Preston Pysh talks to Bitcoin layer two Lightning expert Jesse Shrader on the show about all the fascinating stuff they have going on with their Amboss website. Amboss is a website that analyzes all the Bitcoin full nodes and immediately settling channels that are open between the nodes on the network.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:43 - How did Jesse get into Layer 2 Lightning Bitcoin?

03:07 - How Jesse's background in class action lawsuits against big banks impacted the way he views Bitcoin.

05:10 - How Jesse and his founder initially designed Amboss.

05:10 - What were they trying to optimize for when they built Amboss?

05:10 - What was Lightning like in the early days when opening channels?

11:59 - How has the business plan changed for Amboss?

14:43 - Is inbound liquidity an issue for Lighting adoption?

24:37 - Comparison between the legacy financial system and Lightning.

30:44 - What is Magma's liquidity market?

32:55 - How could Bitcoin even have a "risk free" rate?

34:19 - What is the LINER (Lightning Network Rate)?

34:19 - How could the LINER impact risk free rates?

BOOKS AND RESOURCES

• Jesse Shrader's Twitter.
• The Amboss Website.

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 Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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.
• Send, spend, and receive money around the world easily with Wise.
• Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.
• Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• Choose Toyota for your next vehicle - SUVs that are known for their reliability and longevity, making them a great investment. Plus, Toyotas now have more advanced technology than ever before, maximizing that investment with a comfortable and connected drive.
• Having physical gold physical gold can help if you have an IRA or 401(k)! Call Augusta Precious Metals today to get their free “Ultimate Guide to Gold IRAs" at 855-222-4979.
• Join over 5k investors in the data security revolution with Atakama.
• 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 today's episode, Stig Brodersen speaks to Tobias Carlisle and Hari Ramachandra. Stig only owns five individual stocks, and in this episode, he outlines why he added Teqnion as the newest addition to his portfolio. Hari’s pick, Palantir, has recently traded at a 52-week high after a preceding 80% drop, and Tobias pitches Virtu Financial, a value stock with strong cash flows in uncertain times. 

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:35 - The group’s takeaways from the Berkshire Hathaway shareholder’s meeting

06:00 - Why Hari is bullish on Palantir (Ticker: PLTR)

24:46 - Why Toby is bull on Virtual Financial (Ticker: VIRT) as a trade but not as a “buy-and-hold.” 

41:37 - Why Stig has invested in Teqnion (Ticker: TEQ) as one of the five stocks he owns

58:21 - Which questions to ask management if you get the opportunity

01:17:07 - What the TIP Mastermind Community is and our plans to meet up in NYC in October

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

BOOKS AND RESOURCES

• Join the waiting list for the TIP Mastermind Community. 
• Stig Brodersen’s interview with Daniel Zhang, the Chief Acquisition Officer of Teqnion
• Daniel Zhang’s book, An investment thinking toolbox – read reviews of the book.
• Listen to Mastermind Discussion Q1 2023 - TIP528 or watch the video.
• 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.
• Tune in to Stig Brodersen’s interview with Mohnish Pabrai about the Turkish stock market or watch the video.
• Tune in to Clay Finck’s interview with Chris Mayer about Constellation Software and 100-baggers or watch the video.
• Teqnion’s investor relations
• 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

• Invest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• Join over 5k investors in the data security revolution with Atakama.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.
• Send, spend, and receive money around the world easily with Wise.
• Choose Toyota for your next vehicle - SUVs that are known for their reliability and longevity, making them a great investment. Plus, Toyotas now have more advanced technology than ever before, maximizing that investment with a comfortable and connected drive.
• Apply for the Employee Retention Credit easily, no matter how busy you are, 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.

On today’s episode, Clay reviews Thomas Phelps’s book - 100 to 1 in the Stock Market, and also highlights writings put out by Akre Capital Management.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro.

02:30 - Common characteristics of companies that increased their share price by 100x.

11:11 - Why most investors aren’t able to hang onto their winners as Phelps suggests.

14:05 - Why good stock selection is much more important than good stock market timing.

31:36 - Mental models Phelps uses to figure out the odds when investing.

42:47 - Why we should invest with companies that align with our own values.

45:29 - When to look for potential 100 Baggers.

47:39 - The four categories of companies that were 100 Baggers in Phelps’s study.

52:53 - Who is best equipped to be individual stock pickers.

56:57 - Chuck Akre’s three-legged stool approach.

60:15 - Takeaways from two of Akre Capital’s brilliant articles - ‘Why Compounding is so Difficult’ and ‘The Art of (Not) Selling’.

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

BOOKS AND RESOURCES

• Thomas Phelps’s book - 100 to 1 in the Stock Market.
• Akre Capital Managements writings: Why Compounding is so Difficult and The Art of (Not) Selling.
• Check out our newly released TIP Mastermind Community.
• Check out our recent episode covering the The Outsiders by William Thorndike, or watch the video.
• 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

• Invest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• Join over 5k investors in the data security revolution with Atakama.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.
• Send, spend, and receive money around the world easily with Wise.
• Choose Toyota for your next vehicle - SUVs that are known for their reliability and longevity, making them a great investment. Plus, Toyotas now have more advanced technology than ever before, maximizing that investment with a comfortable and connected drive.
• Apply for the Employee Retention Credit easily, no matter how busy you are, 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.

Anil Patel talks about his new book, The Bitcoin Handbook. There are many different fields of study Bitcoin touches that it can be difficult for people to grasp all the complexity in harmonizing concepts that are happening on this protocol. In this interview, Anil went on an intellectual journey simplifying and stitching it all together.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:15 - What was Anil trying to accomplish with the book?

06:59 - Of all the mental models and paradoxes mentioned in the book, what does Anil find the most profound?

12:22 - What is Jevon's Paradox?

23:39 - Network Effects.

29:52 - Reflexivity and how it applies to Bitcoin.

32:56 - Why are the laws of Thermodynamics important?

38:25 - Gall's Law.

43:44 - What is the intransigent minority and why is it important

53:31 - What is something the Bitcoin community could do better?

57:50 - Anil's favorite books.

01:00:09 - Why is it hard to be a Bitcoiner?

BOOKS AND RESOURCES

• Anil's Twitter.
• Anil's book, The Bitcoin Handbook.
• How Innovation Works by Matt Ridley.
• Energy and Civilization: A History by Vaclav Smil.

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 Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• Join over 5k investors in the data security revolution with Atakama.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.
• Send, spend, and receive money around the world easily with Wise.
• Choose Toyota for your next vehicle - SUVs that are known for their reliability and longevity, making them a great investment. Plus, Toyotas now have more advanced technology than ever before, maximizing that investment with a comfortable and connected drive.
• Apply for the Employee Retention Credit easily, no matter how busy you are, 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, William Green chats with hedge fund manager Christopher Begg, who is the CEO, Chief Investment Officer, & co-founder of East Coast Asset Management. Chris is also a revered professor at Columbia Business School, where he teaches the Security Analysis class that was originally taught by Warren Buffett’s mentor, Ben Graham. Here, Chris shares powerful lessons on how to identify high-quality businesses & build a life that’s defined by a commitment to quality.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:54- How Chris Begg came to teach an investing class originally taught by Ben Graham.

10:29 - What Chris learned from his ten fireside chats with Berkshire Hathaway’s Todd Combs.

13:17 - What Buffett & Munger taught Chris about focusing on a few great businesses.

17:58 - How he finds undervalued stocks by asking, “Where are the clouds today?”

26:55 - Why he’s bullish on Meta & Google, despite an array of perceived threats.

36:09 - How he identifies great businesses by seeking 8 layers of competitive advantage.

47:13 - How to succeed through “persistent incremental progress eternally repeated.”

1:00:01 - Why investors can’t afford to ignore a company’s impact on the environment.

1:06:40 - Why consistent kindness is a potent ingredient of success, helping to build trust.

1:15:22 - How Chris gains an edge by continuously compounding his interdisciplinary knowledge.

1:32:17 - What he’s learned about the pursuit of excellence from surfing with Josh Waitzkin.

1:40:48 - Why Chris structures his workday to include meditation & contemplation.

1:50:46 - What studying Andrew Carnegie—once the world’s richest person—has taught him.

1:53:40 - Why Chris believes that the world is headed in a better direction.

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

BOOKS AND RESOURCES

• Chris Begg’s investment firm, East Coast Asset Management.
• One from Many by Dee Hock.
• Nick Sleep’s list of long-term vs short-term characteristics.
• Robert Pirsig’s Zen & the Art of Motorcyle Maintenance, Lila, & On Quality.
• Finite & Infinite Games by James Carse.
• 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

• Invest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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.
• 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.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.
• Join over 5k investors in the data security revolution with Atakama.
• Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.
• Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.
• Send, spend, and receive money around the world easily with Wise.
• Beat FOMO and move faster than the market with AlphaSense.
• 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 episode, Clay reviews one of Warren Buffett’s favorite investment books called The Outsiders by William Thorndike Jr.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro.

01:56 - How we should evaluate the performance of a CEO during their tenure.

03:01 - How Henry Singleton led Teledyne to deliver a 20.4% average annual return to shareholders during his 30 year tenure.

09:18 - How most CEOs think like foxes, while Outsider CEOs think like hedgehogs.

22:15 - What it means to be an exceptional capital allocator.

26:17 - How Katherine Graham from The Washington Post delivered a 22.3% average return to shareholders from 1971 through 1993. 

32:40 - The unconventional decisions that led Warren Buffett to become known as the world’s greatest capital allocator.

52:55 - How Buffett thinks about constructing a stock portfolio.

57:24 - The most common themes in studying Outsider CEOs.

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

BOOKS AND RESOURCES

• William Thorndike’s book – The Outsiders.
• Check out our newly released TIP Mastermind Community.
• Check out our recent episode covering the 2023 Berkshire Hathaway Shareholder Meeting or watch the video.
• Clay’s previous episodes covering Warren Buffett’s full story – Part 1 & Part 2, or watch the video here & 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.
• 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 Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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.
• 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.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.
• Join over 5k investors in the data security revolution with Atakama.
• Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.
• Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.
• Send, spend, and receive money around the world easily with Wise.
• Beat FOMO and move faster than the market with AlphaSense.
• 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 part two of Preston Pysh's discussion with Tuur Demeester, they go deep into Tuur's latest report on why right now in particular is a great time to be a Bitcoin bull. Tuur talks about numerous on-chain metrics, and circumstances happening in the macro backdrop that only contribute to the bullish narrative.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:59 - What do inscriptions actually mean for L1 and L2 bitcoin networks?

08:19 - Why do so many people have the urge to update the code base?

11:17 - Why are inscriptions potentially good for L2?

14:25 - Apps that are seamlessly working between L1 and L2.

15:36 - What will future fees look like on both layers in 10 years or more?

28:34 - Some of Tuur's previous writing and what he's focusing on now.

BOOKS AND RESOURCES

• Tuur Demeester's Bitcoin Reformation Article.
• Tuur Demeester's Latest article: How To Position For the Bitcoin Boom.
• Tuur Demeester's article from 2015: How to Position For the Rally in Bitcoin.
• Tuur Demeester's articles from 2015.
• Tuur Demeester's articles from 2014 - 2021.
• Related episode: Listen to BTC130: Inscriptions & High Fees On Bitcoin L1 w/ Tuur Demeester, or watch the video.
• Related episode: Listen to BTC033: Important Bitcoin Consideration with Tuur Demeester, or watch the video.
• Related episode: Listen to WSB244: Bitcoin 101 w/ Expert Tuur Demeester, 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

• Invest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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.
• 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.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.
• Join over 5k investors in the data security revolution with Atakama.
• Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.
• Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.
• Send, spend, and receive money around the world easily with Wise.
• Beat FOMO and move faster than the market with AlphaSense.
• 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 chats with John Jennings about his new book - The Uncertainty Solution. 

John Jennings is President and Chief Strategist of St. Louis Trust & Family Office, which has $12 billion dollars in assets under management. He is also a member of the firm’s Management Committee, on its Board of Directors, and also serves on the Investment, Risk Management, and Trust Committees. John works closely with client families, advising them in all areas of wealth management.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro.

01:38 - Why humans are hard-wired to avoid uncertainty.

06:40 - Mental models we can use to invest more intelligently.

10:08 - How humans tend to react when faced with uncertainty.

16:56 - Why we are wired to quickly come to conclusions and tend to confuse correlation with causation.

27:17 - How the improbable is much more probable than we might expect.

32:13 - Why the economy is not directly correlated with the stock market.

47:51 - Where investing falls on Michael Maubbousin’s Skill vs Luck continuum.

1:00:53 - How behavior biases like loss aversion and overconfidence affect our investment decisions.

1:06:14 - How storytelling can trick us into making poor investment decisions.

1:10:13 - What base rates are and understanding base rates can help us make more intelligent decisions.

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

BOOKS AND RESOURCES

• John’s new book - The Uncertainty Solution.
• John’s website.
• John’s firm - St. Louis Trust & Family Office.
• Check out our newly released TIP Mastermind Community.
• Check out our recent episode covering the 2023 Berkshire Hathaway Shareholder Meeting or watch the video.
• 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

• Invest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• Join over 5k investors in the data security revolution with Atakama.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• 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.
• Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.
• Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.
• Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.
• Send, spend, and receive money around the world easily with Wise.
• Beat FOMO and move faster than the market with AlphaSense.
• 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 episode, Clay Finck brings back Tavi Costa to chat about the beginning of a commodity supercycle. Tavi gives a masterclass in why we are just in the beginning phases of a bull market for gold, silver, and hard assets like commodities. 

Tavi is a partner and portfolio manager at Crescat Capital. His research has been featured in financial publications such as Bloomberg, The Wall Street Journal, CNN, among others.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro.

03:31 - Why Tavi believes we’re just at the beginning phases of a bull market for gold, silver, and hard assets like commodities.

09:47- When the next wave of inflation may strike.

21:21 - What the 4 pillars of inflation are, and why they all point to structurally higher inflation going forward.

21:44 - Why the S&P 500’s earnings are likely to roll over and decline in the near term.

37:40 - Why yield curve inversions are bullish for gold relative to equities.

51:09 - Why foreign countries are selling US treasuries to buy gold.

83:19 - Where Tavi sees asymmetric opportunities in the gold mining industry.

83:27 - Why Tavi is bullish on Brazil and sees Brazil much differently than the other BRICS nations.

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

BOOKS AND RESOURCES

• Check out Crescat Capital.
• Check out our newly released TIP Mastermind Community.
• Check out our recent episode covering the 2023 Berkshire Hathaway Shareholder Meeting or watch the video here.
• Follow Tavi on Twitter.
• 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

• Invest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• Join over 5k investors in the data security revolution with Atakama.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• 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.
• Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.
• Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.
• Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.
• Send, spend, and receive money around the world easily with Wise.
• Beat FOMO and move faster than the market with AlphaSense.
• 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 first of a two-part series, Preston Pysh and Tuur Demeester cover all the talk about the inscriptions and the high fees that we’re currently seeing on layer one of the network. They also talk about scalability on layer two regulatory developments and plenty more. 

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:59 - What do inscriptions actually mean for L1 and L2 bitcoin networks?

08:19 - Why do so many people have the urge to update the code base?

11:17 - Why are inscriptions potentially good for L2?

14:25 - Apps that are seamlessly working between L1 and L2.

15:36 - What will future fees look like on both layers in 10 years or more?

28:34 - Some of Tuur's previous writing and what he's focusing on now.

BOOKS AND RESOURCES

• Tuur Demeester's Bitcoin Reformation Article.
• Tuur Demeester's Latest article: How To Position For the Bitcoin Boom.
• Tuur Demeester's article from 2015: How to Position For the Rally in Bitcoin.
• Tuur Demeester's articles from 2015.
• Tuur Demeester's articles from 2014 - 2021.
• Related episode: Listen to BTC131: Inscriptions & High Fees On Bitcoin L1 w/ Tuur Demeester, or watch the video.
• Related episode: Listen to BTC033: Important Bitcoin Consideration with Tuur Demeester, or watch the video.
• Related episode: Listen to WSB244: Bitcoin 101 w/ Expert Tuur Demeester, 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

• Invest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• Join over 5k investors in the data security revolution with Atakama.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• 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.
• Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.
• Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.
• Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.
• Send, spend, and receive money around the world easily with Wise.
• Beat FOMO and move faster than the market with AlphaSense.
• 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 show, we have the honor of interviewing legendary real estate investor and entrepreneur, Sam Zell.

Sam Zell has an impressive background, having started his career in real estate in the late 1960s. He is the founder and chairman of Equity Group Investments, a leading private investment firm. Over the course of his career, Sam has made many bold moves and investments, earning him a reputation as a savvy and fearless investor.

One of Sam's most notable achievements was his role in creating the modern-day real estate investment trust (REIT) industry. He did this by founding Equity Office Properties Trust in 1997, which became the largest office REIT in the United States. In 2007, he sold the company for a record-breaking $39 billion.

Joining us today as a co-host is David Greene, an accomplished real estate investor, and host of the BiggerPockets podcast, one of the most popular and highly-rated podcasts in the real estate investing space.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro.

04:49 - How Sam helped pioneer the REIT industry and what improvements he would like to see today

30:42 - What drives him to succeed at 81 years old 

35:37 - Why Sam would raise interest rates further if he was the head of the Federal Reserve

49:36 - How Sam thinks through when to buy and when to sell

50:48 - A play-by-play breakdown of how he sold Equity Group Investments to Blackstone for nearly $40 billion dollars

1:06:08 - Why he says “liquidity = value”

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

BOOKS AND RESOURCES

• Am I Being Too Subtle by Sam Zell Book
• Bigger Pockets Podcast
• 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.
• 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 Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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.
• 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.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• Beat FOMO and move faster than the market with AlphaSense.
• Send, spend, and receive money around the world easily with Wise.
• Join over 5k investors in the data security revolution with Atakama.
• Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.
• Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!
• Unravel the fascinating story of Elon Musk’s unexpected bid to buy Twitter, and all of the drama that has happened since then with Flipping The Bird: Elon vs. Twitter.
• Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.
• 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, Clay Finck presents his favorite clips from the 2023 Berkshire Hathaway annual shareholder meeting, featuring insightful responses from Buffett and Munger during the marathon Q&A session, along with his own thoughts on their answers.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro.

05:30 - Buffett and Munger’s thoughts on the commercial real estate.

09:37 - Why value investors must evolve to the increasingly competitive world of investing.

17:36 - How Buffett allocates capital to balance profits versus building out a competitive moat.

33:04 - Munger’s stance on position sizing.

38:16 - Buffett’s updated thoughts on Taiwan Semiconductor which is a business Berkshire entered and fully exited over a matter of months.

40:09 - Buffett’s thoughts on the US Dollar’s status as the world’s reserve currency.

54:40 - Common mistakes to avoid to live a good life.

01:01:21 - Buffett and Munger’s most recent thoughts on Occidental.

01:12:23 - How Berkshire can continue to attract high quality subsidiary managers.

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

BOOKS AND RESOURCES

• Check out the full video of the Berkshire Hathaway meeting here.
• Join our newly released TIP Mastermind Community.
• Check out our recent episode covering Mark Leonard’s Letter’s and Constellation Software. Watch the video here.
• Check out Clay’s YouTube video calculating the intrinsic value of Constellation Software 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.
• 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 Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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.
• 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.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• Beat FOMO and move faster than the market with AlphaSense.
• Send, spend, and receive money around the world easily with Wise.
• Join over 5k investors in the data security revolution with Atakama.
• Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.
• Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!
• Unravel the fascinating story of Elon Musk’s unexpected bid to buy Twitter, and all of the drama that has happened since then with Flipping The Bird: Elon vs. Twitter.
• Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.
• 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.

Alex Gladstein previously discussed his groundbreaking article on the IMF and the World Bank. On today's episode, he is back with even more as he’s turned all of his research into a full-blown book on the topic.

Preston and Alex cover new and additional ideas, which are vital information for understanding the impact of the legacy financial system and the abundant hope that Bitcoin brings to so many regions around the world.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:17 - Why Alex wrote the book.

04:50 - How the IMF and World Bank actually put many countries into repression.

09:30 - Do the leaders of structurally adjusted nations know that it's a malicious force?

24:39 - How do the leaders think about the loans that just keep expanding?

26:48 - What's happening with the Chinese currency in many global south communities?

33:46 - What's one of the most striking finds of writing the book?

36:46 - Interesting stories about Bitcoin during his research.

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

BOOKS AND RESOURCES

• Alex Gladstein's New Book: Hidden Repression.
• Alex's Organization, The Human Rights Foundation.
• Related episode: Listen to BTC107: The Impact of IMF & World Bank w/ Alex Gladstein & Sam Callahan, or watch the video.
• Related episode: Listen to BTC071: How Fiat Blinds Bitcoin's Importance w/ Alex Gladstein, 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

• Invest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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.
• 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.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• Beat FOMO and move faster than the market with AlphaSense.
• Send, spend, and receive money around the world easily with Wise.
• Join over 5k investors in the data security revolution with Atakama.
• Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.
• Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!
• Unravel the fascinating story of Elon Musk’s unexpected bid to buy Twitter, and all of the drama that has happened since then with Flipping The Bird: Elon vs. Twitter.
• Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.
• 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 show, Stig Brodersen talks with legend investor Mohnish Pabrai. In the interview, Mohnish Pabrai generously shares his investment framework and touches on various stocks, including Alibaba, Constellation Software, Reysas Logistics, and Shinoken. Disclaimer: Stig Brodersen is invested in Pabrai Funds. 

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro.

01:35 - How to stay objective when you get advice from someone you admire and like

04:56 - Why the Turkey stock market is attractive

10:05 - Mohnish Pabrai’s four steps to read annual reports

27:22 - What happened to Shinoken, one of Mohnish Pabrai’s previous holdings

40:56 - Mohnish Pabrai’s thoughts on Constellation Software and Mark Leonard

49:44 - Mohnish Pabrai’s thoughts on Alibaba 

54:48 - How to live a truthful life

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

BOOKS AND RESOURCES

• Mohnish Pabrai’s website
• Learn more about Mohnish Pabrai’s Dakshana Foundation
• Listen to our interview with Mohnish Pabrai about investing in stocks or watch the video.
• Tune into our interview with Mohnish Pabrai about value investing and philanthropy or watch the video.
• Listen to our interview with Mohnish Pabrai about value investing or watch the video.
• Tune into our interview with Mohnish Pabrai about value investing in 2021 or watch the video.
• Listen to our interview with William Green about Mohnish Pabrai 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.
• 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 Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• Join over 5k investors in the data security revolution with Atakama.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• 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.
• If you’re into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!
• Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.
• Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!
• Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.
• Unravel the fascinating story of Elon Musk’s unexpected bid to buy Twitter, and all of the drama that has happened since then with Flipping The Bird: Elon vs. Twitter.
• 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 episode, Clay Finck does analysis on two high-quality compounders – Topicus.com and Copart. Topicus.com is a spin off of Constellation Software and is at a size similar to what CSI was back in 2010. They provide vertical market software and vertical market platforms in Europe. Copart provides online auctions and vehicle remarketing services in the United States, Canada, and many other countries.

Both companies have strong competitive advantages, strong fundamentals, high insider ownership, and managers who think and act like owners, which led Clay to researching them further during this episode.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro.

02:05 - Clay’s biggest takeaways from reading 100 Baggers by Chris Mayer.

07:00 - Chuck Akre’s 3 legged stool approach to compounding wealth.

09:00 - Clay’s assessment of Topicus as an individual stock.

08:00 - Topicus’s history as a business.

10:00 - Why Topicus operating in Europe is potentially a big competitive advantage.

29:00 - Why Copart is well-positioned to prevent competition from taking their market share.

47:00 - Copart’s insider ownership.

54:00 - Potential risks for Topicus and Copart.

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

BOOKS AND RESOURCES

• Luxor Capital’s Presentation.
• Willis Johnson’s book Junk to Gold.
• Check out our newly released TIP Mastermind Community.
• Check out our recent episode covering Mark Leonard’s Letters and Constellation Software or watch the video.
• Check out Clay’s YouTube video calculating the intrinsic value of Constellation Software 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.
• 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 Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• Join over 5k investors in the data security revolution with Atakama.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• 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.
• If you’re into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!
• Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.
• Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!
• Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.
• Unravel the fascinating story of Elon Musk’s unexpected bid to buy Twitter, and all of the drama that has happened since then with Flipping The Bird: Elon vs. Twitter.
• 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 the author of one of his favorite books of all time, Kevin Kelly. Kevin is the founding editor of the global brand Wired Magazine. In this episode, they talk about all the interesting ideas about technology, AI, where it’s going, and more.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

02:12 - What is the Technium and how did Kevin come to understand the term?

02:12 - Why are ecosystems NOT in equilibrium?

06:28 - What are Kevin's thoughts on AI helping biology and longevity research?

14:06 - Thoughts about Kevin's new book, "Excellent Advice for Living".

24:19 - How does technology have its own evolution?

24:19 - Does Biology seek efficiency and is that what we are trying to accomplish with technology?

44:19 - Kevin's experience with the 10,000 year clock.

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

BOOKS AND RESOURCES

• Kevin's New Book, Excellent Advice for Living.
• Kevin's book, What Technology Wants.
• Kevin'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

• Invest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• Join over 5k investors in the data security revolution with Atakama.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• 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.
• If you're into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!
• Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.
• Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!
• Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.
• Unravel the fascinating story of Elon Musk’s unexpected bid to buy Twitter, and all of the drama that has happened since then with Flipping The Bird: Elon vs. Twitter.
• 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.

Stig has invited legend investor Chris Bloomstran from Semper Augustus to teach us how to value Berkshire Hathaway on today's show. Semper Augustus has an outstanding track record with a CAGR of 11.5% since his fund's inception on 2/28/1999, compared to 6.9% for the S&P500. 

There is no one in the space we respect as much as Chris Bloomstran when valuing the intrinsic value of Berkshire Hathaway. 

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

10:21 - The intrinsic value of Berkshire Hathaway and what the P/B of Berkshire Hathaway tells us & what it doesn’t tell us. 

16:34 - How to think about depreciation and maintenance CAPEX

19:02 - Why the insurance business is worth approximately as much as the energy and railroad businesses combined

35:17 - How to think about Berkshire Hathaway’s bigger equity positions

1:13:49 - Where you can use Berkshire Hathaway to park cash? 

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

BOOKS AND RESOURCES

• Listen to Stig’s masterclass with Chris Bloomstran on valuing Berkshire Hathaway or watch the video. 
• Tune in to Stig’s masterclass with Chris Bloomstran on equity valuations or watch the video.
• Chris Bloomstran’s website.
• Read Chris Bloomstran’s letters to his clients. 
• Buffett resource on CNBC.

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 Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• 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.
• Capitalize on the rapidly growing cybersecurity market today with Atakama.
• 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.
• If you're into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!
• 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.
• Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.
• Hire expert marketers, on-demand, with MarketerHire. Listeners get a $1,000 credit for first-time customers when you use code WSB.
• Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!
• 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 episode, Clay wraps up his review of Gautam Baid’s book, The Joys of Compounding. Today’s episode is part 5 and the final episode of our review of this incredible book. This episode is jam packed with investing wisdom that you won’t want to miss.

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.

03:02 - Why we should read more history and study fewer forecasts.

12:05 - Why “Don’t Fight the Fed” is a misguided investment strategy.

22:15 - Why the ability to change our mind as investors is more critical now than ever before.

28:37 - What base rates are and why Buffett loves companies with high base rates.

32:32 - Gautam’s wisdom related to opportunity costs.

39:11 - How Nick Sleep, Charlie Munger, Warren Buffett have become masters of pattern recognition and better investors because of it.

56:34 - Why value investors should generally avoid stop loss orders on long-term secular winners.

62:48 - What the real secret is to utilizing the power of compounding.

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

BOOKS AND RESOURCES

• Join our newly released TIP Mastermind Community.
• Check out the book, The Joys of Compounding.
• Tune into our previous episodes covering The Joys of Compounding: Part 1, Part 2, Part 3, & Part 4 or watch the videos here, here , here and here.
• Check out our recent episode covering Mark Leonard's Letter's and Constellation Software. Watch the video here.
• Check out Clay’s YouTube video calculating the intrinsic value of Constellation Software 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.
• 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 Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• 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.
• Capitalize on the rapidly growing cybersecurity market today with Atakama.
• 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.
• If you're into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!
• 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.
• Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.
• Hire expert marketers, on-demand, with MarketerHire. Listeners get a $1,000 credit for first-time customers when you use code WSB.
• Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!
• 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 and Dylan LeClair cover Dylan's use of AI, programming, and on-chain analytics, what's driving the recent surge we've seen in the Bitcoin price since the start of the year, and what he's personally paying attention to in the general macro overview.

Dylan is one of the lead writers and researchers at Bitcoin Magazine Pro and has some of the most interesting and well-researched takes on what's currently happening with the market.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:11 - What has Dylan been doing with Python, AI, and on-chain analytics?

14:38 - A review of charts that Dylan is finding most important.

29:23 - Does the lack of exuberance in the past cycle compress the spring for the next cycle?

41:09 - What comes next from the G7 government on the crypto enterprise?

52:39 - Dylan's thoughts on commercial real estate.

53:47 - Dylan's thoughts on Binance moving forward.

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

.

BOOKS AND RESOURCES

• Dylan's Twitter.
• Bitcoin Magazine Pro.
• Related episode: Listen to BTC106: FTX Failure, GBTC, Genesis DCG & more w/ Dylan LeClair, or watch the video.
• Related episode: Listen to BTC053: Bitcoin Derivatives & On-Chain Data w/ Will Clemente & Dylan LeClair, 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

• Invest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• 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.
• Capitalize on the rapidly growing cybersecurity market today with Atakama.
• 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.
• If you're into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!
• 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.
• Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.
• Hire expert marketers, on-demand, with MarketerHire. Listeners get a $1,000 credit for first-time customers when you use code WSB.
• Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!
• 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, William Green talks with Jason Karp, a prodigiously talented investor & entrepreneur whom he also profiled in his book, “Richer, Wiser, Happier.” Jason founded Tourbillon Capital Partners, where he managed $4.5 billion. He then quit the hedge fund business & created HumanCo, a holding company that invests in the health & wellness sector. Here, he speaks with extraordinary candor about his relentless quest for financial & professional success, & how his obsession with overachievement almost destroyed him.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

04:27 - How Jason Karp switched from underachiever to “hyper-neurotic overachiever.”

09:32 - How his obsession with productivity devastated his health.

25:01 - How he transformed his health, healing diseases that seemed incurable.

35:34 - What he learned about how to eat well for health & longevity.

53:13 - Why it’s helpful to “confuse your body” with random stressors.

54:32 - How the best investors succeed by deferring gratification.

1:09:17 - How Jason simplifies his life to reduce the impact of “decision fatigue.”

1:13:37 - How he designed his hedge fund’s offices to promote productivity & good health.

1:25:08 - What’s helped him most in dealing with his mental health challenges.

1:25:25 - How he came to be suicidally depressed at the pinnacle of his investment career.

1:28:24 - How he thinks about money, family, happiness, & fulfillment.

1:29:24 - Why founding a health & wellness conglomerate brought him a new level of joy.

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

BOOKS AND RESOURCES

• Jason Karp’s company, HumanCo.
• Hu Chocolate brand co-created by Jason Karp.
• Why Zebras Don’t Get Ulcers by Robert Sapolsky.
• Undo It! by Dean Ornish M.D. & Anne Ornish
• The Longevity Diet by Valter Longo.
• Peter Attia’s book Outlive: The Science and Art of Longevity
• Young Forever by Dr. Mark Hyman
• Tara Brach’s book, “Radical Acceptance,” & her website. 
• How To Change Your Mind by Michael Pollan.
• William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.

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 Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• Beat FOMO and move faster than the market with AlphaSense.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• 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.
• Capitalize on the rapidly growing cybersecurity market today with Atakama.
• 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.
• If you’re into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!
• 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.
• Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.
• 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.
• Hire expert marketers, on-demand, with MarketerHire. Listeners get a $1,000 credit for first-time customers when you use code WSB.
• Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!
• 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 episode, Clay Finck continues his review of Gautam Baid’s book, The Joys of Compounding. Today’s episode is part 4 of our review of this incredible book.

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.

05:51 - What the holy grail of long-term value investing is.

07:55 - Why Gautam prefers to invest in high quality businesses.

10:26 - Why a company’s longevity of growth is much more important than its rate of growth.

15:44 - Why Gautam is bullish on India.

37:26 - Ways in which we can capitalize on inefficiencies in the markets.

45:38 - How Gautam thinks about portfolio management and position sizing.

54:20 - Why it’s so important we emphasize the preservation of our capital and avoiding ruin.

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

BOOKS AND RESOURCES

• Join our newly released TIP Mastermind Community.
• Check out the book, The Joys of Compounding.
• Tune into our previous episodes covering The Joys of Compounding: Part 1, Part 2 & Part 3. Watch the videos here, here and here.
• Check out our recent episode covering Mark Leonard’s Letter’s and Constellation Software. Watch the video here.
• Check out Clay’s YouTube video calculating the intrinsic value of Constellation Software 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.
• 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 Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• Beat FOMO and move faster than the market with AlphaSense.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• 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.
• Capitalize on the rapidly growing cybersecurity market today with Atakama.
• 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.
• If you’re into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!
• 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.
• Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.
• 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.
• Hire expert marketers, on-demand, with MarketerHire. Listeners get a $1,000 credit for first-time customers when you use code WSB.
• Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!
• 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.

David Bailey and Preston Pysh get into an in-depth conversation about the GBTC Bitcoin Trust and all of the issues it's had over the past year and a half.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:29 - What backs Bitcoin?

10:27 - CBDCs and what happens next.

13:14 - FedNow and what happens after it's launch.

18:43 - The actual impact of picking winners and losers for decades on end.

20:14 - The Skull of Satoshi.

29:43 - What it's like building a Bitcoin media company as an entrepreneur.

29:43 - Growing the Bitcoin Conference.

45:32 - GBTC and the campaign for shareholders to redeem the Bitcoin in the trust.

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

BOOKS AND RESOURCES

• Redeem GBTC Website.
• David Bailey's Twitter.
• The Bitcoin Miami Conference.

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 Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• Beat FOMO and move faster than the market with AlphaSense.
• Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.
• 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.
• Capitalize on the rapidly growing cybersecurity market today with Atakama.
• 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.
• If you're into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!
• 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.
• Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.
• 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.
• Hire expert marketers, on-demand, with MarketerHire. Listeners get a $1,000 credit for first-time customers when you use code WSB.
• Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!
• 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, William Green chats with Samantha McLemore, the founder of Patient Capital Management. After graduating magna cum laude from Washington & Lee University, she was hired by investing legend Bill Miller & spent 20 years working with him. They co-managed Miller Opportunity Trust, a top-performing mutual fund, for a decade until Bill recently retired & anointed her as his successor. Here, Samantha shares what she’s learned over the last two decades about how to outperform by thinking differently & developing a behavioral edge.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:09 - How Samantha McLemore & Bill Miller met while she was an undergraduate.

09:53 - How an insurance settlement from a dog bite sparked her interest in investing.

16:55 - What it was like being with Bill as the market crashed after 9/11.

24:32 - Why Samantha & Bill love to invest during times of fear, pessimism, & panic.

27:43 - Why Bill & Samantha are betting on Bitcoin despite Warren Buffett’s skepticism.

41:52 - What Samantha looks for when investing in early-stage companies.

45:48 - Why it’s rational to be a long-term bull about US stocks.

50:31 - Why it’s critical to focus on valuation, regardless of how good a company may be.

57:44 - What she’s learned from spending time with Amazon founder Jeff Bezos.

01:12:19 - How the global financial crisis almost led her to quit the investment business.

01:20:14 - What’s helped her to handle the stress of being a money manager.

01:41:22 - How Samantha invests her own money.

01:42:16 - How she manages her time as a fund manager & mother of three young kids.

01:45:54 - What Peter Lynch said about the necessity of always being “in overdrive.”

01:47:49 - Why Samantha likes to invest in companies run by women.

01:56:37 - How Fidelity’s female customers outperformed male customers by trading less.

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

BOOKS AND RESOURCES

• Samantha McLemore’s investment firm, Patient Capital Management.
• Samantha McLemore’s Opportunity Trust mutual fund.
• Listen to William Green’s podcast interview with Daniel Goleman & Tsoknyi Rinpoche or watch the video here.
• Listen to William Green’s podcast interview with Arnold Van Den Berg or watch the video here.
• Website with information about Neuro Emotional Technique (NET).
• “Thoughts of a Philosophical Fighter Pilot” by Jim Stockdale.
• “The Mindful Self-Compassion Workbook” by Kristin Neff & Christopher Germer.
• William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.

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 Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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 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.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• Send, spend, and receive money around the world easily with Wise.
• 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.
• 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.
• If you're into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!
• 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.
• Hire expert marketers, on-demand, with MarketerHire. Listeners get a $1,000 credit for first-time customers when you use code WSB.
• Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!
• 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 Lockerbie invites the renowned Howard Marks, known for establishing Oaktree Capital with $140B in AUM and earning a reputation as an investing legend for his consistent performance, unconventional investments, and insightful memos. In their discussion, Howard shares his views on various topics, including A.I., Bitcoin, and his prediction that the financial markets are undergoing a significant transformation, which he believes is the third such occurrence in his illustrious 50-year career.

Howard is the author of several books on investing, including "The Most Important Thing" and "Mastering the Market Cycles," which have been widely praised for their insights into the investment process.

IN THIS EPISODE YOU’LL LEARN:

0:00 - Intro.

01:53 - His prediction that the financial markets are entering a Sea Change, the third such event he has seen in his over 50 year career.

02:16 - Why this Sea Change differs from normal market cyclicality.

18:58 - How a more moderate interest rate environment affects global debt and his risk assessments.

36:28 - How studies of Japan influenced his investing philosophies.

48:21 - His thoughts on A.I., Bitcoin, Japan & China. 

56:14 - Also included are some of Howard’s personal insights.

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

BOOKS AND RESOURCES

• Related episode: Listen to TIP378: Move Forward With Caution w/ Howard Marks or watch the video here.
• Related episode: Listen to TIP497: Lessons From Billionaire Howard Marks or watch the video here.
• Related episode: Listen to TIP073: Billionaire Howard Marks – The Most Important Thing or watch the video here.
• Visit: Oaktree Capital Management.
• Howard Marks Memos.
• Check out: Mastering the Market Cycle by Howard Marks.
• Check out: The Most Important Thing by Howard Marks.
• Check out: Mistakes Were Made (But Not by Me): Third Edition: Why We Justify Foolish Beliefs, Bad Decisions, and Hurtful Acts by Carol Tavris.
• 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

• Invest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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 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.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• Send, spend, and receive money around the world easily with Wise.
• 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.
• 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.
• If you’re into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!
• 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.
• Hire expert marketers, on-demand, with MarketerHire. Listeners get a $1,000 credit for first-time customers when you use code WSB.
• Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!
• 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.

James Lavish comes with decades of experience as a fixed income investor, and overall Bitcoin educator. On today’s show, Preston talks to James about how the evolving macro environment doesn’t seem to be hampering the price of Bitcoin, despite the numerous liquidity and central banking actions plugging the global economy.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:16 - What are the most important things to be focusing on in the second quarter of 2023?

02:56 - What James thinks about the disparity between the US and European credit markets right now.

18:04 - James' thoughts on the BTFP.

37:14 - How Bitcoin performs for the rest of this year.

37:38 - Could Bitcoin have a sell-off like we saw in March of 2020 with what might be brewing right now?

45:31 - Portfolio construction for Boomers.

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

BOOKS AND RESOURCES

• James' Twitter.
• James' Bitcoin Opportunity fund.
• James' Newsletter.
• Related Episode: Listen to BTC110: Japanese Credit Markets, Bitcoin, & Nostr w/ James Lavish, or watch the video.
• Related Episode: Listen to BTC093: The Debt Spiral Defined w/ James Lavish, 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

• Invest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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 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.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• Send, spend, and receive money around the world easily with Wise.
• 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.
• 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.
• If you're into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!
• 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.
• Hire expert marketers, on-demand, with MarketerHire. Listeners get a $1,000 credit for first-time customers when you use code WSB.
• Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!
• 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 continues his review of Gautam Baid’s book, The Joys of Compounding. Today’s episode is part 3 of our review of this incredible book.

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

02:15 - How journaling can make us better investors.

07:00 - Why incentives are at the root of all human behavior.

09:22 - How management incentives impact our long-term returns as investors in businesses.

18:15 - Why being directionally right is more important than being precise in assessing the intrinsic value of a business.

25:37 - How maintenance capex impacts the value of a business.

32:14 - Ways in which value investors fall for value traps.

32:45 - Why we as investors should respect the market’s wisdom for pricing stocks.

35:09 - The three most important words of investing.

41:25 - How high-quality businesses enhance our margin of safety.

47:55 - How one commodity investment catapulted Gautam to nearly achieving financial independence.

53:36 - Why Seth Klarman, Peter Lynch, and Joel Greenblatt consider spinoffs to be ripe hunting grounds for investors.

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

BOOKS AND RESOURCES

• Check out the book, The Joys of Compounding.
• Tune into our previous episodes covering The Joys of Compounding: Part 1 & Part 2. Watch the videos here and here.
• Check out our recent episode covering Mark Leonard's Letter's and Constellation Software. Watch the video here.
• Check out Clay’s YouTube video calculating the intrinsic value of Constellation Software 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.
• 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 Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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 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.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• Send, spend, and receive money around the world easily with Wise.
• 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.
• 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.
• If you're into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!
• 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.
• Hire expert marketers, on-demand, with MarketerHire. Listeners get a $1,000 credit for first-time customers when you use code WSB.
• Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!
• Support our free podcast by supporting our sponsors.

Disclosure: The Investor’s Podcast Network is an Amazon Associate. We may earn commission from qualifying purchases made through our affiliate links.

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 episode, Clay sits down with Chris Mayer to discuss the lessons from his book - 100 Baggers.  

Chris is the author of 100 Baggers, and the portfolio manager of Woodlock House Family Capital. Chris’s book was published in 2018, and has quickly become a favorite within the investing community. The book very clearly explains the ingredients needed for a stock to compound and grow to 100 Bagger status, which we discuss during this episode.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

04:16 - The primary characteristics of companies that reached 100 Bagger status.

07:08 - How Chris views valuation when purchasing high-quality companies.

09:51 - How Chris assesses the durability of a moat.

18:15 - Why stocks are one of the best long-term protections against calamity and chaos.

44:27 - Why Chris prefers to own companies with management teams that own substantial portions of the company’s stock.

35:13 - Why Chris chose to concentrate his fund into only 10 holdings.

37:04 - Chris’s assessment of Constellation Software and why it’s one of his favorite holdings.

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

BOOKS AND RESOURCES

• Tune into our previous episode covering The Joys of Compounding or watch the video.
• Check out our recent episode covering Mark Leonard's Letters and Constellation Software or watch the video.
• Chris’s fund: Woodlock House Family Capital.
• Chris Mayer’s book: 100 Baggers.
• Thomas Phelps’ book: 100 to 1 in the Stock Market.
• Barton Biggs’ book: War, Wealth & Wisdom.
• Follow Chris on Twitter.
• 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

• Invest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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 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.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• 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.
• 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.
• 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.
• Send, spend, and receive money around the world easily with Wise.
• Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!
• 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 Lockerbie welcomes back billionaire and legendary investor Mr. Jeremy Grantham. Jeremy has a reputation for accurately predicting future events, including nearly every single bubble bursting over his career. During their conversation, Jeremy shares his thoughts on recent bank failures, Fed policy, and other world issues.

IN THIS EPISODE YOU’LL LEARN:

0:00 - Intro.

01:51 - Jeremy’s general thoughts on recent bank failures and Fed policy.

12:22 - A look at history and how long bear markets typically last.

36:00 - How Apple and Microsoft are eating the S&P 500?

46:52 - And other significant global concerns that are of interest to Jeremy.

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

BOOKS AND RESOURCES

• Related episode: Listen to TIP466: The Bear Has Arrived w/ Jeremy Grantham or watch the video here.
• Related episode: Listen to TIP371: The Top of the Cycle w/ Jeremy Grantham or watch the video here.
• Trey Lockerbie's Twitter.
• Check out the GMO website.

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 Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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 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.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• 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.
• 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.
• 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.
• Send, spend, and receive money around the world easily with Wise.
• Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!
• 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 and Pierre Rochard talk about the current draft bill in Texas that's trying to limit Bitcoin mining and what this means in the broader context of state's rights and their competition between local jurisdictions.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:10 - Why Pierre was in the Texas Congress testifying about the benefits of Bitcoin and it's mining infrastructure.

04:40 - Explain why Bitcoin is a National Security issue if a country fails to adopt and understand it.

07:55 - How much settlement is currently happening on Bitcoin and why is that important?

08:48 - Why Demand Response System are important to ensure grid stability.

23:50 - Who is the customer of Bitcoin mining?

36:08 - State rights issues and bipartisanship with respect to Bitcoin.

38:08 - What is the cost of running the existing fiat system compared to Bitcoin?

42:51 - Why CBDCs are so dangerous to freedom in the United States.

48:27 - Choke-Point 2.0.

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

BOOKS AND RESOURCES

• Pierre Rochard's Twitter.
• Riot Mining.
• More information about this draft TX Bill.
• Related episode: Listen to BTC116: Bitcoin Ordinals and NFTs on Layer 1 Bitcoin w/ Pierre Rochard, or watch the video.
• Related episode: Listen to BTC109: Bitcoin Taro, GBTC Discount, & More w/ Pierre & Morgen 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

• Invest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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 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.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• 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.
• 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.
• 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.
• Send, spend, and receive money around the world easily with Wise.
• Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!
• 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 sits down with Daniel Gallancy to chat about the evolution of capital markets and how equity crowdfunding allows individual investors to get access to new investment opportunities. 

Daniel is the CEO of Atakama. Atakama is a cybersecurity company that is pioneering multifactor encryption, enabling unrivaled data protection through distributed cryptographic key management. Organizations rely on Atakama to protect their most sensitive data, even when identity or rules-based access controls fail. 

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

00:04:30 - How the venture capital space grew from nothing to a $750 billion industry.

00:08:43 - How the returns of venture capital compare to public equity markets.

00:11:46 - The difference between primary and secondary markets.

00:23:26 - How private capital markets have evolved over time with new regulations.

00:30:20 - Which regulations allowed investors to purchase fractional shares in real estate and art.

00:31:35 - How equity crowdfunding differs from traditional crowdfunding.

00:37:16 - What sort of role equity crowdfunding opportunities can play in a portfolio.

00:42:17 - How investors can take advantage of Atakama’s equity crowdfunding round.

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

BOOKS AND RESOURCES

• Learn more about Atakama’s equity crowdfunding round here.
• Find Atakama’s website here.
• Tune into our previous episode covering The Banking Crisis Explained. Watch the video here.
• Check out our recent episode covering The Joys of Compounding by Gautam Baid. 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.
• 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 Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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 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.
• Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.
• 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.
• 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.
• 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.
• Send, spend, and receive money around the world easily with Wise.
• Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!
• 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, William Green chats with Tom Gayner, one of the great long-term investors of our time. Tom is the CEO of the Markel Corporation, a global financial holding company, where he oversees about 20,000 employees. Here, he shares his time-tested advice on how to achieve enduring success in business & investing while also building a happy & fulfilling personal life.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:38 - How Tom Gayner made a fortune by setting up a retirement account at age 14.

10:59 - What he learned from his grandmother about the glory of long-term compounding.

16:29 - How to succeed through steady, persistent progress over long periods of time.

30:00 - Why humor, fun, & joyfulness are central aspects of Tom’s approach to work.

35:15 - Why it’s so helpful to set down your thoughts, principles, & values in writing.

38:33 - Why we should bet on companies that do things “for” their customers, not “to” them.

41:17 - What Charlie Munger teaches about the secret of success.

47:52 - How to flourish in business & life by compounding relationships built on trust & love. 

1:00:46 - How Berkshire Hathaway embodies everything Tom looks for in a business.

1:09:08 - What we can learn about investing from the comedian Jerry Seinfeld.

1:12:17 - How Tom approaches the challenge of appraising a person’s talent & integrity.

1:13:23 - Why he prefers to aim for satisfaction, not optimization.

1:26:39 - Why you should never check your luggage when you travel.

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

BOOKS AND RESOURCES

• Tom Gayner’s company, the Markel Corporation.
• Tom Gayner’s 2022 letter to shareholders.
• 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

• Invest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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.

Trey chats with billionaire entrepreneur and investor, Mr. Andrew Wilkinson. They discuss various topics, including self-care and parenting, as well as exciting deals he collaborated on with Bill Ackman and Howard Marks.

Andrew is the co-founder of Tiny, which has been called the Berkshire Hathaway of Tech companies. Andrew turned his first business, MetaLab, into a not-so-tiny conglomerate in a similar fashion to how Buffett turned an old textile mill into the juggernaut Berkshire is today.

IN THIS EPISODE, YOU'LL LEARN:

0:00 - Intro

04:50 - The philosophies behind Tiny and how it operates.

10:49 - How he partnered up with Bill Ackman and Howard Marks on some exciting deals.

30:07 - Andrew’s insights from his conversations with Warren Buffett and Charlie Munger.

35:56 - What it means to set “Anti-goals”. 

54:03 - The art and science of self care, de-stressing and delegation.

59:00 - Andrew’s thoughts on parenting, philanthropy, entrepreneurship, investing and a TON of amazing resources.

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

BOOKS AND RESOURCES

• How to Get Rich: One of the World's Greatest Entrepreneurs Shares His Secrets by Felix Dennis.
• Khan Academy Website.
• The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It by Michael E. Gerber.
• The Dhandho Investor: The Low-Risk Value Method to High Returns by Mohnish Pabrai.
• Tao of Charlie Munger: A Compilation of Quotes from Berkshire Hathaway's Vice Chairman on Life, Business, and the Pursuit of Wealth with Commentary by David Clark.
• Influence, New and Expanded: The Psychology of Persuasion by Robert B. Cialdini.
• The Psychology of Human Misjudgment by Charlie Munger Audiobook.
• Tiny Website.
• Trey Lockerbie's Twitter.
• Andrew Wilkinson'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

• Invest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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.

Preston Pysh interviews Alfonso Peccatiello, better known as Macro Alf, to talk about how the banking system works, what might come next with the spreading global impairment, and what it might mean for Bitcoin and other asset classes. 

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:25 - Global perspectives and insights.

05:28 - The impact of immediate withdrawals on banks' cash reserves.

11:49 - Twitter debates: QE returns or not?

11:49 - Dispelling Bitcoiners' mistrust in the banking system.

28:43 - Piecing together the European inflation & bond yield puzzle.

34:52 - Predicting the 10YR-2YR inversion's future.

34:52 - Shadow banking and insurance companies under the microscope.

42:58 - Real estate and REITs in times of high debt and interest rates.

42:58 - Examining inflation stickiness in today's economy.

50:32 - Unexplored insights: What's being overlooked?

55:33 - Debating the debt spiral scenario.

55:33 - From problem talk to finding solutions.

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

BOOKS AND RESOURCES

• Macro Alf's Website and Content.
• Macro Alf's Twitter.
• Related episode: Listen to TIP495: The Changing Composition of Money w/ Alfonso Peccatiello, or watch the video.
• Related episode: Listen to MI232: Understanding Quantitative Easing w/ Alfonso Peccatiello, 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

• Invest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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.

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 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

• Invest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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

• Invest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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 - Ian’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: Listen to TIP423: Real Estate Update w/ Ian Formigle, or watch the video.
• Related Episode: Listen to 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

• Invest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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.

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

• Invest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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 book, 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

• Invest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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

• Invest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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

• Invest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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

• Invest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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

• Invest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.
• 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: Listen to 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.