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

<p>This episode is brought to you by TIKR. Join the free beta today at <a href="https://tikr.com/hive">TIKR.com/hive</a></p> <p>Today's guest is Jeremy Raper. Jeremy runs RaperCapital.com and recently launched a premium investment research service.&nbsp;</p> <p>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.&nbsp;</p> <p>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.&nbsp;</p> <p>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.&nbsp;</p> <p>Here's the podcast outline:&nbsp;</p> <p>[1:10] - Lessons From Playing Tennis</p> <p>[3:00] How Jeremy Got Started In Markets</p> <p>[6:15] Lessons From The Buy &amp; Sell Side</p> <p>[8:35] Jeremy's First Taste in Credit Instruments</p> <p>[26:00] Jeremy's Four Pillars of Investing</p> <p>[32:12] Portfolio Construction and Allocation</p> <p>[35:24] How To Extract Value From Net Nets</p> <p>[39:51] The Pendulum of Shareholder vs. Customer Focus</p> <p>[43:42] Returns ON Capital vs. Return OF Capital&nbsp;</p> <p>[56:00] How To Avoid Value Traps</p> <p>[60:00] Sustainable Free Cash Flow Definitions</p> <p>[69:00] Jeremy's Three Buckets of Idea&nbsp;</p> <p>[74:28] How To Prioritize New Investment Ideas</p> <p>[80:00] Kill Your Ideas Quickly</p> <p>[84:33] If The Price Is Right, Look Deeper (CLMT)</p> <p>[93:18] Real-Time Example of Credit Analysis (361 Degrees)</p> <p>[105:46] Finding The Main Drivers of an Investment</p> <p>[108:19] Raper Capital Premium -- What To Expect&nbsp;</p> <p>[118:28] Closing Questions</p> <p>If you want to learn more about Jeremy's research, head over to his site <a href="