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.
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) is presented as a unique, capital-light compounder offering high-margin exposure to energy and infrastructure growth, without the risks typically associated with either.
Teva Pharmaceuticals is framed as a turnaround story—recovering from past missteps while building a future in branded and specialty drugs.
Natural Resource Partners (NRP) is pitched as a mispriced, capital-light royalty company with a near-term catalyst: a dramatic increase in dividend payouts beginning in 2026.
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.
Kaspi is positioned as Kazakhstan’s dominant “super app,” integrating payments, marketplace, and BNPL services in a single platform.
International Game Technology (IGT) is portrayed as a misunderstood, cash-generative business with durable assets and compelling upside.
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.
The presentation explores the opportunity in emerging market financials, using Lion Finance Group (Bank of Georgia, BGEO.L) as a case study.
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.