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Today's guest is Jeremy Raper. Jeremy runs RaperCapital.com and recently launched a premium investment research service. 
Jeremy looks at public markets through the eyes of a credit analyst. This gives him a unique perception on markets, companies and capital structure situations. He's not afraid to invest all along the capital structure, and often writes about unique long/short bond opportunities. 
Before launching his premium research service, Jeremy worked over a decade on both the buy and sell side research departments. He even spent time in Japan doing equity/credit analysis. 
During our chat we talk about Jeremy's investment process, the edges gained while living/working in Japan, how he finds ideas and how he thinks about valuation/risk. 
Here's the podcast outline: 
[1:10] - Lessons From Playing Tennis
[3:00] How Jeremy Got Started In Markets
[6:15] Lessons From The Buy & Sell Side
[8:35] Jeremy's First Taste in Credit Instruments
[26:00] Jeremy's Four Pillars of Investing
[32:12] Portfolio Construction and Allocation
[35:24] How To Extract Value From Net Nets
[39:51] The Pendulum of Shareholder vs. Customer Focus
[43:42] Returns ON Capital vs. Return OF Capital 
[56:00] How To Avoid Value Traps
[60:00] Sustainable Free Cash Flow Definitions
[69:00] Jeremy's Three Buckets of Idea 
[74:28] How To Prioritize New Investment Ideas
[80:00] Kill Your Ideas Quickly
[84:33] If The Price Is Right, Look Deeper (CLMT)
[93:18] Real-Time Example of Credit Analysis (361 Degrees)
[105:46] Finding The Main Drivers of an Investment
[108:19] Raper Capital Premium -- What To Expect 
[118:28] Closing Questions
If you want to learn more about Jeremy's research, head over to his site RaperCapital.com. Also make sure to follow him on Twitter @puppyeh1

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