Flyover Stocks

Acclaimed writer Morgan Housel, the author of the international best sellers, The Psychology of Money, Same as Ever, and The Art of Spending and partner at The Collaborative Fund joined Flyover Stocks publisher Todd Wenning to discuss major money matters in our 40s. Included in this conversation:Morgan Housel's career journey and writing styleThe role of authentic storytelling in financeImpact of AI on human connection and storytellingHousing policy and its effect on affordabilityParenting, education, and societal expectations in the 40sFor more information, including important disclaimers, please ⁠⁠visit the blog⁠⁠.Flyover Stocks is an educational podcast hosted by Todd Wenning.Todd is the founder of KNA Capital, an investment adviser registered in the state of Ohio.The views expressed on this podcast — including those of any guests — are for informational purposes only and do not necessarily reflect the views of KNA Capital or its clients.Nothing discussed should be considered investment advice or a recommendation for any particular security.All investments involve risk, including possible loss of principal.For more information, please see KNA Capital’s Form ADV at ⁠⁠www.kna-capital.com⁠⁠.

In 1992, the bears called Fastenal "optically expensive" at 39x earnings. They were wrong. Today, we look at how persistent ROIC (Return on Invested Capital) allows elite companies to defy market expectations and "beat the fade." Learn why buying quality at a premium is a lapse in timing, but buying junk at a discount is a lapse in judgment. Featuring the four-point quality checklist used by the pros.For more information, including important disclaimers, please visit the blog.Flyover Stocks is an educational podcast hosted by Todd Wenning.Todd is the founder of KNA Capital, an investment adviser registered in the state of Ohio.The views expressed on this podcast — including those of any guests — are for informational purposes only and do not necessarily reflect the views of KNA Capital or its clients.Nothing discussed should be considered investment advice or a recommendation for any particular security.All investments involve risk, including possible loss of principal.For more information, please see KNA Capital’s Form ADV at www.kna-capital.com.

In this episode, Todd Wenning and Jeff Fischer discuss a variety of topics around the state of today's market, what AI could mean for the economy, and how to monitor companies caught up in the AI cycle in both good and bad ways.For more information, including important disclaimers, please visit the Flyover Stocks blog.Jeff can be found on X @optionwell and Todd can be found @toddwenning.Flyover Stocks is an educational podcast hosted by Todd Wenning.Todd is the founder of KNA Capital, an investment adviser registered in the state of Ohio.The views expressed on this podcast — including those of any guests — are for informational purposes only and do not necessarily reflect the views of KNA Capital or its clients.Nothing discussed should be considered investment advice or a recommendation for any particular security.All investments involve risk, including possible loss of principal.For more information, please see KNA Capital’s Form ADV at www.kna-capital.com.

In this episode, Todd Wenning discusses why the presence of an economic moat is insufficient for investment. He considers the question philosophically but also practically by taking a look at available data.For more information, including important disclaimers, please visit the  blog.

In this episode, Todd Wenning discusses the behavioral challenges related to selling one stock to buy another and shares one of his favorite articles from the depths of the financial crisis to illustrate what real market panic looks like.For more information, including important disclaimers, please visit the Flyover Stocks blog.

In this episode, Todd Wenning discusses some common challenges faced by those in their mid-life (35-50) and offers some suggestions for emerging from this busy time of life financially stronger and more confident as you approach retirement.For more information, including important disclaimers, please visit the Flyover Stocks blog.

In this episode, Todd Wenning covers a variety of investing topics with his friend and mentor, Jeff Fischer. Among other topics, Todd and Jeff discuss their time together running the Motley Fool Pro newsletter through the Great Financial Crisis, how to use options as a part of a long-term investing strategy, the power of recurring revenue, the challenges of managing other people's money, and the bifurcation of the market. For more information, including important disclaimers, please visit the Flyover Stocks blog. Jeff can be found on X/Twitter @fooljefffischer and Todd can be found @toddwenning.

In this episode, Todd Wenning of Flyover Stocks and KNA Capital speaks with Lawrence Hamtil of Fortune Financial and Doug Ott of Andvari Associates about their recent white paper on the US population shift toward the Southeast, entitled "Going South: Implications of Business and Population Migration". Speakers, their families, and/or their firms may own shares of companies mentioned. None of this is financial advice and is meant for informational purposes only. Please see flyoverstocks.com for charts, tables, and other important disclosures. Disclaimers for KNA Capital Management, LLC can be found at www.kna-capital.com/disclaimer.

In this episode, Todd Wenning discusses the religiosity of the Berkshire Hathaway meeting, why companies with great customer service may not be great companies to invest in, and why company-specific sell-offs require both behavioral and analytical insights. Please see flyoverstocks.com for charts, tables, and other important disclosures.

In this episode, Todd Wenning discusses some powerful experiences he and his family had in recent weeks, how and why he considers momentum factors when starting a new position, and why "casino-like" markets (as Warren Buffett put it) are more the rule than exception.

In this episode, Todd Wenning examines why a good process is critical to any successful long-term investing approach. Please visit www.flyoverstocks.com for important disclosures and charts.

Flyover Stocks publisher Todd Wenning chats with author, student, and investor Maya Peterson in this episode. Among other topics, Todd and Maya discuss ways to get young people interested in investing and business, how to find mentors and internships in the industry, and what makes the Berkshire Hathaway annual meeting unique.

In this episode, Todd Wenning shares three short memos - Did Something Break?, Moats, and Look at Your Fish. Please visit www.flyoverstocks.com for references to charts and for important disclosures.

In this episode, Todd Wenning shares his advice for liberal arts majors looking to start a career in the investment industry and encourages universities and investment firms to promote the career to liberal arts majors. Please visit www.flyoverstocks.com for important disclosures.

In this episode, Todd Wenning introduces the Flyover Stocks scoring system for quantifying qualitative factors like moats and management and how you can use such ratings in position sizing and portfolio management. Please visit www.flyoverstocks.com for charts, tables, and important disclosures.

Todd Wenning discusses the risks to long-term investors if they are missing moat, management, or valuation criteria in their investment thesis about a company. Please see www.flyoverstocks.com for charts and important disclosures.

In this episode, Todd Wenning looks at the math behind why Warren Buffett starts looking at companies trading around 15 times earnings. Please visit www.flyoverstocks.com to see accompanying charts and tables, and to view important disclosures.

In this episode, Todd Wenning shares 15 questions he often asks when meeting management teams of companies he's researching. Please visit www.flyoverstocks.com to view the original post and for important disclosures.

For long-term investors in quality businesses, deciding to sell down or fully exit an investment can be an agonizing process. Behavioral biases and personalities can complicate these decisions. In this episode, Todd Wenning discusses some ways in which we might improve our selling process. Please visit www.flyoverstocks.com for charts and important disclosures.

Knowing how much to invest behind each holding is a critical but under-discussed component of portfolio returns. In this episode, Todd Wenning suggests some ways to think about position sizing and the benefits and risks of various approaches. Please visit www.flyoverstocks.com to see charts and read important disclosures.

In this episode, host Todd Wenning discusses why for network effects to occur, the product or service has to be highly relevant to its users. When relevance fades, network effects quickly unravel. Please visit www.flyoverstocks.com to see additional charts and important disclosures related to this post.

Todd Wenning shares five characteristics of overlooked companies he aims to profile at Flyover Stocks. Please visit www.flyoverstocks.com for charts, illustrations, and important disclosures.

Todd Wenning heads across the Pond to profile Howdens Joinery: a UK-based building materials distributor with a unique business model and expanding network of efficiently-run depots. This post was originally shared on September 5, 2023 and was recorded in December 2023. Please visit www.flyoverstocks.com to read the full report which includes charts, valuation, and important disclosures.

Stewardship is a powerful force in life and in business. Identifying stewards of shareholder capital can increase your odds of finding great businesses with long term value creation potential. In this episode, Todd Wenning offers four ways that investors can look for promising stewards of shareholder capital. Please visit www.flyoverstocks.com to view this article and any charts that may accompany it.

Knowing when to employ time-tested investing virtues is a key to long-term success. In this episode, Todd Wenning shares why after 20 years in the investment industry, he believes that discernment is the ultimate trait for great investors. Please visit www.flyoverstocks.com to read this article and any charts that may accompany it.

Todd Wenning discusses how the phrase "economic moat" has become overused by both investors and management and provides ways in which we can have more direct and consistent conversations about durable competitive advantages.