The Psychology of Fraud

The Psychology of Fraud

The presentation explores the psychology and behavioral patterns behind fraud, using historical and modern examples to show how perpetrators exploit cognitive biases.

Texas Pacific Land (TPL)

Texas Pacific Land (TPL)

Texas Pacific Land (TPL) is presented as a unique, capital-light compounder offering high-margin exposure to energy and infrastructure growth, without the risks typically associated with either.

Legal & General

Legal & General

Legal & General is presented as a deeply undervalued, capital-light compounder with a dominant position in the Pension Risk Transfer (PRT) industry, which contributes over half of its profits.

Google

Google

AI is widely expected to disrupt Google’s search business, and the authors concede that this risk is “mostly true.” However, they argue that this disruption doesn’t matter much to the long-term investment case.

AI for Investing

AI for Investing

The presentation, delivered by Gary Mishuris, CFA of Silver Ring Value Partners at VALUEx Vail in June 2025, explores how large language models (LLMs) such as Gemini 2.5 Pro and ChatGPT can be leveraged in the investment research process.