On today’s episode, Clay sits down with Shawn O’Malley to provide an update on the banking crisis. For months, many have said that the Fed will continue hiking interest rates until “something breaks”. Shawn breaks down why it feels like the Fed broke something, and what it means for investors.

Shawn is the chief editor and writer of our daily financial markets and investing newsletter. He aims to bring a value investor’s perspective to understanding current events.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

00:07:18 - What led to the recent bank failures of Silvergate, Silicon Valley Bank, and Signature.

000:16:03 - How the Federal Reserve responded to prevent a collapse of the banking system.

00:18:07 - How each crisis is setting a precedent and making impacts in the crises that proceed it.

00:30:19 - Why Credit Suisse was forced to sell to UBS for pennies on the dollar.

00:33:27 - What the recent drop in treasury yields means for markets.

00:46:43 - How investors can prepare themselves for this difficult economic environment.

00:52:05 - How investors should view money market funds in light of recent events.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Follow Shawn on Twitter.
• Tune into our previous episode covering The Joys of Compounding.
• Check out our recent episode covering Mark Leonard's Letters and Constellation Software.
• Follow Clay on Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Have peace of mind knowing River holds Bitcoin in multi-sig cold storage with 100% full reserves.
• If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• Get the professional support you need to prepare for your future career with UBC Sauder School of Business.
• What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.
• Set, track, and manage your financial goals as your life evolves with Scotia Smart Investor.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.
• Have Commonwealth Private's Private Bankers take the time to understand your goals and tailor solutions that create less for you to do and more for you to enjoy.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today’s show, Stig Brodersen talks with co-host William Green, the author of “Richer, Wiser, Happier.” They discuss what has made them Richer, Wiser, or Happier in the past quarter.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:31 - How to think about investing with an asset manager that yields a lower return and has good values, or an asset manager with a higher return and bad values.

27:35 - The role of money vs. happiness for billionaires.

48:55 - What Stig and William learned from Ray Dalio.

54:51 - Why pain + reflection = progress.

1:25:16 - What Stig and William learned from Charlie Munger.

1:44:22 - Why William bought Alibaba and Seritage Growth Properties. 

1:53:09 - Which investing books made it to the top 5 for Stig and William for Q1 2023, and why.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Listen to Stig Brodersen and William Green’s episode on Money and Happiness or watch the video.
• Listen to William Green’s interview with Ray Dalio or watch the video.
• Tune in to William Green’s interview with Fred Martin about being a disciplined growth investor or watch the video.
• William Green’s book Richer, Wiser, Happier – read reviews of this book.
• Fred Martin’s book, Benjamin Graham and the Power of Growth Stocks – read reviews of this book.
• Bruce Greenwald’s book, Competition Demystified – read reviews of this book.
• Joel Tillinghast’s book, Big Money Thinks Small – read reviews of this book.
• Ray Dalio’s book, Your Guided Journal – read reviews of this book.
• Aswath Damodaran’s book, The Little Book of Valuation – read reviews of this book.
• Gautam Baid’s book, The Joys of Compounding – read reviews of this book.
• Q&A with Charlie Munger from the DIJO meeting. 
• Watch the trailer for Free Solo.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Have peace of mind knowing River holds Bitcoin in multi-sig cold storage with 100% full reserves.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• Have Commonwealth Private's Private Bankers take the time to understand your goals and tailor solutions that create less for you to do and more for you to enjoy.
• What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.
• Get the professional support you need to prepare for your future career with UBC Sauder School of Business.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• Get yourself a Blockstream Jade -- An all-in-one, bitcoin-only hardware wallet that makes protecting your bitcoin so easy. Use the coupon code Fundamentals to get 10% off.
• Set, track, and manage your financial goals as your life evolves with Scotia Smart Investor.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Trey brings back TIP fan favorite, Mr. Ian Formigle. Together they discuss the future of office and retail, the risks of capital calls in a downward market, and much more.

Ian is the Chief Investment Officer of Crowdstreet and our go-to expert on all things real estate, especially commercial real estate. 

IN THIS EPISODE, YOU'LL LEARN:

00:00 - Intro

08:32 - DIan’s outlook for 2023, especially as it pertains to the risks surrounding bank failures and other illiquidity issues.

15:01 - How interest rates and cap rates affect one another.

18:58 - Which asset class has the most upside opportunity at the moment and which strategies will be most optimal. 

35:05 - Ian’s predictions on the future of office and retail. 

01:18:35 - The risks of capital calls, especially in a downward market.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Related Episode: TIP423: Real Estate Update w/ Ian Formigle, or watch the video.
• Related Episode: TIP337: How to Identify Value in Commercial Real Estate w/ Ian Formigle, or watch the video.
• Check out Crowdstreet.
• Trey Lockerbie's Twitter.
• Ian Formigle's Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Have peace of mind knowing River holds Bitcoin in multi-sig cold storage with 100% full reserves.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• Have Commonwealth Private's Private Bankers take the time to understand your goals and tailor solutions that create less for you to do and more for you to enjoy.
• What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.
• Get the professional support you need to prepare for your future career with UBC Sauder School of Business.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• Get yourself a Blockstream Jade -- An all-in-one, bitcoin-only hardware wallet that makes protecting your bitcoin so easy. Use the coupon code Fundamentals to get 10% off.
• Set, track, and manage your financial goals as your life evolves with Scotia Smart Investor.
• Support our free podcast by supporting our sponsors.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Preston Pysh sits down with global macro and security intelligence thinker, Matthew Pines to talk about China and its deeply manipulated market conditions, Japan being a major choke point for international interest rates, central bank digital currencies, and many more interesting ideas.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:19 - How Matthew Pines became familiar with Bitcoin.

03:26 - Was the balance of payments between net producers and net consumers a reason why we have so many global issues?

07:29 - How often do companies Matthew consults with, bring up Bitcoin?

11:59 - What is the impact China is going to have from a geopolitical standpoint?

22:43 - How does Japan's interest rates underpin the rates around the world?

34:44 - How geopolitical decision are extremely complex and not made with just a monetary lens.

36:32 - What caused the dollar to change course in November?

49:10 - Why the US Treasury and FED may need private stable coin issuers instead of CBDCs.

01:00:54 - What is Matthew's take on the BIS and their proclamations against Bitcoin?

01:10:44 - How do we address Elected Officials to affect change?

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Matthew Pines on Twitter.
• BPI Bitcoin Lobbying.
• KSG Consulting.
• Matthew's Book: Expectation Value.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Have peace of mind knowing River holds Bitcoin in multi-sig cold storage with 100% full reserves.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• Have Commonwealth Private's Private Bankers take the time to understand your goals and tailor solutions that create less for you to do and more for you to enjoy.
• What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.
• Get the professional support you need to prepare for your future career with UBC Sauder School of Business.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• Get yourself a Blockstream Jade -- An all-in-one, bitcoin-only hardware wallet that makes protecting your bitcoin so easy. Use the coupon code Fundamentals to get 10% off.
• Set, track, and manage your financial goals as your life evolves with Scotia Smart Investor.
• Support our free podcast by supporting our sponsors.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today’s episode, Clay Finck continues his review of Gautam Baid’s book, The Joys of Compounding. 

Gautam Baid is the Managing Partner and Fund Manager of Stellar Wealth Partners India Fund, a Delaware-based investment partnership which is available to accredited investors in the US. 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.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:11 - The virtues of philanthropy and good karma.

06:24 - How we can simplify both our investments and our life.

14:45 - The importance of achieving financial independence.

21:42 - How Charlie Munger achieved financial independence.

26:28 - Why the key to success is delayed gratification.

29:20 - How we can properly assess a management team.

56:03 - The importance of using an investment checklist to avoid common mistakes.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Check out The Joys of Compounding.
• Tune into our previous episode covering The Joys of Compounding. Watch the video here.
• Check out our recent episode covering Mark Leonard's Letter's and Constellation Software. Watch the video here.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Have peace of mind knowing River holds Bitcoin in multi-sig cold storage with 100% full reserves.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• Have Commonwealth Private's Private Bankers take the time to understand your goals and tailor solutions that create less for you to do and more for you to enjoy.
• What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.
• Get the professional support you need to prepare for your future career with UBC Sauder School of Business.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• Get yourself a Blockstream Jade -- An all-in-one, bitcoin-only hardware wallet that makes protecting your bitcoin so easy. Use the coupon code Fundamentals to get 10% off.
• Set, track, and manage your financial goals as your life evolves with Scotia Smart Investor.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

William chats with renowned hedge fund manager Guy Spier. Since launching the Aquamarine Fund in 1997, Guy has beaten the S&P 500 by 200 percentage points & the MSCI World index by 364 percentage points. He’s also the author of “The Education of a Value Investor.” In this conversation, Guy speaks candidly about the challenges he’s facing, including his fear that Russia’s war in Ukraine could escalate, creating a systemic risk for investors. He explains how he’s positioning his portfolio to survive & prosper in these perilous times, & he shares practical advice on how to maintain equanimity amid all this uncertainty.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:56 - How living in a calm & predictable environment helps Guy Spier to invest better.

12:04 - How he resisted the temptation to buy overvalued tech stocks during the recent bubble.

26:11 - Why we must beware of the psychological effects of rapidly rising or falling stock prices.

30:04 - Why Guy refuses to invest in any business that can’t fund all of its growth internally.

44:18 - How going to Berkshire Hathaway’s annual meeting helps to reinforce rational behavior.

53:57 - What Warren Buffett told Guy Spier & Mohnish Pabrai about the perils of debt.

1:13:04 - Why Guy regards the war in Ukraine as a potentially systemic threat to investors. 

1:11:56 - Where he’s investing in order to survive & prosper in these times of heightened risk and why he’s invested heavily in China, despite the political & economic dangers.

1:13:55 - Why he’s avoiding weaker countries, including Indonesia & the Philippines.

1:15:01 - How he wrestles with the tricky question of whether to trim or hold his winners. 

1:18:17 - Why he’ll never short another stock.

1:19:31 - How he constructs a portfolio that helps him to maintain his emotional equilibrium.

1:43:35 - Why he diverged from Mohnish on the risks & rewards of investing in Turkey.

1:59:08 - What Guy & Mohnish have learned from the stunning success of their friend Li Lu.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Listen to William Green’s 2022 interview with Guy Spier on How to Build Enduring Wealth (RWH009) or watch the video.
• Listen to William’s 2022 interview with Guy on High-Performance Habits (RWH010) or watch the video.
• Listen to William’s interview with Ray Dalio on the “Richer, Wiser, Happier” podcast or watch the video.
• Guy Spier’s book, “The Education of a Value Investor” – Read reviews of the book.
• Guy Spier interviews William Green about his book, “Richer, Wiser, Happier.”
• Subscribe to Guy Spier’s Free Newsletter.
• Guy Spier’s podcast and website.
• William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
• William Green’s Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
• Learn how to better start, manage, and grow your business with the best business podcasts. 

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Have peace of mind knowing River holds Bitcoin in multi-sig cold storage with 100% full reserves.
• If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• Get the professional support you need to prepare for your future career with UBC Sauder School of Business.
• Have Commonwealth Private's Private Bankers take the time to understand your goals and tailor solutions that create less for you to do and more for you to enjoy.
• Set, track, and manage your financial goals as your life evolves with Scotia Smart Investor.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Trey invites Kristof Gleich, together they discuss a wide range of topics, including factor frameworks, advancements in behavior analytics, the qualities that set exceptional money managers apart, and more!

Kristof is the President and CIO of Harbor Capital and is responsible for Harbor’s $40B of AUM invested in boutique managers from across the World. Prior to Harbor, Kristof worked at Goldman Sachs and JP Morgan.

IN THIS EPISODE, YOU'LL LEARN:

0:00 - Intro

01:53 - How Kristof would summarize Q1 of 2023.

14:48 - How working with a wide array of managers helps inform his worldview.

26:52 - What makes a great money manager.

39:13 - Factor frameworks and innovation around behavior analytics. 

63:34 - Why Active ETFs are having a huge surge in popularity, after years of indices ruling the investing world.

65:46 - The life lessons Kristof learned from spending over 2 hours with Bill Gross (aka the Bond King) just a short time after his infamous exit at PIMCO.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Harbor Capital Website.
• Harbor Capital Linkedin.
• Trey Lockerbie's Twitter.
• Kristof Gleich's Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Have peace of mind knowing River holds Bitcoin in multi-sig cold storage with 100% full reserves.
• If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital‘s Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• Get the professional support you need to prepare for your future career with UBC Sauder School of Business.
• Have Commonwealth Private‘s Private Bankers take the time to understand your goals and tailor solutions that create less for you to do and more for you to enjoy.
• Set, track, and manage your financial goals as your life evolves with Scotia Smart Investor.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Preston Pysh sits down with Steven McClurg, who’s the CIO at Valkyrie, and just an all-around brilliant macro thinker, to talk about the multiple bank failures, what it meant for the broader economy, Bitcoin, and more.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

03:03 - What are the three things the FED is currently considering?

26:15 - Why Silvergate, Signature, and Silicon Valley Bank are different than many other banks?

31:29 - What rules from the Global Financial Crisis are currently impacting regional banks?

52:26 - Is there a concerted effort by Wall Street and the government to remove onramps to Bitcoin exchanges?

54:36 - Steven's thoughts on Custodia's bank application with the FED being denied.

57:00 - What's going to happen with the GBTC suit with the SEC with respect to the ETF application?

01:05:29 - What impact has paper bitcoin had on the market to date and Steven's expectation into the future?

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Steven McClurg's Twitter.
• Steven McClurg's Company Valkyrie.
• Peter McCormack's interview with the GBTC CEO.
• Related episode: Listen to BTC112: Bitcoin Macro Mastermind 1st Q 2023 w/ Joe Carlasare, Steven McClurg, & Jeff Ross, or watch the video.
• Related episode: Listen to BTC088: FED Policy, Bitcoin Etfs, & Euro Dollar Impacts w/ Steven McClurg, or watch the video.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Have peace of mind knowing River holds Bitcoin in multi-sig cold storage with 100% full reserves.
• If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• Get the professional support you need to prepare for your future career with UBC Sauder School of Business.
• Have Commonwealth Private's Private Bankers take the time to understand your goals and tailor solutions that create less for you to do and more for you to enjoy.
• Set, track, and manage your financial goals as your life evolves with Scotia Smart Investor.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• Support our free podcast by supporting our sponsors.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today’s episode, Clay Finck reviews Gautam Baid’s book, The Joys of Compounding. 

Gautam Baid is the Managing Partner and Fund Manager of Stellar Wealth Partners India Fund, a Delaware-based investment partnership which is available to accredited investors in the US. 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.

IN THIS EPISODE YOU’LL LEARN:

0:00 - Intro

05:54 - Why we should commit to lifelong learning.

14:49 - How mental models can help us make more rational and effective decisions.

16:53 - How understanding first principles can help us better understand the world around us.

18:06 - What the Feynman Technique is and how you can use it to learn anything well.

30:49 - What Warren Buffett and Bill Gates consider their most critical factor to their success.

31:51 - Why the best investors are those with a behavioral edge.

38:13 - Why the world’s most successful people choose the right role models to learn from.

42:16 - Why successful investing requires extreme humility.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Check out The Joys of Compounding.
• Check out our recent episode covering Mark Leonard’s Letter’s and Constellation Software. Watch the video here.
• Don’t miss our review of Joel Tillinghast’s book – Big Money Thinks Small. Watch the video here.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Have peace of mind knowing River holds Bitcoin in multi-sig cold storage with 100% full reserves.
• If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• Get the professional support you need to prepare for your future career with UBC Sauder School of Business.
• Have Commonwealth Private's Private Bankers take the time to understand your goals and tailor solutions that create less for you to do and more for you to enjoy.
• Set, track, and manage your financial goals as your life evolves with Scotia Smart Investor.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Stig brings back one of our most popular and thoughtful guests, investment expert Lyn Alden. Together, they discuss how the Fed went broke and what the implication is for us as investors. 

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:28 - What is on the balance sheet of the FED.

07:32 - Why the Fed should be profitable.

11:36 - Should central bankers be elected? 

21:09 - Why Lyn is bullish on India and Brazil.

36:39 - Whether the commercial bank system will allow a central bank digital currency. 

41:20 - How to build a monetary system for Argentina.

49:12 - How to build a portfolio optimizing for both sleeping well at night and independence. 

54:00 - How do we know that what we know about financial markets is true.

58:40 - Why you’re too concentrated if you’re super excited about your portfolio.

1:01:50 - How to spend money to optimize for happiness.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Listen to our interview with Lyn Alden about Macro and the energy market or watch the video.
• Listen to our interview with Lyn Alden about Money or watch the video.
• Listen to our interview with Lyn Alden about Gold and Commodities or watch the video.
• Lyn Alden's free website.
• Lyn Alden's premium newsletter.
• Lyn Alden’s blog post, Energy: Area Under the Curve.
• Lyn Alden’s blog post, How the Fed went broke.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Take advantage of the mid-market exchange rate whenever you convert or spend different currencies and enjoy no markups and no hidden fees with Wise.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• Get an overall better student loan experience with College Ave. Plus, get a chance to win a $1,000 college scholarship. No purchase is required.
• Discover the easier way to help diversify your investment portfolio with CrowdStreet.
• Get the professional support you need to prepare for your future career with UBC Sauder School of Business.
• Get yourself a Blockstream Jade -- An all-in-one, bitcoin-only hardware wallet that makes protecting your bitcoin so easy. Use the coupon code Fundamentals to get 10% off.
• Set, track, and manage your financial goals as your life evolves with Scotia Smart Investor.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Trey chats with Dr. Graeme Forster. Together they discuss the success of legendary investors such as Jim Simons & Orbis' founder Allan Gray, Graeme's shift from mathematics to value investing, and much more!

Graeme is the Director and Portfolio Manager of Orbis, which currently manages around $30B. 

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:30 - Graeme’s journey from mathematics to value investing, & exploring legendary investors like Jim Simons.

26:14 - How Orbis’ founder and billionaire Allan Gray’s investing flexibility led to his success.

36:35 - How Graeme balances the macro with a bottoms up approach.

52:11 - A thesis which Graeme calls the Great Misallocation. 

58:40 - How good & cheap companies outperform especially during bear markets.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• The Theory of Poker by David Sklansky.
• Fooled by Randomness by Nassim Nicholas Taleb.
• The Price of Time by Edward Chancellor.
• The Psychology of Money by Morgan Housel.
• Trey Lockerbie's Twitter.
• Check out: Orbis.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Take advantage of the mid-market exchange rate whenever you convert or spend different currencies and enjoy no markups and no hidden fees with Wise.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• Get an overall better student loan experience with College Ave. Plus, get a chance to win a $1,000 college scholarship. No purchase is required.
• Discover the easier way to help diversify your investment portfolio with CrowdStreet.
• Get the professional support you need to prepare for your future career with UBC Sauder School of Business.
• Get yourself a Blockstream Jade -- An all-in-one, bitcoin-only hardware wallet that makes protecting your bitcoin so easy. Use the coupon code Fundamentals to get 10% off.
• Set, track, and manage your financial goals as your life evolves with Scotia Smart Investor.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Preston Pysh takes his top five favorite moments and lessons learned about Bitcoin since starting the Bitcoin Fundamentals Podcast in 2020. 

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

00:56 - Preston's 1st pick: Michael Saylor describing the importance of inflation being a vector

21:28 - Preston's 2nd pick: Pablo Fernandez talking about how CBDC will drive a wedge between producers and consumers

31:34 - Preston's 3rd pick: Cory Klippsten describing in detail how the alt coin / Silicon Valley VC game is a professional scam

39:16 - Preston's 4th pick: Alex Gladstein describing how the IMF and World Bank cause debt slavery for developing countries around the world.

58:22 - Preston's 5th pick: Gigi, Michael Saylor, and Jeff Booth describe the difference between Proof of Work and Proof of Sake and the ESG lie.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Full interviews:
• Listen to Michael Saylor's Masterclass in Economics, or watch the video.
• Listen to Pablo Fernandez's full interview on CBDC, or watch the video.
• Listen to Cory Klippsten's full interview on Altcoins and Silicon Valley VCs, or watch the video.
• Listen to Alex Gladstein's full interview on the IMF and World Bank, or watch the video.
• Alex Gladstein's Article on the IMF and World Bank.
• Full interviews on Energy and ESG:
• Listen to Gigi's PoW Interview, or watch the video.
• Listen to Michael Saylor's Energy Interview, or watch the video.
• Listen to Jeff Booth's Energy Interview, or watch the video.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Take advantage of the mid-market exchange rate whenever you convert or spend different currencies and enjoy no markups and no hidden fees with Wise.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• Get an overall better student loan experience with College Ave. Plus, get a chance to win a $1,000 college scholarship. No purchase is required.
• Discover the easier way to help diversify your investment portfolio with CrowdStreet.
• Get the professional support you need to prepare for your future career with UBC Sauder School of Business.
• Get yourself a Blockstream Jade -- An all-in-one, bitcoin-only hardware wallet that makes protecting your bitcoin so easy. Use the coupon code Fundamentals to get 10% off.
• Set, track, and manage your financial goals as your life evolves with Scotia Smart Investor.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• Support our free podcast by supporting our sponsors.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today’s episode, Clay Finck does a deep dive into Constellation Software (Ticker: $CSU). 

Constellation Software is a Canadian holding company that has acquired over 600 vertical market software businesses. The company was founded by Mark Leonard, and has delivered exceptional returns to shareholders since their IPO in 2006. The stock has had an average annual return of over 34% from 2006 through the end of 2022. If you are like Clay and enjoy learning about high-quality businesses, then you won’t want to miss this episode.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:01 - What makes Constellation such a high-quality business.

08:32 - The similarities between Mark Leonard and Warren Buffett.

09:57 - What Constellation’s business model is.

19:32 - How Constellation garnered a reputation that founders are more than willing to sell to.

21:39 - Clay’s takeaways from reading Mark Leonard’s shareholder letters.

42:21 - How Clay views the valuation of Constellation Software today.

44:10 - Why Clay took a position in Constellation Software to hold for the long-term.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Mark Leonard’s Letters.
• Chris Mayer’s blog post on Constellation Software.
• The 10th Man Blog.
• Don’t miss our review of Joel Tillinghast's book - Big Money Thinks Small. Watch the video here.
• Check out Clay’s episode covering legendary British Investor Terry Smith. Watch the video here.
• Follow Clay on Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Take stock of your finances and investing strategy with Betterment.
• Get an overall better student loan experience with College Ave. Plus, get a chance to win a $1,000 college scholarship. No purchase is required.
• Set, track, and manage your financial goals as your life evolves with Scotia Smart Investor.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Trey invites Richard Wilson. Together, they discuss his top 5 favorite books written by billionaires and tease out the lessons from each one.

Richard is the Founder and CEO of The Family Office Club, which is the #1 family office association with over 4,000 registered family offices.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:02 - What a family office is and how it works.

16:53 - The first thing you should focus on when setting one up.

46:54 - Key lessons from Richard’s top 5 billionaire books.

54:14 - Insights from billionaire keynotes from his events, including Jeff Hoffman, Grant Cardone and others.

58:09 - The strategies that Richard finds most useful.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Visit The Family Office Club Website.
• Check out: Billionaires.com.
• Visit The Investors Club Website.
• Related Episode:  Secrets from a Private Billionaire Club w/ Michael Sonnenfeldt - TIP525  or watch the video.
• Richard Wilson's Twitter.
• Trey Lockerbie's Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Take stock of your finances and investing strategy with Betterment.
• Get an overall better student loan experience with College Ave. Plus, get a chance to win a $1,000 college scholarship. No purchase is required.
• Set, track, and manage your financial goals as your life evolves with Scotia Smart Investor.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Preston Pysh is joined by Bitcoin miner, investor and strategic thinker, Harry Sudock. They talk about the current status of the mining industry and how they're dealing with an all-time high hash rate combined with prices that are still significantly down. Harry shares his thoughts on the ever-changing policy and legal rules around Bitcoin and Bitcoin mining, and much more.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:28 - Harry's thoughts on the massive amount of hash rate that has recently come onto the Bitcoin network.

06:37 - Some considerations that many don't understand about the mining sector that make it so difficult to compete globally.

14:41 - Harry's thoughts on policy and legal changes in the United States.

22:09 - Why companies like Shell are now the primary sponsor of the Bitcoin Miami conference.

25:11 - What is the biggest road block preventing them from actioning such a strategy?

27:25 - What is it going to take to get more energy companies buying Bitcoin infrastructure to strengthen their earnings and delivery of power to the grid?

30:50 - A discussion around Trey Kelly's letter to the TVA power company.

34:13 - Harry's thoughts on Nuclear energy and its impact moving forward.

39:35 - Home mining and why it's so difficult.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Harry's Twitter.
• Harry's Nostr.
• Trey Kelly's letter to the TVA.
• Grid Mining.
• Related Episode: Listen to BTC036: Bitcoin Mining w/ Harry Sudock, or watch the video.
• Related Episode: Listen to BTC014: Bitcoin Mining and Energy w/ Marty Bent & Harry Sudock, or watch the video.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Take stock of your finances and investing strategy with Betterment.
• Get an overall better student loan experience with College Ave. Plus, get a chance to win a $1,000 college scholarship. No purchase is required.
• Set, track, and manage your financial goals as your life evolves with Scotia Smart Investor.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• Support our free podcast by supporting our sponsors.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today’s episode, Clay Finck reviews Joel Tillinghast’s book, Big Money Thinks Small, and does analysis on two companies built around acquisitions - Brown and Brown Insurance and Constellation Software.

Joel is an incredible long-term investor as he has consistently outperformed the market and currently manages around $70 billion at Fidelity. Peter Lynch, who hired Joel at Fidelity, has described Joel as “one of the greatest, most successful stock pickers of all time.”

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

06:04 - Why some level of speculation is required in every investment.

08:07 - What speculations are acceptable in Joel Tillinghast’s conservative investment approach.

10:34 - What you need to understand about a company prior to investing.

13:02 - Why Tillinghast avoids investing in gold.

20:20 - Why investing in countries with the fastest GDP growth rate isn’t a wise investment strategy.

29:52 - Clay’s insights into two acquisition-focused companies - Brown and Brown Insurance and Constellation Software.

37:27 - Why Constellation Software may be worth further investigation for stock pickers interested in high quality businesses.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Joel Tillinghast’s book Big Money Thinks Small.
• Newsletter: The Risks in Owning Chinese Equities.
• Listen to Trey’s Interview with Josh Young Covering Oil, or watch the video.
• Chris Mayer’s blog post on Constellation Software.
• Check out Clay’s episode covering legendary British Investor Terry Smith. Watch the video here.
• Don’t miss our review of Four Wide Moat Stocks for 2023. Watch the video here.
• Follow Clay on Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Take stock of your finances and investing strategy with Betterment.
• Get an overall better student loan experience with College Ave. Plus, get a chance to win a $1,000 college scholarship. No purchase is required.
• Set, track, and manage your financial goals as your life evolves with Scotia Smart Investor.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Stig speaks to Tobias Carlisle and Hari Ramachandra. Stig only owns five individual stocks, and in this episode, he outlines why he added Spotify as the newest addition to his portfolio. Hari’s pick, Disney, has recently been extremely volatile, and Tobias pitches Amgen, a value stock with strong downside protection in uncertain times.

IN THIS EPISODE YOU’LL LEARN:

0:00 - Intro

01:24 - Why Hari is bullish on Disney (Ticker: DIS)

34:39 - Why Stig has invested in Spotify (Ticker: SPOT) as one of the five stocks he owns

1:00:46 - Why Toby is bull on Amgen (Ticker: AMGN)

1:31:18 - Whether Chatbot GPT will disrupt Google’s wide moat. 

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Meet up with Stig, Toby, and Hari at the TIP events at the Berkshire Hathaway Annual Shareholder’s meeting.  
• Listen to Mastermind Discussion Q1 2022 - TIP418 or watch the video.
• Listen to Mastermind Discussion Q2 2022 - TIP450 or watch the video.  
• Listen to Mastermind Discussion Q3 2022 - TIP475 or watch the video.
• Listen to Mastermind Discussion Q4 2022 - TIP496 or watch the video.
• Our FREE stock analysis resource, Intrinsic Value Index.
• Subscribe to our FREE Intrinsic Value Assessments.
• Tobias Carlisle's podcast, The Acquires Podcast.
• Tobias Carlisle's ETF, ZIG.
• Tobias Carlisle's ETF, Deep.
• Tobias Carlisle's book, The Acquirer's Multiple – read reviews of this book
• Tobias Carlisle's Acquirer's Multiple stock screener: AcquirersMultiple.com.
• Tweet directly to Tobias Carlisle. 
• Hari's Blog: BitsBusiness.com
• Tweet directly to Hari Ramachandra.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
• Learn how to better start, manage, and grow your business with the best business podcasts. 

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

 SPONSORS

• Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Take stock of your finances and investing strategy with Betterment.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• Enjoy a hardware wallet designed for your whole Bitcoin journey with Blockstream Jade. Use coupon code Fundamentals to get 10% off.
• Get an overall better student loan experience with College Ave. Plus, get a chance to win a $1,000 college scholarship. No purchase is required.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Trey talks to New York Times bestselling author William Cohan about GE's history, including founder Thomas Edison, Jack Welch's controversial career & successes, Warren Buffett's investment on GE, and much more!

William Cohan's latest book, titled "Power Failure: The Rise and Fall of an American Icon," chronicles the incredible history of General Electric, which was often the largest and most esteemed company in the world over its 130-year existence.

IN THIS EPISODE YOU’LL LEARN:

0:00 - Intro

07:31 - The origin story of GE, starting with founder Thomas Edison with backing from JP Morgan.

11:19 - Why Charlie Coffin might be the best CEO of all time.

23:54 - The dark side of Jack Welch and his career at GE, as well as the many successes.

56:37 - How Jeff could have saved the company by listening to Bill Gross and Jim Grant.

59:55 The debate on whether Jack handed his successor, Jeff Immelt, a “royal flush” or an open grenade. 

63:49 - Warren Buffett’s bet on the company.

63:15 - Why the company has now been deconstructed into 3 separate entities.

67:18 - The many cycles that repeated over its 130 year history.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Visit William Cohan website.
• Check out Power Failure book.
• Check out GE website.
• Trey Lockerbie's Twitter.
• William Cohan's Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
• Learn how to better start, manage, and grow your business with the best business podcasts. 

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

 SPONSORS

•  Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Take stock of your finances and investing strategy with Betterment.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• Enjoy a hardware wallet designed for your whole Bitcoin journey with Blockstream Jade. Use coupon code Fundamentals to get 10% off.
• Get an overall better student loan experience with College Ave. Plus, get a chance to win a $1,000 college scholarship. No purchase is required.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

There has been a lot of news coverage on Sam Bankman-Fried and the FTX disaster and all the pieces that led to its final meltdown. Mark Goodwin is the writer of the newly released article covering all the ins and outs of this major financial news story. And we cover it all in this episode.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:33 - Mark's thoughts on the cover of the Magazine.

05:35 - The timeline of FTX's founding.

09:59 - SBF's network and how was it even possible.

25:28 - Why and how SBF donated to 456 individual political campaigns.

31:36 - Where did 80,394 Bitcoin go in the Luna Foundation?

39:09 - Who was Nikolai Mushegian and why is he important?

01:00:57 - The current digital dollar pilot program with the FED of New York and BNY Mellon.

01:03:43 - Mark's thoughts on everything being about the dollar vs Bitcoin.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Mark Goodwin's Article about SBF and FTX.
• Mark Goodwin's Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Take stock of your finances and investing strategy with Betterment.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• Enjoy a hardware wallet designed for your whole Bitcoin journey with Blockstream Jade. Use coupon code Fundamentals to get 10% off.
• Get an overall better student loan experience with College Ave. Plus, get a chance to win a $1,000 college scholarship. No purchase is required.
• Support our free podcast by supporting our sponsors.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today’s episode, Clay Finck discusses the investment philosophies and framework of Terry Smith, who is the founder and CEO of Fundsmith and also known as the Warren Buffett of Great Britain. 

Smith started Fundsmith in 2010, and ever since has returned 478% to his investors versus his benchmark returning 256%. He did this using the simple framework of buying good companies, not overpaying, and holding them for the long-term.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:12 - Why Terry Smith only seeks to own high-quality companies.

04:52 - How investors can go about determining the quality of a business.

08:01 - How Terry Smith compares the valuation of his portfolio against that of the S&P 500.

15:15 - Why investors must be cognizant of stock-based compensation when valuing a company.

29:28 - Why macroeconomic views and opinions are irrelevant for investors in quality businesses.

46:39 Why stocks are the best long-term investment relative to other asset classes.

53:51 - What Terry Smith’s top US equity holdings are today.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Terry Smith’s Shareholder Letters.
• Rebecca’s Article on Mean Reversion.
• Don’t miss our review of Four Wide Moat Stocks for 2023.
• Check out our takeaways from Warren Buffett's Shareholder Letters.
• Follow Clay on Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Take stock of your finances and investing strategy with Betterment.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• Enjoy a hardware wallet designed for your whole Bitcoin journey with Blockstream Jade. Use coupon code Fundamentals to get 10% off.
• Get an overall better student loan experience with College Ave. Plus, get a chance to win a $1,000 college scholarship. No purchase is required.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

William chats with Ray Dalio, one of the most successful investors of all time. Ray, whose net worth is estimated at $19.1 billion, founded the world’s largest hedge fund firm, Bridgewater Associates, which manages about $150 billion. He’s also the author of the #1 NYT bestseller “Principles: Life & Work,” which has sold over 4 million copies. Here, Ray shares invaluable lessons on how to develop your own principles for success, overcome your biggest obstacles, construct a resilient portfolio, invest wisely in China, think rationally about Bitcoin, & build a happy life that suits your personality. This is a true masterclass on investing & life.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:42 - How Ray Dalio’s habit of writing down his principles changed his life.

08:40 - Why it’s critical to understand yourself & find paths that suit your nature.

11:32 - What Ray discovered about his strengths, weaknesses, values, & motivations.

12:25 - How he succeeds by collaborating with people who are strong where he’s weak.

12:50 - What business leaders like Elon Musk, Bill Gates, & Reed Hastings have in common.

16:08 - How to convert your experiences into principles that will guide your decisions.

17:29 - What Ray learned about risk & survival after a disastrous investment mistake.

21:44 - How he taught himself to embrace pain, harnessing it to become a better investor.

26:59 - How meditation empowers him to make decisions in a calm & centered way.

31:32 - How to apply his five-step process for getting what you want out of life.

32:16 - How to improve your life by identifying the “one big thing” that stands in your way.

45:08 - How to combat your ego & your blind-spots.

47:23 - Why he’s comfortable investing billions in China, despite the uncertainties.

45:31 - How he balances risk & reward by seeking to own 15 “good, uncorrelated bets.”

52:00 - How regular investors can construct a well-diversified, resilient portfolio.

57:16 - What we should learn from the bubble & bust of high-tech stocks & crypto.

1:01:39 - Why he’s deeply skeptical about Bitcoin.

1:05:43 - How economies are driven by credit cycles, & where the U.S. stands in this cycle.

1:18:13 - How to prepare for the future by knowing where you are in the three phases of life.

1:23:57 - Why Ray is becoming more spiritual in the third & final phase of his life.

1:33:18 - Why he’s happy to cede control of his investment firm to a new generation of leaders.

1:38:10 - Why Ray sees ocean exploration, not space exploration, as the greatest adventure of all. 

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Listen to William Green's 2022 interview with Ray Dalio, The Changing World Order - TIP410, or watch the video.
• Principles: Your Guided Journal by Ray Dalio.
• Principles: Life and Work by Ray Dalio.
• Ray Dalio’s animated video on How the Economic Machine Works.
• Ray Dalio’s animated video on Principles for Success.
• Ray Dalio’s animated video on Principles for Dealing with the Changing World Order.
• Follow Ray Dalio on LinkedIn.
• Take the free PrinciplesYou personality assessment test.
• William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
• Follow William Green on Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
• Learn how to better start, manage, and grow your business with the best business podcasts. 

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Take stock of your finances and investing strategy with Betterment.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Send, spend, and receive money around the world easily with Wise.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Trey speaks with accomplished real estate entrepreneur, Michael Sonnenfeldt, about his experiences and takeaways from his private club, Tiger 21, as well as his early life achievements and other topics. Michael is also the author of the book, "Think Bigger: And 39 Other Winning Strategies from Successful Entrepreneurs."

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:46 - What Michael learned from achieving his dreams early in his thirties.

19:59 - What he’s learned from subsequent wins and losses.

36:16 - How it led him to found Tiger 21 and how he leverages surveys from the group to better understand the economy and preserving wealth.

55:14 - Michael’s personal views on recession risks, education, meditation.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Visit Tiger 21 Website.
• Think Bigger Book.
• Check out Michael Sonnenfeldt's Website.
• Check out Trey Lockerbie's Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
• Learn how to better start, manage, and grow your business with the best business podcasts. 

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

•  Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Take stock of your finances and investing strategy with Betterment.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Send, spend, and receive money around the world easily with Wise.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Preston Pysh talks with Luke Broyles about Bitcoin's impact from a monetary historical perspective. Luke has been creating a lot of great content around why Bitcoin is so important, how we're at the start of the information era, and why scarce digital monetary units are so vital at such a point in time.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

05:32 - An overview of monetary history.

12:54 - Hyperinflation examples and boom bust empires.

11:17 - Why we might be at the end of an era.

47:32 - The global game theory.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Luke Broyles' Twitter Account.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Take stock of your finances and investing strategy with Betterment.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Send, spend, and receive money around the world easily with Wise.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.
• Support our free podcast by supporting our sponsors.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today’s episode, Clay breaks down four wide moat stocks to be considered for 2023. If you’ve been following along with the show for quite some time, you know that Warren Buffett loves companies with wide moats. These are the companies that are most equipped to handle the constant disruption occurring in the capitalistic marketplace.

However, even some of the widest moat and highest quality companies can be a poor investment if you pay too high of a price, so I also brought that into consideration when selecting these four companies. If you enjoy learning about individual stocks and what makes a great company, you won’t want to miss this great episode.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:58 - What it means for a company to have a wide economic moat.

03:53 - Why a wide moat is critical to assess and succeed as an investor.

05:03 - Why technology companies offer some of the most attractive opportunities for value investors.

09:42 - Why Clay believes that Alphabet and Amazon offer good value in today’s market.

26:54 - Why Amazon is a “forever hold” for legendary investors like Nick Sleep and Bill Miller.

38:58 - What super investors have taken positions in Alphabet and Amazon.

43:20 - What makes S&P Global and Sherwin Williams both companies with very strong moats.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Adam Seessel’s book: Where the Money Is.
• Listen to John Huber chatting about Amazon on Millennial Investing, or watch the video.
• Security Analysis Newsletter.
• Check out our takeaways from Warren Buffett's Shareholder Letters. Watch the video here.
• Don’t miss Clay’s review of The Education of a Value Investor by Guy Spier. Watch the video here.
• Follow Clay on Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Take stock of your finances and investing strategy with Betterment.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Send, spend, and receive money around the world easily with Wise.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Stig Brodersen has invited back investment expert Cullen Roche to discuss how to optimize your portfolio for financial independence and sleeping well at night.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:05 - What the difference is between CPI and PCE.

08:31 - Whether central bankers should be elected? 

14:46 - What the velocity of money is, and how it impacts inflation?

19:08 - What it means for inflation and the US dollar that the world is decoupling.

28:19 - What a balance sheet recession is and why it is important to understand investors.

34:15 - Whether the 60/40 portfolio is still working.

41:02 - Which longer cycle we are missing in the financial markets. 

41:34 - Whether the next 40 years of stock market performance will look like the previous 40 years.

46:28 - Whether central banks fight global warming? 

54:31 - Which portfolio to build for independence and sleeping well at night.

1:09:30 - Which bias does the new generation of investors have.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Listen to Stig's interview with Cullen Roche about Macro Investing - TIP486 or watch the video. 
• Related Episode: Listen to Inflation Masterclass Continued - TIP472 or watch the video.
• Related Episode: Listen to Inflation Update and the recent FOMC Meeting - TIP420 or watch the video.
• Cullen Roche's website, The Discipline Funds.
• Cullen Roche's website, Pragmatic Capitalism.
• Tweet directly to Cullen Roche.
• Email Cullen at cullenroche@orcamgroup.com.
• Cullen Roche's YouTube channel.
• Cullen Roche’s book, Pragmatic Capitalism – Read reviews here.
• Gavin Jackson’s book, Money in One Lesson - Read reviews here.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Get personalized, expert advice that helps you see things clearly with ATB.
• Take stock of your finances and investing strategy with Betterment.
• Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Send, spend, and receive money around the world easily with Wise.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Invest in high-quality, cash-flowing real estate without all of the hassle with Passive Investing.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Trey chats with Joseph Shaposhnik. Joseph is the Portfolio Manager of TCW’s New America Premier Equities Fund. Joseph also serves as a Senior Equity Analyst in the equity research group with coverage responsibility for the industrials and basic materials sectors. Before joining TCW in 2011, he was an Equity Research Associate at Fidelity, focusing on the semiconductor and entertainment software sectors.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:52 - Unconventional wisdom and strategies that Joseph has learned from working under Joel Tillinghast, Will Danoff and under mentorship from Brian Jellison.

28:40 - How he has shaped his strategy for his fund that has outperformed it’s benchmark by 3.5% since inception.

37:16 - An overview of some of the funds top holdings, including Constellation Software, Factset and Broadcom. 

50:17 - Insights from Buffett’s investment in TSM and Precision Castparts.

And a lot more!

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• TCW New America Premier Equities Fund.
• Joseph Shaposhnik Linkedin.
• Trey Lockerbie Twitter.
• Related Episode: Listen to Fidelity Legend Joel Tillinghast - RWH017 or watch the video.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Get personalized, expert advice that helps you see things clearly with ATB.
• Take stock of your finances and investing strategy with Betterment.
• Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Send, spend, and receive money around the world easily with Wise.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Invest in high-quality, cash-flowing real estate without all of the hassle with Passive Investing.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Pierre Rochard comes back to the show to do a deep dive into ordinals and the impact of people being able to put NFTs onto the base layer of the Bitcoin protocol. Many people in the space are currently debating whether this is a good thing or a bad thing, and there's no one better than Pierre to provide a good objective look at what it means and whether it potentially presents an attack vector to the protocol in the long term.

Pierre has an in-depth understanding of the code, how exchanges work, mining, and everything else in between.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:30 - What are ordinals?

11:37 - A background on the current mining company that nearly filled an entire block with a .jpg file.

29:07 - The idea of a soft fork limiting an op-push in the input / output portion of each block.

34:50 - A history on what updates occurred that allowed this to start happening on layer 1 Bitcoin.

50:20 - Is this a coordinated DoS attack on the network? Could it be?

50:20 - Are their concerns with illicit pictures being put onto the blockchain a potentially attack vector?

51:29 - Couldn't node operators simply run a pruned node to defend against such an attack?

55:05 - What does this look like in 3 to 5 years from now if nothing is done?

56:32 - Thoughts on Charlie Munger's Wall Street Journal article bashing Bitcoin.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Pierre's Twitter account.
• Pierre's mining company Riot Platforms.
• Related Episode: Listen to BTC109: Bitcoin Taro, GBTC Discount, & More w/ Pierre & Morgen Rochard, or watch the video.
• Related Episode: Listen to BTC095: Bitcoin Time Stamping w/ Pierre Rochard, or watch the video.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Get personalized, expert advice that helps you see things clearly with ATB.
• Take stock of your finances and investing strategy with Betterment.
• Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Send, spend, and receive money around the world easily with Wise.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Invest in high-quality, cash-flowing real estate without all of the hassle with Passive Investing.
• Support our free podcast by supporting our sponsors.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today’s episode, Clay reviews Warren Buffett’s shareholder letters and shares his takeaways, and distills some of the biggest lessons he learned. If you asked a lot of value investors, they would tell you that reading Buffett’s letters is equivalent to an MBA on value investing and business. Buffett has a lot to teach us as investors as he has grown the value of Berkshire shares by over 3,600,000% since he took control of the business in 1965.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

07:44 - What Berkshire’s “Big Four” businesses are.

13:16 - What Buffett looks for when investing in a business and what he looks for in a management team.

14:19 - Why Buffett loves share repurchases and why they give me further vindication that a stock is cheap.

18:28 - Why it pays to treat your colleagues and shareholders like partners.

24:49 - Why industries with constant change should be avoided by investors.

28:36 - How Buffett views cash and leverage in his capital allocation strategy.

49:28 - What Buffett looks for when selecting him and Charlie’s successors.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• The Essays of Warren Buffett by Lawrence Cunningham.
• Listen to Clay’s review of The Education of a Value Investor by Guy Spier, or watch the video.
• Tune into the recent We Study Billionaires’ episode covering The Dhandho Investor by Mohnish Pabrai, or watch the video.
• Learn more about our free social events in Omaha here.
• Follow Clay on Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Get personalized, expert advice that helps you see things clearly with ATB.
• Take stock of your finances and investing strategy with Betterment.
• Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Send, spend, and receive money around the world easily with Wise.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Invest in high-quality, cash-flowing real estate without all of the hassle with Passive Investing.
• Support our free podcast by supporting our sponsors.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

William Green showcases some of the most valuable insights from four investing superstars who have recently appeared on the Richer, Wiser, Happier podcast: Joel Greenblatt, Bill Miller, Howard Marks, & François Rochon. Here, these famed investors share practical lessons on how to deal with uncertainty & handle the emotional challenges of investing in turbulent times. William adds his own observations, drawing on his conversations with these great investors & with legends like Sir John Templeton, Peter Lynch, & Charlie Munger.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:34 - How a disastrous investment taught Joel Greenblatt that anything can happen.

10:34 - What Fidelity legend Peter Lynch learned from a shocking setback early in his career. 

12:06 - How to protect ourselves from uncertainty, bad luck, & our own analytical mistakes.

12:49 - Why Howard Marks warns that you shouldn’t push the limits if you want to avoid ruin.

14:48 - How Joel Greenblatt deals with mistakes by learning from them, then moving forward.

28:08 - How Joel handles the “kick in the stomach” when an investment goes wrong.

35:02 - How to succeed by taking advantage of the wild emotional mood swings of the crowd.

38:30 - Why stock pickers must learn to value businesses, buy at a discount, & then wait.

40:17 - How Bill Miller handles the discomfort of brutal losses during the most turbulent times.

43:00 - What Bill advises regular investors to do so they can endure the pain of market mayhem. 

44:33 - Why Howard Marks says we need to be honest about our tolerance for risk & loss.

46:06 - How the best investors diversify or concentrate in ways that suit their temperament. 

50:07 - Why Howard believes that “emotion is the greatest enemy of superior investing.”

52:35 - How Sir John Templeton thrived by hunting for bargains in the most-hated markets.

1:00:41 - Why Howard Marks thinks he was wrong to be a “knee-jerk skeptic” about Bitcoin.

1:03:30 - How to safeguard against our own biases, hubris, & overconfidence.

1:08:58 - Why François Rochon is convinced that it’s rational to be optimistic about the future.

1:10:51 - What history shows about mankind’s extraordinary ability to find solutions to its problems.

1:21:31 - Why Warren Buffett says that bad news is an investor’s best friend.

1:23:23 - Why Buffett regards babies being born in America today as “the luckiest crop in history.”

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Listen to William's interview with Ray Dalio, The Changing World Order - TIP410, or watch the video.
• Listen to William’s interview with Joel Greenblatt, How to Win the Investing Game - RWH003, or watch the video.
• Listen to William’s interview with Bill Miller, Investing Legend Bill Miller on Amazon, Bitcoin, & Buffett - RWH007, or watch the video.
• Listen to William’s interview with Howard Marks, Investing Wisely In An Uncertain World - RWH002, or watch the video.
• Listen to William’s interview with François Rochon, The Best of the Best - RWH016, or watch the video.
• Berkshire Hathaway’s 2015 annual report, featuring Buffett’s optimistic view of the future.
• William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
• Follow William Green on Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
• Learn how to better start, manage, and grow your business with the best business podcasts. 

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Get personalized, expert advice that helps you see things clearly with ATB.
• Help companies protect customer privacy in the face of endlessly growing data breaches by investing in Atakama today.
• Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Take stock of your finances and investing strategy with Betterment.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Trey brings back financial historian, Jamie Catherwood. Jamie is a Client Portfolio Specialist at O'Shaughnessy Asset Management and the author of the popular blog, Investor Amnesia.

Trey and Jamie discuss the historical viewpoint on a post-bubble world, the impact of 1800s markets on our current market outlook, and more.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:45 - How markets from the 1800’s can inform how we view our market today.

13:27 - How the frauds of today like FTX draw similarities to frauds of the past.

31:00 - How the crypto market resembles the early days of the stock market.

40:32 - Why market regulations developed in the US.

54:10 - Where the term “bankruptcy” comes from.

55: 30 - Other fascinating facts and stories from the past.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Investor Amnesia Website.
• Sunday Reads Blog.
• Osam Paper on The Great Inflation.
• Related Episode: Listen to Jamie Catherwood, The History of Bubbles, Mania & Fraud–TIP427 or watch the video.
• Trey Lockerbie's Twitter.
• Jamie Catherwood's Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
• Learn how to better start, manage, and grow your business with the best business podcasts. 

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Get personalized, expert advice that helps you see things clearly with ATB.
• Help companies protect customer privacy in the face of endlessly growing data breaches by investing in Atakama today.
• Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Take stock of your finances and investing strategy with Betterment.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Preston Pysh is joined by Bitcoin Lightning expert Justin Rezvani. Justin is a Forbes 30 under 30 and has some fascinating stories as a tech entrepreneur.

Justin discusses how he sees the creator economy evolving with immediate settlement happening on the Lightning Network, and how people are going to be compensated for holding their own data and content instead of the big platform owners.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:15 - Justin's background as an entrepreneur.

01:20 - Justin's advice for young entrepreneurs.

06:46 - How Justin found Bitcoin.

06:46 - Justin's new application, Zion, and how it fits into decentralized social media.

09:52 - How Justin became familiar with the Lightning Network.

11:50 - Justin's opinions about the Creator Economy at large.

26:28 - Decentralized Web Nodes and Web 5.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Justin's Twitter Account.
• Justin's Social Application: Zion.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Get personalized, expert advice that helps you see things clearly with ATB.
• Help companies protect customer privacy in the face of endlessly growing data breaches by investing in Atakama today.
• Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Take stock of your finances and investing strategy with Betterment.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• Support our free podcast by supporting our sponsors.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Clay reviews Guy Spier’s book, The Education of a Value Investor. Guy Spier is a renowned hedge fund manager who has beaten the S&P 500 by almost 250 percentage points since launching the Aquamarine Fund in 1997. He has also been a guest on We Study Billionaires several times, including episode #14 released all the way back in 2014.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:27 - Guy’s story and background, and the critical mistakes he learned from the journey.

06:39 - How studying Tony Robbins and Warren Buffett changed his life.

19:48 - How writing handwritten letters helped Guy forge and develop extremely valuable and fulfilling relationships.

23:20 - What led Guy to purchase a charity lunch with Warren Buffett.

43:54 - What he learned from experiencing the great financial crisis as a fund manager.

51:45 - Why Guy values fulfillment and a life well-lived over money.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Tune into the recent We Study Billionaires episode covering The Dhandho Investor by Mohnish Pabrai or watch the video.
• Learn how to value a company by tuning into our review of The Little Book of Valuation by Aswath Damodaran or watch the video.
• Related Episode: Listen to Guy Spier, The Education of a Value Investor–TIP014 or watch the video.
• Related Episode: Listen to Investing and Life Masterclass w/ Guy Spier–TIP414 or watch the video.
• Related Episode: Listen to How to Build Enduring Wealth w/ Guy Spier–RWH009 or watch the video.
• Guy Spier’s book: The Education of a Value Investor.
• William Green’s book: Richer, Wiser, Happier.
• Follow Clay on Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
• Learn how to better start, manage, and grow your business with the best business podcasts. 

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.
• Get personalized, expert advice that helps you see things clearly with ATB.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Take stock of your finances and investing strategy with Betterment.
• Guess less and sell more with the Number 1 email marketing and automation brand, Intuit Mailchimp.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital‘s Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.
• Get insider access to the people and ideas at the edge of innovation with the chart-topping podcast from venture capital firm Andreessen Horowitz, The a16z Podcast.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Trey chats with Eddy Elfenbein, a portfolio manager and editor of the blog Crossing Wall Street. They discussed his Buy List for 2022 and reviewed his list for 2023. Eddy's 'Buy List' has beaten the S&P 500 by 102% over the last 17 years.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:08 - How the 2022 list performed during one of the worst stock market years on record.

06:12 - Which five stocks Eddy swapped out for 2023 and why.

20:58 - Which stock performance surprised Eddy the most.

39:07 - An overview of the 2023 list and which stocks the TIP finance tool considers to be the most undervalued.

47:39 - Eddy’s thoughts on the markets. 

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• The Buy List for 2023.
• Crossing Wall Street Blog.
• Eddy Elfenbein's Twitter.
• ETF (Ticker: CWS) information.
• Trey Lockerbie's Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
• Learn how to better start, manage, and grow your business with the best business podcasts. 

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.
• Get personalized, expert advice that helps you see things clearly with ATB.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Take stock of your finances and investing strategy with Betterment.
• Guess less and sell more with the Number 1 email marketing and automation brand, Intuit Mailchimp.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital‘s Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.
• Get insider access to the people and ideas at the edge of innovation with the chart-topping podcast from venture capital firm Andreessen Horowitz, The a16z Podcast.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Lyn Alden and Alyse Killeen talk about all the emerging businesses and ideas currently happening in the Bitcoin Lightning Network and where they see the space moving in the coming 12 to 24 months.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:12 - What are most important things that Lyn and Alyse are tracking going into 2023?

03:59 - What is the current state of the Bitcoin Lightning Network?

15:36 - How do they see stable coins versus CBDCs progressing in the coming year?

15:36 - Thoughts on Taro and whether it's a distraction to Bitcoin.

38:52 - Lyn's thoughts on inflation in places like Egypt and Argentina.

43:55 - Lyn's thoughts on the dollar and Global M2.

01:05:51 - What's one of the most exciting things happening in the VC space?

01:05:51 - How do Lyn and Alyse think about intrinsic value in the VC space?

01:19:30 - Lyn's thoughts on the changes to how CPI is calculated.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Lyn's Macro Research Site.
• Lyn's Twitter.
• Alyse's Twitter.
• Alyse's Fund Stillmark Capital.
• Lyn's Fund Ego Death Capital.
• Related Episode: Listen to TIP491: Macro and the Energy Market w/ Lyn Alden, or watch the video.
• Related Episode: Listen to BTC042: Supply Chain Impacts & Bitcoin Discussion w/ Lyn Alden, or watch the video.
• Related Episode: Listen to BTC031: Investment in Bitcoin Tech w/ Alyse Killeen, or watch the video.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.
• Get personalized, expert advice that helps you see things clearly with ATB.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Take stock of your finances and investing strategy with Betterment.
• Guess less and sell more with the Number 1 email marketing and automation brand, Intuit Mailchimp.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.
• Get insider access to the people and ideas at the edge of innovation with the chart-topping podcast from venture capital firm Andreessen Horowitz, The a16z Podcast.
• Support our free podcast by supporting our sponsors.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today’s episode, Clay reviews Mohnish Pabrai’s book, The Dhandho Investor. Mohnish is one of our very favorite investors to study here at TIP as we’ve interviewed him for the podcast multiple times in the past. Since its inception in 2000, Mohnish’s flagship fund has achieved a return of 781% to his investors net of fees versus 378% for the S&P 500. 

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

05:19 -The story of the Patels, who went from owning nothing in the US, to owning over 50% of the motel industry.

11:33 - The 9 Dhandho investment principles.

14:24 - How Dhandho investors are able to earn outsized returns with minimal risk.

25:09 - How to identify bargains in the market.

32:17 - The relationship between investing and gambling.

39:17 - Clay’s analysis on Mohnish’s largest US equity holding today.

49:46 - Mohnish’s investing checklist he uses prior to purchasing a company.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Tune into the recent We Study Billionaires' episode covering The Little Book of Valuation by Aswath Damodaran or watch the video.
• Listen to the episode on Warren Buffett's Money Mind or watch the video.
• Related Episode: Listen to Investing in Stocks w/ Mohnish Pabrai - TIP442, or watch the video.
• Related Episode: Listen to Berkshire's Purchase of TSM & Meta "Doomsday" Analysis - TIP508, or watch the video.
• Mohnish Pabrai’s book: The Dhandho Investor.
• Follow Clay on Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.
• Get personalized, expert advice that helps you see things clearly with ATB.
• Help companies protect customer privacy in the face of endlessly growing data breaches by investing in Atakama today.
• Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Take stock of your finances and investing strategy with Betterment.
• Guess less and sell more with the Number 1 email marketing and automation brand, Intuit Mailchimp.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Trey invites Patrick Carroll, the founder and CEO of Carroll, which is a multi-billion dollar real estate investment firm. Patrick is a self-made entrepreneur with boundless ambition and has built his empire from scratch. Together they discuss today’s real estate markets and so much more!

Patrick has risen from the school of hard knocks to become the success he is today.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:47 - Today’s real estate markets and how they eerily resemble 2008.

14:50 - How real estate investors and more importantly, lenders, are navigating the current landscape.

22:34 - Why multi-family is looked at as the least risky real estate asset. 

36:39 - Why a large majority of Gen Z’ers are living with their parents and how the $68 trillion dollar wealth transfer from baby boomers will affect the real estate market. 

44:10 - What indicators Patrick relies on. 

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Carroll Website.
• Carroll's Twitter.
• Patrick Carroll's Linkedin.
• Trey Lockerbie's Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
• Learn how to better start, manage, and grow your business with the best business podcasts. 

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.
• Get personalized, expert advice that helps you see things clearly with ATB.
• Help companies protect customer privacy in the face of endlessly growing data breaches by investing in Atakama today.
• Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Take stock of your finances and investing strategy with Betterment.
• Guess less and sell more with the Number 1 email marketing and automation brand, Intuit Mailchimp.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Preston Pysh interviews Lyle Pratt, an entrepreneur of multiple successful businesses, and a telecommunications and spam expert. They talk about the intersection of the Bitcoin Lightning Network and how it offers a solution to the worsening spam and bots that litter our social media and phone calls.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:18 - Lyle's background as an entrepreneur founding Better Voice.

06:22 - The history of VOIP and how it relates to Bitcoin today.

06:22 - The 402 payment required in the SIP protocol.

10:24 - Lyle's story about finding Bitcoin at the intersection of telecommunications.

12:09 - What was the top thing he took away from successfully building and selling his first company?

14:15 - Lyle's newest company, Vida.

14:22 - Lyle discusses the basics of spam and why it's so prevalent.

24:53 - Spam can become worse with more decentralization.

35:42 - What does the Lightning Network bring to this problem?

54:54 - What Jiu-Jitsu and Bitcoin have in common.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Lyle Pratt's Twitter Account.
• Lyle Pratt's Nostr Account.
• Lyle's Company, Vida.
• Related Episode: Listen to BTC111: Nostr - Decentralized Social Media & Bitcoin w/ William Casarin, or watch the video.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.
• Get personalized, expert advice that helps you see things clearly with ATB.
• Help companies protect customer privacy in the face of endlessly growing data breaches by investing in Atakama today.
• Talk to your clients about Desjardins Responsible Investment today and support what’s right for society and what’s good for business.
• Take stock of your finances and investing strategy with Betterment.
• Guess less and sell more with the Number 1 email marketing and automation brand, Intuit Mailchimp.
• Let an expert do your taxes from start to finish so you can relax with TurboTax.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Support our free podcast by supporting our sponsors.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU'LL LEARN:

00:00 - Intro

05:11 - Aswath’s two primary methods for valuing a company.

05:40 - The general truths about valuations that investors should understand.

12:38 - The four most basic inputs to valuing a company.

19:37 - How to go about setting an appropriate growth rate in our valuations.

34:11 - Additional considerations in performing valuations such as a company’s intangible assets.

47:09 - Clay’s intrinsic value assessment of Williams-Sonoma (Ticker WSM).

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Tune in to We Study Billionaires' recent episode about Warren Buffet's Money Mind, or watch the video.
• Listen to Clay Finck's deep dive on Peter Lynch and his book, One Up on Wall Street, or watch the video.
• Aswath Damodaran’s books: The Little Book of Valuation, The Dark Side of Valuation, & Applied Corporate Finance
• Follow Clay on Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
• Learn how to better start, manage, and grow your business with the best business podcasts. 

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.
• Get personalized, expert advice that helps you see things clearly with ATB.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Guess less and sell more with the Number 1 email marketing and automation brand, Intuit Mailchimp.
• Help companies protect customer privacy in the face of endlessly growing data breaches by investing in Atakama today.
• Send, spend, and receive money around the world easily with Wise.
• Thanks to rising interest rates artificially driving down the prices of even the best assets, Fundrise expects 2023 to be one of the most opportune real estate investing environments of the last decade. Take advantage of this unique investing environment.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:31 - How Inflation has been winning the tug of war with Deflation, but not for long.

23:58 - The importance of the velocity of money.

29:12 - How supply chains have evolved and who we’ve ended up where we are. 

55:18 - How China’s power has peaked.

57:26 - The need for sound money.

And much, much more!

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Jim Rickards' new book: Sold Out: How Broken Supply Chains, Surging Inflation, Political Instability Will Sink the Global Economy.
• Related Episode: Listen to TIP233: Jim Rickards on Central Banks, QT, QE, & the FFR, or watch the video.
• Connect with Jim Rickards on Twitter.
• Connect with Trey Lockerbie on Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
• Learn how to better start, manage, and grow your business with the best business podcasts. 

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.
• Get personalized, expert advice that helps you see things clearly with ATB.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Guess less and sell more with the Number 1 email marketing and automation brand, Intuit Mailchimp.
• Help companies protect customer privacy in the face of endlessly growing data breaches by investing in Atakama today.
• Send, spend, and receive money around the world easily with Wise.
• Thanks to rising interest rates artificially driving down the prices of even the best assets, Fundrise expects 2023 to be one of the most opportune real estate investing environments of the last decade. Take advantage of this unique investing environment.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We interview and study famous financial billionaires including Warren Buffett, Ray Dalio, and Howard Marks, and teach you what we learn and how you can apply their investment strategies in the stock market.

We Study Billionaires is the largest stock investing podcast show in the world with 100,000,000+ downloads and is hosted by Stig Brodersen, Trey Lockerbie, and Clay Finck.

This podcast also includes the Richer Wiser Happier series hosted by best-selling author William Green. William regularly interviews legendary investors such as Mohnish Pabrai and Guy Spier, exploring what they can teach us about how to succeed in markets and life.And finally, our Bitcoin Fundamentals series is hosted by Preston Pysh, where he interviews prominent figures in the Bitcoin and macroeconomic space.To learn more about TIP, you can visit theinvestorspodcast.com or subscribe to our free daily newsletter here.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - intro

01:37 - What's the mastermind's thoughts on FTX and SBF?

10:22 - What's happening with Gemini, DCG, Genesis, & GBTC?

14:37 - What's the group's thoughts on Binance?

15:04 - Why is a risk assessment of counterparts risk so important?

15:04 - Thoughts on liquidity and how to use it to understand volatility limits.

22:30 - An overview of Fixed Income Markets and High Yield Debt.

41:39 - Thoughts on inflation and what it might trend towards in 2023.

58:16 - The 30-year versus the 3-month and what that means for FED policy moving forward.

01:15:46 - Is China demand coming back online?

01:25:33 - What potentially causes a final capitulation for this cycle (will there even be one)?

01:31:05 - What to expect from the price of Bitcoin in 2023.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Joe Carlasare's Twitter.
• Steven McClurg's Twitter.
• Jeff Ross's Twitter.
• Joe's legal practice.
• Steven's Valkyrie Investments.
• Jeff's Investment Management Fund: Vailshire Capital.
• Related Episode: Listen to Bitcoin Mastermind Discussion w/ Joe Carlasare, Jay Gould, & Jeff Ross - BTC078 or watch the video.
• Related Episode: Listen to Bitcoin Round Table w/ Joe Carlasare, Jeff Ross, and Jay Gould - BTC070 or watch the video.
• Related Episode: Listen to FED Policy, Bitcoin ETFs, & Euro Dollar Impacts w/ Steven McClurg – BTC088 or watch the video.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.
• Get personalized, expert advice that helps you see things clearly with ATB.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Guess less and sell more with the Number 1 email marketing and automation brand, Intuit Mailchimp.
• Help companies protect customer privacy in the face of endlessly growing data breaches by investing in Atakama today.
• Send, spend, and receive money around the world easily with Wise.
• Thanks to rising interest rates artificially driving down the prices of even the best assets, Fundrise expects 2023 to be one of the most opportune real estate investing environments of the last decade. Take advantage of this unique investing environment.
• Support our free podcast by supporting our sponsors.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:54 - What it means to have a “Money Mind”.

10:08 - How Warren's father’s Libertarian viewpoints rubbed off on Warren’s business mind.

24:29 - How Buffett continued to evolve as an investor as the investment landscape changed.

29:24 - Tom Gayner’s description of the three stages of value investing that has played out over time.

36:15 - How Bill Miller helped value investors realize that value is sometimes found in the most unexpected places.

45:04 - How Buffett’s mindset differs from that of academics.

45:23 - Why Buffett views stock market volatility as an opportunity rather than the risk in a company.

50:21 - Why investors focused on the process rather than the outcome are better positioned to succeed in the long run.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Tune in to the recent We Study Billionaires' episode covering Peter Lynch.
• Learn about Buffett's Purchase of TSM & Meta "Doomsday" Analysis.
• Robert Hagstrom’s books: Inside the Ultimate Money Mind, The Warren Buffett Way, & The Warren Buffett Portfolio.
• Follow Clay on Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.
• Get personalized, expert advice that helps you see things clearly with ATB.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Guess less and sell more with the Number 1 email marketing and automation brand, Intuit Mailchimp.
• Help companies protect customer privacy in the face of endlessly growing data breaches by investing in Atakama today.
• Send, spend, and receive money around the world easily with Wise.
• Thanks to rising interest rates artificially driving down the prices of even the best assets, Fundrise expects 2023 to be one of the most opportune real estate investing environments of the last decade. Take advantage of this unique investing environment.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

10:14 - What Fred Martin discovered about mitigating risk as a Navy officer in the Vietnam War.

14:22 - How he handles the pain & discomfort of difficult periods in the stock market.

31:52 - Why he thinks Tesla’s stock is overvalued & what he thinks it’s really worth.

35:20 - Why it’s critical for investors to be skeptics who never let down their guard.

43:56 - What insights he drew from studying Benjamin Graham & writing a book about him.

51:44 - How Fred applies a consistent three-step process to every business he analyzes.

54:34 - How to win as an investor by waiting for intrinsic value & the stock price to “true up.”

01:02:25 - Why he regards a legendary free soloist climber as the world’s greatest risk manager.

01:11:43 - How flying planes has helped Fred to refine his understanding of the margin of safety.

01:16:02 - Why he’s given three younger colleagues the authority to veto his stock picks.

01:24:26 - Why he “seals the exits” before buying a stock, assuming that he’ll own it forever.

01:34:29 - Why fund managers should sacrifice their own interests for the sake of their clients. 

01:37:56 - What advice he’d give to people who are looking to hire an investment adviser.

01:42:09 - Why he believes that relationships & purpose are the two most important things in life.

01:45:48 - What he’s done to build good health, so that he’s still going strong at age 76.

01:47:24 - How his religious faith has made him a better investor & a better steward of assets.

01:50:10 - What he’s learned about how to endure sorrow & tragedy.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Fred Martin’s investment firm, Disciplined Growth Investors.
• Fred Martin’s mutual fund, the Disciplined Growth Investors Fund. 
• Benjamin Graham and the Power of Growth Stocks, co-authored by Fred Martin
• The Psychology of Money: An Investment Manager’s Guide to Beating the Market by Jim Ware
• Free Solo, an Oscar-winning documentary about legendary climber Alex Honnold.
• William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
• William Green’s Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
• Learn how to better start, manage, and grow your business with the best business podcasts. 

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.
• Get personalized, expert advice that helps you see things clearly with ATB.
• Help companies protect customer privacy in the face of endlessly growing data breaches by investing in Atakama today.
• Guess less and sell more with the Number 1 email marketing and automation brand, Intuit Mailchimp.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.
• If you’re a sales professional, get every real time advantage you can get with Sales Navigator. Enjoy 60 days of free trial today.
• Find people with the right experience and invite them to apply to your job. Try ZipRecruiter for FREE today.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU'LL LEARN:

• 03:54 - How today’s inflation compares to 1970 with Jeremy Grantham.
• 07:52 - Why Michael Mauboussin says you have to earn the right to use a valuation multiple.
• 13:17 - How energy impacts inflation with Josh Young.
• 31:55 - Why investors should consider microcaps with Ian Cassell.
• 38:40 - The vindication of the dollar milkshake theory with Brent Johnson.
• 47:15 - Market indicators from Dan Rasmussen, Joe Brown, and a lot more.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Trey Lockerbie's Twitter.
• Related Episode: The Top of the Cycle w/ Jeremy Grantham– TIP371.
• Related Episode: The Dollar Milkshake Theory Update w/ Brent Johnson - TIP397.
• Related Episode: Expectations Investing w/ Michael Mauboussin – TIP421.
• Related Episode: What Is Happening With Oil? w/ Josh Young - TIP429.
• Related Episode: Indicators for Crisis Investing w/ Dan Rasmussen - TIP455.
• Related Episode: Why Microcaps Have the Best YTD Performance w/ Ian Cassel - TIP480.
• Related Episode: Market Indicators, Cbdc’s and Real Estate w/ Joe Brown - TIP507.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
• Learn how to better start, manage, and grow your business with the best business podcasts. 

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.
• Get personalized, expert advice that helps you see things clearly with ATB.
• Help companies protect customer privacy in the face of endlessly growing data breaches by investing in Atakama today.
• Guess less and sell more with the Number 1 email marketing and automation brand, Intuit Mailchimp.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.
• If you’re a sales professional, get every real time advantage you can get with Sales Navigator. Enjoy 60 days of free trial today.
• Find people with the right experience and invite them to apply to your job. Try ZipRecruiter for FREE today.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU’LL LEARN:

• 01:54 - So what is Nostr?
• 03:50 - It seems like the protocol is optimized around simplicity, is that it?
• 06:30 - What does this look like 5 years from now?
• 10:38 - What other application might pop out of this?
• 16:19 - What are all these clients interfacing with the protocol?
• 26:11 - What concerns do you have about open speech on sexual, racial, or explicit things?
• 28:06 - How do you remove centralized servers with something like this?
• 33:45 - Can traditional social media companies benefit from using Nostr?
• 38:24 - What would someone's incentive be to run their own relay?
• 45:46 - How does this all tie into Bitcoin?

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• More information about Nostr.
• William Casarin's Nostr Account Pub Key: npub1xtscya34g58tk0z605fvr788k263gsu6cy9x0mhnm87echrgufzsevkk5s.
• William's Damus App webpage.
• William's Twitter.
• Astral.Ninja (for creating a Nostr Account).
• Verifying your Nostr Account: NostrVerified.com.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.
• Get personalized, expert advice that helps you see things clearly with ATB.
• Help companies protect customer privacy in the face of endlessly growing data breaches by investing in Atakama today.
• Guess less and sell more with the Number 1 email marketing and automation brand, Intuit Mailchimp.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.
• If you’re a sales professional, get every real time advantage you can get with Sales Navigator. Enjoy 60 days of free trial today.
• Find people with the right experience and invite them to apply to your job. Try ZipRecruiter for FREE today.
• Support our free podcast by supporting our sponsors.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU'LL LEARN:

• 05:27 - How everyday people can actually have an advantage investing in stocks over those on Wall Street.
• 13:15 - Lynch’s stock investing philosophies and methods.
• 26:41 - How he categorizes the stocks he invests in, in order to manage expectations.
• 34:58 - What to look for when searching for a great company to invest in.
• 37:48 - Why you should avoid companies that fall prey to what he calls diworsification.
• 53:21 - The most common mistakes new investors make.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Tune into the recent We Study Billionaires' episode covering Buffett's Purchase of TSM & Meta "Doomsday" Analysis.
• Learn about the How Jeff Bezos Built Amazon.
• Peter Lynch’s books: One Up on Wall Street, Beating the Street, & Learn to Earn.
• Related Episode: Stig and Preston discuss One Up On Wall Street By Peter Lynch.
• Follow Clay on Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
• Learn how to better start, manage, and grow your business with the best business podcasts. 

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.
• Get personalized, expert advice that helps you see things clearly with ATB.
• Help companies protect customer privacy in the face of endlessly growing data breaches by investing in Atakama today.
• Guess less and sell more with the Number 1 email marketing and automation brand, Intuit Mailchimp.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.
• If you’re a sales professional, get every real-time advantage you can get with Sales Navigator. Enjoy 60 days of free trial today.
• Find people with the right experience and invite them to apply to your job. Try ZipRecruiter for FREE today.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU'LL LEARN:

• 01:19 - How to live a life with integrity.
• 01:38 - How to live a life with honesty.
• 18:06 - How to live a life that is true to your personality.
• 23:39 - What it means to be “poor rich.”
• 38:20 - Why what we envy from rich people is independence.
• 01:03:38 - How to live a life of subtraction and not of complexity.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• William Green’s book, Richer, Wiser, Happier – read reviews of this book.
• Our conversation with William Green about Richer, Wiser, Happier.
• Our conversation with William Green about The Great Minds of Investing. 
• Check out William Green’s show, Richer, Wiser, Happier.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Invest in high-quality, cash-flowing real estate without all of the hassle with Passive Investing.
• Have gold and silver shipped directly to your door for you to hold at your home. Get BullionMax’s Gold Investor Kit today - 3 ounces of the world’s most desirable gold coins, including the Gold American Eagle and Canadian Maple Leaf.
• Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.
• Enjoy 10% off your first booking in Viator’s world of over 300,000 experiences you’ll remember. Download the Viator app now and use code VIATOR10.
• In a world of probabilities, trade the possibilities with Pepperstone.
• Start building a portfolio of alternative farm and timberland assets with AcreTrader.
• If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.
• Guess less and sell more with the Number 1 email marketing and automation brand, Intuit Mailchimp.
• Thanks to rising interest rates artificially driving down the prices of even the best assets, Fundrise expects 2023 to be one of the most opportune real estate investing environments of the last decade. Take advantage of this unique investing environment.
• Send, spend, and receive money around the world easily with Wise.
• Ship with FedEx and be ready for this holiday season with picture proof of delivery.
• Monitor your recovery, sleep, training, and health, with personalized recommendations and coaching feedback with WHOOP. Use code WSB to save 10% off your order today.
• Give your family and friends Omaha Steaks, a gift that will be remembered with every unforgettable bite. Use promo code WSB at checkout to get that EXTRA $30 OFF your order.
• Support our free podcast by supporting our sponsors.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU’LL LEARN:

• 01:45 - Oakmark’s framework for navigating the current market.
• 12:09 - Bill’s updated thoughts on Meta and Bank of America.
• 22:18 - How the Warner Discovery merger has caused a lot of confusion in the market that may now have resulted in a severely undervalued stock.
• 36:07 - How Lithia motors are quietly capitalizing on the used car market and its newer DTC platform.
• 39:10 - How Lithia compares to competitors such as Carvana who’s stock has nearly crashed completely.
• And much, much more!

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Oakmark Website.
• Oakmark Commentary.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
• Learn how to better start, manage, and grow your business with the best business podcasts. 

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Invest in high-quality, cash-flowing real estate without all of the hassle with Passive Investing.
• Have gold and silver shipped directly to your door for you to hold at your home. Get BullionMax’s Gold Investor Kit today - 3 ounces of the world’s most desirable gold coins, including the Gold American Eagle and Canadian Maple Leaf.
• Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.
• Enjoy 10% off your first booking in Viator’s world of over 300,000 experiences you’ll remember. Download the Viator app now and use code VIATOR10.
• In a world of probabilities, trade the possibilities with Pepperstone.
• Start building a portfolio of alternative farm and timberland assets with AcreTrader.
• If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.
• Guess less and sell more with the Number 1 email marketing and automation brand, Intuit Mailchimp.
• Thanks to rising interest rates artificially driving down the prices of even the best assets, Fundrise expects 2023 to be one of the most opportune real estate investing environments of the last decade. Take advantage of this unique investing environment.
• Send, spend, and receive money around the world easily with Wise.
• Ship with FedEx and be ready for this holiday season with picture proof of delivery.
• Monitor your recovery, sleep, training, and health, with personalized recommendations and coaching feedback with WHOOP. Use code WSB to save 10% off your order today.
• Give your family and friends Omaha Steaks, a gift that will be remembered with every unforgettable bite. Use promo code WSB at checkout to get that EXTRA $30 OFF your order.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU’LL LEARN:

• 01:53 - What is Nostr and why is it so important to Bitcoin and free speech?
• 05:31 - Japan adjusting their YCC peg to a higher yield and what that means.
• 26:27 - What impact does Japan's move have on other economies?
• 28:47 - How does James see 2023 playing out?
• 29:38 - Will the potential disinflation in the US help lower prices in Europe?
• 32:42 - What's causing the inflation in the EU and is it solvable?
• 34:56 - Paper Bitcoin and the impacts moving forward after the FTX situation.
• 39:56 - China and it's COVID policy as it relates to global demand and inflation.
• 45:38 - Is the US getting ready to go through disinflation?
• 54:48 - What are some things happening in the Bitcoin space that excites James the most?

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• More information about Nostr.
• Jame Lavish's Newsletter.
• Jame's Twitter.
• Related Episode: The Debt Spiral Defined w/ James Lavish - BTC093.
• Related Episode: Japanese Yield Curve Control, Oil, & Bitcoin Macro w/ James Lavish - BTC084.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Invest in high-quality, cash-flowing real estate without all of the hassle with Passive Investing.
• Have gold and silver shipped directly to your door for you to hold at your home. Get BullionMax’s Gold Investor Kit today - 3 ounces of the world’s most desirable gold coins, including the Gold American Eagle and Canadian Maple Leaf.
• Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.
• Enjoy 10% off your first booking in Viator’s world of over 300,000 experiences you’ll remember. Download the Viator app now and use code VIATOR10.
• In a world of probabilities, trade the possibilities with Pepperstone.
• Start building a portfolio of alternative farm and timberland assets with AcreTrader.
• If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.
• Guess less and sell more with the Number 1 email marketing and automation brand, Intuit Mailchimp.
• Thanks to rising interest rates artificially driving down the prices of even the best assets, Fundrise expects 2023 to be one of the most opportune real estate investing environments of the last decade. Take advantage of this unique investing environment.
• Send, spend, and receive money around the world easily with Wise.
• Ship with FedEx and be ready for this holiday season with picture proof of delivery.
• Monitor your recovery, sleep, training, and health, with personalized recommendations and coaching feedback with WHOOP. Use code WSB to save 10% off your order today.
• Give your family and friends Omaha Steaks, a gift that will be remembered with every unforgettable bite. Use promo code WSB at checkout to get that EXTRA $30 OFF your order.
• Support our free podcast by supporting our sponsors.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU’LL LEARN:

• 03:36 - TSM’s business model and competitive advantages.
• 07:13 - All about the critical role semiconductors play in our overall economy.
• 17:15 - Potential risks of investing in TSM.
• 18:11 - The geopolitical tensions that are brewing with the US restricting China’s access to the global semiconductor market.
• 31:00 - What drives the stock’s return in the long run.
• 31:42 - The highlights from the Graham and Dodd Annual Breakfast.
• 37:01 - Why Intel and Meta’s stock might be undervalued.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Tune into the recent We Study Billionaire’s episode covering How Jeff Bezos Built Amazon.
• Learn about the Story of Airbnb.
• Jordan Schneider’s Article: Choking Off China’s AI Access.
• ValueStockGeek’s writeup on Intel.
• Aswath Damodaran’s analysis on Meta.
• Write-up on the Graham and Dodd Annual Breakfast.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
• Learn how to better start, manage, and grow your business with the best business podcasts. 

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Invest in high-quality, cash-flowing real estate without all of the hassle with Passive Investing.
• Have gold and silver shipped directly to your door for you to hold at your home. Get BullionMax’s Gold Investor Kit today – 3 ounces of the world’s most desirable gold coins, including the Gold American Eagle and Canadian Maple Leaf.
• Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.
• Enjoy 10% off your first booking in Viator’s world of over 300,000 experiences you’ll remember. Download the Viator app now and use code VIATOR10.
• In a world of probabilities, trade the possibilities with Pepperstone.
• Start building a portfolio of alternative farm and timberland assets with AcreTrader.
• If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital‘s Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.
• Guess less and sell more with the Number 1 email marketing and automation brand, Intuit Mailchimp.
• Thanks to rising interest rates artificially driving down the prices of even the best assets, Fundrise expects 2023 to be one of the most opportune real estate investing environments of the last decade. Take advantage of this unique investing environment.
• Send, spend, and receive money around the world easily with Wise.
• Ship with FedEx and be ready for this holiday season with picture proof of delivery.
• Monitor your recovery, sleep, training, and health, with personalized recommendations and coaching feedback with WHOOP. Use code WSB to save 10% off your order today.
• Give your family and friends Omaha Steaks, a gift that will be remembered with every unforgettable bite. Use promo code WSB at checkout to get that EXTRA $30 OFF your order.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU’LL LEARN:

• 04:04 - How John Spears became obsessed with investing when he was 12 years old.
• 11:34 - How skipping school to meet an investing legend set him on a path to success.
• 16:07 - How a catastrophic early investment humbled John & taught him to be more prudent.
• 24:12 - Why he focuses intensely on tracking insider buying of cheap stocks by top executives.
• 27:28 - What he learned by studying Ben Graham & teaching himself to buy cheap stocks.
• 32:42 - How Warren Buffett bought his stake in Berkshire Hathaway through Tweedy, Browne.
• 41:54 - What it was like sharing an office with another fabled investor, Walter Schloss.
• 50:12 - Why John owns high-quality compounders like Heineken & Nestle, which aren’t cheap.
• 52:01 - What empirical research has taught him about the strategies that work best over time.
• 1:01:29 - Why we should focus on achieving “satisfactory” returns, not shooting the lights out.
• 1:08:40 - Why it’s wise to avoid a lot of debt, live within your means, & keep ample cash reserves.
• 1:12:02 - Why we should diversify overseas, maximizing our odds of finding undervalued stocks. 
• 1:13:36 - How John thinks about investing in foreign markets like China, the U.K., & Switzerland.
• 1:20:40 - Why he prefers to own a “dull old” stock like Tesco, instead of something sexier & riskier. 
• 1:27:42 - What factors have contributed to him having a happy life.
• 1:38:01 - How the principles he learned as a Quaker have influenced the way he lives & works.
• 1:50:36 - Why he regards capitalism as a powerful force for good.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Tweedy, Browne’s research papers on what’s worked in investing over the long run.
• The Tweedy, Browne International Value Fund.
• William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
• William Green’s Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
• Learn how to better start, manage, and grow your business with the best business podcasts. 

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Monitor your recovery, sleep, training, and health, with personalized recommendations and coaching feedback with WHOOP. Use code WSB to save 10% off your order today.
• Invest in high-quality, cash-flowing real estate without all of the hassle with Passive Investing.
• Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.
• Get personalized, expert advice that helps you see things clearly with ATB.
• Have gold and silver shipped directly to your door for you to hold at your home. Get BullionMax’s Gold Investor Kit today - 3 ounces of the world’s most desirable gold coins, including the Gold American Eagle and Canadian Maple Leaf.
• In a world of probabilities, trade the possibilities with Pepperstone.
• If you’re a sales professional, get every real time advantage you can get with Sales Navigator. Enjoy 60 days of free trial today.
• Guess less and sell more with the Number 1 email marketing and automation brand, Intuit Mailchimp.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Be an Atakama investor today and help protect customer privacy in the face of endlessly growing data breaches.
• Send, spend, and receive money around the world easily with Wise.
• Find people with the right experience and invite them to apply to your job. Try ZipRecruiter for FREE today.
• More wealth, more purpose, or making more of a difference? Commonwealth Private helps you create more of yours - with exceptional service and experts who meticulously tailor opportunities for you.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU’LL LEARN:

• 05:56 - Indicators that Joe watches to forecast market moves.
• 13:19 - Why the Fed pivot might take much longer than many current estimates.
• 14:56 - How the Fed could use $2T in reverse repos to provide liquidity before needing to lower interest rates.
• 27:49 - CBDCs and how they compare to bitcoin, Ethereum and others.
• 55:39 - The real estate market in the US.
• 60:40 - Household financial health. 
• And much, much more!

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Heresy Financial Youtube.
• Financial Heresy Podcast.
• The Forgotten Depression by Jim Grant.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
• Learn how to better start, manage, and grow your business with the best business podcasts. 

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Monitor your recovery, sleep, training, and health, with personalized recommendations and coaching feedback with WHOOP. Use code WSB to save 10% off your order today.
• Invest in high-quality, cash-flowing real estate without all of the hassle with Passive Investing.
• Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.
• Get personalized, expert advice that helps you see things clearly with ATB.
• Have gold and silver shipped directly to your door for you to hold at your home. Get BullionMax’s Gold Investor Kit today - 3 ounces of the world’s most desirable gold coins, including the Gold American Eagle and Canadian Maple Leaf.
• In a world of probabilities, trade the possibilities with Pepperstone.
• If you’re a sales professional, get every real time advantage you can get with Sales Navigator. Enjoy 60 days of free trial today.
• Guess less and sell more with the Number 1 email marketing and automation brand, Intuit Mailchimp.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Be an Atakama investor today and help protect customer privacy in the face of endlessly growing data breaches.
• Send, spend, and receive money around the world easily with Wise.
• Find people with the right experience and invite them to apply to your job. Try ZipRecruiter for FREE today.
• More wealth, more purpose, or making more of a difference? Commonwealth Private helps you create more of yours - with exceptional service and experts who meticulously tailor opportunities for you.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU’LL LEARN:

• 01:36 - What are some of the most important things happening in the Bitcoin space right now?
• 08:18 - Thoughts on paper Bitcoin and the impacts moving forward.
• 14:40 - Thoughts on GBTC discount to NAV.
• 29:19 - Pierre's thoughts on the Taro protocol from Lightning Labs.
• 31:02 - Why are so many people using other network for stable coins right now?
• 40:23 - Why moving stable coins onto the Bitcoin Lightning Network might not be the best use of time.
• 41:05 - Is ETH a regulatory capture at this point?
• 53:56 - Tax Loss Harvesting.
• 58:54 - FASB update to the treatment of Bitcoin on the balance sheet.
• 01:03:17 - Transaction fees in the future.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Morgen Rochard's Twitter.
• Morgen Rochard's new book - Bitcoin Personal Finance.
• Pierre Rochard's Twitter.
• Pierre's article on Bitcoin fees in the future.
• Morgen's financial planning company.
• Morgen and Pierre's Podcast: Bitcoin for Advisors.
• Related Episode: Talking with Your Advisor About Bitcoin w/ Morgen Rochard - BTC075.
• Related Episode: Bitcoin Time Stamping w/ Pierre Rochard - BTC095.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Monitor your recovery, sleep, training, and health, with personalized recommendations and coaching feedback with WHOOP. Use code WSB to save 10% off your order today.
• Invest in high-quality, cash-flowing real estate without all of the hassle with Passive Investing.
• Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.
• Get personalized, expert advice that helps you see things clearly with ATB.
• Have gold and silver shipped directly to your door for you to hold at your home. Get BullionMax’s Gold Investor Kit today - 3 ounces of the world’s most desirable gold coins, including the Gold American Eagle and Canadian Maple Leaf.
• In a world of probabilities, trade the possibilities with Pepperstone.
• If you’re a sales professional, get every real time advantage you can get with Sales Navigator. Enjoy 60 days of free trial today.
• Guess less and sell more with the Number 1 email marketing and automation brand, Intuit Mailchimp.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Be an Atakama investor today and help protect customer privacy in the face of endlessly growing data breaches.
• Send, spend, and receive money around the world easily with Wise.
• Find people with the right experience and invite them to apply to your job. Try ZipRecruiter for FREE today.
• More wealth, more purpose, or making more of a difference? Commonwealth Private helps you create more of yours - with exceptional service and experts who meticulously tailor opportunities for you.
• Support our free podcast by supporting our sponsors.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU'LL LEARN:

• 00:02:34 - How Jeff Bezos came to discover the incredible opportunities on the Internet in the early 1990s.
• 00:09:58 - How the regret minimization framework led Bezos to starting Amazon.
• 00:17:08 - How Amazon lost hundreds of millions of dollars from poor investments during the tech bubble.
• 00:33:28 - Amazon’s five core values.
• 00:46:30 - Why many companies were reluctant, yet eventually forced to work with Amazon to remain competitive.
• 00:47:45 - How Costco’s business model inspired Bezos to release Amazon Prime and keep his commitment to low prices.
• 00:56:48 - How AWS was created and the importance of it in Amazon’s continued success.
• 01:02:33 - Clay’s biggest takeaways from studying Jeff Bezos.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Tune into the recent We Study Billionaires' episode covering The Airbnb Story.
• Learn about the How to Hedge Inflation.
• Brad Stone’s two interviews with The Investor’s Podcast - TIP142 & TIP362.
• Brad Stone’s books - The Everything Store, Amazon Unbound, & The Upstarts.
• Follow Clay on Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
• Learn how to better start, manage, and grow your business with the best business podcasts. 

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Monitor your recovery, sleep, training, and health, with personalized recommendations and coaching feedback with WHOOP. Use code WSB to save 10% off your order today.
• Invest in high-quality, cash-flowing real estate without all of the hassle with Passive Investing.
• Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.
• Get personalized, expert advice that helps you see things clearly with ATB.
• Have gold and silver shipped directly to your door for you to hold at your home. Get BullionMax’s Gold Investor Kit today - 3 ounces of the world’s most desirable gold coins, including the Gold American Eagle and Canadian Maple Leaf.
• In a world of probabilities, trade the possibilities with Pepperstone.
• If you’re a sales professional, get every real time advantage you can get with Sales Navigator. Enjoy 60 days of free trial today.
• Guess less and sell more with the Number 1 email marketing and automation brand, Intuit Mailchimp.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Be an Atakama investor today and help protect customer privacy in the face of endlessly growing data breaches.
• Send, spend, and receive money around the world easily with Wise.
• Find people with the right experience and invite them to apply to your job. Try ZipRecruiter for FREE today.
• More wealth, more purpose, or making more of a difference? Commonwealth Private helps you create more of yours - with exceptional service and experts who meticulously tailor opportunities for you.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE YOU’LL LEARN:

• 01:08 - Why the interest rate is putting a price on time.
• 14:50 - Why John Law is the most extraordinary person in the history of finance.
• 19:00 - The history of the first experiment of easy money by a central bank.
• 35:36 - Why “2% return” has caused the issues we currently see and have caused multiple other booms and busts throughout time.
• 39:42 - What the natural level of interest rates are.
• 43:46 - Why irresponsible monetary policy has an impact on creative destruction and, in turn, productivity and wage growth.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Edward Chancellor’s book, The Price of Time – Read reviews of this book.
• Check the authenticity of any quote on Quote Investigator.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.
• A gourmet gift from Omaha Steaks is a gift from the heart – a gift your family and friends will surely remember with every unforgettable bite. Use promo code WSB at checkout to get $30 OFF your order.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• If you’re a sales professional, get every real time advantage you can get with Sales Navigator. Enjoy 60 days of free trial today.
• Invest in high-quality, cash-flowing real estate without all of the hassle with Passive Investing.
• Have gold and silver shipped directly to your door for you to hold at your home. Get BullionMax’s Gold Investor Kit today - 3 ounces of the world’s most desirable gold coins, including the Gold American Eagle and Canadian Maple Leaf.
• More wealth, more purpose, or making more of a difference? Commonwealth Private helps you create more of yours - with exceptional service and experts who meticulously tailor opportunities for you.
• Monitor your recovery, sleep, training, and health, with personalized recommendations and coaching feedback with WHOOP. Use code WSB to save 10% off your order today.
• In a world of probabilities, trade the possibilities with Pepperstone.
• Ship with FedEx and be ready for this holiday season with picture proof of delivery.
• If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.
• Enjoy 10% off your first booking in Viator’s world of over 300,000 experiences you’ll remember. Download the Viator app now and use code VIATOR10.
• Guess less and sell more with the Number 1 email marketing and automation brand, Intuit Mailchimp.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU’LL LEARN:

• 01:34 - How to apply probabilistic thinking when approaching investing.
• 14:26 - Will’s structure for the “perfect portfolio”.
• 32:29 - Why Uranium hasn’t performed as most hoped for in 2022.
• 40:11 - How the sustainable energy supply chain is struggling to achieve healthy margins.
• 54:58 - Assessing different types of risk including political risk.
• 1:00:04 - The stock pick that got Will accepted into the prestigious Value Investors Club (founded by Joel Greenblatt) and what stock he would pitch today.
• And much, much more!

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Massif Capital Website.
• Will Thomson Twitter.
• Trey Lockerbie Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.
• A gourmet gift from Omaha Steaks is a gift from the heart – a gift your family and friends will surely remember with every unforgettable bite. Use promo code WSB at checkout to get $30 OFF your order.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• If you’re a sales professional, get every real time advantage you can get with Sales Navigator. Enjoy 60 days of free trial today.
• Invest in high-quality, cash-flowing real estate without all of the hassle with Passive Investing.
• Have gold and silver shipped directly to your door for you to hold at your home. Get BullionMax’s Gold Investor Kit today - 3 ounces of the world’s most desirable gold coins, including the Gold American Eagle and Canadian Maple Leaf.
• More wealth, more purpose, or making more of a difference? Commonwealth Private helps you create more of yours - with exceptional service and experts who meticulously tailor opportunities for you.
• Monitor your recovery, sleep, training, and health, with personalized recommendations and coaching feedback with WHOOP. Use code WSB to save 10% off your order today.
• In a world of probabilities, trade the possibilities with Pepperstone.
• Ship with FedEx and be ready for this holiday season with picture proof of delivery.
• If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.
• Enjoy 10% off your first booking in Viator’s world of over 300,000 experiences you’ll remember. Download the Viator app now and use code VIATOR10.
• Guess less and sell more with the Number 1 email marketing and automation brand, Intuit Mailchimp.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU’LL LEARN:

• 01:07 - What has been happening at Unchained Capital since the FTX blow-up?
• 07:13 - What are some of the most common concerns of Self-Custody?
• 12:47 - Why is Title and Possession such an important thing to cover with inheritance planning?
• 22:43 - The difference between non-probate assets versus probate assets.
• 28:38 - What are the risks of not properly performing inheritance planning?
• 30:15 - Checkbook IRA versus other methods.
• 39:59 - Legal and policy update after the FTX situation.
• 01:01:37 - Biggest mistakes people make in inheritance planning.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Unchained Capital.
• Information on the The McNulty Case.
• Jeff Vandrew's Twitter.
• Phil Geiger's Twitter.
• Related Episode: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew - BTC069.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.
• A gourmet gift from Omaha Steaks is a gift from the heart – a gift your family and friends will surely remember with every unforgettable bite. Use promo code WSB at checkout to get $30 OFF your order.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• If you’re a sales professional, get every real time advantage you can get with Sales Navigator. Enjoy 60 days of free trial today.
• Invest in high-quality, cash-flowing real estate without all of the hassle with Passive Investing.
• Have gold and silver shipped directly to your door for you to hold at your home. Get BullionMax’s Gold Investor Kit today - 3 ounces of the world’s most desirable gold coins, including the Gold American Eagle and Canadian Maple Leaf.
• More wealth, more purpose, or making more of a difference? Commonwealth Private helps you create more of yours - with exceptional service and experts who meticulously tailor opportunities for you.
• Monitor your recovery, sleep, training, and health, with personalized recommendations and coaching feedback with WHOOP. Use code WSB to save 10% off your order today.
• In a world of probabilities, trade the possibilities with Pepperstone.
• Ship with FedEx and be ready for this holiday season with picture proof of delivery.
• If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.
• Enjoy 10% off your first booking in Viator’s world of over 300,000 experiences you’ll remember. Download the Viator app now and use code VIATOR10.
• Guess less and sell more with the Number 1 email marketing and automation brand, Intuit Mailchimp.
• Support our free podcast by supporting our sponsors.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU’LL LEARN:

• 04:38 - How Airbnb originally started and its keys to becoming a $60 billion company.
• 07:13 - Why getting into Y-Combinator was the critical turning point for Airbnb to get off the ground.
• 11:40 - How their transition to selling specialty breakfast food helped keep them from going bankrupt.
• 21:13 - Growth hacks Nate Blecharczyk used to help grow the company in the early days.
• 29:12 - Airbnb’s biggest hurdles and challenges to becoming a big tech player.
• 30:39 - Advantages Airbnb has over hotels in the hospitality industry.
• 33:55 - How Chesky ensured Airbnb would become a stronger business through the pandemic despite losing 80% of their business practically overnight.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Tune into the recent We Study Billionaire’s episode covering the Hedging Inflation.
• Learn about Ray Dalio's Book - Big Debt Crises.
• Leigh Gallagher’s book: The Airbnb Story.
• Robert Leonard’s interview with Travis Zappia on Airbnb Short-Term Rental Investing.
• Tune into Clay Finck chatting with Rihard Jarc about Airbnb’s stock at the end of this episode.
• Follow Clay on Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
• Learn how to better start, manage, and grow your business with the best business podcasts. 

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.
• A gourmet gift from Omaha Steaks is a gift from the heart – a gift your family and friends will surely remember with every unforgettable bite. Use promo code WSB at checkout to get $30 OFF your order.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• If you’re a sales professional, get every real time advantage you can get with Sales Navigator. Enjoy 60 days of free trial today.
• Invest in high-quality, cash-flowing real estate without all of the hassle with Passive Investing.
• Have gold and silver shipped directly to your door for you to hold at your home. Get BullionMax’s Gold Investor Kit today – 3 ounces of the world’s most desirable gold coins, including the Gold American Eagle and Canadian Maple Leaf.
• More wealth, more purpose, or making more of a difference? Commonwealth Private helps you create more of yours – with exceptional service and experts who meticulously tailor opportunities for you.
• Monitor your recovery, sleep, training, and health, with personalized recommendations and coaching feedback with WHOOP. Use code WSB to save 10% off your order today.
• In a world of probabilities, trade the possibilities with Pepperstone.
• Ship with FedEx and be ready for this holiday season with picture proof of delivery.
• If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital‘s Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.
• Enjoy 10% off your first booking in Viator’s world of over 300,000 experiences you’ll remember. Download the Viator app now and use code VIATOR10.
• Guess less and sell more with the Number 1 email marketing and automation brand, Intuit Mailchimp.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

IN THIS EPISODE, YOU’LL LEARN:

• 06:06 - What Tsoknyi Rinpoche learned from his extraordinary father, Tulku Urgyen Rinpoche.
• 21:26 - Why it helps not to suppress, judge, or resist your emotions, but to be aware of them.
• 24:09 - How to “handshake” painful emotional patterns that Rinpoche calls “beautiful monsters.”
• 26:34 - What science shows about the power of acknowledging & accepting our feelings.
• 36:31 - What to do when these difficult emotions feel too intense & traumatic to handle.
• 45:03 - How to settle your mind & reduce stress with a simple belly-breathing technique.
• 48:41 - How to practice “calm abiding” by focusing with gentle awareness on your breath.
• 50:37 - How to ease up with the help of Rinpoche’s subversive mantra: “Who cares? So what?”
• 57:42 - How to meditate with open awareness, watching thoughts & emotions arise & pass.
• 1:04:36 - How our minds catastrophize & how to prevent this emotional tailspin.
• 1:06:41 - What science shows about how meditation improves our focus, calmness, & productivity.
• 1:07:45 - How to deal with the worry that we’re not productive enough & are always falling short.
• 1:10:17 - How to nurture an easy-going, light-hearted sense of “happiness without reason.”
• 1:11:11 - How compassion, love, & care emerge when we’re free from our emotional baggage.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• “Why We Meditate,” a new book co-authored by Daniel Goleman & Tsoknyi Rinpoche. 
• Daniel Goleman’s books “Emotional Intelligence,” “Altered Traits,” & “Focus.”
• Tsoknyi Rinpoche’s “Fully Being” online meditation course.
• Tsoknyi Rinpoche’s books “Open Heart, Open Mind” & “Carefree Dignity.”
• David Hawkins’ book “Letting Go.”
• William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
• William’s previous podcast with Daniel Goleman: “The Emotionally Intelligent Investor.”
• William Green’s Twitter.

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
• Learn how to better start, manage, and grow your business with the best business podcasts. 

P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!

SPONSORS

• Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.
• Ship with FedEx and be ready for this holiday season with picture proof of delivery.
• Monitor your recovery, sleep, training, and health, with personalized recommendations and coaching feedback with WHOOP. Use code WSB to save 10% off your order today.
• Whether you’re exploring ways to manage volatility, seeking income and diversification opportunities, or looking for tax management strategies- Invesco has over 200 ETFs to help you meet your financial goals. Visit invesco.com for a prospectus with this information.
• More wealth, more purpose, or making more of a difference? Commonwealth Private helps you create more of yours - with exceptional service and experts who meticulously tailor opportunities for you.
• Launch your thing into the spotlight and start selling anywhere with Shopify.
• If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.
• Invest in high-quality, cash-flowing real estate without all of the hassle with Passive Investing.
• Have gold and silver shipped directly to your door for you to hold at your home. Get BullionMax’s Gold Investor Kit today - 3 ounces of the world’s most desirable gold coins, including the Gold American Eagle and Canadian Maple Leaf.
• In a world of probabilities, trade the possibilities with Pepperstone.
• Send, spend, and receive money around the world easily with Wise.
• Get personalized, expert advice that helps you see things clearly with ATB.
• If you’re a sales professional, get every real time advantage you can get with Sales Navigator. Enjoy 60 days of free trial today.
• Enjoy 10% off your first booking in Viator’s world of over 300,000 experiences you’ll remember. Download the Viator app now and use code VIATOR10.
• Enjoy a 400-calorie meal that contains 40g of expertly sourced, premium plant protein, all 26 essential vitamins and minerals, and a scientifically calibrated mix of carbs, good fats and fiber with Huel Black Edition. Plus, get a free t-shirt and free shaker with your first order.
• Find people with the right experience and invite them to apply to your job. Try ZipRecruiter for FREE today.
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.