Talking Billions with Bogumil Baranowski

Long-Term Stewardship, the Lindy Effect, and Why Alignment Matters More Than ValuationFind me on Substack: https://bogumilbaranowski.substack.com/Michael Gielkens is a partner and co-founder of Tresor Capital, a Netherlands-based independent investment boutique specializing in actively managing wealth through family holding companies and serial acquirers, with deep expertise in capital allocation and owner-operator alignment.EPISODE NOTES3:00 - Discussion of Omaha Berkshire meeting as unique phenomenon bringing global investors together; Michael’s Dutch-American background and financial upbringing with CFO father teaching value of money6:00 - Netherlands as birthplace of shareholder concept and securities trading; connection between Dutch Republic’s innovation and modern capital markets; family ownership enabling multi-generational wealth preservation12:00 - Core investment philosophy: skin in the game as non-negotiable prerequisite; alignment of interests at every level including portfolio managers investing alongside clients15:00 - Family holding companies explained: listed family offices with long-term orientation, no quarterly guidance pressure, avoiding short-term thinking that plagues typical public companies21:00 - Serial acquirers as superior capital allocators; decentralized decision-making allowing continuous reinvestment at high returns; Swedish companies as breeding ground for this model28:00 - Return on incremental invested capital as key metric; Munger principle that long-term returns match business returns on capital; importance of reinvestment runway34:00 - Quality over value traps: companies at small discounts with proven track records versus deep discounts hiding mismanagement; French holding company cautionary tale of nepotism and value destruction42:00 - Learning from mistakes: avoiding cheap stocks requiring constant attention; importance of doing your own homework rather than blindly cloning positions46:00 - Market volatility response: having valuations ready, buying quality companies at 45-50% discounts during external shocks when they normally trade at 20% discount51:00 - Success defined by relationships and fulfillment, not financial metrics; open collaboration and transparency building compounding relationships; Munger’s funeral testPodcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

My appearance on Excess Returns with Matt Zeigler as the host.I recently had the pleasure of joining my good friend Matt Zeigler on the Excess Returns podcast. Jack Forehand, the creative force behind the show, did an exceptional job editing and producing the episode. Jack has been instrumental in many improvements to Talking Billions over the years, and I’m grateful to both him and Matt for this opportunity.We dove deep into my recent article, “Expensive Truth about Cheap Investments,” which caught the attention of major publications like the WSJ and sparked considerable discussion among readers and listeners. The piece clearly touched a nerve and opened up a conversation worth having.What started as a discussion about the article evolved into something more. Thanks to Matt’s skillful hosting, we explored new territory—sharing stories, anecdotes, and recent insights I haven’t discussed publicly before. The hour-long conversation captures not just the core ideas of the article, but the deeper implications and real-world applications that make this topic so compelling.I’m excited to share this episode with you—it’s reposted here with permission and blessing from both Matt and Jack. Don’t miss it!In this episode of Excess Returns, Matt Zeigler sits down with investor and author Bogumil Baranowski to discuss one of investing’s most important mindset shifts: moving beyond cheap stocks to paying up for quality and exceptional opportunities. Drawing on lessons from Warren Buffett, Ben Graham, and his own journey, Bogumil explains how value investing evolves across three key phases—buying cheap, buying good, and learning to pay up. The conversation explores patience, conviction, dead money periods, family wealth stewardship, and how to think about value versus price in a noisy world.Timestamps:00:00 Introduction – The cheapest dentist analogy03:00 Why investors love cheap stocks07:00 The evolution from bargain hunter to quality investor09:00 Examples from Ben Graham, Buffett, and Facebook15:30 Conviction, drawdowns, and dead money19:00 Judging success by business progress, not stock price27:00 Lessons from grandma on value and frugality31:00 How Buffett evolved from cheap to quality45:00 Investing for future generations49:00 Invisible wealth and stewardship52:00 The value investor dilemma58:00 Equal-weight vs market-cap indexes59:00 Lessons for the average investor1:02:00 How much research you really need1:04:30 How his WSJ essay came to life and final takeawaysPodcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Find me on Substack: https://bogumilbaranowski.substack.com/Daniel Peris is a historian-turned-portfolio manager at Federated who uniquely combines PhD-level expertise in Russian history with two decades of investment experience to challenge modern finance's dismissal of dividend investing through rigorous historical analysis.3:00 - Peris shares his unconventional path from Cold War studies and Russian history PhD to Wall Street, explaining how his historical training shapes his contrarian approach to investment challenges by questioning where current financial rules originated and whether they remain fit for purpose.8:00 - Historical perspective on financial innovation: Peris argues most "new" financial mechanisms have ancient antecedents.10:00 - The humility principle: Peris critiques University of Chicago's equilibrium economics and rational actor theory for not comporting with actual human behavior, advocating learning from 5,000 years of financial mistakes rather than assuming modern superiority.14:00 - The great dividend disappearance: Four key reasons dividends vanished - 40 years of declining interest rates, NASDAQ's productivity boom, the rise of buybacks incentivizing Wall Street, and global neoliberalism's focus on financial over cash returns.18:00 - The turning point thesis: All conditions enabling the "unnatural state" of dividend-free investing have stopped, reversed, or matured, setting stage for return of the cash nexus.23:00 - Business outcomes vs market outcomes: Peris distinguishes tangible dividend payments (business outcomes you control) from speculative capital gains (market outcomes dependent on share price volatility).30:00 - The tax avoidance extreme: Peris critiques products designed to avoid taxes on S&P 500's meager 1.2% yield, calling it philosophical gymnastics to dodge taxes on essentially no income.38:00 - Risk redefined: Permanent loss of capital constitutes real risk, not price volatility, challenging academic definitions that dominate MBA curricula.42:00 - The buyback controversy: A trillion dollars in free cash flow goes to buybacks benefiting Wall Street and executives rather than shareholders, with Peris emphasizing buybacks provide liquidity to share sellers, not cash to shareholders.52:00 - PE expansion and gravity: While acknowledging modern infrastructure justifies higher valuations than historical 10x earnings, Peris questions whether 25x multiples make sense, especially in inflationary environments.57:00 - Global perspective: Anti-dividend phenomenon is distinctly American.1:04:00 - Success philosophy: Peris defines success as "knowing when you have enough" (citing Joseph Heller), sleeping well at night, and making 50.05% of decisions correctly under uncertainty.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

One of my favorite interviews I gave lately, take a moment and check it out. Julia is a very gifted, thoughtful host, and it's a very personal, intimate conversation. I have a feeling you'll like it. Enjoy!https://peopleareeverything.co.uk/The Episode originally aired on People are Everything with Julia Duthie -- Full credit to Julia and her team for a wonderful conversation, find her podcast and follow for some incredible content, and here is the episode with me, your host, answering questions for a change (instead of asking them). Reposted here with her permission and blessing.The original episode notes:S03E04 - Bogumil BaranowskiHow does an investor keep money human? In this intimate birthday-day conversation, Bogumil Baranowski (investment advisor, author, pilot) shares the 5 most influential people who shaped his life, philosophy, and approach to long-term, purpose-driven investing. We explore family stories, stewardship across 100-year horizons, the difference between price and value, and why confidence (in cockpits and careers) is everything.What you’ll learnWhy money is a human experience—not just P&LThe grandmother who taught value over price and built a seniors’ home from scratchJay Hughes’ “five capitals” and gifting wealth with warm handsA flight instructor’s rule: never undermine a pilot’s confidence (and how to ask for help)Toastmasters craft: structure, delivery, and authenticity on stageCharlie Munger’s “web of deserved trust” & “planting trees” for future generationsDakshana Foundation and the compounding impact of small, well-aimed helpPeople mentionedHis Grandmother (accountant & community builder) • James “Jay” Hughes (family wealth lawyer) • Tom Fisher (flight instructor) • Eric Rock (Toastmasters mentor) • Charlie Munger (with nods to Warren Buffett, Ben Graham, Monsoon Pabrai, Mohnish Pabrai, and the Dakshana Foundation)Listen for candid stories: Polish hyperinflation, pennies you can’t throw away, ATC angels in your headset, and a 1917 oak tree that still teaches legacy.If you enjoyed this, hit like/subscribe, share with someone who’s navigating money, legacy, or leadership, and tell us which moment landed most for you.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Find me on Substack: https://bogumilbaranowski.substack.com/Matthew Peterson is the visionary founder and managing partner of Peterson Capital Management who leverages over 25 years of global financial experience, including a decade at Goldman Sachs, Morgan Stanley, and Merrill Lynch, to pioneer "structured value investing" - a sophisticated approach that combines classic value principles with options strategies to achieve superior returns while managing risk.EPISODE NOTES3:00 - Matthew shares his Minnesota upbringing and early financial curiosity, shuffling bank CDs for extra returns in the 1980s before understanding compounding5:30 - Wall Street experience at Goldman Sachs: "everybody was aligned, marching to the same beat" with 104-hour work weeks becoming "second family"8:15 - Introduction to structured value investing: using options as tools, not speculation, to buy stocks at better prices than traditional investors10:40 - Core strategy revealed: selling put contracts instead of market orders - "we say, I will commit to buying it for a hundred over the next year, but you have to pay us fifteen dollars"12:20 - Benefits explained: buying 20% cheaper creates massive IRR advantage over decades of compounding15:45 - Psychology advantage: options help value investors be more patient during early entry periods24:15 - Portfolio composition: seven core "infinite compounder" holdings including Berkshire Hathaway, designed to hold forever41:50 - 13F analysis strategy: monitoring 100+ value investors reduces 6,500 companies to just 400 prospects54:15 - Introduction to Alpha One AI platform providing comprehensive company analysis in 20 minutes1:02:25 - Structured dividend capture strategy for cash management1:11:15 - Success definition: "having the people that you want to love you, love you" - citing Warren Buffett's wisdomPodcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

The episode originally aired on Excess Returns Podcast, and it is reposted here with permission. Thank you, Jack Forehand & Matt Zeigler. Matt and I sat down with Joseph Shaposhnik, and what an hour it was, enjoy!In this episode of Excess Returns, we sit down with Joseph Shaposhnik, founder of Rainwater Equity and former star portfolio manager at TCW. Joseph shares the investment philosophy that drove his track record of outperformance, why he focuses on recurring revenue businesses, and how he evaluates management quality and capital allocation. We also explore lessons from great investors like Warren Buffett, Bill Miller, and Peter Lynch, along with insights on valuation, portfolio concentration, and the role of passive investing in today’s markets.Main topics covered:* How Joseph achieved long-term outperformance at TCW and what drove his results* Why recurring revenue and predictable cash flows are central to his approach* The importance of management quality and identifying “fanatics” vs. mercenaries* Lessons investors should and should not take from Warren Buffett* Bill Miller’s influence and backing of Rainwater Equity* Characteristics Joseph looks for in great businesses and red flags in management teams* Portfolio concentration, position sizing, and risk management* Why you don’t need to have an opinion on every sector* Selling discipline and knowing when it’s time to move on* How valuation fits into his framework and how he thinks about paying up for quality* The impact of passive investing and why active managers must take a long-term view* Stories and lessons from Peter Lynch, including his enduring influenceTimestamps:0:00 If a stock has doubled, you haven’t missed it1:00 Introduction and Joseph’s track record at TCW2:00 Keys to long-term outperformance8:00 Lessons from Warren Buffett’s wins and mistakes11:30 Bill Miller’s influence and support for Rainwater Equity14:00 What defines a high-quality business20:00 Free cash flow compounding and moats24:00 Red flags in management teams31:00 Why active management is broken and Joseph’s solution35:00 Portfolio concentration and risk management42:00 Sectors to avoid and why47:00 Joseph’s selling discipline53:00 Exceptional leaders and the role of management quality58:00 Valuation, future value, and the changing economy1:04:00 Passive investing and market distortions1:09:00 Lessons and stories from Peter Lynch1:14:00 Closing questions and key investing lessons1:20:00 Where to learn more about Joseph and Rainwater EquityPodcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Find me on Substack: https://bogumilbaranowski.substack.com/Oliver Mueller is Chief Investment Officer at Acresco Investment Management in Mauritius, a seasoned value investor with 25+ years at JP Morgan, Merrill Lynch, and Deutsche Bank who uniquely combines traditional value investing principles with sustainable investing practices.3:00 - Oliver's German Mittelstand upbringing shaped his relationship with money; parents bought house, rising interest rates created financial strain, taught him value of careful planning6:00 - First jobs at 15: wastewater treatment plant to buy Hi-Fi system, construction work for interrail trip through Europe - learned physical value of earning money9:00 - Deutsche Bank apprenticeship sparked passion for investing; mandatory social service with elderly taught him "wealth is not just about money, but dignity, time, empathy"12:00 - Move to Mauritius in 2014 driven by work-life balance: "When I left house she was sleeping, when I came home she was sleeping" - needed presence as father18:00 - Key influences: Hungarian investor Kostolani's encouragement, Aswath Damodaran's valuation course, Paul Polman's stakeholder capitalism vision25:00 - Sustainable value investing philosophy: Start with quality financials, add responsibility filter, then seek margin of safety - "responsibility as source of returns, not constraint"35:00 - Crisis lessons from dot-com, 2008, COVID: "When narrative drifts from fundamentals, gravity always wins" - reinforced belief in simplicity over financial engineering50:00 - Tai Chi principles mirror investing: true power comes from stillness and patience, explosive "Fajin" moments when opportunity appearsIf this post resonated with you, take a moment, and please share it with anyone in your network who might find it valuable too—this Substack grows entirely through word of mouth from readers like you. Thank you so much!Subscribe nowBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.EPISODE NOTESPodcast Program – Disclosure Statement

For more content, find me on Substack: https://bogumilbaranowski.substack.com/P.V. Ramanathan is a Dubai-based entrepreneur, chartered accountant, and fund-of-funds manager who led a successful leveraged buyout in 2003, founded Neeti Fund, and hosts the prestigious ValueX Middle East conference annually.3:00 - Ram's middle-class Indian upbringing and early exposure to family finances through banking errands with his father, sparking entrepreneurial drive6:00 - Career journey from Ernst & Young Dubai to Schlumberger, learning business operations by spending weekends on oil rigs in coveralls9:30 - "Money has always been an enabler for me" - philosophy shaped by helping replenish father's education investment13:00 - Transition from CFO role to leading a management buyout of corrosion services business, discovering value investing simultaneously18:00 - Building Corrosion Technology Services (CTS) without leverage: "We are bottom feeders. Anyone who works for us six years is potential competitor"25:00 - Investment philosophy: Four-bucket approach (value, growth, ballast funds) targeting steady single-digit returns with downside protection32:00 - Contrarian belief: "Don't fixate on short-term results" - explains why quarterly obsession drives counterproductive business behavior41:00 - Business survival principles: Zero leverage, conservative revenue recognition, maintaining cash reserves through all cycles50:00 - Global investment opportunities: Highlighting undervalued Korean market and biotech sector despite volatility57:00 - ValueX Middle East origins and Toastmasters impact: "All of us are better than some of us" - community building philosophy63:00 - Definition of success: "Making positive difference in every endeavor I undertake" - touching lives through business, investing, and relationshipsPodcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

If you downloaded the episode before Wednesday, please remove it and download it again. Thank you!Find me on Substack: https://bogumilbaranowski.substack.com/GUEST PROFILE: Nancy Burger is a leading workplace communication strategist, executive coach, and founder of the Fear Finding Project who helps leaders overcome fear-based thinking after leaving her own Wall Street career to transform her expertise in human psychology into practical strategies for building emotionally healthy, high-performing cultures.EPISODE NOTES:3:00 - Nancy shares her stable suburban upbringing but reveals the hidden family dynamics that shaped her fear-based thinking patterns and career trajectory6:00 - The courage to leave Wall Street: Nancy discusses conquering multi-layered fears to end a 27-year marriage and completely rebuild her life in her 50s9:00 - Key insight: Fear as information tool - "Fear can become a tool. Notice this without judging it...use it as information instead of recoiling and avoiding the thing because it's scary"12:00 - Brain science of fear: Understanding limbic system vs prefrontal cortex responses and why we need both pathways for survival and growth15:00 - Imposter syndrome focus: Nancy's passion project - helping leaders understand "that is something they're making a choice about and they can change it"18:00 - The power of words in building confidence: How feedback can either destroy or empower, drawing parallels to pilot training methodologies24:00 - Difficult conversations strategy: Using "I statements" to avoid defensiveness - "I'm noticing" vs "You did this"35:00 - Career evolution: From finance to writing to music to keynote speaking - "an iterative process...like the inner workings of a massive clock"42:00 - Communication failure story: Learning to consider your audience's experience rather than just your own emotional state55:00 - AI as tool, not threat: "Learn about it and understand that it is a tool...don't let machines help you interact with loved ones"60:00 - Success definition: Impact over achievement - "Did I touch the people in my sphere of influence in a way that left an impact that's positive?"Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

A recording of my most recent, most-viewed Substack essay, along with a brief update from me. And don't forget to share it with everyone in your life who would also enjoy it.Find it here (see below) with so much more public, free content: https://bogumilbaranowski.substack.com/p/the-sports-car-paradoxSummary for busy readers: One weekend this summer, I was surprised when a sports car I’d been following for hours emerged from a gas station right beside me at journey’s end—despite its speed advantage, we arrived together.This moment crystallized a key investment truth: aggressive, high-volatility strategies (sports car investing) and steady, consistent approaches (family car investing) can reach similar destinations, but the journey experience differs dramatically.While sports car investors endure stomach-churning 50%+ drawdowns for potentially higher returns, family car investors prioritize peace of mind and sustainable progress. The best strategy isn’t necessarily the fastest—it’s the one you can stick with through all market conditions.Disclosure:Blue Infinitas Capital, LLC is a registered investment adviser. The information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Find me on Substack: https://bogumilbaranowski.substack.com/Kevin Koharki is an MBA, PhD, founder of CAE Consulting, and associate professor who has spent 20 years analyzing hundreds of firms and uniquely advocates that every employee—not just executives—should understand how their daily decisions impact capital allocation and long-term value creation.3:00 - Childhood influence: Depression-era grandmother shaped Kevin's views on hard work, discipline, and saving money through close relationship and shared activities6:00 - Career origin story: 1999 discovery of "Rich Dad, Poor Dad" led to Peter Lynch's "One Up on Wall Street" - describes it as "getting hit by lightning," sparking lifelong investing passion9:00 - Teaching philosophy: Drops real 10Ks on students' desks, believes in learning by doing rather than textbooks - "if you want to learn how to hit a curveball, you have to step in the batter's box"12:00 - Personal finance reality check: Most people don't budget despite it being "second, third grade math" - grandmother's "got cable?" test for true money problems15:00 - Capital allocation breakthrough: 2022 Vegas flight rereading Buffett letters when everything "clicked" - realized employees need training on how their roles impact CEO decisions18:00 - Fortune 100 company story: 71 years of collective family experience, never understood job's true financial impact until Kevin's training21:00 - Common misconception: Analysts focus only on dividends, debt paydown, buybacks - "it doesn't start there, it starts with revenue"25:00 - Concentration philosophy: Charlie Munger's "three investments in your lifetime" - finding businesses that can reinvest at high rates indefinitely30:00 - Financial statement analysis: Shocking number of investors not making proper adjustments for leases, pensions, stock-based compensation35:00 - Stock-based compensation deep dive: Spent three years figuring out what Buffett/Munger meant by "true cost" - most CFOs don't understand until receiving it themselves40:00 - Double-hit problem: Stock-based comp hits earnings twice (expense + dilution) while actual cash impact appears in financing, not operations45:00 - Tech sector impact: Free cash flow can be 30-40% lower than reported due to improper stock-based comp accounting50:00 - Cultural change requirement: Capital allocation mindset shifts take years, require constant reinforcement like diet changes55:00 - Employee education gap: HR can't explain stock plans due to licensing restrictions, employees receive lawyer-written documents they can't understand60:00 - Success definition: Making people better investors or employees who understand their financial impact - "help them understand the why"Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Three years' worth of interviews with Chris Mayer, which Bogumil and Matt recorded, condensed into a one-hour BONUS episode. The episode originally aired on Excess Returns Podcast, and it is reposted here with permission from the podcast hosts. Enjoy!In this special episode, Matt Zeigler and Bogumil Baranowski take you on a deep-dive mixtape journey through the best moments from their past three years of conversations with author and investor Chris Mayer. From the brutal patience required to ride out dead money periods to why the lack of a catalyst might be a feature, not a bug—this episode is packed with timeless investing wisdom. Whether you're chasing a hundred bagger or trying to hold through volatility, Mayer’s philosophy will challenge and inspire you.🔑 Topics Covered:* Why “dead money” is often harder than drawdowns* The real challenge of holding long-term winners* The myth of catalysts and the power of compounding* How great businesses reveal their edge over time* The emotional toll of patience—and how to cultivate it* Aligning capital with the right investor mindset* What Buffett’s evolution teaches us about reinvestment risk* Why most investors can’t handle uncertainty—and how that creates opportunity* How great investors and great CEOs think in decades, not quarters⏱️ Timestamps:00:00 Intro + Episode Setup02:07 Dead Money vs. Drawdowns10:00 Waiting Without a Catalyst18:15 The Real Test of Holding25:00 Aligning with Long-Term Capital35:00 Buffett and Value Investing 2.044:00 Management and Short-Term Thinking50:00 The True Meaning of Patience54:18 Outro + Closing ThoughtsPodcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]Whit Huguley is the founder and portfolio manager of River Oaks Capital, a concentrated microcap investment fund who applies rigorous private equity-style due diligence to overlooked public companies by personally visiting management teams across America.EPISODE NOTES3:00 - Whit's background: From LSU graduate to startup employee to MBA at Tulane, discovering value investing through Ben Graham's "The Intelligent Investor"6:00 - Career pivot: Five years in the entrepreneurial world, then private equity at AGR buying 30-49% stakes in family businesses9:00 - Key insight: First company visit revelation - "$100 million market cap company, no investors had visited in 5-10 years"12:00 - The Buffett parallel: Early investing approach of traveling to meet management, waiting in lobbies, attending sparsely attended annual meetings15:00 - A+ CEO discovery: Meeting Dayton Judd changed everything - "spoke to me business owner to business owner"18:00 - Level 5 leadership quote: "Personal humility and professional will, prioritizing company needs over personal gain"21:00 - Why companies stay public: Most went public pre-2008, now costs $1-2M annually to maintain public status24:00 - Microcap definition: Portfolio ranges from $30M to $600M market cap, average $250M29:00 - "Remote island" strategy: Not traditional moats, but obscure markets too small for Amazon to bother conquering36:00 - Suggestivist approach: "Your company trades at 5x earnings while you're buying acquisitions at 10x - why not buy your own stock?"42:00 - Three-rule selling framework: Misjudged management, hard left turn in strategy, or extreme overvaluation49:00 - Capacity constraints: Fund growth helps with influence but hurts at scale - "protecting Thanksgiving dinner investors"53:00 - Uplisting catalyst: Moving from over-the-counter to NASDAQ opens institutional investor access, FitLife up 50% post-uplisting58:00 - Counterintuitive lessons: Price drops often mean higher future returns, A+ CEOs are worth premium compensationPodcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

After writing, reading, and answering 1,000 emails this summer, I'm sharing what I learned about our Talking Billions community. From curious beginners to seasoned investors, you've trusted me with your stories, questions, and insights. In this solo episode, I reflect on three years of conversations, reveal a surprising pattern that emerged from all those emails, and extend a personal invitation to join me on Substack where I'm building a deeper, more connected community experience.Plus: Why I'm committing to write personal emails to 100 new subscribers every month, and how your messages directly shape the conversations we have with guests.https://bogumilbaranowski.substack.com/Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]John Rotonti is a portfolio manager at Bastion Fiduciary managing the Industrial and Infrastructure Strategy, former Motley Fool senior analyst and head of investor training, and author of J.Rowe's Notes newsletter who brings nine years of institutional stock-picking experience to generational wealth building.3:00 - John's transition to Bastion Fiduciary: launched Industrial & Infrastructure Strategy in January, managing client capital with generational timeframe and complete autonomy over investment decisions6:00 - Motley Fool learning: Buck Hartzell's advice shifted John from pure deep value to also considering upside scenarios - "spend time trying to figure out what could go right"9:30 - Portfolio construction mistake: launched with 32 stocks vs preferred 20-25, course-correcting by trimming to achieve better concentration14:30 - Universe discipline: whittled 300 stocks down to just 60 companies, eliminating noise and forcing focus on highest conviction ideas18:00 - Letting winners run: discusses anchoring bias and low cost basis pride, admits difficulty adding to winners despite mathematical advantage23:00 - Long-term communication strategy: 22% of client presentation focused on "what I don't do" and "who shouldn't invest" to set proper expectations28:00 - Controversial approach: didn't contact clients during February-April selloff because "volatility is the friend of the long-term investor"32:00 - Performance philosophy: refuses to benchmark against indices, focuses on generational wealth building over short-term comparisons40:00 - Uncompromising quality: maintains 60-stock universe of only highest quality businesses, describes it as "quality only" not just "quality first"45:00 - Research process: deep dive questions focus on stress-testing businesses through adversity, inspired by longevity science concepts55:00 - AI adoption: embracing finance-focused AI platforms for productivity while maintaining preference for deliberate, thoughtful research paceEPISODE NOTESPodcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/] James Emanuel is a London-based contrarian investor and founder of Rock and Turner who discovers fundamentally misunderstood companies trading at massive discounts while building his reputation through popular Substack newsletter research and his book "Fabric of Success."3:00 - Emanuel's intellectual curiosity shaped his contrarian approach: "I take nothing at face value. I question absolutely everything" - discusses how questioning religious beliefs as a child developed critical thinking essential for investing6:00 - The Rolex story reveals value perception: bought same expensive watch as colleague but paid significantly less, demonstrating "price is what you pay, but value is what you get" - watch now worth 3x original price9:00 - Law background creates analytical advantage: legal training teaches structured thinking and considering counterarguments, invaluable for examining investment downside risks12:00 - Convergence theory and "golden threads": successful businesses across different eras/industries evolve similar approaches - like sharks and dolphins reaching similar design through different evolutionary paths15:00 - People matter most: "The jockey is more important than the horse" - Apple's near-bankruptcy under Scully vs. massive success under Jobs proves same company with different leader becomes entirely different investment18:00 - Succession planning as golden thread: best companies promote from within (Novo Nordisk had only 5 CEOs in 103 years, Costco leaders worked up from entry-level)21:00 - Bureaucracy as "corporate virus": processes become more important than results, stifling innovation and driving away top talent24:00 - Stock screeners are garbage: statutory accounts weren't designed for investors, focus on qualitative analysis over quantitative metrics27:00 - John Malone created EBITDA metric because Wall Street couldn't understand his tax-minimizing strategy - TCI became 900-bagger despite appearing expensive on earnings multiplesPodcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]Today's guest: Monsoon Pabrai is the managing partner of Drew Investment Management, who combines generational wisdom from legendary investors like her father, Mohnish Pabrai, Charlie Munger, and Guy Spier, with her own distinctive approach to global value investing, particularly in India's emerging markets.EPISODE NOTES3:00 - Childhood shaped by entrepreneurship over money talk; Chipotle visits became business lessons on cost optimization and operational efficiency6:00 - At age 12, attended legendary Warren Buffett lunch with Guy Spier; Buffett's advice: "most important decision is who you marry"9:00 - Learning temperament from father during 9+ years without collecting fees; "I've never seen him have a bad day at all"12:00 - KEY INSIGHT: American Express COVID opportunity - when travel stopped, 60 cents per dollar usually spent on customer retention became massive float for capital allocation15:00 - March 2020 market crash: colleagues broke emotionally, sold at bottom despite decades of experience18:00 - Guy Spier as "uncle figure" - long-term compounder philosophy of buying quality and never selling27:00 - Investment process: random idea generation through travel, conferences, Value Line screening, then rigorous 4-part analysis framework35:00 - Four investment criteria: 1) Good business quality 2) Margin of safety 3) Capital allocation 4) Alignment of interests (crucial for emerging markets)42:00 - AI revolution transforming research speed: "NotebookLM can read a 10K faster than me"47:00 - India investing: 60-70% of 3,000+ listed companies "untouchable" due to fraud risk, but incredible opportunities exist with proper network53:00 - Dakshana foundation: educating underprivileged students for IIT entrance (1.3% acceptance rate); "most motivating people I've ever met"Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Find the FULL article here: https://bogumilbaranowski.substack.com/p/the-invisible-millions-the-quietPlease remember to sign up if you haven't already done so. IMPORTANT: I'm writing a personal email to the next 100 Substack subscribers. Sign up if you'd like to hear from me. I'm definitely curious to hear from you. THANK YOU!Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]Nick Maggiulli is the COO at Ritholtz Wealth Management, a bestselling author of "Just Keep Buying," and creator of the wealth ladder framework, who transformed his blog Of Dollars and Data into one of personal finance's most trusted resources, and joins us to discuss his new book "The Wealth Ladder."EPISODE NOTES3:00 - Nick shares his lower-middle-class upbringing in Southern California, parents' divorce due to bankruptcy, and early money habits like always ordering from McDonald's dollar menu6:00 - Stanford revelation: "My family summers there" - exposure to different socioeconomic backgrounds opened his eyes to other ways of living9:00 - Chess analogy: effort alone isn't enough, you need the right strategy. Working harder at wrong things won't maximize long-term income12:00 - KEY CONCEPT: Spending freedom framework - different wealth levels unlock different spending categories (grocery freedom at level two, restaurant freedom at level three, travel freedom at level four)15:00 - MAJOR INSIGHT: Use net worth, not income, for spending decisions. "0.01% of your net worth" rule for trivial spending amounts18:00 - House rich, cash poor phenomenon - why liquid net worth matters more than total net worth for spending decisions21:00 - TRANSFORMATION POINT: How income sources change as you climb the ladder - from pure labor to investment income dominance24:00 - The moment when your portfolio earns more than your job: "Is your job a side hustle?"27:00 - CRITICAL REALIZATION: At higher wealth levels, traditional saving can't move the needle - need business ownership to reach next level30:00 - Four types of leverage: labor, capital, content, and code - how internet enables mass distribution33:00 - Wealth composition surprise: how little stocks/funds even richest own, mostly business ownership36:00 - Starting over reality check: NVIDIA founder wouldn't restart his company knowing the difficulty39:00 - WARNING: Climbing higher may not be worth it - family dynamics, trust issues, social complications at ultra-high wealth levelsPodcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

A story, an invitation, an update, and a sincere thank YOU -- listen to hear more.[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.