PODCAST · business
The Nightcrawler Podcast
by Worm Capital
Investment insights, conversations, and letters from Worm Capital. Hosted by Eric Markowitz, Worm Capital's Director of Research.
Episodes
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Tom Morgan of The Attention Span: Finding Perennial Patterns To Make Sense of the World
Tom Morgan went from working at Merrill Lynch where he sold US equities to becoming one of the best writers in finance and investing today. Tom is the author of the highly popular "The Attention Span" newsletter. In this episode, we cover a range of subjects, from Iain McGilchrist…
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Q1 2022 - Investor Letter - "The Next 5 Years"
As we’ve often said in previous letters, we couldn’t be more excited about the current business environment. The next five years could yield some incredible opportunities for us as investors. During periods of inevitable market declines, such as the one we just experienced, it’s important to...
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John Huber of Saber Capital Management: Finding Durable Companies
Today I'm very pleased to share a conversation I recently had with John Huber of Saber Capital Management. I've been lucky to get to know John over the last year, and I can say that on top of being a thoughtful and intelligent investor, he's just a super nice guy—100% genuine, honest, and willing...
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Emmet Peppers and Matt Smith of Good Soil: Redefining the Investment Management Business
I recently spoke with Emmet Peppers and Matt Smith, two investors who are thinking differently about the traditional long/short model and ideas around the finance industry. Like Worm Capital, Good Soil makes concentrated bets on companies that are disrupting entire industries. In this…
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Q4 2021 - Investor Letter - Optimism For 2022 and Beyond
All investing is a game of strategy, and to win this game, especially in this fast-changing environment, we need well-developed theory—along with a well-defined research process. Internally, this is what we focus on, asking questions like: What’s next? How to position for tomorrow? What to own?...
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Christopher Tsai, Founder of Tsai Capital: From Curiosity to Human Psychology to Optionality... The Path to Becoming a Great Investor
Today I’m speaking with Christopher Tsai, the founder and CIO of Tsai Capital. Christopher is an investor with more than two decades of experience—he launched his firm back in 1997, and his strategy, like ours, focuses on taking a long-term perspective on compounding capital. Christopher is one…
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Arne Alsin: The Best of Times—Investing Through the 2020s and Beyond
Today Arne Alsin and I talk about the period of technological upheaval that we're living through, and what it could mean for equity markets—and investors. Disclosures: This has been prepared for information purposes only. This information is confidential and for the use of the intended recipients...
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Mark Campanale and Kingsmill Bond of Carbon Tracker: Institutional Investors Are Not Prepared for Global Disruption Across the Energy Industry
"The energy transition is disrupting the entire fossil fuel system, with profound consequences for financial markets and geopolitics." This line is from a recent research report from Mark Campanale's organization, Carbon Tracker. For this episode of the Nightcrawler, I have the pleasure of…
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Arne Alsin, Founder and CIO of Worm Capital - Future, Future, Future
Gods vs. Worms, a fully-connected world, how to find value by looking towards the future, a note on valuation, clean energy disruption, the importance of passion in investing, using customers as our investment North Star, and more... www.wormcapital.com Disclosures: This has been prepared for...
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Q3 2021 - Investor Letter - The Aggregation Of Marginal Gains
One of the concepts that we think about quite often as investors is the idea of aggregating marginal gains. The theory, briefly explained, is that the best way to enhance odds of success is to continuously rip apart your process and see what can be improved, even if only by 1 percent. When you...
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Q2 2021 - Investor Letter - The Rebels Are Winning
Whenever we underwrite a new investment, we look for a few key attributes that help us determine the potential long-term value of a business, as well as its risks. In particular, we focus on management (Are they founders? Do they have skin the game? Are they playing the long game?), addressable...
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Q1 2021 - Investor Letter - The Key Is To Be In Position
As we’ve often counseled, prices are just prices—a daily quote on what someone is willing to pay for the business today. The beauty of the stock exchange is liquidity—but what we exchange for liquidity is volatility. We believe that volatility isn’t bad—in fact, it’s necessary for markets to...
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Q4 2020 - Investor Letter - Taking the Long-Term View
This year may seem like a homerun, but our mentality is pretty simple: Each day is a new at-bat. No victory laps. We’re just trying to stay fit and focused on each pitch, make contact, get on base, and win seasons. We’re in it for the long-term and we need to constantly evolve, stay agile. Like...
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Q3 2020 - Investor Letter - Embracing Disruptive Innovation
From our perspective, the opportunity set for our strategy only appears to be increasing in scope. The industries that we study—energy, transportation, retail, cloud computing, digital entertainment—are in the early stages of rapid change. We’re entering what I like to call the disruption “super...
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Q2 2020 - Investor Letter - Long-Term Investing Mindsets
Energy is a multi-multi-trillion-dollar vertical that is undergoing a radical transformation. We are moving headfirst into a fully renewable energy system led by low-cost and high-efficiency technologies. Whether they realize it or not, fossil fuel companies are destined to decay. Many of them…
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Q1 2020 - Investor Letter - The Road Ahead
In my opinion, we will only begin to see the economy start to recover once fears about the virus itself begin to subside. The economic disruption is unprecedented. Millions of jobs have already been lost and many businesses may never reopen. The fact is, we have no idea what will happen over the...
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Q4 2019 - Investor Letter - The Coming Decade of Disruption
While the growth trajectory will most likely not be linear, we believe over the next few years Tesla’s stock price can grow to be multiples of where it currently stands. Tesla is the dominant leader in multiple industries with massive end markets. More importantly, they are winning on the ground...
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Q3 2019 - Investor Letter - Playing the Long Game
As I have said before, but will say again, public markets—driven by Wall Street—tend to get overly focused on the short-term. This can be exacerbated by the herd mentality and reactive, price-chasing behavior from sell side analysts. There are also incentives in place, especially among vocal…
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Q2 2019 - Investor Letter - Long-Term Investing in Disruption
Taking a step back, it’s important to remember that especially in periods of great disruptions, in hindsight there’s often a huge degree of variance between the underlying value of a business and the quote you get in the market. That’s okay—it’s just a quote. We don’t need to sell, and we won’t...
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Q1 2019 - Investor Letter - Long-Term Investing
We believe our game plan—or our “edge” as others may call it—lies in our ability to model out expectations of this type of innovation process across several verticals. In the short-term, we almost always expect some portion of our portfolio be misunderstood, volatile, or underperforming. That’s...
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Frequently Asked Questions
How many episodes does The Nightcrawler Podcast have?
The Nightcrawler Podcast currently has 20 episodes available on PodParley. New episodes are automatically indexed when they're published to the podcast feed.
What is The Nightcrawler Podcast about?
Investment insights, conversations, and letters from Worm Capital. Hosted by Eric Markowitz, Worm Capital's Director of Research.
How often does The Nightcrawler Podcast release new episodes?
The Nightcrawler Podcast has 20 episodes. Check the episode list to see recent publication dates and frequency.
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Who hosts The Nightcrawler Podcast?
The Nightcrawler Podcast is created and hosted by Worm Capital.
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