Stock Picker Joe Besecker’s ABCD’s of Investing

Published on
January 22nd, 2021
Duration
68 minutes

Lakshman Achuthan: Smooth Reflation Sailing (For Now…)


Stock Picker Joe Besecker’s ABCD’s of Investing

The Interview ·
Featuring Joe Besecker and Marc Cohodes

Published on: January 22nd, 2021 • Duration: 68 minutes

Emerald Asset Management founder, president, and CEO Joe Besecker shares his top stock picks for 2021 with famed short-seller Marc Cohodes of Alder Lane Farm. Besecker breaks down his investment research process, his strategy for finding investable assets—what he likes to call the ABCDs—and the two reflect on a decades-long friendship analyzing the markets. Filmed on January 19, 2021. Key Learnings: Besecker highlights the top sectors he is eyeing—from RVs and cryptocurrency to biotech, life sciences, and digital education. He is betting on Camping World (CWH), Silvergate Bank (SI), Bioamerica (BMRA) and Chegg (CHGG).

Comments

Transcript

  • JJ
    Jay J.
    8 February 2021 @ 01:40
    one of the best right here
  • MH
    Michael H.
    4 February 2021 @ 13:18
    Ah this brings back great memories. During mid to late 90s Joe and Marc used to debate Iomega on Joes internet radio show on real networks. Two stand up guys and great investment minds. Joe is one of the best stockpickers ever. He has been at it a long time and a very humble human being. Very smart for officing in Amish Country. Today Emerald has its annual Groundhog day. I encourage all to check it out. Although I have never met Marc , I admire his tenacity and work ethic. He is a legendary short seller and a survivor. and thank you thank you thank you for staying strong on OSTK! the best is yet to come.
  • AB
    Amaritpal B.
    1 February 2021 @ 12:46
    Marc if you see this, I love you being for authentic and yourself. Keep it up.
  • DS
    Dominik S.
    1 February 2021 @ 11:50
    buy FIRST MAJESTIC SILVER
  • ND
    Nadine D.
    27 January 2021 @ 18:07
    Yes, Joe on twitter please!
  • ND
    Nivtej D.
    27 January 2021 @ 01:35
    Awesome to gun slingers ....firing picks. Love it
  • RB
    Robert B.
    27 January 2021 @ 00:20
    Awesome, awesome interview. Would love to see more interviews between the two of them.
  • VW
    Vic W.
    26 January 2021 @ 12:55
    PLEASE MORE of THESE TWO on RV!!! They deserve their own series on RV. Please make it happened, RV. I wouldn't even mind paying extra for their show!
  • BS
    Bernd S.
    26 January 2021 @ 12:03
    Love this interview! I'd have loved it even more if we'd have heard about the 10 step research process. Maybe next time :)
  • PR
    Pedro R.
    25 January 2021 @ 14:30
    Very new to learning . What EXACTLY do they and others mean by "doing the work" ? What am I missing ? (besides experience)
    • RM
      Robert M.
      26 January 2021 @ 01:30
      Doing the company research.
  • RM
    Robert M.
    26 January 2021 @ 01:29
    Know RV is macro focused, but this was a great video. Love getting specific stock recommendations.
  • JF
    James F.
    26 January 2021 @ 01:25
    JEB is the best! Marc too! Great interview. :)
  • LS
    Lemony S.
    26 January 2021 @ 00:10
    I love Joe already ... a horseman knows the value is in taking smart shots with some risk!
  • MO
    Master O.
    22 January 2021 @ 10:48
    Great discussion gents. Real Vision can you please create a show for Marc just like you have for Mike Green, Jim Grant, and Kiril Sokolf? Can we have him at least once a month doing these kinds of interviews? RV usually has a bearish bias towards stocks but having guys like Marc and Joe is really refreshing. I'm long $OSTK,
    • AF
      Andre F.
      22 January 2021 @ 21:31
      I don't know the man but my strong sense is that Marc would not be able to do that. He works constantly, I don't think he would have time nor inclination and perhaps not the temperament to do a show on the regular. This constant asking for more never stops from people. One needs to know when to be happy with what you've got. I'm happy that Cohodes emerges from time to time to share a gem. As for Mike Green, he loves to pontificate that's part of the reason why he loves being on RV. Downvote my comment if you want all of you, but also go back and watch Green's interview with Grantham for Green's naked pontification; rewatch that interview and then tell me I'm wrong. My eyeballs roll hard in my head when I see the Mike Green worship in the comment section. Some other guy's intellect isn't going to put money in your retirement account. Some other guy's articulate and eloquent phraseology isn't going to put money in your retirement account.
    • LS
      Lemony S.
      26 January 2021 @ 00:05
      I think Green is liked, apart from being intelligent, for not spewing the standard elite lines of garbage that keep them on top and everyone else in their place. Since you referenced him, this was EXACTLY what Grantham was vomiting up during that interview.
  • GP
    Giorgio P.
    25 January 2021 @ 13:30
    Finally some subscription worth material on RV! More of this less of Raul pumping shitcoins with Pomp. Yes, we get it Raoul you're #irresponsiblelong on something that relies exclusively on game changer narratives + network effect and you're trying to leverage this platform to pump it as much as you can. Is it a financially clever move? Very. Intellectually honest towards your subscribers? I don't know. That said I'm not on RV to talk ethics, but please more of this content will be appreciated.
    • LS
      Lemony S.
      25 January 2021 @ 23:58
      I called this a long time ago. The problem is that leverage and cleverness are indistinguishable from believing in something and giving an "honest analysis of it". They converge (how convenient, haha), but we are rightly skeptical and critical.
  • J
    Johan .
    25 January 2021 @ 22:29
    Awsome!!
  • JD
    John D.
    25 January 2021 @ 18:17
    Fantastic interview. Please have Joe (and Marc) on more often.
  • MB
    Matthias B.
    25 January 2021 @ 17:23
    top notch!
  • PB
    Pieter B.
    25 January 2021 @ 14:13
    Fantastic conversation! Thanks a lot! I hope we get more of these type of conversations with stock pickers!
  • KR
    Kevin R.
    25 January 2021 @ 08:50
    Finally some stock picks from RV
  • DG
    David G.
    25 January 2021 @ 06:41
    Yes please RV, more Micro!!!!! You have crypto, Why not a micro channel? Are you trying to disrupt CNBC, or aren't you? Raoul, Milton, what's up?
  • sh
    steve h.
    25 January 2021 @ 03:32
    Great interview/show a lot of fun to watch and picked up some investing ideas.
  • DD
    David D.
    23 January 2021 @ 08:30
    I knew of, and respected, Mr, Cohodes before I watched this video. Indeed, it's the reason I clicked on it. That all said, this interview vastly exceeded my expectations. Well done. I would encourage RV to have more videos like this with discussion of specific stock ideas at a deeper level. While enjoy the macroeconomic babble that RV is known for, it starts to get repetitive.
    • AC
      Alexi C.
      25 January 2021 @ 01:23
      I too feel that the macro-economic themes can get repetitive. One thing that came to mind as I read your comment was that RP recently had a video where he said he was pretty bored in macro land right now. A few thoughts related to that: - the macroeconomic trends take a while to play out, and we're very much in a "transition period" with a huge amount of noise "recession, mania in the markets, etc" - the platform has been pretty consistent that the videos are meant to help you learn frameworks - not give you specific ideas. This feels like bonus to find here. I've been reading a lot on seeking alpha to hear analysis on specific companies/sectors In all - I did really appreciate this video. I couldn't help but notice some of the picks had already been up 10x. So the idea that they could go up 10x from here feels like a stretch. All in all fair since we aren't doing "the work" up front.
  • JM
    John M.
    22 January 2021 @ 18:09
    This was great. Would love to see Marc & Joe spend an hour talking about Overstock.
    • MM
      Michael M.
      24 January 2021 @ 18:47
      Search on Marc Cohodes and he does at least an hour talking to Raoul about Overstock. Maybe in November. Also the CEO of tZERO Saum Noursalehi, was interviewed on Dec 15,
  • TC
    Tascha C.
    23 January 2021 @ 13:16
    What’s the incentive for a stock picker to publicly announce the stocks they are betting on? I’m seriously curious about this. The cynical ones would say that they are just eyeing to dump the stock to the naive public. I don’t think it’s that simple but they are certainly not doing it as a community service either. And these guys are not selling a stock picking service to retailers like the Motley Fool. So what are they doing this for?
    • pt
      popejumpingjohnpaul t.
      23 January 2021 @ 14:13
      not all americans are selfish and greedy, most, but not all. cohodes tipped camping world and overstock publicly a year ago and overstock tip was prob the greatest tips of all time.
    • WK
      William K.
      23 January 2021 @ 20:23
      I have concluded that, for the most part, stock pickers talk their book simply to buttress the equity's price and reduce supply. Yes, there could be an element of pump and dump. But I suspect that is but a minor inventive most of the time. Stock pickers seek to appear prescient to their subscribers and, once they have bought whatever allotment they seek, they too are being slightly buoyed early on by the next buyers coming next who figure they have received free valuable intel that others had to buy. I doubt the enlightened paid subscribers mind the tailwind.
    • JL
      James L.
      24 January 2021 @ 07:15
      if you think this then what do you think realvision is really for?
    • TC
      Tascha C.
      24 January 2021 @ 17:05
      Re: what do you think real vision is for? RV is different because it's portfolio diversification for its founders. Content biz like RV is hard to build. But if it succeeds, it's a stable recurring revenue source that can easily give 10x to 20x returns in the long run, and not significantly correlated with financial market returns. But a stock picker who doesn't run a content biz freely gives stock tips is a different business model. I'm merely curious what that biz model is. I don't have much presumption about this.
    • RM
      Robert M.
      24 January 2021 @ 17:18
      Don't think the RV market is large enough to move CWH stock price. And Cohodes has been talking about this in the past. Have been hesitant to pull the trigger wondering if Covid would be a one time burst, these guys have found some interesting plays.
  • BT
    Boris T.
    24 January 2021 @ 14:54
    Nice interview - enjoyable to watch and it gives a couple of nice ideas (though of course everyone should do their homework). A shame we didn’t get to hear one of his cyber security ideas - probably one of the themes I was the must interested about. Maybe a follow-up or a semi-regular series with the two of them? :-)
  • JG
    Jose G.
    23 January 2021 @ 18:33
    Whos Marcus? they keep talking about Marcus like everyone knows him ;)
    • GF
      Gordon F.
      24 January 2021 @ 03:04
      From the context I would say that he is the CEO of Camping World.
    • BT
      Boris T.
      24 January 2021 @ 09:24
      The CEO of camping world.
  • RA
    RAMI A.
    24 January 2021 @ 09:18
    I think this is easily one of my top 5 interviews since i joined RV. Nothing like seeing two great people with blunt, practical intelligence dish out ideas!
  • JJ
    Jeff J.
    23 January 2021 @ 19:25
    I gave this a full thumbs up because an 80% thumbs up wasnt an option. Points A, B, C1, C2 & D. Total 5. C2 was cybersecurity. 4 out of 5 = 80%. You can keep the extra 20% though as it was fun to watch.
    • WM
      William M.
      24 January 2021 @ 05:14
      I think in the 5 seconds they let him on fox he talked about $VRNS. Frankly, the wife and I have just been putting a bit each month in to $CIBR for a couple years now.
  • JC
    John C.
    23 January 2021 @ 09:28
    Awesome. Both are welcome to visit me in Cape Breton, Nova Scotia anytime.
  • GH
    Gloria H.
    23 January 2021 @ 02:16
    “We hash it out like grown-ass men.” From a grown-ass woman, thank you. This was a great talk.
    • DD
      David D.
      23 January 2021 @ 08:33
      hahahha. Yes, indeed.
  • DC
    Drew C.
    23 January 2021 @ 05:07
    I don’t know what he’d charge and membership fees would probably need to go up, but I’d pay a lot to watch/hear Marc’s (Cohodes) more often—ie, as a permanent and regular Real Vision contributor. Finalist for “coolest brilliant guy in finance 2020-X.”
    • DD
      David D.
      23 January 2021 @ 08:32
      I agree
  • JN
    Jason N.
    23 January 2021 @ 06:11
    This should be the gold standard of all future RV interviews. Often there are too many interviews that are full of theory and no substance.
    • DD
      David D.
      23 January 2021 @ 08:32
      I wholly agree.
  • VT
    Vincent T.
    23 January 2021 @ 06:29
    Awesome energy. We should get these folks on RV more often
  • BS
    Bradley S.
    23 January 2021 @ 02:43
    this is great stuff
  • JB
    Jack B.
    23 January 2021 @ 00:59
    A refreshing discussion by seemingly - the regular guys. Recognized Pinky's knowledge, appreciated his interjections to clarify and confirm; great passion and information from the other guy wearing 3 shirts.
  • LF
    Lee F.
    23 January 2021 @ 00:13
    This was a top notch video.
  • SY
    Steve Y.
    22 January 2021 @ 23:47
    You can hear their passion ! Love it
  • WM
    William M.
    22 January 2021 @ 23:01
    I see an 8K just out today from $BMRA. Looks like a $15m dilution.
    • WM
      William M.
      22 January 2021 @ 23:02
      Just trying to get confirmation I'm reading that right, as I just started looking in to the stock today.
  • KC
    Kirk C.
    22 January 2021 @ 21:30
    A most interesting conversation between consummate pros - and no political stench - how refreshing to breath deeply the air of knowledge!
  • AP
    Adam P.
    22 January 2021 @ 21:17
    These guys are great!
  • CE
    Carl E.
    22 January 2021 @ 20:50
    According to Fidelity, mutual fund LSRIX is closed to new investors.
    • CE
      Carl E.
      22 January 2021 @ 20:53
      GME is their 2nd most held stock position as per yahoo finance. Great timing.
  • ES
    Edward S.
    22 January 2021 @ 20:50
    Crushed the ball out of the park! The video just made me feel good; two friends talking about a craft they love. Marc and Joe need their own show on Real Vision. (I am not joking.) Bravo!
  • dh
    daniel h.
    22 January 2021 @ 20:08
    this was refreshing to watch these guys. thanks for sticking your necks out there, fellas. visit Texas, and brisket and shiner bocks are on me.
  • PG
    Philippe G.
    22 January 2021 @ 19:55
    Fantastic - love these "in the trenches" stories...
  • HK
    H K.
    22 January 2021 @ 18:37
    Awesome interview for a down Friday!
  • JJ
    Jay J.
    22 January 2021 @ 18:30
    These guys are great
  • JH
    Joseph H.
    22 January 2021 @ 18:18
    An active stock picker with great passion, insight and grounded optimism. How refreshing! More of Marc & Joe.
  • TS
    Theodoros S.
    22 January 2021 @ 17:48
    Mark will make a haircut only when Tesla price collapse. I believe this time is around the corner.
  • SB
    Sean B.
    22 January 2021 @ 17:26
    Loved it. Bonus was hearing Marc talk about longs.
  • RM
    Richard M.
    22 January 2021 @ 16:49
    Great interview! I second the suggestion to give Marc his own series (like the Mike Green series). I'm sure Marc has lots of friends from the biz who would be willing to come on RV and talk with him. Marc's a natural in front of the camera and asks really good questions and more importantly doesn't interrupt his guests!
  • MP
    Michael P.
    22 January 2021 @ 16:04
    Loved it. Absolutely loved it. The business was full of guys who talked like this when I got involved in the 80's. Be tough or be gone. Classic.
  • JT
    Joseph T.
    22 January 2021 @ 15:56
    Made my day! Thanks
  • GC
    Gregg C.
    22 January 2021 @ 14:55
    Wow. Just wow. I didn't even get up for a cup of coffee.
    • SC
      Sau C.
      22 January 2021 @ 15:04
      Yes...one of the best RV videos in the past few years. Brings back memories of when RV first started out.
  • DO
    DIOGO O.
    22 January 2021 @ 10:54
    EXCEPTIONAL INTERVIEW!! CHEERS!! OBS: JOE should launch an ETF!!
    • PA
      Pascal A.
      22 January 2021 @ 14:30
      They offer different mutual funds for individual investors alread: https://www.teamemerald.com/individual-investors
  • PA
    Pascal A.
    22 January 2021 @ 14:21
    What a great interview! The passion these two guys have with markets is just entusiasmante. Morevore, it was fun to watch: "I thought it was one of those key chain things that you had to feed...starts with a "P" as well". What he ment was Tamagotchi. No "p" in it! Spit my coffee out... Same thing happens to me all the time. When I have my weekend beer(s) today I will cheer to you two!
  • KD
    Kelley D.
    22 January 2021 @ 13:51
    stock pickers,,,sooooo last century,,,,loved it...
  • CR
    Carlos R.
    22 January 2021 @ 13:10
    I want the unedited version. Awesome chat.
  • AM
    Alastair M.
    22 January 2021 @ 12:18
    Old school...great stuff
  • MS
    Marty S.
    22 January 2021 @ 11:10
    These guys were amazing. Like two buddies talking, I loved their relaxed fun poking style at each other while providing good content. Both educational and entertaining which is rare... !
  • KW
    Krzysztof W.
    22 January 2021 @ 11:03
    Marc is at a different level. I would love to see him more often here. There is so much to learn from Marc.
  • JM
    Jason M.
    22 January 2021 @ 10:47
    Loved this. Well done for a true genuine conversation.
  • km
    ken m.
    22 January 2021 @ 10:02
    Refreshing - almost feels like a throwback! Stock picking? In today's world? If the world ever returns to something like sanity, there will not be enough Beseckers left to go around.