Multiples Capital on MGM Resorts International (MGM) and Garrett Motion (GTX)

Multiples Capital on MGM Resorts International (MGM) and Garrett Motion (GTX)

Last week, I spoke to Ameya, the Founder of Multiples Capital.

Ameya has become a good friend after we spent some time together at last year’s Berkshire Hathaway annual meeting. His partnership is off to a great start. Since inception in 2022, Multiple Capital has generated a 72.0%, beating the S&P 500 by 14.3 percentage points.

In our conversation, we cover:

1:15 – Ameya’s background

3:15 – Using Jeff Bezos’ regret minimization framework

4:15 – The formation of Multiples Capital

4:35 – When Ameya immigrated to the United States

5:00 – Multiples Capital performance to date

5:25 – How Ameya approaches managing capital and portfolio construction

9:35 – How concentrated is the Multiples Capital portfolio

11:26 – MGM Resorts International (MGM) investment case

17:45 – How Ameya thinks about MGM’s debt burden

28:42 – Have there been any rumors that MGM may be taken private?

29:40 – Why Ameya likes Garrett Motion (GTX)

30:56 – Overview of Garrett Motion’s valuation

33:26 – Why did Garrett Motion go bankrupt

35:17 – Why Garrett’s murky history provides an opportunity

40:02 – 3 catalysts for Garrett Motion

43:57 – How tariffs will benefit Garrett Motion

46:30 – How Ameya views the market today

51:05 – Where to find more information about Multiples Capital

Or you can listen on Spotify here or on Apple here.