Dissecting Network Effects & Local Economies w/ Keith Smith, Bonhoeffer Capital (Episode 32)

<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><a href="https://tikr.com/hive" rel="ugc noopener noreferrer" target="_blank">.</a></p> <p>Keith Smith is the portfolio manager of Bonhoeffer Capital. Bonhoeffer is a global-oriented fund focused on finding compound mispricings across the capital structure. The fund looks for misunderstood businesses and poke around unconventional fishing holes on their quest for alpha generation.&nbsp;</p> <p>Keith joins the show to discuss his investment process, local scale economies and finding hidden opportunities across the globe.&nbsp;</p> <p>If you want to learn more about Keith, follow him on Twitter <a href="https://twitter.com/Bonhoeffer_KDS">@Bonhoeffer_KDS</a>. You can also check out his website <a href="https://www.bonhoeffercapital.com/">here</a>.&nbsp;</p> <p>Here's the show outline:&nbsp;</p> <ul> <li>[1:33] Intro and Background on Keith</li> <li>[6:05] Viewing Your Job as An Asset w/ Recurring Revenue</li> <li>[13:03] What Keith's Investment s Looked Like in 1990s</li> <li>[34:05] Why Keith Invests Across The Globe</li> <li>[46:19] Investing in South Africa</li> <li>[49:50] Compound Mispricings</li> <li>[59:34] Investing in Businesses w/ Local Economies of Scale</li> <li>[66:32] The Power of Wegman's&nbsp;</li> <li>[67:03] Bringing Local Economies To The Internet Economy</li> <li>[76:13] Win-Win Investment Opportunities</li> <li>[88:37] How Keith Finds Incentive Structures</li> <li>[95:34] Fallibility &amp; Changing Investment Models</li> <li>[102:32] Closing Questions</li> </ul> <p>If you like what we're doing, please subscribe and give us a rating on Apple Podcasts, or wherever you listen to this podcast.&nbsp;</p>