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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

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

Value Hive Podcast