Posts tagged News
Value Investing in a Volatile Environment - Panel Discussion Held on May 4, 2019 in Omaha, NE

Steven Kiel participated in a panel discussion hosted by Willow Oak Asset Management following the Berkshire Hathaway Annual Shareholder Meeting in Omaha, NE on May 4, 2019.

The event included remarks from Scott Miller of Greenhaven Road Capital, as well as insights from panelists David Waters (Alluvial Capital), Steven Kiel (Arquitos Capital), Keith Smith (Bonhoeffer Capital), Dan Roller (Maran Capital), Matt Sweeney (Laughing Water Capital), Bill Chen (Rhizome Partners), and Jessica Greer (Willow Oak Fund Management Services).

The panel discussion can be viewed below:

Steven KielNews
GuruFocus Speech - Given on May 3, 2019 in Omaha, NE

Steven Kiel spoke at the annual GuruFocus Value Conference in Omaha, NE on May 3, 2019. View the transcript here.

On perception:

The price of a stock is based on perception. Sometimes that perception is right. Sometimes it isn’t. Our job is to attempt to determine what reality is. If reality is different than the perception, then we have an opportunity to profit.

This is the fundamental question of investing: Is our perception correct?”

On biases:

We could spend years listing and discussing biases, and it may not make any difference unless we implement effective tools. In fact, some studies have even shown that the more you know about a particular bias, the more prone you are to be affected by it. The mind plays dirty tricks on us because as we gain more knowledge, we become more susceptible to overconfidence.

Consider it the hedonistic treadmill of confidence.

Steven KielNews
MOI Global Best Ideas 2019 - Arquitos Presentation on Westaim

Steven Kiel presented his in-depth investment thesis on Westaim (WED.V) at MOI Global’s Best Ideas 2019.

The presentation can be viewed here: Westaim: Access to Shareholder-Friendly Allocators at Low Price

Westaim is an investment company with two subsidiaries: Houston International Insurance Group (HIIG), a specialty property and casualty insurance company that is up for sale, and Arena Group, a growing credit fund. Westaim as a whole currently trades for 20% below book value. They have a shareholder friendly culture, led by investment veterans originally from the Canadian investment company, Goodwood. In addition to its two current subsidiaries, Westaim is pursuing strategic investments in the financial services industry, providing upside optionality. An investment in Westaim gives you access to good capital allocators at a cheap price with low risk.

Steven KielNews