Talking Billions: Recent Episodes
Bogumil Baranowski
Intimate conversations about money, wealth, and living a rich and fulfilling life. We talk about big ideas, big inspirations, big topics. We take on the hardest subject of all – money: how to make it, save it, keep it, but our conversations lead us to an even bigger question — what it means to live a rich life beyond money. My guests share their practices, principles, and evergreen wisdom. I’m Bogumil Baranowski, author, TEDx speaker, investor, and founding partner of Sicart Associates. A boutique investment firm founded in New York City. Join me on this quest to unearth the wisdom of the age
Long-Term Stewardship, the Lindy Effect, and Why Alignment Matters More Than Valuation
Find me on Substack: https://bogumilbaranowski.substack.com/
Michael Gielkens is a partner and co-founder of Tresor Capital, a Netherlands-based independent investment boutique specializing in actively managing wealth through family holding companies and serial acquirers, with deep expertise in capital allocation and owner-operator alignment.
EPISODE NOTES
3:00 - Discussion of Omaha Berkshire meeting as unique phenomenon bringing global investors together; Michael’s Dutch-American background and financial upbringing with CFO father teaching value of money
6:00 - Netherlands as birthplace of shareholder concept and securities trading; connection between Dutch Republic’s innovation and modern capital markets; family ownership enabling multi-generational wealth preservation
12:00 - Core investment philosophy: skin in the game as non-negotiable prerequisite; alignment of interests at every level including portfolio managers investing alongside clients
15:00 - Family holding companies explained: listed family offices with long-term orientation, no quarterly guidance pressure, avoiding short-term thinking that plagues typical public companies
21:00 - Serial acquirers as superior capital allocators; decentralized decision-making allowing continuous reinvestment at high returns; Swedish companies as breeding ground for this model
28:00 - Return on incremental invested capital as key metric; Munger principle that long-term returns match business returns on capital; importance of reinvestment runway
34:00 - Quality over value traps: companies at small discounts with proven track records versus deep discounts hiding mismanagement; French holding company cautionary tale of nepotism and value destruction
42:00 - Learning from mistakes: avoiding cheap stocks requiring constant attention; importance of doing your own homework rather than blindly cloning positions
46:00 - Market volatility response: having valuations ready, buying quality companies at 45-50% discounts during external shocks when they normally trade at 20% discount
51:00 - Success defined by relationships and fulfillment, not financial metrics; open collaboration and transparency building compounding relationships; Munger’s funeral test
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
My appearance on Excess Returns with Matt Zeigler as the host.
I recently had the pleasure of joining my good friend Matt Zeigler on the Excess Returns podcast. Jack Forehand, the creative force behind the show, did an exceptional job editing and producing the episode. Jack has been instrumental in many improvements to Talking Billions over the years, and I’m grateful to both him and Matt for this opportunity.
We dove deep into my recent article, “Expensive Truth about Cheap Investments,” which caught the attention of major publications like the WSJ and sparked considerable discussion among readers and listeners. The piece clearly touched a nerve and opened up a conversation worth having.
What started as a discussion about the article evolved into something more. Thanks to Matt’s skillful hosting, we explored new territory—sharing stories, anecdotes, and recent insights I haven’t discussed publicly before. The hour-long conversation captures not just the core ideas of the article, but the deeper implications and real-world applications that make this topic so compelling.
I’m excited to share this episode with you—it’s reposted here with permission and blessing from both Matt and Jack. Don’t miss it!
In this episode of Excess Returns, Matt Zeigler sits down with investor and author Bogumil Baranowski to discuss one of investing’s most important mindset shifts: moving beyond cheap stocks to paying up for quality and exceptional opportunities. Drawing on lessons from Warren Buffett, Ben Graham, and his own journey, Bogumil explains how value investing evolves across three key phases—buying cheap, buying good, and learning to pay up. The conversation explores patience, conviction, dead money periods, family wealth stewardship, and how to think about value versus price in a noisy world.
Timestamps:
00:00 Introduction – The cheapest dentist analogy
03:00 Why investors love cheap stocks
07:00 The evolution from bargain hunter to quality investor
09:00 Examples from Ben Graham, Buffett, and Facebook
15:30 Conviction, drawdowns, and dead money
19:00 Judging success by business progress, not stock price
27:00 Lessons from grandma on value and frugality
31:00 How Buffett evolved from cheap to quality
45:00 Investing for future generations
49:00 Invisible wealth and stewardship
52:00 The value investor dilemma
58:00 Equal-weight vs market-cap indexes
59:00 Lessons for the average investor
1:02:00 How much research you really need
1:04:30 How his WSJ essay came to life and final takeaways
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Find me on Substack: https://bogumilbaranowski.substack.com/
Daniel Peris is a historian-turned-portfolio manager at Federated who uniquely combines PhD-level expertise in Russian history with two decades of investment experience to challenge modern finance's dismissal of dividend investing through rigorous historical analysis.
3:00 - Peris shares his unconventional path from Cold War studies and Russian history PhD to Wall Street, explaining how his historical training shapes his contrarian approach to investment challenges by questioning where current financial rules originated and whether they remain fit for purpose.
8:00 - Historical perspective on financial innovation: Peris argues most "new" financial mechanisms have ancient antecedents.
10:00 - The humility principle: Peris critiques University of Chicago's equilibrium economics and rational actor theory for not comporting with actual human behavior, advocating learning from 5,000 years of financial mistakes rather than assuming modern superiority.
14:00 - The great dividend disappearance: Four key reasons dividends vanished - 40 years of declining interest rates, NASDAQ's productivity boom, the rise of buybacks incentivizing Wall Street, and global neoliberalism's focus on financial over cash returns.
18:00 - The turning point thesis: All conditions enabling the "unnatural state" of dividend-free investing have stopped, reversed, or matured, setting stage for return of the cash nexus.
23:00 - Business outcomes vs market outcomes: Peris distinguishes tangible dividend payments (business outcomes you control) from speculative capital gains (market outcomes dependent on share price volatility).
30:00 - The tax avoidance extreme: Peris critiques products designed to avoid taxes on S&P 500's meager 1.2% yield, calling it philosophical gymnastics to dodge taxes on essentially no income.
38:00 - Risk redefined: Permanent loss of capital constitutes real risk, not price volatility, challenging academic definitions that dominate MBA curricula.
42:00 - The buyback controversy: A trillion dollars in free cash flow goes to buybacks benefiting Wall Street and executives rather than shareholders, with Peris emphasizing buybacks provide liquidity to share sellers, not cash to shareholders.
52:00 - PE expansion and gravity: While acknowledging modern infrastructure justifies higher valuations than historical 10x earnings, Peris questions whether 25x multiples make sense, especially in inflationary environments.
57:00 - Global perspective: Anti-dividend phenomenon is distinctly American.
1:04:00 - Success philosophy: Peris defines success as "knowing when you have enough" (citing Joseph Heller), sleeping well at night, and making 50.05% of decisions correctly under uncertainty.Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
One of my favorite interviews I gave lately, take a moment and check it out. Julia is a very gifted, thoughtful host, and it's a very personal, intimate conversation. I have a feeling you'll like it. Enjoy!
https://peopleareeverything.co.uk/
The Episode originally aired on People are Everything with Julia Duthie -- Full credit to Julia and her team for a wonderful conversation, find her podcast and follow for some incredible content, and here is the episode with me, your host, answering questions for a change (instead of asking them). Reposted here with her permission and blessing.
The original episode notes:
S03E04 - Bogumil Baranowski
How does an investor keep money human? In this intimate birthday-day conversation, Bogumil Baranowski (investment advisor, author, pilot) shares the 5 most influential people who shaped his life, philosophy, and approach to long-term, purpose-driven investing. We explore family stories, stewardship across 100-year horizons, the difference between price and value, and why confidence (in cockpits and careers) is everything.
What you’ll learn
- Why money is a human experience—not just P&L
- The grandmother who taught value over price and built a seniors’ home from scratch
- Jay Hughes’ “five capitals” and gifting wealth with warm hands
- A flight instructor’s rule: never undermine a pilot’s confidence (and how to ask for help)
- Toastmasters craft: structure, delivery, and authenticity on stage
- Charlie Munger’s “web of deserved trust” & “planting trees” for future generations
- Dakshana Foundation and the compounding impact of small, well-aimed help
People mentioned
His Grandmother (accountant & community builder) • James “Jay” Hughes (family wealth lawyer) • Tom Fisher (flight instructor) • Eric Rock (Toastmasters mentor) • Charlie Munger (with nods to Warren Buffett, Ben Graham, Monsoon Pabrai, Mohnish Pabrai, and the Dakshana Foundation)
Listen for candid stories: Polish hyperinflation, pennies you can’t throw away, ATC angels in your headset, and a 1917 oak tree that still teaches legacy.
If you enjoyed this, hit like/subscribe, share with someone who’s navigating money, legacy, or leadership, and tell us which moment landed most for you.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Find me on Substack: https://bogumilbaranowski.substack.com/
Matthew Peterson is the visionary founder and managing partner of Peterson Capital Management who leverages over 25 years of global financial experience, including a decade at Goldman Sachs, Morgan Stanley, and Merrill Lynch, to pioneer "structured value investing" - a sophisticated approach that combines classic value principles with options strategies to achieve superior returns while managing risk.
EPISODE NOTES
3:00 - Matthew shares his Minnesota upbringing and early financial curiosity, shuffling bank CDs for extra returns in the 1980s before understanding compounding
5:30 - Wall Street experience at Goldman Sachs: "everybody was aligned, marching to the same beat" with 104-hour work weeks becoming "second family"
8:15 - Introduction to structured value investing: using options as tools, not speculation, to buy stocks at better prices than traditional investors
10:40 - Core strategy revealed: selling put contracts instead of market orders - "we say, I will commit to buying it for a hundred over the next year, but you have to pay us fifteen dollars"
12:20 - Benefits explained: buying 20% cheaper creates massive IRR advantage over decades of compounding
15:45 - Psychology advantage: options help value investors be more patient during early entry periods
24:15 - Portfolio composition: seven core "infinite compounder" holdings including Berkshire Hathaway, designed to hold forever
41:50 - 13F analysis strategy: monitoring 100+ value investors reduces 6,500 companies to just 400 prospects
54:15 - Introduction to Alpha One AI platform providing comprehensive company analysis in 20 minutes
1:02:25 - Structured dividend capture strategy for cash management
1:11:15 - Success definition: "having the people that you want to love you, love you" - citing Warren Buffett's wisdom
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
The episode originally aired on Excess Returns Podcast, and it is reposted here with permission. Thank you, Jack Forehand & Matt Zeigler.
Matt and I sat down with Joseph Shaposhnik, and what an hour it was, enjoy!
In this episode of Excess Returns, we sit down with Joseph Shaposhnik, founder of Rainwater Equity and former star portfolio manager at TCW. Joseph shares the investment philosophy that drove his track record of outperformance, why he focuses on recurring revenue businesses, and how he evaluates management quality and capital allocation. We also explore lessons from great investors like Warren Buffett, Bill Miller, and Peter Lynch, along with insights on valuation, portfolio concentration, and the role of passive investing in today’s markets.
Main topics covered:
How Joseph achieved long-term outperformance at TCW and what drove his results
Why recurring revenue and predictable cash flows are central to his approach
The importance of management quality and identifying “fanatics” vs. mercenaries
Lessons investors should and should not take from Warren Buffett
Bill Miller’s influence and backing of Rainwater Equity
Characteristics Joseph looks for in great businesses and red flags in management teams
Portfolio concentration, position sizing, and risk management
Why you don’t need to have an opinion on every sector
Selling discipline and knowing when it’s time to move on
How valuation fits into his framework and how he thinks about paying up for quality
The impact of passive investing and why active managers must take a long-term view
Stories and lessons from Peter Lynch, including his enduring influence
Timestamps:
0:00 If a stock has doubled, you haven’t missed it
1:00 Introduction and Joseph’s track record at TCW
2:00 Keys to long-term outperformance
8:00 Lessons from Warren Buffett’s wins and mistakes
11:30 Bill Miller’s influence and support for Rainwater Equity
14:00 What defines a high-quality business
20:00 Free cash flow compounding and moats
24:00 Red flags in management teams
31:00 Why active management is broken and Joseph’s solution
35:00 Portfolio concentration and risk management
42:00 Sectors to avoid and why
47:00 Joseph’s selling discipline
53:00 Exceptional leaders and the role of management quality
58:00 Valuation, future value, and the changing economy
1:04:00 Passive investing and market distortions
1:09:00 Lessons and stories from Peter Lynch
1:14:00 Closing questions and key investing lessons
1:20:00 Where to learn more about Joseph and Rainwater EquityPodcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Find me on Substack: https://bogumilbaranowski.substack.com/
Oliver Mueller is Chief Investment Officer at Acresco Investment Management in Mauritius, a seasoned value investor with 25+ years at JP Morgan, Merrill Lynch, and Deutsche Bank who uniquely combines traditional value investing principles with sustainable investing practices.
3:00 - Oliver's German Mittelstand upbringing shaped his relationship with money; parents bought house, rising interest rates created financial strain, taught him value of careful planning
6:00 - First jobs at 15: wastewater treatment plant to buy Hi-Fi system, construction work for interrail trip through Europe - learned physical value of earning money
9:00 - Deutsche Bank apprenticeship sparked passion for investing; mandatory social service with elderly taught him "wealth is not just about money, but dignity, time, empathy"
12:00 - Move to Mauritius in 2014 driven by work-life balance: "When I left house she was sleeping, when I came home she was sleeping" - needed presence as father
18:00 - Key influences: Hungarian investor Kostolani's encouragement, Aswath Damodaran's valuation course, Paul Polman's stakeholder capitalism vision
25:00 - Sustainable value investing philosophy: Start with quality financials, add responsibility filter, then seek margin of safety - "responsibility as source of returns, not constraint"
35:00 - Crisis lessons from dot-com, 2008, COVID: "When narrative drifts from fundamentals, gravity always wins" - reinforced belief in simplicity over financial engineering
50:00 - Tai Chi principles mirror investing: true power comes from stillness and patience, explosive "Fajin" moments when opportunity appears
If this post resonated with you, take a moment, and please share it with anyone in your network who might find it valuable too—this Substack grows entirely through word of mouth from readers like you. Thank you so much!
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Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
EPISODE NOTESPodcast Program – Disclosure Statement
For more content, find me on Substack: https://bogumilbaranowski.substack.com/
P.V. Ramanathan is a Dubai-based entrepreneur, chartered accountant, and fund-of-funds manager who led a successful leveraged buyout in 2003, founded Neeti Fund, and hosts the prestigious ValueX Middle East conference annually.
3:00 - Ram's middle-class Indian upbringing and early exposure to family finances through banking errands with his father, sparking entrepreneurial drive
6:00 - Career journey from Ernst & Young Dubai to Schlumberger, learning business operations by spending weekends on oil rigs in coveralls
9:30 - "Money has always been an enabler for me" - philosophy shaped by helping replenish father's education investment
13:00 - Transition from CFO role to leading a management buyout of corrosion services business, discovering value investing simultaneously
18:00 - Building Corrosion Technology Services (CTS) without leverage: "We are bottom feeders. Anyone who works for us six years is potential competitor"
25:00 - Investment philosophy: Four-bucket approach (value, growth, ballast funds) targeting steady single-digit returns with downside protection
32:00 - Contrarian belief: "Don't fixate on short-term results" - explains why quarterly obsession drives counterproductive business behavior
41:00 - Business survival principles: Zero leverage, conservative revenue recognition, maintaining cash reserves through all cycles
50:00 - Global investment opportunities: Highlighting undervalued Korean market and biotech sector despite volatility
57:00 - ValueX Middle East origins and Toastmasters impact: "All of us are better than some of us" - community building philosophy
63:00 - Definition of success: "Making positive difference in every endeavor I undertake" - touching lives through business, investing, and relationships
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
If you downloaded the episode before Wednesday, please remove it and download it again. Thank you!
Find me on Substack: https://bogumilbaranowski.substack.com/
GUEST PROFILE: Nancy Burger is a leading workplace communication strategist, executive coach, and founder of the Fear Finding Project who helps leaders overcome fear-based thinking after leaving her own Wall Street career to transform her expertise in human psychology into practical strategies for building emotionally healthy, high-performing cultures.
EPISODE NOTES:
3:00 - Nancy shares her stable suburban upbringing but reveals the hidden family dynamics that shaped her fear-based thinking patterns and career trajectory
6:00 - The courage to leave Wall Street: Nancy discusses conquering multi-layered fears to end a 27-year marriage and completely rebuild her life in her 50s
9:00 - Key insight: Fear as information tool - "Fear can become a tool. Notice this without judging it...use it as information instead of recoiling and avoiding the thing because it's scary"
12:00 - Brain science of fear: Understanding limbic system vs prefrontal cortex responses and why we need both pathways for survival and growth
15:00 - Imposter syndrome focus: Nancy's passion project - helping leaders understand "that is something they're making a choice about and they can change it"
18:00 - The power of words in building confidence: How feedback can either destroy or empower, drawing parallels to pilot training methodologies
24:00 - Difficult conversations strategy: Using "I statements" to avoid defensiveness - "I'm noticing" vs "You did this"
35:00 - Career evolution: From finance to writing to music to keynote speaking - "an iterative process...like the inner workings of a massive clock"
42:00 - Communication failure story: Learning to consider your audience's experience rather than just your own emotional state
55:00 - AI as tool, not threat: "Learn about it and understand that it is a tool...don't let machines help you interact with loved ones"
60:00 - Success definition: Impact over achievement - "Did I touch the people in my sphere of influence in a way that left an impact that's positive?"Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
A recording of my most recent, most-viewed Substack essay, along with a brief update from me. And don't forget to share it with everyone in your life who would also enjoy it.
Find it here (see below) with so much more public, free content: https://bogumilbaranowski.substack.com/p/the-sports-car-paradox
Summary for busy readers: One weekend this summer, I was surprised when a sports car I’d been following for hours emerged from a gas station right beside me at journey’s end—despite its speed advantage, we arrived together.
This moment crystallized a key investment truth: aggressive, high-volatility strategies (sports car investing) and steady, consistent approaches (family car investing) can reach similar destinations, but the journey experience differs dramatically.
While sports car investors endure stomach-churning 50%+ drawdowns for potentially higher returns, family car investors prioritize peace of mind and sustainable progress. The best strategy isn’t necessarily the fastest—it’s the one you can stick with through all market conditions.
Disclosure:
Blue Infinitas Capital, LLC is a registered investment adviser. The information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Find me on Substack: https://bogumilbaranowski.substack.com/
Kevin Koharki is an MBA, PhD, founder of CAE Consulting, and associate professor who has spent 20 years analyzing hundreds of firms and uniquely advocates that every employee—not just executives—should understand how their daily decisions impact capital allocation and long-term value creation.
3:00 - Childhood influence: Depression-era grandmother shaped Kevin's views on hard work, discipline, and saving money through close relationship and shared activities
6:00 - Career origin story: 1999 discovery of "Rich Dad, Poor Dad" led to Peter Lynch's "One Up on Wall Street" - describes it as "getting hit by lightning," sparking lifelong investing passion
9:00 - Teaching philosophy: Drops real 10Ks on students' desks, believes in learning by doing rather than textbooks - "if you want to learn how to hit a curveball, you have to step in the batter's box"
12:00 - Personal finance reality check: Most people don't budget despite it being "second, third grade math" - grandmother's "got cable?" test for true money problems
15:00 - Capital allocation breakthrough: 2022 Vegas flight rereading Buffett letters when everything "clicked" - realized employees need training on how their roles impact CEO decisions
18:00 - Fortune 100 company story: 71 years of collective family experience, never understood job's true financial impact until Kevin's training
21:00 - Common misconception: Analysts focus only on dividends, debt paydown, buybacks - "it doesn't start there, it starts with revenue"
25:00 - Concentration philosophy: Charlie Munger's "three investments in your lifetime" - finding businesses that can reinvest at high rates indefinitely
30:00 - Financial statement analysis: Shocking number of investors not making proper adjustments for leases, pensions, stock-based compensation
35:00 - Stock-based compensation deep dive: Spent three years figuring out what Buffett/Munger meant by "true cost" - most CFOs don't understand until receiving it themselves
40:00 - Double-hit problem: Stock-based comp hits earnings twice (expense + dilution) while actual cash impact appears in financing, not operations
45:00 - Tech sector impact: Free cash flow can be 30-40% lower than reported due to improper stock-based comp accounting
50:00 - Cultural change requirement: Capital allocation mindset shifts take years, require constant reinforcement like diet changes
55:00 - Employee education gap: HR can't explain stock plans due to licensing restrictions, employees receive lawyer-written documents they can't understand
60:00 - Success definition: Making people better investors or employees who understand their financial impact - "help them understand the why"
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Three years' worth of interviews with Chris Mayer, which Bogumil and Matt recorded, condensed into a one-hour BONUS episode.
The episode originally aired on Excess Returns Podcast, and it is reposted here with permission from the podcast hosts. Enjoy!In this special episode, Matt Zeigler and Bogumil Baranowski take you on a deep-dive mixtape journey through the best moments from their past three years of conversations with author and investor Chris Mayer. From the brutal patience required to ride out dead money periods to why the lack of a catalyst might be a feature, not a bug—this episode is packed with timeless investing wisdom. Whether you're chasing a hundred bagger or trying to hold through volatility, Mayer’s philosophy will challenge and inspire you.
🔑 Topics Covered:
Why “dead money” is often harder than drawdowns
The real challenge of holding long-term winners
The myth of catalysts and the power of compounding
How great businesses reveal their edge over time
The emotional toll of patience—and how to cultivate it
Aligning capital with the right investor mindset
What Buffett’s evolution teaches us about reinvestment risk
Why most investors can’t handle uncertainty—and how that creates opportunity
* How great investors and great CEOs think in decades, not quarters
⏱️ Timestamps:
00:00 Intro + Episode Setup
02:07 Dead Money vs. Drawdowns
10:00 Waiting Without a Catalyst
18:15 The Real Test of Holding
25:00 Aligning with Long-Term Capital
35:00 Buffett and Value Investing 2.0
44:00 Management and Short-Term Thinking
50:00 The True Meaning of Patience
54:18 Outro + Closing Thoughts
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]
Whit Huguley is the founder and portfolio manager of River Oaks Capital, a concentrated microcap investment fund who applies rigorous private equity-style due diligence to overlooked public companies by personally visiting management teams across America.
EPISODE NOTES
3:00 - Whit's background: From LSU graduate to startup employee to MBA at Tulane, discovering value investing through Ben Graham's "The Intelligent Investor"
6:00 - Career pivot: Five years in the entrepreneurial world, then private equity at AGR buying 30-49% stakes in family businesses
9:00 - Key insight: First company visit revelation - "$100 million market cap company, no investors had visited in 5-10 years"
12:00 - The Buffett parallel: Early investing approach of traveling to meet management, waiting in lobbies, attending sparsely attended annual meetings
15:00 - A+ CEO discovery: Meeting Dayton Judd changed everything - "spoke to me business owner to business owner"
18:00 - Level 5 leadership quote: "Personal humility and professional will, prioritizing company needs over personal gain"
21:00 - Why companies stay public: Most went public pre-2008, now costs $1-2M annually to maintain public status
24:00 - Microcap definition: Portfolio ranges from $30M to $600M market cap, average $250M
29:00 - "Remote island" strategy: Not traditional moats, but obscure markets too small for Amazon to bother conquering
36:00 - Suggestivist approach: "Your company trades at 5x earnings while you're buying acquisitions at 10x - why not buy your own stock?"
42:00 - Three-rule selling framework: Misjudged management, hard left turn in strategy, or extreme overvaluation
49:00 - Capacity constraints: Fund growth helps with influence but hurts at scale - "protecting Thanksgiving dinner investors"
53:00 - Uplisting catalyst: Moving from over-the-counter to NASDAQ opens institutional investor access, FitLife up 50% post-uplisting
58:00 - Counterintuitive lessons: Price drops often mean higher future returns, A+ CEOs are worth premium compensation
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
After writing, reading, and answering 1,000 emails this summer, I'm sharing what I learned about our Talking Billions community. From curious beginners to seasoned investors, you've trusted me with your stories, questions, and insights. In this solo episode, I reflect on three years of conversations, reveal a surprising pattern that emerged from all those emails, and extend a personal invitation to join me on Substack where I'm building a deeper, more connected community experience.
Plus: Why I'm committing to write personal emails to 100 new subscribers every month, and how your messages directly shape the conversations we have with guests.
https://bogumilbaranowski.substack.com/
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]
John Rotonti is a portfolio manager at Bastion Fiduciary managing the Industrial and Infrastructure Strategy, former Motley Fool senior analyst and head of investor training, and author of J.Rowe's Notes newsletter who brings nine years of institutional stock-picking experience to generational wealth building.
3:00 - John's transition to Bastion Fiduciary: launched Industrial & Infrastructure Strategy in January, managing client capital with generational timeframe and complete autonomy over investment decisions
6:00 - Motley Fool learning: Buck Hartzell's advice shifted John from pure deep value to also considering upside scenarios - "spend time trying to figure out what could go right"
9:30 - Portfolio construction mistake: launched with 32 stocks vs preferred 20-25, course-correcting by trimming to achieve better concentration
14:30 - Universe discipline: whittled 300 stocks down to just 60 companies, eliminating noise and forcing focus on highest conviction ideas
18:00 - Letting winners run: discusses anchoring bias and low cost basis pride, admits difficulty adding to winners despite mathematical advantage
23:00 - Long-term communication strategy: 22% of client presentation focused on "what I don't do" and "who shouldn't invest" to set proper expectations
28:00 - Controversial approach: didn't contact clients during February-April selloff because "volatility is the friend of the long-term investor"
32:00 - Performance philosophy: refuses to benchmark against indices, focuses on generational wealth building over short-term comparisons
40:00 - Uncompromising quality: maintains 60-stock universe of only highest quality businesses, describes it as "quality only" not just "quality first"
45:00 - Research process: deep dive questions focus on stress-testing businesses through adversity, inspired by longevity science concepts
55:00 - AI adoption: embracing finance-focused AI platforms for productivity while maintaining preference for deliberate, thoughtful research pace
EPISODE NOTES
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]
James Emanuel is a London-based contrarian investor and founder of Rock and Turner who discovers fundamentally misunderstood companies trading at massive discounts while building his reputation through popular Substack newsletter research and his book "Fabric of Success."
3:00 - Emanuel's intellectual curiosity shaped his contrarian approach: "I take nothing at face value. I question absolutely everything" - discusses how questioning religious beliefs as a child developed critical thinking essential for investing
6:00 - The Rolex story reveals value perception: bought same expensive watch as colleague but paid significantly less, demonstrating "price is what you pay, but value is what you get" - watch now worth 3x original price
9:00 - Law background creates analytical advantage: legal training teaches structured thinking and considering counterarguments, invaluable for examining investment downside risks
12:00 - Convergence theory and "golden threads": successful businesses across different eras/industries evolve similar approaches - like sharks and dolphins reaching similar design through different evolutionary paths
15:00 - People matter most: "The jockey is more important than the horse" - Apple's near-bankruptcy under Scully vs. massive success under Jobs proves same company with different leader becomes entirely different investment
18:00 - Succession planning as golden thread: best companies promote from within (Novo Nordisk had only 5 CEOs in 103 years, Costco leaders worked up from entry-level)
21:00 - Bureaucracy as "corporate virus": processes become more important than results, stifling innovation and driving away top talent
24:00 - Stock screeners are garbage: statutory accounts weren't designed for investors, focus on qualitative analysis over quantitative metrics
27:00 - John Malone created EBITDA metric because Wall Street couldn't understand his tax-minimizing strategy - TCI became 900-bagger despite appearing expensive on earnings multiples
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]Today's guest:
Monsoon Pabrai is the managing partner of Drew Investment Management, who combines generational wisdom from legendary investors like her father, Mohnish Pabrai, Charlie Munger, and Guy Spier, with her own distinctive approach to global value investing, particularly in India's emerging markets.
EPISODE NOTES
3:00 - Childhood shaped by entrepreneurship over money talk; Chipotle visits became business lessons on cost optimization and operational efficiency
6:00 - At age 12, attended legendary Warren Buffett lunch with Guy Spier; Buffett's advice: "most important decision is who you marry"
9:00 - Learning temperament from father during 9+ years without collecting fees; "I've never seen him have a bad day at all"
12:00 - KEY INSIGHT: American Express COVID opportunity - when travel stopped, 60 cents per dollar usually spent on customer retention became massive float for capital allocation
15:00 - March 2020 market crash: colleagues broke emotionally, sold at bottom despite decades of experience
18:00 - Guy Spier as "uncle figure" - long-term compounder philosophy of buying quality and never selling
27:00 - Investment process: random idea generation through travel, conferences, Value Line screening, then rigorous 4-part analysis framework
35:00 - Four investment criteria: 1) Good business quality 2) Margin of safety 3) Capital allocation 4) Alignment of interests (crucial for emerging markets)
42:00 - AI revolution transforming research speed: "NotebookLM can read a 10K faster than me"
47:00 - India investing: 60-70% of 3,000+ listed companies "untouchable" due to fraud risk, but incredible opportunities exist with proper network
53:00 - Dakshana foundation: educating underprivileged students for IIT entrance (1.3% acceptance rate); "most motivating people I've ever met"
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Find the FULL article here: https://bogumilbaranowski.substack.com/p/the-invisible-millions-the-quiet
Please remember to sign up if you haven't already done so.
IMPORTANT: I'm writing a personal email to the next 100 Substack subscribers. Sign up if you'd like to hear from me. I'm definitely curious to hear from you. THANK YOU!
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]
Nick Maggiulli is the COO at Ritholtz Wealth Management, a bestselling author of "Just Keep Buying," and creator of the wealth ladder framework, who transformed his blog Of Dollars and Data into one of personal finance's most trusted resources, and joins us to discuss his new book "The Wealth Ladder."
EPISODE NOTES
3:00 - Nick shares his lower-middle-class upbringing in Southern California, parents' divorce due to bankruptcy, and early money habits like always ordering from McDonald's dollar menu
6:00 - Stanford revelation: "My family summers there" - exposure to different socioeconomic backgrounds opened his eyes to other ways of living
9:00 - Chess analogy: effort alone isn't enough, you need the right strategy. Working harder at wrong things won't maximize long-term income
12:00 - KEY CONCEPT: Spending freedom framework - different wealth levels unlock different spending categories (grocery freedom at level two, restaurant freedom at level three, travel freedom at level four)
15:00 - MAJOR INSIGHT: Use net worth, not income, for spending decisions. "0.01% of your net worth" rule for trivial spending amounts
18:00 - House rich, cash poor phenomenon - why liquid net worth matters more than total net worth for spending decisions
21:00 - TRANSFORMATION POINT: How income sources change as you climb the ladder - from pure labor to investment income dominance
24:00 - The moment when your portfolio earns more than your job: "Is your job a side hustle?"
27:00 - CRITICAL REALIZATION: At higher wealth levels, traditional saving can't move the needle - need business ownership to reach next level
30:00 - Four types of leverage: labor, capital, content, and code - how internet enables mass distribution
33:00 - Wealth composition surprise: how little stocks/funds even richest own, mostly business ownership
36:00 - Starting over reality check: NVIDIA founder wouldn't restart his company knowing the difficulty
39:00 - WARNING: Climbing higher may not be worth it - family dynamics, trust issues, social complications at ultra-high wealth levels
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
A story, an invitation, an update, and a sincere thank YOU -- listen to hear more.
[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]
John Zolidis is the president and founder of Quo Vadis Capital with 25+ years as one of Wall Street's most insightful retail and restaurant analysts, combining rigorous boots-on-ground research with philosophical training to identify fundamental drivers of consumer business success.
3:00 - Childhood in small-town Wisconsin; spent time alone in nature which created mental flexibility and creativity for investment thinking
6:00 - Million-mile flyer metaphor: investing isn't get-rich-quick, it's a long slog that rewards process over time
9:00 - Philosophy to finance transition: studied philosophy of language and symbolic logic, providing rigorous analytical framework for evaluating corporate strategy
12:00 - "Finance is just not nearly as robust of a difficult topic" - philosophical training made financial analysis easier
15:00 - Four-year news blackout in college; information diet philosophy - news means "new" not "relevant or valuable"
18:00 - Covetus Capital name origin: Latin "Quo Vadis" (where are you going?) - story of conviction with cautionary elements
22:00 - Investment philosophy: high-quality businesses with strong margins, cash flows, and ability to reinvest capital at high returns
24:00 - Unit economics methodology: analyzing component segments, comparing peer groups, tracking incremental profitability trends
26:00 - Sprouts Farmers Market case study: 14x inventory turns vs 4x industry average, misunderstood by street
40:00 - Consumer analysis: employment is #1 indicator, headlines create temporary psychological impact but don't change spending if people keep jobs
50:00 - Chipotle lesson: got shaken out during financial crisis, learned to focus on individual company fundamentals over macro movements
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]
Manish Singh is a global investor and meditation practitioner who manages family capital across India, North America, and Western Europe while calling himself a "happy monk" and writing the blog "Mind of Manish."
3:00 - Manish's nomadic childhood across diverse Indian regions, attending 7 schools in 12 years, experiencing everything from villages without electricity to remote jungles
6:00 - How traveling from childhood taught him that "travelers belong to humanity" - seeing universal human desires across cultures
10:00 - Merchant Navy journey starting at 19, sailing globally for 6 months at a time, visiting 50+ countries across all major oceans and regions
15:00 - Metaphysical lessons from the sea: "If you love sea, sea loves you back" - respecting forces bigger than yourself
19:00 - Investment journey beginning at 16 with local magazine writing, earning $10 per article about Indian businesses
22:00 - First major break: friend's father trusted him with capital after testing his business knowledge, leading to word-of-mouth client growth
29:00 - Meditation path inspired by Buddha and Kabir, questioning why wealthy people aren't happy, defining success as happiness
42:00 - Why he continues investing: "If I manage their money and they come to my home... how do I tell them I'll not be managing your money?"
47:00 - Holding investments: "Action is enemy of investor" - partner showed if he'd been kidnapped in 2016, he'd have made more money
55:00 - Advice to 17-year-olds: "Believe in yourself, be cheerful, be honest" - society is "perfectly messy"
60:00 - Defining success as happiness: asks family annually "was I a happy person this year?"
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]Lawrence Yeo is a former corporate finance professional turned writer-illustrator-philosopher who left investment banking to pursue creative storytelling full-time, creating the blog "More to That" and publishing a book, "The Inner Compass," exploring the intersection of self-understanding, money mindset, and authentic living.
This is his very first podcast interview discussing the new book!
3:00 - Lawrence shares his immigrant family's journey from middle-class comfort to poverty, revealing how parental presence created resilience despite financial hardship
6:00 - "Even though we were poor, I didn't feel poor" - the crucial distinction between circumstances and mindset in childhood poverty
9:00 - Career strategy: Using investment banking as a means to creative freedom, not an end goal - the importance of functional versus status-driven success
12:00 - The world's expectations layer onto our natural contentment, creating mental suffering amid physical comfort - a modern affliction
15:00 - Social referencing from infancy to adulthood: How we unconsciously look outward for safety cues instead of cultivating internal compass
18:00 - Distinguishing between knowledge (taught information) and understanding (gained through experience) - wisdom requires living it yourself
21:00 - Religious texts as compounded knowledge parallel: Our oldest personal stories shape us most through conditioning
24:00 - External success vs. inner turmoil: The asymmetry of attention - 0.1% validation moments vs. 99.9% daily reality
27:00 - Choosing your playing field: Why Lawrence quit music after realizing he didn't want to become like successful musicians in that space
30:00 - The invisible wealth test: Would you climb the mountain if you couldn't tell anyone you reached the top?
33:00 - Fork in the road framework: How repetition changes our relationship with certainty vs. curiosity over time
36:00 - Intuition as the gap between rationality's limits and life's biggest decisions (where you live, what you work on, who you're with)
39:00 - Inner compass metaphor: True North (intuition) held steady by the magnet of self-understanding against winds of conditioning
42:00 - Mastery vs. status: Committing to improvement for its own sake while accepting external inspiration from people whose character you admire
45:00 - The 100-hour blog post test: How Lawrence stress-tested his writing passion by removing all external validation
48:00 - Life as single-player game with multiplayer meaning.
51:00 - The paradox of meaningful relationships.
54:00 - Envy's anatomy.
60:00 - Success redefined.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Remove and re-download for an enhanced audio file.
[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]
Jamie Yuenger is the founder and CEO of StoryKeep, a pioneering company that helps affluent families preserve their legacies through documentary filmmaking and storytelling, transforming how multi-generational wealthy families connect with their heritage and values.
EPISODE NOTES
3:00 - Jamie's childhood revelation: Learning at age 9 that her father wasn't her biological dad, creating a lifelong fascination with family identity and secrets
6:00 - The basement moment: Meeting her biological grandmother at 18 and seeing ancestral artifacts from Scandinavia, sparking her understanding of generational connection
9:00 - Career pivot: From WNYC producer to family storytelling after being hired to interview a friend's father-in-law, discovering her life's calling
12:00 - Wealthy family education: Reading "Strangers in Paradise" and attending conferences to understand multi-generational family dynamics
15:00 - The real work: Stories as emotional infrastructure for family resilience, not just nostalgia or keepsakes
18:00 - Japanese internment example: How families initially resist difficult stories but ultimately embrace them as cornerstones of resilience
21:00 - Immigration's universal impact: Personal experience moving to Netherlands illuminating the hero's journey embedded in client stories
24:00 - Beyond founder stories: Importance of documenting multiple generations, especially women's contributions often left out
27:00 - Discovery process: 4-6 week phase determining real goals before production begins
30:00 - The screening moment: 80+ family members in a real theater experiencing their story together
35:00 - 100-year perspective: How one family dinner can contain living memory spanning centuries
38:00 - Personal prejudice confrontation: Overcoming working-class assumptions about wealthy people through actual relationships
45:00 - Trust building: The power of listening well and holding space rather than talking
50:00 - Global families: Using media to connect dispersed families across continents
55:00 - Legacy as ambassador: Etymology reveals legacy originally meant envoy to the future
59:00 - Success redefined: Focusing on a good life rather than traditional success metrics
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Matt Zeigler and Bogumil Baranowski join Robert Hagstrom for a very special hour-long discussion. The episode originally appeared on Excess Returns Podcast, and it is reposted here with permission from the podcast hosts. Enjoy!
Legendary investor and author Robert Hagstrom joins Excess Returns to explore timeless investing principles—and how they’ve evolved in today’s market. In this wide-ranging conversation, Robert shares stories from working with Bill Miller, insights on Warren Buffett’s approach, and the philosophical foundations of long-term investing. He also issues a stark warning about the rising popularity of private equity for retail investors.
Whether you’re a Buffett disciple, a fan of focused investing, or just curious about how great investors think, this is a conversation packed with insight.
🔍 Topics Covered:
• How Robert accidentally became a money manager
• What Buffett’s 1983 letter taught him about investing
• Lessons from 14 years working with Bill Miller
• Why absolutes in investing can be dangerous
• How Robert learned to truly read later in life
• Buffett vs. Modern Portfolio Theory: The real debate
• Why investors misjudge tech stocks and “value”
• Hagstrom’s framework for judging long-term compounders
• The real reason most active managers fail
• Why private equity returns are misleading investors
• The emotional difficulty of running a concentrated portfolio
• What Buffett’s surprise CEO handoff really means
⏱️ Timestamps:
00:00 Intro: "Drawdowns don't matter"
01:35 Falling into money management by accident
04:55 The Berkshire letter that changed everything
07:00 Lessons from Bill Miller and pragmatic investing
09:50 Why rigid value investing missed a decade of returns
12:10 Learning how to read and consume information deeply
14:55 Charlie Munger's feedback on Robert’s books
18:00 Buffett’s surprise retirement as CEO
21:00 The legacy Warren still brings in a crisis
24:00 Why Buffett’s consistency stems from deep reading
25:25 Why focus investing works—but is hard to live through
27:45 Performance vs. volatility: Slugging % vs. batting average
33:45 Why active management fails—and how to fix it
36:50 The false promise of private equity for retail
44:55 Why public markets offer better opportunities
50:30 The hardest lesson Hagstrom had to learn
53:00 Why competitive advantage duration is mispriced
55:00 Why investing is Darwinian—and selection still matters
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]
Barry Ritholtz is the founder and Chief Investment Officer of Ritholtz Wealth Management, overseeing billions in client assets and helping investors avoid costly mistakes while building lasting wealth. He’s the acclaimed author of “How Not to Invest,” sharing hard-won lessons from decades in the trenches. Barry is also the creator and host of Bloomberg Radio’s “Masters in Business,” one of the most influential business podcasts in the world, where he interviews top minds in investing and economics. Today, we’re thrilled to welcome his unique perspective to the conversation.
3:00 - Barry's unconventional approach to budgeting: "my attitude was, gee, if you want to do this, that and the other, you want to have the freedom...then you better make some more money"
5:30 - The Instagram culture problem: Only seeing assets, not liabilities. Story about Instagram influencer working all day on vacation selfies
8:00 - Why successful people buy new cars and lattes if they can afford them - safety features matter more than saving pennies
11:00 - Kawhi Leonard's $103 million contract vs 25-year-old car example illustrates financial recklessness of extreme cheapness
14:00 - Money as tool vs wealth distinction: Dollar's job is medium of exchange, not century-long store of value
17:00 - Two WWI soldiers story: $1,000 buried vs invested becomes $40 vs $32 million after 100 years
20:00 - Why US geographic advantages created investment success: two oceans, natural resources, innovation hubs
24:00 - Politics and investing make terrible bedfellows - both Democrats and Republicans miss gains when their party loses
28:00 - Compounding interruption is what matters, not who's in White House
32:00 - Why experts can't predict: Beatles, blockbusters, Tom Brady all missed by professionals who knew the industries
38:00 - Stock market vs economy during pandemic: market cap weighted toward tech giants, not local businesses
42:00 - Belfer family trifecta: lost $2 billion in Enron, Madoff, FTX - lessons about single stock risk and staying wealthy
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Guest: Dede Eyesan - Founder of Jenga Investment Partners and author of "Global Outperformer"
Dede Eyesan, the visionary founder of Jenga Investment Partners and author of Global Outperformers, who shares insights on identifying high-growth companies and navigating global markets with a unique blend of fundamental analysis and entrepreneurial spirit.
Key Idea: The counterintuitive nature of finding investment winners globally and the extreme patience required to hold them
Key Timestamps & Ideas
3:00 - Early Investment LessonsMade first investment at age 10 in Nigerian stocks (Nestle Nigeria, 7up Bottling, First Bank). Two investments went up 4-5x, bank stock fell by half. Introduction to Warren Buffett and fundamental analysis.
6:00 - Boarding School EconomicsLearned about delayed gratification and scarcity through food trading. Traded chicken (perishable) for chips (storable) - time arbitrage concept. "It's ironic that what taught me about money had nothing to do with money."
9:00 - Investment Philosophy FormationInfluenced by Warren Buffett, Alan Gray (African value investor), and Carlos Slim. Peter Lynch's books: "One Up on Wall Street" and "Beating the Street". Understanding that environment impacts investment approach.
16:00 - Global Outperformance ResearchFound 446 companies (not 200 expected) that were 10-baggers in 10 years. Less than 20% were in the US; more multibaggers in Europe than US. Japan was third-best performing country (surprising finding). Only 5-6% were multibaggers in consecutive decades.
22:00 - Two Types of Winning BusinessesCyclical businesses with technical barriers to entry (salmon industry example) and large market opportunities with strong unit economics (BYD in China).
29:00 - The Challenge of HoldingMSCI case study: stock flat for 9 years while earnings grew 15% annually. Many multibaggers were flat or down 40-50% in the three years before takeoff. Importance of returning to original investment thesis.
35:00 - Quantitative vs. Qualitative AnalysisCannot screen for outperformers quantitatively alone. Developed 60-question checklist across 10 categories. Focus on depth over breadth in investment analysis.
42:00 - Role of IntuitionIntuition is earned through experience (15-20 years). Overconfidence led to mistakes when abandoning systematic approach. Returning to detailed checklist process.
47:00 - Definition of SuccessThree pillars: Individual happiness, family relationships, and client satisfaction. "I want to be in a place where the kids of my investors in 40 years time can look back and be like, yeah, my dad or my mom made a very good decision."
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
This episode aired on Excess Returns; full credit goes to Matt Zeigler and Jack Forehand, and all of the guests listed below -- it's reposted here with Matt and Jack's permission.
In this special episode of Excess Returns, Matt Zeigler is joined by Bogumil Baranowski to reflect on one of the most emotional and historic moments in financial history: Warren Buffett’s surprise announcement at the 2024 Berkshire Hathaway Annual Meeting. With commentary from voices who were in the room—and some who weren’t—we explore what it felt like, what it meant, and what comes next for Berkshire and Buffett’s legacy. Featuring clips from John Candeto, Adam Mead, Eric Markowitz, and Ted Merz, this is both a tribute and a thoughtful discussion on culture, succession, and enduring business values.
Topics Covered:
The emotional weight and historic nature of Buffett’s resignation
Firsthand reactions from inside the room at the Berkshire meeting
Why Buffett’s delivery was masterful—and why it mattered
Reflections on the unique culture of Berkshire and its shareholder community
The Buffett “shield” and what it means for Greg Abel and Berkshire's future
Why more companies don’t emulate the Berkshire approach
The role of tradition in building enduring businesses
Personal stories of shareholders whose lives were changed by long-term compounding
Timestamps:
00:00 – Opening reflections from Matt and Bogumil
01:06 – Why the Berkshire Hathaway meeting is so special
04:00 – John Candeto on the moment Buffett made the announcement
11:15 – Ted Merz shares what it felt like live in the room
21:00 – Eric Markowitz hears about the announcement over lunch
25:45 – Buffett’s dramatic timing and media coverage
30:04 – Adam Mead on witnessing the announcement live
34:25 – The deep love and loyalty felt in the arena
37:00 – John Candeto on the future of Berkshire and Greg Abel
45:00 – Adam Mead on the careful succession plan
51:12 – Ted Merz: Why don’t other companies do what Berkshire does?
58:00 – Eric Markowitz on culture, craftsmanship, and long-term thinking
1:03:00 – Bogumil’s personal reflection on Buffett’s final five minutes
1:08:58 – Why Buffett’s final message—“I’m not selling a single share”—mattered
1:09:28 – Wrap-up and thanksPodcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Guest: Ruschelle Khanna - Family business consultant, psychotherapist, and author of "Inherited Trauma and Family Wealth"
Key Timestamps & Ideas
3:00-5:30 - Growing Up in Coal Country Despite feeling abundant as a child, underlying financial anxiety from this environment shaped her early money scripts and relationship with wealth.
5:30-8:00 - The Origins of Inherited Trauma WorkThree catalysts led to her book: inheriting a traumatic memory from her mother, experiencing Lyme disease, and 20 years of NYC client work.
8:00-12:00 - The Prison MetaphorBoth poverty and wealth can create psychological prisons.
12:00-15:30 - Practical Healing StrategiesFamily governance serves as therapeutic tool, along with genealogy research and getting families talking.
15:30-20:00 - Transparency vs. SecrecyShe advocates transparency about family wealth with next generation, explaining how secrecy robs children of pride in family legacy.
20:00-25:00 - Multi-Generational DynamicsLonger lifespans create more generations alive simultaneously. Value differences between generations are natural. Documenting family legacy helps members understand the "unique collection of coincidences" that created family wealth.
25:00-30:00 - The Five Liabilities of Family TeamsFamilies fall into cycles of chaos, conflict avoidance, people pleasing, procrastination, and abandonment. Conflict in wealthy families isn't "about the money" but about belonging and unspoken pain, with underlying trauma as the root cause.
30:00-35:00 - Money as Intimate EnergyMoney sits at our "root chakra" with sexuality and intimacy. The pudendal nerve means "the place to be ashamed of" in Latin, explaining why people discuss trauma but avoid talking about money in therapy.
35:00-40:00 - Success vs. Failure in Wealth TransitionSuccess requires strong relational, financial, and operational systems. Even "abandonment" can resolve energetically over generations, though blended families face increased emotional complexity and trust issues.
40:00-45:00 - Self-Worth and Sibling DisparitiesThe pillar metaphor describes never feeling "less than" by cultivating both inherent worth ("you're lovable because you exist") and earned worth. Wealth disparities between siblings can destroy family relationships.
45:00-50:00 - Addressing Compulsive BehaviorsCompulsive spending functions as addiction: "what is the pain you're running from?" Imposter syndrome and Dunning-Kruger effect represent two sides of worth issues, while "inversion of trust" means feeling safer with strangers than family.
50:00-55:00 - Individual Change Creates Systemic HealingWorking on inherited trauma individually heals entire family systems. Using the "fascia" metaphor, removing one knot improves the whole system. Success means creating lasting change while learning personally.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Guest: Chris Waller
Founder of Plural Investing, a seasoned investor known for his disciplined approach to small cap value investing. Chris identifies hidden gems through meticulous research with a keen focus on governance and management integrity.
Chris defines success as becoming an expert in the small cap space, building a comprehensive knowledge database of companies, and having the freedom to direct his attention where he chooses.
Key Discussion Points:Early Background and Investing Journey (03:17)Columbia Business School and Joel Greenblatt's Influence (06:08)"Sleuth Investing" Approach (11:37)Hidden Gems Investing (17:08)TerraVest Case Study (21:32)Corporate Governance and Management Integrity (28:06)Portfolio Management and Risk (33:49)Small Cap Misconceptions (38:40)Luxury Goods and Value Investing (44:31)Closing Thoughts
Guest: Caleb Breakey, Founder of Renown Publishing
Caleb Breakey leads Renown Publishing, guiding high-impact leaders and ultra-high networth families through 18-month transformational storytelling journeys to preserve legacies and inspire human flourishing.
Key Moments:
3:00 - Caleb explains how his upbringing in a high-control community shaped his curiosity about humanity and different perspectives
3:27 - Discussion about how diverse life experiences help you see the world differently, with Bogumil sharing his early life in communist Poland
3:56 - Caleb shares his personal "why" - watching his once-close extended family fall apart after his grandparents passed away, revealing the importance of preserving family stories and values
6:10 - The distinction between capturing history versus telling stories: "History informs, story transforms"
7:53 - Why people often undervalue their own stories and Caleb's mission to help them see the inherent value in their unique experiences
10:43 - The universal elements of the hero's journey present in everyone's life story
11:52 - Example of a client getting emotional when connecting his business values to family history that traced back to the Civil War
14:12 - Powerful story about integrity shown through actions rather than words - a client who paid back a million dollars of debt over seven years despite advice to declare bankruptcy
18:54 - The cinematic approach to storytelling - identifying key moments and creating a narrative that resonates deeply
21:00 - How to handle difficult family stories with honesty while recognizing their transformative power
25:43 - Discussion about connecting with future generations through universal human emotions despite different life circumstances
29:08 - Exploration of the "outrunning the wolves" metaphor - how past struggles drive future success
31:29 - Insights about how we assume our childhood experiences are universal until we discover otherwise
34:54 - Caleb shares the dramatic story of being mistaken for bank robbers on his honeymoon
39:21 - The importance of capturing stories when they're fresh - "if you don't capture it, you will lose it"
44:28 - Vulnerability as a gift - how sharing our own struggles can be someone else's lifeline
47:25 - How the digital age has changed legacy preservation and Renown's approach to creating tangible, meaningful legacy boxes
52:48 - Unexpected outcomes of the legacy preservation process - clients discovering the therapeutic value of being deeply seen and heard
56:51 - Caleb's personal definition of success: "I will be wealthy when I have an abundance of what I value"
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Guest: Ardal Loh-Gronager - Founder and Managing Partner of Loh-Gronager Partners Investment Partnership
Background: Over 10 years of financial industry experience at Goldman Sachs, Morgan Stanley, and Credit Suisse. Half Danish, born in UK with a global upbringing across Europe, Asia, and Australia.
Key Moments:
[3:00] Ardal discusses how his childhood shaped him - living in 11 different homes and attending 8 schools in 6 countries before turning 18, with entrepreneurial parents.
[4:30] Shares a powerful childhood memory of his parents being unable to pay school fees, teaching him about financial independence.
[5:10] Critical insights on business reality versus financial models.
[7:30] Discusses how investing is the broadest intellectual pursuit, encompassing everything around us.
[10:45] Recounts winning Guy Spear's charity auction lunch, modeled after Buffett's charity lunches.
[12:20] The spirit of giving back and learning from those who came before you: "All success is built on the shoulders of giants."
[14:00] Explores the concept of teaching as a way to deepen understanding.
[15:30] Shares how writing his book helped him clarify his own investment philosophy.
[19:00] Explains the inspiration behind his book's title "The Perceptive Investor" through Magritte's painting La Clairvoyance.
[21:10] The distinction between art and science in investing: qualitative versus quantitative analysis.
[24:00] Uses Amazon as a case study of perception in investing.
[28:00] Discusses circle of competence and margin of safety.
[36:15] Reveals his 250-question investment checklist, including the unique "centering exercise" to check emotional state before making decisions.
[42:00] Parallels between investing and piloting aircraft - the importance of checklists.
[46:25] The willingness to be lonely as a contrarian investor: "You cannot outperform the market unless you're a contrarian."
[48:50] The stock market paradox: "The stock market is the only market in the world that when it goes on sale, everyone runs away."
[52:30] Investment as an infinite game - focusing on process rather than outcomes.
[55:45] Discusses ergodicity - making decisions that keep you in the game.
[1:01:45] The misconception of risk: "High quality assets can be risky and low quality assets can be safe. What matters is the price you pay."
[1:04:30] Distinguishing between risk and uncertainty: "We define risk as the probability of permanent loss of capital, distinct from price volatility."
[1:07:20] The importance of patience..
[1:13:30] Understanding business moats.
[1:15:30] Culture as a key component of business longevity.
[1:18:30] Lessons from Ben Graham's investment journey.
[1:24:15] The paradox of "best ideas" portfolios - often the investments we have least conviction in outperform our highest conviction picks.
[1:33:00] Ardal defines success.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
How a 30-year ETF veteran learned to prioritize human flourishing over profit maximization
Guest: Dave Nadig - 30-year veteran of the ETF industry, financial blogger, and advocate for pro-flourishing capitalism
Key Moments:
[03:13] Dave shares how his childhood on a farm shaped his financial mindset, developing a scarcity mentality from growing up poor that led him to finance and money management.
[04:38] Dave explains his "Black Hat vs. White Hat" concept in finance - distinguishing between those who prioritize human flourishing (White Hats) versus those focused primarily on profit maximization (Black Hats).
[07:01] Discussion of the Mad Magazine "Spy vs. Spy" cartoons as inspiration for his Black Hat/White Hat framework.
[09:53] Dave emphasizes that people in the "Black Hat" business aren't necessarily evil, but have made different choices about their priorities.
[15:50] Conversation about passive investing and its evolution from the 1980s through today, with Dave sharing his personal journey working at Wells Fargo on the first target date funds.
[19:19] Dave reflects on becoming "a hard convert back to passive investing" after failing as an active fund manager.
[20:14] Discussion of passive investing's impact on market dynamics, particularly how fund flows affect top equities and bond markets.
[26:22] Examination of how capital formation now happens primarily in private markets, not public ones.
[32:23] Dave shares his fascination with consciousness and the brain, discussing Dr. Ian McGillchrist's work on left brain/right brain dynamics.
[34:47] Dave explores how meditation helps investors develop metacognitive awareness and recognize when their perception differs from reality.
[38:39] Discussion of Dave's experiences at Zen Mountain Monastery and how meditation creates space to explore one's own thought processes.
[44:52] Dave's emotional connection to flying, from childhood fascination to earning his pilot's license, and the devastating impact of losing it due to epilepsy.
[53:49] Reflection on how most investors focus too much on narrow details while neglecting broader context and asset allocation decisions.
[55:54] Dave shares how he uses AI tools like Perplexity to streamline research and Claude to assist with data analysis and coding tasks.
[01:01:04] Discussion of how AI will continue to evolve, with the current state being "the worst it's ever going to be."
[01:05:15] Dave's definition of success: having control over his own time rather than financial wealth.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Guest: David Werdiger, Director of Nathanson Pearson and bestselling author of "Transition: How to Prepare Your Family and Business for the Greatest Wealth Transfer in History"
Key Discussion Points:
[03:00] David discusses joining the family business - how being the youngest of five children with a significant age gap influenced his decision not to immediately join the family textile manufacturing business.
[04:47] Origins of the family business - David's cousins came to Australia in the 1920s, while his father (a Holocaust survivor) arrived in the late 1940s/early 1950s. They built a textile manufacturing business that eventually transitioned to property investment.
[08:14] Pattern recognition in wealthy immigrant families - David notices how immigrant entrepreneurs often transition from business to real estate investments, seeing property as a way to establish roots in their new country.
[09:18] The great wealth transfer - David explains how the baby boomer generation created unprecedented wealth that is now being passed down, complicated by longer lifespans.
[13:07] Will vs. Family Charter - The increasing importance of family governance as wealth transfers require more sophisticated planning with multiple generations alive simultaneously.
[15:49] Power dynamics - David explores the critical role of power transfer between generations and the challenge of teaching responsible ownership.
[19:05] Family governance - The transition from single decision-maker to multiple decision-makers and the governance structures needed to make this work.
[24:02] Power and responsibility - How families must teach the next generation that "with great power comes great responsibility" when inheriting wealth.
[26:36] Sibling dynamics - Why shared genetic material doesn't guarantee harmony, and how birth order and family circumstances affect each child's experience.
[33:52] The four-generation reality - With increasing lifespans, families now face the challenge of having four generations alive at once, creating a "sandwich generation" caught between aging parents and capable adult children.
[38:44] The business as identity - How founders view their businesses as children, creating emotional challenges when transitioning ownership.
[49:54] Stories as the cultural bridge - The vital importance of family stories in transmitting values, especially when the original business is gone.
[54:30] Living your own dream - The tension between individual aspirations and family legacy, and finding the balance between collective identity and personal fulfillment.
[57:42] Definition of success - David defines success as getting up excited every day, having a healthy family who share each other's joys and sorrows, and helping other families achieve the same.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Thank YOU! For all excellent questions!
[00:00] Episode Highlights
[03:00] Introduction and Milestone Celebration
[06:00] Setting the Stage[08:00] Investment Philosophy and Starting a Career[10:00] Business Valuation Approaches[12:00] Essential Investment Skills[13:00] Portfolio Structure and Management[15:00] Position Sizing and Client Alignment[17:00] Investment Preferences and Strategy[21:00] Performance Lessons and the "No Zero Policy"[24:00] Holding Periods and Acquisition Experiences[27:00] Market Scenarios and Economic Context[32:00] Investment Strategy Evolution[35:00] Central Banking and Political Context[38:00] Personal Insights and Time Management[40:00] Daily Structure and Deep Work[42:00] Podcast Logistics and Guest Selection[44:00] Client Relationships During Volatile Times[46:00] Personal Perspectives on Optimism and Caution[48:00] Unlearning and Media Consumption[50:00] Book Recommendations[57:00] Life Lessons and Closing Thoughts[59:00] Outro
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
TWO articles, ONE episode, less than 15 minutes. I'm sharing my thoughts from ahead of the Berkshire Hathaway 2025 meeting, and right after. Still fresh memories and thoughts from a historic meeting. Save it, share it, listen at your convenience, and find the text versions on Substack.
I'm curious to hear your reactions after the event. Please find my email on the Talking Billions website! I reply to all emails.
https://bogumilbaranowski.substack.com/
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser, and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
This episode originally aired on Excess Returns on 4/28/2025. Enjoy!
In this episode, Matt Zeigler and Bogumil Baranowski dive deep into the timeless investing wisdom of Guy Spier. Drawing from Spier’s interviews on both Excess Returns and Talking Billions, they explore crucial ideas about investing, risk, decision-making, and living a meaningful life. From understanding why letting your winners run can enhance returns to redefining true success, this episode is packed with practical insights for both investors and anyone seeking a richer, more thoughtful life.
Topics Covered:
Why holding your winners can be essential to long-term success
The myth of the Fidelity “dead investor” study and what it teaches
Risk, ruin, and why preserving capital matters more than getting rich
Lessons from multi-generational wealth and building lasting fortunes
Understanding the true cost of tinkering with a portfolio
Defining your circle of competence — and updating it over time
How to avoid catastrophic financial outcomes
Rethinking what success really means beyond money
Aligning your inner and outer self to find freedom and authenticity
Managing other people’s money with care, respect, and humility
Learning from mistakes and the importance of reputation
The priceless value of community and true friendships
Timestamps:
00:00 - Introduction and Guy Spier on intervention costs and winners
01:00 - Matt and Bogumil on meeting Guy Spier
02:00 - Holding onto winners and the danger of tinkering
07:00 - The "dead investors" Fidelity myth and narrative economics
12:00 - Avoiding unrecoverable losses and the “stay rich” mentality
18:00 - Circle of competence and cutting off catastrophic paths
26:00 - Journaling and the need for constant self-reflection
33:00 - Defining success beyond wealth and net worth
40:00 - Aligning your inner and outer self for a lighter life
45:00 - Managing family and client money with professional care
53:00 - Learning from mistakes early and maintaining reputation
58:00 - Final thoughts on life, kindness, and answering the callFull Talking Billions Interview https://www.youtube.com/watch?v=UPknZT0tVhE
Full Excess Returns Interview https://youtu.be/yVdQVu0j_ggPodcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Wisdom from the Berkshire Chronicles: Insights from Buffett and Munger Experts [See text version on my Substack]
8 previous Talking Billions conversations recorded over three years in one 15-minute episode!
This episode features a collection of profound insights and key ideas shared by experts on Berkshire Hathaway, Warren Buffett, and Charlie Munger. It includes historical perspectives on the company, pivotal investment philosophies, unique management practices, and significant business decisions. Highlighting stories from past Berkshire meetings, the importance of capital allocation, and lessons learned from Buffett's mistakes, this episode serves as a compact guide to understanding the principles behind one of the world's most successful businesses.
What you'll find inside:
00:00 Introduction: Wisdom from the Berkshire Chronicles01:12 The Pre-Buffett Era: From Whaling to Textiles02:23 Memories of Early Berkshire Meetings04:03 Buffett's Accidental Empire05:15 The Importance of Capital Allocation and Management Quality06:08 The Evolution of Value Investing06:59 The Insurance Float: Berkshire's Secret Weapon08:20 Concentration: Bet Big When You're Right09:44 The Portfolio Approach to Managing Businesses12:18 Learning from Mistakes and Taking the Long View13:47 Conclusion: The Compounding of Wisdom
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Did we get it all wrong, and we are actually negotiating a deeper globalization? A Thoughtful Tariff Talk and more
Guest: Rick Carew - Former Wall Street Journal journalist covering Asia's financial markets, current investor and educator teaching value investing at Fordham University's Gabelli School.
Key Topics: Value investing, journalism skills in investing, China-US business relations, AI in education, personal success philosophy
Timestamps and Key Ideas:
3:38 - Rick shares his upbringing in Richmond, Virginia, where his family owned a wine store that gave him entrepreneurial experience and an early understanding of business operations.
5:21 - Discussion about Rick's language journey learning Chinese and Japanese, which taught him discipline and a growth mindset applicable to investing.
8:06 - How learning languages provides cultural insights beyond words themselves, with Rick explaining how the Chinese character for "good" combines the characters for "mother" and "child."
11:49 - Rick discusses teaching value investing at Fordham University and the importance of mastering concepts before teaching them to others.
15:15 - Conversation about the core principles of value investing and how the framework needs to adapt to incorporate growth investing.
18:25 - Rick explains how students at Fordham manage a real $2.3 million investment fund, teaching them asset allocation and emotional management during market volatility.
22:30 - Rick shares how his journalism background provides valuable research skills for investing, including the willingness to pick up the phone for direct information.
28:12 - Two powerful questions for management interviews: "What question did I forget to ask?" and "If you had to invest in a competitor, which would you choose and why?"
32:22 - Discussion about how executives actually want feedback from thoughtful investors, especially as passive investing grows.
34:15 - Rick explains the complex relationship between Chinese government, Communist Party, and businesses - highlighting cycles of crackdowns and regulations.
40:04 - Insights on China's tech ecosystem as a "learning machine" studying and adapting Silicon Valley innovations.
45:12 - Discussion about globalization, US-China relations, and whether recent trade tensions are temporary or signal a longer-term shift.
53:03 - Rick's perspective on AI in education: embracing it as a tool while still requiring students to understand fundamentals and verify information.
1:00:39 - Rick shares his three-part framework for success: enjoying your work, giving back to society, and maintaining curiosity throughout life.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
This is an episode of the Excess Returns Podcast with Matt Zeigler and me. We go over the highlights from our two interviews with Professor Aswath Damodaran.
Lots of wisdom in one full hour, enjoy!
Join Matt Zeigler and Bogumil Baranowski as they play our favorite clips from both the Excess Returns and Talking Billions podcast interviews with Aswath Damodaran. This conversation unpacks Damodaran’s timeless insights on navigating uncertainty, embracing the process of investing, and finding comfort in a volatile market. From the ritualistic allure of the Berkshire Hathaway meeting to the pitfalls of factor investing,
Main Topics Covered:
The dangers of rigid, ritualistic value investing and the Berkshire Hathaway meeting’s cult-like atmosphere, contrasted with its networking value.
Embracing uncertainty as a feature of investing, not a bug, and avoiding unhealthy coping mechanisms like denial or outsourcing.
The limitations of factor investing, emphasizing the need to bring unique value to the table to achieve excess returns.
The stock market as a reflection of real-world business value, not a place where money is made, and the futility of fighting market dynamics.
The importance of loving the investing process over obsessing about beating the market, with diversification as a safeguard against hubris.
Balancing comfort investments with high-risk, high-reward opportunities to build a resilient portfolio.
The rise of passive investing and its potential to create opportunities for active investors as fewer people seek market mistakes.
The "sleep test" for investors—framing choices with gratitude and perspective to maintain peace of mind.
00:00:00 – Introduction and Damodaran’s view on contempt in investing
00:01:00 – Matt and Bogumil introduce the episode and their admiration for Damodaran
00:03:00 – Why the Berkshire Hathaway meeting terrifies Damodaran
00:11:42 – Uncertainty as a feature, not a bug, in investing
00:21:02 – The shortcomings of factor investing and the need to bring value
00:31:01 – The market as the boss and the importance of staying detached
00:38:22 – Loving the investing process over beating the market
00:44:05 – Comfort investments vs. edge opportunities in portfolio construction
00:52:50 – Active investing as bad plumbing and the rise of passive investing
01:01:12 – The sleep test: Framing investments for peace of mind
01:06:48 – Closing remarks and where to find more from Bogumil and MattPodcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
This is the audio version of my this week's article.
Find all the articles, summaries, and book reviews on Substack https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.If you want to reach out, I'd love to hear from you here is my email bogumil AT talkingbillions.co (not com)] Thank you!
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Find all the articles, summaries, and book reviews on Substack https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.If you want to reach out, I'd love to hear from you here is my email bogumil AT talkingbillions.co (not com)] Thank you!
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Guest: Nuala Walsh - Mind Equity CEO, Professor of Behavioral Science at Trinity College Dublin, non-executive director, award-winning author, TEDx speaker, and London School of Economics fellow. Recognized among the 100 most influential women in finance with a 30-year investment career spanning BlackRock, Merrill Lynch, Standard Life, and Aberdeen. Author of "Tune In, How to Make Smarter Decisions in a Noisy World."
Key Moments
3:10 - Information access vs. action: Walsh discusses how in investing, everyone has access to the same public information, but having information and acting on it are different things.
3:50 - The donkey story: Walsh shares the parable of a donkey that died from indecision.
5:26 - Elvis and decision context: Walsh explains how she visited Graceland while writing her book and observed how Elvis made bad decisions despite his success, surrounded by sycophants and trapped in his own "bubble of beliefs."
9:21 - The danger of isolation: Discussion about investment professionals making decisions from isolated environments without firsthand experience of what they're investing in.
10:51 - Four factors shaping judgment: Walsh outlines how our decision-making is affected by high-speed environments, data overload, visual dominance, and polarized thinking.
15:28 - Long-term thinking: Baranowski shares how wealthy families with "infinite time horizons" can rise above market noise by looking far ahead.
16:46 - Beyond blind spots: Walsh introduces "deaf spots" (inability to hear accurately) and "dumb spots" (inability to speak wisely) as crucial concepts beyond traditional blind spots.
22:09 - Perimeter judgment traps: Walsh explains her framework of 10 traps.
28:47 - Inaction as decision: Discussion of how procrastination and inability to decide is itself a decision with consequences.
32:28 - Breaking big decisions into smaller ones: Walsh describes "chunking" as a strategy to make overwhelming decisions more manageable.
35:10 - Risk and reward balance: Using the 1996 Mount Everest disaster as an example of how reward-seeking distorts rational judgment.
42:12 - Identity traps: Conversation about how people get labeled in their careers (like "value investor") and how difficult but possible it is to reinvent oneself.
47:21 - Hearing what others don't: Walsh discusses cognitive discipline and tuning in to signals others miss, especially for high-consequence decisions.
52:21 - Slowing down: The importance of creating "decision friction" or "speed bumps for the mind" to interrupt automatic thinking, especially for important choices.
55:45 - Personal definition of success: Walsh shares how her definition has evolved from external achievements to "peace of mind and freedom to do what you want."
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
This is my appearance on The Art of Quality in Investing Podcast with John Candeto and Paul Higgins. Enjoy!
The Art of Quality Podcast --- This podcast explores the lived experience of those with a deep familiarity with the stories and patterns of quality across business, entrepreneurship, investing and the arts. We have learned like the stoics, stories carry most of the wisdom.
Bogumil Baranowski is the founder of Blue Infinitas Capital, author of three investing books, including Money, Life, and Family, and host of the globally followed Talking Billions podcast.
Trained in the Buffett-Munger school of thought, he brings 20 years of investment experience. Born in Poland, educated across Europe, and professionally shaped in New York City, he has served as a portfolio manager, fund manager, partner, and founding partner at leading investment firms.
At Blue Infinitas Capital, he advises affluent families on both sides of the Atlantic, managing wealth across generations and navigating market cycles.
Bogumil is also a TEDx speaker, a regular at VALUEx Klosters and MOI Global, and a longtime attendee of the Berkshire Hathaway Annual Meeting.
What We Discussed
- Trust is the cornerstone of long-term wealth management.
- Investing is an infinite game, focused on long-term survival, not short-term wins.
- Effective wealth preservation spans generations and requires engaging the entire family.
- Crises test the strength of client-advisor relationships and highlight the value of trust.
- Wealth is deeply emotional, shaping family dynamics and requiring compassion and understanding.
- Compounding wealth is a nonlinear force—difficult to grasp but thriving with patience and a long-term mindset.
- Navigating volatility demands emotional intelligence and strong relationships.
- Honest conversations are crucial for successful wealth transfer.
- Lessons from nature inspire resilience and sustainable investment practices.
- Choosing the right clients ensures a more fulfilling and effective advisory practice.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
If you want to read a letter I wrote to clients and friends of the firm, please send me a quick email [bogumil AT talkingbillions.co (not com)] with a few words about yourself, and I'll send it over. Thank you!
Here you will find the audio version of my this week's articles, find it on Substack: https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.
Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
If you want to read a letter I wrote to clients and friends of the firm, please send me a quick email [bogumil AT talkingbillions.co (not com)] with a few words about yourself, and I'll send it over. Thank you!
Here you will find the audio version of my this week's article, find it on Substack: https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.
Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Soren Peterson is a 20-year-old investor and co-author (with his sister Maya Peterson) of "The Early Bird: The Power of Investing Young." Soren has been investing since the age of 7 and brings a unique perspective on building wealth through long-term investing from an early age.### Episode Highlights### Early Beginnings (03:47)- Started investing at age 7 when his father gifted him one share of Nintendo- "Invest in what you know" was one of his first investing lessons- Began attending Berkshire Hathaway annual meetings at age 10### Family Influence (05:08)- Father emphasized coding and investing as essential skills- Mother taught financial discipline and savings habits to fund investments### The Power of Ownership (06:08)- Young Soren couldn't believe he could own a piece of a real business- The transformative realization that stocks represent actual business ownership### Challenges for Young Investors Today (08:32)- Student loan burdens creating financial headwinds- Need for better financial education amid technological access to markets### The Magic of Compounding (11:11)- Focus on long-term, value-based investing rather than short-term gains- Research showing how investing summer job earnings can fund retirement- The exponential growth effect that most people underestimate### Signal vs. Noise in Investing (16:49)- The challenge of finding quality information amid overwhelming financial noise- The emotional and psychological aspects of successful investing- How luck and early exposure created opportunities### Seeing Businesses Everywhere (20:43)- How investing changes your perspective on everyday brands and companies- Writing to Lego at age 8 asking why they weren't publicly traded- Viewing businesses through an analytical lens and thinking about competitive advantages### Business Ownership vs. Stock Trading (24:55)- The importance of competitive advantages in high-quality investing### Circle of Competence and Learning (29:15)- The danger of overconfidence in your investing abilities- Learning from friends about products and services you don't personally use- Asking better questions about why people choose certain brands or services### Investing as a Lifelong Pursuit (33:55)- The "coffee can" method of buying high-quality companies and holding them- Looking beyond daily price movements to focus on business fundamentals### The Thesis-Driven Approach (41:11)- Staying focused on your original investment thesis- Not cutting off compounding at the knees when things are working well### Learning from Mentors (51:16)- Learning from both successes and failures—your own and others'### Defining Success (62:20)Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
FULL BONUS EPISODE: This is the Excess Returns Podcast episode -- please look up all their wonderful content, and listen to it here in case you missed it. It's with Chris Mayer, Matt Zeigler, and me. It's been one of the highlights of my recording year. Tune in and enjoy!
In this episode of Excess Returns, Matt Zeigler is joined by special co-host Bogumil Baranowski to sit down with Chris Mayer. As the author of the acclaimed book 100 Baggers: Stocks That Return 100-to-1 and How to Find Them, former editor of influential newsletters, and co-founder of Woodlock House Family Capital, Chris brings a wealth of experience and a unique perspective to the table. In this conversation, we dive deep into the world of long-term investing, exploring timeless principles, the impact of AI on future opportunities, and the mindset required to identify and hold onto extraordinary businesses. Whether you're a seasoned investor or just starting out, this episode is packed with wisdom to help you navigate the markets with patience and purpose.
Main Topics Covered:
The potential for 100-bagger stocks in emerging industries like AI and how time reveals the winners.
The "twin engines" of growth and multiples, and why great businesses often trade at high valuations.
The merits and challenges of concentrated investing in a market dominated by giants like the "Mag Seven."
Strategies for dealing with drawdowns and maintaining conviction in great companies through volatility.
The importance of aligning investment strategies with the right type of capital, especially for family wealth.
How experiences as a banker, newsletter editor, and board member shape a business-owner mindset.
The role of boards in capital allocation and setting incentives that drive long-term value.
Insights from general semantics as a tool for critical thinking and avoiding investment pitfalls.
The power of journaling to track evolving thoughts and foster humility in investing.
Why patience is the ultimate lesson for investors and how to tune out market noise.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
A stormy week is behind us; here are some calm and wise words that you might appreciate this weekend.
I distilled my 3 long podcast interviews with Chris Mayer (100-baggers) and 3 of his books into this 10-minute recap. Enjoy!
If you want to read a letter I wrote to clients and friends of the firm, please send me a quick email [bogumil AT talkingbillions.co (not com)] with a few words about yourself, and I'll send it over. Thank you!
FIND the full article covering the same idea on my Substack https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.
Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
If you want to read a letter I wrote to clients and friends of the firm, please send me a quick email [bogumil AT talkingbillions.co (not com)] with a few words about yourself, and I'll send it over. Thank you!
Here you will find the audio version of my this week's article, find it on Substack: https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.
Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
If you have 5 minutes this week, listen to this recap of my conversation with Alex Morris. My email is below.
FULL EPISODE & FULL ARTICLE: https://bogumilbaranowski.substack.com/
Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!
Lastly, if you like this 5-minute recap format, let me know, I might do it now and then with longer episodes!
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
If you have 5 minutes this week, listen to this recap of my conversation with Emily Bouchard with a BONUS look behind the scenes and my thoughts about what I learned.
FULL EPISODE about the episode: https://bogumilbaranowski.substack.com/p/emily-bouchard-money-marriage-and
FULL ARTICLE: https://bogumilbaranowski.substack.com/p/5-powerful-insights-from-emily-bouchard
Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!
Lastly, if you like this 5-minute recap format, let me know, I might do it now and then with longer episodes!
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
An insightful conversation with Samantha McLemore, founder and CIO of Patient Capital Management, who spent over two decades investing alongside famed value investor Bill Miller before founding her own firm in 2020.
Key Topics & Timestamps
Early Influences & Career Path (03:46 - 10:45)
- Sam's humble beginnings and early relationship with money
- Working from age 12 and saving money through college
- First investing experience with college funds in Dell Computer during the late 90s
- Meeting Bill Miller at college and winning the "job lottery"
Investment Philosophy (10:45 - 25:45)
- The power of long-term compounding
- Thinking about stocks as ownership of real businesses
- Lessons learned from Bill Miller: "The big money's made in the big moves"
- Value investing that includes growth companies at reasonable prices
- Looking beyond traditional financial statements
The Amazon Story & Jeff Bezos (25:45 - 39:45)
- Meetings with Jeff Bezos and his insights
- The brilliance of Bezos' long-term thinking
- Bezos' focus on what won't change rather than what will
- The benefit of public markets - participating in others' success
Investment Strategy & Client Relationships (39:45 - 48:45)
- "Volatility is the price you pay for returns"
- The ideal client profile for Patient Capital's approach
- Maximizing long-term capital growth versus capital preservation
- The importance of having clients who understand drawdowns are part of the process
Navigating Market Volatility (48:45 - 57:45)
- The futility of trying to time the market
- The importance of time in the market versus timing the market
- Managing stress during market downturns
- Daily meditation, exercise, and journaling as stress management tools
Women in Investing (57:45 - 61:45)
- Advocating for more women in investing
- The power of role models
- Natural advantages women may have as investors
Active vs. Passive Investing (61:45 - 68:45)
- Thoughts on the rise of passive investing
- The concentration of the S&P 500 in top names
- How passive could change in a prolonged sideways market
- The importance of maintaining confidence during market downturns
Definition of Success (68:45 - end)
- Success as happiness, fulfillment, and being proud of contributions
- Beyond financial metrics to personal satisfaction
Memorable Quotes
- "Compounding is so powerful. It should be taught so much earlier to everyone."
- "Volatility is the price you pay for returns."
- "The big money's made in the big moves."
- "Loss and pain is part of the process of growth and compounding. It is what you're paid for."
- "If you want something, go for it. There's always a shot."
- "The most powerful force in markets is compounding and the long-term time horizon."
- "If you are happy, fulfilled, content, and proud of your contributions, that's success."Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
If you want to read a letter I wrote to clients and friends of the firm, please send me a quick email [bogumil AT talkingbillions.co (not com)] with a few words about yourself, and I'll send it over. Thank you!
Here you will find the audio version of my this week's article, find it on Substack: https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.
Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Guest: Alex Morris - Founder of TSOH Investment Research and author of "Buffett and Munger Unscripted"
Episode Focus: Buffett and Munger's investment philosophy, value investing principles, and business ownership mindset
Key Topics:
Alex's journey into investing and discovery of Buffett/Munger's teachings
Value investing fundamentals - "getting a lot for the expectable future cash flows"
The importance of quality management and proper incentives
How interest rates and inflation impact investments
Time horizons, volatility vs. risk, and Mr. Market psychology
The right way to run an insurance business (National Indemnity case study)
Finding purpose and meaning in investing beyond financial returns
Notable Quotes:
"Warren says, 'Charlie and I think there is no other kind of investment than a value investment. We don't know how anybody would invest in a non-value investment.'"
"Interest rates basically are the value of assets, what gravity is to matter."
"The room full of lawyers will not save you if you're dealing with the wrong people."
"I look at someone like Satya Nadella at Microsoft... I have a sense for who he is. I'm very comfortable that... he has a broader vision and interest in the business."
"If you come here just for the money, you might not stick around long enough to see the results of what this pursuit can do for you."Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Understanding the interplay between allocation, evolution, and cognitive investment
Audio version of my this week's article, find it on Substack.
https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.
Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
If you have 5 minutes this week, listen to this recap of my conversation with Sean DeLaney with a BONUS look behind the scenes and my thoughts about what I learned.
FULL ARTICLE about the episode: https://bogumilbaranowski.substack.com/p/when-life-begins-to-whisper-insights
Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!
Lastly, if you like this 5-minute recap format, let me know, I might do it now and then with longer episodes!
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Transforming Financial Conversations from Sources of Tension to Opportunities for Connection
Guest Introduction
Emily Bouchard is a specialist in family dynamics around wealth, with over 20 years of experience working with families navigating complex financial relationships. She's the founder of Blended Families Flourishing and Bouchard Bespoke Consulting, focusing on stepfamily dynamics, multigenerational family meetings, rising generation leadership, family governance, and family business succession.
Key Topics Discussed
Personal Journey
Emily shares how her mother's sudden death at age 44 (when Emily was 14) profoundly shaped her path
Her volunteering experience with teenage cancer patients at age 18 taught her about resilience
Her personal experience becoming a stepdaughter, step-granddaughter, and later a stepmother influenced her career focus
Why Money Conversations Are Difficult
Different people develop different archetypal patterns related to money based on their upbringing and experiences
Understanding the underlying motivations, values, concerns, and beliefs makes money conversations more productive
People avoid money conversations because they've rarely experienced them going well
Couple Finances and Prenups
Financial infidelity (making significant financial decisions without including your spouse) is a leading cause of divorce
Important early conversations for couples include sharing earliest money memories and identifying core values around money
Prenups should be viewed as strengthening a marriage by developing the muscle of having healthy money conversations
A prenup is an opportunity to decide what happens at the end of a marriage rather than leaving it to lawmakers who don't know you
Blended Family Finances
The concept of "fair versus equal" is crucial when discussing inheritance in blended families
One of the biggest mistakes in estate planning is not checking and updating beneficiaries
Communication about estate plans with family members can prevent misunderstandings and litigation
Teaching Children About Money
Start money conversations as early as age five, focusing on philanthropy and understanding value
Use share/save/spend models to help children develop healthy money habits
Be open about family wealth status to prepare children for when they might encounter this information from peers
Multi-generational Wealth
Wealth holders should articulate the stories and values that led to wealth creation
Beneficiaries need education about their roles and responsibilities
Money amplifies existing family dynamics rather than creating entirely new problems
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Audio version my this week's article, find it on Substack.
https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.
Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
If you have 5 minutes this week, listen to this recap of my conversation with Vitaliy with a BONUS look behind the scenes and my thoughts about what I learned.
Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you! Lastly, if you like this 5-minute recap format, let me know, I might do it now and then with longer episodes!
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
In this thought-provoking conversation, executive coach and author Sean Delaney returns to discuss his latest book, "When Life Begins to Whisper: A Journey Beyond the Answers." Building on our conversation from last year, Sean delves deeper into the subtle internal signals that guide our authentic paths and how we can develop a healthier relationship with pain, uncertainty, and freedom.
Key Highlights:
-
The Meaning Behind the Title: Sean explains how "whispers" represent those subtle internal nudges we often ignore until life forces us to confront them, and why the most profound questions in life don't have definitive answers.
-
Reframing Our Relationship with Pain: "Pain doesn't come to break you, it comes to open you." Sean discusses how our greatest insights often emerge from our most painful experiences when we learn to use them rather than avoid them.
-
Beyond the Search for Certainty: Why certainty is "too small for a soul like yours" and how embracing uncertainty opens the door to greater possibilities.
-
Recognizing and Rewriting Your Stories: Sean shares practical approaches to identifying the invisible scripts that govern our lives and finding the courage to reshape them.
-
Finding Freedom Through Letting Go: Freedom isn't something we chase but something we allow by releasing internal barriers and constraints.
-
The Connection to Investing: Throughout the conversation, we explore parallels between personal growth and investment philosophy - from viewing empty portfolios as canvases of opportunity to developing the capacity to make clear decisions by stilling our "internal waters."
-
Living Your Truth: The importance of aligning with your authentic self rather than following someone else's script, as Sean explains: "The real prison is living a life that doesn't belong to you."
Sean shares insights from his work with high achievers across various fields, including CEOs, professional athletes, and finance professionals, revealing common patterns and transformative practices that lead to more meaningful, purposeful lives.
This episode offers both philosophical depth and practical guidance for anyone seeking to live more authentically and navigate life's challenges with greater wisdom and resilience.
About Sean Delaney
Sean Delaney is an executive coach and author who helps high achievers uncover deeper purpose and navigate the challenges of leadership, resilience, and self-mastery. With nearly 15 years of experience guiding CEOs, executives, and professional athletes, he blends profound insights with practical strategies to inspire meaningful, lasting change. His latest book is "When Life Begins to Whisper: A Journey Beyond the Answers."
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Here is another recording of my article. Enjoy! They've been such a hit that I decided to read to you again.
If you want to drop me a line, share your thoughts, or connect over Zoom, here is my email bogumil AT talkingbillions.co (not com).
I read and answer all my emails; just give me a day or two! Thank you! Bogumil
Find the text of the article on my Substack:
https://bogumilbaranowski.substack.com/p/the-psychology-of-portfolio-fluctuations
I mention Byron Tully in the episode, and I recommend his appearances on Talking Billions. He talks about Old Money Habits.
Disclosure:
Blue Infinitas Capital, LLC is a registered investment adviser. The information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
This is a very timely post (only 3 minutes). If you haven't read it yet, enjoy it here. And I hope my calming voice will help you as you are navigating the markets in the last few weeks.
If you want to drop me a line, share your thoughts, or connect over Zoom, here is my email bogumil AT talkingbillions.co (not com).
I read and answer all my emails; just give me a day or two! Thank you! Bogumil
Find the text of the article on my Substack:
https://bogumilbaranowski.substack.com/p/storm-in-a-glass-or-broken-glass
Disclosure:
Blue Infinitas Capital, LLC is a registered investment adviser. The information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
[Limited 1 on 1 Zoom calls with the host: email me at bogumil@talkingbillions.co, no com]
Episode Overview
In this illuminating conversation, Vitaliy Katsenelson shares his remarkable journey from Soviet Russia to becoming a respected value investor in the United States. Through personal anecdotes and philosophical reflections, Vitaliy explores the delicate interplay between life's most precious currencies: time, money, and purpose.
Key Themes
From Scarcity to Abundance
- Vitaliy's formative years in Soviet Russia shaped his unique perspective on scarcity and abundance
- The stark contrast between socialist principles and capitalist realities informed his investment philosophy
- Cultural transitions between European and American work ethics revealed deeper truths about value creation
Finding Alignment: The Soul in the Game
- The concept of 'Soul in the Game' emerges as a north star for meaningful living
- Authentic writing requires vulnerability and self-confidence—a mirror to authentic investing
- Personal alignment between values and vocation creates fulfillment beyond financial metrics
- The courage to pursue alignment often means embracing discomfort and uncertainty
The Philosophy of Time and Money
- Time stands as our most irreplaceable asset—money should ultimately purchase time, not things
- Wealth without purpose becomes an empty pursuit
- Material detachment liberates decision-making in both life and investing
- Stoicism provides a framework for focusing on what we can control amid market volatility
The Human Element in Business
- People remain the crucial factor in business success—relationships over transactions
- Hiring decisions should evaluate character alongside competence
- Management analysis deserves equal attention to financial analysis
- Subtle cues often reveal more about company culture than formal presentations
Navigating Complexity and Change
- Investing requires continuous learning and intellectual curiosity
- Disruption demands adaptability in investment strategies
- Value investing must evolve to consider future growth opportunities
- The nonlinear nature of investing mirrors the nonlinear journey of life itself
Redefining Success
- Success transcends financial metrics to encompass relationships and independence
- Parenthood brings both profound joy and inevitable pain—similar to market cycles
- Quality of work matters more than quantity—depth over breadth
- Creative pursuits like music enhance problem-solving and pattern recognition
Reflections for Listeners
How might you find greater alignment between your values and your work?
Where are you trading time for money when you could be doing the opposite?
What attachments might be limiting your freedom and decision-making?
How can you incorporate more reflection and creative thinking into your professional life?
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Happy Weekend! Since so many of you asked, here is the audio version of my this week's article with some bonus content, and announcement, take a listen -- you'll hear details in the episode, but here is my email bogumil AT talkingbillions.co (not com), if you are interested in a 1 on 1 Zoom call with me or joining an intimate virtual meet & greet let know or if you just feel compelled to write to me, please do! I read and answer all my email, just give me a day or two! Thank you! Bogumil
Find the text of the article on my Substack: https://bogumilbaranowski.substack.com/p/my-annual-valuex-journey-the-magical
[Excited to connect with you! If you'd like to schedule a personal 1-on-1 Zoom conversation with me, the host, simply email bogumil@talkingbillions.co (that's .co, not .com). Looking forward to our conversation!]
Anne-Laure Le Cunff is an award-winning neuroscientist and entrepreneur. She is the founder of Ness Labs, where her weekly newsletter is read by more than 100,000 curious minds. Her research at King’s College London focuses on the psychology and neuroscience of lifelong learning, curiosity, and adaptability.
Her book, Tiny Experiments, is a transformative guide for living a more experimental life, turning uncertainty into curiosity, and carving a path of self-discovery. Previously, she worked at Google as an executive on digital health projects. Her work has been featured in Rolling Stone, Forbes, Financial Times, and WIRED.
Please paste any links that you'd like me to include:
https://tinyexperiments.org/
https://nesslabs.com/
https://x.com/@neuranne
https://instagram.com/neuranne
Summary
In this captivating episode, Anne-Laure Le Cunff takes listeners on her remarkable journey from Google executive to neuroscience PhD candidate, revealing how this unconventional path shaped her philosophy of "mindful productivity" and "systematic curiosity." Drawing from her book "Tiny Experiments," Anne-Laure challenges traditional notions of linear career progression and offers a refreshing alternative: an experimental approach to personal and professional growth.
The conversation with Bogumil Baranowski explores profound themes that resonate with anyone feeling trapped by conventional definitions of success. Anne-Laure introduces transformative concepts including the distinction between Kronos (chronological) and Kairos (opportune moment) time, encouraging listeners to reconsider their relationship with productivity. She advocates for "intentional imperfection" as a pathway to growth and introduces "growth loops" as a practical framework for continuous learning.
Particularly compelling is Anne-Laure's discussion of "dancing with chaos" – embracing uncertainty not as something to fear, but as a catalyst for creativity and unexpected opportunities.
She thoughtfully reframes the concept of legacy, suggesting that "generativity" – making meaningful contributions in the present – matters more than posthumous recognition.
The episode culminates in a powerful redefinition of success: not as the achievement of predetermined milestones, but as the freedom to experiment, explore diverse paths, and remain curious throughout life. Anne-Laure provides practical strategies for breaking free from limiting cognitive scripts and implementing tiny experiments that can lead to profound personal transformation.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
[SPECIAL ANNOUNCEMENT: If you are interested in meeting me, the host of Talking Billions, please fill out the form here, both in-person and virtual meetings are available until my calendar fills up: FORM available HERE]
My guest today is Oliver Burkeman, he is the New York Times and UK Sunday Times bestselling author Four Thousand Weeks, and of the newly released Meditations for Mortals: Four Weeks to Embrace Your Limitations and Make Time for What Counts. He writes about productivity, mortality, the power of limits and building a meaningful life in an age of distraction. After a decade in Brooklyn, he now lives in the North York Moors in England.
www.oliverburkeman.com
Summary
In this conversation, Oliver Burkeman discusses the themes of productivity, mortality, and the limitations of time. He reflects on his childhood influences, the clash between infinite ambitions and finite time, and the concept of productivity debt.
Burkeman emphasizes the importance of accepting our limitations, navigating information overload, and trusting ourselves to handle future challenges. He advocates for a balance between present enjoyment and future planning, encouraging listeners to embrace the reality of their finite lives while still pursuing meaningful goals. In this conversation,
Bogumil Baranowski and Oliver Burkeman explore profound themes surrounding wealth, productivity, mortality, and the nature of success. They discuss the concept of 'dying with zero', the importance of completing tasks, and the value of embracing unpredictability in life. Burkeman emphasizes the significance of recognizing our finite existence and how it shapes our priorities and actions.
The dialogue also touches on the idea of working fewer hours effectively and the relationship between time and wealth, ultimately leading to a deeper understanding of what it means to live a meaningful life.
Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
[SPECIAL ANNOUNCEMENT: If you are interested in meeting me, the host of Talking Billions, please fill out the form here, both in-person and virtual meetings are available until my calendar fills up: FORM available HERE]
Jonny Miller is the founder of Nervous System Mastery, a course that has helped 1000+ high-performing humans from all walks of life, cultivate calm, reduce nervousness, enhance resilience, and elevate their sense of aliveness. He is the host of a terrific podcast, Curious Humans with Jonny Miller.
Summary
In this conversation, Johnny Miller, shares insights on emotional literacy, the importance of understanding the nervous system, and how our experiences shape our emotional responses. He discusses the concept of emotional debt, the role of interoception in self-awareness, and the shift from control-based to unfolding-based personal development.
Jonny emphasizes the significance of emotions in decision-making and the need for practices that cultivate calmness and resilience. In this conversation, we explore various themes related to emotional regulation, energy management, and personal growth.
My guest discusses the importance of creating conditions for calm, navigating emotions, and the significance of interoceptive awareness. The conversation delves into the concept of life experiments, the pathless path of finding community, and the transformative experiences of sensory deprivation and surfing. Ultimately, they reflect on the deeper meanings of success and parenthood.
Show notes links:
- Jonny's course, Nervous System Mastery is a 5-week bootcamp teaching science-backed protocols to cultivate greater calm and agency over your internal state. Enrolment closes Feb 28. Save $250 with code BILLIONS. Apply here.
- Have you experienced anxiety, burnout or lack of focus? Take Jonny's zero-cost Nervous System Quotient (NSQ) self-assessment to find out how regulated you are. Get your score
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
[SPECIAL ANNOUNCEMENT: If you are interested in meeting me, the host of Talking Billions, please fill out the form here, both in-person and virtual meetings are available until my calendar fills up: FORM available HERE]
Lou Marchetti is a curious mind in search of deeper understanding. I see him as a high-performing professional and an athlete. His life literally came to a complete stop, and he is here with us today to tell a story like no other.
Summary
In this conversation, Lou Marchetti shares his profound journey from a high-achieving finance professional to a survivor of cardiac arrest. He reflects on his childhood, the pressures of achievement, and the pivotal moment that changed his life.
Lou discusses his relationship with money, the drive for acceptance, and the lessons learned from his near-death experience. He emphasizes the importance of self-discovery and the need to stop and reflect on one's life choices. In this conversation, Lou shares his transformative journey through a sabbatical that allowed him to embrace rest, reflection, and meaningful connections.
He explains the importance of curiosity, the lessons learned from his experiences, and how he is redefining success in his life. The dialogue emphasizes the need for personal growth, the value of living in the moment, and the significance of community and connection in our lives.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
My guest today is Brendan Hughes, he is an investor, an analyst, and an author.
Brendan has more than a decade of industry experience in investments and public finance. For the last several years, Brendan has worked for Lafayette Investments, where he manages a portion of the $800 million in assets under management, primarily for high-net-worth individuals.
Brendan is the author of two books: Markets in Chaos: A History of Market Crises Around the World and The Wandering Investor.
Brendan is a Chartered Financial Analyst (CFA) charterholder. He has served on various boards and committees including the James Madison University College of Business Board of Advisors (former Associate Board Member), Cystic Fibrosis Foundation’s Maryland Chapter (Board Member), CanEducate (Board Member for a charitable organization that helps schools in developing countries such as Haiti), ZERV Inc. (former Board Member for a Canadian technology start-up that was acquired) and the Member Engagement Committee for CFA Society Washington D.C. (former Committee Member). Brendan is a two-time winner of the Tomorrow’s Leader Award for his contributions to the Cystic Fibrosis Foundation.
Summary
In this conversation, Brendan Hughes discusses the complexities of government debt, the impact of demographics, and the historical context of economic crises. He draws parallels between current economic conditions and past events, particularly the 1970s and the situations in Japan and China. The discussion also covers the success of the U.S. economy and the implications of passive investing on market dynamics.
In this conversation, Bogumil Baranowski and Brendan Hughes delve into the complexities of investing, focusing on the dynamics of passive investing, the nature of risk, and the importance of cash flow in evaluating corporate earnings. They discuss the evolving landscape of consumer staples and technology companies, strategies for effective saving, and the impact of political and economic factors on investment decisions. The conversation also highlights the significance of travel as a means of learning and understanding different cultures and markets.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
My guest today is a stock analyst, investor, and author.
Brett Gardner is an analyst at Discerene Group LP, a private investment partnership that invests globally and pursues a fundamental, contrarian, long-term value investing philosophy. Prior to joining Discerene, Brett worked at multiple investment firms.
A St. John’s University graduate and CFA Charterholder, Brett currently resides in New York City.
We discuss his new book Buffett’s Early Investments: A new investigation into the decades when Warren Buffett earned his best returns. The book discusses the ten investments that legendary investor Warren Buffett made in the 1950s and 1960s—earning him his first millions—and uncovers unique insights in the process.
Summary
We discuss Brett's upbringing, his relationship with money, and the influence of figures like Charlie Munger and Ben Graham on Buffett's investment philosophy.
The conversation delves into the factors that contributed to Buffett's outperformance, the importance of capital allocation, and the lessons learned from early mistakes in investing. Brett shares insights from his interactions with Buffett and Munger, highlighting the significance of personal experiences in shaping investment strategies.
In this episode, Brett delves into the investment strategies of Warren Buffett, exploring his emotional decision-making, the economic context of his investments, and the lessons learned from various case studies, including American Express and British Columbia Power.
We discuss the importance of understanding market conditions, the nature of investment categories, and the challenges faced in retail investments, ultimately highlighting Buffett's resilience and ambition in the world of investing.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Paul Podolsky is an author, podcaster, journalist, and investor who spent time in Russia in the 1990s, and then worked on Wall Street for over two decades, much of it at Bridgewater Associates, the world’s largest hedge fund, with Ray Dalio as his boss. His father worked on the Manhattan Project, with Robert Oppenheimer as his boss. Today, we talk about his newest book, an absolute delight to read — The Uncomfortable Truth About Money: How to live with uncertainty and learn to think for yourself
Summary
In this conversation, Paul Podolsky shares his journey from a challenging childhood marked by loss to a successful career in finance. He discusses his experiences in Russia during the 1990s, the lessons learned about money and security, and the importance of understanding economics.
Paul reflects on his time at Bridgewater Associates under Ray Dalio, emphasizing the unpredictability of wealth and the necessity of financial literacy. The discussion also touches on the significance of curiosity and continual learning in both investing and life. In this conversation, Paul and Bogumil explore the intricate nature of investing, the importance of embracing uniqueness, and the psychological implications of wealth.
They discuss insights from notable investors like George Soros, the challenges of navigating change and disruption in the market, and the necessity of maintaining calm amidst volatility. The dialogue culminates in a reflection on the true meaning of success and the responsibilities that come with wealth.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
My guest today is Dr Jordan Grumet, author, doctor, podcaster. In his work, he explores a variety of topics, from financial independence to happiness, meaning, purpose, and more.
We talk about his newly released book: The Purpose Code: How to Unlock Meaning, Maximize Happiness, and Leave a Lasting Legacy.
Jordan Grumet, born in Evanston, Illinois in 1973, found the spark to become a doctor after a deeply personal event reshaped his life's trajectory. The unexpected loss of his father, an oncologist, ignited a passion within him to practice medicine and instilled a unique vantage point that later melded seamlessly with his financial expertise. This convergence of roles has spurred him to explore profound notions like wealth, abundance, and financial independence with a thoughtful and critical lens.
With a profound understanding of both medicine and finance, Jordan unveiled his thoughts through blogging, specifically focusing on financial independence and wellness. This passion culminated in the launch of the Earn & Invest podcast in 2018. His dedication bore fruit in 2019 when he was honored with the Plutus Award for Best New Personal Finance Podcast, followed by consecutive nominations for Best Personal Finance Podcast of the year in 2020 and 2021.
In August 2022, Jordan's literary pursuit took shape as his book, Taking Stock: A Hospice Doctor’s Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life was published by Ulysses Press. His second book, The Purpose Code, will be published January 2025 by Harriman House Press. Jordan's journey intertwines medical insight and financial wisdom, resonating deeply with those seeking a balanced, meaningful life.
jordangrumet.com
Summary
He explores the concept of purpose anxiety, differentiating between 'Big P' and 'Little P' purpose, and emphasizes the need to focus on meaningful activities rather than just financial goals.
The discussion also touches on the balance between time and money, the anxieties that arise once financial worries are alleviated, and the life review process used with dying patients to reflect on their lives and find closure.
He emphasizes the balance between meaning and purpose as essential components of happiness, and the significance of pursuing activities that bring joy, regardless of monetary gain.
Grumet introduces the concepts of purpose anchors and climbs, illustrating how to build a life filled with purpose. He highlights the importance of generational growth over wealth and explores the two types of regrets—action and inaction—while providing insights on how to navigate these regrets towards a fulfilling life. Ultimately, he defines success as having control over one's calendar, filled with activities that bring joy and purpose.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
NO ADVICE OF ANY KIND.
My guest today is Dr. Gautam Gulati, known to most as Dr. G.
He is a visionary health artist who designs luxury spaces that embody health and longevity.
As the founder of The Well Home, he envisions and transforms homes into wellness sanctuaries that promote health and prevent disease.
With over 25 years of experience, Dr. G has significantly impacted global brands by challenging the status quo and inspiring innovation.
Dubbed "the Rick Rubin of audio storytelling," he captivates audiences with his award-winning audio docuseries called SUPERHUMANS.
When off duty, Dr. G could easily be mistaken for Bollywood royalty. He captivates audiences worldwide as a renowned keynote speaker and cherishes outdoor life with his family in Great Falls, VA.
Please join me in welcoming Dr. G for an in-depth conversation that explores his unconventional journey as an award-winning doctor and designer, and why he now calls himself an 'asset manager'.
Summary
In this conversation, Dr. Gautam Gulati, a visionary health artist and founder of The Well Home, discusses his journey from a family of medical professionals to his current role as an asset manager of health. He emphasizes the importance of holistic health, the power of storytelling in healing, and the significance of purpose in achieving longevity.
Dr. Gulati shares insights on how our biographies shape our biology and the need for a more integrated approach to health that includes mental, emotional, and financial well-being. He also reflects on the transformative power of public speaking and the connections formed through shared stories.
In this conversation, Dr. Gautam Gulati and Bogumil Baranowski explore the significance of in-person interactions, the role of innovation in driving change, and the obstacles that hinder progress. They discuss the importance of designing living spaces that promote health and wellness, particularly in the context of aging and chronic conditions. The conversation culminates in a discussion about defining success holistically, emphasizing the freedom to live life on one's own terms.
Company:
https://www.thewellho.me/
Speaking (health): https://www.thewellho.me/speaking Speaking (innovation):
https://www.drgautamgulati.com/
Audio Docuseries: www.superhumans.health LinkedIn: https://www.linkedin.com/in/gautamgulati/ Instagram: https://www.instagram.com/drgautamgulati/
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
My guest today is Adam Bruderly, he is a coach for executives, families, and entrepreneurs who want more than just success—they want to flourish. His approach is grounded in four key pillars of wellness: physical, mental, financial, and spiritual. Adam's life changed forever at 9:03 AM on 9/11, a pivotal moment that redefined his purpose and set him on a mission to help others live with intention and fulfillment.
https://www.linkedin.com/in/adam-bruderly-bcc®-a31a2755/
https://www.journey-wealth.com/
Summary
In this conversation, Adam Bruderly shares his transformative journey following the events of 9/11, which redefined his purpose and led him to help others flourish in their lives. He discusses his upbringing, the impact of his childhood, and how the traumatic experience of 9/11 prompted him to reassess his life choices.
Adam emphasizes the importance of wellness across physical, mental, financial, and spiritual dimensions, and explores the concepts of wealth and the relationship between time and money. He advocates for a holistic approach to living a fulfilling life, focusing on experiences and personal growth.
In this conversation, Adam Bruderly and Bogumil Baranowski explore the intricate relationship between time, money, and personal fulfillment. They discuss the importance of prioritizing experiences over material wealth, the role of community in personal growth, and the concept of intentional change.
The dialogue emphasizes the need to reflect on life’s regrets and the significance of defining success in broader terms than just financial metrics. Ultimately, the conversation serves as a reminder to live intentionally and leave a positive impact on the world around us.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
[SPECIAL ANNOUNCEMENT: If you are interested in meeting me, the host of Talking Billions, please fill out the form here, both in-person and virtual meetings are available until my calendar fills up: FORM available HERE]
NONE OF THE STOCKS MENTIONED ARE RECOMMENDATIONS, NO INVESTMENT ADVICE; DO YOUR OWN RESEARCH.
My guest today is Christopher P. Bloomstran, CFA. He is the President and Chief Investment Officer of Semper Augustus Investments Group LLC. Chris has three decades of professional investment experience with a disciplined, value-driven approach to fundamental equity and industry research. Semper Augustus manages concentrated equity portfolios of well-run, well-capitalized businesses with share prices trading below conservative appraisals of intrinsic value.
Summary
In this conversation, Christopher Bloomstran shares insights from his extensive investment career, discussing his childhood influences, his relationship with money, and the impact of mentors. He reflects on his early investment experiences, the significance of learning from Warren Buffett and Charlie Munger, and the philosophy behind his investment firm. Bloomstran also shares thoughts about market trends and emphasizes the importance of value investing and ethical management in business.
He emphasizes the importance of understanding the price of investments, the need for patience in navigating market inefficiencies, and the challenges of holding cash reserves while seeking investment opportunities. He shares insights on how market dynamics affect investment decisions and the critical role of price in determining investment success.
In this conversation, Chris discusses the importance of cash allocation during financial crises, the significant role of Apple in Berkshire Hathaway's portfolio, and shares the inspiring story of an unknown investor who successfully navigated market downturns. He emphasizes the importance of trust and relationships in defining success, both personally and professionally.
https://www.semperaugustus.com/
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
It's a BONUS episode for you, my dear listeners, enjoy! I'm looking forward to hearing from you -- my email is on the Talking Billions website. Take a moment this holiday season and share this show with your loved ones, who would also like it. THANK YOU!!
The Infinite Game of Family Wealth Investing
Guest host: John Candeto is the Founder and Managing Partner of the Phronesis Fund. Co-Founder of JoinWDA (Workforce Data Alliance).
Summary
In this conversation, Bogumil Baranowski and John Candeto explore the intricacies of family wealth investing, drawing lessons from the book 'Brewster's Millions'. They discuss the unique nature of investing family fortunes, the importance of stewardship, and the long-term perspective required to preserve wealth across generations.
The conversation emphasizes the respect that capital requires and the strategies families can employ to ensure their wealth lasts for future generations. In this conversation, Bogumil Baranowski and John Candeto delve into the complexities of financial capital, wealth creation, and the importance of family and advisors in preserving wealth across generations.
They explore the life cycle of businesses, the significance of long-term investment strategies, and the spiritual journey of investing. The discussion also touches on the launch of Blue Infinitas Capital and the need to rethink purpose and time in wealth management, emphasizing the importance of small, meaningful contributions to life and legacy.
Michael W. Sonnenfeldt is the Founder & Chairman of TIGER 21, the premier peer membership organization for high-net-worth wealth creators and preservers, and author of Think Bigger: And 39 Other Winning Strategies from Successful Entrepreneurs. He is a serial entrepreneur, philanthropist, and political thought leader. Through his private investment company, MUUS & Company, he has holdings in alternative energy technologies. In 1980, he led the Harborside Financial Center transformation in New Jersey, the largest U.S. commercial renovation at the time.
Summary
In this conversation, Michael Sonnenfeld, founder of Tiger 21, shares insights on the journey from entrepreneurship to investment, emphasizing the importance of delayed gratification, risk management, and the unique challenges faced by high net worth individuals.
He discusses the inception of Tiger 21, a peer membership organization for wealth creators, and the common concerns of its members as they navigate wealth preservation and investment strategies. In this conversation, Bogumil Baranowski discusses the intricacies of wealth management, the importance of compounding, and the challenges families face in navigating wealth dynamics.
He emphasizes the significance of preparing heirs for the responsibilities of wealth, the impact of generational wealth, and the economic forces of inflation and interest rates. Baranowski also reflects on the broader definition of success, highlighting the importance of philanthropy and the legacy one leaves behind.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Simon Kold is the founder of Kold Investments, a Copenhagen-based investment firm. He was previously at Novo Holdings, one of the world’s largest investment organizations. His investment experience spans both public and private markets. Simon is one of the few fund managers who also has a degree in theology and had a stint in stand-up comedy. His book, On the Hunt for Great Companies: An Investor's Guide to Evaluating Business Quality and Durability, was published by Wiley in late October.SummaryIn this conversation, Simon Kold, founder of Kold Investments, shares his unique journey from stand-up comedy and theology to becoming a successful fund manager. He discusses the importance of understanding one's relationship with money, the pursuit of durable companies, and the significance of passion in business. Kold emphasizes the need for long-term incentives in management compensation and the critical role of capital allocation in quality businesses. He also delves into the concept of competitive advantage, highlighting the difference between intensity and durability. In this conversation, Simon Kold and Bogumil Baranowski explore various themes in investing, including the importance of recognizing competitive disadvantages, the balance between infinite investment horizons and finite assets, and the significance of staying power and adaptability in businesses. They discuss the concept of fair value extraction, the characteristics of an ideal future business, and the various risks that investors face. The conversation concludes with reflections on success and the personal journey of writing a book that combines humor with investment philosophy.You can find resources related to the book on Simon’s personal author website simonkold.comPodcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
It’s Dan’s second time on the show — I highly recommend finding the earlier episode.
My guest today is Dr. Daniel Crosby. He is a psychologist and behavioral finance expert who helps organizations understand the intersection of mind and markets. He is the best-selling author of four books. His latest book will be the focus of our conversations today — it’s called The Soul of Wealth: 50 Reflections on Money and Meaning.
https://www.standarddeviationspod.com/episodes
In this conversation, Dr. Daniel Crosby, a psychologist and behavioral finance expert, discusses his latest book, 'The Soul of Wealth,' which explores the deeper meanings of money and wealth. He emphasizes that true wealth transcends mere financial accumulation and is intertwined with personal values, relationships, and purpose.
The discussion covers various themes, including the regrets associated with work, the detrimental effects of comparison on happiness, the significance of meaning in financial decisions, and the importance of delayed gratification as a life strategy. Crosby argues that understanding our relationship with money can lead to a more fulfilling and content life.
In this conversation, Daniel Crosby discusses the complexities of human behavior regarding money, the influence of upbringing on financial decisions, and the importance of professional guidance in managing wealth. He emphasizes the value of delayed gratification, the evolutionary context of decision-making, and the significance of time over money.
Crosby also shares personal anecdotes and insights on how historical lessons can inform modern financial practices, ultimately advocating for a mindset of radical optimism in investing and the pursuit of freedom through wealth.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
My guest today is Professor Aswath Damodaran, who teaches corporate finance and valuation at the Stern School of Business at NYU. He says that he is a teacher first, who also happens to love untangling the puzzles of corporate finance and valuation, and writing about his experiences. He believes that businesses, education, publishing and financial services are all big, inefficiently run and deserve to be disrupted. He believes he may not have the power to change the status quo in any of the three, but he can stir the pot.
Summary
In this conversation, Professor Aswath Damodaran discusses his journey in corporate finance and valuation, reflecting on the lessons learned from financial crises and the importance of understanding the corporate life cycle.
He emphasizes the unique characteristics of the U.S. startup ecosystem, the significance of management styles at different stages of a company's life, and the evolving nature of ownership in businesses.
The discussion highlights the need for investors to adapt their strategies based on the life cycle of companies and the importance of recognizing uncertainty as a feature of investing.
In this conversation, Professor Damodaran discusses various themes related to investing, including the shifting investor base, the role of founders, lessons from family businesses, the balance between survival and thriving, and the complexities of investment quality versus management quality. He emphasizes the importance of comfort investments, the need to embrace uncertainty, and the broader definition of success that goes beyond mere wealth accumulation.
https://aswathdamodaran.blogspot.com/
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
It's Chris' third time on the show -- check out the earlier episodes, both are among the top ten all-time downloads.
My guest today is Chris Mayer, he is a professional investor, best-selling author, expert on general semantics and more.
He is a portfolio manager and co-founder of Woodlock House Family Capital, and the author of 100 bagger, How do you know, Dear Fellow Time Binder, World Right Side Up, and Invest Like a Dealmaker.
It’s his third time on the show — consider listening to the previous two episodes before or along with this. It’s always such a joy to speak with Chris, and this episode is no different. Enjoy!
Summary
In this conversation, Chris Mayer discusses the nuances of investing, emphasizing the importance of clear communication with investors, the long-term perspective of family wealth, and the evolution of investment research. He highlights the significance of patience in compounding, the role of catalysts in stock performance, and the need to embrace uncertainty.
Chris also contrasts dynamic and static value investing, explores the impact of passive investing on market dynamics, and reflects on how general semantics has influenced his investment thinking. In this conversation, Chris and Bogumil explore the themes of lifelong learning, the importance of humility in understanding knowledge, and the principles of investing that should be passed down to future generations.
They discuss the mindset of an immortal investor, the impact of news on market perceptions, and the significance of quality over startup risks in investment strategies. The conversation also delves into cultivating patience in an impatient world, the nature of success and failure, and the subjective understanding of quality in business.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
My guest today is Brent Beshore, he is the founder and CEO of Permanent Equity, a private equity firm that uses 30-year funds to invest in and partner with companies that care what happens next. He is the author of a wonderful book: The Messy Marketplace, Selling Your Business in a World of Imperfect Buyers. SummaryIn this conversation, Brent Beshore, founder and CEO of Permanent Equity, discusses his unique approach to private equity, emphasizing long-term ownership and the importance of understanding the businesses he acquires. He shares insights from his upbringing, his journey into investing, and the reasons why business owners choose to sell. Brent highlights the significance of customer loyalty and the characteristics of ideal businesses, while also addressing the challenges of running a small business. In this conversation, Brent Beshore discusses the complexities of buying and selling businesses, emphasizing the human elements involved in transactions. He explores the chaos often present in small businesses, the reasons owners choose to sell, and the importance of treating people with care and respect. Beshore also highlights the significance of long-term perspectives in business, the challenges faced post-sale, and how success is redefined through a focus on flourishing and healing rather than mere financial outcomes.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
My guest today is Barrett Brooks, he helps founders of mission-driven companies grow into CEOs capable of making an impact at scale. He is an executive coach, host of a popular podcast, Good Work, and author of a weekly newsletter on leading well.
Summary
Barrett Brooks believes business can be a powerful force for good under the right leadership. He’s dedicated his career to helping people reach their potential and then apply that potential to solving hard but important societal problems.
Barrett has found a servant’s heart, altruistic mindset, and a high standard of excellence to be key leadership qualities for building a better world.
In this conversation, Barrett Brooks shares insights from his journey as an executive coach and leader, emphasizing the importance of childhood influences on leadership styles, the mission-driven approach to work, and the evolving landscape of remote work.
He discusses his experience as COO of ConvertKit, the significance of falling in love with problems, and the common lessons learned from exceptional founders he has interviewed.
In this conversation, Bogumil Baranowski and Barrett Brooks explore the importance of unique perspectives, meaningful connections, and the role of expertise in achieving success. They discuss the significance of subtle elements in interactions, the value of creating inclusive environments at conferences, and the transformative power of personal introductions.
Barrett shares insights on Internal Family Systems as a tool for understanding oneself and emphasizes the necessity of building expertise before starting a business. Ultimately, they define success as fostering environments that enable personal transformation and connection.
Barrettbrooks.com
Barrettbrooks.com/coaching
GoodWorkShow.com
Twitter.com/barrettabrooks
LinkedIn.com/in/barrettabrooks
Instagram.com/coachbarrettbrooks
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
My guest today is Jared Dillian he is a writer, trader, musician, entrepreneur, and educator, he is an author of many excellent books, among them No Worries: How to live a stress-free financial life, Street Freak: Money and Madness of Lehman, All the Evil in this World, and most recently, Night Moves and Other Stories.
https://www.jareddillian.com/
Summary
In this engaging conversation, Jared Dillian shares his multifaceted journey as a writer, trader, and educator. He reflects on his childhood, the evolution of his financial perspectives, and the psychological aspects of spending money.
Dillian emphasizes the importance of enjoying money, the transition from accumulating to spending, and the joy of philanthropy. He also discusses his experiences at Lehman Brothers and the invaluable lesson of time management in both life and finance.
Finally, he introduces his passion for short stories and the significance of emotional impact in literature. In this engaging conversation, Jared Dillian discusses the emotional depth of storytelling, particularly in his latest collection of short stories.
He reflects on the challenges of writing, the themes of self-sabotage and sudden wealth, and the complexities of managing newfound riches.
Dillian shares personal anecdotes about his upbringing and the lack of role models in his community, emphasizing the importance of seeking out opportunities.
The discussion also touches on the definition of success, the impact of writing, and Dillian's upcoming projects.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
My guest today is Tom Morgan. He has spent the last twenty years in business and finance. He describes himself as a Curiosity Sherpa to Billionaires. He has been seeking out the most interesting ideas and thinkers for curious people, mostly recently through his venture called the Leading Edge.
Tom Morgan and I delve into his journey from a thriving finance career to founding The Leading Edge, a community dedicated to personal transformation. We discuss the impact of his viral talk on the brain's left and right hemispheres, the challenges of balancing success with happiness, and the emotional nuances of wealth management. Tom highlights the value of community, emotional intelligence, and a shift in perspective for achieving genuine fulfillment.
Together, we explore themes like wisdom, subtlety, intuition, and the future of capitalism. The conversation touches on the importance of subtlety in cultivating wisdom, the role of intuition in investment decisions, and the significance of dreams in self-discovery.
We also examine reframing reality, fostering originality in an oversaturated information world, and the potential for community building within a shifting capitalist framework. Ultimately, the discussion underscores wisdom's role in life satisfaction and advocates for a more integrated approach to navigating modern complexities.
Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
My guest today is Nick Van Rensburg, he is a macro strategist with a particular interest in tail risks. He joined financial markets in 1996 at a bank trading equities and later equity derivatives. He spent 10 years at South Africa's first hedge fund where he started covering commodities, which exposed me to macro.
In this conversation, I speak with Nick Van Rensburg, a macro strategist, about the implications and risks of passive investing. We explore the historical context of passive investing, its rapid growth, and the potential dangers it poses to market stability. Nick emphasizes the role of behavioral finance and the human element in investing, underscoring how passive strategies can contribute to market bubbles and crashes.
We also discuss the need for active management and the potential consequences of a market dominated by passive strategies, including the fragility it introduces. Our conversation touches on alternative investment strategies, such as equal-weighted indexes, and we conclude with reflections on the nature of success in investing and the importance of being mindful of the risks associated with passive investing.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
My guest today Paul Millerd — he is the author of the hugely successful book The Pathless Path: Imagining a New Story For Work and Life, and now his brand new book Good Work: Reclaiming Your Inner Ambition — to me he is the ultimate guide to a life better lived.
In this conversation, Paul Millerd discusses his journey from a conventional career path to embracing a more fulfilling and unconventional approach to work and life. He shares insights from his books, 'The Pathless Path' and 'Good Work', emphasizing the importance of redefining success, the value of time, and the significance of pursuing work that aligns with one's true self. Millerd encourages listeners to embrace uncertainty, support others in their pursuits, and find meaning beyond traditional measures of success.
https://pmillerd.com/
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
BONUS EPISODE!
Full Credit for this episode goes to Justin Castelli, a fellow curious mind, podcaster, and an all around passionate, kind, human being.
Justin Castelli: I had the opportunity to return the favor and Bogumil Baranowski on LifeDesign+ after appearing on his podcast, Talking Billions.
It was fun to turn the tables on Bogumil, who is a phenomenal podcast host and learn more about his story, how he is living his authentic life helping families create and manage generational wealth, and more.
Find the original episode here: https://www.justincastelli.io/lifedesignpluspod/189 — learn more about Justin, and the work he does —
https://www.justincastelli.io/
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
My guest today is Howard Lichstrahl, a dear friend, fellow investor, and investment advisor with many decades of experience and a solo operator of a successful, long-lasting investment practice. Howard and I have shared many calls and meals over the years, and this is our first-ever recorded conversation.
We start with a chance encounter with the legendary Irving Kahn, Benjamin Graham’s teaching assistant, who changed the course of Howard’s life. We continue with a lifetime of investment stories and experience. Howard has lots to share about the long-term success investing in stocks.
Takeaways:
- Investing requires time and patience for compounding to work.
- Human nature often leads to emotional decision-making in investing.
- Understanding market dynamics is crucial for successful investing.
- Long-term thinking is essential for achieving financial success.
- The investment philosophy should align with client expectations.
- Market crashes reveal the importance of maintaining perspective.
- The evolution of technology has changed investment practices significantly.
- Successful investing is about understanding the underlying businesses.
- Defining success goes beyond financial metrics to include personal fulfillment.
- Building relationships with clients is key to sustainable investing.
Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
My guest today is a family business advisor helping enterprising families navigate the intricacies of being family in a family organization. His experience in supporting families comes from both his own experience as the 3rd generation owner and board member of a global family business as well as his experience as an entrepreneur, coach, management consultant, and seminarian.
https://family.inc/
Takeways:
- Growing up in a family business shapes one's identity.
- Community perceptions can impact family dynamics.
- Family businesses often have a longer investment horizon.
- Professionalizing operations is crucial for sustainability.
- High-performing families can pivot in challenging industries.
- Employee relationships are prioritized in family businesses.
- Navigating wealth requires understanding and communication.
- Family first: prioritize relationships over business.
- Liquidity options can help family members exit gracefully.
- Understanding past challenges informs future decisions.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
My guest today is Julia Carreon, a Business Transformation and Integration Executive. In her own words, in an industry rife with friction and failed projects, she leads teams that are in the 1% of executing reimagined client/advisor experiences. Today, we are talking about the Future of Wealth Management, digital transformation and more.
https://www.linkedin.com/pulse/make-mistake-gen-zs-social-skills-fierce-julia-c-carreon/
https://www.linkedin.com/posts/julia-c-carreon-8318674_courage-opinions-leadership-activity-7201617334648676353-_1dd?utm_source=share&utm_medium=member_ios
Takeaways
Julia's childhood experiences shaped her views on money and power.
Technology should enhance human interaction, not replace it.
Gen Z will demand seamless digital experiences in wealth management.
Understanding generational differences is crucial for effective communication. Listening to clients can reveal valuable insights for service improvement.
Change management is essential for adopting new technologies.
Respecting clients' time enhances the quality of interactions.
Success is defined by the impact you have on others.
Involving the next generation in wealth management is vital for future success.
Leadership is about serving others and fostering their growth.
Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Ted Seides is a famous podcaster, renowned industry expert, and a best selling author who is all about compounding knowledge and relationships. We are talking about his new book Private Equity Deals: Lessons in investing, dealmaking, and operations from private equity professionals
https://www.capitalallocators.com/
Takeaways
- Ted Seides emphasizes the importance of aligning incentives in private equity.
- Private equity managers own a significant portion of the economy, around 10,000 businesses.
- The media often portrays private equity negatively, focusing on failures rather than successes.
- Private equity allows for more control and decision-making compared to public markets. The evolution of private equity has led to increased competition and higher prices.
- Employee ownership can drive business success and improve performance.
- The investment horizon in private equity is typically three to five years, but some firms seek to hold longer.
- Different owners bring unique expertise to businesses at various stages of growth. Permanent capital structures could change the landscape of private equity investing.
- Success is defined personally, focusing on fulfillment and enjoyment in work.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Derek Sivers is a musician, circus performer, entrepreneur and speaker. He is a slow thinker, explorer, and loves a different point of view. He is a California native living in New Zealand.
https://sive.rs/
Today, we discuss his new book that may shed a different light on the beliefs we hold.
Takeaways
Almost nothing people say is true
Your thoughts aren’t true
Ideas can be useful, not true
Which perspective empowers you?
Reframe: find better perspectives
Traits of useful beliefs and perspectives
Adopt what works for you now
You are what you pretend to be
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Podcast Program – Disclosure Statement
It's a delightful conversation with one and only Jim O'Shaughnessy
My guest today is Jim O’Shaughnessy a Wall Street veteran, founder, investor, venture capitalist, best selling author, successful podcaster, who is pursuing his curiosity in yet another direction through O’Shaughnessy Ventures.
Takeaways
Jim's childhood shaped his views on money and success.
The importance of humility in investing is crucial.
Success is not a destination but a continuous journey.
AI can enhance human creativity and productivity.
Failure should be viewed as a learning opportunity.
Building relationships with 'treadmill friends' is vital.
The market often reflects human emotions and behaviors.
Podcasting allows for the exploration of infinite topics.
The COVID pandemic accelerated changes in work culture.
Tinkering and creativity are essential in today's world.
https://www.osv.llc/
https://www.infiniteloopspodcast.com/
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
My guest today is Philippe Gijsels. He is the Chief Strategist at BNP Paribas Fortis and a co-author of the book ( with Koen De Leus) World Economy in 5 Trends: Investing in Times of Superinflation, Hyperinnovation, and Climate Transition.
Takeaways
Childhood experiences can shape one's relationship with money and career path.
The world is changing profoundly, and it's important to adapt to new trends and challenges.
Owning real assets is crucial in an inflationary world.
The three windows of knowledge, trends, and interaction provide a comprehensive view of the world.
Innovation is a key driver of productivity and can shape the future.
Despite the expectation that productivity gains would lead to shorter work hours, people are still working the same hours as their grandparents.
Being open to changing one's mind and adapting to new information is crucial in investing and in life.
The interviews with famous dead economists provide insights into their thoughts and perspectives on long-term and economic issues.
The alligator principle in trend following emphasizes the importance of cutting losses quickly to avoid further damage.
The world is interconnected, and our actions have consequences for the planet and future generations.
The transition to renewable energy is necessary to address climate change, but it requires innovation and investment in battery technology.
Interest rates play a significant role in the economy and financial markets, and their movements can impact various asset classes.
Understanding the impact of inflation and interest rates is crucial for stock market performance.
The US has a unique position in a globalized world, with the dollar as the world's reserve currency.
Changing demographics present both challenges and opportunities.
Human connection and storytelling remain essential in an increasingly technological world.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Dave Specht is the Director of the Drucker School Global Family Business Institute. His professional mission is to, Preserve Families and Perpetuate Businesses. He is the author of, “The Family Business Whisperer” and thought leader on topics surrounding generational continuity of businesses and family wealth. Prior to his current role, he trained 2,500 top advisors/bankers at a Private Bank on family dynamics and generational wealth issues.
Dave is the creator of the Certificate in Advising Family Enterprises and the co-creator of The Generational Wealth Masterclass with Jay Hughes. Prior to his work at the bank, he founded Advising Generations, a consulting firm and established the Family Business Management program at the University of Nebraska. Dave lives in Washington state with his wife and 6 children.
Takeaways
The upbringing of individuals significantly shapes their relationship with money and business ownership.
Ownership mentality can be cultivated and is essential for future generations.
Family businesses often have a longer-term view compared to publicly traded companies.
Transparency and communication are crucial for the success of family businesses.
Spouses play a vital role in the dynamics of family businesses and should be included in decision-making.
Wealth should be redefined to encompass well-being and qualitative capitals, not just financial capital.
Gratitude, goals, and grit are essential values to instill in children raised in wealthy families.
Successful family businesses often have a clear purpose beyond just making money.
The transition of family businesses can be emotional and requires careful planning.
Empathy is crucial for advisors working with families in transition.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
A wonderful discussion with a very thoughtful host and a good friend.
This interview was conducted by Senior Investment Advisor Edward Vesely at The Motley Fool Australia, a company whose approach to investing prioritizes buying and holding quality stocks for long periods of time, focusing on business fundamentals rather than on stocks’ short-term price changes. This interview is reproduced here with The Motley Fool’s permission, and full credit goes to them.
Bogumil Baranowski discusses long-term investing and the generation of wealth beyond one's own lifetime. He emphasizes the importance of viewing stocks as small pieces of businesses and the unique opportunity the stock market provides for individuals to become shareholders in great businesses. Baranowski believes in the power of an infinite investment horizon and the ability to build wealth that spans generations. He suggests involving trusted advisors and professionals to help manage intergenerational wealth and bridge the gap between generations.
Baranowski encourages individuals to take an interest in managing their own finances and to see investing as a second career. Investing in high-quality companies in various industries is a fascinating opportunity. Education and learning about investments are crucial for making informed decisions. Building a close relationship with clients and understanding the businesses they own is important.
Success in investing is an ongoing experience of being useful, adding value, and having fun. It's essential to remember that investing means owning businesses. Volatility and market downturns should be expected, and reacting emotionally can lead to poor decisions. Having a long-term perspective and staying invested is key. The ultimate goal is to reach a point where work becomes optional and financial independence is achieved.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Justin Castelli is a life planner, advisor, and creator. He is the founder of RLS Wealth, a registered investment adviser based in Fishers, Indiana, a co-founder of Advisors Growing as a Community (The AGC), the host of the LifeDesign+ podcast, and author of the Daily Notes. But, most importantly, he is a husband and a father to three boys.
Justin has been in the profession since graduating from college in 2004 and has had a unique journey giving him experience and exposure to different versions of a financial advisor before launching RLS Wealth in 2015 to have more control over his life and business. Since moving to the independent RIA space with RLS Wealth, Justin was named a top advisor to watch by Financial Advisor Magazine in 2019 and has been the recipient of Investopedia’s 100 Most Influential Advisors in 2019-2023, Investment News 40 under 40 in 2020, and a ThinkAdvisor Luminary in 2021.
Passion is the driver behind all of Justin’s endeavors and experiments in life and he is inspired to help more people find their passions and purpose in life to live their authentic lives.
Takeaways:
The Value of Financial Planning
The Pursuit of an Authentic Life
Pivoting and Learning from Wrong Paths
Embracing Lightness and Regret-Free Living
The Connection Between Living an Authentic Life and Managing Finances
Aligning Passions and Financial Rewards
The Impact of Thoreau's Walden on the Pursuit of an Authentic Life
The Significance of The Alchemist in Justin's Journey as a Creator
Creating Authentically
Building Long-Term Relationships
Lessons from Every Event
Defining Success: Being True to Myself
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
My guest today is Andy Busser, the CEO of Pitcairn, a 100-year-old family office. Andy is responsible for guiding the firm’s client-centric culture and overseeing all of Pitcairn’s operations. His vision for the company is to continually evolve the Pitcairn client experience by enhancing the firm’s integrated approach to sophisticated family office services for multi-generational families.
Andy has a passion for solving complex problems. He also has a gift for establishing meaningful, lasting professional relationships. These traits were instrumental over the past decade as he spearheaded efforts to make Pitcairn’s client experience a standard of excellence for family office service.
Mr. Busser, shares his journey and the history of the company. He pursued leadership roles in college and throughout his career, always seeking out more responsibility. Pitcairn, founded in 1923, started as a family office for the Pitcairn family and later opened up to other wealthy families. The firm focuses on multi-generational families with significant wealth and complexity.
They take a long-term view and emphasize discipline and staying the course in investing. The conversation explores the importance of discipline, patience, and staying diversified in investing. It emphasizes the need for a trusted advisor and the value of relationships in making good financial decisions.
The conversation also touches on the challenges and opportunities of family wealth, including the transition from owning a single asset to a portfolio of businesses. It highlights the significance of communication, and values in preserving generational wealth.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Jeff Gilbert takes over Talking Billions today and asks me questions. He is a master storyteller, forensic accountant, investor, and a good friend. Scroll down, search, and find my earlier conversation with him on the show.
Jeff Gilbert, CPA is an Executive Director of Investigations where he specializes in forensic auditing. Drawing upon personal experience and using real-life case studies, he teaches at the Asper School of Business and with the Chartered Professional Accountants program. Jeff also mentors entrepreneurs and provides strategic advice to assist them in achieving their goals. He manages his own investment portfolio with a mix of public companies and private investments. A strong believer in lifelong learning, he is an avid reader and has numerous interests, including value investing and understanding various philosophies, strategies, and mental models.
In this engaging fireside chat, Bogumil Baranowski and Jeff Gilbert explore a range of topics centered around mentorship, long-term thinking, and the importance of ethics in business. They discuss the significance of building customer loyalty, the role of trust and intuition in investing, and the impact of innovation on profit pools. The conversation delves into the emotional connection to wealth and the craftsmanship model in investing, emphasizing the human element and the importance of caring in professional relationships. They also reflect on the lessons learned from historical figures like Benjamin Franklin and the philosophical lens through which investing can be viewed.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
My guest today is Adam Mead — he is a professional investor, founder of Mead Capital Management, and the author of a wonderful book, The Complete Financial History of Berkshire Hathaway: A Chronological Analysis of Warren Buffett and Charlie Munger's Conglomerate Masterpiece. He was on Talking Billions over a year ago, and he returns to talk about Berkshire, Buffett, Munger, investing, running an investment firm, and so much more.
Adam J. Mead is a life-long student of business and capital allocation.
He is the CEO and Chief Investment Officer of Mead Capital Management, LLC. Adam is also the founder of watchlistinvesting.com, a value investing newsletter.
Adam spent over a decade in banking in commercial credit, including observing first-hand the aftereffects of the Great Recession and the long credit expansion afterward.
Adam has been investing in public securities markets since 2004. He owned two small businesses (non-financial) during college, and grew up in a family of small business owners. In addition to managing assets for his clients at Mead Capital, he is involved with numerous local non-profit organizations.
Adam holds a Master of Business Administration from Southern New Hampshire University, from which he graduated Summa Cum Laude in 2013. Previously he graduated Summa Cum Laude from Southern New Hampshire University in 2008 with an undergraduate degree in Business Studies and a Minor in Economics.
Twitter: @BRK_Student
LinkedIn: https://www.linkedin.com/in/adam-j-mead-ab621822/
YouTube: https://www.youtube.com/channel/UCzKKNwxRUKekpN1id4QVyHg
Blog:
http://www.theoraclesclassroom.com
Newsletter:
http://watchlistinvesting.com
Takeaways
- Attending Berkshire Hathaway's annual meetings creates a sense of community and reminds investors of the principles and values they follow.
- Treating shareholders with respect and recognizing their importance is a key aspect of running a successful business.
- Investing is driven by curiosity and a desire to understand how the world works.
- Managing other people's money is a responsibility that requires empathy, understanding, and the ability to address clients' behavioral challenges.
- Resilience is important in investing, and it can be developed through experience and a deep understanding of the businesses in which one invests.
- Running an investment firm involves a range of responsibilities, from attracting and retaining clients to navigating regulatory requirements.
- Starting an investment firm involves navigating regulatory requirements and making decisions about fee structures and operational processes.
- Building relationships with clients and earning their trust is crucial in the client-advisor dynamic.
- Staying small as a firm can offer advantages such as flexibility and the ability to focus on high-value activities.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
My guest today is Cristina Espinal. She was born in Venezuela, lived in the US and Asia, made the UK her home, and joined me from Madrid today.
After a successful first career, she decided to pivot, follow, and trust her curiosity.
She helps ambitious mid-career professionals gain the clarity and confidence to secure bigger, more aligned roles and turn their uniqueness into a side business. Her Play Big newsletter is a fascinating read—all links are in the notes below.
She has a great passion for the work she does and shares many inspiring stories. I learned a lot and enjoyed this discussion very much—I trust you will, too.
My dear friend Matt Zeigler had something to do with connecting us—thank you, Matt. You are one of Talking Billions' patron saints, but you know it already. If you are not following Matt, you should—look up his Cultish Creative blog, Just Press Record, and the Intentional Investor Podcast—both are phenomenal, and I’m not just saying that—I read, watch, and listen to all three.
Please help me welcome Cristina Espinal!
Takeaways:
Self-reflection and understanding our stories and beliefs are crucial for personal growth. There are multiple paths to making a difference, and it's important to define success on your own terms. Playing big means uncovering who you are and challenging the default path. Expanders, people who inspire, challenge, support, and are vulnerable, can help us grow and achieve our goals. Stress addiction is a societal issue that keeps individuals in a constant state of chronic stress. Defining success based on personal values and having an inner scorecard leads to fulfillment. Rejection can be seen as a redirection towards a more aligned path. Rejection can lead to new opportunities and a more aligned path. Confidence is a skill that can be developed through taking small steps outside of one's comfort zone. Trust is built through vulnerability and the willingness to make oneself important to someone else. Asking better questions involves being present, leading with curiosity and compassion, and considering the context. Infinite games are those that bring joy and fulfillment, and they should be prioritized in life.
https://playbig.beehiiv.com/
https://www.linkedin.com/in/cristinaespinal/
https://www.linkedin.com/posts/cristinaespinal_in-june-2020-my-career-hit-a-wall-i-was-activity-7171852818574745600-RqCG
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
A fascinating, wide-ranging discussion.
John Candeto is the Founder and Managing Partner of the Phronesis Fund. Co-Founder of JoinWDA (Workforce Data Alliance).
Tom Morgan connected us. We met at Markel’s meeting in Richmond earlier this year. I’ve been looking forward to this conversation, and you will see in a moment why.
John applies the study of Complexity to investing, and he is open to discussing it with others, please feel free to reach out to him.
Takeaways:
- Survival is a crucial aspect of investing.
- Exposing oneself to power law outcomes is essential for wise wealth growth.
- Volatility is not the same as risk; risk involves the potential for permanent loss of capital.
- Traditional statistics and averages have limitations in understanding complex systems and long-term investing.
- Taking a long-term view in investing allows for a different perspective and reduces the focus on short-term fluctuations.
- Power laws are prevalent in various aspects of life, such as economic output and company size.
- Living by a set of values helps prioritize and make intentional choices.
- Learning in public and engaging in feedback loops accelerates personal growth and understanding.
- Asking the right questions is essential in navigating complex issues and finding valuable insights.
- Writing family stories can help reflect on values and create a sense of gratitude.
- Balancing structure and serendipity is important for productivity and creativity.
Here are some resources that could help with your prep:
JohnCandeto.com (links to everything)
HowWeWantToLive.com (family values and journey)
Partnership Letters
Power Laws Rule the World
Partnership Summary
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
RP Stevens is the author of The Sloth Investor book, the host of a podcast, and a YouTube channel with the same name. He is a personal finance author & YouTuber. He is committed to educating people about how to invest their money in a common-sense, ‘sloth-like’ manner.
RP firmly believes that the slow-moving, inactive sloth is THE best animal to characterize successful investing.
After we stopped recording, he shared with me how he received a personal note from his proofreader who read the book — instead of a harsh feedback that he feared, he learned the she never thought investing is for her, and now she wants to become an investor herself — to me it’s the best testament to what this book can do for many listeners curious to embrace investing as a lifelong pursuit.
It was a late night recording for RP, early morning for me, we kept talking long after I hit stop — I greatly enjoyed this conversation, and I hope you do, too.
https://slothinvestor.co.uk/
Takeaways
- Investing requires a long-term mindset and patience.
- Minimizing regrets is a key factor in investment decisions.
- Investing should be viewed as business ownership.
- The 'Sloth Investor' philosophy promotes a less is more approach.
- Financial literacy is essential for overcoming psychological barriers to investing.
- Time in the market is more important than timing the market.
- Investing should continue even after retirement.
- The idea of 'forgotten money' emphasizes long-term investment strategies. The stock market's returns can vary significantly year to year.
- Volatility can create both discomfort and buying opportunities.
- Investing consistently is crucial, regardless of market conditions.
- Loss aversion can impact how investors perceive their portfolios.
- Success is defined by how we treat others and stay true to ourselves.
- The importance of lifelong learning and curiosity in investing.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
My guest today is Christopher Begg. Chris is a successful long term patient value investor who seeks high quality, he is also a professor and teaches the Ben Graham’s Security Analysis Course at Columbia University in New York. He also loves the ocean and water sports, especially surfing, which, from what I can tell, makes him an even better investor.
Christopher Begg is President/Chief Investment Officer/Co-Founder at East Coast Asset Management, Inc. & Adjunct Professor at Columbia Business School in New York City.
https://www.linkedin.com/in/christopherbegg/
We talked about:
- The Evolution of Investing Philosophy
- Patience in Investing
- Understanding Value 3.0
- Teaching Ben Graham's Principles
- The Infinite Game in Investing
- The Role of Freedom in Success
- The Importance of Questions Quality in Investing
- The Influence of Nature on Investment Philosophy
- The Search for Truth in History
- The Art of Learning and Memory
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
My guest today is Dan Solin — he practiced law in New York City, he represented investors harmed by the misconduct of brokers, he worked as a registered investment advisor, he is a New York Times bestselling author of the Smartest series of books, including the Smartest Money Book You’ll Ever Read — today, we talk about his book Ask: How to Relate to Anyone — I absolutely loved the book, I greatly enjoyed this discussion, and I immediately called it a masterclass in the art of conversation with a focus on investment advisors becoming better at what we do.
Dan Solin is the New York Times bestselling author of the Smartest series of books, which include The Smartest Investment Book You’ll Ever Read, The Smartest 401(k) Book You’ll Ever Read, The Smartest Retirement Book You’ll Ever Read, The Smartest Portfolio You’ll Ever Own, The Smartest Sales Book You’ll Ever Read and The Smartest Money Book You’ll Ever Read. He is also the author of Ask: How to Relate to Anyone and Does Your Broker Owe You Money?
In 2005, he testified as an investor advocate before the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises of the Committee on Financial Services in the U.S. House of Representatives.
His latest book is Wealthier: The Investing Field Guide for Millennials. The website for Wealthier is
https://wealthierbook.com
.
Dan is a regular blogger for Advisor Perspectives.
Dan graduated from Johns Hopkins University and the University of Pennsylvania Law School.
He practiced law in New York City for many years before retiring. As an attorney, he represented many investors harmed by the misconduct of brokers.
He was formerly a registered investment advisor with several prominent advisory firms.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
It’s a Fireside Chat today. Jeremy Deal, a good friend and fellow investor, asks me about my investment practice, my philosophy, my experience managing multi-generational family fortunes with an infinite investment horizon, and more.
Blue Infinitas Capital, LLC
Jeremy Deal is the founder of JDP Capital Management. JDP is a private partnership that makes investments in public stocks where the quality and durability of future earnings power is not reflected in the price. The fund's goal is to buy and hold a handful of businesses that can survive and thrive over long periods of time.
www.jdpcap.com
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
My guest today is Meir Statman, he is a professor of finance, author, expert in behavioral finance. We talk about his newest book: A Wealth of Well-Being: A Holistic Approach to Behavioral Finance — I learned a lot, and I trust that you will too.
Meir Statman is the Glenn Klimek Professor of Finance at Santa Clara University. His research focuses on behavioral finance. He describes people as “normal,” neither computer-like “rational,” nor bumbling “irrational,” and attempts to understand and explain how normal people make choices and how these choices affect their well-being. Meir's research has been published in the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Journal of Financial and Quantitative Analysis, the Financial Analysts Journal, the Journal of Portfolio Management, and many other journals. The research has been supported by the National Science Foundation, the CFA Institute Research Foundation, and the Investment and Wealth Institute (IWI).
Meir is a member of the Advisory Board of the Journal of Portfolio Management, the Journal of Wealth Management, the Journal of Retirement, the Journal of Investment Consulting, and the Journal of Behavioral and Experimental Finance; an Associate Editor of the Journal of Behavioral Finance and the Journal of Investment Management; and a recipient of a Batterymarch Fellowship, a William F. Sharpe Best Paper Award, two Bernstein Fabozzi/Jacobs Levy Awards, a Davis Ethics Award, a Moskowitz Prize for best paper on socially responsible investing, a Matthew R. McArthur Industry Pioneer Award, three Baker IMCA Journal Awards, and three Graham and Dodd Awards.
Meir was named as one of the 25 most influential people by Investment Advisor magazine. He consults with many investment companies and presents his work to academics and professionals in many forums in the United States and abroad. Meir received his Ph.D. from Columbia University, and his B.A. and M.B.A. from the Hebrew University of Jerusalem.
Takeaways
Balancing saving and spending is important for financial well-being.
Life well-being is achieved through living a satisfying life full of meaning and purpose.
Money plays a role in various domains of life, including financial, social, cultural, and personal.
Envy and other emotions related to social status can impact happiness.
Knowing your comparison group and focusing on your own achievements can lead to greater contentment.
Self-control is essential when saving for the future, and it's important not to dip into capital except when necessary.
Finding a balance between saving and spending is crucial, as some people become so focused on saving that they forget to enjoy their wealth.
Involving the next generation in financial planning is important for creating a multi-generational wealth strategy.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
A life-changing book and conversation
My guest today is Peter Atwater; he is a Wall Street veteran and the author of a wonderful book, The Confidence Map. We are talking about everything from investing and navigating the financial crisis to what it takes to be a successful money manager. We are learning from airplane pilots, pandemic-era doctors, and more. Peter proposes an eye-opening framework, a map that has already helped me in my professional life in many ways, and I think it could guide you in your endeavors as well. Please help me welcome, Peter Atwater.
When Peter Atwater turned 45, his son said, “Dad you are halfway to ninety.” Three months later he left a very successful career in financial services to do something different. After helping several hedge funds successfully navigate the 2008 banking crisis, that “something different” turned out to be studying confidence.
Tossing aside his academic training in economics and his experience on Wall Street, Atwater turned to social psychology and discovered that not only do we act as we feel, but we do so consistently, too. To paraphrase Mark Twain, history rhymes for a reason.
Today, Atwater is a recognized expert on the impact of confidence on individual and group decision-making. He teaches classes on the topic at his alma mater, William & Mary. And when he isn’t in the classroom, you can find him leading corporate retreats, speaking on stage, and offering his insights on current events on CNBC and Bloomberg Television and in the Financial Times, the Wall Street Journal and Time Magazine.
In his book, The Confidence Map, Atwater shares the tools and framework he uses in his work with business leaders, investors, coaches, and public policymakers.
Website:peteratwater.com
Twitter: @peter_atwater
Book: https://www.amazon.com/Confidence-Map-Charting-Chaos-Clarity/dp/0593539559
Takeaways:
- Confidence is a key factor that underpins the important choices we make.
- The confidence map consists of four quadrants: comfort zone, stress center, passenger seat, and launch pad.
- Understanding our emotions and stories can help determine our position on the confidence map.
- Trust is essential in both personal and professional relationships, and it is earned through consistent actions and experiences.
- Having clear principles and a philosophy in investing provides a solid foundation, while allowing for flexibility in individual actions.
- In times of crisis, shared processes and procedures are crucial for effective decision-making and reducing improvisation.
- Creating slack and choosing what to focus on can help navigate uncertainty and maintain a sense of control.
- Success is not solely about personal achievements, but also about helping others succeed and leaving a positive impact.
Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Today, I answer your questions!
Welcome to the 100th Episode of Talking Billions. I am answering your questions about money, life, family, wealth, investing, and even my coffee-drinking habits. At the end of the episode, I reveal two big announcements: 1) an exciting project I’m working on, 2) a secret search that one of my fans embarked on — tune in, listen till the end, and maybe you can help with the latter!
As always, if you like the show, and this episode in particular, please share it with a friend or a family member who would enjoy it, too! I appreciate it.
In the episode, I mention:
An Infinite Conversation with Bogumil Baranowski: https://pkkozanov.substack.com/p/an-infinite-conversation-with-bogumil
The Three Escape Velocities of Money
https://bogumilbaranowski.substack.com/p/the-three-escape-velocities-of-money
The 100 Year Question at the Berkshire Hathaway Annual Meeting https://www.youtube.com/watch?v=we72dWa86Ok&list=PLT3hkIb1kzgMb-FHzLhmx_mDu8fnDzK94
James Carse on Sean Delaney’s Podcast What Got You There https://youtu.be/IjeS4RKIJ2o?si=roGGAgrG4IL1ihCV
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
(I’ll be posting two episodes per week for a little bit to catch up with all the summer recordings. Enjoy!)
My guest today is Michael McCloskey, who founded and manages Greenskeeper, a value investing firm. Michael and I met at Guy Spier’s VALUEx Conference. We snowshoed together in the Swiss Alps at some point and shared many conversations both in Switzerland and at Buffett’s Berkshire Meeting in Omaha. Today, we talk about thoughtful, disciplined stockpicking, and the passion for a particular kind of investing, and lessons from running an investment firm.
Michael graduated with a dual J.D./M.B.A. degree after completing his undergraduate degree in Mathematics. He is an Ironman finisher, an avid golfer and cyclist, and a voracious reader. He and his wife have two daughters and live in the suburbs of Toronto.
Takeways:
- Childhood experiences and upbringing can shape an individual's curiosity and interests in the world of investing.
- Being different and embracing one's unique perspective is important in standing out as an investor.
- A background in law can provide valuable skills and knowledge that can be applied to investing, such as understanding contracts, property rights, and securities law.
- Investing is a continuous learning process, and investors evolve and improve over time.
- Mistakes are opportunities for learning and growth, and it is important to be honest with oneself about them. Learning from mistakes and being self-aware are crucial in investing.
- Investing alongside clients creates alignment of incentives.
- Long-term thinking and low portfolio turnover can lead to success.
- The ValueX community provides support and knowledge-sharing.
- Success is maximizing opportunities, being content, and having the freedom to choose.
Website:
www.greenskeeper.ca
Sign up for our free quarterly newsletter - The Scorecard:
https://www.greenskeeper.ca/scorecard-newsletter/
Social Media:
LinkedIn:
https://www.linkedin.com/company/greenskeeper-am/
Twitter/X: @GreensKeeperAM
YouTube:
http://www.youtube.com/@greenskeeperassetmanagemen6259
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
My guest today is Steven Gorelik, in the spirit of keeping these intros short, find all about Steve in the notes. In two sentences — Steve was born in Belarus during the Cold War, moved to the States, fell in love with investing, and has a lot to share both about the US market and the Eastern European markets.
In my mind, both experiences build on top of each other and complete a much deeper, broader perspective that can be very helpful in long-term investing. If you want to hear more about how investing in two very different regions can make you a better investor, tune in, and listen to our conversation.In addition to being Head of Research at Firebird Management, Steve Gorelik is the Lead Fund Manager of Firebird U.S. Value Fund as well as portfolio manager of Firebird’s Eastern Europe and Russia Funds. He joined Firebird in 2005 from Columbia University Graduate School of Business while completing education from a highly selective Value Investing Program. Prior to business school, Steve was an operational strategy consultant at Deloitte working with companies in various industries including banking, healthcare, and retail. He holds a BS degree from Carnegie Mellon University as well as a CFA (chartered financial analyst) charter and a membership in Beta Gamma Sigma honor society. Steve serves on the number of supervisory boards of listed and private companies in the Baltics. He speaks Russian, English and his native Belarussian.www.fbird.com
Takeaways
Understanding the economic environment and incentives is crucial for successful investing in different regions.Family ownership in Eastern European businesses often leads to long-term decision-making and alignment with investment approaches.Corrupt democracies pose challenges for investment decisions, while non-corrupt democracies provide more stability.Investing in the best financial institutions in growing economies can lead to significant returns. Local knowledge and understanding of the local market is crucial for successful investing.Banks play a crucial role in the economy and can benefit from long-term growth trends.Being a minority shareholder requires careful consideration of the company's treatment of minority shareholders.Having conviction in investment decisions is important, but it's also necessary to admit when you're wrong and make necessary adjustments.Investing in companies with shrinking addressable markets can be risky and may lead to poor returns.The concentration of market performance in a few companies raises questions about the long-term sustainability of their success.Active management can provide opportunities to outperform benchmark indexes.
Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Today’s guest is Matt Zeigler. He’s been on Talking Billions before, and he was also the guest host when we turned the tables. Matt asked me questions in Talking Billions’ very first Fireside chat with the host. He is back, and we have lots to discuss.
Matt is a Managing Director and Private Wealth Advisor at Sunpointe Investments. He helps clients create, align, and manage their financial plans and investment strategies.
Matt’s talent-turned-skill is engaging people on their level. In his words, "Finance may be complex, but it doesn’t have to be complicated”
Outside of work, Matt has a long-standing interest in all things creativity and culture related. He was born and raised in Pennsylvania and received his undergraduate degree in music from The University of Hartford. You can find him with his eyes on a book, his ears in some music, his nose over the stove, his feet on a trail, and his mind on the markets and the markets on his mind.
I’ve been greatly enjoying his Cultish Creative blog posts, which I highly recommend. Matt has his podcasts — the Intentional Investor and Just Press Record. He also does incredibly insightful reviews of books.
https://cultishcreative.com/
Matt has been generous enough to introduce me to quite a few of his podcast guests, whom I had the pleasure of hosting on Talking Billions. I also did my best to send him a number of fascinating earlier Talking Billions guests.
Matt is one of those souls who leaves every place and everyone better after his visit or appearance, and I’ve been enjoying his positive karmic path in my pursuit of knowledge, wisdom, and understanding.
Today, we discuss a variety of topics. We start with the power of stories and bridges between generations. Matt reminds us of the importance of listening and giving time and attention to others. We take on the topic of nostalgia and a whole variety of experiences around it. We learn about business, money, and economics from the punk rock music scene. Matt shares what it means to be independently happy. Stay tuned until the end, where, right about the moment when we are about to turn off the microphone, Matt tells a very emotional story of one particular painting that has great importance to him, a story that beautifully frames the entire conversation we’ve had.
All right, please help me welcome Matt Zeigler.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
My guest today is Ben Claremon; we connected a while ago and have had many deep conversations about work, life, investing, and more. Not long ago, I was a guest on his wonderful podcast - The Compounders Podcast, where I talked about my career, work, investment style, and my firm - Blue Infinitas Capital — scroll down and look up this episode in the Talking Billions feed or on Ben’s channel.I’ve been eager to turn the tables on Ben, have him on the show, and ask him more about his unique journey, fascinating investment philosophy, and wide-ranging curiosity about the world of money, wealth, and investing.Ben Claremon has worked in both private and public equity, with the majority of his career spent as an analyst and portfolio manager at Cove Street Capital, a long-only, public investing firm in Los Angeles. During his career, Ben has developed an expertise in corporate governance, especially within small and microcap companies.https://devonshirepartners.co/https://compounders.podbean.com/In today’s discussion, we explore how listening is crucial in investing, providing deeper insights and guiding better decisions.We delve into how early experiences and upbringing can spark curiosity, mold one’s relationship with money, and define investment philosophies.Ben reflects on how enduring challenging times, like the financial crisis, can cultivate risk aversion and a strong focus on downside protection.Our conversation highlights that building a thriving investment firm demands a client-centric approach, a commitment to partnerships, and a deep focus on relationships.We uncover how success often lies in tackling what others consider too difficult or unworthy, as Devonshire Investors commit to aligning with like-minded partners.Ben emphasizes his firm's refusal to engage with excessively transactional or extractive companies or partners.We discuss the potential to build a premium brand in the microcap space by offering capital solutions to overlooked businesses.In today’s episode, we explore the enduring value of handshake deals and trust in the investment landscape.Stay tuned until the end, when Ben shares his thoughts on quality deals.It’s a wonderful conversation, I especially enjoyed Ben’s memories of spending time with his grandfather and learning about the ins and outs of business… Without further ado, please help me welcome — Ben Claremon.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
David is a passionate investor, and wonderful writer, who shares his insights, and observations in his popular blog.My guest today is David Diranko. We met at Guy Spier’s VALUEx earlier this year, and spoke since. David is a very thoughtful investor who writes about his process, which rhymes with my philosophy in many ways, though we might be drawn to different hunting grounds. I greatly appreciate his perspective and insights that combine both his passion for investing, and background in data science and machine learning.David shares his investment research on his blog, http://contrariancashflows.com/ . To gain an edge in the market, he focuses on small companies in overlooked or neglected regions and sectors. When he is not researching companies or writing for his blog, David works as a Data Scientist and Machine Learning Engineer for IBM, and he enjoys spending time with his wife and son.David holds a BSc in Business Mathematics from LMU Munich and an MSc in Mathematics in Data Science from the Technical University of Munich.David's blog:https://contrariancashflows.com/David's twitter:https://x.com/DavidDirankoDavid's LinkedIn:https://www.linkedin.com/in/david-diranko/David shares insights on how to look for temporary issues or challenges in businesses that can be resolved over time. My guest talks about considering the contrarian aspect of investing, going in when others are not interested. David tells me that math and numbers can provide comfort and a framework for investing. My guest talks about thinking probabilistically and considering risk as a subjective factor in investing. We discuss the accelerating shift in technology and how businesses can change rapidly within a few years. David emphasizes the importance of continuous learning and adjusting expectations in investing, especially with a longer time horizon. My guest talks about buying tailwinds at a discount and recognizing optionality for successful investments. We discuss how AI has the potential to empower and enhance human decision-making, but it also has limitations and requires transparency and data ownership. David shares the value of being part of a community of like-minded investors for support, ideas, and feedback. Stay tuned until the end, when my guest talks about how success in investing is not just about financial gains but also about maintaining a balanced and fulfilling personal life.Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Podcast Program – Disclosure Statement
We talk about why I invest and why I invest in my own particular way for a unique type of clients... John asks some superb questions, the topics get serious, but we have some laughs, too!
My guest host today is John Rotonti — as I shared before, in my mind, John, is a very diligent, thoughtful, deliberate stock analyst with a great gift for teaching others the necessary skills to analyze and evaluate businesses. He is kind, generous, and always so much fun to talk to, so no wonder that I keep inviting him back to show with any excuse I have. He recently delivered a stock picking masterclass here on Talking Billions, look it up, and listen as soon as you can.
John graduated from the University of Richmond with a degree in political science. He also holds a Master of Business Administration (MBA) from Tulane University’s Freeman School of Business, where he graduated in the top cohort of his class. In December 2013, he published a book titled "A Manual on Common Stock Investing." Most recently, he was employed by The Motley Fool for nearly 9 years, voluntarily leaving as a level 3 senior equity analyst and Head of Analyst Training and Development. He identifies as a contrarian value investor by nature and due to life circumstances. He has a very successful and incredibly well-produced podcast that I recommend you explore. I also know he is onto some new very exciting projects, follow him on Twitter to hear more.
Today, we turn the tables, and continue a relatively new Talking Billions tradition of Fireside chats with the guest hosts, where they ask questions, and I do my best to answer. Look up Matt Zeigler’s, Matthew Stafford’s, and Christian Billinger’s fireside chat episode, they are all fantastic, and very very different. I’m lining up a few more, so subscribe if you don’t want to miss them.
In a nutshell, we talk about my investment process, how I work, how I operate, why I invest, and most of all, why I invest in my particular way for a unique type of clients that I love working with. If any of it resonates with you, and you’d like to talk more, head over to Blue Infinitas Capital website or Talking Billions website, and get in touch, I read all my emails.
Without giving too much away, let’s get started!
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
The words of wisdom from Eli Manning's Former Coach from First Victory to Positive Mental Deposits, and More
Investing is very much an emotional, inner game, where lack of confidence, doubt, and worry can get in the way of execution and success.
When I came across the book and work of my today’s guest, I knew I had to sit down and talk to him more, and with a little bit of luck and his great generosity, record this very special hour-long conversation that made me think, and act differently since we spoke.
Doctor Nate Zinsser is a renowned performance psychology expert who has taught three generations of soldiers, athletes, and executives to master the art of confidence and mental toughness. Dr. Zinsser is the director of the Performance Psychology Program at the United States Military Academy at West Point, the most comprehensive mental-training program in the country, where, since 1992, he has helped prepare cadets for leadership in the U.S. Army. He also has been the sport-psychology mentor for numerous elite athletes, including two-time Super Bowl MVP Eli Manning and the NHL’s Philadelphia Flyers, as well as many Olympians and NCAA champions. He earned his PhD in sport psychology from the University of Virginia.
https://www.natezinsser.com/
Dr Z’s wonderful book is called: The Confident Mind: A Battle-Tested Guide to Unshakable Performance — I read it in over a few evenings, and I could barely put it down.
Today, we discuss how confidence is about how we think about what happens to us, not what actually happens. Dr. Z. shares that the 'first victory' is winning in your mind before taking action.
My guest emphasizes that practice brings inconsistent and delayed returns, but it is crucial for improvement. We explore that societal factors often undermine confidence and discourage uniqueness.
Our discussion highlights that patience is necessary in the pursuit of improvement. Be patient and trust the process, as consistent practice leads to growth and progress. Dr. Z. suggests that you find joy in the journey and take pride in the quality of your work and the progress you make.
Today we learn that depositing positive thoughts and memories in your mental bank account builds confidence and certainty. Our conversation reveals that you should view setbacks as isolated incidents and temporary experiences, rather than judgments of your abilities.
My guest points out that you can use memories of effort, success, and progress as cleaner burning fuel for motivation. Dr. Z. advises that you strive for excellence without demanding perfection and focus on doing the best you can with what you have.
Stay tuned until the end when my guest concludes that success is defined as self-satisfaction derived from knowing you did your best with the tools and talents you have.Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
Investor, business journalist, writer, and author of the Nightcrawler Newsletter shares his lessons and wisdom
Eric Markowitz is a Partner and the Director of Research at Nightview Capital. Nightview is an investment management firm that runs a concentrated, "best ideas" public equity strategy for long-term investors. Eric was previously a business journalist and published in The New Yorker, Newsweek, and Inc. magazine, among other outlets. He is a winner of a Best in Business Award from the Society of American Business Editors and Writers. He currently writes The Nightcrawler, an idea-driven weekly newsletter about long-term investing. He resides in Portland, Oregon with his wife and daughter.
www.nightviewcapital.com/thenightcrawler
www.twitter.com/ericmarkowitz
Eric recently made public a very personal story, which touched me and moved me, and I highly recommend it: How a brush with death shaped my long game — https://bigthink.com/the-long-game/how-a-brush-with-death-shaped-my-long-game/ — the link is in the notes to the episode.
Eric was kind enough to feature some of my Substack essays in his newsletter, including my post about the benefits of constraints in wealth money and investing. If you like Talking Billions, you’ll probably enjoy Eric’s newsletter.
https://bogumilbaranowski.substack.com/p/benefits-of-constraints-in-wealth
Eric emphasizes attending the Berkshire event in Omaha as a unique experience for investors, offering networking and relationship-building opportunities. We discuss how early memories of money shape one's perspective on investing, highlighting the importance of financial education from a young age. My guest shares what it was like to move from investigative journalism to investing, and which skills translated the best.
Eric tells me the art of asking questions requires active listening and creating a comfortable environment for candid insights. We discuss the importance of curating information in an age of abundant data to provide valuable insights. My guest shares that learning in public through writing fosters continuous learning sharpen thinking and creates opportunities for feedback and connection.
Eric emphasizes the crucial role of trust in investing, noting how body language and intonation reveal insights into company leaders' character. My guest shares that negativity and groupthink hinder long-term investing success, stressing the importance of resilience and adaptability.
Eric tells me success involves addressing problems, supporting longevity, and maintaining physical and mental health. Please stay tuned until the end, when we discuss long-term investing focusing on generational winners, asymmetry, and sustainable practices.
In the last minutes of the episode, my guest shares that success is dynamic, involving stewardship, service, and the pursuit of knowledge.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
We talk about managing family fortunes with an infinite investment horizon.It’s a Fireside with the host today; Christian Billinger is asking questions, and I’m answering. You need to look up earlier editions with Matt Zeigler, who started this new Talking Billions tradition, and Matthew Stafford. I’ll also mention that the next Fireside chat will be hosted by none other than John Rotonti, who recently gave the Ultimate Stockpicking Masterclass on Talking Billions. John and Matt have their podcast — please look them up as well, I could listen to both all day any day.Christian and I attended the same investor event in Zurich last summer, John Mihaljevic’s MOI Global. We met again in Omaha days before the Berkshire Hathaway meeting, and shared a beverage, and a great conversation.I highly recommend Christian’s earlier episode on Talking Billions, where he shares how he invests.Christian Billinger has invested in European equities for close to 20 years, and more recently for his own investment company, Billinger Forvaltning.His investment philosophy is focused on owning a small number of great businesses for the long run, and the structure of a private investment company is, in his view, the ideal environment for pursuing this style of investing.For more information: https://www.billingerforvaltning.seToday, we turn the tables, and Christian has some terrific questions that I’m sure you’ll appreciate and enjoy.We talk about the valuable opportunities that attending conferences and events in the investment industry provides for learning from others, building relationships, and expanding one's understanding of various investment approaches.We discuss the distinction between large institutional managers who focus on sales and product-driven strategies and smaller independent thinkers who prioritize relationship-building and personalized services for clients.We share insights on building relationships with clients in the investment industry, emphasizing that it is a long-term commitment requiring trust, care, and an understanding of their unique needs and goals.We highlight that independence and innovation are crucial in creating a successful and fulfilling investment practice. Time and attention are valuable assets for investors and business owners.I share how wealth preservation is as important as wealth creation, and it requires careful decision-making and risk management.Christian asks me about my writing, and why I find it helpful in my investment practice.We have a thoughtful discussion about potential new clients, how the right match between a money manager and a client matters.We take on benchmarks and discuss the importance of fundamentals in stock analysis.Stay tuned until the end, when we talk about dealing with underperformance and managing money.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
What if being wealthy was all about rewriting the mental software we run on?My guest today is John Purkiss. He is the author of a truly wonderful book, a best seller called the “Power of Letting Go.”John has had a successful corporate career first, learned mindfulness later, only to combine both in his later and current pursuits.John studied economics at Cambridge University and began his career in banking and management consultancy. He then completed his MBA at INSEAD, where won first prize. Within three months John was diagnosed with clinical depression, which nearly proved fatal. He began searching for a solution, which led him to learn mindfulness and become an executive search consultant, recruiting senior executives and board members. He also began to invest in high-growth companies. John then learned Transcendental Meditation. In 2014 he met his guru, SPH Sri Nithyananda Paramashivam.http://johnpurkiss.comIn our conversation, we delve into how childhood experiences shape one's identity and leave a lasting impact on life. John highlights that traumatic childhood events can create pain patterns that drive success but may eventually lead to breakdown. We explore two approaches to life: living through the mind or surrendering to a higher intelligence. Embracing and merging with this higher intelligence can result in a natural life flow and magical outcomes.There's a notable connection between consciousness and wealth; a shift in consciousness can enhance abundance. Our beliefs and expectations about money can impede our ability to manifest wealth. By disengaging from thoughts, or "unclutching," we can access a state of pure consciousness. Pain patterns or incompletions, stemming from past experiences, shape our beliefs and behaviors. Recognizing and releasing these patterns can transform our external reality.John emphasizes that hard work alone isn't enough for success; a higher intelligence can guide us. While Western views often suggest that matter creates consciousness, Eastern traditions argue that consciousness is the source of everything, with matter being an epiphenomenon. Practices like meditation tap into this underlying consciousness that drives everything. Accessing a higher intelligence can provide answers to difficult questions. Letting go of the need to be right and considering different perspectives fosters understanding and growth. John concludes that true success means living in enlightenment, fulfilling one's potential, and manifesting health, wealth, and relationships.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
My guest today is Lucas Miller; it’s his second time on the show; please look up his earlier episode. I highly recommend it. We met over a year ago in Zurich, where I shared with a small group of investors what I learned about my life, investing process, and work in general during the unusual pandemic years. We bonded right away since Lucas told me that my lessons rhyme with what he is studying and researching as a cognitive neuroscientist and human performance researcher at UC Berkeley’s Haas School of Business, where he is the youngest faculty member.At Berkeley, Lucas teaches MBA students and is best known for his course called "Becoming Superhuman: The Science of Productivity and Performance".Since COVID began, Lucas has given over 600 talks and keynotes to financial institutions, private equity firms, and investment funds on how to optimize their workflow and enhance creative thinking.He’s been featured in Forbes, Wired, and the Wall Street JournalFew might now, that when Lucas was 21, he published his first book on the science of successful learning and getting work done. He wrote most of the book during a summer off in Nepal, and, of all places, the book became most popular not in America, but in Hong Kong! I’m including a link to a free digital copy in the notes to episode: bit.ly/beyondbrillianceToday, we discuss the aim of artificial intelligence (AI) to recreate human intelligence, its evolution with large language models like ChatGPT, and its ability to generate answers and summaries from vast amounts of data, despite occasional inconsistencies and hallucinations.Lucas shares that outsourcing lower-level thinking to AI tools allows humans to focus on higher-level tasks and ask better quality questions, emphasizing the need to verify AI-generated information and ensure accuracy and reliability.My guest tells me to avoid overconfidence in AI and to maintain human judgment in decision-making.We explore how AI can automate low-impact tasks, augment human work, and transform industries, noting that the speed of AI adoption and improvement is faster than previous technological revolutions.We highlight that AI can enhance human capabilities and elevate work, but certain tasks will always require human involvement.We talk about the impact of AI on different fields and tasks, which will require individuals to adapt and find new ways to add value.Lucas shares insights on how the brain evolved to help humans survive and reproduce, not to optimize and make rational decisions, leading to errors in thinking and judgment due to its limited capacity and finite processing power.My guest tells me that AI cannot replace human qualities such as trust, empathy, creativity, and moral judgment.Stay tuned until the end, when you will hear how success for AI in the next 50 years would look like.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
It’s Sunday. On weekends, I usually put the finishing touches on the upcoming episode. I won’t say what it is; I’ll let it be a surprise, but it’s a really special conversation that made me think—you’ll find out tomorrow.
As I was recording the episode's intro, it dawned on me that it might be a good time to record this bonus episode.
It’s been on my mind for a while to share with you what I’m reading. Of course, I read books, newsletters, shareholder letters, articles, and more produced by my upcoming guests, but I also read beyond that. With certain persistence, luck, synchronicity, and serendipity, some of those reads will lead to new guest invitations and episodes.
This week I want to share with you my thoughts on the The Book of Charlie: Wisdom from the Remarkable American Life of a 109-Year-Old Man Book by David Von Drehle. I already lined up his other books for future reading.
I’ll start with the writing style; I just love the way the author writes. It reminds me of how my brain works and how I like to collect information and learn.
I picture an ever wider embrace; your arms go out to the sides, and you catch as much as possible, more than you thought.
The spark of curiosity that starts with a singular bit of information, one idea, takes me on a wide and long-ranging journey. I return like an avid traveler with pockets, backpacks, duffels, and suitcases of memories, ideas, images, and observations—the heavier, the better.
That’s the image I have in mind, and the author delivers on that front more than any other right in can think of right this minute.
He tells the true story of a neighbor he meets, a centenarian, Charlie White, who lives in Kansas City. He tells the story in a very unique way. We learn not only about Charlie’s eventful, rich, challenging, and inspiring life but also about the big and small historical backdrop of the life he lived in a century that took us from horse carriages and early radio to space travel, social media, and video calls, and more. Charlie was a doctor and physician, and his profession has undergone an equal, if not bigger, transformation than the world around him.
As a licensed pilot myself, I love open skies. Therefore, I had to appreciate the brief but important story of Charlie’s marriage to a famous woman pilot, a legendary aviator who grew up with Amelia Earhart’s accomplishments in the sky and lived a dream of her own.
The author mentions Walt Disney, Ernest Hemingway, President Truman, and other historical figures whose paths crossed or overlapped with Charlie's.
Without giving too much away, I’ll tell you that you’ll meet the prohibition-era gangsters, and you’ll head out on an expedition to the Amazonian jungle.
Beyond the story of one person, Charlie White, we learn about what it takes to live a good life, and David Von Drehle dives into psychology, philosophy, and science that propose an interpretation, explanation, and maybe even a blueprint for a life well lived.
I’ll drop a hint here that perseverance, optimism, and ingenuity can help as much as turning challenges and life’s dead ends into opportunities and new vistas.
There aren’t many books I can’t put down for a few days until I’m done; this one was such a book.
If anything of what you just heard resonated with you, don’t hesitate to pick up the book and send me an email sharing your thoughts. I don’t know the author, but I’d love to meet him; I don’t get anything in return for sharing my thoughts here; if you get the book, consider it a good friend’s reading recommendation.
It’s just the opinion of one curious reader who couldn’t keep it to himself, what an incredible read it was.
I was so moved by the book that on this beautiful Sunday, I felt compelled to share it with you.
Have a lovely afternoon, and tune in tomorrow for the regular Talking Billions episode.
NOT INVESTMENT ADVICE. Full disclosure: https://www.talkingbillions.co/
I had the pleasure and honor of being Vishal’s guest on his wonderful show, The One Percent Show. Please find his show on Apple Podcast, Spotify, and YouTube, all links and credits below. Vishal was a guest on Talking Billions earlier this year; please look up his episode. Vishal Khandelwal:I talk to Bogumil Baranowski, a seasoned investor, insightful author, and a thought leader in the field of finance and investing. Bogumil is a published author of three books: Outsmarting the Crowd, Money, Life, Family, and Crisis Investing. He is also a Founder and Host of the popular investing podcast Talking Billions. In 2016, with three partners, he co-founded Sicart Associates, a boutique investment firm based in New York City, and later founded Blue Infinitas Capital. He is also a licensed private pilot, and when not reading, writing, and hosting podcasts, can be found sailing, surfing, and scuba diving around the world.Join me as I delve into Bogumil's mind, exploring his remarkable journey, his philosophy on investing and life, and the wonderful lessons he has learned along the way. Whether you're an aspiring investor, a seasoned professional, or simply curious about the intersection of finance and personal development, Bogumil's story is sure to inspire and enlighten you. * Subscribe to The One Percent Show on -Spotify - https://open.spotify.com/show/1iLAoxJuJRDQk8WzYtqVly * USEFUL RESOURCES:1. More about Bogumil -a. Website - https://www.bogumilbaranowski.com/b. Twitter - https://x.com/bogumil_nycc. Talking Billions podcast - https://www.talkingbillions.co/- EP. 70: Vishal Khandelwal: The Sketchbook of Wisdom, A Hand-Crafted Manual on the Pursuit of Wealth and Good Life - https://www.talkingbillions.co/episodes/ep-70-vishal-khandelwald. Bogumil's books -- Outsmarting the Crowd - https://amzn.to/3XGaJUR- Money, Life, Family - https://amzn.to/45OHpxf- Crisis Investing - https://amzn.to/3L32nPH2. Modern-Day Asset Management Business w/ Anthony Deden - https://youtu.be/a4_U6bS-cU4?feature=shared3. Book - One Up on Wall Street - https://amzn.to/3Lrb0nr4. Book - The Alchemist - https://amzn.to/3xHJpLf5. Do schools kill creativity? By Sir Ken Robinson - https://youtu.be/iG9CE55wbtY?feature=shared6. Vishal on Twitter: https://x.com/safalniveshak7. Vishal's Podcasts -a. The Inner Game - https://www.safalniveshak.com/the-inner-game/b. The One Percent Show - https://www.safalniveshak.com/the-one-percent-show/8. Vishal's book - The Sketchbook of Wisdom (English) - https://book.safalniveshak.com/9. Free newsletter on money, investing, decision-making, and life - https://www.safalniveshak.com/newsletter/10. Online course on Value Investing - Mastermind - https://www.safalniveshak.com/mastermind/Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.--- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
What Formula 1 racing can teach us about investing.“It takes a lot of ambition to maximize your wealth over 100 years” - Luca DellannaI was introduced to Luca’s work by Guy Spier in our conversation a year and a half ago. I got see Luca in person a few times since, and we recorded by now three episodes of Talking Billions. Given the kind of long-term, patient, disciplined investing that I practice, Luca’s thoughts on long-term games and reproducible success resonate with me and have had a big impact on me. Luca expanded my vocabulary to explain something that I and my clients intuitively understand.I greatly enjoy every episode of Talking Billions as I’m sure you can easily tell, and I can’t have favorites, but this conversation is up there in my book, so if you can, don’t miss it.Luca Dellanna is a management advisor focused on increasing revenue through better people and operations management.After a master’s degree in automotive engineering, Luca spent the first part of his career working for DuPont’s consulting unit in Frankfurt, Germany. There, he focused on managerial excellence projects in a variety of manufacturing industries all across Europe.He has also published books about management, human behavior, and economics that earned him appearances on the most important conferences and podcasts in his field, Nudgestock and EconTalk, respectively.Luca writes regularly on Twitter (@DellAnnaLuca).His personal website is www.luca-dellanna.comToday, we talk about the different mindsets of short-term versus long-term players.We talk about how short-term players focus on immediate gains, while long-term players prioritize sustainable growth over time. We discuss the importance of considering the time horizon in investing and life decisions.We talk about understanding the impact of time horizon on risk management and the pursuit of wealth.Luca shares the value of delaying comparison and enjoying the journey in achieving long-term objectives.We discuss how risk management is not about impeding growth but rather about enabling faster growth by protecting against major risks.We talk about how long-term strategies should be sustainable, constructive, and inevitable, ensuring a 100% success rate over the long term. Luca shares that participating in a 'race to the bottom' can lead to sacrificing too much and ultimately losing, even for the winner.05:00 Short-Term vs. Long-Term Players: A Distinctive Contrast 08:26 Factors Influencing Time Preference: Genetics, Experiences, and Environment 16:13 The Importance of Experiencing Long-Term Benefits for Emotional Solidification 34:16 Navigating Parallel Universes of Success 42:22 The Significance of Delaying Comparison and Enjoying the Journey 53:44 The Relationship Between Risk Management and Growth 01:04:14 Understanding Long-Term StrategiesPodcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.--- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
I was a guest on Ben Claremon’s the Compounders Podcast — here is the episode, and episode notes. Thank you so much, Ben!My guest on the show today is Bogumil Baranowski: author, podcast host and the Founder of Blue Infinitas Capital. Many people may know Bogumil for his excellent podcast, Talking Billions. However, as I turned the microphone around on Bogumil, I was interested in learning about his investment philosophy and approach. In this in-depth conversation, we covered: The founding inspiration for Blue Infinitas Capital; What types of clients he hopes to attract to his new firm The types of companies Bogumil gravitates toward; The value he derives from writing books; and How you invest if you have an infinite time horizon;For more information about Talking Billions Podcast, please visit: https://www.talkingbillions.co/Listen to all Compounders Podcast episodes on either Apple or SpotifyiTunes: https://apple.co/3xlUvPYSpotify: https://spoti.fi/3jxkxLlAll opinions expressed by your hosts and the podcast guests are solely their own opinions and do not reflect the opinion of SNN or its affiliates. This podcast is for informational purposes only, it is not investment advice, and should not be relied upon for any investment decisions. We are not recommending the purchase or sale of any securities. The hosts and guests may be beneficial owners of the securities discussed. You should not assume that the securities discussed are or will be profitable.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.--- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
My guest today is Pieter Slegers. He is the writer behind the widely popular newsletter Compounding Quality. He lives in Belgium, and used to work for a Belgian Asset Manager. His hobbies are running (he ran his first marathon last year), lifting weights and reading books. Pieter is a co-author with Luc Kroeze of a recently published book The Art of Quality Investing: How to Invest in the Best Companies in the World. It’s Pieter’s second appearance on the show, I highly recommend looking up his earlier episode.We talk about the importance of simplicity and understanding the business model in quality investing. My guest discusses how quality companies with reinvestment opportunities and pricing power are the most favorable investments. Pieter shares that holding quality stocks for long periods requires patience. We also talk about how growth and pricing power are crucial factors in the long-term success of businesses.My guest emphasizes that investors should focus on the journey and the potential for long-term returns. We discuss that management's capital allocation skills and alignment of incentives are important factors to consider.Pieter shares quantitative criteria for evaluating companies, such as a healthy balance sheet, high free cash flow conversion, and attractive growth. We talk about portfolio construction, including position sizing and knowing when to sell stocks. Stay tuned until the end to hear my guest share what we should focus on considering quality investing.05:00 Introduction and Meeting the Co-Author 14:13 The Importance of Simplicity and Understanding 20:08 The Global Opportunity and Diversification 30:20 The Importance of Growth in Quality Investing 36:33 The Significance of Pricing Power 51:19 The Significance of Management in the Investment Process 01:02:43 Quantitative Criteria for Evaluating Companies 01:06:52 Portfolio Construction and Position Sizing 01:19:58 The Principles and Strategies of Quality InvestingPodcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.--- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
My guest today is John Rotonti — in my mind, John is a very diligent, thoughtful, deliberate stock analyst with a great gift for teaching others the necessary skills to analyze and evaluate businesses. He is kind, generous, and always so much fun to talk to. We recorded our first episode together about a year ago; scroll down to find it. It’s a truly wonderful conversation and an opportunity to get to know my guest. Today is John’s second appearance on the show, and we’ll go deeper with a stock picking masterclass delivered by someone I admire and respect.John graduated from the University of Richmond with a degree in political science. He also holds a Master of Business Administration (MBA) from Tulane University’s Freeman School of Business, where he graduated in the top cohort of his class. In December 2013, he published a book titled "A Manual on Common Stock Investing." Most recently, he was employed by The Motley Fool for nearly 9 years, voluntarily leaving as a level 3 senior equity analyst and Head of Analyst Training and Development. He identifies as a contrarian value investor by nature and due to life circumstances. He has a very successful, and incredibly well produced podcast that I recommend you explore.In our conversation today, John, emphasizes the importance of focusing on high-quality, growing businesses with strong moats and good management teams.He suggests maintaining a watchlist of thoroughly researched businesses and waiting for their stock prices to sell off before considering them as investment opportunities.John recommends getting ideas from a network of investors, reading investor letters, and conducting constant research.He outlines a quick glance process for evaluating potential investments, which includes assessing the balance sheet, income statement, and cash flow statement.John advises investing in adaptable businesses with the potential to grow their intrinsic value over time.Stay tuned until the end, when John clarifies the misinterpretation of Warren Buffett's philosophy and strategy.Chapters:05:00 Introduction and Focus on Investments 07:50 Building a Watchlist and Idea Generation 13:33 Buying Opportunities in Market Sell-Offs 16:42 Companies' Ability to Change and Adapt 18:31 Dynamic Nature of Corporate Life Cycles 41:06 Directional Correctness and Holding the Right Businesses 46:13 The Importance of Being Slow to Sell 49:42 Building a Successful Track Record with High-Quality, Profitable Growth Businesses 53:29 The Significance of Avoiding Profitless Companies 1:02:17 The Misinterpretation of Warren Buffett's Philosophy and StrategyPodcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.--- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Morgan is a singer-songwriter, an author, and the co-founder of Trailhead Planners, a financial planning and wealth management firm serving clients nationally. Morgan lives with his family in Minneapolis, Minnesota.Morgan is the author of Money with Purpose: Receive the Dividends of an Undivided Financial Life and is an in-demand financial industry writer via his popular newsletter, The Value of Advice.You can find more information about Morgan and follow his blog at morganranstrom.comOur mutual good friend Matt Zeigler kindly introduced us, and I’m grateful we connected, and had an opportunity to record.Today, we talk about money. Morgan emphasizes though that becoming a millionaire should not be the ultimate goal; instead, money should be a means to a more meaningful end.My guest points out that money plays a role in overall well-being and should not be ignored or underestimated. Shifting from a victim mentality to one of ownership and gratitude is crucial for financial well-being.Morgan also highlights that the act of creation, such as through music, it’s something that can bring personal fulfillment and leave a lasting legacy.Money, he suggests, can be used to buy back time and create meaningful experiences.Legacy and passing on wisdom to future generations is an important aspect of financial planning for him.Morgan stresses that time is a valuable resource that should be prioritized and used intentionally. He noted that wisdom and experience are valuable assets in entrepreneurship, with many successful entrepreneurs being in their 40s and 50s.He reminds us that life is long, providing ample time to pursue meaningful things and have meaningful experiences.Morgan advises letting go of guilt and shame when enjoying life's pleasures and prioritizing self-care.Stay tuned until the end, when we talk about investing for the future and caring for future generations while setting them up for success.Chapters:- 05:00 Introduction and Overlapping Interests- 13:22 Money as a Means to a More Meaningful End- 31:54 Shifting from Victim to Gratitude- 40:21 Money Can Buy Time- 51:57 Time: A Valuable Resource- 01:00:25 Investing for Future Beings- 01:14:04 Defining Success: Virtue, Family, and CreationPodcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.--- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
“True wealth is the ability to underwrite a meaningful life.”My guest today is Brian Portnoy, CFA, PhD — the Founder of Shaping Wealth.Brian is one of the world’s leading experts on the psychology of money. He has written multiple bestselling books, including The Geometry of Wealth, and has 20+ years of experience as an investor and educator in the hedge fund and mutual fund industries. He is a CFA Charterholder and earned a PhD at the University of Chicago.Brian Portnoy discusses the emotional and psychological aspects of money and the pursuit of a meaningful life. He emphasizes the importance of understanding the connection between money and happiness, and how money triggers and amplifies various emotions. Portnoy introduces the concept of funded contentment, which is the ability to underwrite a meaningful life, and highlights the significance of adaptive simplicity in navigating the overwhelming amount of information and choices. He also explores the four Cs (connection, control, competence, and context) that form the nexus of money and meaning, and how they contribute to a sense of contentment and fulfillment. The conversation explores the concept of funded contentment and its two-step process: determining what is meaningful and then figuring out how to afford it. It emphasizes that contentment can come from experiences and possessions, but experiences tend to have a longer-lasting impact. The discussion also touches on the importance of playing your own game in terms of wealth and investing, rather than trying to beat the market. Time is highlighted as a valuable asset, and the need to set priorities that align with the life you want to live. The conversation concludes with the idea that success is a life that is meaningful and aligned with your own definition of success.Chapters:06:30 Introduction and Early Life10:42 The Emotional Aspect of Money17:46 Funded Contentment and Underwriting a Meaningful Life30:31 The Four Cs: Connection, Control, Competence, and Context37:04 The Two-Step Process of Funded Contentment43:20 Experiences vs Possessions: The Impact on Contentment49:18 Playing Your Own Game in Wealth and Investing57:50 Time and Money: Setting Priorities1:00:05 Defining Success: A Meaningful LifeBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.--- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Investing continues to change -- we talk about Ben Graham's lessons from one particular investment, and where the money is in this new era for investors.Any stocks mentioned today, as always, are no recommendations; they are case studies or illustrations — please do your own research and/or talk to an advisor, please.My guest today is Adam Seessel. He is an author and professional investor with experience as an investigative reporter — which comes in handy in investing. He graduated summa cum laude from Dartmouth College and began his professional career as a newspaper reporter in North Carolina.In 1995, Seessel took his research skills to Wall Street. He worked for Sanford C. Bernstein, Baron Capital, and Davis Selected Advisers before starting his own firm, Gravity Capital Management, which manages money for high-net-worth individuals and institutions.In addition to running Gravity, Adam is a regular contributor for both Barron’s and Fortune magazines.https://www.gravitypartners.com/His book and this conversation made a big impact on me.I like the idea of getting a bargain deal when I shop for everything from shoes to stocks and beyond.Traditional value investing may be interpreted as static, the way Ben Graham bought cigar butt stocks, statistically cheap. Maybe we need a more dynamic view.Adam does an incredible job explaining the evolution of value investing and proposes a new perspective regarding the future.I know that Buffett changed and evolved as an investor; you’ll see how Adam has, too; I have to admit that I’m the first to challenge my assumptions and see how I can continuously learn and adapt to the ever-changing world.Adam argues that money and investment opportunities might lie in the digital economy, and as long as investment principles remain the same, our methods might need to change.Adam is joining me from Manhattan, so don’t be surprised if you hear some faint city sounds in the background, such as sirens and more. Please help me welcome Adam Seessel!Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.--- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
An hour-plus with a master storyteller, forensic accountant, investor, and a good friend. Jeff is such a terrific guy. He has that voice and storytelling gift that keeps you hooked for hours because every minute, you feel like he is letting you in on the biggest secret, and he really is. I had to have him here on TB, and he kindly said yes. He is a fellow investor, VALUEx’er, forensic accountant, and good friend.Jeff Gilbert, CPA is an Executive Director of Investigations where he specializes in forensic auditing. Drawing upon personal experience and using real-life case studies, he teaches at the Asper School of Business and with the Chartered Professional Accountants program. Jeff also mentors entrepreneurs and provides strategic advice to assist them in achieving their goals. He manages his own investment portfolio with a mix of public companies and private investments. A strong believer in lifelong learning, he is an avid reader and has numerous interests, including value investing and understanding various philosophies, strategies, and mental models.In this conversation, we discuss Jeff's childhood upbringing and the influence of his grandfather's wisdom. Jeff shares his journey of discovering and developing his own investment style, emphasizing the importance of curiosity and continuous learning. We also highlight the role of accounting in investing and the need to understand financial shenanigans. Jeff emphasizes the significance of ethics in investing and the dangers of fraud. Overall, the conversation explores the individual journey and personal approach to investing. We discuss the divide between honest and unethical individuals in the business world and explore the importance of trust in the stock market and the differences between private and public businesses. The conversation delves into the mindset of an investor and the power of kindness and gratitude. We also highlight the value of being part of a like-minded community and define success as personal well-being, fulfilling work, strong relationships, and giving back.Chapters:05:00 Introduction and Childhood Upbringing 08:06 The Influence of Jeff's Grandfather 11:11 The Power of Curiosity 15:00 Jeff's Discovery of Investing 19:53 Developing a Personal Investment Style 27:58 The Role of Accounting in Investing 30:57 Understanding Financial Shenanigans 36:08 The Importance of Ethics in Investing 39:01 The Gray Area of Accounting and Fraud 40:39 The Divide: Honest vs. Unethical Individuals 44:07 The Importance of Trust in the Stock Market 48:20 Private vs. Public Businesses 51:46 The Mindset of an Investor 56:46 The Power of Kindness and Gratitude 1:00:38 The Value of a Like-Minded Community 1:08:22 Defining SuccessBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance. --- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
A wide-ranging discussion about money, wealth, investing, inherited wealth, books, curiosity, ideas, and more! Full Credit to Matt Zeigler, his Intentional Investor on Epsilon Theory Podcast. Thank you, Matt!In this episode of The Intentional Investor, host Matt Zeigler is joined by Bogumil Baranowski to discuss the power of investing with a multi-generational mindset. Baranowski shares his personal journey from growing up in communist Poland to discovering the transformative potential of free market economies and property rights. We also discuss the importance of viewing wealth as a tree that can be planted, nurtured, and enjoyed by future generations and explore the value of community, education, and personal experiences in shaping one’s perspective on investing and life.DISCLOSURESThis commentary is being provided to you as general information only and should not be taken as investment advice. The opinions expressed in these materials represent the personal views of the author(s). It is not investment research or a research recommendation, as it does not constitute substantive research or analysis. Any action that you take as a result of information contained in this document is ultimately your responsibility. Epsilon Theory will not accept liability for any loss or damage, including without limitation to any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Consult your investment advisor before making any investment decisions. It must be noted, that no one can accurately predict the future of the market with certainty or guarantee future investment performance. Past performance is not a guarantee of future results.Statements in this communication are forward-looking statements. The forward-looking statements and other views expressed herein are as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and there is no guarantee that any predictions will come to pass. The views expressed herein are subject to change at any time, due to numerous market and other factors. Epsilon Theory disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein. This information is neither an offer to sell nor a solicitation of any offer to buy any securities. This commentary has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Epsilon Theory recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.--- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
We will learn about leadership from a global executive who taught 60,000 students around the world.My guest today is Elizabeth Campbell Pagé. She is an entrepreneur, manager, and global executive in international organizations, including The World Bank, Inter-American Development Bank (IDB), and The Royal Society. Elizabeth teaches cross-sectoral teams in person and online.She was also the founder, publisher, and editor of a global, peer-reviewed journal of economic and environmental sciences, Ecodecision, featuring Francophone and Commonwealth articles and distributed to over 100 countries.https://ecppage.com/Elizabeth C. Pagé shares her childhood influences, early adventures, and curiosity. She discusses the challenges and rewards of living in different places and straddling cultures. Elizabeth talks about her work in leadership development and the importance of leading remote and hybrid teams. She explores the redefinition of success and failure and the need for a broader perspective.Elizabeth emphasizes the value of process and long-term thinking and the importance of intrinsic motivation in leadership. In this conversation, we discuss the redefinition of leadership in the face of disruption and the importance of creating more leaders. We explore the need for meaningful connections and creating environments where people can challenge ideas.We also delve into the impact of AI on different professions and the need for re-skilling. The power of storytelling and trust in business is highlighted, along with the intrinsic value of stories and the human element. The conversation concludes with a reflection on the seismic shift in the definition of success.Chapters:05:00 Introduction and Childhood Influences 08:13 Early Adventures and Curiosity 11:02 Living in Different Places and Straddling Cultures 14:27 The Work of Elizabeth C. Pagé 18:38 Leading Remote and Hybrid Teams 19:29 Creating a Safe Space for Voices to Be Heard 27:26 The Importance of Process and Long-Term Thinking 33:12 The Nuances of Success and Failure 34:31 The Shift from Extrinsic to Intrinsic Motivation 41:36 Redefining Leadership and Creating More Leaders 44:07 The Shift in Leadership and the Need for Meaningful Connections 45:09 Creating an Environment for Challenging Ideas 47:20 Preparing for the Disruption of AI 49:18 The Impact of AI on Different Professions 53:45 Aligning Values and Investing for Generational Wealth 56:54 The Power of Storytelling and Trust in Business 01:01:01 The Intrinsic Value of Stories and the Human Element 01:04:31 Insight, Hindsight, and Foresight in Success 01:07:54 Leadership as Guiding and Empowering Others 01:14:06 The Seismic Shift in the Definition of SuccessBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.--- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Jeremy Deal is the founder of JDP Capital Management. JDP is a private partnership that makes investments in public stocks where the quality and durability of future earnings power is not reflected in the price. The fund's goal is to buy and hold a handful of businesses that can survive and thrive over long periods of time.
www.jdpcap.com
Today, my guest shares his unique investing journey. Although he is a professional investor, he had never worked at an investment firm before launching his own private partnership. Jeremy tells me about the importance of independent thinking and the right environment to work in. We talk about the benefits of being an outsider. Stay tuned until the end, when my guest shares an anecdote and a lesson about investing as an emotional game and explains what it takes to develop and keep your conviction behind investment ideas. Last but not least, we discuss the value of having a community, a network of like-minded yet very different individuals in your professional life.
Please help me welcome a dear friend and fellow VALUEx’er, Jeremy Deal.
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
--- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Before I tell you about this week’s bonus episode, here is a quick announcement: this episode will air on Wednesday, May 1, a day before my arrival in Omaha for Buffett’s Berkshire Meeting. If you are in Omaha and see me, please say hello; I’d love to meet you and hear more about you. Even if you aren’t coming to Omaha but feel inspired to share something with me, head to my website, bogumilbaranowski.com, and send me a message.
This is the second Fireside Chat, during which my guest host asks me questions, and you, my audience, get to know me, your host, better.
Matthew Stafford is a good friend and a former Talking Billions guest; I highly recommend his episode. He is the co-author of Find Your 9others: The Questions to Ask Yourself as You Start up and Scale Up, which was co-authored by Katie Lewis. 9others has been a huge success and hosted over 5,000 entrepreneurs at 500 events in 45 countries.
Matthew Stafford works with startups, venture capital, and angel investors, governments, NGOs, and large corporations to create and capture value.
He is a fellow VALUEx’er, a brilliant mind, and a thoughtful person, and I had to say yes when the idea for this fireside chat came up.
We touch on so many topics, from my journey from Cold War Poland to getting educated around Europe and being professionally shaped by New York. I explain the kind of investing I practice and the type of clients I work with. We discuss the deeper, more nuanced philosophy behind what I do. Stay tuned until the end, when I share my experience of recently launching my new investment firm, Blue Infinitas Capital.
We had a fun hour together; I trust you’ll enjoy it as much as I did.
Chapters:
05:00 Introduction and Value X Conference
13:09 Life During the Last Decade of Communism
18:07 Discovering a Changing World
30:00 The Importance of Purpose and Passion
33:37 The Power of Patience and Long-Term Thinking
42:21 The Value of Owning Businesses Over the Long Term
53:45 The Game of Investing: Competing Against Yourself
01:01:02 Blue Infinitas Capital: Embracing the Open-Ended Opportunity
Disclosure:
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
--- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
What if you could learn from the richest people that ever lived -- both how to make money, and how to keep it once you make it. My guest has a lot to share about both pursuits.
Guido Alfani is a Professor of Economic History at Bocconi University, Milan (Italy). He is also an Affiliated Scholar at the Stone Center on Socio-Economic Inequality (New York) and a Research Fellow of the Center for Economic Policy Research (CEPR, London). In the last fifteen years, Guido has focused his research on economic inequality in the long run of history and on the history of major pandemics (often combining the two topics). His most recent book, published by Princeton University Press, is dedicated to the rich, the very rich, and the super-rich, and it is entitled As Gods among Men. A History of the Rich in the West.
Today — my guest takes us on a trip back in time. I love history. I strongly believe that it rhymes, and there are many patterns worth recognizing as they can help us understand the present and maybe even look into the future.
Professor Alfani tells us how wealth has evolved, with different societies defining it in various ways. He introduces us to the three main paths to riches; you’ll have to listen to find out what they are. He also discusses a topic close to my heart and professional pursuits — inherited wealth throughout the ages. Guido explains how maintaining wealth over multiple generations proved to be a challenge throughout history. We take on a revolutionary role of finance, and specifically the stock market, in keeping and growing wealth among more people, including women. Speaking of women, Guido’s book offers a greater understanding of the role they played in their families, preserving fortunes, especially in times of turmoil and change. Stay tuned until the end, when my guest reveals the most consistent strategy for wealth accumulation through the centuries and leaves us with some advice on how to avoid losing wealth once we have it.
It’s all music to my ears, a very special guest with a unique book that ties together many of the topics and questions that I’ve studied, observed, and experienced over the last twenty years of my career as an investment advisor to affluent families and individuals. Please help me welcome Professor Guido Alfani.https://press.princeton.edu/books/hardcover/9780691215730/as-gods-among-men
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
--- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
80th Episode!! My guest today is Ken Honda, the best-selling author of a beautiful book — Happy Money.Another way of looking at money: a money conversation that will make you smile if not laugh!At just 29 years old, Ken made an unexpected decision: he stepped away from a successful career in consulting and accounting to fully immerse himself in the joys of fatherhood. But it wasn't long before a chance encounter in the park ignited a spark within him.Watching a mother struggle to balance work and playtime for her child struck a chord with Ken. Determined to ease the financial burdens faced by families, he drew upon his own childhood experiences and penned an essay that eventually evolved into the bestselling book, "Happy Money."With over 8 million copies sold worldwide, Ken's message of financial freedom and joy has resonated deeply with readers. Through his work, he encourages others to recognize the distinction between happy and unhappy money, inspiring countless individuals to embrace a life of abundance and contentment.https://kenhonda.com/Key Takeaways: Find happiness and contentment regardless of the amount of money you have. Money can have either happy or unhappy energy depending on how it is used. Approach money as a game and focus on enjoying the process rather than winning or having the most. Shift from a scarcity mindset to an abundance mindset and say 'I'm next' instead of feeling envy towards others. Wealth is not just about money, but also about having more than enough and being able to focus on giving rather than getting. Knowing how much money you need for the rest of your life is important in order to focus on what truly matters. Appreciating money and having a positive relationship with it can lead to more abundance in your life. Long-term success and building a strong financial foundation are key to financial independence. Leaving a legacy goes beyond just money and can have a lasting impact on future generations.Chapters:06:00 Childhood Memories and Early Money Lessons09:09 The Energy Wrapped Up in Money12:03 The Money Game: Enjoying the Process14:52 Shifting from Scarcity to Abundance18:02 Saying 'I'm Next' Instead of Feeling Envy38:22 Appreciating Money and the Power of Giving45:05 Knowing Your Financial Needs and Focusing on What Matters49:48 Building a Strong Financial Foundation for Long-Term Success56:32 Leaving a Legacy Beyond MoneyPodcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.--- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
My guest today is the author of “Hidden Genius,” The Secret Ways of Thinking that Power the World’s Most Successful People, Polina Marinova Pompliano. She is the founder of The Profile, a media organization that studies successful people and companies.Previously, she spent five years at FORTUNE where she covered technology and venture capital.As the author and editor of Term Sheet, FORTUNE’s industry-leading dealmaking newsletter, Polina interviewed the industry’s most influential dealmakers, including Melinda Gates, Steve Schwarzman, Richard Branson, and more.hiddengeniusbook.com readtheprofile.comIn today's episode, we embark on a captivating journey through the bustling corridors of New York City's subway, where inspiration often strikes unexpectedly. From these underground musings, we delve into the transformative power of personal narratives, discovering profound insights and relatable wisdom from the experiences of others.My guest, Polina, shares invaluable lessons gleaned from the paths of the most successful individuals. Amidst tales of triumph, we explore the notion that success is not always a linear journey; rather, it often manifests in the midst of messiness and imperfection. Embracing the inevitability of hardship, we learn to navigate the twists and turns of our own narratives with resilience and grace.Polina offers sage advice, drawing from the wisdom of those who have navigated similar challenges. Among the gems she shares is the concept of cultivating an aspirational alter ego—an empowering tool for personal growth and achievement.As our conversation unfolds, we delve deeper into the mechanics of success, exploring the role of systems and the indispensable nature of trust in our pursuits. And as we reach the culmination of our discussion, we leave you with a stirring reflection on the essence of success—a reminder that its true measure lies not solely in achievement but in the journey itself.Join us as we uncover the transformative power of storytelling, resilience, and trust, and embark on a journey toward realizing our fullest potential.Before we dive into the conversation, I'd like to extend my gratitude to my dear friend Jordan Olmscheid for introducing me to Polina. Jordan is the brilliant mind behind "The Wealth Letters," a compilation of letters from accomplished individuals imparting their most profound life and business insights. If you haven't already, I highly encourage you to check out his previous episode on the show—it's a treasure trove of wisdom. Additionally, Jordan is currently immersed in an exciting new book project; be sure to follow him on Substack for updates and exclusive content.Alright, let’s get started, please help me welcome, Polina Pompliano.The New York subway can be a source of inspiration for many people. Feeling like an outsider can provide a different perspective and advantage. Learning history through personal stories and experiences can make it more relatable and engaging. Learning from others' experiences and stories can help in making better decisions and understanding different perspectives. Success is often messy and non-linear, requiring a willingness to fail and learn from mistakes. Embracing imperfection can lead to innovative and successful outcomes. Hardship and suffering can be catalysts for personal growth and progress. Developing an alter ego can help individuals overcome self-limiting beliefs and tap into their full potential. Understanding different perspectives is crucial for empathy and avoiding judgment. Translating a book can have a profound impact, allowing people who don't speak the original language to access and understand the author's work. Trust is the foundation of personal and professional relationships, and it is earned through consistency and reliability. Focusing on systems rather than outcomes can lead to more sustainable and fulfilling success. Defining success.NEVER INVESTMENT ADVICE.--- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Devin Martin is the founder of the executive life coaching company LifeStyle Integrity. His purpose is to bring wisdom to power, and his passion is helping leaders make life-altering decisions.Because of his core belief that the fate of both humanity and the planet hinges on the decisions that our leaders make, he has since dedicated his career to raising the consciousness of those whose decisions have the biggest impact. His work is rooted in the belief that capitalism, done well, can be a force for good in the world. As an executive life coach, he is able to support leaders through both personal and professional development.His approach integrates expertise in physical and mental health, relationships, and spirituality as well as business. His work is focused on helping individuals and corporations align their efforts with both cutting edge science and their hearts.Today, Devin shares with me how he used to live a double life before discovering lifestyle integrity. He takes me back in time to his months spent in a log cabin after leaving New York City's busy life behind. We talk about everything from chasing external markers of success to fear, insecurity, and the lack of fulfillment. My guest tells me how we can rewrite our internal narrative. Stay tuned until the end when Devin reveals how we can escape the wealth trap and develop a dream life and career. Before he shares his definition of success, he generously introduces me and you, the audience, to a bedtime mental exercise that can prove to be life-changing.I’m very grateful for this special hour we had together.www.LifeStyleIntegrity.comhttps://twitter.com/Flow_Coachhttps://www.instagram.com/lifestyle_integrity/Takeaways Different modes of communication offer unique benefits and challenges in terms of depth of connection and vulnerability. Chasing external markers of success often leads to a never-ending pursuit and a lack of fulfillment. Fear and insecurity can drive decision-making and prevent individuals from feeling secure and content. The desire to get rid of wealth can stem from deep-rooted insecurities and a lack of self-worth. Seeing oneself from another perspective and rewriting the internal narrative can lead to greater self-awareness and personal growth. Gaining perspective and taking multiple perspectives can help dissolve problems and provide a broader understanding of situations. Having faith in the unknown and taking leaps of faith can lead to personal growth and new opportunities. Balancing chaos and order is important for personal development and avoiding anxiety or depression. Wealth should be defined on personal terms and should provide freedom and simplicity. Success is not just external circumstances but also internal fulfillment and growth.NEVER INVESTMENT ADVICE.--- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Best-Selling Author | 2nd Time on TB | Top Ten TB Episode for 12 months | 50,000 Download MilestoneGautam Baid, CFA is the Managing Partner of Stellar Wealth Partners India Fund. He invests in listed Indian equities with a long-term, fundamental, and value-oriented approach.Gautam is the author of the international best-seller on value investing, The Joys of Compounding. In 2018 and 2019, he was profiled in Morningstar’s Learn from the Masters series.This is Gautam’s second appearance on Talking Billions. I have to congratulate him on the new book — The Making of a Value Investor, that we are discussing today, but also on having held the top ten position among the most downloaded Talking Billions episodes in the last 12 months, a remarkable feat.Talking Billions is a hundred downloads away from a major milestone - 50,000 downloads, if you are listening this week, you are among the loyal listeners that help us get there. Thank you all for listening to all 77 episodes. I really appreciate it.Today, we talk about authenticity and vulnerability and how they can help us grow as investors. Gautam reminds me how it’s important to focus on processes and principles rather than outcomes, as the market is probabilistic and unpredictable. My guest discusses the mental and emotional resilience needed when investing through the market’s ups and downs. We take on the definition of a quality business. Stay tuned until the end, when Gautam shares how being wrong is a natural part of investing, and offers some advice on embracing uncertainty.Takeaways: Authenticity and vulnerability Focus on process and principles. Mental and emotional resilience. Understanding the characteristics of quality businesses, such as high return on capital and competitive advantage, is essential for long-term success. A 2-3 year investment view is more feasible in today's fast-changing environment, allowing for a focus on businesses with good growth visibility. Active patience is key in investing, with a focus on verifying investment theses and making adjustments as needed. The bond between customers and brands, as well as factors like switching costs, network effects, and company culture, can contribute to a business's competitive advantage. Choosing the best clients, rather than the biggest ones, is important for investment firms, as it ensures alignment with long-term goals and reduces potential headaches. Avoiding distractions and staying true to one's personal approach is crucial in navigating the investment landscape. Being wrong is a natural part of investing, and embracing uncertainty is necessary for long-term success.https://stellarwealthindia.com/Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.--- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Today’s guests — Eddie Palmgren and Niklas Sävås are passionate about learning and investing. They are the hosts of Investing by the Books podcast and work at Redeye, an investment bank in Stockholm, Sweden.It’s a wide-ranging rich discussion from inheritance to immortality and everything in between.Today, they both share with me not only their childhood stories but also family histories that shed light on their curiosity about money and investing. You know how interested I am in family fortunes, and my guests have stories to tell.We talk about their podcasting experience hosting their wonderful Investing by the Books podcast. My guests share ideas, books, and lessons. Eddie and Niklas introduced me to serial acquirers, a unique type of business they are especially interested in. They shared more about Sweden, where they live, and the wonderful events they host yearly. Stay tuned until the end, when Eddie and Niklas tell me how they look at success from their own perspective.It wasn’t my first chat with my guests, and I’m grateful they sat down with me and talked about their passions, interests, and stories. I greatly enjoyed every minute of it, and I trust you will, too.Please help me welcome from beautiful Sweden — Eddie and Niklas.NOT INVESTMENT ADVICE.In this conversation, Eddie and Niklas discuss their childhood upbringing and their relationship with money. They also talk about the importance of long-term thinking in investing and share their investing styles. They reflect on their experience hosting the Investing by the Books podcast and the impact it has had on their listeners. They discuss the value of time and money and how they prioritize their time. Finally, they explore the concept of immortality and how they would live their lives if they were immortal. The conversation explores the impact of books on thinking and investing, the concept of investing with an immortal life, the importance of wealth preservation, the power of multidisciplinary thinking, the impact of survival stories on risk perception, navigating risks and unknowns in investing, the importance of trust in public markets, the different types of serial acquirers, and the case study of Teledyne and Henry Singleton. In this conversation, Eddie and Niklas discuss principles of success, their upcoming conference, and their personal definitions of success. They emphasize the importance of financial independence and following principles taught by successful individuals like Warren Buffett. They also highlight the value of having friends and family who love and admire you for living an honest and good life. The conversation explores the power of habits and the importance of finding happiness in everyday life. Ultimately, they encourage listeners to enjoy the journey of life rather than focusing solely on winning and losing.Chapters:05:36 Introduction07:42 Childhood Upbringing and Relationship with Money14:53 The Importance of Long-Term Thinking22:22 The Why of Investing and Investing Style30:12 The Experience of Hosting a Podcast36:50 The Question They Ask Their Guests41:02 The Value of Time and Money43:51 The Concept of Time and Immortality44:55 The Impact of Books on Thinking and Investing46:56 Investing with an Immortal Life48:16 Investing for Long-Term Preservation50:09 The Importance of Wealth Preservation53:55 The Power of Multidisciplinary Thinking55:19 The Impact of Survival Stories on Risk Perception58:11 Navigating Risks and Unknowns in Investing01:02:24 The Importance of Trust in Public Markets01:04:44 The Different Types of Serial Acquirers01:10:06 The Case Study of Teledyne and Henry Singleton01:26:26 Principles of Success01:27:50 The Conference01:30:25 Defining Success01:32:57 Finding Happiness01:34:55 The Power of Habits01:36:06 Enjoying the JourneyNOT INVESTMENT ADVICE.--- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
My guest today is Dan Haylett (the host of the #1 Retirement Podcast in the UK). Dan’s ‘pull back the duvet every morning’ purpose is to help his clients spend their time and money on what’s truly important.His passion for understanding and learning about the emotional, behavioral, and financial challenges of life after work makes him a true specialist in helping clients have the freedom and confidence to take advantage of their ‘window of spending opportunity’ and live their best life.He likes golf, reading, coffee, and getting up at 5am; he doesn’t like oysters, arsenal, big egos, and Crocs.Today, we talk about money, and specifically about the topic of humans vs. retirement. You’ll hear about the term Retirement Rebel, and you’ll find out how to become one. My guest will help us dispel some money and retirement myths. We’ll take on one of the biggest fears, the fear of running out of money. Dan will discuss some mindset shifts, and he’ll explain why the concept of retirement is flawed. Stay tuned until the end, when we’ll learn how money can make us happy and truly wealthy.www.humansvsretirement.comwww.tfp-fp.comNOT INVESTMENT ADVICE.--- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Thomas Chua writes, hosts a podcast, runs a stock research service, he is the founder of SteadyCompounding.com , where he writes about lessons from super investors, stock analysis and market insights.Compounding is a fascinating concept, so simple, yet so hard to embrace. I lately spoke about it with Pieter Slegers from Compound Quality and Gautam Baid, the author of The Joys of Compounding. Both have been guests on Talking Billions.The word comes from Latin, componere which means to put together.In finance — compounding is a powerful investing concept that involves earning returns on both your original investment and on returns you received previously.Thomas is a very bright, thoughtful student of investing and the markets; he has quite a story to tell, which he shared with me.You are about to hear about how he left the safety of his proverbial iron rice bowl and made his dreams come true against all odds — a story of minimizing regrets, taking risks, making a jump, and getting outsized results…He tells me about the fascinating idea of the S-Curve of Life.Thomas shares with me that It’s difficult to fail if you love the work you do. It made me think of the work I do, and how it’s my only professional passion. There is nothing else I’d rather do.In a busy, noisy world, filters matter; my guest reminds me that “You become what you feed your mind.” —I really like his thoughts on playing long term games with long term people. Life is too short for anything else.Thomas shares his experience teaching investing in a village.Stay tuned until the end, when my wonderful guest takes on two questions, the $3 question and the $30,000 question.I greatly enjoyed talking to Thomas and learning from him, I hope you do too, please help me welcome - Thomas Chua.https://steadycompounding.comhttps://twitter.com/SteadyCompoundhttps://www.linkedin.com/in/chuathomas/https://www.instagram.com/steadycompound/https://www.youtube.com/c/SteadyCompoundingNOT INVESTMENT ADVICE.--- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
My guest today is Pieter Slegers, the founder of the world-famous and hugely successful Compounding Quality Newsletter.Pieter and I missed each at the last year’s Berkshire meeting, but connected soon after. It was Gautam Baid (the author of Joys of Compounding) who in Omaha told me I should chat with Pieter. We had a few wonderful calls since then, and met in person at Guy Spier’s VALUEx in Klosters soon after this recording.Pieter’s enthusiasm for investing is contagious, his appetite for knowledge inspiring, and his dedication to teaching admirable.Pieter Slegers studied Financial Management at the KULeuven and graduated summa cum laude. He worked for three years as a Belgian Asset Manager before focusing full-time on his investment newsletter, Compounding Quality. Compounding Quality has more than 350,000 followers across social media and more than 135,000 email subscribers. The goal of the newsletter is to help other investors by focusing on Quality Investing. His investment philosophy can be summarized as follows: find great businesses led by outstanding managers and trade at fair valuation levels (based on the Buffett philosophy).Pieter is joining us from Belgium, where I spent a year as an exchange student two decades ago and where, at the time, I found Peter Lynch’s book One Up on Wall Street at a tiny, charming English language bookstore.In the same way Peter Lynch introduced me to investing, my today’s guest inspires many readers, followers, and listeners to explore it, too.NEVER INVESTMENT ADVICE.
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Money is a difficult topic, so when I meet someone who can make it easier, I can’t wait to have them on the show.Rachael is a Certified Financial Planner and owner and founder of Camp Wealth, a financial planning firm for high-earners and entrepreneurs.She graduated from Indiana University Kelley School of Business with a degree in Finance, and spent her entire career in financial services.She created Camp Wealth when she realized financial advisors weren’t providing the service that Solopreneurs and High-earners really need.I've been enjoying her thoughtful writing for a while now, and I’ve been curious to have a deep discussion with Rachael about a variety of money topics and more.Today, Rachael shares how her clients often realize they need less than they thought to have their dream life. She explains the 5 levels of financial freedom. I really appreciate her thoughts on handling a large, sudden sum of money. Rachael shares with me the most common myths associated with financial freedom. I found it refreshing and inspiring to hear that it’s not all about beating the index but creating an environment that encourages disciplined & consistent investing.Rachael explains how: “Investing when it's hard to invest is a way to increase performance.” Stay tuned until the end when my guest reveals some alternatives to traditional retirement. Finally, Rachael tells me how sometimes she uses her time away in a cabin in the mountains with no internet and TV to find inspiration.We take on so many big ideas today.https://www.rachaelcampwealth.com/NEVER INVESTMENT ADVICE.
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My recent podcast guest and a good friend took over the show and asked me some incredibly thoughtful questions -- what followed was a lovely discussion.Matt is one of those multi-faceted individuals that I feel blessed to have in my life that no simple bio can describe, but it doesn’t have to.He reads, writes, loves music, he is passionate about finance and family wealth, and has an endless curiosity that he expresses in many ways — his Cultish Creative blog is one of those places, you have to look it up.He is a seasoned podcaster himself with a radio voice and personality.His brain is on fire and makes connections where few see it.We met not long ago but instantly hit it off. I recently released a Talking Billions episode with him, which is one of my favorite conversations. I highly recommend it.He knows me well enough to ask some terrific questions and short enough to still find new and intriguing facts about me, some that I forgot, but his curiosity helped me unearth.When he asked me to turn the tables and the spotlight on me for an hour or so, I had to say yes.So here it comes, Talking Billions’ very First Fireside chat with the host led by Matt Zeigler.Thank you, Matt, you are a rockstar.https://cultishcreative.com/NEVER INVESTMENT ADVICE.
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Christian and I were at the same investor event in Zurich last summer, John Mihaljevic’s MOI Global. A couple of mutual friends told me I needed to have Christian on the show, and he was kind enough to say yes, and we sat down, and chatted for over an hour. Christian Billinger has invested in European equities for close to 20 years, first as an analyst for GAM, Gartmore, and Cheyne Capital based in London and more recently for his own investment company, Billinger Forvaltning.His investment philosophy is focused on owning a small number of great businesses for the long run, and the structure of a private investment company is, in his view, the ideal environment for pursuing this style of investing.For more information: https://www.billingerforvaltning.seToday, Christian and I have a wide-ranging discussion. We obviously start with the early days and talk about the relationship with money. Christian shares his thoughts about managing family money versus other people’s money. I especially like his thoughts on the soul in the game concept. We discuss how in life and investing, we are looking for something that’s really not for sale. As a fellow patient and long-term investor, my guest shares his take on an infinite investment horizon. Stay tuned until the end, when we take on benchmarks and investing solely in publicly traded equities. There are some golden nuggets sprinkled throughout our conversation.NEVER INVESTMENT ADVICE.
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Vishal Khandelwal is the founder of Safal Niveshak, an investor education initiative. He is an independent analyst and financial writer. He says that he spends 75% of his waking time reading. He is the author of The Sketchbook of Wisdom, A Hand-Crafted Manual on the Pursuit of Wealth and Good Life. I highly recommend it; it’s a beautiful book packed with the wisdom of the ages, from Lord Krishna to Socrates, Charlie Munger, and Warren Buffett. He also published Mental Models, Investing and You, which covers ideas from various disciplines, from psychology, economics, business, and mathematics to literature, statistics, and more.
Today, we take on some big questions. First, we’ll hear Vishal’s thoughts on what life is all about beyond eating and making money. We talk about kindness and how to be okay when things are not. My guest shared ideas about the concept of freedom, a topic that came up many times on the show. I really enjoy hearing about minimizing the cost of being wrong, which is at the essence of my own investment philosophy. We dive into a beautiful image that our wealth is like our children, our primary link between the present and the future.
Stay tuned until the end, when Vishal tells me if money can buy happiness.
https://www.safalniveshak.com/about-vishal/
Twitter: @safalniveshak is the founder of Safal Niveshak, an investor education initiative. He is an independent analyst and financial writer. He says that he spends 75% of his waking time reading. He is the author of The Sketchbook of Wisdom, A Hand-Crafted Manual on the Pursuit of Wealth and Good Life. I highly recommend it; it’s a beautiful book packed with the wisdom of the ages, from Lord Krishna to Socrates, Charlie Munger, and Warren Buffett. He also published Mental Models, Investing and You, which covers ideas from various disciplines, from psychology, economics, business, and mathematics to literature, statistics, and more.
Today, we take on some big questions. First, we’ll hear Vishal’s thoughts on what life is all about beyond eating and making money. We talk about kindness and how to be okay when things are not. My guest shared ideas about the concept of freedom, a topic that came up many times on the show. I really enjoy hearing about minimizing the cost of being wrong, which is at the essence of my own investment philosophy. We dive into a beautiful image that our wealth is like our children, our primary link between the present and the future.
Stay tuned until the end, when Vishal tells me if money can buy happiness.
NEVER INVESTMENT ADVICE.
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Jordan Olmscheid is a successful small business owner and the editor of the Wealth Letters, a collection of letters written by people from all walks of life. The idea was to tap into the wisdom of the crowd and distill wisdom from the life and business experiences of others. Jordan was kind enough to include me in his project, and we’ve had some wonderful conversations since.Today, we talk about Wealth Letters and what wealth means. We attempt to answer what it means to look, feel, and be rich. Jordan explains how money can be a very stressful topic and proposes a certain framework of 3 big expenses to tackle it. We search for universal wealth principles. Stay tuned until the end, when we talk about the importance of mentors and the idea that if someone out there has already done whatever you are trying to accomplish, it might be helpful to talk to them.https://www.thewealthletters.com/aboutNEVER INVESTMENT ADVICE.
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Matt is a Managing Director and Private Wealth Advisor at Sunpointe Investments. He helps clients create, align, and manage their financial plans and investment strategies.Matt’s talent-turned-skill is engaging people on their level. In his words, "Finance may be complex, but it doesn’t have to be complicated.”Outside of work, Matt has a long-standing interest in all things creativity and culture related. He was born and raised in Pennsylvania, received his undergraduate degree in music from The University of Hartford, and has resided in Connecticut for over 20 years. You can find him with his eyes on a book, his ears in some music, his nose over the stove, his feet on a trail, and his mind on the markets and the markets on his mind.I’ve been greatly enjoying his Cultish Creative blogposts that I highly recommend.Today, we talk about a variety of topics. I especially enjoyed hearing about Matt’s experience straddling both music and investing in life, and what the two have in common. We have a longer discussion about curiosity, and ideas and bring up Rick Rubin, Joseph Campbell, Rory Sutherland, and more. Stay tuned until the end, when we talk about how the world works, and how to make it work for you. It’s just an all-around fun, deep, entertaining, and educational conversation.https://cultishcreative.com/NEVER INVESTMENT ADVICE.
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David McRaney is a science journalist with a deep interest in brains, minds, and culture. He is the creator of the blog, book, and podcast "You Are Not So Smart," which was initiated to understand self-delusion and motivated reasoning. His journey, however, began with diverse experiences, including construction work, selling leather coats, and owning two pet stores.In 2009, McRaney started his blog, which quickly evolved into an internationally bestselling book, translated into 17 languages, and later into a popular podcast. This podcast, once a part of Boing Boing, features interviews with scientists exploring the psychology of reasoning, decision-making, and judgment.McRaney has authored two more books: "You Are Now Less Dumb," released in 2013, and "How Minds Change," released in 2022. Additionally, he travels globally to give lectures on these subjects.His early career as a newspaper reporter saw him covering Hurricane Katrina, NASA's rocket testing, and more.Beyond journalism, McRaney's career includes roles as an editor, photographer, voiceover artist, television host, journalism teacher, lecturer, and even a tornado survivor.Following "How Minds Change," McRaney wrote, produced, and recorded a six-hour audio documentary delving into the history of the concept and the term "genius."Today, we learn about David’s childhood, and early passion for journalism. We have a deep, broad discussion about our decision-making with a realization that we are not that smart. David has some strong comments about the dance between the emotional and the rational brain. We tie it back to investing, the field where we are supposed to be rational and without emotions, but is it really the best advice? My guest shares some thoughts about changing our minds, and how to go about it. Stay tuned until the end, when we talk about the meaning of the word genius. As much as the word might feel familiar, I’ve been looking at it differently since my conversation with David.https://www.davidmcraney.com/NEVER INVESTMENT ADVICE.
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Jakob and Tobias Schober have been called the youngest portfolio managers in Europe; they are two out of five brothers. They grew up around business and investing and started earlier than most. I had the pleasure of spending some quality time with them in Zurich last summer. They shared with me stories that I knew belonged on Talking Billions, including a transition from running a family business to managing a portfolio of investments and beyond. It was one of those conversations that truly stayed with me, and I feel very blessed and fortunate to be able to continue our discussion here today.Their TIP (The Investor Partners) is an Austria-based value investment firm, inspired by the Buffett’s partnership. In their beginnings, the Schober brothers have been awarded several prizes in stock-picking contests. As someone who loves complex questions being broken down into sound equations, Tobias is a great fan of Bruce Greenwald‘s theoretical work. As such, he specialized in stock buybacks and issuance, since their simplicity tends to confuse the investing crowd. As a former race driver, it is easy for Jakob to stay calm in turbulent times.Today, we talk about the very early fascination with investing, family dinners with stock discussions, and a story of a family business that preceded it all. They share how they discovered the power of compounding and decided to start before they became teenagers.We touch on the topic of age and what it’s like to venture into the investment world at such a young age.They might be young, but they have a few crises under their belt, including getting started before the 2008/2009 financial crisis.My guests tell me what kind of businesses they look for. Stay tuned until the end when Jakob and Tobias share some fascinating research around buyback policies, when companies return capital to shareholders.When we recorded, I found Jakob and Tobias in Germany at a stock investing competition where their brother was accepting and award, we talk about it as well.https://www.tip-invest.com/NEVER INVESTMENT ADVICE.
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Cayden Chang is a Singapore-based Value Investor with over 20 years of experience; he says that he spent a third of it making all the foolish mistakes that anyone has ever made and the other 2/3 building a family investment fund. He is the founder of the Value Investing Academy, where he hosts guest speakers, among them Lauren Templeton and Todd Finkle, both of whom have been earlier guests on Talking Billions. Cayden also built an endowment fund with Singapore Management University (SMU) to give away the returns to students who are financially challenged. He is a Campaign Ambassador With National Cancer Centre of Singapore to help raise $150 million for the next 5 years.Cayden is the author of 4 books:(a) “Do You Have What It Takes to be Boss?” - all sales proceeds were donated to The Straits Times School Pocket Money Fund(b) “The Book of Hope by Cayden Chang” - all royalties were donated to Singapore Cord Blood Bank & National Cancer Centre of Singapore(c) “Beginner’s Guide to Investing” (in Japanese); books were launched in the largest bookstore chain in Japan, Tsutaya - all royalties were donated to Children Cancer Association of Japan(d) “Value Investing Simplified,” with a foreword written by Ms. Lauren C. Templeton —- it’s a delightful read; we talk about it in our conversation. Been featured in more than 30 different media in total in Singapore 🇸🇬, Hong Kong 🇭🇰, Japan 🇯🇵, Cambodia 🇰🇭 and Malaysia 🇲🇾 Honouree of Lifelong Learners Award 2008 by Minister of Manpower, Mr Gan Kim Yong Honouree of Personal Brand Award (Value Investing) 2017 by Marketing Institute of SingaporeToday, Cayden shares a very intimate family story with me that sheds more light on his true passion, not just for investing and value investing but, most of all, teaching others about investing. We talk about his early investment, and his experience of starting and running the famous Value Investing Academy. Cayden makes a very compelling case in favor of owning businesses and explains how it is one of the best ways to become wealthy. Stay tuned until the end, when we talk about investing myths, value investors and technology, and so much more.Cayden is yet another Singapore-based Talking Billions guest — I spoke earlier with a good friend, Eugene Ng, the author of Vision Investing and the founder of Vision Capital. Eugene has been very generous with his advice and feedback on a few occasions, and we had a chance to meet and chat in Omaha as well. Chloe Lin is based in Singapore, and she was a guest on Talking Billions with Mary Buffett. Also, I’m about to record with Thomas Chua from Steady Compounding… what’s your secret Singapore?NEVER INVESTMENT ADVICE.
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What a wonderful way to kick off the New Year with Algy Hall. Happy New Year, all my dear listeners; so grateful to see you here with my guests in a brand new year.Today, it’s one of those conversation that put a big smile on my face. Algy writes about investing but is also an author and illustrator of children’s books; we have some laughs about very serious and less serious matters.Algy Hall is an award-winning financial journalist and author of Four Ways to Beat the Market: A Practical Guide to stock-screening Strategies to help you pick winning shares.For over a decade, Algy followed several market-beating screening strategies in his weekly column for Investors’ Chronicle, an FT-owned, leading British investment magazine.Since 2022, Algy has been the investment editor of Citywire Elite Companies, where he has helped develop Citywire’s objective and powerful stock-rating system based on the level of backing shares have from the world’s best-performing portfolio managers.He is also the author and illustrator of 11 children’s picture books.We start the conversation with a very personal story that sheds more light on Algy’s relationship with money and curiosity about investing. I’m a big proponent of using screening in the investment process. I’ve tested and back-tested a variety of screens throughout my two-decade-long career. Algy takes on a number of stock screens in his book Four Ways to Beat the Market, a Practical Guide to Screen Strategies to Help You Pick Winning Shares.The book came out in 2023, and I believe it belongs among the classics in the genre — James O’Shaughnessy’s What Works on Wall Street, Ken Fisher’s 1984 Super Stocks, and Joel Greenblatt’s The Little Book the Beats the Market.My guest explains how stock screens give investors an edge. One of my biggest revelations over the years has been the power of filters, and I notice the more experienced, the more seasoned investors use very deliberate filters in deciding what kind of stocks, news, and even people make it into their portfolios, days, and lives.We talk about quality stock, contrarian value investing, dividend stock approach, and momentum investing.As serious as the topics might be today, Algy shares his passion for children’s books and tells the story of the scariest monster in the world.Stay tuned until the end to hear how stories and fairy tales we heard as kids might have been hiding lessons, advice, and wisdom that we so desperately need as adults.I had so much fun recording with Algy, and I trust you’ll enjoy the next hours with us as well.https://www.amazon.com/Four-Ways-Beat-Market-stock-screening/dp/0857199412/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=&sr=Citywire Elite Companies link:https://citywire.com/elite-companiesIllustration link:www.algy.co.ukAlso mentioned in the episode: James O'Shaughnessy and Morgan Housel.NEVER INVESTMENT ADVICE.
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What can we learn about investing from Gary's childhood gold ring story, a gentleman thief, Bonsai tree, and Charlie Munger.Gary Mishuris, CFA, is the Managing Partner and Chief Investment Officer of Silver Ring Value Partners, an investment firm that seeks to apply its intrinsic value approach to safely compound capital over the long term. He also teaches the Value Investing Seminar at the F.W. Olin Graduate School of Business.Gary received a S.B. in Computer Science and a S.B. in Economics from the Massachusetts Institute of Technology (MIT).He started his investing career at Fidelity as an Equity Research Associate.I highly recommend Gary’s Behavioral Value Investor newsletter, which you can find on Substack.https://behavioralvalueinvestor.substack.com/https://silverringvaluepartners.com/Today, we have a wide-ranging discussion about everything investing, from stock picking to some big-picture ideas.Gary shares his early childhood experiences and how they influenced him as an investor. He shares how attention is a finite resource in life and in investing. We talk about Charlie Munger and his early investment record, and we can learn from his experience. Gary finds parallels between other passions and pursuits and investing, including planting and caring for a Bonsai tree. We enjoy a lively discussion about the evolution of value investing. Stay tuned until the end when Gary explains the importance of the process over the outcome and shares his thoughts on capital allocation and his definition of success.I really enjoyed talking to Gary and learning more about his investment style and experience; there are some one-of-a-kind anecdotes and stories hiding in this episode; it’s a real treat. I wish you a delightful listen.NEVER INVESTMENT ADVICE.
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Executive Life Coach for CEOs, Investors, Pro Athletes; Author, Podcast HostI discovered Sean through a few mutual friends; I got to learn more about his work through his wonderful book that I started one evening, and I could barely put it down.It’s called Masterpiece in Progress: A Daily Guide to a Life Well Crafted — it’s choke full of ideas, mental models, advice. It consists of 365 daily motivational passages. In one of them, Sean writes that life is full of teachers if you know where to look. I couldn’t agree more. I feel like everyone has a story, and everyone can teach us something if we only care to ask, and listen.Soon after we recorded this episode, Sean released another book — Insights of the Ages: Quotes for a Life Well Crafted — which is also a delightful read. There is a lot of wisdom distilled in the quotes.He further opened my eyes to a number of big, powerful ideas in our long conversation. Since our recording, Sean became a instant friend that I value highly.I often listen to his podcast, where he interviews countless fascinating authors, experts, and opinion makers whom we both admire and respect. His interview style is very focused, attentive, and deliberate. I picked up an inspiration or two from his podcasting approach. His conversation Derek Sivers is one of my favorite.For over a decade, Sean DeLaney has masterfully navigated the territories of peak performance, innovative entrepreneurship, and impactful personal development. Transitioning from a career as a professional athlete, Sean now shines as a top-tier executive life coach and the driving force of the What Got You There Podcast. Through his coaching, Sean has fostered the growth and success of a myriad of CEOs, executives, and athletes.http://masterpieceinprogressbook.com/http://whatgotyouthere.com/Today, we talk about Sean’s book Masterpiece in Progress. He shares how life can be seen as a vast empty canvas filled with possibility and opportunity. He reminds us how every day is a chance to experiment, learn, and adjust.We have a lively discussion about authenticity inspired by William Green, the author of Richer, Wiser, Happier, who’s been a guest on the podcast, who we both know and admire. Sean talks about the importance of curiosity, which is an area of study of our mutual friend - Tom Morgan, the curiosity sherpa to billionaires, and also an earlier guest on Talking Billions.I enjoy hearing Sean’s thoughts about idea catching, a topic I wrote about recently on my Substack. As an investor, I practice both patience and decisiveness, an approach that my guest has some thoughts about as well. I consider myself a very calm, and collected person. Sean tells me how calm is contagious, and it isn’t just a state of mind.Stay tuned until the end, when my dear friend reveals the secret to addressing one of the biggest challenges of them all — the upper limit problem, the invisible ceiling we set for ourselves. How do we grow past that? I’m curious to know, aren’t you?https://bogumilbaranowski.substack.com/ Follow me on Twitter: https://twitter.com/bogumil_nyc
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Over the last twelve years Matthew has worked with startups, venture capital and angel investors, governments, NGOs and large corporations to create and capture value.Matthew is a Co-founder of 9others with Katie Lewis.9others was established in 2011 and is now a global network of 5,000 entrepreneurs in 45+ cities who meet over dinner to help each other solve the challenges of business and life.To date Matthew has invested in 23 startups, most of which have been sourced from the 9others network, and has achieved 2 exits. He has invested in and negotiated investment transactions from £15k to £50m.He studied Computer Science at Durham University and has an MBA from Imperial College Business School. Matthew lives with his wife, daughter and son in Hertfordshire, UK, where he enjoys reading biographies, watching Formula 1 and training for ultra-marathons.Katie and Matthew wrote a wonderful book Find Your 9others: The questions to ask yourself as you start up and scale up, where they tell their story, document their findings, and share their lessons.Today, Matthew and I talk about the number one question that we both like to ask — what keeps you up at night. We discuss the why behind any project, venture, and how that why can be redefined and rediscovered. We take on the idea of being visible in the words of Seth Godin, who says that you will be judged or you will be ignored. Matthew shares his thoughts on trusting your gut. We have a lively discussion about resilience, and discipline. I really like the point he makes about taking responsibility instead of looking for something or someone to blame. Stay tuned until the end when Matthew tells me that no one is self-made, and as a bonus, he shares a book recommendation, a book I read a few times, and it’s one of those few books that had a big impact on me.Please help me welcome, all the way from the United Kingdom —- Matthew Stafford.https://9others.com/https://bit.ly/findyour9othersamazonhttps://twitter.com/mstafford/https://stafford.vc/https://www.linkedin.com/in/staffordvc/https://www.linkedin.com/in/katielewis66NEVER INVESTMENT ADVICE.
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This a bonus episode, please enjoy, and share it with friends and family -- I read my this week's Substack post. Please find it here: https://bogumilbaranowski.substack.com/ -- feel free to sign up and follow me there as well.
I mention the following Talking Billions episodes: Mary Buffett & Chloe Lin, and William Green, please find them in your podcast listening app. They are both wonderful conversations.
If you are a true Warren and Charlie fan, you'll also enjoy the Dan Pecault & Corey Wrenn episode, they attended the Berkshire meeting for some 30-40 years. Lots of stories. Adam Mead's episode is also special. Jacob McDonough shared with me the stories of the early Buffett years at Berkshire, too. The Todd Finkle episode is a must, too.
I'd be curious to hear your thoughts, and your Charlie story -- please head to my website, and send me a quick message. I read all my emails. You'll hear from me within a week.
https://www.bogumilbaranowski.com/contact
Thank you for listening!
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Best-Selling Author, International Speaker, Top Finance ExpertWe have two guests today, Mary Buffett, and Chloe Lin.Mary Buffett is a best-selling author, international speaker, entrepreneur, political and environmental activist.Chloe Lin is an international speaker, investor, and president of Buffett Online School in Japan.Ms. Buffett’s first book Buffettology, co-written with David Clark in 1997, was an immediate New York Times and Business Week best-seller. Since that time, all seven of Ms. Buffett’s books have been best-sellers.Ms. Buffett appears regularly on television as one of the top finance experts in America.She has appeared around the world as a principal speaker at some of the world’s most prestigious organizations, including the Get Motivated seminar series.Ms. Buffett has worked successfully in a wide range of businesses including extensive work as a consultant to a number of Fortune 500 companies.Mary is the proud mother of three successful children and lives in California.Mary’s book Buffettology has had a big influence on me early on in my career, and I’ve gone back to it over the years. It’s a great study of Warren Buffett’s investment approach.https://www.marybuffett.com/Chloe is an international speaker and has been invited to travel around the worldShe is also the President of Buffett Online School in Japan and has also been featured in Singapore’s official Chinese newspaper Lian He Zao Bao sharing her experience on how to invest safely as a female investor, and how to achieve consistent results from the stock market.Together with her team from The Next Level, they have trained over 100,000 students across the world.She is also one of the fast-growing content creators on TikTok with more than 200,000 followers for her channel Arigato Investor.Today, we have a lively discussion about Mary’s earlier experience with investing. She shares stories of Warren Buffett gifting stocks to family members for Christmas and lessons from the experience. Her first exposure to investing, and her first stock. Mary shares what Warren is like in person, his humor, personality, and more. We talk about what makes a great company. Mary shares her insight about the aspects of the business worth examining before investing. We touch on Mr. Market and being a disciplined investor while taking advantage of the pessimism and panic of other participants in the market. Mary highlights the importance of big brands. She also shares how Warren and Charlie handle mistakes. Stay tuned until the end when she tells us about her definition of success.--- Crisis Investing: 100 Essays - My new book. To get regular updates and bonus content, please sign-up for my substack: https://bogumilbaranowski.substack.com/ Follow me on Twitter: https://twitter.com/bogumil_nyc Learn more about Bogumil Baranowski NEVER INVESTMENT ADVICE.
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Todd Wenning is a professional investor and writer based in Cincinnati, Ohio. He's currently the author of the Flyover Stocks newsletter, which focuses on finding overlooked companies with economic moats that are led by thoughtful stewards of shareholder capital. Previously, Todd spent eight years on the buyside with Ensemble Capital and Johnson Investment Counsel, and three years on the sell-side with Morningstar where he led the firm's equity stewardship methodology and contributed to the company's book Why Moats Matter. Todd has written publicly about investing since 2006 when he joined The Motley Fool as a writer and financial editor.https://www.flyoverstocks.com/We have a wonderful discussion about moats, managements, and playing the long game in investing. Todd shares the inspiration behind his newsletter Flyover Stocks, and we touch on a number of topics, and ideas that he has written about over the years. One of the stories includes Todd’s wife, she is an avid seashell hunter. My wife and I have picked seashells on many occasions, so the story resonated with me. Todd explains what sea shell hunting can teach us about investing. Stay tuned until the end, where we take on the topic of crisis. My guest explains how crisis can make companies better, and stronger, and forge future winners. It’s a wide-ranging, thoughtful discussion where more beginner and advanced investing enthusiasts will find something worth discovering. Todd was a joy to talk to, we had a lovely hour long recording. I highly recommend exploring his newsletter, and his writing.NEVER INVESTMENT ADVICE.
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My guest today is Matthew Turner is a British author who wrote the book The Successful Mistake: How 163 of the world’s greatest entrepreneurs transform failure and adversity into success on the back of interviewing hundreds of successful entrepreneurs, authors, investors, and thought-leaders. As well as writing his own books, Matthew ghostwrites both articles and books for other successful entrepreneurs and thought-leaders, in between spending time with his two children.nohustle.cobeyondbook.coIt’s Matthew's second time on the show; it’s always such a pleasure to see him and chat. I highly recommend scrolling down and finding his Beyond the Pale episode — where we explore personal transformation and rediscovering your vision through a fictional story of a billionaire entrepreneur.Today, we have an opportunity to learn from intimate conversations with 163 entrepreneurs that Matthew had the chance to interview; we examine the big idea behind the book — how failures can lead to future success. Matthew explains how successful people he interviewed in the book still experience worry, fear, and self-doubt despite their money, fame, and freedom. We zoom in on the topic of financial pain and the entrepreneurial path. Matthew shares the mantra of "less doing, more living" and the importance of not neglecting one's health. I found it very helpful to be reminded that life without hardship doesn’t exist, and it’s all about pushing through challenges. I really like the idea of asking big questions when in doubt. Stay tuned until the end when we talk about living a life of freedom. NEVER INVESTMENT ADVICE.
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Private Wealth Manager | Podcast Host | Author
Frazer Rice focuses on Family Office Infrastructure, Trusts and Estates, Private Company Board and Charity, Multi-Generational Wealth & Trustee Consulting for Next Capital.
Frazer has written the book Wealth, Actually: Intelligent Decision-Making for the 1% and produces the successful “Wealth Actually” Podcast. He appears on a variety of media and industry panels to discuss wealth management practice, trusts and estates, family dynamics issues, and tax policy. He is on the Board of the New York City Estate Planning Council and is Co-Head of its Programming Committee. He received his B.A. in Political Science and History from Duke University and his J.D. from Emory University School of Law. Frazer lives in Manhattan and enjoys golf, travel, horror movies, media production, and writing.
Today, we start with one of my favorite quotes from Frazer’s book: “Very few of life’s important answers are found in a pitch book or a slide deck.” – he further adds, “Unfortunately, the financial services industry makes its money, from the sale of products.” — He shares some advice how to navigate this fascinating, but challenging environment.
We focus on the importance of anticipation when providing advice. We also tackle a big question: what it means to be rich?
Frazer introduces the distinctions between current and legacy wealth, retirement planning vs. estate planning.
We have a lively discussion about sudden windfalls, and Frazer proposes another way of looking at this life-changing event.
Stay tuned until the end, when we talk about the real fear of losing it all.
Links:
www.frazerrice.com
www.nextcapitalmgmt.com
https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
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Luca Dellanna is a management advisor focused on increasing revenue through better people and operations management.After a master’s degree in automotive engineering, Luca spent the first part of his career working for DuPont’s consulting unit in Frankfurt, Germany. There, he focused on managerial excellence projects in a variety of manufacturing industries all across Europe.In 2015, Luca moved back to his hometown of Turin, Italy, and opened a private consulting practice serving clients worldwide.He has also published books about management, human behavior, and economics that earned him appearances on the most important conferences and podcasts in his field, Nudgestock and EconTalk, respectively.Luca lives with his wife Wenlin and dog Didi and divides his time between Turin and Singapore.Luca writes regularly on Twitter (@DellAnnaLuca).His personal website is www.luca-dellanna.comLast time we discussed Luca’s excellent book - Ergodicity, I highly recommend the episode; you can look it up and hear his thoughts on game-overs, do-overs, and the idea that not the fastest skier wins the race, but the fastest completes all the races without breaking a leg.Today, we’ll talk about three other books that Luca wrote. First, we discuss his 100 Truths You Will Learn to Late. Luca explains how: “Most frustration and unhappiness in your life will come from disrespecting the rules of whatever game you are a participant of, be it love, business, health or social life.” Then we discuss how: “Few successful people took a direct path to success. Successful people know what they want but not what it will look like”. Luca has interesting thoughts about willpower; he says, “Willpower is best used to create a short burst of activity whose purpose is not to achieve a result but to create the conditions for sustainable results.” Luca tells me that “Happiness is not a place we can reach and rest in. Instead, happiness is a direction we can walk along.” Finally in his book about life’s truth he writes: “discipline is freedom,” life is about cultivating independence.”In The Control Heuristic, Luca writes about why we sometimes take actions that are clearly bad for us. He also writes about optical illusions, how we see narratives where there are none, and how we estimate the truth. We further talk about the ego and past experiences and take a different look at pain.Luca also wrote a book about Managing Remote Teams; we had a lively discussion about the future of work, emphasizing relearning how to work, clarity of communication, and the need for trust between the employer and employees.I always learn so much from Luca, and I hope you do too.NEVER INVESTMENT ADVICE.
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Victor Haghani – Missing Billionaires w/ ex-LTCM partner & Elm Wealth FounderVictor Haghani started his career in 1984 at Salomon Brothers, where he became an MD in the bond arbitrage group run byJohn Meriwether. Victor was a co-founding partner of LTCM. In 2011, Victor founded Elm Wealth to help clients, including his own family, manage and preserve their wealth with a thoughtful, research-based, and cost-effective approach that covers not just investment management but also broader decisions about wealth and finances. In his TEDx talk, Where Are All the Billionaires and Why Should We Care? Victor shares his unique perspective on active versus passive investing. Victor has been a prolific contributor to theacademic and practitioner finance literature. He is a co-author of the book, The Missing Billionaires: A Guide to Better Financial Decisions, which has just been released and is available on amazon and most other book sellers. We talk about Victor’s childhood, upbringing, and fascinating career. He shares his thoughts about managing his own wealth, and what he learned in the process. We focus on the missingbillionaires as he calls them in his Ted talk and his book – given the fortunes that existed a hundred years ago, we should have many more billionaire inheritors and we don’t – it’s the ages old challenges of staying rich, and keeping a multi-generational fortune. We discuss position sizing, and asset allocation, how much should be invested in stocks. Victor shares somesurprising learnings from a coin flipping competition study. Stay tuned until the end if your are curious to hear Victor share a story of his very last Liar’s Poker hand at Salomon Brothers… https://www.amazon.com/Missing-Billionaires-Better-Financial-Decisions/dp/1119747910/www.elmwealth.com NEVER INVESTMENT ADVICE.
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Meet the Audience (30 Mins with the host 1 on 1) – Please Use This Form https://forms.gle/G3EyVBevjJAq2JHf8Brendan has more than a decade of industry experience in investments and public finance since graduating from James Madison University with a Bachelor of Business Administration degree in Finance and Accounting.For the last several years, Brendan has worked as a Registered Investment Advisor for Lafayette Investments. For Lafayette, Brendan manages a portion of the $800 million in assets under management, primarily for high-net-worthindividuals.Brendan is a Chartered Financial Analyst (CFA) charterholder. He has served on various boards and committees, including theJames Madison University College of Business Board of Advisors (former Associate Board Member), Cystic Fibrosis Foundation’s Maryland Chapter (Board Member), Can Educate (Board Member) and the Member Engagement Committee for CFASociety Washington D.C. (former Committee Member). Brendan is a two-time winner of the Tomorrow’s Leader Award for his contributions to the Cystic Fibrosis Foundation.Brendan is the author of two books: Markets in Chaos: AHistory of Market Crises Around the World (published by Business Expert Press) and The Wandering Investor.We talk about Brendan’s book and research on market crisesaround the world. We start with the most recent global COVID pandemic and the market chaos that followed. We take a tour around the world, stopping by in Iceland, and taking a fresh look at what happened there over a decade ago. Icelanders became three times richer in three years as leverage, and bankingled to trouble. Brendan shares stories of crises in Latin America and Asia. We have a longer conversation about the dangers of inflation, and specifically hyperinflation. Our trip around the world wouldn’t be complete without a stop in Africa. We bothhave great curiosity about the 1970s in the US, the Japanese stock market rise and fall in the 1980s.We both strongly believe that there is always a lot to learnfrom history, and past market crises can teach us a lot. They expand our imagination and show us how to navigate some more stormy seas. Author: Marketsin Chaos: A History of Market Crises Around the WorldMarkets in Chaos: A History of Market Crises Around theWorld: Brendan Hughes: 9781637425145: Amazon.com: BooksThe Wandering InvestorThe Wandering Investor: Hughes, Brendan:9781098320317: Amazon.com: BooksNEVER INVESTMENT ADVICE.
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Brian Feroldi is a financial educator, YouTuber, and author. He has been intensely interested in money, personal finance, and investing ever since he graduated from college.If you walk away with one big idea from this conversation, let it be this quote from Brian’s book: “The stock market is the greatest wealth creation machine of all time.”Brian started investing in 2004. In the beginning, he had no idea what he was doing and got his teeth kicked in. His returns improved dramatically as his experience and knowledge about the stock market grew.Brian’s career mission statement is “to demystify the stock market.” He loves to help other people do better with their investments. He has written over 3,000 articles on stocks, investing, and personal finance for the Motley Fool.In 2022, Brian’s best-selling book Why Does The Stock Market Go Up? was published. It was written to explain how the stock market works in plain English.Brian lives in New England with his wife and three kids.We talked about:1.Childhood and Career Path:2.Stock Market as a Wealth Creation Machine:3.Money – A Taboo Topic:4.Value and Price in the Stock Market:5.Determining the Right Purchase Price:6.Pumpkin Spice Latte and Salted Caramel Frappuccino and Daily Price Moves 7.Why the Stock Market Always Recovery8.Investing During Economic Downturns9.The Importance of Saving:10.Investing Isn’t Just for the Affluent:11.Stay tuned until the end when Brian reveals the biggest edge over Wall Street that investors have.https://www.brianferoldi.com/about/https://www.brianferoldi.com/newsletter/NEVER INVESTMENT ADVICE.
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I spent last summer reading three of Daniel Crosby’s books: The Behavioral Investor, The Laws of Wealth, You Are Not That Great – today, we spend an hour discussing some of the biggest lessons from his writing, work, and research – we learn what we can do to get out of our own way, and make better investment decisions. Dr. Daniel Crosby is a psychologist and behavioral finance expert who helps organizations understand the intersection of mind and markets. Dr. Crosby's first book, Personal Benchmark: Integrating Behavioral Finance and Investment Management, was a New York Times bestseller. His second book, The Laws of Wealth, was named the best investment book of 2017 by the Axiom Business Book Awards and has been translated into 12 languages. His latest work, The Behavioral Investor, was Axiom's best investment book of 2019 and is a comprehensive look at the neurology, physiology and psychology of sound financial decision-making. When he's not decoding market psychology, Daniel is a father of 3, a fanatical follower of the St. Louis Cardinals, an explorer of the American South, and an amateur hot sauce chef.We talk about:1.Brain's Perception of Money: Brain's wiring in relation to valuing money, liquid happiness.2.Impact of Early Investing Lessons: How early market experiences shape future investing decisions.3.Crowd Behavior in Investing: Wisdom of the crowd vs. individual insights, and thinking for yourself.4.Unique Investor Behavior: The human tendency to fit in vs. the need to stand out in investing & a rat experiment5.Importance of Slowing down reflexive responses for better financial outcomes.6.Tropical Disease vs. Wealth Habits: Shocking comparison and the lessons derived.7.Fallibility in Investment Behavior: Human fallibility as both an advantage and an impediment in wealth accumulation.8.Role of Investment Advisors: Value of the right advisor in preventing major mistakes & The long-term benefits of seeking expert advice.9.Performance Measurement: Comparing performance to personal needs vs. market indices.Find Daniel Crosby on Amazon.----NEVER INVESTMENT ADVICE.
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Hraday Jhala, a 15-year old Singapore-based investing enthusiast, author, and podcast host sits down with me, Bogumil Baranowski for a two hour conversation.
Hello everyone, and thank you for tuning in. This episode is a bit different. As you might have noticed, now, and then I share here interviews that I give on other podcasts with full credit to the hosts, and with their permission.
This is an interview I gave in late August 2023. The host is Hraday Jhala, a 15 year old investing enthusiast based in Singapore. I had a rare opportunity to read an early copy of his book the Worldly Wisdom. Please keep an eye out for it, when it comes out.
I find it very inspiring to see someone at such a young enjoy not only studying investing, but writing a really good book about everything has learned so far.
I recently wrote an essay called, a letter to a younger self, where I share what I would tell my younger self – you can look it up on my substack. Talking to Hraday felt a lot like talking to a younger myself.
It’s a longer interview, save it, listen over time or in one sitting, it’s a really special conversation, as you are about to see.
I share some stories you might have heard elsewhere in the podcast, but many are new, and different, especially around discovering the stock market as a teenager, I share my experience being a podcast host as well. I also talk about some of the lessons I learned from a number of guests on my podcast, including Lucas Miller, and Daniel Crosby – on the topic of how brainwork, how our behavior can get us in trouble investing. I discuss my self-imposed selective ignorance in the way I collect information, and filter alot out.
I share with Hraday the importance of the right work environment for an investor. We talk about early investing mistakes, and dangers of bankruptcies. I share my crisis investing, pandemic era experience, which I write about in my recent book – Crisis Investing. We have a livelyconversation about envy. I bring up Guy Spier, William Green, and other guests from my podcast. I mention the importance of spending your attention, and time well. I explain how I think our childhood, and upbringing might have a big bearing on how we think of money, and investing, I share some examples from my podcast, Talking Billions. We talk about the variety of market participants, and a variety of stocks available to buy. We also chat about Berkshire Hathaway, Buffett, and Omaha. I explain the difference between getting rich,and staying rich.
That’s where you can learn more about Hraday: https://hradayjhala.com/
https://www.youtube.com/@worldlywisdomofvalueinvestment
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I’ve been an avid reader of Sean’s articles for many years. Sean and his team have a very thoughtful way of presenting sometimes not so intuitive or easy investment concepts. Sean together with Todd Wenning have been regularly sharing their experience and knowledge through writing. I highly recommend checking the episode notes for links, and looking up their work and articles. Sean Stannard-Stockton is president and chief investment officer of Ensemble Capital, which he co-founded in 2004. Ensemble manages $1.5 billion on behalf of approximately 240 high net worth families and institutions. Their core equity strategy is a focused portfolio of 20 to 25 competitively advantaged companies.•We talked about Sean's childhood and upbringing, exploring how it influenced him and paved his career path.•We discussed Sean's article on Value, Growth, Intrinsic Investing.•Sean shared insights into the intriguing concept of the equity anxiety premium, explaining how "premium returns come from the successful management of anxiety."•We touched upon the idea of equity duration. Sean elaborated on how stocks can be viewed as bonds, and lessons from the Nifty Fifty stocks of the 1970s.•Sean shared his experiences with COVID-era pandemic investing, reflecting on the unique challenges and insights from his perspective during this time.•Sean shared his thoughts on an interesting theme he's touched upon in his writings: the consistent underpricing of wonderful companies in the market.•We discussed portfolio construction in detail, exploring topics like the number of stocks, sizes, turnover, holding period.•We also talk about remote work, and Sean’s firm’s experience working remotely. •To conclude, we talked about Sean's personal and professional definitions of success, getting a deeper understanding of what drives and motivates him.•Stay tuned until the end, when we discuss benchmarks and outperformance.Company site: https://ensemblecapital.com/Blog: https://intrinsicinvesting.com/Twitter: https://twitter.com/IntrinsicInv----NEVER INVESTMENT ADVICE.
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50th EPISODE! Every conversation with William Green is an adventure, so was today’s hour and half where we talk about everything from investing to kindness, spirituality, the pursuit of freedom, and more –His book Richer, Wiser, Happier: How the World’s Greatest Investors Win in Markets and Life is a must read for anyone serious about investing, and everyone curious to learn from some of the greatest minds not only about getting richer, but living better lives.William is also a host of The Richer, Wiser, Happier collection of podcast episodes featured on We Study Billionaires, the flagship podcast of The Investor’s Podcast Network.Over the last 25 years, William has interviewed many legendary investors—everyone from Sir John Templeton to Charlie Munger, Jack Bogle to Bill Miller. That experience led him to write a landmark book, Richer, Wiser, Happier: How the World’s Greatest Investors Win in Markets and Life. In the Richer, Wiser, Happier podcast, William draws on this unparalleled access to the world’s most successful investors, so you can listen to—and learn from—the very best.Over the last quarter of a century, he has interviewed many of the world’s best investors, exploring in depth the question of what qualities and insights enable them to achieve enduring success. Green has written for many leading publications in the US and Europe.Green has collaborated on several books as a ghostwriter, co-author, or editor. Born and raised in London, Green was educated at Eton College, studied English literature at Oxford University, and received a Master’s degree from Columbia University’s Graduate School of Journalism. He lives in New York with his wife, Lauren, and their children, Henry and Madeleine.Today we talk about: Authenticity and Quality. The Praise of Slowness. Contradictory Truths. Contrasting investment strategies of Guy Spier and Mohnish Pabrai. Emotions. When to persist, when to quit. Kindness. Right habits in times of crisis. Return on Life. Spirituality: Pursuit of Freedom Luck and Gratitude----NEVER INVESTMENT ADVICE.
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As investors, we keep looking for new advantages. A better use of our brain, a great gift that we already have, might be a very intriguing path worth pursuing. My guest today has incredibly insightful advice for all of us.
Lucas Miller is a cognitive neuroscientist, author, and human performance researcher, as well as the youngest faculty at UC Berkeley’s Haas School of Business.
At Berkeley, Lucas teaches MBA students and is best known for his course called "Becoming Superhuman: The Science of Productivity and Performance". He also co-runs the Becoming Superhuman Lab, which conducts research on how to help busy leaders and their teams get their most important done, in less time, with less stress.
We talk about: the mismatch between modern work habits and our brain's natural inclinations, why early rising isn't suitable for everyone, insights on long-term brain health, emphasizing the importance of sleep, regular sun exposure, and the power of meditation.
https://www.becomingsuperhuman.science/
Show notes / references below (with specific timestamps). Feel free to tweak based on the format you usually use!
6’34’’ -- Lucas’s book on Amazon - Beyond Brilliance: The Blueprint for Learning Anything: https://www.amazon.com/Beyond-Brilliance-Blueprint-Learning-Anything/dp/1540421236
8’15’’ -- Becoming Superhuman MBA course at UC Berkeley: https://newsroom.haas.berkeley.edu/classified-becoming-superhuman-course-teaches-the-science-of-productivity-performance-and-wellness/
Lucas’ training and consulting company Becoming Superhuman: https://www.becomingsuperhuman.science/
17’59’’ -- The impact of the ‘open’ workspace on human collaboration (Bernstein, 2018): https://royalsocietypublishing.org/doi/10.1098/rstb.2017.0239
20’18’’ -- Stanford researchers identify four causes for ‘Zoom fatigue’ and their simple fixes: https://news.stanford.edu/2021/02/23/four-causes-zoom-fatigue-solutions/
25’01’’ -- Brain Brain: The Mere Presence of One’s Own Smartphone Reduces Available Cognitive Capacity (Ward, 2017): https://www.journals.uchicago.edu/doi/full/10.1086/691462
44’00’’ -- Discover Your Chronotype: www.mychronotype.com
Use code “TALKINGBILLIONS” (to bypass the paywall and access the assessment for free)
1:18’39’’ -- Meditation experience is associated with increased cortical thickness (Lazar, 2005): https://www.ncbi.nlm.nih.gov/pmc/articles/PMC1361002/
Enhanced brain connectivity in long-term meditation practitioners (Luders, 2015): https://www.sciencedirect.com/science/article/abs/pii/S1053811911006008
Stress reduction correlates with structural changes in the amygdala (Hölzel, 2010): https://academic.oup.com/scan/article/5/1/11/1728269?login=false
Crisis Investing: 100 Essays - My new book.
To get regular updates and bonus content, please sign-up for my substack: https://bogumilbaranowski.substack.com/ Follow me on Twitter: https://twitter.com/bogumil_nyc Learn more about Bogumil Baranowski Learn more about Sicart Associates, LLC. NEVER INVESTMENT ADVICE. IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks. The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov
Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
If you are curious to learn more about analyzing business, and picking stocks, this episode is a fascinating look behind the curtain with a seasoned hedge fund analyst, who now teaches a variety of courses on the matter. Steve is the founder of Behind the Balance Sheet (https://behindthebalancesheet.com/), the premier investment training consultancy. The company runs Forensic Accounting Courses for leading institutions like Schroders and Baillie Gifford – since the first course in June 2018, over 500 investment professionals have taken the programme. More recently, courses have been made available to private investors online (https://courses.behindthebalancesheet.com/).Steve also produces bespoke research for a small group of institutional clients. Steve is regularly in the press, in the UK’s Investors Chronicle, in the Times and the Financial Times, on Times Radio and on leading investment podcasts, including Bloomberg Odd Lots and the Grant Williams Podcast, talking about accounting issues at quoted companies.Steve spent some 20 years as an equity analyst at different investment banks, covering various sectors, and was consistently rated in the top 10 in his sector in Extel, II and Reuters surveys. He moved to the buy-side in 2005 and was a partner and head of research at two multi-billion dollar hedge funds; he specialised in using a deep dive research approach to identify special situation opportunities. Steve trained as an accountant and lives in London; he enjoys reading, yoga, and skiing and is interested in investment theory, wine and classic cars.His book, the Smart Money Method https://behindthebalancesheet.com/the-smart-money-method) was a #1 Investing bestseller on Amazon in the UK, US and Australia. Stephen publishes a free weekly newsletter at https://behindthebalancesheet.substack.com/ and has a monthly podcast (https://behindthebalancesheet.com/podcasts) on all major platforms.•We dive into Steve's book, "The Smart Money Method, How to Pick Stocks like a hedge fund pro," the inspiration behind it, and its intended readership.•Steve elaborates on his belief that investors often waste time on fleeting information, emphasizing the importance of discernment in what we consume.•Steve delves into the significance of understanding the industry a stock operates in and what he specifically hunts for.•We discussed often-overlooked elements in company financials that Steve believes deserve more attention.•Moving beyond mere numbers, Steve shared his approach to evaluating company management, stressing its crucial role in investment success.----Crisis Investing: 100 Essays - My new book.To get regular updates and bonus content, please sign-up for my substack: https://bogumilbaranowski.substack.com/Follow me on Twitter: https://twitter.com/bogumil_nycLearn more about Bogumil BaranowskiLearn more about Sicart Associates, LLC. NEVER INVESTMENT ADVICE.IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov--- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
I don’t know any successful investors who are not curious, and I can’t think of a better person to learn from about curiosity than my today’s guest, an instant friend, Tom Morgan.
Tom describes himself as a curiosity sherpa to billionaires. He lives in Manhattan with his wife, 2 children and a rabbit called Frank. Tom Morgan is a Director at Sapient Capital. He is responsible for the firm’s content. He has previously worked in Equity Sales on Wall Street at Merrill Lynch, Bank of America and most recently as a Managing Director at Stifel.
Tom loves nothing more than meeting interesting people; drop him an email or phone call – if you are intrigued by what you hear today. Tom holds a BA from Oxford University.
Tom’s bio doesn’t give justice to what a fascinating, multi-faceted, complex individual he is, and I hope this episode will reveal a bit more of the Tom I got to meet and spend time with.
I was introduced to Tom by Brendon Snow. It was one of a thousand serendipitous moments that have been happening since I launched the podcast. I was walking around Paris earlier this summer listening to Guy Spier’s interview with Julie LaRoche, I shared it on Twitter. Brendan reached out and mentioned that he not only also listened to Guy Spier on his visit to Paris not long ago but also went to the same Parisian Grande Ecole I went to. Brendan Snow is the CEO of Fluent Risk Partners.
Tom and I had a few long chats before the recording; we also shared a long lunch one summer day at a lovely vegan restaurant. Today, we talked about Tom’s life and the journey he’s been on, and it’s a very inspiring story that Tom shares in a very vulnerable way. We discuss the importance of curiosity and the idea of our future selves leading us on our path. We talk about the focus in the age of perpetual distraction. Tom shares his thoughts on complexity. We also touch on the meaning crisis in today’s world. I like Tom’s idea of continuously being exposed to new ideas that challenge our worldview.
Stay tuned until the end – Tom shares his childhood story; without giving too much away, I will tell you that we are the same age and were both at the same time and the same place, but experienced it from a very different perspective, only to compares our notes, and memories almost four decades later! If that’s not serendipity, I don’t know what is!
https://whatsimportant.substack.com/ https://sapientcapital.com/
Crisis Investing: 100 Essays - My new book.
To get regular updates and bonus content, please sign-up for my substack: https://bogumilbaranowski.substack.com/ Follow me on Twitter: https://twitter.com/bogumil_nyc Learn more about Bogumil Baranowski Learn more about Sicart Associates, LLC. NEVER INVESTMENT ADVICE. IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks. The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov
Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Matthew Turner is a British author who wrote his latest book, ‘Beyond The Pale’ on the back of interviewing hundreds of successful entrepreneurs, authors, investors, and thought-leaders.
As well as writing his own books, Matthew ghostwrites both articles and books for other successful entrepreneurs and thought-leaders, in-between spending time with his two children.
Today:
We talked about Matthew's book "Beyond the Pale," including its inception, the meaning behind the title, and the symbolic mountain lake on the cover.
Matthew shared insights on the hero's journey in his book, exploring personal transformation, business success, and a rediscovery of vision.
We discussed the various characters the hero meets in the book and the wisdom and advice they impart to him.
We talked about the recurring theme of praise for achievement, reflecting on how it mirrors today's achievement-focused world, and the challenges of escaping this mindset.
Matthew shared thoughts on the concept that the hero is not self-made, challenging the conventional idea of being self-made and its implications.
We discussed a powerful question from the book that prompts readers to challenge what they think they know to be true.
We talked about the importance of rest and slowing down, focusing on a significant moment in the book where the hero takes time to reflect.
Matthew shared insights on the theme of control, including the realization of limitations in controlling every aspect of life.
We discussed the multi-faceted concept of freedom as depicted in the book, including the paradox between wealth and feeling imprisoned.
We talked about the paradox of desire, examining the quote, “The more you want something, the less likely you are to find it,” and its wider implications.
Matthew shared thoughts on the theme of scarcity, including how it's embraced early in life and the difficulty of shaking it off.
We concluded the interview by discussing Matthew's personal definition of success and how it resonates with his overall life philosophy.
https://turndog.co/
https://beyondbook.co/
Crisis Investing: 100 Essays - My new book.
To get regular updates and bonus content, please sign-up for my substack: https://bogumilbaranowski.substack.com/
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov
Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
John Maxfield – studies and writes about banking. He spent two decades studying America's best banks, the history of banking, and interviewing bank leaders. He writes a newsletter about banks, a newsletter that has been called the best newsletter on banks.
I know seasoned stock investors who told me they choose to never invest in banks because they don’t understand them.
We can’t avoid banks in our lives though, we don’t all have to be equity investors in banks, but most if not all of us have deposits with banks. There is a lot to learn, and to understand about banks, and in the next hour, John is going to make this difficult topic a lot more relatable.
John is a great student of history, and comes from a family with a multi-generational history with bank ownership.
Both as passionate student of history, and investment advisor to family with multi-generational fortunes, I was delighted to have John on the
Today, we talk about:
Childhood and Relationship with Money: Inquiry into John's upbringing, how it shaped his relationship with money, led to his career, and spurred his fascination with banks.
Discussion of John's article detailing the four eras of US banking, and how banking is unique compared to other businesses.
Counterintuitive Truths about Banking: Exploration of unconventional or counterintuitive truths about banking.
Unacknowledged Origins of Banking Crisis: Examination of the hidden or unacknowledged causes of the banking crisis, including if it was foreseeable and how to detect such issues in the future.
The Silly Valley Panic of 2023: Inquiry into what John refers to as "the Silly Valley Panic of 2023" and the details of what transpired.
Ten Commandments of Banking: Request for John to elaborate on his proposed "ten commandments" for the banking industry, sharing some or all of them.
Definition of Success: Conclusion with John's personal definition of success.
The big highlight for me was our discussion of the importance of history. John explains how nothing is new, history rhymes.
https://www.maxfieldonbanks.com/p/john-maxfields-magnum-opus-on-banking
https://www.maxfieldonbanks.com/p/counter-intuitive-truths-about-banking
Crisis Investing: 100 Essays - My new book.
To get regular updates and bonus content, please sign-up for my substack: https://bogumilbaranowski.substack.com/
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov
Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Credit: Investing the Templeton Way with Lauren Templeton and Scott Phillips -- please find and follow their podcast on your preferred platform.
In this episode, we are joined by Bogumil Baranowski to talk about stock investing, managing generational wealth, his investment philosophy, ways to become a better investor, and how to change your environment and think differently as an investor. Bogumil is a founding partner of Sicart Associates LLC, a boutique investment firm catering to families and entrepreneurs on both sides of the Atlantic and the Pacific. He is the author of Outsmarting the Crowd: A Value Investor’s Guide to Starting, Building and Keeping a Family Fortune, and Money, Life, Family: My Handbook: My complete collection of Principles on Investing, finding work and life balance, and preserving family wealth. He also has a new book out called Crisis Investing:100 Essays: Lessons from Managing Family Fortunes through the Global COVID Pandemic and Beyond. As a passion project, he also wrote Living Where Others Vacation: A Travelogue, a pandemic memoir, a Blueprint for a better life, and work from anywhere. Bogumil is the host of the increasingly popular Talking Billions podcast, which features intimate conversations about money, wealth and living a rich and fulfilling life.
Stay connected:
https://bogumilbaranowski.com/
https://www.sicartassociates.com/
https://www.talkingbillions.co/
https://bogumilbaranowski.substack.com/
https://twitter.com/bogumil_nyc
https://www.linkedin.com/in/bogumil-baranowski/
Books mentioned in the episode:
Crisis Investing (Bogumil): https://amzn.to/46So1Q7
Money Life Family (Bogumil): https://amzn.to/46MsCDv
Living Where Others Vacation (Bogumil): https://amzn.to/3PT6amh
Outsmarting the Crowd (Bogumil): https://amzn.to/3Dcabuz
Ergodicity (Dellanna): https://amzn.to/3NU3Zfn
100 Baggers (Mayer): https://amzn.to/3PX45Ws
One Up on Wall Street (Lynch): https://amzn.to/46IvFwB
Bogumil's article (mentioned towards the end of the show): https://bogumilbaranowski.substack.com/p/game-overs-and-do-overs
The information presented in this podcast or available on the website is not intended as and shall not be construed as financial advice. This podcast is produced for entertainment value. Investing is inherently risky. And I encourage you to seek financial advice from a professional who is aware of the facts and circumstances of your individual situation.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov
Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
In my work as an investment advisor to families, I get to know not only the stock holdings in the portfolio, but also the people who money we manage. The topic of wealth, and wealth psychology is of great interest to me, and my partners. Dr. Paul share unique, and intimate insights.
Dr. Paul Hokemeyer (Dr. Paul) was born in Baltimore, Maryland and raised with his older brother in the gently rolling hills of Harford County, Maryland. From an early age, Dr. Paul was confused by the world in which he was born. Struggling to find his place in it, he embarked on transformative journey that took him to Alajuela, Costa Rica where he studied Spanish as an exchange student, to college in Cleveland, Ohio, law school in Columbus, Ohio and to Washington, DC and Amsterdam where he worked in the realm of environmental and social justice.
Eventually, he found his place as a psychotherapist helping other human beings repair and make meaning out of their lives. In his debut title, Fragile Power: Why Having It All Is Never Enough, Dr. Paul, who's become the world's foremost authority on issues related to our celebrity and power obsessed culture, reveals the fragility inherent in the status we desperately crave and provides a roadmap to avoid self and relational destruction though misplaced aspirations.
Paul Hokemeyer - LinkedIn
Crisis Investing: 100 Essays - My new book.
To get regular updates and bonus content, please sign-up for my substack: https://bogumilbaranowski.substack.com/
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov
Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
My guests are: Daniel Pecaut - Chairman | Chief Investment Officer | Author & Corey Wrenn - President | CEO | Author
Chairman and President of Pecaut & Company.
If you are a Berkshire and Buffett fan, this episode is for you. We’ll go on a trip back in time to the early days of Buffett’s Berkshire. Both my guests have been going to Berkshire’s Annual Meetings since the 1980s, and one of my guests actually worked for Buffett, and was checking tickets, and letting attendees in at the annual meetings. They have some incredible stories to share.
Daniel Pecaut is a Harvard graduate whose insights have been featured in the New York Times, Money Magazine, Grant's Interest Rate Observer, Outstanding Investor Digest, and the Omaha-World Herald.
He has worked in investing for 30+ years and is Chairman and Chief Investment Officer of a successful investment firm, Pecaut & Company.
For 9 years (1983-1992), Corey Wrenn was an internal auditor at Berkshire Hathaway.
Wrenn is now the President and CEO of the investment firm, Pecaut & Company.
Wrenn received his M.B.A from University of Nebraska at Omaha.
Today – we talked about everything from Dan’s grandfather’s tales of the 1920s bull market, and the 1929 market crash, Corey’s years at Berkshire to lessons from almost 4 decades of Berkshire’s annual meetings, and more.
-
Dan shared his family history with stock market investing, while Corey discussed his involvement with Berkshire Hathaway.
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My guests shared their memories of early Berkshire meetings and described what it was like to be a part of them.
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We delved into the peculiar nature of an insurance company.
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The history of Buffett's thoughts on inflation was discussed, considering its implications as a looming threat over the years.
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Buffett and Munger's perspectives on making predictions.
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The guests mentioned the valuable advice Buffett has for those starting out in life and investing, particularly addressing younger members of the audience at the annual meeting.
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The guests discussed Buffett's stance on taxes, noting his commitment to paying what he owes while utilizing available tax benefits for Berkshire, such as deferred taxation and strategic sales triggering immediate tax consequences.
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The guests highlighted the ethical standards upheld by Buffett, Munger, and Berkshire, which go beyond legal requirements and regulations, emphasizing their commitment to ethical behavior.
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We concluded the conversation by discussing how my guests define success in their own lives, providing personal insights on the topic.
https://www.danielpecaut.com/university-of-berkshire-hathaway/
Crisis Investing: 100 Essays - My new book.
To get regular updates and bonus content, please sign-up for my substack: https://bogumilbaranowski.substack.com/
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov
Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
A Bonus Episode with the the Top 10 List, episodes I recommend checking out, and a some of the upcoming guests, and there are so many, and they are so good! Take a listen, follow, subscribe, share!
Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Luca Dellanna is a management advisor focused on increasing revenue through better people and operations management.
After a master’s degree in automotive engineering, Luca spent the first part of his career working for DuPont’s consulting unit in Frankfurt, Germany. There, he focused on managerial excellence projects in a variety of manufacturing industries, all across Europe.
In 2015, Luca moved back to his hometown of Turin, Italy, and opened a private consulting practice serving clients worldwide.
He has also published books about management, human behavior, and economics that earned him appearances on the most important conference and podcast in his field, Nudgestock and EconTalk respectively.
Luca lives with his wife Wenlin and his dog Didi, and divides his time between Turin and Singapore.
Luca writes regularly on Twitter (@DellAnnaLuca).
His personal website is www.luca-dellanna.com
Today:
-
We talked about Luca's childhood and upbringing and how it shaped his interest in ergodicity.
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Luca shared his perspective on how the understanding of time and variance can improve our decision-making process.
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We discussed how his book is designed to help readers make better decisions that don't ignore time but leverage it. Luca elaborated on the idea of decisions that minimize regret and maximize long-term potential.
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Luca talked about the concept of survival in both skiing and life in general.
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We delved into the world of investing where Luca further advised that, over a prolonged period of time, survival dwarfs performance.
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Luca shared his powerful concept about how irreversible consequences absorb future gains.
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We talked about the statement, "Do not envy successes that don't reproduce well." Luca shared more about why envy is often misguided and how we should focus on repeatable successes.
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Luca discussed his perspective that individuals should care about whether a system works for them, rather than if it works on average.
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Luca explained the difference between ergodic and non-ergodic systems in terms of their outcomes.
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He recommended investing time and money as a barbell to balance risk and reward.
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We discussed the idea that extreme risks can outperform skill, and in general, taking small risks is a good strategy.
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Luca shared his advice on performance measurement, highlighting the pitfalls of narrowing the time frame to increase performance.
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We discussed how ergodicity can be introduced into life and where non-ergodicity might be positive.
-
Luca talked about the difference between efficiency (a snapshot in time) and effectiveness (a lifetime view).
-
Finally, we discussed how Luca's research has shaped his view of success.
Crisis Investing: 100 Essays - My new book.
To get regular updates and bonus content, please sign-up for my substack: https://bogumilbaranowski.substack.com/
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov
Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
John M. Jennings is president and chief strategist of St. Louis Trust & Family Office, a $15 billion wealth management firm. As an author and speaker, he is a leading voice in the space of wealth management and leadership. His book, The Uncertainty Solution, is an engaging dive into investing philosophy and best practices as well as an authorita¬tive, accessible guide for anyone who feels inundated with financial news and data.
Jennings is also the author of the highly acclaimed IFOD Interesting Fact of the Day blog, is an adjunct professor at Washington University’s Olin Business School, and frequently writes on wealth management topics for Forbes. He has finance and law degrees from the University of Missouri and a professional certificate in Decision Making and Behavioral Finance from Harvard.
Today:
-
We touched on John's professional turning point, the Financial Crisis of 2008, and how it reshaped his identity and approach towards honesty with his clients.
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John shared a fascinating study about human behavior.
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We delved into the topic of information overload in investing. John explained his evolution from an exhausting need-to-know-everything approach to a more balanced, big-picture perspective.
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We explored the concepts of past performance, regression to the mean, and the roles of luck and randomness in investing, as highlighted in John's book.
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John unpacked the difference between the unknowable and the unknown in the world of investing, emphasizing the pursuit of knowledge and the struggle for perfection.
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We discussed the human tendency to simplify complex situations into single-cause explanations and how this often contradicts the intricate nature of the world.
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John shared an intriguing anecdote about diet choices and health, underscoring the importance of sample size in decision-making processes.
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John elaborated on his viewpoint that "The stock market is not the economy,"
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John shared his belief that waiting for perceived safety and economic health is not a profitable strategy, offering a contrarian perspective.
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We discussed the perils of predictions through stories of Alan Greenspan and a New York hedge fund manager, reinforcing the idea that predictions often fall short.
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John walked us through the eight best behavior practices he outlines in his book: inactivity, simplicity, investment policy need, margin of safety, long-term focus, avoiding portfolio checks, maintaining a play account, and choosing the right advisor.
https://johnmjennings.com/john-m-jennings-author-speaker-chief-strategist/
His website: https://johnmjennings.com/
His blog "The Interesting Fact of the Day": https://johnmjennings.com/the-ifod/
Crisis Investing: 100 Essays - My new book.
To get regular updates and bonus content, please sign-up for my substack: https://bogumilbaranowski.substack.com/
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov
Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Scott Patterson is the author of the New York Times best-selling book The Quants and Dark Pools and a staff reporter for The Wall Street Journal, where has written about hedge funds, high-speed trading, Warren Buffett, the global mining industry, the Jan. 6, 2021 investigation, and climate change. A winner of the Loeb Breaking News Award, Scott has made frequent appearances in the media, including on CNBC, The Daily Show, and Fresh Air.
His work has also appeared in the New York Times, Rolling Stone and Mother Earth News. He has a masters of arts degree from James Madison University. He lives in Alexandria, Virginia with his wife and son.
Today, we focus on his newest book Chaos Kings: How Wall Street Traders Make Billions in the New Age of Crisis. It is a fascinating deep dive into the world of billion-dollar traders and high-stakes crisis predictors who strive to turn extreme events into financial windfalls.
Today,
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Scott shared the genesis of his book "Chaos Kings: How Wall Street Traders Make Billions in the New Age of Crisis," and introduced some of the fascinating characters that readers can get to know.
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We talked about the increasing focus on chaos, crisis, and market crashes, with Scott highlighting some of the most distressing financial moments of the past 30-40 years and how the individuals in his book profited from them.
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Scott shed light on a unique aspect of options as explained by Nassim Taleb, one of his book's main characters: their non-linearity. He likened this to fire insurance that triples in value if your home burns down, illustrating how outsized profits can be made during times of chaos.
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We delved into the concepts of 'Black Swans' and 'Dragon Kings' that feature in his book.
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We discussed how traditional risk metrics like Value at Risk (VaR), often fail during crisis situations. Scott explained the belief that past events do not accurately predict future correlations during extreme circumstances.
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We then shifted gears and Scott shared his thoughts about the interconnectedness of financial markets, climate change, and long-term, generational risk.
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In a lighter moment, Scott spoke about the high number of his characters who ride fast cars or motorcycles, jokingly questioning if there's a hidden correlation worth noting.
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Last, but not least, we talk about value investing, and Warren Buffett who Scott has covered as a reporter for many years.
https://scottpattersonbooks.com/
Crisis Investing: 100 Essays - My new book.
To get regular updates and bonus content, please sign-up for my substack: https://bogumilbaranowski.substack.com/
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov
Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
John Rotonti was formerly a Senior Analyst and Head of Investor Training and Development at The Motley Fool. After 9 years at The Motley Fool he is now an individual investor and "free agent" figuring out his next steps.
John is too modest to admit, but he has had a lot of success picking stocks throughout the years, and today he will share his insights, process, and advice for anyone curious about finding good investment for the long-run.
I connected with John through Brad Barrett, best-selling author, and a host of an award winning podcast – Choose FI, where he shares his wisdom about financial independence. Brad was an earlier guest on the podcast, and we had one of the best conversations on the show.
Today, with John,
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We began our discussion with John's early life, exploring how his upbringing and experiences influenced his relationship with money, investing, and how it ultimately led him to his career path.
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John shared his insights into what it takes to become a successful stock picker, discussing the criteria and metrics used at Motley Fool, where he was once the highest-ranked stock picker.
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We talked about a simple yet powerful investment formula that John shared in one of his articles. He explained key concepts like return on invested capital and valuation, why they matter, and how they can contribute to long-term market outperformance.
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John provided another secret to successful investing: the influence of free cash flow yield. He broke down these concepts for those new to investing, emphasizing their impact on investment return.
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We discussed the "vital signs" of a business that a stock analyst looks for, according to John. These include a strong balance sheet, return on invested capital, top-line growth, and bottom-line growth.
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Moving beyond numbers, John shared his thoughts on evaluating good management, highlighting its significance in successful investing.
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John described his meticulous approach to conducting stock research and shared the importance of using a checklist to avoid overlooking crucial information.
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We delved into the aspects of buying, holding, and selling stocks. John stressed the importance of patience in active investing and the necessity of adapting to changes in circumstances.
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John offered advice for investors navigating both major market sell-offs and overheated bull markets, emphasizing the lessons that can be learned from both experiences.
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To conclude, we talked about John's personal definition of success, exploring what this term means to him in the context of his investing career.
Find John on Twitter: @JRogrow
For all the links mentioned in the episode head here: https://bogumilbaranowski.substack.com/
Crisis Investing: 100 Essays - My new book.
To get regular updates and bonus content, please sign-up for my substack: https://bogumilbaranowski.substack.com/
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov
Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
My interview with Chloe Lin, Arigato Investor, President of Buffett Online School Japan, Investor, Speaker, 200K TikTok
Chloe is an international speaker and has been invited to travel around the world including places like Japan, China, Hong Kong, Malaysia, Taiwan, Vietnam, and many other countries.
She also heads the Buffett Online School in Japan and has also been featured in Singapore’s official Chinese newspaper Lian He Zao Bao sharing her experience on how to invest safely as a female investor, and how to achieve consistent results from the stock market.
Together with her team from The Next Level, they have trained over 100,000 students across the world to learn what options trading really works, and helped many investors to grow their wealth safely through simple options strategies.
Chloe: "I just released an in-depth interview with fund manager Bogumil Baranowski on my YouTube channel!
In this interview, we delve into topics such as
1. How to investing safely in this ever-changing world
2. Bogumil's perspective on investing in the US market amidst the rise of China
3. Tips and strategies for cultivating emotional stability
4. The most significant takeaways from the recent Berkshire AGM, among many others.
Thanks Bogumil once again for the amazing sharing and I can’t wait to learn from you more!"
https://arigatoinvestor.com/how-to-navigate-the-stock-market-insights-from-bogumil-baranowski/
https://www.tiktok.com/@arigatoinvestor
Crisis Investing: 100 Essays - My new book.
To get regular updates and bonus content, please sign-up for my substack: https://bogumilbaranowski.substack.com/
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov
Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
My guest today is Byron Tully, it’s his second time on Talking Billions. I had the pleasure of having lunch with Byron in a Parisian brasserie not long ago. We had a delightful conversation on many of the topics we are both passionate about.
Byron is the author of The Old Money Book - How To Live Better While Spending Less - Secrets of America's Upper Class. He's also written The Old Money Guide To Marriage, Old Money Style, and Old Money - New Woman.
The Old Money Book alone has over 700 4-star reviews on Amazon and over 700 4-star ratings on Goodreads.
Byron's popular blog at theoldmoneybook.com has, for the past 10 years, discussed topics of personal development and old money culture with a global community of followers.
Byron is a grandson of a newspaper publisher and son of an oil industry executive.
He's been an occasional guest on radio and podcasts.
Today, we’ll talk about his book Old Money, New Woman: How To Manage Your Money and Your Life - Secrets of America's Upper Class. A wonderful book I read hopping around Parisian cafes earlier this summer.
Today:
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We discussed the creation and intent behind Byron's book "Old Money, New Woman: How To Manage Your Money and Your Life".
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Byron talked about the empowering role of money, especially for women, and the importance of 'the true nobility'.
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We explored the significance of education and the concept of living life with a purpose.
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Byron highlighted the need for toughness in life without resorting to negative behavior.
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He elaborated on his amusing take on diplomacy and the value of patience in life's decisions.
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We discussed the evolving role of women as economic decision-makers and the need to keep sudden wealth a secret.
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Byron emphasized the importance of financial planning with the principle of Plan. Earn. Save. Invest. Spend.
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We touched upon what it means to be wealthy and the critical role women play in leadership positions.
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Lastly, Byron shared inspiring stories of successful women from history.
We left the best for last, so stay with us until the end of the episode.
Crisis Investing: 100 Essays - My new book.
To get regular updates and bonus content, please sign-up for my substack: https://bogumilbaranowski.substack.com/
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov
Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Christopher Mayer (Author of 100-Baggers) - How Do You Know? A Guide to Clear Thinking About Wall Street, Investing and Life & Dear Fellow Time-Binder: Letters on General Semantics.
I’m always excited to have Chris on the show, it’s his second appearance, and we had as much fun, if not more, as last time.
Christopher Mayer is the founder of Woodlock House Family Capital and author of several books, including 100 Baggers.
Before starting Woodlock House (which went live in January 2019), Mayer worked with Bonner & Partners and the Bonner family office. He was the editor of Capital & Crisis, published by Agora Financial from 2004-2015. He was a corporate banker from 1994-2004 and graduated magna cum laude with a degree in finance from the University of Maryland. He also has an MBA from the same institution.
He is the author of Invest Like A Dealmaker: Secrets of a Former Banking Insider (2008), World Right Side Up: Investing Across Six Continents (2012), 100 Baggers: Stocks that Return 100-to-1 and How to Find Them (2015) and How Do You Know? A Guide to Thinking Clearly About Wall Street, Investing and Life (2018). Dear Fellow Time-Binder: Letters on General Semantics.
Today we focus on the last two books.
Today:
• We discussed Alfred Korzybski's concept of time-binding and its implications for human learning.
• Chris emphasized understanding the limits of our knowledge as a form of wisdom.
• We explored tools for effective transmission and retention of knowledge.
• Chris talked about oversimplifying cause and effect and our tendency to use abstractions.
• We discussed the idea of structural differential and its importance in interpreting reality.
• Chris shared his perspective on how labels can influence investing decisions.
• We delved into the differences between facts and inferences.
• We discussed thought-provoking ideas like 1+1 not always equalling 2 and the possibility of rewriting history.
• Chris introduced the concept of delayed reaction.
• We discussed the need for a nuanced view of the world, moving beyond binary perspectives taught in school.
• We talked about the binary view of success and failure, advocating for a more nuanced perspective.
• We discussed misguided certainty and the problems it can cause.
• Chris proposed Wendell Johnson's set of questions as a starting point for those new to semantics.
• We left the best for last, and concluded by discussing the illusion of contentment tied to wealth accumulation
Crisis Investing: 100 Essays - My new book.
To get regular updates and bonus content, please sign-up for my substack: https://bogumilbaranowski.substack.com/
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov
Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Ep670: Bogumil Baranowski – Be Careful With Businesses in Secular Decline
Full Credit: Andrew Stotz and his My Worst Investment Ever Podcast
Bogumil Baranowski is a founding partner of Sicart Associates, LLC, a New York City investment firm. He has almost two decades of investment experience. He is the author of Outsmarting the Crowd and Money, Life, Family. He is the host of the Talking Billions Podcast.
Lessons from investing mistakes:
- Just because it’s cheap, don’t compromise on other factors that affect a stock, such as debt, management, and secular decline.
- Decide to cut your losses and not just think in terms of money but also in terms of time
- As an investor, money is one thing, but time is also crucial. Don’t waste too much time on a bad investment.
- It’s not only what you’re buying but also what you choose not to buy that can make a difference in the portfolio.
- Too much debt in a company is a red flag.
- Pay attention to how the management communicates with you.
- Be careful with a secular decline if you’re a value investor looking for a bargain.
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A company that can hold on to cash and is ready to survive will flourish in any economic downturn.
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Debt is the number one risk for an existing company. Run with a minimal amount of debt.
- When acquisitions come along, and you got the cash, you can move fast and beat your competitors.
- Just because it’s cheap doesn’t mean you have to buy it.
When analyzing a company, pay attention and ask the right questions. Take the time to get to know the company’s story. Then explore the worst thing that can happen and how you can lose money on that business. Once you have that figured out, you can get excited about why you can make money in it.
If you’re new to investing, Bogumil recommends reading One Up On Wall Street by Peter Lynch. If you know a bit about investing, then any book about Warren Buffett is fantastic.
---- Crisis Investing: 100 Essays - My new book.
To get regular updates and bonus content, please sign-up for my substack: https://bogumilbaranowski.substack.com/
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov
Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Dr. Milo Jones is currently a Senior Advisor for Geopolitics and Technology at Arcano Partners in Madrid, and a Visiting Researcher at the Changing Character of War Centre at Pembroke College Oxford. In addition, he teaches at both IE Business School in Madrid and at Imperial College London. Previously, he worked at Accenture in London, for Morgan Stanley Dean Witter in New York, and served as an officer in the US Marine Corps. He is the co-author of Constructing Cassandra: Reframing Intelligence Failure at the CIA, 1947-2001, published in 2013 by Stanford University Press. A native of Manhattan, he currently lives in Warsaw, Poland.
https://www.linkedin.com/in/inveniam/
https://twitter.com/Inveniam
We talk about Milo’s eight years in the Marine Corps, the study of intelligence agencies’ failures that come from the failure of imagination. Milo discusses his work reframing those failures. Milo emphasizes the importance of the quality of questions and diversity in analyzing complex problems. We talk about the big-picture geopolitical situation and so much more.
The mental models we examine can help us make better decisions in all areas of our life, including investing.
What can we learn from intelligence agencies’ failures? Please help me welcome Milo Jones.
https://www.linkedin.com/in/inveniam/
https://twitter.com/Inveniam
Crisis Investing: 100 Essays - My new book.
To get regular updates and bonus content, please sign-up for my substack: https://bogumilbaranowski.substack.com/
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov
Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
I had the pleasure of hearing Prof. Finkle speak in Omaha earlier this year, and he was kind enough to join me for today’s discussion. It was a real joy to have him on the show, and learn a lot more about our shared hero, Warren Buffett from a different perspective. Todd A. Finkle, Ph.D. is the Pigott Professor of Entrepreneurship at Gonzaga University. He is also an investor, entrepreneur, speaker, and consultant. His research interests include entrepreneurship, famous entrepreneurs, and the business methods and career of Warren Buffett. His most recent book, published by Columbia University Press, is Warren Buffett: Investor and Entrepreneur. Todd won an award (Bronze Medal) for the best business biography for the Axiom Business Books Awards. It traces the entrepreneurial paths that shaped Buffett’s career and how he developed it into a global conglomerate through the imaginative deployment of financial instruments and creative deal making. By viewing Buffett as an entrepreneur, Finkle’s book offers readers a fresh take on one of the world’s best-known financial titans. Dr. Finkle is a native of Omaha, having graduated from Omaha Central High School. He earned his undergraduate and doctoral degrees from the University of Nebraska-Lincoln and an MBA from the University of Wisconsin-Madison. Links: https://www.linkedin.com/in/todd-a-finkle-phd-a59888b6/ https://www.gonzaga.edu/school-of-business-administration/faculty/detail/finkle https://twitter.com/ToddFinkle https://www.toddfinkle.com/
Crisis Investing: 100 Essays - My new book.
To get regular updates and bonus content, please sign-up for my substack: https://bogumilbaranowski.substack.com/ Follow me on Twitter: https://twitter.com/bogumil_nyc Learn more about Bogumil Baranowski Learn more about Sicart Associates, LLC. NEVER INVESTMENT ADVICE. IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks. The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov
Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
BONUS EPISODE: My interview with Assel Altayeva on her wonderful podcast: Femmes Finance Podcast. I highly recommend it!
From Assel:
Welcome to the Femmes Finance Podcast, the ultimate destination for young women who want to take control of their finances and achieve financial independence and career success.
Episode Summary:
What does it take to become a successful value investor? In this episode, we're joined by Bogumil Baranowski, an experienced Investment Advisor and Founding Partner of Sicart Associates, a boutique investment firm that caters to families and entrepreneurs on both sides of the Atlantic and the Pacific. Bogumil is also a podcast host of Talking Billions, TEDx speaker, and author of three bestselling books about investing, managing family fortunes, and navigating crisis.In this episode, you have an amazing opportunity to learn from Bogumil Baranowski about investment strategies and disciplines, drawing on the wisdom of successful investors such as Warren Buffett, Peter Lynch, and Phil Fisher. This episode is packed with valuable advice on investment management and empowerment, Don't miss out on this exciting podcast episode!
Chapters:
0:01:33 - Introduction to Investment
0:07:15 - Investment Strategies
0:13:32 - Common Mistakes in Value Investing
0:22:42 - The Benefits of Passive Investing
0:27:51 - Learning From Financial History
0:36:33 - Nurturing Investment Talent
Follow Us:
Assel ALTAYEVA:
LinkedIn (https://www.linkedin.com/in/asselaltayeva/)
Femmes Finance (https://www.linkedin.com/company/femmesfinance/?viewAsMember=true)
Bogumil BARANOWSKI:
LinkedIn (https://www.linkedin.com/in/bogumil-baranowski/)
Personal Website (https://www.bogumilbaranowski.com/)
Talking Billions Podcast (https://www.talkingbillions.co/)
Crisis Investing Book - Amazon Link
Money, Life, Family Book - Amazon Link
Outsmarting the Crowd Book - Amazon Link
TEDx | The Great Investor In You - YouTube Link
Crisis Investing: 100 Essays - My new book.
To get regular updates and bonus content, please sign-up for my substack: https://bogumilbaranowski.substack.com/
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov
Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
I'm delighted to bring you today's guest, the insightful Adam Ashton. If you have a thirst for knowledge, you're in for a treat! Adam is one half of the amazing team behind “What You Will Learn,” Australia’s top book podcast. Alongside Adam Jones, they've captivated millions with over 400 episodes discussing the books they’ve read. They’ve also penned two best-sellers, with the second titled "Attitude" (you’ll find links in the notes).
My introduction to Adam's podcast was during a peaceful drive in Panama. The engaging talks about books were a perfect match for my love of reading, and soon I was hooked! I listened to episode after episode and found myself adding books to my reading list.
Eager to chat about books, I reached out, and to my joy, Adam Ashton agreed to join us today!
With a diverse background in physiotherapy, economics, finance, and digital marketing, Adam turned to books to seek answers to life’s questions. His favorite books have not only broadened his knowledge but also helped him understand himself and the world.
Today, Adam shares his love for reading and how it led him to create “What You Will Learn.” He believes books are often overlooked treasures that hold simple yet life-changing wisdom.
Looking for happiness? Adam shares insights from books that reveal keys to happiness through connections, meaningful work, and understanding values.
Adam also talks about passion, hard work, and staying committed - themes that are common in many books and crucial for success. He delves into different mindsets and explains how they can shape our approach to work and life.
Public speaking fans, take note! Adam discusses how speaking skills can be highly valuable and even touches upon the fascinating concept of the “Halo Effect.”
We also explore the powerful impact of writing and how it can be a tool for personal growth.
Adam’s advice for all of us is to take action, embrace new opportunities, and stay open to learning.
Speaking with Adam was truly inspiring. This episode is packed with gems of wisdom, so sit back, relax, and please join me in welcoming the wonderful Adam Ashton.
Enjoy the episode!
https://www.whatyouwilllearn.com/
Crisis Investing: 100 Essays - My new book.
To get regular updates and bonus content, please sign-up for my substack: https://bogumilbaranowski.substack.com/
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov
Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
In today's episode, we have the privilege of conversing with the accomplished Jacob McDonough, founder and portfolio manager of McDonough Investments, and the author of the insightful book, "Capital Allocation: The Financials of a New England Textile Mill (1955 - 1985)".
I was introduced to Jacob’s book through my good friend Direk from Bangkok, who also accompanied me at this year's Berkshire meeting in Omaha. While there, I had the opportunity to attend a panel discussion moderated by Jacob. Subsequently, I delved into his book and was thrilled when Jacob graciously agreed to join us for this podcast interview.
Before we dive in, I'd like to mention that Jacob has recently launched an intriguing podcast called "The 10-K Podcast", which I highly recommend. You can find the links in the notes.
In our enlightening conversation today, Jacob unveils the fascinating narrative behind his book on Berkshire Hathaway, shedding light on his motivations and the meticulous process of writing it.
He shares an unexpected lesson that stands out. He elaborates on the importance of not to investing in certain business.
Jacob discusses the critical role of emotional discipline in making investment decisions.
He Reveals the humble beginnings of Berkshire with some initially underperforming businesses.
We identify three central themes in his book: the quest for capital, the masterful capital allocation, and Buffett’s fondness for businesses with growing cash flows.
We discuss Buffett’s Berkshire’s early history with the use of debt, and capital raises.
Jacob explores the variety of businesses Buffett favored, including newspapers and toll bridges, and uncovers the commonalities they shared.
Jacob offers a deep dive into the pivotal role See’s Candies played in Berkshire's early financial success, emphasizing its margins, debt-free status, and minimal capital requirements.
Jacob McDonough's meticulous research and thoughtful writing make his book an invaluable resource for dedicated investors and followers of Buffett alike.
Please join me in extending a warm welcome to the insightful and accomplished Jacob McDonough.
Enjoy this episode filled with rich insights and thoughtful reflections.
https://twitter.com/McD_Investments
Crisis Investing: 100 Essays - My new book.
To get regular updates and bonus content, please sign-up for my substack: https://bogumilbaranowski.substack.com/
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov
Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Evan Tindell brings together a wide range of life, professional, and academic knowledge and experience. His poker player career, MIT degree, and years at an investment firm shaped him to become a successful value investor. Our talk focuses on the years of the pandemic crisis markets. It was a time of major extreme, where many saw the stock market as the biggest casino in the world, while investors like Evan stayed disciplined and rode the waves, seizing opportunities and avoiding the worst risks.
Evan is a Co-founder and Chief Investment Officer of Bireme Capital. He develops firm-wide investment strategy and performs both bottom-up research and portfolio management for the flagship Fundamental Value strategy.
Evan worked for 7 years at Ballentine Capital, where he was the lead equity analyst at the value-oriented long/short equity fund. Prior to that he spent 3 years as a professional poker player, where his successes included a 10th place finish at a European Poker Tour event.
He graduated in 2007 with a BS in Mechanical Engineering from MIT, where he was a four time All-American in tennis.
We talked about:
Evan’s childhood and upbringing and how they influenced his relationship with money and career path.
Evan’s pandemic era essays: "Investing through the pandemic, letters from Bireme Capital."
We discussed the difference between going long and short in investing and the reasons for doing both.
Evan talked about the importance of discipline during stormy times in the market.
We explored how Evan and his firm operates with a high level of uncertainty in investing.
Evan's interest in booms and busts of the past was highlighted, particularly in relation to 2020/2021.
We discuss the concept of a barbell market, with speculative stocks on one end and proven businesses on the other
We examine inflation and its impact on investing, including its potential to pop the "everything bubble."
Evan shared with me his selling strategy.
https://www.biremecapital.com/blog
Crisis Investing: 100 Essays - My new book.
To get regular updates and bonus content, please sign-up for my substack: https://bogumilbaranowski.substack.com/
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov
Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Scott Phillips is a Principal and Chief Investment Officer at Templeton and Phillips Capital Management, LLC.
Prior to Templeton and Phillips, Scott operated Cumberland Capital, a firm providing equity research to global and emerging market hedge funds. Before Cumberland, Scott worked as a research analyst at hedge fund management company Green Cay Asset Management, and prior to Green Cay, he was a research associate at SunTrust Robinson Humphrey.
Scott’s other professional activities include serving on the Investment Advisory Sub-Committee and the Finance Committee for the John Templeton Foundation, as well as the Audit Committee and Chair of the Board of Trustees for the Templeton Foundation, Inc. Scott is the author or coauthor of three investment books, including Investing the Templeton Way (McGraw Hill, 2008), Buying at the Point of Maximum Pessimism, and coauthor to the revised edition of The Templeton Touch. Scott received his B.A. from Sewanee: The University of the South.
Scott shared his experience of spending time with Sir John Templeton and his first conversation with him.
We discussed the concept of maximum pessimism and how it helps in investing, which aligns with Sicart Associates' contrarian approach.
Scott emphasized the importance of thrift, frugality, and saving in the value investing mindset, as mentioned in his book "Investing the Templeton Way."
We explored Sir John's exit strategy and how he timed his sales to avoid market overheating and bubbles bursting.
Scott shared his thoughts on the ideal environment for cultivating the right investor traits.
We discussed Sir John's perspective on success, focusing on how his clients' ability to send their children to school or plan for retirement was a measure of his own success, and Scott shared his similar viewpoint.
Scott discussed working with his spouse, Lauren, and how they collaborate and invest together, acknowledging that successful duos in the investment profession, especially spouses, are relatively rare.
We delved into Sir John's use of history in his investing pursuits and how it helped him be more prepared and less surprised when history repeated itself.
The sense of adventure and global travel in Sir John's life was highlighted, from his travels in Europe before WW2 to his global investments.
We explored the evolution of an investor's approach, drawing parallels between Sir John Templeton and Warren Buffett, and Scott shared his own continuous evolution as an investor.
Scott reflected on the influence of Sir John in his and Lauren's careers and how they emulate his philosophy while also incorporating their unique approach.
https://www.templetonandphillips.com/
Crisis Investing: 100 Essays - My new book.
To get regular updates and bonus content, please sign-up for the Talking Billions Newsletter (Updates about New Episodes). Sicart Associates Newsletter (Bi-Weekly Essays).
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov
Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Eugene Ng is a Singapore-based investor, the Founder and Chief Investment Officer of Vision Capital & Vision Capital Ventures. He is also an author of the Amazon best selling book, "Vision Investing: How We Beat Wall Street & You Can, Too!". He also teaches investing once a year to educate new investors, and to give back.
Vision Capital invests only in publicly traded companies that reflect the best vision for our future, changing & shaping the world for the better.
Born and raised in Singapore, Eugene studied economics and finance where he received his Summa Cum Laude from the Singapore Management University in 2008. Eugene is also a keen sportsman and he represented the Singapore National Team in Water Polo in the 2007 Southeast Asian Games, winning their 22nd consecutive Team Gold.
Eugene’s career in Finance spans over 11 years. His career started in 2008, joining Citi as a Management Associate for 3 years. Subsequently, he was with J.P. Morgan providing FX and Interest Rates sales & advisory for corporates for over 8 years, where he was a Vice-President.
Eugene and I recorded the episode before Buffett’s Berkshire Meeting in Omaha, I had the pleasure to seeing him in person at the event, and talking more. His passion for investing, and his curiosity beams through in this recording as much as it did when we met.
Today, Eugene shares with us stories from his childhood and young adulthood. We go on a rollercoaster ride from growing up with no money, and a parent with a gambling addiction to a near-death experience, to discovering his ikigai, his true reason for being. We discuss stock investing, and how it can be a path to wealth. We discover how long-term investing works best. Eugene shares his thoughts on the futility of market timing. We learn about various types of companies he likes, and why it pays to never sell entirely your position. You’ll find a lesser-known story about Steve Jobs towards the end of the episode, too.
Please help me welcome, Eugene Ng.
Vision Capital - https://visioncapital.group
Vision Capital Ventures - https://visioncapital.group/vision-capital-ventures
Vision Investing (Book) - bit.ly/visioninvest
Twitter - https://twitter.com/EugeneNg_VCap
LinkedIn - https://sg.linkedin.com/in/eugene-ng-visioncapital
Substack - https://visioninvesting.substack.com/
Crisis Investing: 100 Essays - My new book.
To get regular updates and bonus content, please sign-up for the Talking Billions Newsletter (Updates about New Episodes). Sicart Associates Newsletter (Bi-Weekly Essays).
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Talking Billions
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
Read Money, Life, Family - the book.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov.
Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Ted Oakley is the Managing Partner and Founder of Oxbow Advisors. With more than forty years of experience in advising high net worth clients in the investment industry, He is a frequent guest on FOX Business News, Bloomberg Radio, Cheddar TV, Yahoo Finance, and many more.
Mr. Oakley is a Chartered Financial Analyst (CFA) and a Certified Financial Planner (CFP). He is a member of the Austin Society of Financial Analysts. He is also a Partner of Herndon Plant Oakley Ltd., an investment company. He is a Board Member of Texas State Aquarium, American Bank, and American Bank Holding Company. Mr. Oakley is a United States Army Veteran.
Mr. Oakley began his career in Dallas, Texas, over 35 years ago. He is the author of nine books on family wealth, staying rich, money mentality, and more. Links are in the notes.
Mr. Oakley’s primary philanthropic interest is helping children.
A good friend based in Asia introduced me to Ted’s son Keys who was kind enough to help set up this recording. My friend is both an inheritor and wealth creator himself, and curious about the topics we discuss today, I soon discovered that Ted had interviewed my dear friend Jay Hughes, an advisor to wealthy families, and author, who was an early guest on my show.
Today, Ted and I will discuss the peculiar challenges and opportunities associated with staying rich. We are reminded that any fortune that can be made, can be lost. We talk about the importance of keeping family stories alive. Ted points out how there are over a million people in the US with a net worth of $10-$15 million, yet they drop out from this group regularly. We investigate the reasons. It’s music to my ears when Ted emphasizes the need to have liquidity, idle cash on the side. We end with the topic of the next generation.
Ted was a real delight to talk to; we found many overlaps with how we think at Sicart Associates. I also learned a lot, I hope you do too. Please help me welcome – Ted Oakley.
www.oxbowadvisors.com
https://oxbowadvisors.com/books/
Crisis Investing: 100 Essays - My new book.
To get regular updates and bonus content, please sign-up for the Talking Billions Newsletter (Updates about New Episodes). Sicart Associates Newsletter (Bi-Weekly Essays).
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Talking Billions
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
Read Money, Life, Family - the book.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov.
Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Nicki has an extensive experience in media, a degree in radio-television-film, and a passion for history. For four years, she worked on multiple History Channel documentaries and was a research consultant for USA's Mr. Robot.
In her history podcast As The Money Burns, Nicki reconstructs the Great Depression through the lives of actual heirs and heiresses.
She brings back to life the tales of the rich living through the Great Depression. She sets the stage by telling us about the summer before the 1929 crash. We learn about a number of young heirs and heiresses and the lives they live.
There was so much that changed at the time, the newspapers started to follow the stories of the wealthy, and they were losing their anonymity. Taxation was on the rise, so were fraud, Ponzi schemes, and more. We hear about bank runs and how no matter how rich ones are, it's not hard, and maybe extremely easy, to lose it all.
The stories we hear are almost a hundred years old, they are as relevant today as they were then.
Only this week, I took a call from someone who's been reading my articles. His family tale is set between two continents and resembles so many of the stories we'll hear today talking with Nicki.
Someone once reminded me that it's not easy, but it's cheaper to learn from the mistakes of others.
Let's go back to the Roaring 20s and the Great Depression Era with my guest - Nicki Woodard.
https://asthemoneyburns.com/
TW / IG – @asthemoneyburns
Facebook – https://www.facebook.com/asthemoneyburns/
Crisis Investing: 100 Essays - My new book.
To get regular updates and bonus content, please sign-up for the Talking Billions Newsletter (Updates about New Episodes). Sicart Associates Newsletter (Bi-Weekly Essays).
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Talking Billions
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
Read Money, Life, Family - the book.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov.
Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Let's get to NUMBER #1 together! Kindle at $0.99, Already TOP #2 in Finance & Wealth Management, TOP #3 in Stock Market Investing & Investing in Amazon Hot New Releases. Get your copy today! Crisis Investing: 100 Essays - My new book.
Crisis Investing: An Apple, A Plague, and A Bubble
Another sample essay for you to enjoy.
“In the midst of every crisis lies great opportunity” – Albert EinsteinThis book is a chronological collection of 100 essays written over three years during the Global COVID Pandemic, with an added retrospective commentary. It is a treasure trove of everlasting investment principles shared through lessons, experiences, and memories from managing family fortunes through one of the most challenging periods for the economy and the stock market. As the author picked up his laptop and embarked on a personal journey, these essays were written in a midtown Manhattan high-rise office, two remote cabins in the woods, and the tropics, among other places. His perspective changed, while current events offered ample inspiration to write.
"I highly recommend that anyone serious about long-term investing should not only add this book to their library but also include Bogumil in their investment ecosystem." - Guy Spier, a Zurich-based investor, the Author of The Education of a Value Investor, the manager of the Aquamarine Fund
"Bogumil Baranowski's book, Crisis Investing, presents an insightful chronicle of the various challenges that investors faced during the pandemic era. With a wealth of experience as an investment advisor, Baranowski's collection of personal essays provides readers with invaluable lessons and advice on navigating markets and building wealth." - Lauren Templeton, Founder & Principal of Templeton & Philips Capital Management, LLC, the author with Scott Philipps of Investing the Templeton Way
"For me, the years covered in your book have been a good test of core investment principles, especially being patient. Your book is a collection of wise observations made in real-time during those years and yet are timeless, as the best investment principles should be!" - Christopher Mayer, the Author of 100 Baggers: Stocks That Return 100-to-1 and How To Find Them
“A valuable compilation which helps build the required mental & emotional resilience for the highly volatile world investors operate in.” - Gautam Baid, the Author of The Joys of Compounding: The Passionate Pursuit of Lifelong Learning, Managing Partner, Stellar Wealth Partners India Fund
"Since I met him, I've been thoroughly impressed with Bogumil in many ways: His knowledge, passion for life and investing, preparation level, and thoughtfulness in every interaction and question he asks. For these reasons and many more, he's the perfect person to write the book on how to invest through a crisis, generally and specifically through the one we just lived through with the Covid pandemic." - Brad Barrett, Co-founder and Host of the ChooseFI Podcast
"I believe in Bogumil, and I can say that he’s one of the good guys in the finance space." - John Soforic, the Author of The Wealthy Gardener: Lessons on Prosperity ----NEVER INVESTMENT ADVICE. IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov.
--- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Let's get to NUMBER #1 together! Kindle at $0.99, Already TOP #2 in Finance & Wealth Management, TOP #3 in Stock Market Investing & Investing in Amazon Hot New Releases. Get your copy today! Crisis Investing: 100 Essays - My new book.Crisis Investing: Infinite Investing: How do we win a game that has no end?
Another sample essay for you to enjoy. “In the midst of every crisis lies great opportunity” – Albert EinsteinThis book is a chronological collection of 100 essays written over three years during the Global COVID Pandemic, with an added retrospective commentary. It is a treasure trove of everlasting investment principles shared through lessons, experiences, and memories from managing family fortunes through one of the most challenging periods for the economy and the stock market. As the author picked up his laptop and embarked on a personal journey, these essays were written in a midtown Manhattan high-rise office, two remote cabins in the woods, and the tropics, among other places. His perspective changed, while current events offered ample inspiration to write.
"I highly recommend that anyone serious about long-term investing should not only add this book to their library but also include Bogumil in their investment ecosystem." - Guy Spier, a Zurich-based investor, the Author of The Education of a Value Investor, the manager of the Aquamarine Fund
"Bogumil Baranowski's book, Crisis Investing, presents an insightful chronicle of the various challenges that investors faced during the pandemic era. With a wealth of experience as an investment advisor, Baranowski's collection of personal essays provides readers with invaluable lessons and advice on navigating markets and building wealth." - Lauren Templeton, Founder & Principal of Templeton & Philips Capital Management, LLC, the author with Scott Philipps of Investing the Templeton Way
"For me, the years covered in your book have been a good test of core investment principles, especially being patient. Your book is a collection of wise observations made in real-time during those years and yet are timeless, as the best investment principles should be!" - Christopher Mayer, the Author of 100 Baggers: Stocks That Return 100-to-1 and How To Find Them
"Since I met him, I've been thoroughly impressed with Bogumil in many ways: His knowledge, passion for life and investing, preparation level, and thoughtfulness in every interaction and question he asks. For these reasons and many more, he's the perfect person to write the book on how to invest through a crisis, generally and specifically through the one we just lived through with the Covid pandemic." - Brad Barrett, Co-founder and Host of the ChooseFI Podcast
"I believe in Bogumil, and I can say that he’s one of the good guys in the finance space." - John Soforic, the Author of The Wealthy Gardener: Lessons on Prosperity ----NEVER INVESTMENT ADVICE. IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov.
--- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Let's get to NUMBER #1 together! Kindle at $0.99, Already TOP #2 in Finance & Wealth Management, TOP #3 in Stock Market Investing & Investing in Amazon Hot New Releases. Get your copy today! Crisis Investing: 100 Essays - My new book.Another sample essay for you to enjoy.
Crisis Investing: Investing in Times of Pandemic
“In the midst of every crisis lies great opportunity” – Albert Einstein
This book is a chronological collection of 100 essays written over three years during the Global COVID Pandemic, with an added retrospective commentary. It is a treasure trove of everlasting investment principles shared through lessons, experiences, and memories from managing family fortunes through one of the most challenging periods for the economy and the stock market. As the author picked up his laptop and embarked on a personal journey, these essays were written in a midtown Manhattan high-rise office, two remote cabins in the woods, and the tropics, among other places. His perspective changed, while current events offered ample inspiration to write.
"I highly recommend that anyone serious about long-term investing should not only add this book to their library but also include Bogumil in their investment ecosystem." - Guy Spier, a Zurich-based investor, the Author of The Education of a Value Investor, the manager of the Aquamarine Fund
"Bogumil Baranowski's book, Crisis Investing, presents an insightful chronicle of the various challenges that investors faced during the pandemic era. With a wealth of experience as an investment advisor, Baranowski's collection of personal essays provides readers with invaluable lessons and advice on navigating markets and building wealth." - Lauren Templeton, Founder & Principal of Templeton & Philips Capital Management, LLC, the author with Scott Philipps of Investing the Templeton Way
"For me, the years covered in your book have been a good test of core investment principles, especially being patient. Your book is a collection of wise observations made in real-time during those years and yet are timeless, as the best investment principles should be!" - Christopher Mayer, the Author of 100 Baggers: Stocks That Return 100-to-1 and How To Find Them
“A valuable compilation which helps build the required mental & emotional resilience for the highly volatile world investors operate in.” - Gautam Baid, the Author of The Joys of Compounding: The Passionate Pursuit of Lifelong Learning, Managing Partner, Stellar Wealth Partners India Fund
"Since I met him, I've been thoroughly impressed with Bogumil in many ways: His knowledge, passion for life and investing, preparation level, and thoughtfulness in every interaction and question he asks. For these reasons and many more, he's the perfect person to write the book on how to invest through a crisis, generally and specifically through the one we just lived through with the Covid pandemic." - Brad Barrett, Co-founder and Host of the ChooseFI Podcast
"I believe in Bogumil, and I can say that he’s one of the good guys in the finance space." - John Soforic, the Author of The Wealthy Gardener: Lessons on Prosperity----NEVER INVESTMENT ADVICE. IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov.
--- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Let's get to NUMBER #1 together! Kindle at $0.99, Already TOP #2 in Finance & Wealth Management, TOP #3 in Stock Market Investing & Investing in Amazon Hot New Releases. Get your copy today! Crisis Investing: 100 Essays - My new book.Another sample essay for you to enjoy.
Crisis Investing: 100 Essays - In Search of Calm
“In the midst of every crisis lies great opportunity” – Albert Einstein
Crisis Investing: 100 Essays - My new book.This book is a chronological collection of 100 essays written over three years during the Global COVID Pandemic, with an added retrospective commentary.----NEVER INVESTMENT ADVICE. IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov.
--- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Let's get to NUMBER #1 together! Kindle at $0.99, Already TOP #2 in Finance & Wealth Management, TOP #3 in Stock Market Investing & Investing in Amazon Hot New Releases. Get your copy today! Crisis Investing: 100 Essays - My new book.
Crisis Investing: 100 Essays - Introduction
“In the midst of every crisis lies great opportunity” – Albert Einstein
Crisis Investing: 100 Essays - My new book.This book is a chronological collection of 100 essays written over three years during the Global COVID Pandemic, with an added retrospective commentary. It is a treasure trove of everlasting investment principles shared through lessons, experiences, and memories from managing family fortunes through one of the most challenging periods for the economy and the stock market. As the author picked up his laptop and embarked on a personal journey, these essays were written in a midtown Manhattan high-rise office, two remote cabins in the woods, and the tropics, among other places. His perspective changed, while current events offered ample inspiration to write.
"I highly recommend that anyone serious about long-term investing should not only add this book to their library but also include Bogumil in their investment ecosystem." - Guy Spier, a Zurich-based investor, the Author of The Education of a Value Investor, the manager of the Aquamarine Fund
"Bogumil Baranowski's book, Crisis Investing, presents an insightful chronicle of the various challenges that investors faced during the pandemic era. With a wealth of experience as an investment advisor, Baranowski's collection of personal essays provides readers with invaluable lessons and advice on navigating markets and building wealth." - Lauren Templeton, Founder & Principal of Templeton & Philips Capital Management, LLC, the author with Scott Philipps of Investing the Templeton Way
"For me, the years covered in your book have been a good test of core investment principles, especially being patient. Your book is a collection of wise observations made in real-time during those years and yet are timeless, as the best investment principles should be!" - Christopher Mayer, the Author of 100 Baggers: Stocks That Return 100-to-1 and How To Find Them
“A valuable compilation which helps build the required mental & emotional resilience for the highly volatile world investors operate in.” - Gautam Baid, the Author of The Joys of Compounding: The Passionate Pursuit of Lifelong Learning, Managing Partner, Stellar Wealth Partners India Fund
"Since I met him, I've been thoroughly impressed with Bogumil in many ways: His knowledge, passion for life and investing, preparation level, and thoughtfulness in every interaction and question he asks. For these reasons and many more, he's the perfect person to write the book on how to invest through a crisis, generally and specifically through the one we just lived through with the Covid pandemic." - Brad Barrett, Co-founder and Host of the ChooseFI Podcast
"I believe in Bogumil, and I can say that he’s one of the good guys in the finance space." - John Soforic, the Author of The Wealthy Gardener: Lessons on Prosperity----
NEVER INVESTMENT ADVICE. IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov.
--- Send in a voice message: https://podcasters.spotify.com/pod/show/talking-billions/message
Ellen Carr has over two decades of experience as a high-yield bond portfolio manager, most recently at Barksdale Investment Management (BIM), a majority-women-owned, institutional fixed-income investment management firm based in Nashville, TN.
Ellen has been an adjunct professor of finance at Columbia Business School since 2012, where she teaches courses on the credit markets and cash flow modeling.
Ellen is also a writer. She is a frequent contributor to the Financial Times and the co-author of a book on women in investment management published in the summer of 2021 by Columbia University Press.
Ellen has an MBA from the Kellogg Graduate School of Management at Northwestern University. She received her B.A. from Harvard in 1994, where she graduated magna cum laude and Phi Beta Kappa.
Ellen splits her time among Asheville, North Carolina, rural Tennessee, and New York. She has a son, a cat, and a pandemic puppy.
Katrina Dudley, CFA, CAIA, is a Senior Vice President, Portfolio Manager, and Investment Strategist at Franklin Templeton Investments, one of the world’s largest asset managers, where she co-manages the Franklin Mutual Global Discovery and Franklin Mutual European Funds.
Ms. Dudley has a passion for advocating for women in finance and business. She is the author of the introduction to the Vault Career Guide to Mutual Funds. She co-authored with Columbia Business School Adjunct Professor Carr “Undiversified: The Big Gender Short in Investment Management.” Ms. Dudley is a frequent market commentator on Bloomberg and other media outlets.
Ms. Dudley earned an M.B.A. from New York University's Stern School of Business, a Law degree (with first-class honors) and a Commerce degree from Bond University (Australia), and an Associate of Science degree (Computer Science) from the University of the People. She is a Chartered Financial Analyst (CFA) Charter holder and a Chartered Alternative Investment Analyst (CAIA).
Today, we talk about:
1) Ellen and Katrina’s childhood, upbringing, and career path.
2) Their book Undiversified: The Big Gender Short in Investment Management
3) The need and ways to include more women in the investment profession.
4) Ellen and Katrina share their research and advice on creating more opportunities for women, from entry-level analyst roles to paths to promotion and retention later on.
5) We discuss how women are more risk aware, not necessarily risk averse.
6) Stay tuned until the end, when we talk about how this challenge of being undiversified when it comes to gender can be the next opportunity for investment management as a profession and industry. The book - find it here.
----Crisis Investing: 100 Essays - My new book.
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Talking Billions
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
Read Money, Life, Family - the book.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available at adviserinfo.sec.gov.
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Warren Buffett and Charlie Munger’s 2023 Berkshire Hathaway Meeting
I got up and stood on a platform — a microphone in front of me, a beam of bright light in my face. Warren Buffett just called me to ask a question in front of tens of thousands of people around me and millions watching worldwide. I was in the middle of Berkshire Hathaway’s Annual Meeting – the Woodstock for Capitalists held in Omaha, Nebraska, each year. It was my turn to speak; I said: “Thank you for making our lives better.” My words echoed back, confusing me for a moment; I proceeded with the question, nonetheless!
Before I share with you what followed, I must thank everyone who asked me if I’m going to Omaha this year. There were many of you, many more than usual: Guy Spier, William Green, Adam Mead, Gautam Baid, Phil Ordway, Christopher Tsai, Robert Karas, Saurabh Madaan, Jeff Henriksen, Ninad Shinde, Jake Taylor, Gillian Zoe Segal, Eugene Ng, Tyler Howell, John Mihaljevic, Alex Wetterling, Tilman Versch, and many others. Special credit goes to Lauren Templeton, though, who, in our podcast conversation, finally convinced me to pack up and head over on this very special pilgrimage, my first in a long time. Thank you, Lauren!
Read here or listen to the episode.
----Crisis Investing: 100 Essays - My new book <-- check it out on Amazon.
To get regular updates and bonus content, please sign-up for the Talking Billions Newsletter (Updates about New Episodes). Sicart Associates Newsletter (Bi-Weekly Essays).
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Talking Billions
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
Read Money, Life, Family - the book.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov.
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In the world of investing, we keep looking for an edge; everyone wants to be smarter, and faster, I often say I’m probably more patient than most. My guest today might know of a secret edge worth sharing.
Carl Honoré is a bestselling author, broadcaster and the voice of the Slow Movement. His two main-stage TED Talks have racked up millions of views. His TED Course is entitled How to slow down.
Carl travels the world to deliver powerful keynotes that put time and tempo in a whole new light. His counter-intuitive message is simple but game-changing: To thrive in a fast world, you have to slow down.
Carl’s first book, In Praise of Slow, chronicles the global trend toward putting on the brakes in everything from work to food to parenting.
Carl’s second book, Under Pressure explores how to raise and educate children in a fast world and was hailed by Time as a “gospel of the Slow Parenting movement.”
Carl’s third book, The Slow Fix, explores how to tackle complex problems in every walk of life, from health and relationships to business and politics, without falling for superficial, short-term quick fixes.
Carl’s latest book, Bolder: Making The Most Of Our Longer Lives, explores ageing – how we can do it better and feel better about doing it. It’s a spirited manifesto against ageism.
We talked about the following ideas:
-
Speed is not always the best – that idea that it’s the fittest that survive, not the fastest!
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The biggest challenge to the slow movement is alleged price, the sacrifice we need to pay if we dare to slow down – Carl shares his perspective.
-
Boredom is a modern invention.
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A contradiction, and contrast of sorts, where we could both praise speed and slowness. How do we strike a balance between the fast and slow?
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Being time rich and being time poor, how do become time rich in this ever-faster world we live in?
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The curiosity in slowness is growing also in the industry that is speeding us up – tech industry!
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We touch on remote work, and how it’s changing the work, life, and speed dynamic.
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Leisure is not more than escape from work.
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Demographics, and aging, and Carl’s other book - Bolder
-
Stay tuned until the end where we talk about how we can get started on this path to slowness, how kids are growing up under lots of pressure.
Carl Honore -- Books. Carl's - Website. TED Talk.
----Crisis Investing: 100 Essays - My new book.To get regular updates and bonus content, please sign-up for the Talking Billions Newsletter (Updates about New Episodes). Sicart Associates Newsletter (Bi-Weekly Essays).
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Talking Billions
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
Read Money, Life, Family - the book.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov.
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John Soforic is the owner of a real estate business and enjoys total financial freedom. He wrote The Wealthy Gardener: Life Lessons on Prosperity between Father and Son to distill his own wisdom on money and success for his ambitious son who was entering adulthood. John’s book became a huge success, a best-seller, and an instant classic.
He has lived in Mount Pleasant, Pennsylvania, with his wife, Patti, for over 30 years. He has a daily wealth blog at wealthygardener.com
We talk about
1) John’s childhood and upbringing and how those days influenced his relationship with money
2) The unique storytelling shared in the book, a parable of a Wealthy Gardener, and John’s own intimate stories of struggles and success
3) John explains how financial freedom is a way of life
4) We learn from John that “prosperity is the power to take a walk in the woods on a weekday, pay for college tuition, and live with choices, options, and power.”
5) We have a fascinating discussion about how we spend our time and the need for impact activity in our days.
6) John shares his experience with stock market investments and how real estate investment resonated better with his personality and expertise.
7) We talk about the discomfort and the pursuit of wealth
8) The importance of relationships and alone time
9) Last but not least, we touch on John’s own definition of success.
John and I had a really fun conversation that continued after we stopped recording. I shared my last book with him, and he was kind enough to contribute to my new book, Crisis Investing.
I hope you enjoy this episode as much as I did. Please help me welcome John Soforic.
----Crisis Investing: 100 Essays - My new book.To get regular updates and bonus content, please sign-up for the Talking Billions Newsletter (Updates about New Episodes). Sicart Associates Newsletter (Bi-Weekly Essays).
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Talking Billions
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
Read Money, Life, Family - the book.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov.
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Welcome to the special episode of Talking Billions.
It’s Berkshire Hathaway week, and some of you might be heading to Omaha for the company’s annual meeting. I’ll be there, and I mightsee some of you. Many of you might be following the event online. Others might be new to Buffett and his company.
As a special treat this week, I have an episode with Adam Mead for you.
Adam wrote an incredible, almost 800-page book about the history of Berkshire Hathaway. I read it all, and I highly recommend it.
Berkshire is an investment vehicle managed by Warren Buffett and Charlie Munger, two legends in the investing world.
There are many books about them and the company, but this one is unique.
Adam did an incredible job researching the history of Berkshire long before Buffett’s arrival at the helm, leaving us with hints about the future beyond Buffett.
If you are a Buffett fan, I think you’ll greatly enjoy hearing stories you might be hearing for the first time, or at least how we discuss them might offer a new perspective.
If you are new to Buffett and Berkshire, it’s a great primer in the history of a very successful investing duo, a one-of-a-kind company, and over 150 years of economic and industrial change in the United States.
We start with the whaling fortunes of the northeast, we talk about Hetty Green, a legend of Wall Street of the late 1800s, to a story of the textile industry in America, to Buffett’s arrival, and Berkshire’s prosperous growth to a giant it is today holding a stake in Apple among others. We’ll talk both about the success and some massive mishaps, too. Stay tuned until the end, where we talk about Buffett’s lesser-known involvement with Amazon soon after the dot com bubble burst.
Our conversation is a lesson in economic history seen through the experience of one company that changed and evolved and continues to flourish today.
Adam J. Mead is a life-long student of business and capital allocation. He is the CEO and Chief Investment Officer of Mead Capital Management, LLC. Adam is also the founder of watchlistinvesting.com, a value investing newsletter. Adam spent over a decade in banking in commercial credit, including observing first-hand the after effects of the Great Recession and the long credit expansion afterward.
Adam has been investing in public securities markets since 2004. Adam holds a Master of Business Administration from Southern New Hampshire University.
Twitter: @BRK_Student LinkedIn YouTube Blog: http://www.theoraclesclassroom.com Newsletter: http://watchlistinvesting.com
The Complete Financial History of Berkshire Hathaway: ----Crisis Investing: 100 Essays - the new book.To get regular updates and bonus content, please sign-up for the Talking Billions Newsletter (Updates about New Episodes). Sicart Associates Newsletter (Bi-Weekly Essays).
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Talking Billions
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
Read Money, Life, Family - the book.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov.
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Gillian Zoe Segal is the author of “Getting There: A Book of Mentors” and “New York Characters.” She received a Bachelor of Arts from the University of Michigan and a law degree from the Benjamin N. Cardozo School of Law.
We talk about her book Getting There, and we explore the stories of many successful people. We discuss some of the themes and lessons from their experience:
1) We start with Gillian’s own childhood and upbringing
2) Gillian shares how none of the characters featured in her book had a smooth and steady ride to the top
3) She shares a story of young Warren Buffett’s fear of public speaking and how he managed to overcome it
4) We learn how the mentors in Gillian’s book had blind faith in future success despite countless rejections.
5) We hear about the importance of treating everyone with respect.
6) Gillian shares a lesson from SaraBlakley, the billionaire founder of Spanx how it helps to protect and nurturenew ideas.
7) We talk about how great schools and degrees are not an indispensable ingredient to success and how getting fired mighthave helped many of the heroes in the book succeed.
8) We discuss the dead-ends, plateaus, and even rock bottoms in the lives of the many accomplished people that Gillianfeatures in the book.
9) Stay tuned until the end if you are curious to know what a big wave surfer can teach us about goals and more.
I had a lovely time chatting with Gillian and learning more about many people we all admire. Her book introduces them from a whole new perspective. I think there might be a lesson there or two for all of us. I certainly found some valuable takeaways for myself.
To get regular updates and bonus content, please sign-up for the Talking Billions Newsletter (Updates about New Episodes). Sicart Associates Newsletter (Bi-Weekly Essays).
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Talking Billions
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
Read Money, Life, Family: My Handbook: My complete collection of principles on investing, finding work & life balance, and preserving family wealth.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov.
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It's a bonus episode where I introduce all the previous 20+ episodes. It's a short listen, and you can choose and pick which episodes you might have missed but would enjoy listening to. Enjoy, subscribe, follow, rate, and most of all, share with your family and friends; warmly, Bogumil
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My guest today is Robert Karas. He is a partner and a chief investment officer at Bank Gutman in Vienna Austria. He is a fellow Guy Spier’s ValueX attendee. He calls himself an investor on a lifelong journey. I’m a big fan of his newsletter, which you can find on LinkedIn, the link is in the notes. Robert has a way of presenting familiar ideas in a new fresh, and thoughtful way. I think that any seasoned and new investor would benefit from reading them. I highly recommend checking out his earlier posts, especially the ones written in midst of last crisis, the global COVID pandemic.
Today, we talk about Robert’s childhood, and upbringing, his investing journey. He shared with me his experience working at 100-year old institution, and how that influences the type of clients he works with, and the type of investment philosophy that his firm pursues. We discuss the benefits of writing, and how writing can make us better investors. Robert likes to call himself an outsider, and he explains why that helps in his work.
I especially like how he refers to the life of an investor as being monk like. He shares how an investment team resembles monks and nuns in a monastery. Stay tuned until the end to find out why Robert believes that it doesn’t pay to get completely out of the market at any point in time, no matter what’s happening.
I greatly enjoyed our conversation, I hope to continue to learn from Robert, and follow his writing.
After we stopped recording, I shared with Robert that Vienna was the first Western European city I saw as a kid. Poland, where I grew up, was just ending its failed experiment with a centrally planned Soviet-style economy. I have vivid memories of Vienna as being colorful, and alive compared to my early childhood Poland, which was gray, but about to dramatically change as the Cold War came to an end, and the Iron Curtain just fell.
Without further ado, please help me welcome Robert Karas from Bank Gutman in Vienna, Austria.
https://www.linkedin.com/in/robertkaras/
To get regular updates and bonus content, please sign-up for the Talking Billions Newsletter (Updates about New Episodes). Sicart Associates Newsletter (Bi-Weekly Essays).
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Talking Billions
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
Read Money, Life, Family: My Handbook: My complete collection of principles on investing, finding work & life balance, and preserving family wealth.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov.
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My guest today is Jeff Henriksen. He is the CEO and founder of Thorpe Abbotts Capital, LLC. He is also an Associate Fellow at the University of Oxford and a contributor to Forbes.
Over the last ten years, Jeff has gained knowledge and experience as a private investor with a focus on behavioral finance. Although his investment style is rooted in the teachings of traditional value-oriented thinkers, Jeff’s philosophy centers on understanding the behavioral factors behind mispricing to unlock the core building blocks of the value premium. Using knowledge of these core building blocks, Jeff seeks to adapt traditional value investing philosophy to 21st century financial markets.
Jeff earned his MBA from the University of Oxford where he received the Dean’s Commendation Award. He also holds a master’s in finance from the University of Colorado Denver and a Bachelor of Arts from the University of Colorado Boulder, where he graduated magna cum laude in History. He is a member of the Phi Beta Kappa Society.
Today, we start with some childhood stories, and Jeff’s first entrepreneurial experience.
We dive deep into the concepts behind behavioral finance and economics in search of the new frontier or maybe the last edge in the investment world. Jeff has a gift for explaining difficult concepts in a very relatable way.
All investors read, many write, some publish, and others also teach on top of it all, Jeff tells us what he learned teaching investing at Oxford.
Jeff shares his recent memories of crisis investing while navigating through the global pandemic and tells a story of a stock trader who lived through the Cuban Missile Crisis… a story I didn’t know, but a story that gave me a new way of looking at extremely uncertain moments in time.
We have a longer discussion about obliquity, a concept that’s been on my mind lately, it’s the idea of indirectly arriving at the goal we chose.
Stay tuned to the end, one more time, my guest surprises me with a new take on the definition of success. It involves a Hollywood movie and more.
Find Jeff here: www.thorpeabbottscapital.com
To get regular updates and bonus content, please sign-up for the Talking Billions Newsletter (Updates about New Episodes). Sicart Associates Newsletter (Bi-Weekly Essays).
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Talking Billions
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
Read Money, Life, Family: My Handbook: My complete collection of principles on investing, finding work & life balance, and preserving family wealth.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov.
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Christopher Mayer is the founder of Woodlock House Family Capital and author of several books, including 100 Baggers.
Before starting Woodlock House (which went live in January 2019), Mayer worked with Bonner & Partners and the Bonner family office. He was the editor of Capital & Crisis, published by Agora Financial from 2004-2015. He was a corporate banker from 1994-2004 and graduated magna cum laude with a degree in finance from the University of Maryland. He also has an MBA from the same institution.
He is the author of Invest Like A Dealmaker: Secrets of a Former Banking Insider (2008), World Right Side Up: Investing Across Six Continents (2012), 100 Baggers: Stocks that Return 100-to-1 and How to Find Them (2015) and How Do You Know? A Guide to Thinking Clearly About Wall Street, Investingand Life (2018). Dear Fellow Time-Binder: Letters on General Semantics.
We focus our discussions mostly on the 100 bagger book, and I hope to have Christopher back on the show to talk about the other books.
We talk about the idea of finding and investing in stocks that could go up 100 times. Chris shares the story behind the inspiration for thebook. We talk about building a portfolio of 100x stocks, market timing, and so much more.
I would encourage you to stay tuned until the end, when Chris sheds more light on his definition of success.
To me, Chris’ book and this conversation continue to expand my imagination when it comes to what’s possible in investing in stocks.
(www.woodlockhousefamilycapital.com).
Author Page on Amazon
https://twitter.com/chriswmayer
To get regular updates and bonus content, please sign-up for the Talking Billions Newsletter (Updates about New Episodes). Sicart Associates Newsletter (Bi-Weekly Essays).
Follow me on Twitter: https://twitter.com/bogumil_nyc
Learn more about Talking Billions
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
Read Money, Life, Family: My Handbook: My complete collection of principles on investing, finding work & life balance, and preserving family wealth.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov.
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Lauren C. Templeton is the founder and president of Templeton & Phillips Capital Management, LLC; a value investing boutique located in Chattanooga, Tennessee. Ms. Templeton currently serves on the Board of Directors at Fairfax Financial Holdings, the Board of Directors at Fairfax India Holdings Corporation, and the Board of Directors of Canadian Solar.
Ms. Templeton is the great-niece of Sir John M. Templeton and serves on the Board of Trustees of the John Templeton Foundation. She is also a current member the Templeton World Charities Foundation and a Trustee of Templeton Religion Trust. Ms. Templeton is the co-author of Investing the Templeton Way: The Market Beating Strategies of Value Investing’s Legendary Bargain Hunter. She received a B.A. in Economics from the University of the South.
We talk about:
1) Lauren’s childhood and upbringing, and growing up around investing
2) Sir John Templeton’s optimism, and the concept of maximum pessimism
3) Sir John’s respect for thrift, and the importance of saving
4) Making a positive difference in clients’ lives
5) The benefits of being a student of history
6) Sir John’s worldly views shaped by travel
We cover so many stories from Lauren's life, and her memories of Sir John, her great uncle.
Stay tuned until the end, when we talk about Berkshire Hathaway and Lauren’s recent email exchange with Warren Buffett.
Links:
Investing the Templeton Way: The Market-Beating Strategies of Value Investing's Legendary Bargain Hunter
Templeton & Phillips Capital Management
To get regular updates and bonus content, please sign-up for the Talking Billions Newsletter (Updates about New Episodes). Sicart Associates Newsletter (Bi-Weekly Essays).
Learn more about Talking Billions
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
Read Money, Life, Family: My Handbook: My complete collection of principles on investing, finding work & life balance, and preserving family wealth.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov.
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My guest is the best-selling author Gautam Baid, CFA. He is the Managing Partner and Fund Manager of Stellar Wealth Partners India Fund.
The fund is modeled after the Buffett Partnership fee structure and invests in listed Indian equities with a long-term, fundamental, and value-oriented approach.
Previously, Gautam served as Portfolio Manager at Summit Global Investments, an SEC-registered investment advisor based in Salt Lake City, USA. Before that, he served at the Mumbai, London, and Hong Kong offices of Citigroup and Deutsche Bank as Senior Analyst in theirinvestment banking teams.
Gautam is the author of the international best-seller on value investing, The Joys of Compounding. He is a CFA charterholder and member of CFA Institute, USA; an MBA in Finance from Nirma University, India; and an MS in Finance from ICFAI University, India.
Gautam's views and opinions have been published on various forums in print, digital, and social media. In 2018 and 2019, he was profiled in Morningstar’s Learn from the Masters series.
https://www.thejoysofcompounding.com/
www.stellarwealthindia.com
We will talk about:
1) Gautam’s journey from India to the US, and his passion for investing
2) The importance of reading and writing in investing success.
3) Why value investing principles are timeless
4) The attitude towards material wealth
5) The nature and benefits of deferred gratification
6) Luck, chance, serendipity, randomness and their role in our lives and investing.
7) The notion that you can borrow someone’s investment idea, but you can’t borrow their conviction.
8) Thoughts on investing in India.
Gautam is an avid reader, and if you are still wanting more after the interview, and the book, as I was, I highly recommend browsing through his reading list that his shares on his website and Goodreads.
To get regular updates and bonus content, please sign-up for the Talking Billions Newsletter (Updates about New Episodes). Sicart Associates Newsletter (Bi-Weekly Essays).
Learn more about Talking Billions
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
Read Money, Life, Family: My Handbook: My complete collection of principles on investing, finding work & life balance, and preserving family wealth.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov.
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My guest today is Brian Moran, he is a Co-Author with Michael Lennington of the New York Times Bestseller, The 12 Week Year. He is the President and Founder of The 12 Week Year, has 30 years of expertise as a corporate executive, entrepreneur, consultant and coach. His background as a corporate executive combined with his experience as an entrepreneur positions him with a unique skill set to help individuals and organizations grow and prosper.
Brian is a recognized expert in the field of leadership and execution. His realization that most people don't lack ideas but struggle with effective implementation led him to the development of The 12 Week Year TM.
In addition to his books, Brian has been published in many of the leading business journals and magazines. He is a sought after speaker, educating and inspiring thousands each year. Brian lives in Michigan with his wife Judy and their two daughters.
Please help me welcome, Brian Moran.
https://12weekyear.com/
We will talk about:
1) Where the idea for a 12 week year come from.
2) How effective execution can make all the difference
3) We don’t need new ideas to double or triple our income, applying what we already know can be enough
4) Short-term goals and long term vision.
5) Ownership of your choices, and true accountability
6) Results are the confirmation of greatness, you become great long before the results
7) The importance of breakout blocks, as in rest.
8) Last, but not least, we’ll hear about Brian’s own measure of success.
Here is one of my favorite quotes from the book: on the daily, weekly basis the difference between greatness and mediocrity is small, but the difference in results down the road is tremendous.
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Read Money, Life, Family: My Handbook: My complete collection of principles on investing, finding work & life balance, and preserving family wealth.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov.
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Patricia Angus, JD, MIA, TEP, is Founder and CEO of Angus Advisory Group LLC, an Adjunct Professor, founding Managing Director of the Global Family Enterprise Program, and Faculty Director of Enterprising Families Executive Education at Columbia University’s Graduate School of Business. A recognized thought leader in the field, she has provided legal and strategic advice to global families and firms with multi-generational businesses, trusts, and philanthropy, for over three decades. She is a prolific author, with publications including the highly acclaimed The Beneficiary Primer: A Guide for Beneficiaries of Family Trusts and The Trustee Primer: A Guide for Personal Trustees.
Ms. Angus has served on the board of directors of global single family offices, and has advised many others.
Ms. Angus has been named one of the Top 50 Women in Wealth Management by Wealth Manager; a Rising Star by Private Asset Management; and Top 50 CEOs in Private Client, Power Women, and Top 100 North American Wealth Advisers by Citywealth. Ms. Angus received the Interdisciplinary Award from the Family Firm Institute.
She received a B.A. cum laude from Amherst College, a Masters in International Affairs with a concentration in International Law and Organizations from Columbia University School of International and Public Affairs, and a J.D. from George Washington University Law School.
We are talking about:
1) What are trusts, where did they come from, what purpose do they serve?
2) How trusts have changed over the years?
3) Two types of trusts: revocable and irrevocable
4) We’ll hear more about what it takes to be a good trustee and a good beneficiary?
5) Do trusts have to end?
6) How can we define a success of a trust?
Please help me welcome, Patricia Angus.
Resources: The Trustee Primer, The Beneficiary Primer
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Learn more about Talking Billions
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Read Money, Life, Family: My Handbook: My complete collection of principles on investing, finding work & life balance, and preserving family wealth.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov.
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Byron Tully | The Old Money Book - How To Live Better While Spending Less - Secrets of America's Upper Class
My guest today is Byron Tully, author of The Old Money Book - How To Live Better While Spending Less - Secrets of America's Upper Class. He's also written The Old Money Guide To Marriage, Old Money Style, and Old Money - New Woman. The Old Money Book alone has over 700 4-star reviews on Amazon and over 700 4-star ratings on Goodreads. The second, expanded edition of the book was published in 2020. Byron's popular blog at theoldmoneybook.com has, for the past 10 years, discussed topics of personal development and old money culture with a global community of followers. Byron is a grandson of a newspaper publisher and son of an oil industry executive, he's been an occasional guest on radio and podcasts.
We talked about:
1) Byron’s childhood and upbringing, and the inspiration for his book, The Old Money Book.
2) How pursuing Old Money values doesn’t require money, and may actually lead to accumulating money
3) Looking rich, and being rich
4) The experience of inheriting wealth or receiving any major windfall of money in life
5) We’ll discuss Old Money values in more detail.
6) We also explore the importance of appreciating the time and effort it took to acquire wealth
7) Finally, Byron shares with us his personal definition of success. We left the best for last, so stay with us until the end of the episode.
Byron is joining us from France today.
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Read Money, Life, Family: My Handbook: My complete collection of principles on investing, finding work & life balance, and preserving family wealth.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov.
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Alex Soojung-Kim Pang | The importance of Rest | S1 E14 | 14
My guest today is Alex Soojung-Kim Pang, he is a program director at 4 Day Week Global, a nonprofit advocating for the 4-day workweek. His trilogy of books— SHORTER: Work Better, Smarter and Less— Here’s How (Public Affairs, 2020); REST: Why You Get More Done When You Work Less (Basic Books, 2016), and THE DISTRACTION ADDICTION (Little Brown, 2013)— shows how companies and individuals can better integrate rest, creativity, and focus into digital-age lives and work. Alex has been a consultant at Institute for the Future and Strategic Business Insights, and a visiting scholar at Microsoft Research Cambridge, Oxford University, Stanford University, and UC Berkeley. Alex received a Ph.D. in history and sociology of science from the University of Pennsylvania.
I read Alex’s book Rest a while ago, and then I came back to it during Covid. In a high-pressure, ever changing environment, I grew to appreciate yet again the importance of Rest. I see at as a life changing advantage in a life of an investor, or any professional. Alex’s book gave me tools, and guidance how to include rest in my life, and how to do it well. It also gave me a permission to see rest as an important part of my daily life.
Today, you’ll hear about:
1) The concept of Obliquity as in reaching your goals in an indirect way.
2) Learning to rest better
3) Seeing rest not as absence of work or opposite to work, but as an equal
4) The importance of rest in life of an investor, and what benefits it can offer
5) The impact of remote work on our rest and productivity.
Please help me welcome, Alex Soojung-Kim Pang
RECENT PUBLICATIONS
LINKS
Strategy+Rest: www.strategy.rest
LinkedIn: linkedin.com/in/askpang
Twitter and Instagram: @askpang
To get regular updates and bonus content, please sign-up for the Talking Billions Newsletter.
Learn more about Talking Billions
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Learn more about Sicart Associates, LLC.
Read Money, Life, Family: My Handbook: My complete collection of principles on investing, finding work & life balance, and preserving family wealth.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov.
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Philip Ordway | Intelligent Investing | S 1 E 13 | 13
My guest today is Philip Ordway, a fellow patient, disciplined investor. He shares his thoughts on being grounded when it comes to money, having a common sense, and benefits of productive mornings.
Philip Ordway is the Managing Principal and Portfolio Manager of Anabatic Fund, L.P. Previously, Philip was a partner at Chicago Fundamental Investment Partners (CFIP). Philip earned his B.S. in Education & Social Policy and Economics from Northwestern University in 2002 and his M.B.A. from the Kellogg School of Management at Northwestern University in 2007, where he now serves as an Adjunct Lecturer in the Finance Department. He is a co-host of a great podcast The Week in Intelligent Investing.
We talk about:
1) Discovering Warren Buffett, and his investment approach.
2) Being rational and intelligent with money.
3) Avoiding future regrets.
4) Changing your mind about an investment.
5) Treating clients the way you’d like to be treated.
Please help me welcome, Phil Ordway.
Links: Phil’s Substack, Phil’s Reading List.
To get regular updates and bonus content, please sign-up for the Talking Billions Newsletter.
Learn more about Talking Billions
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Learn more about Sicart Associates, LLC.
Read Money, Life, Family: My Handbook: My complete collection of principles on investing, finding work & life balance, and preserving family wealth.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov.
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Mitko Karshovski | The Future of Work is Remote | S1 E12 | 12
My guest today is Mitko Karshovski, he is the host of a very successful podcast, That Remote Life, where he interviews experts in remote work, and remote life, while sharing strategies and techniques for those interested in pursuing a location independent career. He was born in Bulgaria, grew up in Ohio, he has traveled the world, and lived in many countries, and he currently spends his time between the US, Bulgaria, Thailand, and Mexico among other places.
We talk about:
1) The experience of growing up in Eastern Europe, and the United States.
2) Mitko’s podcast – That Remote Life
3) Becoming a digital nomad
4) The success and the future of remote-first companies
5) Asynchronous and location independent work
That Remote Life
To get regular updates and bonus content, please sign-up for the Talking Billions Newsletter.
Learn more about Talking Billions
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Learn more about Sicart Associates, LLC.
Read Money, Life, Family: My Handbook: My complete collection of principles on investing, finding work & life balance, and preserving family wealth.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov.
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Guy Spier | The Education of a Value Investor & More | S1 E11 | 11
My guest today is Guy Spier. Guy Spier is a Zurich-based author and investor. He completed his MBA at the Harvard Business School, and holds a First Class degree in PPE (Politics, Philosophy and Economics) from Oxford University where he studied at Brasenose College with the British Prime minister David Cameron. After completing his MBA, Spier started the Aquamarine Fund which is an investment vehicle inspired by the original 1950's Buffett partnerships. In 2008 Spier made news by bidding $650,000 with his friend, Mohnish Pabrai, to have a charity lunch with Warren Buffett. His book, “The Education of a Value Investor” has sold more than 50,000 copies. Mr. Spier served as the chair and founder of the Weizmann Science and Business Club, and as a member of the Harvard Business School Alumni Board. He currently serves on the advisory boards of Value Conferences, and of Zurich Minds. He is the founder of VALUEx Zurich, and has co-founded TEDxZürich and TEDxZüriberg. From 2007 to 2009, Mr. Spier served on the Advisory Board of the Dakshana Foundation. In 2017 Spier joined the newly formed board of the Swiss Friends of Oxford University and is on the board of the UN Watch. He is a member of Entrepreneurs' Organization and of the Young Presidents Organization. Guy lives in Zurich with his wife, and their three children.
Today, you’ll hear about: 1) Guy’s family history, and how it shaped him, and his investment philosophy. 2) The risk of losing it all. 3) Skiing and investing, it’s not the fastest skier that wins, and the one who doesn’t get injured. 4) The challenges & opportunities of managing your own family money, and other people’s money. 5) Investing is like planting vineyards: “not all vintages will be fantastic, but we will have wine to drink” 6) Creating the right physical, geographic and social environment to flourish as an investor. 7) The right and the wrong, and ethics in the investment business. 8) Success is not a number. 9) As a bonus, we talk about flying small planes, and what it taught both of us about investing.
My favorite quote shared by Guy -- “It doesn’t matter how slowly you go, as long you do not stop” – Confucius.
Other notes: Yale Professor mentioned in the episode: Nicholas Christakis, The book is called Connected, TED Talk
Learn more about Talking Billions Learn more about Bogumil Baranowski Learn more about Sicart Associates, LLC. Read Money, Life, Family: My Handbook: My complete collection of principles on investing, finding work & life balance, and preserving family wealth.
NEVER INVESTMENT ADVICE. IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov.
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Sophocles Sophocleous | Investing Lessons from a Career Across Asset Classes & Markets | S 1 E 10 | 10
My guest today is Sophocles Sophocleous
He was born in Canada and raised in Cyprus, he is a Fulbright scholar and CFA Charterholder with multi-year experience in developed and emerging markets in both equities and debt. Currently, he works as an investment advisor to an activist Swiss investor Veraison Capital. During his career, he has managed individual and institutional equity client portfolios and worked for a London-based emerging market high-yield debt fund. On an annual basis, he organizes a by-invitation Cyprus Value Investor Conference that he co-founded in 2016. Also, on a part-time basis, he teaches a CFA Level 1 course and a master's course that he designed.
We talked about:
1) His experience investing across stocks and bonds and developed and emerging markets.
2) Founding and running an international investor conference.
3) Looking for a dream investment.
4) Selling policy for stocks and bonds, similarities and differences.
5) Living through a banking crisis.
6) Cyprus Value Investor Conference
To get regular updates and bonus content, please sign-up for the Talking Billions Newsletter.
Learn more about Talking Billions
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Learn more about Sicart Associates, LLC.
Read Money, Life, Family: My Handbook: My complete collection of principles on investing, finding work & life balance, and preserving family wealth.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov.
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Andrew Stotz & Alex Wetterling | My Worst Investment Ever & More | S1 E9 | 9
My guests today are: Andrew Stotz, and Alex Wetterling
Dr. Andrew Stotz, CFACEO, A. Stotz Investment ResearchAndrew Stotz is on a mission to reduce risk in the lives of millions, which he does through his My Worst Investment Ever podcast. He is co-founder and CEO of A. Stotz Investment Research, A. Stotz Academy, and co-founder of CoffeeWORKS.
During his career in finance, Andrew served two terms as President of CFA Society Thailand and was twice voted #1 financial analyst in Thailand. He has been teaching since 1992 and created six online courses, including the Valuation Master Class, the world’s #1 practical valuation online course. He has written five books and holds a Ph.D. In finance.
He lives with his 83-year-old mother and has been in Thailand for nearly 30 years.
Alexander Wetterling, CIPMFounding Partner, A. Stotz Investment ResearchAlexander Wetterling is an investment professional taking a particular interest in investor behavior and decision-making. He is a Founding Partner of A. Stotz Investment Research and A. Stotz Academy, and co-founder of the Valuation Master Class.
In 2011, Alex met Andrew as a professor during his exchange semester in Bangkok, Thailand. In 2013, he started working with Andrew and their other business partner Sornsak and two years later became a Founding Partner of the firm. Alex holds a Master of Science in Financial Economics from the School of Business, Economics and Law at the University of Gothenburg, Sweden.
We talk about
1) Andrew’s podcast – My Worst Investment Ever
2) Alex’s experience growing up in Sweden
3) How to become a better investor
4) The challenges and opportunities of ESG investing (Environmental, social, and corporate governance)
5) What can North American and European investors learn from Asia
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Learn more about Talking Billions
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Read Money, Life, Family: My Handbook: My complete collection of principles on investing, finding work & life balance, and preserving family wealth.
NEVER INVESTMENT ADVICE.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
The content of this podcast is for general, informational purposes, and so are the opinions of members of Sicart Associates, a registered investment adviser, and guests of the show. This podcast does not constitute a recommendation to buy or sell any specific security or financial instruments or provide investment advice or service. Past performance is not indicative of future results. More information on Sicart Associates is available via its Form ADV disclosure documents available adviserinfo.sec.gov.
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Jacob Lund Fisker | Frugal, Responsible, and Environmentally Friendly Living | Author of Early Retirement Extreme Book & Blog | S1 E8 | 8
My guest today is Jacob Lund Fisker. His book Early Retirement Extreme: A philosophical and practical guide to financial independence has been a big hit and remains a very popular read among those curious about frugal and responsible living while caring about the planet. It’s so much more than that, though. His blog, with the same name and the link in the notes, is also a great resource.
Jacob is a Danish-born astrophysicist living in the US and enjoying an early retirement. He is very thoughtful and deliberate about how he lives his life. He took the time to sit down and discuss his research and findings with me. My prepared questions and our recording ended as planned, but we kept talking for another hour.
Today, you’ll hear about:
1) Using a physicist’s mind and tools to figure out the money
2) How working from home can effectively double your income
3) Retirement is not an age or a number
4) Peculiar challenges of retiring young
5) Two definitions of freedom
6) Frugal, Responsible, and Environmentally Friendly Living
7) Finally, how responsible living can lead us to early retirement
Early Retirement Extreme, the blog. Early Retirement Extreme, the book.
Also mentioned in the episode:
The Importance of Slack
Breaking the 2000-Year-Old Principle: The World Beyond the Half-Hour Commute
Deep Dive: The Biggest Disruption – The Remote Work Revolution
The Biggest Disruption – The Remote Work Revolution: Two More Cents.
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Learn more about Talking Billions
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Learn more about Sicart Associates, LLC.
Read Money, Life, Family: My Handbook: My complete collection of principles on investing, finding work & life balance, and preserving family wealth.
IMPORTANT: As a reminder, the remarks in this interview represent the views, opinions, and experiences of the participants and are based upon information they believe to be reliable; however, Sicart Associates nor I have independently verified all such remarks.
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Leisa Peterson | Mindful Millionaire | Changing Our Money Story | S1 E7 | 7
My guest today is Leisa Peterson. She is a business growth strategist, money specialist, and author of The Mindful Millionaire.
She helps inspired business owners become game-changers in their field and achieve million-dollar breakthroughs in their business and investments.
Noted in Forbes as one of 10 Women Driving Growth in Wealth Management and Investing, Leisa has appeared on Gaia Media Network and in The Wall Street Journal, FastCompany, The Week, Huffington Post and has been featured on many podcasts and radio shows.
We talk about:
1) How by the age of seven we shape our money beliefs.
2) Another definition of prosperity.
3) How to talk about money with ourselves, our kids, and or our spouses?
4) The role of grandparents in shaping our money habits.
5) Overcoming the fear of dying poor.
More about Leisa. The Mindful Millionaire
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Read Money, Life, Family: My Handbook: My complete collection of principles on investing, finding work & life balance, and preserving family wealth.
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Christopher Tsai | Three Generations in the Investment Profession | S1 E6 | 6
Christopher is a good friend, fellow investor. Today, he shares the story of his late grandmother, the only woman to trade on the floor of the Shanghai Stock Exchange before it abruptly closed in 1941 when the Japanese troops invaded; his late father, Gerald Tsai, the founder of the famous Manhattan Fund, and his own successful investing career.
Christopher Tsai is President and Chief Investment Officer of Tsai Capital, an investment management firm; He has more than two decades of experience. Mr. Tsai pursues a value-oriented investment approach and seeks high-quality, growth companies that offer significant upside potential and a margin of safety at the time of purchase. Mr. Tsai has been profiled in numerous financial publications.
When he is not looking at businesses, he loves running in nature, quiet time with his books and family, submersing himself in the arts and a perfectly steeped pot of tea.
We talk about:
1) Cultivating a passion for investing as the third-generation investment professional in his family.
2) Benefits of long-term investing, multiplying the capital many times over vs. chasing a small short-term upside.
3) The emotional makeup needed to succeed in investing in stocks.
4) The challenges of passing knowledge from generation to generation.
5) Learning from the mistakes of others.
To Learn More about my guest, please head over to Tsai Capital.
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Read Money, Life, Family: My Handbook: My complete collection of principles on investing, finding work & life balance, and preserving family wealth.
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Chase Warrington | World Traveler Living a Rich Life | Host of About Abroad Podcast | Head of Remote at Doist | Remote Work Expert | S1 E5 | 5
My guest today is Chase Warrington, a good friend, and a fellow world traveler with a shared passion for remote work, productivity, and living a rich life. He was on 35 planes by the time he was 35 months old, but his real adventure didn’t start until later. Chase is an American expat currently living in Europe with his wife and their dog, a 50-pound Siberian Husky.
He’s the Head of Remote at Doist, a leading remote-first company with teammates spread across 35+ countries, and has been named a LinkedIn Top Voice for Remote Work, a Global Top 50 Remote Enabler by Remote.com, and a top 10 digital nomad by Dominica. He is also a regular contributor to several of the world’s top remote-work outlets. He is the host of a hugely popular podcast – About Abroad. After calling half a dozen countries home, Chase is passionate about the future of work and its impact on global mobility, as well as making location independence the new standard and helping others build a life without borders.
We will talk about: 1) Living a rich life as a location independent professional. 2) Doist – a remote-first company, a bootstrapped start-up with no exit strategy, with a global team working asynchronously providing tools for others to work and live better. 3) Todoist – to-do list on steroids, an app serving 30 million users in 19 languages. 4) Fresh look at what it means to be productive beyond the cubicle, meetings, presence indicator, and read receipts. 5) Taking the leap and traveling the world while working remotely.
About Abroad Podcast
Todoist
Doist
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Read Money, Life, Family: My Handbook: My complete collection of principles on investing, finding work & life balance, and preserving family wealth.
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Jake Taylor | Pursuit of Freedom | Author of the Rebel Allocator, Co-Host of Value After-Hours Podcast, Farnam Street CEO, Founder of Journalytic | S1 E4 | 4
My guest today is a dear friend and fellow author and investor, Jake Taylor. He trusted me once with his life during a sailing trip on some rough seas. Today Jake shares the memory of his great-grandmother, who instilled in him, his interest in saving, meeting Warren Buffett, who fired up his passion for investing, and life experience that ultimately led him to pursuit of freedom.
Jake Taylor is the CEO of Farnam Street Investments. He’s also the host of various web series and podcasts: Five Good Questions, The Hikecast, and Value: After Hours.
Jake is the author of a very successful book, The Rebel Allocator. He has an MBA in Finance and Accounting from UC Davis. While in school, Jake had a chance lunch with Warren Buffett, which solidified his path toward being a professional value investor.
We will talk about:
1) The importance of saving.
2) A life-changing meeting with the legendary investor Warren Buffett.
3) Jake’s best-selling book – The Rebel Allocator.
4) His thoughts on the success and abundance of a free market economy.
5) Jake’s new venture – Journalytic and the importance of journaling while investing.
https://twitter.com/farnamjake1
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Brad Barrett | Financial Independence | The Host of ChooseFI, The Award-Winning Podcast | Importance of Saving | Control over Your Time
My guest today is Brad Barrett, an instant friend with a shared curiosity about financial freedom. He shares clear and simple advice on how to regain control over your time and circumstance through financial independence, the real superpower.
Brad Barrett – is a CPA by training passionate about saving, and financial freedom. He is a co-host of a hugely successful award-winning podcast with 60 million downloads – ChooseFI – Your Blueprint to Financial Independence, co-author of a book, ChooseFI. He shared his ideas, and findings in a Documentary, Playing with Fire, which was named the Top Ten Best Finance Movies of the Decade.”
We will talk about:
1) What is Financial Independence, how to reach it?
2) Why Financial Independence is a superpower that can transform your life, relationships, financial stability, and ultimately your happiness?
3) Fear and scarcity around money, how to stop worrying about running out of money?
4) Our time which is the most precious and non-renewable resource.
5) The ultimate goal of financial independence – flexibility and control over our time and circumstances.
ChooseFI
ChooseFI Podcast
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Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
Read Money, Life, Family: My Handbook: My complete collection of principles on investing, finding work & life balance, and preserving family wealth.
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James E. Hughes, Jr. | Family Advisor for 5 Decades | Book: Family Wealth | Family Governance | The 5 Capitals | Shirtsleeves to Shirtsleeves | A 100 Year Thinking | A Story of a Toy Purchase
My guest today is Mr. James E. Hughes, Jay, is my dear friend, and mentor. We talk every month, but this is our first ever recorded talk. He shares his treasured conversations with his late father, a lifetime of experience, and boundless wisdom of family wealth.
Mr. Hughes, a resident of Aspen, Colorado, is an author, advisor to families, founder of a law partnership in New York City that represented private clients throughout the world, now retired from active practice of law. His wonderful book Family Wealth: Keeping It in the Family talks about family governance and wealth preservation with focus on the avoidance of the “shirtsleeves to shirtsleeves” proverb and on the dynamic growth of families’ human, intellectual, social, spiritual, and financial capitals toward their families’ flourishing.
"As it takes 150 years for a copper beech tree {read a great family} to mature, plant today because there is no time to waste." — James E. Hughes, Jr.
We will talk about:
1) The challenges of the shirtsleeves to shirtsleeves in three generations proverb, and the courage it takes to overcome it.
2) The five capitals, looking beyond the financial capital of a family.
3) A hundred year thinking in a family, looking back and looking forward around a family table.
4) How to talk with kids about money, a story of a toy purchase.
5) How to help families and individuals prosper and flourish.
James E. Hughes Foundation
James E. Hughes
Family Wealth: Keeping It in the Family--How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations
To get regular updates and bonus content, please sign-up for the Talking Billions Newsletter.
Learn more about Talking Billions
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
Read Money, Life, Family: My Handbook: My complete collection of principles on investing, finding work & life balance, and preserving family wealth.
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Francois Sicart | 50 Years on Wall Street | Book: Luck is Not Enough | Wealth Preservation: Handling Sudden Wealth | Learning from Three Continents | Contrarian Investing
My guest today is Mr. Francois Sicart, my partner, and mentor. We have spent countless hours talking about money, wealth, and investing, but this is our first recorded conversation ever. He shares stories of his late mentor, his early days on Wall Street half a century ago, and thoughts on successfully handling the sudden arrival of wealth.
Mr. Sicart graduated from HEC Paris and immigrated to the United States in 1969, where he joined Tucker Anthony as an assistant before rising to the general partner. He founded Tocqueville Asset Management, growing it into a prestigious money management firm before leaving to start a thriving boutique company, Sicart Associates, with three other partners. He has fifty years of experience managing individual clients' accounts and their family affairs and has sat on a number of bank and investment fund boards. He divides his time between New York, Paris, and Mexico.
We’ll talk about:
1) The challenges of sudden wealth, whether inherited or created.
2) From the 70s to 2020s, 50 years on Wall Street, what has changed, and what remains the same.
3) Cultural sensibilities around money, family wealth, and elders across three continents, North America, Europe and Asia.
4) Being a trusted advisor offering calm, and peace in times of panic, and more.
5) Mr. Sicart’s wonderful book, Luck is not enough, the life and legacy of a successful wealth manager.
Sicart Associates
Book: Luck is Not Enough
To get regular updates and bonus content, please sign-up for the Talking Billions Newsletter.
Learn more about Talking Billions
Learn more about Bogumil Baranowski
Learn more about Sicart Associates, LLC.
Read Money, Life, Family: My Handbook: My complete collection of principles on investing, finding work & life balance, and preserving family wealth.
--- Send in a voice message: https://anchor.fm/talking-billions/message
Welcome to Talking Billions. We talk about big ideas, big inspirations, big topics. We take on the hardest subject of all – money: how to make it, save it, keep it, but our conversations lead us to an even bigger question — what it means to live a rich life beyond money. My guests share their practices, principles, and evergreen wisdom.
I’m your host Bogumil Baranowski, author, TEDx speaker, investor, and founding partner of Sicart Associates. A boutique investment firm founded in New York City. Join me on this quest to unearth the wisdom of the ages.
It’s Season 1, and my guest are:
- Francois Sicart, my business partner with 50 years of experience on Wall Street, we’ll discuss how successfully handle the arrival of sudden wealth and among other topics
- With James (Jay) Hughes, my dear friend, advisor to wealthy families around the world, we’ll talk about giving families the courage to flourish and prosper
- With Brad Barrett from the award-winning, hugely successful podcast Choose Fi, we’ll dive into financial independence, the ultimate superpower that can transform your life.
- With Jake Taylor, a fellow investor, best-selling author, and host of a few successful podcasts, we’ll hear about his story from great grandmother’s lessons in frugality to meeting Warren Buffett and pursuing freedom
- With Chase Warrington, the head of remote at Doist, a very unique start-up, we’ll take the leap towards location independent life, traveling, and working remotely, while better managing our most precious asset - time. He is the host of a very popular podcast - About Abroad.
- With Christopher Tsai, we’ll go on a journey through three generations in the investment profession in his family.
- With Jacob Lund Fisker, famous author of Early Retirement Extreme, we’ll talk about frugal and responsible living
- With Mitko Krashovski, the host of the very successful podcast That Remote Life, we talk about the future of work.
- With Phil Ordway, the co-host of a very popular podcast This Week in Intelligent Investing, we talk about investment success and stock picking.
- With Andrew Stotz and Alex Wetterling, two talented stock researchers, and Andrew, the host of My Worst Investment Ever podcast, we’ll talk about what it takes to become a better investor
- With Sophocles Sophocleous, the host of the Cyprus Value Investor Conference, a stock and fixed-income investor, we’ll discuss emerging market investing, and living through a banking crisis.
- And last, but not least, I’ll host a small group of wealth creators and wealth inheritors who decided to share their lessons and experience with me. Their identities will remain known only to me, but their wisdom with their blessing and permission will be shared with all of you.
We’ll end with a season finale, where we’ll look back at all the episodes and everything we learned from our guests, and possibly a sneak peek at season TWO.
Share with friends, subscribe, follow, and don’t miss an episode, join me and my guests every week.
I’m your host Bogumil Baranowski.
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Talking Billions Official Trailer Welcome to Talking Billions. We talk about big ideas, big inspirations, big topics. We take on the hardest subject of all – money: how to make it, save it, and keep it. Our conversations lead us to an even bigger question — what it means to live a rich life beyond money – being rich and feeling rich versus looking rich, how we spend our time, how we work, how we organize our lives, and so much more. Talking Billions is a podcast where I sit down and have heart-to-heart conversations with friends of friends in the US, coast to coast, and around the globe.. My guests are of all ages, 20s to 80s, and so is my audience. They vary from best-selling authors, award-winning podcasters, and stars of acclaimed documentaries to those who only now had the first chance to share their ideas, experience, and wisdom with me and you. We forget that we recorded, and I edit all myself to make guests feel safe and heard. I'm a founding partner of a boutique investment firm founded in New York City. I have two decades of experience. I was born in Poland, educated around Europe, I made New York my home for most of my adult life. Today, I divide my time among a few locations. I'm a published author; my book Money Life Family garnered the most attention. Two decades ago, I was interviewed on national radio as a university student. Soon after, I interviewed a minister of finance amid a budgetary crisis. I’m a TEDx Speaker who gave talks on investing coast to coast and around Europe. I trained my ear evaluating countless Toastmasters speeches,. Here I come to you as a podcast host as curious as you are to learn more. I will introduce each season, you'll know what's coming, and you can listen to all episodes or choose and pick. Join me on this quest to unearth the wisdom of the ages. I’m your host, Bogumil Baranowski.
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