Mr Market ignored the management background, it happens. Nothing I can do!
I would also say another quick-fire sell rule for long-term investment is if management starts to not deliver on what they have said, an example is Fastly. I know I harp on it all the time (and turns out in the intermediate-term was right) that management messed up and has been in the penalty box for a few quarters. I am not sure when the tide changes on them, but growth relative to the price you pay does not seem worth it let alone paying for management.
I am wondering if you can share with us some of the companies that you passed up on, that went on to perform very well, perhaps sharing with us why you passed up on them, and what you learned from that?
Easy one, Square. I bought at $39 and sold at $93 because of the valuation. It made no sense to me, but of course, the market does not make sense to me or any of us. I love the business and what they are doing, but I do not love the price it trades at to own a part of that business. The thesis I see floating around at $200+ per share is almost the same I had at $39 in March of 2020. I think returns are pulled forward for this one and the next 5 will not bad even close to the previous 3-5.
That is as close as I can get, I don’t think I have ever really passed up on an investment that went on to perform very well, a few I can name was I passed up on BlackLine originally at $50-ish and ended up circling back and buying around the $90-100 range. I always kept my research tight, I cannot own everything as an investor we have to come to that realization. When I get pitched a stock, I feel rude not digging deeper into it, but honestly, a lot of it is just time constraints because my focus is on what I currently own.
Lastly, I like to round off this segment with a few quotes.
What is your favourite quote, and why? Feel free to pick a few if you like.
My favourite quote is honestly what my dad said to me when I was younger. He said, “the world is your stage”. Everything I do that sticks with me; I can do whatever I want if I put my head down. The saying can be used in investing, working out, travelling, writing, whatever you want.
People get caught up in their day to day lives working their 9-5 they forget to take a step back; the world truly is your stage. You can sit in the audience and watch others perform, or you can get up on stage and perform yourself. You choose!
Sometimes it is as simple as that.
Questions from Twitter:
In this segment, we collected questions from the Twittersphere, and present them to Chris.
@Couch_Investor: “Best and worst investment you’ve made, and the lessons learned from it, good or bad?”
The best investment I have made was probably Lemonade given the short time frame, which was a little less than 200% gain in 5 months. That was unreal, valuation felt a bit ahead, so I reallocated. The worst investment I made was in $ICON, my idea was they would spin-off assets to raise cash and pay down debt, never happened and I lost 55% of my investment when I was in college. Lesson learned? You can run valuations on businesses and still be absolutely wrong if no one thinks the same as you. Lemonade, the theme was running hot, and everyone loved it. I wanted to back away for a bit, seem to be right in the intermediate time frame from when I sold. I am about keeping my CAGR high.
@CChrisTweeting: “You joined Twitter during the pandemic. What has surprised you the most?”
So, I was actually on Twitter for about 5 years, I had a former work Twitter when I was an analyst at the RIA which that account has been retired since I quit.
I created the new Twitter to build a base of knowledgeable people and spread the information I think is valuable as well as learn from people smarter than I (Conor, Chris Seifel, Tyler Lastovich, Muji, @mungerian I do not want to give his name away, and many more). Each has contributed to my learning curve, up and to the right. What has surprised me the most has to be the number of people I see who truly do not understand what they own, and I can tell because of the panic that occurs when the price of the shares goes down 10%. I think this mostly has to do with the influx of 2020 retail traders, which there is nothing wrong with it, I just hope they get pointed in the right direction. I stress how important it is to follow news flow, know what you own.
@CChrisTweeting: “What tickers do you use to build a dashboard for assessing the market?”
I use the VIX, IGV, QQQ, SPX, Call and Put option volume. A lot of my sentiment indicators come from technical notably StochRSI, Twitter & Reddit euphoria, and other investment professionals I speak with to make rational decisions on my front, and I believe my returns to have somewhat proved that.
@BigBilly3000: “What is the biggest red flag you see with Lemonade and what would make you sell your entire position if you owned them?
If they show no path to profitability and continue to see slower quarter over quarter customer growth, the premium growth seems to be fine as customers spend more and group the insurance together. It is just a wee bit pricey now for me to dip my toes in.
@ThibeauBrad: “You have to short one company with a >$200 billion market cap and can hold that short for a minimum of 10 years. Who would you choose?”
I would short Cisco and go long NET, FSLY, CRWD, and many others. I think Cisco (even though a cash cow) is falling behind on technology and I used to like Chuck Robbins, and I owned Cisco at one point because “value” but sold because there was really no value anymore to me. I thought Chuck would be the guy to really turn the heat up, I was wrong. I hope I am right about Prince.
@BrianSloan3: “Thoughts on the Coinbase IPO?”
No opinion really, I do not follow crypto nor am I interested in it.
@Jchitwood2021: “How, and to what degree, might Google’s new ad policy impact tech companies?”
Great question, I think to a degree it will initially hurt ads targeted toward individuals, but to be frank it is not in my wheelhouse of study. I do think management should have it under control, if they do not, then they should not be upper management. I am sure they all have strategies for regulation, ad policies, and other dynamic events that could potentially hurt them.
@ImNoahMalik: “How did you start your career, where are you now, and where do you want to be in terms of your investment journey after a number of years?”
I could spend so long talking about this, my journey even though I am 25 has been up and down. I started my career I would say even when I was 16, I loved the stock market and tinkering around learning businesses. Then when I was 18 started a Roth IRA and contributed all I could and started buying and selling stocks basically tax-deferred, then I joined the Student Portfolio in college and then get got my first analyst job at an RIA that operated more fund-like. Where I want to be is running my own shop, have about 30 clients in total and raise $30m, I can manage it all organically and keep it a very closed community where I do not have to deal with some of the stuff, I see other PM’s deal with. I hope to continue to write on my website and blog my research, it certainly makes me a better investor by writing everything down and holds me accountable for my words and actions.
Thank you Chris for your conversational approach to this interview. I appreciated it, and I am sure the readers did too.
Remember, you can find Chris over on Twitter at @fiducia_invest.
Stay tuned, as we have more excellent guests coming soon.
You can find previous editions of the guest interview series below:
• Edition One: Bill Brewster
• Edition Two: Kris FromValue
• Edition Three: ValueStockGeek
• Edition Four: AdventuresInFI
• Edition Five: Brian Feroldi
• Edition Six: Brad Freeman
• Edition Seven: Mostly Borrowed Ideas
• Edition Eight: Richard Chu
• Edition Nine: Kermit Capitál
• Edition Ten: Liviam Capital
• Edition Eleven: David Belle
• Edition Twelve: Mark Cooke
• Edition Thirteen: 10-K Diver
• Edition Fourteen: Richard Moglen
• Edition Fifteen: Matthew Cochrane
• Edition Sixteen: Michael Mitchell
• Edition Seventeen: Pythia Capital
Lead Analyst at Occasio Capital Ltd