Talking Billions with Bogumil Baranowski

Kevin Koharki, MBA, PhD, is the founder of CAE Consulting (Capital Allocation Enhancement), associate professor of accounting at Purdue University, and expert financial analyst with a 20-year career — including M&A analysis — who consults with and advises Fortune 100 companies on understanding the true economic cost of stock-based compensation.The episode is sponsored by TenzingMEMO — the AI-powered market intelligence platform I use daily for smarter company analysis. Code BILLIONS gets you an extended trial + 10% off.https://www.tenzingmemo.com/3:00 — Kevin traces the origins of stock-based comp to the 1990s dot-com era; originally meant to conserve cash at startups and align employee incentives with shareholders.5:00 — The shift from stock options to RSUs and PSUs; accounting still at the expensing stage from 2002 FASB rules.7:00 — Why stock-based comp is concentrated in the tech sector, particularly Mag-7 companies — the very firms that don’t need to conserve cash.10:00 — Kevin walks through the mechanics: 100 RSUs granted at $30, expensed over three years, but if sold at $90, the $60 gap never appears on the P&L.14:00 — Cash flow distortion: compensation paid in shares shows up as a financing activity, not an operating expense — inflating free cash flow.17:00 — Why employees don’t truly become owners: tax liabilities force selling, and short-term vesting creates a “what’s my vest date?” mentality.19:00 — The Berkshire model: Greg Abel buys shares with after-tax salary. No stock-based comp. Buffett’s emphasis on intrinsic value per share.23:00 — Psychological toll: employees hired at the peak face crushing drawdowns; companies respond by issuing even more shares.28:00 — Real-world example: a company with $102B in operating cash flow shows $6.4B in GAAP SBC — but $7.9B just in tax withholdings. The tax cost exceeds the recorded expense.35:00 — Second example: 90% of a $26.3B share buyback was simply to offset dilution. True free cash flow drops from $46B to roughly $4B.42:00 — The private company test: “If you bought the whole company, you’d still have to pay those employees in cash.”50:00 — The IRS treats SBC as cash-basis: the $90 exercise price gets the deduction, not the $30 GAAP cost.58:00 — Kevin: “I just think there’s kind of a mass delusion going on right now.”1:03:00 — Wall Street Journal coverage and Nvidia’s disclosure change; the conversation is shifting.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.

Ryan Bunn is the lead portfolio manager at Reference Equity in Denver, a Northwestern-trained engineer and Kellogg MBA with 15+ years of global equity experience who implements a first-principles quality-value philosophy focused on businesses in non-competitive situations.Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/3:00 — Ryan’s Midwestern upbringing outside Cincinnati; mother taught him investing in elementary school; family of savers focused on dividend yields and long-term wealth building.5:00 — 30-year investing evolution: private equity consulting training revealed wide range of business quality; reading Graham and Buffett cemented value conviction; experimented with options, angel investing in India, due diligence in Moscow, NFTs.7:00 — The NFT experiment: bought digital art in summer 2021, sold for 25x return in six weeks, watched it crash 95%+. Lesson: “It showed me that I’m not a growth investor… it was so stressful even as prices were going up.”9:00 — First principles of quality investing: competition is capitalism’s first principle; sustainable high returns require non-competitive scenarios. Challenges the broad definition of “quality” in today’s market.13:00 — Philip Carret’s legacy: founded Pioneer Fund in 1928, compounded ~13% annually over 60 years, wrote The Art of Speculation in 1930. Met Buffett in early 1950s — before Munger. Framework of “men, materials, and money” underlies all fundamental investing today.19:00 — Intellectual heritage: ideas passed between generations compound like capital. Carret appeared at the 1995 Berkshire meeting at age 99.22:00 — Generational wealth: someone must be the first generation to save and sacrifice. Modern retirement planning models spending to zero — the opposite of wealth transfer.27:00 — Capital vs. currency: truly long-term investing requires a pool of capital you never touch. Focus on yield, not the capital base itself. Bogumil shares his “forgotten money” account untouched for 20+ years.33:00 — Collecting mindset: Berkshire shareholders collect shares, not dollars. Reframing investing as collecting removes short-term anxiety.44:00 — Why value investing works structurally: cheaper stocks get more powerful buybacks; low multiples protect against destructive M&A; boring companies let management focus on operations, not investor relations.55:00 — Global small caps: 5,000+ stocks, ~150 meet Ryan’s non-competitive filter, 3-5 per year reach attractive valuations. International investing rewards those who understand what US-quality governance looks like.1:01:00 — Reference equity concept: European “reference shareholder” families as long-term partners to businesses. Ryan’s mission to bring this model to US public markets.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.

This episode brings together Robert Hagstrom and Chris Mayer to explore how investors should think about base rates, extreme outcomes, and the realities of long-term wealth creation in markets. Drawing on Michael Mauboussin's work, the conversation challenges conventional ideas like mean reversion and highlights why a small number of companies drive most stock market returns—and what that means for portfolio construction.Matt Zeigler and I had the privilege of hosting Robert Hagstrom (The Warren Buffett Way) and Chris Mayer (100 Baggers) for a special 100-Year Thinkers Edition of the Excess Returns Podcast.Available now on Excess Returns Podcast and Talking Billions. 🎧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! And follow their work, links below.Chris’ New Bookhttps://shop.generalsemantics.org/pro...Robert’s Book: Investing: The Last Liberal Arthttps://www.amazon.com/Investing-Libe...https://excessreturnspod.com/• Why markets are driven by extreme outcomes and power laws, not averages• The Best & Bessembinder research showing a handful of stocks create most wealth• Base rates vs outliers and when to trust historical probabilities• Why the 100 bagger framework focuses on studying winners, not predicting them• Portfolio construction as a way to capture asymmetric upside• Buffett’s approach to consistency, durability, and long-term operating history• Inside view vs outside view and how narratives distort investing decisions• Why AI may be breaking traditional base rate assumptions in software and tech• The limits of mean reversion and why it can lead investors astray• Return on invested capital and how competition erodes excess returns over time• Identifying durable moats and why most advantages eventually get attacked• Winner-take-all dynamics and how they shape long-term investing outcomes• The twin engines of returns: earnings growth and multiple expansion• Return on incremental capital as a key driver of long-term compounding• Intangible assets and why accounting understates true business value• Amazon as a case study in misunderstood profitability and reinvestment• AI CapEx cycle and why current spending may not be sustainable long term• Why great businesses matter more than great management in long-term investingPodcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

What kind of money are we talking about? The why behind the holdings? A podcast production secret --- and so much more! Enjoy!In this third edition of Unfiltered, I talk about the one question I always start with when someone entrusts me with their capital, what multi-generational wealth really means (and why it's a mindset, not a number), the expensive truth about cheap stocks, why I came for the puzzle but stayed for the people, how AI is reshaping the advisory world — and the doorman fallacy that should make us all pause before we automate too much. I also share what I've been obsessing about lately, from Wittgenstein's family story to the art of giving, and I let you in on a little secret about what happened recently after I stopped a certain recording.Highlights:“What kind of money are we talking about?” — The most important question in investing isn’t about returns or risk tolerance. It’s understanding the story behind the capital — how it was accumulated, what it means emotionally, and what losing or growing it would feel like. Context shapes everything.Multi-generational wealth is a mindset, not an amount. A family with $100K who thinks about legacy and stewardship has a multi-generational fortune. A family with billions who doesn’t think beyond their own lifetime does not. More families than ever are entering this mindset.“I came for the puzzle, but I stayed for the people.” The intellectual challenge of investing draw me in, but the human dimension — serving families across generations, building something cathedral-like brick by brick — is what keeps me going.The expensive truth about cheap stocks. Frugal savers are drawn to what looks cheap, but cheap stocks can create more trouble than seemingly expensive businesses with long runways. Quality is like a 30-year-old Toyota still on the road — it wasn’t the cheapest, but it outlasted everything.The doorman fallacy and AI. Borrowed from Rory Sutherland’s doorman analogy — replacing human roles with automation by reducing them to their most visible function misses the invisible value. Applies to advisory work, customer service, and anywhere human presence matters.Families who rebuild vs. families who build for the first time. First-generation wealth builders are in foreign territory. Families rebuilding after loss are returning to something remembered. Both are powerful, but the relationship with wealth is fundamentally different.Playing the long game means playing forever. Don’t think about how quickly you can win — think about how long you can continue to play. If you can play forever, you can’t really lose unless you stop.Truly hearing someone vs. just listening. It’s not improv — it’s a deeper presence where you catch the subtle nuance, the pause, the word choice, and steer the conversation toward what matters.The post-recording revelation. Some of the best moments happen after you stop recording. Staying the extra five minutes with a guest can yield the “cherry on the cake” that makes the whole episode come together.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.

Peter Gustafson is a Danish investor, former business journalist, founder of Prospect Family Office, and author of The Business Investor: The Warren Buffett Path to Your Financial Freedom—a book born from 2,200 hours of writing, 15 years of market-beating returns, and annual lectures at the Genius of Warren Buffett seminar in Omaha, where several Berkshire directors and members of the Buffett family also participate.The episode is sponsored by TenzingMEMO — the AI-powered market intelligence platform I use daily for smarter company analysis. Code BILLIONS gets you an extended trial + 10% off.https://www.tenzingmemo.com/[3:00] Peter shares how growing up in a family of Danish business owners and a house full of books shaped his love of numbers and business thinking.[5:00] Discovering Buffett: Peter read Buffett and The Intelligent Investor in 2007 and "clicked right away"—leading him to close his 15-year consultancy and become a full-time co-owner of businesses through the stock market.[6:30] The speculation trap: "The desire to get rich has nothing to do with intelligence." Peter explains why the stock market is presented as entertainment and why even smart people blow up.[10:00] Private vs. public ownership: When Peter ran his consultancy, he never had a stock price. He argues many investors would be more profitable owning non-listed companies—free from the distraction of daily prices.[14:00] Return on capital as the true north: "All the company will produce for the owners is the discounted cash flow of the earnings." Peter introduces return on unlevered net tangible assets as the key metric.[21:00] The six-category framework: Peter maps businesses from bad to great using two metrics—return on operating capital and growth rate—highlighting compounding machines vs. value destroyers.[27:00] Moats and the share of mind: Consumer moats live in the customer's mind; B2B moats are embedded in operational systems. Both require circle-of-competence understanding.[32:00] Founder-led companies: A founder's baby vs. a hired CEO's career stepping stone. Culture survives transitions when the successor is raised inside it—relevant now as Berkshire transitions to Greg Abel.[38:00] Capital allocation pitfalls: The five uses of capital, why M&A adrenaline is dangerous, and why dividends should always be a residual decision.[45:00] Buffett's 10% hurdle rate: Peter used his journalist training to piece together Buffett's personal hurdle—"10% before tax real return"—from annual letters and meeting transcripts.[50:00] Margin of safety reframed: Buffett's margin of safety isn't just buying at a discount—it's ensuring a higher-than-average return. For high-growth companies, the growth itself becomes the margin.[54:00] The 6-bagger that should have been 46x: Peter shares his biggest blunder—selling a Norwegian insurance company during an operational (not systemic) problem, and the psychological barrier of re-entering.[59:00] Stoic philosophy for investors: "You have to spend a lot of time alone." Peter's daily two-hour forest walk replaces market-watching, drawing on Roman Stoic lessons about controlling what's inside.[1:04:00] Success...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.

Ignacio Ramirez Moreno, CFA, is a fixed income advisor at Pictet Wealth Management in Geneva, host of the Blunt Dollar podcast, and Switzerland’s number one LinkedIn financial markets creator with close to 20 million views, known for turning bonds and market risk into viral stories with humor and raw honesty.3:00 — Ignacio shares his multicultural upbringing: born in Madrid, raised in Brussels, exchange programs at Warwick, Berkeley, Copenhagen, and Stockholm. Eight countries before settling in Geneva.5:00 — Bogumil traces his own journey: communist Poland, Brussels, Sciences Po in Paris, then New York. Picking up Peter Lynch’s One Up on Wall Street in Brussels as a turning point.7:30 — Ignacio’s accidental arrival in Switzerland via HSBC graduate program. “They said Hong Kong, then Mexico City, then Geneva — and 15 years later, still here.”9:30 — Both reflect on the gifts of living abroad: expanded worldviews, lifelong friendships, blind spots revealed through different perspectives.12:30 — The origin stories of both podcasts. Bogumil’s goal was six episodes; Ignacio started out of frustration after a dinner party where “fixed income advisor” put everyone to sleep while his art-advisor wife captivated the room.16:00 — Ignacio: “Finance is the most fascinating topic in the world. Financial markets touch upon everything — economics, politics, psychology.”23:30 — Deep dive into the craft of asking great questions. Bogumil: “Having a podcast makes me a better investor.” Ignacio preps 50 questions per episode, uses about five to eight.28:30 — The human side of finance. Bogumil: “There’s a person with a heartbeat behind the portfolio.” Both champion interdisciplinary knowledge — reading across fields to make unexpected connections.38:00 — Fixed income vs. equities: Ignacio explains bonds as the deepest market in the world; Bogumil shares the cathedral metaphor — “I’m not just picking stocks, I’m putting down bricks that create a cathedral.”48:45 — AI in finance. Both optimistic and thoughtful. Ignacio: concerned for junior roles. Bogumil: “AI empowers us to do more, but the human presence — the doctor holding your hand — can’t be replaced.”59:00 — Career advice for young professionals. “Nothing beats passion.” Both agree: genuine interest outlasts any competition.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.

I was a guest on Mark McCartney's wonderful podcast: What is a Good Life? https://www.whatisagood.life/p/what-is-a-good-life-165 Reposted here with his permission.I trust you’ll enjoy it!Hello and welcome to What is a Good Life? A project exploring the big questions around how we live, who we are and what actually matters.This week, I’m reflecting on my conversation with Bogumil Baranowski, investment advisor, author, host of Talking Billions podcast, and a profound thinker on the intersection of wealth and human experience. We go deeper on why money is one of the most emotionally charged forces and why being truly present might be the most undervalued skill of our time.If this project resonates with you, thank you for being here — and if you’d like to support it, consider a paid subscription, sharing, or subscribing.Take care, MarkPodcast 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.

Find me on Substack!Arie van Gemeren is a CFA, Goldman Sachs veteran, and CEO of Lombard Equities Group who translates 2,000 years of wealth-building history into actionable modern real estate and investment strategy.Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/3:00 – Ari's family origin story: grandmother fled Nazi Berlin to South America, father grew up fatherless in Bolivia, came to the U.S. at 18 speaking no English, put himself through medical school. History was alive in the household.5:15 – The contrarian leap from Wall Street to real estate. Started at Fisher Investments, moved to Goldman Sachs, but it was his Persian father-in-law who kept asking: "Why would I do that when I could buy a good property?"7:30 – The live-in flip that changed everything. Bought a Bay Area bungalow for $515K, invested $60K in renovations, saw equity jump to $850–900K. "I was hooked."9:18 – At Goldman, wealthiest clients — especially Middle Eastern tech entrepreneurs — were pouring profits into real estate, not stocks. Pattern recognition clicked.11:59 – Real estate vs. stocks: "They're both tremendous wealth-building asset classes." Ari argues for a portfolio approach — stocks as majority for passive investors, real estate as complement. Introduces the scarcity insight: the stock market is the only market where inventory shrinks over time via buybacks.19:51 – Timeless principles and behavioral finance. Nothing new under the sun — 8,000 years of recorded history isn't enough for human nature to evolve. Patience, discipline, avoiding excessive leverage are the throughlines of lasting fortunes.21:43 – Hitler's invasion of the Soviet Union as an investing parable: certainty vs. conviction. "If you are so convinced of your thesis that you cannot hear contrary advice… guys confuse having a strong thesis with it being the absolute truth."33:27 – Concentrated wealth creation. 67% of the world's billionaires are self-made first-generation who built companies — a form of concentration investing.40:17 – Generational wealth traps. The "first generation builds, second maintains, third loses" proverb exists in Italian, Japanese, Mandarin, Russian, Spanish. Contrasts Vanderbilt collapse with Walton and Grosvenor family structures.47:12 – The Hanseatic League: 500+ years of patient, boring warehouse ownership that generated extraordinary wealth and even conquered Copenhagen.57:33 – Success redefined: "What we're really looking for is freedom and independence."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.

I join Matt Zeigler for one more special episode of Excess Returns. Available now on Excess Returns Podcast and Talking Billions. 🎧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! And follow their work, links below.[Vitaliy was on TB before, scroll down to find the episode, it's very different, but equally worthwhile. Enjoy!]In this episode of Excess Returns, Matt Zeigler and Bogumil Baranowski speak with Vitaliy Katsenelson, CEO of Investment Management Associates and author of Soul in the Game. The conversation explores how value investing is evolving in a world shaped by artificial intelligence, rapidly changing economic dynamics, and historically high market valuations. Vitaliy discusses why humility and diversification are increasingly important for investors today, how to balance quality and valuation when selecting stocks, and what he has learned about selling decisions, portfolio construction, and long-term investing discipline. The discussion also moves beyond markets into deeper ideas about passion, creativity, and why investing, like art, is ultimately a creative pursuit driven by curiosity and lifelong learning.Topics covered in this episodeThe math behind long-term stock market returns and the role of earnings growth versus valuation changesWhether the dominance of mega-cap technology companies represents a structural shift in marketsWhy AI investment could lead to both massive innovation and large amounts of wasted capitalThe importance of humility in investing during periods of rapid technological and economic changeWhy Vitaliy increased the number of stocks in his portfolio due to greater uncertaintyHow investors can think about what will not change in a rapidly evolving worldThe evolution from statistical value investing to focusing on business quality and managementWhy cheap stocks are often expensive and how narrative bias can trap value investorsThe importance of evaluating management integrity and avoiding companies with questionable leadershipHow Vitaliy thinks about selling decisions and recognizing when an investment thesis is brokenWhy many investors make their biggest mistakes by selling winners too earlyThe concept of being a value buyer but a growth holder when fundamentals improveLessons learned from great investors and the importance of surrounding yourself with thoughtful peersThe idea of building a personal operating system for investing and lifePassion, patience, and process as the three pillars of long-term investment successWhy investing is fundamentally a creative pursuit similar to art and musicThe deeper motivations behind investing and why for many great investors it is not ultimately about moneyPodcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Find me on Substack!Matt Reustle is the former CEO of Colossus and architect of the Business Breakdowns podcast, who spent a decade at Goldman Sachs mastering business dissection before building one of the investment world’s most influential media platforms.The episode is sponsored by TenzingMEMO — the AI-powered market intelligence platform I use daily for smarter company analysis. Code BILLIONS gets you an extended trial + 10% off.3:00 – Matt reflects on his upbringing: engineer father, educator mother, and how dinner table conversations about managing teams shaped his thinking on accountability and action.5:00 – The pivot from Goldman Sachs to Colossus: Matt describes the frustration with compliance-driven communication at large firms and the freedom podcasting offered to reach wider audiences with authentic analysis.7:15 – Second-order impact of content: how episodes designed for investors also reach management teams, founders, and unexpected audiences who extract different lessons.10:51 – From analyzing businesses to running one: Matt describes eating “humble pie” when moving from the investor seat to the operator seat, gaining appreciation for nuance, experimentation, and details that don’t scale.15:06 – The Patek Philippe episode and stewardship: watches powered by human movement, built to last centuries, and the marketing genius of positioning a product as something you never truly own but look after for the next generation.19:09 – Long-term thinking benefits you now: Bogumil argues that applying a multi-generational filter to decisions delivers returns in the current generation, not just future ones.22:58 – What makes a compounder: Matt identifies three characteristics — a self-reinforcing sales model, religious cost efficiency, and disciplined capital allocation — set against the macro backdrop of industries growing faster than GDP.31:35 – Mapping value chains: finding mission-critical, low-cost components with high barriers to entry where small players capture outsized profits.37:34 – Financial hygiene: management teams that communicate future flexibility and demonstrate depth of knowledge signal discipline; track records outweigh rhetoric.43:40 – Evolutionary DNA of businesses: the ability to adapt and pivot, what Henry Ellenbogen calls “act two companies,” and why the best investors change their minds when information changes.49:30 – Audience of one philosophy: creating content for a specific person breeds focus, quality, and trust — and paradoxically reaches far more people than content designed for mass appeal.54:35 – AI as a creative superpower: interacting with your own content library in new ways, finding use cases from peers, and owning the technology rather than letting it own you.58:20 – Success as fulfillment: family, creation, and relationships — Matt’s definition shaped by watching his parents balance it all.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.EPISODE NOTES

I join Matt Zeigler for one more special episode of Excess Returns. Available now on Excess Returns Podcast and Talking Billions. 🎧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! And follow their work, links below.In this episode of Excess Returns, we explore one of the most important but overlooked questions in investing: what is the purpose of your portfolio? Through a series of powerful clips and reflections from Aswath Damodaran, Meb Faber, Ben Hunt, Cullen Roche, Corey Hoffstein, Daniel Crosby, Larry Swedroe, and Wes Gray, we examine how goals like financial freedom, funded contentment, liability driven investing, retirement planning, and multi generational wealth shape the way we invest. This conversation goes beyond beating the market and focuses on preserving and growing wealth, reducing financial stress, aligning money with meaning, and defining what a life well lived truly looks like.Topics covered include:* Why the end game of investing matters more than beating the market* Preserving and growing wealth vs trying to get rich* Freedom as the ultimate goal of financial independence* Funded contentment and what it means to live a life well lived* Liability driven investing and matching assets to future needs* The difference between getting rich and staying rich* Needs vs desires and understanding marginal utility of wealth* Retirement planning and redefining success beyond a number* Multi generational wealth and thinking beyond your own lifetime* The psychological impact of growing up with or without money* Financial freedom, stress reduction, and peace of mind* Tactical financial goals vs long term purpose driven investing* Education, legacy, and investing in the next generation* Why once you win the game you may not need to keep playingPodcast 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.

Mark McCartney is an Irish-born coach, host of the acclaimed What Is a Good Life podcast with nearly 300 conversations, and facilitator who helps leadership teams move from performative to genuine authenticity through presence, silence, and radical honesty.3:00 Mark describes his early career in corporate banking and capital markets in Ireland and Canada, passing the CFA Level I but realizing finance wasn't his calling: "If I do the next versions of this, I just haven't had a better idea yet as to what I want to do with my life."5:00 The New York Stock Exchange bell-ringing moment—what looked like a career peak became the catalyst for leaving finance. "I felt like a bit of an imposter where people really seemed to love their work."7:00 Mark's sabbatical to India—meditation, ashrams, Vipassana—and the surprise of meeting his future wife in McLeod Ganj, proposing within five weeks. Ten years later, the story holds.10:00 Turning down a 40% pay increase after a body-scan meditation revealed total clarity. His wife's response: "Yeah, I know you can't. It's fine." They sell everything and leave for Peru's Sacred Valley.15:00 Patterns from 300+ interviews on "What is a good life?"—the deeply individual nature of the answer, the importance of presence, and how people who say they're living a good life have often endured divorce, addiction, or depression.20:00 Authenticity as inner and outer coherence—not sharing everything, but no longer saying things your heart doesn't believe to be true. Tom Morgan reference: "When I said something that my heart didn't believe to be true, it hurt."25:00 Silent conversations explained—groups sit in silence for 10-45 minutes before speaking. Vulnerability isn't sharing your biggest trauma; it's sharing what's alive in this moment.32:00 Leadership teams moving from performative to genuine—creating conditions where defenses lower, elephants get named, and "I don't trust you right now" becomes a conversation starter, not a threat.39:00 Intellectual understanding as a "consolation prize"—the difference between reading Eckhart Tolle and embodying the teaching. "The lived experience of our life equates more to wisdom than sharing intellectual ideas."47:00 Belonging through attention—how a Peruvian woman's daily eye contact gave Mark a sense of home, and why belonging is built through tending to the people around you, not nationality.51:00 Transactional vs. relational living—Bogumil's infinite game tennis analogy and Mark's insight on the psychic toll of pretending something is important when it isn't.59:00 Mark's definition of success: spending days doing something you care about, being with people you love, and having the financial foundation to support it. "It feels like I've created the foundation for something that I hope to enjoy for many more years in this life."Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Matt Zeigler and I had the privilege of hosting Robert Hagstrom (The Warren Buffett Way) and Chris Mayer (100 Baggers) for a special 100-Year Thinkers Edition of the Excess Returns Podcast.Two legendary investors and authors. One hour packed with timeless wisdom on long-term thinking and wealth creation. This is the conversation we’ve been wanting to have—and we think you’ll find it as valuable as we did.Available now on Excess Returns Podcast and Talking Billions. 🎧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! And follow their work, links below.The 100 Year Thinkers: Long-Term Compounding in a Short-Term WorldChris’ New Bookhttps://shop.generalsemantics.org/pro...Robert’s Book: Investing: The Last Liberal Arthttps://www.amazon.com/Investing-Libe...In this episode of Excess Returns, Matt Zeigler and Bogumil Baranowski continue their conversation with Robert Hagstrom and Chris Mayer, diving deeper into general semantics and what it means for investors navigating AI enthusiasm, market volatility, benchmark obsession, and the gamification of markets. From Warren Buffett’s cathedral versus casino metaphor to the risks hiding in so-called “safe” consumer staples stocks, this discussion explores how language, expectations, and mistaken certainty shape investment decisions. If you want to think more clearly about markets, technology, valuation, and your own reactions as an investor, this episode offers a powerful mental framework.Topics Covered* What general semantics is and how language influences how investors think* IFD disease idealism frustration demoralization and how unrealistic expectations impact markets* AI hype, capital spending, and the prisoner’s dilemma facing major tech companies* Warren Buffett’s cathedral versus casino metaphor and what it means for investors today* Why beating the S and P 500 may not be the right benchmark for success* The gamification of markets, retail trading growth, and the shift from long-term investing to speculation* Terminal value risk in software stocks amid AI disruption* Why low volatility “warm fuzzy” stocks like consumer staples may be more dangerous than they appear* Expectations investing, confidence versus overconfidence, and avoiding mistaken certainty* The map is not the territory and how to avoid confusing models with reality* Everything is connected to everything else markets as biological systems rather than mechanical systems* Delayed gratification, compounding, and why wealth is built later in the investment journeyPodcast 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!Questions from the Talking Billions CommunityThe second installment of my monthly listener Q&A — raw, unscripted, and as close to a one-on-one conversation as you'll get without picking up the phone. I sit down with your real questions about investing, portfolios, patience, and why so few people actually talk to someone about their money.Episode highlights:Why you'll never hear specific stock picks on this show — and why that's actually the point. A single holding pulled out of context is like a prescription without a diagnosis. I explain why frameworks matter more than tickers and how every portfolio is a one-of-one.A candid look at the biggest psychological traps in investing: impatience, borrowed conviction, and saying "long-term" when your behavior says otherwise. I draw on childhood memories of mushroom foraging with my grandfather and the rhythms of farming to make the case that patience isn't a personality trait — it's a skill built through repetition and loss.How 200+ episodes of podcasting quietly transformed my investment practice — the systems thinking, the database mindset, the discipline of showing up week after week. The show didn't just document my process, it sharpened it.The no-middleman philosophy: what it means to own every holding alongside my clients, to write personalized letters each quarter, and to build a practice where the advisor and the investor are on the exact same journey.And the question beneath all the questions: What got you here — will it get you where you're going? A warm, honest invitation to anyone carrying real wealth and wondering whether a second pair of eyes might be worth the conversation.Listen if: You've been managing your own money successfully and have started wondering what you might be missing. Or if you just want to spend 45 minutes with someone who genuinely loves his craft, and enjoys sharing what he has learned so far.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.

Find me on Substack.Richard Oldfield, founder of Oldfield Partners and author of the investing classic Simple, but Not Easy, is a four-decade veteran of markets whose career arc from Warburg and Mercury Asset Management to running a family office gives him a rare dual vantage point as both portfolio manager and allocator of managers.The episode is sponsored by TenzingMEMO — the AI-powered market intelligence platform I use daily for smarter company analysis. Code BILLIONS gets you an extended trial + 10% off.https://www.tenzingmemo.com/3:00 — Richard shares his origin story: drew to markets at 15, first investment at 18 in Britannia Arrow at 6p. Core belief: “Value investors are born, not made.”5:00 — Warburg founding story: Sigmund Warburg fled Germany in 1934 and built an institution with a lasting ethos. Richard recalls a personal hour-long meeting with him.6:30 — The 1987 storm and Black Monday. Walking among fallen trees as the Dow dropped 500 points (25%), Richard saw it as a price movement, not reality — until he returned to the office and was “swallowed up in the gloom.” Lesson: avoid the cacophony.9:00 — Isaac Newton and the South Sea Bubble: “I can understand the movement of the planets, but not the madness of men.” Don’t make wholesale asset allocation bets.13:00 — Family office decade: empowerment, privacy, and bravery. The patriarch’s stamp: “Return to sender — you decide.” The freedom to be unconventional.19:30 — The book’s central paradox: rudiments of equity investing are simple. Professionals obscure them with jargon and self-interest. But half will underperform by definition — fees and all.22:40 — Patience comes from Latin with three meanings: waiting, suffering, and passion. You need all three.28:30 — Track records mislead. Never judge a manager primarily by performance. The transaction record reveals conviction and patience. “My favorite holding period for a manager is forever.”38:30 — The 90% decline must be thought about. Establish your cushion of comfort upfront. Diversify globally.50:00 — Rip Van Winkle Asset Management: dead investors outperform living ones. Hyperactivity is the enemy; the average fund investor earns 3-4% vs. the fund’s 8%.56:30 — Take your own medicine. 95% of Richard’s assets are in his own funds. A manager who won’t invest alongside clients is a red flag.1:04:30 — Success redefined: resume virtues vs. funeral virtues. “You want to have the feeling that they loved and were loved.”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.

Spend an hour this weekend with one of the kindest and most generous people — an accomplished investor and a truly remarkable mind (Original Release: Jan 30, 2023).Guy Spier is a good friend, an inspiration, and one of Talking Billions' earliest guests. He is the Zurich-based founder of the Aquamarine Fund, author of The Education of a Value Investor, and host of VALUEx — a wonderful gathering of like-minded investors. He is also the man who famously paid $650,000 alongside Mohnish Pabrai to have a charity lunch with Warren Buffett.5 Biggest Ideas from the Episode1. It's not the fastest skier who wins — it's the fastest who doesn't get injured. Drawing from Luca Dellanna's work on ergodicity, Guy makes a powerful case for survival over speed. If you're eliminated early, you miss all the remaining races. As he put it: "If you want to be really smart about it, you're going to race in a way that will ensure that you get down without injury."2. Losing it all is the ultimate failure — and it's always avoidable. If you're in the business of preserving wealth, losing the capital base means being forced back to selling your time. Sophisticated people repeatedly make this mistake — from LTCM to FTX — and it never had to happen.3. Your social environment shapes your investing more than your physical one. Who you spend time with changes how you think and behave — and investing is no exception. Attending Berkshire meetings for 25 years wasn't just education; it was deliberately engineering a network that reinforces long-term compounding thinking.4. Investing is like planting vineyards — not all vintages will be fantastic, but you'll always have wine to drink. Guy's philosophy for navigating inevitable down years: plant the best vines you can, then let the seasons do what seasons do. His response to complaining investors: "What am I supposed to do? Jump up and down and yell at the sun?"5. Success is not a number — it's who shows up at your funeral. Guy stopped tracking his net worth spreadsheet years ago and never looked back. His definition of success: dying with many people who are genuinely glad he existed — not optimizing himself into a narrower version of Warren Buffett.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.

Spencer Jakab is an award-winning Wall Street Journal investing columnist with 30 years of finance experience who transformed from emerging markets research director into a financial journalist exposing how everyday investors repeatedly get fleeced by Wall Street's latest schemes.Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/03:00 - Spencer's origin story: Growing up in Queens as son of Hungarian refugees, discovering investing through Peter Lynch's "One Up On Wall Street" in college, despite his late father's unsuccessful attempts to spark his interest earlier.08:00 - The accidental career path: Taking every finance class at Columbia, landing in emerging markets analysis covering post-Iron Curtain privatizations, then pivoting to Wall Street Journal journalism after a chance plane conversation led to same-day writing test and job offer.15:00 - GameStop reality check: The meme stock phenomenon wasn't the democratizing revolution portrayed on social media—it was another example of retail investors getting manipulated while believing they were "sticking it to the man."25:00 - The casino-fication of investing: How Robinhood and app-based platforms gamified trading with confetti animations and frictionless execution, making speculation feel like a mobile game rather than serious wealth-building.35:00 - Why passive beats active: Spencer explains the brutal math—only 11% of active fund managers beat the market over 30 years, and individual investors perform even worse due to fees, taxes, and behavioral mistakes.45:00 - The finfluencer trap: Social media rewards reckless investing behavior because outrageous bets generate more engagement than boring, sensible advice—creating dangerous incentive structures that harm followers.60:00 - Bots and manipulation: Modern markets face new threats from AI-generated social media campaigns pumping meme coins and stocks, making it nearly impossible to distinguish genuine sentiment from coordinated manipulation.67:00 - Defining success: Spencer's powerful reflection on career choices—turning down potential hundreds of millions to do work he loves, echoing Warren Buffett's definition of success as having people genuinely care about you when you're gone.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.

Find me on Substack!Tobias Carlisle is founder and portfolio manager of Acquirer’s Funds managing two deep value ETFs, acclaimed author of five investment books including his newest Soldier of Fortune blending Warren Buffett and Sun Tzu’s strategic wisdom, and host of the popular Value After Hours podcast.Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/3:00 - Tobias shares his unique upbringing in Australian outback where school ended in grade 10 and included animal husbandry—learning to shear sheep and work cattle in what he calls a formative contrast to his later academic life at boarding school.6:00 - Transition to law career: Started at a national law firm in April 2000, peak of dot-com bubble. “I missed out on all of the fun parties on the way up and I just saw the carnage on the way down,” which opened his eyes to the importance of cash flow over hype.9:00 - Early exposure to activist investing: Witnessed corporate raiders targeting dot-coms with cash on balance sheets, killing the business and liquidating or using as platform for acquisitions. This low-downside, high-complexity approach fascinated him.14:00 - The telecom case study: Worked with two entrepreneurs who turned $100,000 each into a $600 million exit by building dark fiber infrastructure and data centers. “They were the best telecom lawyers in Australia and they weren’t lawyers”—emphasizing the power of combining financial, technological, and regulatory understanding.28:00 - Philosophy behind Soldier of Fortune: Explores Warren Buffett as risk-taker rather than risk-avoider, connecting his strategic thinking to Sun Tzu’s Art of War. The book examines 13 laws of strategic advantage.45:00 - Discussion of key laws: “Attack weakness with strength” and “seize the initiative”—Buffett’s approach to investing in moments when he has maximum advantage, like deploying capital during the 2008 crisis.1:08:00 - The surfing analogy: Experienced investors are “not only on the right wave, but at the right spot on that wave”—getting positioning and timing right rather than just working harder.1:09:00 - Impact on his own investing: “Shot selection becomes so much better the longer that you do something...if I’m just a little bit more patient, I know that there is a bigger wave coming.”1:11:30 - Definition of success: “A happy, healthy family and time with my kids...watching them play sport. That’s really my definition of success.”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.

Drew Cohen is the founder of Speedwell Research and a portfolio manager at Davidson Kahn Capital Management, who uncovers competitive advantages by reading entire company histories spanning decades of transcripts and annual reports.The episode is sponsored by TenzingMEMO — the AI-powered market intelligence platform I use daily for smarter company analysis. Code BILLIONS gets you an extended trial + 10% off.https://www.tenzingmemo.com/3:00 - Drew describes his early money attraction, collecting dollar bills at age five and discovering the power of interest at his bar mitzvah, leading his father to introduce him to stocks.5:00 - First investing experiences: buying leveraged ETFs at 14, making $100 in two minutes, then immediately losing $100, learning markets can create and destroy wealth quickly.8:00 - Exploration of technical analysis through Dow Theory and Elliott Wave, realizing these pattern-based approaches kept adding rules to fit outcomes, concluding they were “BS” and abandoning them.10:00 - Discovering “The Snowball” at 17 changed everything, learning Buffett’s lessons without having to lose more money personally through trial and error.15:00 - Deep research methodology explained: reading every transcript and annual report since IPO to find patterns that map onto future transitions and understand how companies behave under different conditions.20:00 - Meta example: three instances of monetization fears (desktop to mobile, feed to stories, stories to Reels) that all proved unfounded when studying company history.23:00 - Copart case study: finding one 2004 earnings call where they mentioned market share, crucial data point never discussed again but essential for understanding current competitive position.35:00 - Discussion of reading as filtering mechanism: eliminates 95% of companies immediately, leaving only truly interesting businesses worth deeper analysis.45:00 - Career trajectory: Goldman Sachs sell-side to Capital Group buy-side, learning institutional constraints firsthand before founding independent research firm.55:00 - Sell-side research revelation: buy ratings are relative to coverage universe, not absolute recommendations, creating fundamental misunderstanding of analyst intentions.57:00 - Buy-side problems: short-term performance pressures, peer judgment, window dressing (adding Nvidia when it’s hot to satisfy clients), non-investment prerogatives polluting decisions.59:00 - Buffett’s genius: structuring Berkshire with long-term capital he controlled, avoiding quarterly performance pressures that would have produced completely different results.1:00:23 - Success definition: doing what you want each day without trading tomorrow for today, echoing Naval’s concept that you’re retired when you stop deferring gratification.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.

Scroll down, and find the earlier 3 episodes of 100 Year Thinkers.Matt Zeigler and I had the privilege of hosting Robert Hagstrom (The Warren Buffett Way) and Chris Mayer (100 Baggers) for a special 100-Year Thinkers Edition of the Excess Returns Podcast.Two legendary investors and authors. One hour packed with timeless wisdom on long-term thinking and wealth creation. This is the conversation we’ve been wanting to have—and we think you’ll find it as valuable as we did.Available now on Excess Returns Podcast and Talking Billions. 🎧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! And follow their work, links below.The 100 Year Thinkers: Long-Term Compounding in a Short-Term WorldChris’ New Bookhttps://shop.generalsemantics.org/pro...Robert’s Book: Investing: The Last Liberal Arthttps://www.amazon.com/Investing-Libe...When Robert Hagstrom and Chris Mayer sit down together, the conversation goes far beyond stock picking. Join them, along with Matt Zeigler and Bogumil Baranowski to explore how investors think, how language shapes decision making, and why many of the debates dominating today’s markets miss the deeper point. Drawing on ideas from general semantics, mental models, and long-term capital compounding, the discussion reframes market concentration, AI, valuation, and risk through a more durable lens built for long-horizon investors.Topics covered in this episodeWhy high valuation multiples are not automatically a sign of overvaluationWhat return on invested capital really tells you about long-term compoundingThe difference between describing a business and understanding the business itselfMarket concentration, index construction, and why benchmarks can mislead investorsThe idea of time binding and what investors can learn from history without overfitting itMap versus territory and how financial statements can obscure underlying business realityAI investing, capital allocation, and separating durable businesses from speculative narrativesWhy many valuation debates are really disagreements about time horizonHow language, labels, and mental shortcuts create overconfidence in investingWhat it takes for a company to compound capital over decades, not yearsPodcast 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.