Gary Mishuris on $PHIN and $WBD, options and intrinsic value investing | S08 E01

The podcast explores value investing strategies, drawing on guest Gary Mashouris's experiences at Silver Ring Value Partners. Mashouris advocates for a concentrated, long-term approach focused on predictable businesses with a margin of safety, illustrating this with the example of FINIA, an automotive supplier. The conversation highlights the importance of understanding the questions a stock's price asks and adapting investment strategies to different time horizons and patterns, such as turnarounds. Jake Taylor introduces the concept of "trophallaxis" in ant colonies as a model for information sharing and risk management in investment networks, emphasizing the value of modularity and independent reinforcement of ideas. The discussion also touches on the use of options within a value investing framework, using Warner Brothers as a case study, and the balance between intrinsic value and auction dynamics in investment decisions.