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The Razor's Edge

Shortman Studios

17
Followers
22
Plays
The Razor's Edge

The Razor's Edge

Shortman Studios

17
Followers
22
Plays
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About Us

The Razor’s Edge is an investing podcast that combines a prop trader’s viewpoint and deep-dive fundamental research to provide a unique take on the markets. The show is co-hosted by Akram’s Razor, a trader, tech enthusiast, meat lover, Marvel fanboy, battle tested activist short-seller and humble market servant, and by Daniel Shvartsman, a long-time editor and director for Seeking Alpha who has seen thousands of investing pitches and ideas, as well as how these ideas play out.The duo start with a theme or idea from Akram’s investing, then break it down to understand what goes into the idea, what could go wrong, and what else investors and traders need to know. They also interview industry leaders, executives, and other investors to get a wider perspective. The show has thousands of listeners around the world.

Latest Episodes

The Razor's Edge #19: Superhuman Founder/CEO Rahul Vohra On Email's Enduring Role In Modern Workplace Collaboration

Superhuman Founder/CEO Rahul Vohra speaks on The Razor's Edge about email's fundamental role in the modern, distributed workplace.

70 MIN4 d ago
Comments
The Razor's Edge #19: Superhuman Founder/CEO Rahul Vohra On Email's Enduring Role In Modern Workplace Collaboration

The Investing Edge Announcement

A quick update about the programming on this channel - this channel will be only featuring the Razor's Edge going forward. To get new Value Investor's Edge Live podcasts, subscribe to the Marketplace Roundtable Podcast channel, available here:iTunes/Apple PodcastsSpotifyStitcherSeeking Alpha

58 s2 w ago
Comments
The Investing Edge Announcement

The Razor's Edge #18: The Bankruptcy Market With Sam Zughayer

One of the stranger dislocations in 2020 has been the behavior of stocks that are bound to or have already filed bankruptcy, with Hertz's offering of new equity this week as the biggest example of the phenomenon. We speak with Sam Zughayer, managing director of Berenson & Company, about what might explain this, what he's seeing, and where this may end up.Topics Covered4:00 – Where Sam gets involved in the process normally8:00 – What makes this time different14:00 – What the government learned in 2009 and how that affects things18:30 – Rule of contract law in the current climate21:00 – The implication of the Hertz ruling27:00 – The capital structure component and the structural effects for business32:00 – The Hertz precedent and effect on other bankruptcies35:00 – The longer-term legacies of this period38:30 – The problem with shale oil45:00 – Is this unhealthy? The Zombie element of sustaining firms.47:00 – And the formerly healthy companies that fall, what of them?50:00 ...

55 MIN3 w ago
Comments
The Razor's Edge #18: The Bankruptcy Market With Sam Zughayer

The Razor's Edge #17: The Guidance Question For SaaS - Zoom vs. Slack and PagerDuty

We visit the software as a service sector for the third time in a row, as the earnings week we were waiting for came to pass. Zoom reported the so-called 'greatest quarter ever in software', and skewed expectations for peers like PagerDuty and Slack. So, does the market have the reaction right, and where do we go from here? Akram's Razor and Daniel Shvartsman break it down. Topics Covered2:00 minute mark – Digging into Zoom's guidance6:00 – The timing of PagerDuty and Slack's earnings (two days after Zoom's). 8:00 – What about the expansion in large clients for Zoom and potential new verticals13:30 – How did Zoom's report affect PagerDuty/Slack's reports18:00 – Why isn’t guidance going higher for some of these SaaS names?28:00 – The longer onboarding cycle for Slack/PagerDuty33:00 – The convergence of the attention economy36:00 – The Dropbox angle42:00 – Ramping up of adoption curves48:00 – Macro and sector context to keep in mind

56 MINJUN 11
Comments
The Razor's Edge #17: The Guidance Question For SaaS - Zoom vs. Slack and PagerDuty

The Razor's Edge #16: Talking SaaS With Investor and Tech Veteran Justen Stepka

We continue to follow the software as a service sector and the impact of the work from home world, but this time with an outside perspective. Justen Stepka, the founder of Authentisoft and then a longtime product management executive at Atlassian and Docker, joined us to talk about his positions in Slack and Atlassian and what makes the companies stand out. Currently the co-CEO/co-founder of Enterprise Fund, a private equity firm, he also shares his views on the work from home environment we're in and its potential knock-on effects, as well as what he's seeing in private markets.Topics Covered2:30 minute mark - The importance of R&D in retention6:00 - Product stickiness vs. ease of use11:30 - Evaluating R&D as a competitive edge15:00 - The importance of dogfooding18:00 - Okta's position23:30 - How can a software company really be on sale in this market?28:45 - ServiceNow's position30:00 - What's next in the industry, where is Justen watching, and what does the private market look li...

60 MINMAY 29
Comments
The Razor's Edge #16: Talking SaaS With Investor and Tech Veteran Justen Stepka

Value Investor's Edge Live #20: Torm PLC's Management Team On The Product Tanker Market

With attention still focused on the tanker segment, J Mintzmyer speaks to underfollowed Torm PLC about what they're seeing in the wake of a solid Q1 earnings report and Q2 outlook.Topics Covered1:15 minute mark - Overview of current product tanker markets:3:15 - Differences between LR & MR markets?7:00 - How many of your LR2s are trading dirty vs. clean?9:15 - How long is the destocking period likely to last, impact to rates?14:00 - Capital allocation priorities at this time?17:00 - Nearly 25 ships aged 15+, how are these performing? Plans to sell?21:15 - Any levers available to close NAV discount?24:00 - Free float is very thin, is there an ability to boost this without dilution?30:15 - Crew replacements ongoing or still stuck on water?35:00 - Current newbuild environment: Shipyards aggressively discounting yet?37:45 - What differentiates Torm from peers and competitors?

42 MINMAY 28
Comments
Value Investor's Edge Live #20: Torm PLC's Management Team On The Product Tanker Market

The Razor's Edge #15: SaaS Earnings And Work From Home Vs. Work From Everywhere Plays

The software as a service sector has passed its first recession test in flying colors, as the nature of the coronavirus market has led to a increased business for these companies. With two of the most popular names - Slack and Zoom - due to report in a couple weeks, Akram's Razor and Daniel Shvartsman check in on the state of the sector and whether work from home is a benefit or a liability.Topics Covered:3:00 minute mark – What explains a big move like Twilio's7:00 - The broader valuation context15:00 - The prevailing dynamic of competition21:00 - Valuation pair mismatches – DDOG/NEWR, PD/EVBG, WORK/ZM36:30 – Leaving the 10x EV/sales barrier in the past46:00 – Where does Slack go when the light bulb turns on?55:30 – the NFLX parallel for Zoom and the search for a pivot1:03:00 – Slack earnings preview

73 MINMAY 21
Comments
The Razor's Edge #15: SaaS Earnings And Work From Home Vs. Work From Everywhere Plays

Value Investor's Edge Live #19: Post-Earnings Discussion With Ardmore Shipping CEO Anthony Gurnee And CFO Paul Tivnan

J Mintzmyer speaks with Ardmore Shipping management about Q1 and the fast-moving product tanker section.Topics Covered1:00 minute mark - What’s the underlying trade in the product tanker markets?2:30 - Thoughts on broker rates versus actual ‘market levels?’5:30 - Difference in voyages in progress versus completed QTD?6:30 - Thoughts on chemical side of the business, rates coming in lower?8:45 - Shift in dividend policy, shift to deleveraging?12:00 - Is Ardmore aligned? Can we trust you not to blow money on ships?16:00 - At what point do you have to repurchase shares? 18:30 - Repurchases versus secondhand vessel acquisitions. 22:00 - Review of normalized ROA and ROE? 23:15 - Review of normal average MR product market? 27:00 - How do you communicate a ‘normalized value’?30:15 - Visibility and thoughts on product floating storage volumes? 32:00 - Indications from customers/markets regarding terminal capacity? 34:30 - Parting thoughts for investors in Ardmore or product tankers?

38 MINMAY 14
Comments
Value Investor's Edge Live #19: Post-Earnings Discussion With Ardmore Shipping CEO Anthony Gurnee And CFO Paul Tivnan

The Investing Edge: Akram's Razor Interviews J Mintzmyer On The Tanker Trade

In the most ambitious crossover event in Seeking Alpha podcast history, we turn the tables around. J Mintzmyer joins Akram's Razor and Daniel Shvartsman to talk the tanker trade, which is a hotly discussed topic in the markets these days. While the tanker rates and industry set up would seem to align with a generational shift, share prices have yet to pick up. Recorded at the beginning of a busy week for shipping sector earnings, it should provide some interesting background for people looking at this trade and the sector more generally.Topics Covered2:00 minute mark - The endurance of the shipping cycle12:00 - Mean reversion for Value?18:00 - The oil crash and commodity ETFs22:00 - The abnormalities in this cycle27:00 - How supply and demand have lined up31:00 - Investor reactions35:30 - The Macro context46:00 - Dry bulk woes49:30 - Talking the downside in the tanker trade54:00 - The management and capital allocation question58:00 - Getting down to some picks

66 MINMAY 7
Comments
The Investing Edge: Akram's Razor Interviews J Mintzmyer On The Tanker Trade

Value Investor's Edge Live #18: On The Water In The Tanker Markets With Frontline's CEO

J Mintzmyer spoke with Frontline's CEO, Robert Hvide Macleod, last week about how the tanker market is shaping up amidst a lot of commodity price moves and investor interest.Topics Covered1:00 minute mark - What has changed in the market YTD compared to initial setups?3:00 - Have we seen something like this in the market before?4:30 - Preferable data source or metric for global storage balance?6:30 - Discussion of ‘oil on water’ metric10:30 - What is LR2 clean/dirty split? What is driving LR2 spike?11:45 - What time charter offers are available in the markets?15:00 - Fixtures available anywhere for FRO? Indexes accurate?18:45 - Comments on Saudi flotilla? What happens if destinations change?21:00 - How does cash payment flow work for spot vs. TC?23:30 - Any concerns with CP risk? Precedent for this?25:15 - Chance of shifting terms of spot market payment?26:45 - Risk factor of ‘famine’ on the other side of the curve?31:00 - IMO 2020: Spreads are down, will they come back?36:30 - ...

46 MINAPR 30
Comments
Value Investor's Edge Live #18: On The Water In The Tanker Markets With Frontline's CEO

Latest Episodes

The Razor's Edge #19: Superhuman Founder/CEO Rahul Vohra On Email's Enduring Role In Modern Workplace Collaboration

Superhuman Founder/CEO Rahul Vohra speaks on The Razor's Edge about email's fundamental role in the modern, distributed workplace.

70 MIN4 d ago
Comments
The Razor's Edge #19: Superhuman Founder/CEO Rahul Vohra On Email's Enduring Role In Modern Workplace Collaboration

The Investing Edge Announcement

A quick update about the programming on this channel - this channel will be only featuring the Razor's Edge going forward. To get new Value Investor's Edge Live podcasts, subscribe to the Marketplace Roundtable Podcast channel, available here:iTunes/Apple PodcastsSpotifyStitcherSeeking Alpha

58 s2 w ago
Comments
The Investing Edge Announcement

The Razor's Edge #18: The Bankruptcy Market With Sam Zughayer

One of the stranger dislocations in 2020 has been the behavior of stocks that are bound to or have already filed bankruptcy, with Hertz's offering of new equity this week as the biggest example of the phenomenon. We speak with Sam Zughayer, managing director of Berenson & Company, about what might explain this, what he's seeing, and where this may end up.Topics Covered4:00 – Where Sam gets involved in the process normally8:00 – What makes this time different14:00 – What the government learned in 2009 and how that affects things18:30 – Rule of contract law in the current climate21:00 – The implication of the Hertz ruling27:00 – The capital structure component and the structural effects for business32:00 – The Hertz precedent and effect on other bankruptcies35:00 – The longer-term legacies of this period38:30 – The problem with shale oil45:00 – Is this unhealthy? The Zombie element of sustaining firms.47:00 – And the formerly healthy companies that fall, what of them?50:00 ...

55 MIN3 w ago
Comments
The Razor's Edge #18: The Bankruptcy Market With Sam Zughayer

The Razor's Edge #17: The Guidance Question For SaaS - Zoom vs. Slack and PagerDuty

We visit the software as a service sector for the third time in a row, as the earnings week we were waiting for came to pass. Zoom reported the so-called 'greatest quarter ever in software', and skewed expectations for peers like PagerDuty and Slack. So, does the market have the reaction right, and where do we go from here? Akram's Razor and Daniel Shvartsman break it down. Topics Covered2:00 minute mark – Digging into Zoom's guidance6:00 – The timing of PagerDuty and Slack's earnings (two days after Zoom's). 8:00 – What about the expansion in large clients for Zoom and potential new verticals13:30 – How did Zoom's report affect PagerDuty/Slack's reports18:00 – Why isn’t guidance going higher for some of these SaaS names?28:00 – The longer onboarding cycle for Slack/PagerDuty33:00 – The convergence of the attention economy36:00 – The Dropbox angle42:00 – Ramping up of adoption curves48:00 – Macro and sector context to keep in mind

56 MINJUN 11
Comments
The Razor's Edge #17: The Guidance Question For SaaS - Zoom vs. Slack and PagerDuty

The Razor's Edge #16: Talking SaaS With Investor and Tech Veteran Justen Stepka

We continue to follow the software as a service sector and the impact of the work from home world, but this time with an outside perspective. Justen Stepka, the founder of Authentisoft and then a longtime product management executive at Atlassian and Docker, joined us to talk about his positions in Slack and Atlassian and what makes the companies stand out. Currently the co-CEO/co-founder of Enterprise Fund, a private equity firm, he also shares his views on the work from home environment we're in and its potential knock-on effects, as well as what he's seeing in private markets.Topics Covered2:30 minute mark - The importance of R&D in retention6:00 - Product stickiness vs. ease of use11:30 - Evaluating R&D as a competitive edge15:00 - The importance of dogfooding18:00 - Okta's position23:30 - How can a software company really be on sale in this market?28:45 - ServiceNow's position30:00 - What's next in the industry, where is Justen watching, and what does the private market look li...

60 MINMAY 29
Comments
The Razor's Edge #16: Talking SaaS With Investor and Tech Veteran Justen Stepka

Value Investor's Edge Live #20: Torm PLC's Management Team On The Product Tanker Market

With attention still focused on the tanker segment, J Mintzmyer speaks to underfollowed Torm PLC about what they're seeing in the wake of a solid Q1 earnings report and Q2 outlook.Topics Covered1:15 minute mark - Overview of current product tanker markets:3:15 - Differences between LR & MR markets?7:00 - How many of your LR2s are trading dirty vs. clean?9:15 - How long is the destocking period likely to last, impact to rates?14:00 - Capital allocation priorities at this time?17:00 - Nearly 25 ships aged 15+, how are these performing? Plans to sell?21:15 - Any levers available to close NAV discount?24:00 - Free float is very thin, is there an ability to boost this without dilution?30:15 - Crew replacements ongoing or still stuck on water?35:00 - Current newbuild environment: Shipyards aggressively discounting yet?37:45 - What differentiates Torm from peers and competitors?

42 MINMAY 28
Comments
Value Investor's Edge Live #20: Torm PLC's Management Team On The Product Tanker Market

The Razor's Edge #15: SaaS Earnings And Work From Home Vs. Work From Everywhere Plays

The software as a service sector has passed its first recession test in flying colors, as the nature of the coronavirus market has led to a increased business for these companies. With two of the most popular names - Slack and Zoom - due to report in a couple weeks, Akram's Razor and Daniel Shvartsman check in on the state of the sector and whether work from home is a benefit or a liability.Topics Covered:3:00 minute mark – What explains a big move like Twilio's7:00 - The broader valuation context15:00 - The prevailing dynamic of competition21:00 - Valuation pair mismatches – DDOG/NEWR, PD/EVBG, WORK/ZM36:30 – Leaving the 10x EV/sales barrier in the past46:00 – Where does Slack go when the light bulb turns on?55:30 – the NFLX parallel for Zoom and the search for a pivot1:03:00 – Slack earnings preview

73 MINMAY 21
Comments
The Razor's Edge #15: SaaS Earnings And Work From Home Vs. Work From Everywhere Plays

Value Investor's Edge Live #19: Post-Earnings Discussion With Ardmore Shipping CEO Anthony Gurnee And CFO Paul Tivnan

J Mintzmyer speaks with Ardmore Shipping management about Q1 and the fast-moving product tanker section.Topics Covered1:00 minute mark - What’s the underlying trade in the product tanker markets?2:30 - Thoughts on broker rates versus actual ‘market levels?’5:30 - Difference in voyages in progress versus completed QTD?6:30 - Thoughts on chemical side of the business, rates coming in lower?8:45 - Shift in dividend policy, shift to deleveraging?12:00 - Is Ardmore aligned? Can we trust you not to blow money on ships?16:00 - At what point do you have to repurchase shares? 18:30 - Repurchases versus secondhand vessel acquisitions. 22:00 - Review of normalized ROA and ROE? 23:15 - Review of normal average MR product market? 27:00 - How do you communicate a ‘normalized value’?30:15 - Visibility and thoughts on product floating storage volumes? 32:00 - Indications from customers/markets regarding terminal capacity? 34:30 - Parting thoughts for investors in Ardmore or product tankers?

38 MINMAY 14
Comments
Value Investor's Edge Live #19: Post-Earnings Discussion With Ardmore Shipping CEO Anthony Gurnee And CFO Paul Tivnan

The Investing Edge: Akram's Razor Interviews J Mintzmyer On The Tanker Trade

In the most ambitious crossover event in Seeking Alpha podcast history, we turn the tables around. J Mintzmyer joins Akram's Razor and Daniel Shvartsman to talk the tanker trade, which is a hotly discussed topic in the markets these days. While the tanker rates and industry set up would seem to align with a generational shift, share prices have yet to pick up. Recorded at the beginning of a busy week for shipping sector earnings, it should provide some interesting background for people looking at this trade and the sector more generally.Topics Covered2:00 minute mark - The endurance of the shipping cycle12:00 - Mean reversion for Value?18:00 - The oil crash and commodity ETFs22:00 - The abnormalities in this cycle27:00 - How supply and demand have lined up31:00 - Investor reactions35:30 - The Macro context46:00 - Dry bulk woes49:30 - Talking the downside in the tanker trade54:00 - The management and capital allocation question58:00 - Getting down to some picks

66 MINMAY 7
Comments
The Investing Edge: Akram's Razor Interviews J Mintzmyer On The Tanker Trade

Value Investor's Edge Live #18: On The Water In The Tanker Markets With Frontline's CEO

J Mintzmyer spoke with Frontline's CEO, Robert Hvide Macleod, last week about how the tanker market is shaping up amidst a lot of commodity price moves and investor interest.Topics Covered1:00 minute mark - What has changed in the market YTD compared to initial setups?3:00 - Have we seen something like this in the market before?4:30 - Preferable data source or metric for global storage balance?6:30 - Discussion of ‘oil on water’ metric10:30 - What is LR2 clean/dirty split? What is driving LR2 spike?11:45 - What time charter offers are available in the markets?15:00 - Fixtures available anywhere for FRO? Indexes accurate?18:45 - Comments on Saudi flotilla? What happens if destinations change?21:00 - How does cash payment flow work for spot vs. TC?23:30 - Any concerns with CP risk? Precedent for this?25:15 - Chance of shifting terms of spot market payment?26:45 - Risk factor of ‘famine’ on the other side of the curve?31:00 - IMO 2020: Spreads are down, will they come back?36:30 - ...

46 MINAPR 30
Comments
Value Investor's Edge Live #18: On The Water In The Tanker Markets With Frontline's CEO
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