Talking Billions with Bogumil Baranowski

Starting in January 2026, I'll take a handful of questions from the audience each month and answer them here. Submit your questions, tune in, share, rate, and listen! Thank you for writing!Office Hours Episode NotesYour questions answered on investing, business, and long-term thinking.Questions covered:• Most surprising work habit? I rarely work at a desk—I think best while walking or reading on the floor.• Management quality vs. business fundamentals? Two sides of one coin. You want both capable people and capable businesses.• How long do you hold winners? As long as the quality remains intact. Valuation alone isn't reason enough to sell.• When does quality investing become momentum? I don't buy stocks because prices are rising. I buy when they're down and out of favor—then hold as they strengthen.• AI bull market—what's the endgame? Excited about productivity gains in existing businesses and entirely new businesses AI will enable by lowering creative barriers.• Signs of long-term management thinking? Read earnings transcripts. Look beyond quarterly commentary to capital allocation decisions and customer/supplier relationships.• Right time to invest? Investing is a lifelong pursuit, not a market-timing decision. The question isn't "when" but "how" to deploy capital thoughtfully.• Career change into investing later in life? Never too late. Read extensively, connect with professionals, and find mentors organically.• Most influential non-investment idea? The Infinite Game—viewing investing, relationships, and business as games you want to last forever, not win once.Send your questions for next month's Office Hours.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.

Nick Kapur is co-founder of Tenzing Memo, an AI-powered market intelligence platform, bringing extensive experience as a former equity analyst and product leader who specializes in building investment research technology for asset 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 - Nick shares his origin story: born to self-made bankers in Washington DC, his mother broke barriers working in banking in the 1970s, and his father came to the US on an athletic scholarship before joining the World Bank organization.5:50 - A pivotal 2009 tragedy: Nick’s uncle, a successful retail banker, was killed in a terrorist attack. His uncle’s advice—”Lawyers can only scale to a limited extent. You might be better for business”—became a catalyst for Nick’s entrepreneurial journey from intrapreneurship to founding companies.8:32 - The birth of Tenzing Memo: Co-founder Tom Saber-Agan identified a fundamental problem—the time-intensive process of gathering, collating, and printing research materials for multiple companies didn’t scale with his ambition to “turn over a lot of rocks” in his investment process.10:15 - The research gap: Nick explains how sell-side coverage has become less expansive, leaving investors without consolidated qualitative looks at companies, especially in small and mid-cap spaces where coverage is thin or nonexistent.19:15 - Michael Burry’s observation resonates: fewer people are doing in-depth research today due to passive investing’s rise, creating advantages for active researchers who use modern tools to go deeper.25:30 - How Tenzing works: The platform synthesizes earnings calls, SEC filings, and other materials into digestible sections—briefing, story, bar case, bull case, bear case—providing “almost superhuman powers in research.”43:00 - The amplification effect: Nick emphasizes AI doesn’t replace human judgment but amplifies it—”you still need to pick which companies to look at and make the final investment decision.”57:47 - Future developments: International coverage coming within weeks, including first non-US major exchange; new features like estimates reconciliation, “five surprises” (underappreciated catalysts), and enhanced PDF export for mobile research.1:01:40 - Core mission delivered: “Get up to speed faster”—not 10% faster but exponentially faster, enabling investors to look at more ideas with greater depth.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.

Sangeet Paul Choudhary is the bestselling co-author of Platform Revolution, founder of Platformation Labs, senior fellow at UC Berkeley, and author of Reshuffle, exploring how AI fundamentally reorganizes value creation architecture.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 - Sangeet describes growing up in an industrial town where everyone's father worked at the steel plant, creating a homogeneous, "straight-jacketed" environment. Digital technologies opened new career possibilities beyond this rigid path.5:45 - The Intelligence Distraction: Sangeet challenges the dominant narrative of AI benchmarked by intelligence metrics. "AI is not an alternative to human thought. It could be an alternative to human-performed knowledge work, but it's not an alternative to human thought."8:30 - The GPS metaphor: AI's real impact comes from reorganizing systems, not raw intelligence. Like GPS restructures traffic flow by coordinating unconnected drivers, AI reorganizes economic activity by creating shared representations of complex spaces.15:00 - Travel industry transformation: Dreaming on Instagram, planning on Google Flights, booking through fragmented systems. AI could create unified representations connecting desire to action seamlessly.28:00 - Piracy as market research: "Piracy is a form of market research showing unmet demand." When illegal activity fills gaps, it reveals where legitimate systems fail to serve users.35:00 - Platform economics: Network effects create winner-take-all dynamics. Once critical mass is achieved, platforms become nearly impossible to displace.42:00 - Solution vs. execution: Professional services charging for billing hours face commoditization. The future belongs to those charging for outcomes and results, not execution time.48:00 - Orica example: Mining explosives company stopped selling products, started selling blast outcomes. Shifted from commodity provider to results-aligned partner, capturing more value and developing superior expertise.52:00 - Don't need AI strategy, need strategy for AI world: "What is our strategy given the conditions that AI creates?" AI dissolves industry boundaries by making previously siloed knowledge accessible across sectors.54:30 - Value migration: Ask where value sat before, where it moves with AI, then position to capture that shifted value.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 had the pleasure of co-hosting another episode of Excess Returns with Matt Zeigler.In this wide-ranging conversation, Gautam Baid joins Excess Returns to discuss the principles that shaped his investing philosophy, the lessons learned through bear markets, and why compounding, patience, and quality matter far more than forecasts or short-term performance. Drawing from his books The Joys of Compounding and The Making of a Value Investor, Baid shares a deeply reflective framework for long-term investing, portfolio construction, behavioral discipline, and global diversification, with insights spanning Indian and US markets, liquidity cycles, AI, and investor psychology.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.https://excessreturnspod.com/https://cultishcreative.com/Timestamps00:00 Introduction and the asymmetric nature of compounding01:00 Gautam Baid’s investing background and books03:00 The importance of journaling and learning through bear markets06:00 Investor sentiment, IPOs, and late-cycle market behavior10:20 Long-term investing versus complacency and monitoring risk14:15 Convex upside, concave downside, and letting winners run18:30 Liquidity cycles and lessons from Stan Druckenmiller22:45 Identifying market bottoms and the anatomy of bull and bear markets28:00 Averaging down, quality, and risk management30:30 How bear markets change investor psychology and strategy33:00 Patience, management quality, and long-term optionality36:15 Mr. Market, price signals, and market intelligence39:00 The Federal Reserve, inflation, and asset price dynamics44:00 Understanding the Indian equity market and valuation structure46:45 Why global diversification matters for US investors50:30 AI, margins, and the future of value investing53:00 Passion, purpose, and the psychology of long-term investing54:30 The single most note investors should learnPodcast 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.

Nadjeschda (Nadja) Taranczewski is a master of psychology, master certified coach, and founder of Conscious U who specializes in helping CEOs and founders uncover unconscious patterns shaping their relationship with wealth, leadership, and intergenerational trauma through her pioneering Money Work Program.3:00 - Nadja shares her powerful family history: her German grandmother's side benefited from the Nazi regime while remaining silent about their role, while her Polish grandmother was abducted and forced into prostitution, and her Russian grandfather was tortured in a concentration camp until he became an informant.8:00 - The profound impact of intergenerational trauma: Nadja's father grew up in extreme poverty with five people in a one-bedroom apartment, translating his grandfather's concentration camp stories at age 13, learning "the only person you can rely on is yourself."15:00 - Discovery process: Nadja pieced together her family story over decades through therapy and conversations, realizing that understanding these patterns was essential to breaking free from inherited trauma and beliefs about money and safety.25:00 - The concept of "source energy" - Nadja explains how we're born with original essence that gets overlaid with family patterns, cultural conditioning, and protective mechanisms, leading most people to live from a false self rather than their authentic core.35:00 - Money as safety vs. money as energy: Nadja contrasts her father's scarcity mindset ("money is safety") with her mother's guilt-driven giving, showing how both extremes kept her stuck until she learned to see money as flowing energy.45:00 - The three-step framework for transformation: noticing patterns, understanding their origins in your family story, and consciously choosing new responses that align with your true self rather than inherited programming.55:00 - Language shapes identity: Speaking multiple languages reveals how cultural context influences personality - English allows more optimistic expression while German and Polish carry historical weight and pessimism from generations of trauma.1:03:00 - Definition of success: "To have the luxury to realize my potential and to be more of myself in an environment where I get seen for that, celebrated for that, and loved for that."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.

How mathematical rigor, probabilistic thinking, and family priorities shape a young investor's approach to finding overlooked opportunities.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/David Diranko is a 29-year-old German mathematician turned professional value investor who uniquely combines statistical rigor with contrarian small-cap investing, building his investment advisory firm Diranko Capital while sharing research through his newsletter Contrarian Cash Flows.3:00 - David explains his unconventional journey from mathematics to IBM data scientist to full-time value investor, detailing how he worked 40+ hours at IBM while spending another 30 hours weekly on investing before making the leap to launch Duranko Capital.6:00 - Drawing parallels between Ben Graham as "the original data scientist" during the Great Depression, David discusses how mathematical thinking enhances investment analysis through probabilistic frameworks and viewing intrinsic value as a range rather than a single number.10:00 - The decision to share research publicly through Contrarian Cash Flows despite initial hesitation about giving away "edge," leading to deeper thinking, network effects, and unexpected client relationships—though David candidly admits he's still learning to balance transparency with proprietary insights.20:00 - Europe's structural advantages for small-cap investors: fragmented markets across 27 countries, language barriers creating information asymmetries, and limited institutional coverage enabling patient capital to exploit mispricing—with David emphasizing the importance of investing in quality businesses over statistical cheapness.35:00 - AI's transformative impact on investing: from automating routine tasks to potentially replacing 50% of analyst work, while emphasizing that relationship-building, creative thinking, and probabilistic judgment remain distinctly human advantages that AI cannot replicate.50:00 - Balancing entrepreneurship with young family life (two kids under three), David shares his contrarian view that starting families early while building careers creates stronger bonds through shared struggle, rejecting the common narrative of family as a "reward" for career success.1:02:00 - Closing wisdom on finding meaning beyond financial returns, referencing Charlie Munger's caution that a life purely about buying securities wouldn't be enough—investing must serve a deeper purpose than accumulation.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.

Jawad Mian is the founder and managing editor of Stray Reflections, serving elite hedge funds and family offices worldwide, while uniquely integrating deep spiritual wisdom with global macro investing through his acclaimed book and podcast.3:00 - Jawad shares how seeking his entrepreneur father's approval shaped his drive for success, revealing the subconscious motivation behind his ambitious twenties working in finance.5:30 - The evolution of motivation: 20s spent seeking dad's approval, 30s deepening spiritual life, 40s focused on marriage—how Jawad's purpose transformed across life decades while pulling more from himself by showing up for others.7:00 - Why Jawad walked away from launching his hedge fund at 30 despite Market Wizards aspirations: "I realized I'm not the same guy who had that dream when he was 20."11:00 - The pivotal Quranic verse that reframed everything: "Competition in worldly increase diverts you until you visit the graveyards"—realizing material pursuits alone weren't enough after witnessing his father's success without contentment.21:00 - Inside Stray Reflections' boutique model: serving 30-40 elite clients at $30K+ annually, rejecting scale for depth, quality, and protecting creative freedom from institutional pressures.28:00 - Big Idea: "There's a certain magic in the mundane" - Jawad's discovery that extraordinary insights emerge from ordinary moments through journaling, not just dramatic events.38:00 - The contrarian case for indexing: Why Jawad holds 80% in passive index funds despite being a macro analyst, acknowledging his cognitive biases and preserving mental bandwidth.46:00 - Writing as meditation: How daily writing became spiritual practice, processing experiences and ideas without agenda, leading to unexpected business opportunities.55:00 - Information diet philosophy: "I'm only reading to write...I trust that what is important will come to me" - shifting from consuming everything to intentional, curated knowledge.59:00 - Redefining success through faith: "Wealth in excess of daily provision isn't a blessing, it's a test" - the Islamic framework of stewardship over ownership that transforms how Jawad approaches money and achievement.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.

Matthew Stafford is a venture capitalist, angel investor, and co-founder of Nine Others—a global entrepreneur network spanning 5,000 founders across 50 cities—who transformed from school dropout to successful investor by proving that authentic, give-first relationships create more wealth than transactional networking.3:00 - Matthew explains the Nine Others concept: monthly dinners for 10 people where founders share their biggest challenge by answering "What's keeping you up at night?" The community has run for 14 years and inspired his new book of the same title.7:20 - School dropout story: Matthew shares the uncomfortable reality of dropping out after weeks at college, feeling lost in his early 20s, before finding his path through IT work and eventually earning a computer science degree at Durham University at age 27.10:45 - The turning point: Seeing his now-wife graduate sparked his return to education. He proved he could excel academically while surrounded by 18-year-olds with straight A's, learning to balance work, study, and life.18:30 - Building Nine Others: Started with simple dinners to help founders solve problems together. Matthew deliberately enabled connections without trying to capture value, trusting that "being helpful without expectation" would compound over time.28:15 - Give-first philosophy: "If I tried to capture things short term it wouldn't last five minutes." Matthew contrasts his approach with transactional networkers who only make introductions when there's something in it for them.35:40 - Investment approach: Focuses on knowing founders deeply before investing, understanding their sustainability and motivation. At early stages, the people behind the business matter more than the product.54:09 - Long-term greedy: Matthew references Guy Spier's concept, explaining how 10 years of being helpful, honest, and trusted creates "super easy" opportunities that feel like shortcuts but are actually the result of patient relationship-building.56:27 - The real shortcut: "How do you make wealth creation really easy? Know the right people, have them come to you, watch them build big businesses. That's the shortcut—doing that stuff and then having it easy."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.

Happy Holidays, Dear Friends! Enjoy this special episode where I share a few stories and my reflections on the year. 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.

Beyond celebrating, holidays are often also about giving and receiving. It's a timely episode that explores both, and so much more. Jen Laun is a well-being facilitator who guides family wealth professionals and rising generation members through transformative experiential learning focused on the sacred flow of giving and receiving, spiritual capital, and helping successful wealth creators—who excel at giving—learn the equally vital practice of receiving well.3:00 - Jen shares her upbringing as an only child with loving parents who encouraged her creativity and freedom to be herself. Her Italian family background brought warmth and strong support for her natural drive and interests.5:00 - CORE CHALLENGE INTRODUCED: Jen explains why wealth creators struggle with receiving. The first step is awareness—recognizing "I don't like to receive" or "it's not easy for me to receive." She emphasizes that receiving difficulties show up in complex ways, especially when money is involved.6:30 - BREAKTHROUGH INSIGHT: "When we have trouble receiving well, it also ends up blocking what someone is trying to do by giving." Jen shares transformative story from her workshops: a generous family wealth professional whose sick daughter forced him to receive from community. The healing on his face when he realized "I'm now in a place where I'm receiving more than I'm giving out. And I need that" stayed with her for years.8:30 - THE REFRAME: Jen teaches that receiving is an act of generosity—it gives others the opportunity to give. When you're not open to receiving, you're blocking another person who may experience joy by giving. She shares how her mom used this wisdom with a cousin who struggled to let friends pay for dinner.25:00 - Jen introduces spiritual capital: the intangible resources like wisdom, presence, and authentic connection that create lasting value beyond financial wealth for families.35:00 - Jen's evolution from corporate sales to well-being facilitation, guided by curiosity and inner knowing. Her friend Sam, age six, crystallized her purpose: "Jen, you help people."45:00 - Discussion of what truly creates legacy—not what we accumulate but the wisdom, presence, and authenticity we share.57:00 - JEN'S SIGNATURE QUESTION: "Where do we grow from here?" First requires knowing where you are right now, then exploring what would support your flourishing. Jen's sprout metaphor reminds us that growth begins beneath the soil, unseen, and even tiny growth matters.59:20 - ON SUCCESS: Jen defines success as being yourself and sharing that with others. Her friend Ruth (who died at 107) always said: "Tell people about your mistakes. Be real." Success means honoring yourself entirely—the good, bad, and ugly—and being authentic.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.

Dave Sather is a Certified Financial Planner and founder/CEO of Sather Financial Group, a $2 billion fee-only investment management firm in Victoria, Texas, who has built authentic client relationships through disciplined value investing over 25+ years while creating the award-winning Bulldog Investment Company student internship program at Texas Lutheran University.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 - Dave shares formative childhood shaped by Depression-era parents who instilled frugality, work ethic, and educational investment. Required to save 50% of all earnings for college from early age, working multiple jobs at 14 to fund goals.6:30 - Career path story: From El Paso military town to Texas Lutheran education, initially resisting Victoria, Texas but relocating for family obligations. Started advisory firm during 1990s Texas recession when banks and real estate were collapsing.9:00 - Building relationships in small-town Victoria became competitive advantage. “If I do the right thing by my clients, word of mouth is going to take care of me.” Community connections and authentic service created organic growth without marketing spend.15:00 - Philosophy shift from finding cheap investments to recognizing exceptional value. “I can pay a premium for really good stuff that can grow for a long time versus buying things that are just cheap.”27:00 - The Bulldog Investment Company program: Student-run fund managing real money, teaching ownership and accountability. Students present investment cases, debate merits, vote democratically on portfolio decisions.42:00 - Client relationship insights: Treating wealth transitions with care, understanding accumulation psychology. “This client didn’t just wake up one day with five million dollars and decide to behave like an idiot.”54:00 - Success definition: Access to basics (water, food, healthcare, safety), meaningful work, strong marriage, 40-year friendships that pass the “2 a.m. test” - relationships where you’d help immediately without excuses.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.

The Third Episode of the Series! (Scroll down the earlier ones below).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.In this episode of the 100 Year Thinkers, we bring together Robert Hagstrom and Chris Mayer for a wide-ranging conversation on how great investors really think. Rather than focusing on formulas, factor labels, or short-term market predictions, the discussion explores investing as a discipline grounded in philosophy, language, psychology, and long-term business fundamentals. Drawing on ideas from Warren Buffett, Charlie Munger, Bill Miller, and thinkers from outside finance, this conversation challenges many of Wall Street’s most common assumptions and offers a deeper framework for making better long-term investment decisions. Topics covered in this episodeWhy value investing has nothing to do with price to earnings or price to book ratiosThe false divide between value and growth investing and why growth is a component of valueHow abstractions and labels distort decision making in marketsGeneral semantics and how language shapes investing mistakesCharlie Munger’s concept of worldly wisdom and the latticework of mental modelsWhy reversion to the mean is a flawed way to think about marketsThe stock market as a complex adaptive system rather than a predictable machineWhy most market forecasts fail and why people still believe themMyopic loss aversion and how frequent evaluation destroys long-term returnsThe importance of time horizon, patience, and long-term compoundingHow great investors think about conviction, uncertainty, and being wrongWhen to hold through difficulty versus when to exit an investmentLessons from Buffett, Munger, and Bill Miller on thinking independentlyPodcast 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.

Ehsan Ehsani is executive director at Crescendo Partners, adjunct assistant professor at Columbia Business School, and author of “How Not to Be Replaced by a Spreadsheet That Talks” who uniquely bridges quantitative analysis, and traditional fundamental investing while organizing Columbia’s generative AI conference.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 - Born in western Iran at 14,000 feet, strict education emphasis pushed Ehsan toward chemical engineering before discovering his talents lay in management and innovation.5:30 - Winding path to NYC: Sweden and MIT master’s degrees, European consulting, project-driven relocation to New York in late 2000s.7:30 - The Prometheus Warning: AI companies like Alphabet disrupted by their own creations. “Analysts benefit from using Gen AI tools in automating repetitive activities, but by embracing such technologies, they’re working themselves out of a job.”12:00 - Sell-side blueprint: Top 10 banks had 200-300 analysts each; now 300 total combined. Buy-side headcount could drop to two-thirds or half within 20 years.18:00 - “Gen AI is transformative because it allows automation of not just repetitive tasks but core analytical functions”—fundamentally different disruption than Bloomberg or alt data.25:00 - Size advantage: Large firms will mine 15 years of institutional memory—emails, memos, channel checks—to identify patterns smaller funds can’t access.35:00 - Contrarian take: Beyond “do more with less” hype, rapid bifurcation looms: “This separation of better and worse performance will happen much faster than with previous technologies.”45:00 - Next frontier: Voice/video training. CEO says “no” versus “no...”—transcripts miss hesitation that reveals truth.55:00 - “We humans tend to forget. It’s a blessing in general, but for pieces of wisdom we read, they might not remain top of mind. AI can remind us.”60:00 - Success definition: “Tranquility and content where your values, interests, and priorities align with what you’re doing. I didn’t define it in economic form because that doesn’t embody true 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.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

A wonderful discussion on Ritavan's podcast. Reposted here with full credit to him. Check out his show -- Part Maven, Part Maverick.I open with a story of a very memorable chance encounter with the billionaire investor and founder, Ken Langone, in my early years in New York City. We talk about trust, money, compounding, and so much more. Tune in this weekend!Bogumil Baranowski has spent two decades managing wealth for families. He speaks about how there are a thousand ways to make money, a thousand ways to live a happy life, and a thousand ways to keep and grow a family fortune, but the patterns that endure are timeless: patience, simplicity, and mindfulness.Bogumil has written 4 books, hosted the Talking Billions podcast fore more than 3 years with over 200 guests.His first book, Outsmarting the Crowd, strips investing down to its core. Stocks are not tickers; they are ownership in real businesses. Markets are emotional machines that transfer money from the impatient to the patient. Good investing isn’t about intelligence or predictions. It’s about behavior. The ability to think independently and sit still when others panic beats any complicated financial product or analysis.In Money, Life, Family, the scope expands. Making money is the easy part. Keeping it and staying grounded is harder. Bogumil breaks the pursuit into three parts:Money: Let capital compound quietly in the background.Life: Build a life you don’t need to run away or retire from.Family: Pass down discipline and values before assets.The lesson is to treat wealth as something to be maintained, not chased. Staying rich is about avoiding mistakes, not finding genius trades. Simplicity, patience, and humility win.Crisis Investing was written during COVID, when the world lost its mind. The core idea: a crisis doesn’t change your principles; it reveals whether you ever had them. Those who held cash, owned good businesses, and stayed calm survived. Those who built on leverage and noise didn’t. Survival is underrated. So is sitting still.His more recent essays refine these ideas. He moved from chasing “cheap” stocks to owning great businesses. Cheap is useless if the business is bad. Quality, held long enough, does the heavy lifting. Investing isn’t about finding magic moments. It’s about enduring long stretches of boredom without losing discipline.He also writes about the psychology of money. Wealth doesn’t change who you are; it amplifies what’s already there. If you were anxious before, money gives you new ways to worry. If you were grounded, it gives you ways to live on your terms. The fix isn’t more money; it’s clarity about what’s enough and why you’re doing any of it in the first place.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Ted Merz is a veteran media and product leader with 30+ years shaping financial journalism, rising from Bloomberg's 15th newsroom hire to Managing Editor for the Americas and leading product innovation with AI-driven analytics before co-founding Principles Media and Pricing Culture.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/Find me on Substack!3:00 - Ted discusses New York's unique advantage: unlike cities dominated by single industries (SF/tech, DC/politics, LA/entertainment), New York offers everything—tech, finance, media, advertising—creating endless opportunities to learn from the best across multiple domains.8:00 - The Bloomberg origin story: When Ted joined as the 15th hire in 1990, nobody knew it would become dominant. People questioned whether a data company had the right to produce news. Bloomberg fought for White House credentials, viewed as illegitimate by established media.15:00 - Bloomberg's founding insight: Mike Bloomberg created the first B2B SaaS company before the term existed, building a real-time financial information platform that fundamentally changed how markets consumed data.25:00 - Career transition wisdom: Your network changes dramatically when you leave big institutions. Ted learned to broaden his approach—meeting people not for immediate transactions but for perspective, serendipity, and unexpected connections.35:00 - The evolution of media: Ted emphasizes the importance of "learning in public"—creating content that reaches beyond immediate circles. Even 1,000 views represents an audience unimaginable in the 1980s.55:00 - On building networks: Don't only meet people who can hire you. Meet broadly for perspective on what you should do, how to do it, and who else is playing the game. Matt Ziegler exemplifies the "one plus one equals a thousand" connector.1:04:00 - Redefining success: Ted's perspective evolved dramatically from Bloomberg days when titles and team size mattered. Now success means doing passionate work—writing, communicating, shaping words—while making a living and meeting great people.1:06:00 - The Friday night test: Bogumil shares his realization—spending Friday evening researching a company out of pure curiosity, not obligation. When you love the process itself, you've found something meaningful.Podcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

My appearance on Value CVille Podcast with Jeff Henriksen and Donnie Sattar.This episode explores the intersection of investing and philosophy, focusing on the role of AI in investment decision-making, the importance of understanding value beyond just financial metrics, and the emotional journey of investing.https://www.valuecville.com/podcastFull credit goes to two wonderful host: Jeff Henriksen and Donnie Sattar.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.

Peta Milan is the founder and principal of Dubai-based Henmel Group, a regenerative investing pioneer, award-winning filmmaker, published author, and international speaker who’s building the world’s only family office exclusively focused on regenerative investment methodology.3:00 - Peta shares her challenging childhood in a lower-middle-class family, describing how she developed the capacity to “see the truth beyond the lies” and question accepted norms from an early age.5:30 - The disruptive child: How being curious and rule-breaking created conflict with parents but developed the independent thinking that would define her career path.7:15 - Philosophy to practice: Peta explains why studying philosophy at university made “perfect sense” for business, wanting to apply learned concepts to create real-world impact rather than write books selling for 50 cents.12:00 - The evolution from ESG skepticism: After being hired by a family to develop an ESG strategy, Peta discovered the entire movement was “a complete greenwashing exercise” and began searching for genuine alternatives.18:45 - Regenerative vs. sustainability: “If you’re saying you’re doing less harm, by the very fact of that, you’re still doing harm. And so we need to start thinking differently.” The fundamental flaw in sustainability thinking.25:30 - The 10 principles of living systems: Peta introduces the regenerative methodology framework based on understanding how nature actually works, not human-imposed systems.32:15 - Indigenous wisdom integration: How working with elders from Africa, South America, and South Asia taught Peta that regenerative principles have been practiced for thousands of years.39:00 - Shocking statistics: $2 trillion spent on climate initiatives with only 1% reaching genuine systemic impact and less than 30 projects achieving scale globally.46:20 - Investment returns: Regenerative projects delivering 15-22% returns while creating systemic positive impact—proof that doing good doesn’t require sacrificing financial performance.52:45 - The embodied learning revolution: Why behavior change requires emotional and physical experience, not just data and guilt—how Einstein’s breakthroughs came as “muscle spasms.”59:00 - Henmel Group’s multiple pathways: 18-month professional certification, bioregional development programs for philanthropy, direct family office transitions, and venture studio for early-stage founders.61:05 - The planet perspective: “The planet will take care of itself if we’re gone”—a powerful reframing about what we’re actually trying to preserve.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.

Jim and Abigail Zimmerman are a father-daughter investment team at Lowell Capital Management, combining Jim’s two decades of disciplined value investing since founding the firm in 2003 with Abby’s research-focused approach to identifying small-cap companies with fortress balance sheets and strong free cash flow generation.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 - Abby shares her first stock purchase of American Eagle in middle school, using it as a gateway to understanding that investing isn’t abstract but about owning real businesses and thinking like an owner.5:21 - The Zimmermans explain their core philosophy: “simplicity is the ultimate sophistication,” emphasizing that fewer things need to go right in an investment, citing Peter Lynch’s principle that if you can’t explain what a company does to an 11-year-old in a sentence or two, you probably shouldn’t own it.8:34 - Jim discusses their strategy of buying growth companies at value prices, explaining their best investments are companies trading at 5-6x EBITDA with no debt that possess sustainable moats allowing intrinsic value to compound over time.12:00 - Discussion of the Sprouts Farmers Market case study, demonstrating how they identify turnaround situations where strong unit economics exist but the market hasn’t recognized the potential yet.28:00 - Abby explains their disciplined selling process, particularly the importance of position sizing and their “20% trim rule” when stocks appreciate significantly to maintain portfolio balance.35:00 - The team reveals their contrarian approach during market dislocations, specifically discussing how they deployed capital during the COVID crash by focusing on companies with fortress balance sheets.42:00 - Jim shares wisdom from his father Lowell: live beneath your means, invest the excess, and build things over time - the Charlie Munger approach that shaped their entire investment philosophy.51:00 - Discussion of free cash flow as the ultimate metric, with both emphasizing that businesses generating cash can survive any environment and capitalize on opportunities when competitors stumble.57:05 - Abby defines success as alignment - living in a way that reflects what matters most, building something meaningful with family, and treating others well while maintaining disciplined investing even when unpopular.1:00:24 - Bogumil adds perspective on wealth preservation across generations, noting the US uniquely allows both creation and multi-generational preservation of wealth.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.

Laurence Endersen is an investment professional with over 30 years of experience and author of three books, including The Compounder’s Element, who champions patient wealth building through understanding one’s natural investing temperament and staying disciplined within it.Episode Sponsor: Fiscal AI is a modern data terminal—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/EPISODE NOTES3:00 - Laurence shares formative experiences: working in his father’s TV repair shop taught him the real difficulty of earning money, while losing his mother at 13 accelerated his maturity and independence. His father’s entrepreneurial spirit and inventor grandfather sparked curiosity about how money works beyond academic theory.8:00 - Introduction to markets came through Australian state privatizations in Sydney—experiencing “day one pops” felt like magic compared to traditional work, though he admits being “curious and clueless” initially. The addiction to stock market gains revealed the difference between “power by the hour” versus “share of value” business models.13:00 - Evolution of investing philosophy: “Most of my learning has been in the last five years of those 30.” Key revelation: understanding what game you’re actually playing matters more than technical prowess. Patient compounding over long horizons (the “n” in the formula) reduces pressure on achieving exceptional returns.22:00 - The “elements” framework: investors have natural temperaments—Lar identifies as a “Compounder” focused on long-term wealth building. Mismatch between element and strategy causes problems. “If you’re always improving, your best days are always ahead.”38:00 - On competitive advantages: companies with pricing power, network effects, and multi-decade runways compound extraordinary value. “The delta between a good business and a great business is seismic over time.”52:00 - AI’s impact on investing: tools democratize analysis but won’t eliminate competitive advantages. “With these tools you’re more likely to go up to the third or fourth question—but so will everybody else.” The real edge remains knowing when you have enough information to act.68:00 - Definition of success from Stephen Covey: “Live, love, learn, and leave a legacy.” Acknowledges having “a billion heartbeats” behind him with an “indeterminable number” ahead—emphasizes time as ultimate constraint.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.

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.This episode of The 100 Year Thinkers brings together Robert Hagstrom, Chris Mayer, and Bogumil Baranowski for a deep conversation on what makes a great business, why long-term investing is so hard, and how the world’s best investors think about mistakes, management, conviction, and the durability of competitive advantages. We explore perfect businesses, the pain of missed opportunities, the behavioral traps that derail long-term compounding, and how to navigate rapid technological change while keeping your investment process grounded.Topics covered:• What defines a perfect business and why so few qualify• The role of capital efficiency, returns on capital, and cash generation• Why omissions are often investors’ most painful mistakes• How to build conviction to hold great companies through drawdowns• The behavioral edge of true long-term investing• Management quality, insider ownership, incentives, and red flags• Why owner earnings and free cash flow matter more than GAAP earnings• The challenge of evaluating fast-changing industries and staying within your circle of competence• How AI, networks, and scale economics reshape competitive moats• Portfolio management lessons, starter positions, and letting winners runTimestamps:00:00 Perfect businesses and long-term economics01:49 Defining the perfect stock03:27 Holding long term through volatility07:30 Behavioral inefficiencies and market structure09:15 Humanizing mistakes and decision making14:28 Errors of omission and painful missed opportunities19:00 What to look for in management24:27 Signals from financial disclosures and actions26:00 Key quantitative metrics for long-term compounders34:04 Owner earnings vs GAAP earnings37:00 Intangible investment and modern cash flow analysis38:50 Circle of competence and fast-changing industries42:00 Large language models, networks, and moats43:52 AI use cases and productivity45:00 Closing thoughts and where to find the guests46:25 Episode recap and 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.