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MOI Global | The Research-Driven Membership Organization of Intelligent InvestorsMOI Global | The Research-Driven Membership Organization of Intelligent Investors MOI Global | The Membership Community of Intelligent Investors About Chairman’s Letter Membership Tour Member Feedback Member Calendar Events Featuring thought-provoking events for intelligent investors Online EventsBest Ideas ConferenceWide-Moat Investing SummitAsian Investing SummitEuropean Investing SummitMeet-the-Author ForumIndustry Insights SummitInvesting in Crisis ModeOffline EventsLocal ChaptersBest Ideas OmahaIdeaweek St. MoritzLatticework LondonLatticework ChicagoThe Frankfurt ConversationThe Zurich Project Insights Featuring wisdom-packed content PublicationsAll-Time FavoritesFeatured ContentSelected TranscriptsThe Manual of IdeasMOI (The Book)MOI Global en EspañolCurated ContentTimeless SelectionsInvestment IdeasInvestment LettersWhat We Are ReadingThought Leader SeriesMOI Global on TwitterPodcastsMember-Only PodcastsIntelligent InvestingIdeaweek PodcastLatticework PodcastZurich Project PodcastStart Your Podcast Leaders Featuring intelligent investing thought leaders worldwide AmericasChuck AkreDavid BarrChris BloomstranLarry CunninghamAswath DamodaranCharles de VaulxJames FergusonTom GaynerBruce GreenwaldRobert HagstromNaveen JeereddiHoward MarksMichael MauboussinPhil OrdwayMohnish PabraiBob RobottiJim RoumellChuck RoyceTom RussoDave SatherAdam H. SchwartzMurray StahlSean Stannard-StocktonLauren TempletonWill ThorndikeElliot TurnerArnold Van Den BergEd WachenheimAmit WadhwaneyJosh WolfeDon YacktmanEuropeChristian BillingerJean-Marie EveillardFrank FischerDaniel GladišHendrik LeberFrancisco ParamésGuy SpierSamuel WeberAsiaRajeev MantriRahul SaraogiAdrian WarnerFlorian WeidingerJiro YasuSoumil Zaveri Account Login Recover Member Service Waiting List Search REPLAY: Best Ideas 2026 Discover great ideas at the 14th-annual edition of this online conference, hosted by MOI Global. Members enjoy complimentary and exclusive access. Enter the Main Conference Area Enjoy the wisdom, insights, and ideas of selected thought leaders: Peter Gustafson Discusses His Book, The Business InvestorPeter Gustafson discussed his book, The Business Investor, at MOI Global’s Meet-the-Author Forum, hosted by Alex Gilchrist. Read moreCavco: Strategic M&A and Utilization Gains Set Path to Double EarningsJames Hannack of Punch & Associates presented his in-depth investment thesis on Cavco Industries (US: CVCO) at Best Ideas 2026. Read morePluxee: Spinoff Dynamics, With Strong Management and Free Cash FlowJeffrey Stacey of Stacey Muirhead Capital Management presented his investment thesis on Pluxee (France: PLX) at Best Ideas 2026. Read moreOn: Leveraging DTC Expansion to Drive High-Margin GrowthBogumil Baranowski of Blue Infinitas Capital presented his in-depth investment thesis on On Holding (US: ONON) at Best Ideas 2026. Read more5N Plus: Capitalizing on the Reshoring of Critical Mineral Supply ChainsAmar Pandya of PenderFund Capital Management presented his in-depth investment thesis on 5N Plus (Canada: VNP) at Best Ideas 2026. Read moreShift4: Valuation Disconnect and the Path to a Billion Dollar FCF Run RateChristopher Karlin of Associated Bank presented his in-depth investment thesis on Shift4 Payments (US: FOUR) at Best Ideas 2026. Read more FEATURED Best Ideas 2026 This 14th-annual investment conference, held from January 6-23, brings together great minds from the MOI Global network of intelligent investors. Access the Sessions Latticework 2025 In the fall of 2025, MOI Global members — along with a group of leading investors and CEOs — explored intelligent investing in a changing world. Replay the Sessions Member-Only Podcasts We are delighted to launch member-only podcasts, enabling you to listen to exclusive MOI Global audio content in your favorite podcast player. Access the Podcasts MOI Global en Español We are proud to have built an active and engaged Spanish-speaking community of intelligent investors in Spain, Mexico, and beyond. Visit MOI Global en Español European Investing Summit 2024 Discover Great Instructors and Great Ideas REPLAY NOW Ideaweek St. Moritz 2026 Ideaweek brings together inquisitive minds to explore ideas of consequence in investing, business, and life. From January 26-29, invited members of the MOI Global community will meet in St. Moritz, Switzerland for a week of skiing, discussion, and friendship. The fifth-annual Ideaweek is a showcase of ideas, a platform for great conversations, and an opportunity to catalyze relationships with like-minded individuals. Read impressions from a past edition. Best Ideas Omaha 2026 On May 1, MOI Global members will enjoy a unique opportunity to meet and share ideas during the Berkshire Hathaway weekend. We look forward to a terrific group of speakers. Past instructors have included Christian Billinger of Billinger Förvaltning, Scott Miller of Greenhaven Road Capital, Bob Robotti of Robotti & Company, Tom Russo of Gardner Russo & Quinn, Dave Sather of Sather Financial Group, Jeffrey Stacey of Stacy Muirhead Capital Management, Will Thomson of Massif Capital, Christopher Tsai of Tsai Capital Corporation, and Elliot Turner of RGA Investment Advisors. Learn more. The Zurich Project 2026 From June 2-4, a select group of fund managers and founders will come together for the seventh edition of this invitation-only forum in beautiful Switzerland. Investors building firms for the long term share experiences, best practices, and ideas in an intimate private setting, far from the demands of day-to-day business. The Zurich Project has received acclaim for its unique culture of respect, camaraderie, and honesty. See a few impressions. Latticework Chicago 2026 On November 10-11 members will come together in Chicago for the ninth Latticework. The summit has been lauded as a uniquely impactful forum of great minds from the MOI Global community. Speakers have included Charles de Vaulx, Tom Gayner, Peter Keefe, Bryan Lawrence, Howard Marks, Michael Mauboussin, Mohnish Pabrai, Tom Russo, Guy Spier, Murray Stahl, Will Thorndike, Christopher Tsai, Arnold Van Den Berg, and Ed Wachenheim. Replay selected past sessions. The Frankfurt Conversation 2027 In 2027, invited members of MOI Global will meet in Frankfurt, Germany, for a day of wisdom and idea sharing. The Frankfurt Conversation will address selected topics related to intelligent investing in Europe and beyond. In the past, invited members engaged with European superinvestors Daniel Gladiš, Dr. Hendrik Leber, Guy Spier, and others. Replay selected past sessions. First Solar: Decoupling from Chinese Supply via Thin-Film TechnologyJanuary 19, 2026 in Audio, Best Ideas 2026, Best Ideas 2026 Featured, Diary, Equities, Featured, Ideas, Transcripts Alex Gates of Clayton Partners presented his in-depth investment thesis on First Solar (US: FSLR) at Best Ideas 2026. Thesis summary: Decarbonization remains a primary investment theme despite political shifts, as the domestic regulatory environment has stabilized through recent legislation like the OBBB. Electricity demand in the U.S. is projected to grow six times faster over the next 20 years than historical averages, fueled by AI data center expansion and the electrification of industry and transport. Utility-scale solar is positioned to meet this demand because it can be deployed two to three times faster than fossil fuel alternatives and remains cost-competitive even without tax credits. Within this tailwind, First Solar (FSLR) operates as the leading domestic manufacturer with a patent-protected thin-film technology that is entirely independent of Chinese supply chains, mitigating tariff and forced-labor risks. First Solar maintains a sold-out order book through 2028, which provides high visibility into future cash flows and a margin of safety for investors. Alex emphasizes that the company’s CadTel technology offers a manufacturing advantage over traditional polysilicon by integrating production under one roof, reducing friction and energy use. Production capacity is expected to exceed 21 GW by 2026 as new U.S. facilities scale. Near-term catalysts include potential upward revisions to panel pricing driven by Section 232 tariffs and a Supreme Court ruling on IEEPA. Furthermore, hyperscalers like Google have begun securing large-scale projects from FSLR customers to lock in power for AI buildouts, reinforcing the company’s essential role in the energy transition. The company’s balance sheet is characterized by zero debt and a cash position that ended 2025 at over $1.6 billion. Alex anticipates that FSLR could generate two-thirds of its market cap in cash by 2030. While management has historically prioritized internal expansion and R&D-focused M&A, the magnitude of expected FCF suggests that capital allocation toward buybacks or dividends could become a focus in 2026. This shift in capital return strategy, combined with a potential reduction in interest rates, would likely serve as a catalyst for a market rerating. Although the Trump administration has previously targeted renewables, the OBBB maintained critical 45X manufacturing tax credits while making it harder for foreign entities of concern to qualify, further strengthening FSLR’s competitive position. Valuation appears depressed relative to the company’s earnings ramp and peer group. The shares recently traded at 8x consensus 2027 EPS, a discount compared to equipment providers like Shoals or Nextracker which trade above 20x. Alex estimates module sales of 23 GW and 40% margins in a 2027 base case, yielding $27 per share in earnings. Applying a 13x multiple and accounting for cash on the balance sheet, he suggests a price target of $385, representing 60% upside. In a high-case scenario involving 50% net income margins and improved pricing, the valuation could reach $670 per share, offering 180% upside from recent levels. The full session is available exclusively to members of MOI Global. Members, log in below to access the full session. Username or email address *Required Password *Required Or log in as follows: Remember me Log in Please try again or reset your password. Not a member? Thank you for your interest.  Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form: First name: Last name: Email address: City / state / country: Company: How did you hear about MOI Global? Select Member referral Staff This website Media / Internet Other If referral, please provide member's name: Which of the following applies most closely to you? Select Investment Firm - Head Investment Firm - Analyst or PM Institutional Allocator - Firm C-Level Executive Institutional Allocator - Firm Employee Family Office - Head or Co-Owner Family Office - Employee Non-Investment Firm - C-Level Executive Non-Investment Firm - Employee Other How do you hope to add value to the community? Leave this field empty if you're human: About the instructor: Alex Gates is a Partner, Co-Portfolio Manager of CPDS and Chief Compliance Officer at Clayton Partners LLC. Founded in 2003, Clayton Partners is an opportunistic value investment firm. Clayton manages a private investment partnership and individual separate accounts. The firm takes a private equity approach to investing in the public markets and looks to align itself with shareholder friendly management teams that focus on long-term value creation. Alex leads the firm’s effort to find compelling public and private investment opportunities in sustainable businesses that have a positive impact on climate change. The current focus is on investments in renewable energy, utilities, bio-fuels, and recycling. Alex holds a Masters Degree in Business Economics from the University of California at Santa Barbara. Prior to his graduate education, he completed a dual major BS in Economics and Statistics from Cal Poly State University. At both institutions, Alex concentrated in finance and economic modeling. He earned the Chartered Financial Analyst designation in 2015. « Older Posts Replay: Latticework 2025 In the fall of 2025, MOI Global members gathered at the Yale Club of New York City to explore intelligent investing in a changing world. Members enjoy complimentary and exclusive access. Access the Audio Replays MOI Global The research-driven membership organization of intelligent investors worldwide Learn more About Us Through invitation-only events and member publications, MOI Global fosters a community of intelligent investors united by a passion for lifelong learning. Chairman’s Letter Membership Tour Member Feedback Member Calendar “MOI Global is a wonderful way to expose yourself to the thoughts of some of the most successful investors and investment methods out there.” —Tom Gayner “Adds value to my research process.” —Rich Eisinger “Invaluable.” —Elliot Turner “Great content, great people.” —John Lambert “Thought-provoking.” —Amit Wadhwaney “First class in every way.” —Jeffrey Stacey “I enjoy it and others will also.” —Chuck Royce Online Events The fully online conferences hosted by MOI Global bring together great minds from our network of intelligent investors, with a focus on timely ideas and timeless wisdom. Best Ideas Conference Wide-Moat Investing Summit Asian Investing Summit European Investing Summit Industry Insights Summit Meet-the-Author Summer Forum Intelligent Investing in Crisis Mode Offline Events In-person events hosted by MOI Global bring together inquisitive minds to explore ideas of consequence in investing, business, and life. Local Chapters Best Ideas Omaha Ideaweek St. Moritz Latticework London Latticework New York The Zurich Project The Frankfurt Conversation “I got more out of Ideaweek than any investing-related event I’ve been to since 1986.” –Peter Leacock, Senior Portfolio Manager, CIBC Wood Gundy Publications The member publications, including The Manual of Ideas, have won acclaim for their depth, originality, and breadth of perspectives. All-Time Favorites Featured Content The Manual of Ideas MOI Global en Español Curated Content The editorial team seeks out thought-provoking insights and variant perspectives from across the membership network and beyond. Timeless Selections Investment Ideas Investor Letter Excerpts Thought Leader Series Podcasts Podcasts enable members to enjoy content in a convenient format. Non-members may peek into the world of MOI Global via limited access. Member-Only Podcasts Ideaweek Podcast Latticework Podcast Zurich Project Podcast This Week in Intelligent Investing Selected Conversations Members enjoy a steady stream of exclusive wisdom and insights from the leading minds in the field of investment management. Chuck Akre | Sanjay Bakshi | Brian Bares | David Barr | Chris Bloomstran | John Burbank | Joel Cohen | Larry Cunningham | Aswath Damodaran | Christopher Davis | Charles de Vaulx | Fernando del Pino | Pat Dorsey | Jean-Marie Eveillard | James Ferguson | Frank Fischer | Tom Gayner | Daniel Gladiš | Bruce Greenwald | Robert Hagstrom | Connor Haley | Ahron Herring | Michael Huber | Bryan Lawrence | Hendrik Leber | Paul Lountzis | Peter Mantas | David Marcus | Howard Marks | Michael Mauboussin | Chris Mittleman | David Nierenberg | Phil Ordway | Mohnish Pabrai | Francisco García Paramés | Bob Robotti | François Rochon | David Rolfe | Jim Roumell | Chuck Royce | Tom Russo | Dave Sather | Florian Schuhbauer | Adam H. 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