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The Business Brew

Author: Bill Brewster

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Welcome to The Business Brew

This podcast’s mission is to dig deep into the thought patterns and analysis of investors and business people. The podcast stemmed from Bill Brewster consistently feeling like he was listening to prepackaged material while listening to podcasts. Instead, he wanted long form, in depth, discussions about finance, capital allocation, and the psychology of investing/business.

Bill is a private investor. He cohosts the podcast Value: After Hours with Tobias Carlisle and Jake Taylor. Tobias, Jake and Bill met at a Berkshire Hathaway meeting and formed a lasting friendship. And, as it turns out, people really like the podcast.

While Bill tries to replicate Warren Buffett and Charlie Munger’s thought processes, he is heavily influenced by Bill Miller III, Stan Druckenmiller, and others. This podcast is his attempt to dig deeper into other investing/business philosophies and share the knowledge with the world.

We are interested in interviewing portfolio managers, Wall Street sell side analysts, buy side analysts, private investors, owner operators, and anyone that is willing to go in depth about running a company/division. So, if you are interested in participating please email us with the subject “Guest Appearance.”

Disclaimer: Bill manages a portfolio under the name of Sullimar Capital Group. This podcast is for informational and educational purposes only. Nothing in this podcast or on SullimarCapital.Group is investment advice. All information in this is opinion based, potentially biased, and requires verification.

Bill and his guests make no representation, warranty or undertaking, express or implied, as to the accuracy, reliability, completeness or reasonableness of the information contained in these podcasts. Any assumptions, opinions and estimates expressed constitute the participant’s judgment as of the date thereof and are subject to change without notice. Any projections contained in the information are based on a number of assumptions as to market conditions and there can be no guarantee that any projected outcomes will be achieved. This podcast does not accept any liability for any direct, consequential or other loss arising from reliance on the contents of this presentation.

This podcast series DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICIATION OF AN OFFER TO BUY ANY SECURITIES MENTIONED OR DISCUSSED. Seek the your financial, tax, legal, accounting, or other advisor’s advice before making any investment decisions. We are not your fiduciary or advisor.
7 Episodes
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The Business Brew is joined by Jen Ross this week. Jen was a professional short seller. Consequently, she has a unique perspective. It took Bill a while to understand the role of short selling in a portfolio but Jen’s comment about the need (or lack thereof) to hedge a quality equity portfolio really helped Bill understand what risks to think about hedging via short selling. Her Bio very unique: Jennifer L. Ross has more than 20 years of engineering and financial experience. She is a principal engineer in Launch and Enterprise Operations at The Aerospace Corporation. Prior to joining Aerospace, Ross held management and executive positions in the areas of material science and manufacturing, process engineering, and financial analysis. Her focus is analyzing the space industrial base and helping space startups conduct business with the U.S. Space Force. Ross transitioned from engineering to management consulting and finance in 2007. She spent five years as vice president of a public finance management and municipal bond firm. She later joined a hedge fund as an equity short seller/research analyst, analyzing corporate financials of publicly traded companies and predicting the probability of financial failure for those businesses. Ross joined Aerospace in 2015 when she saw the opportunity to combine her passions for both engineering and financial analysis.
We are fortunate to be joined by Tyrone V Ross Jr. What started out as a connection over BitCoin turned into something much more important. In this episode Tyrone discusses many issues that seem to be forgotten as the stock market hits new highs. We cover a wide range of issues and potential financial solutions. We recommend listening to this one at 1x speed. As always, thank you for listening.
We were fortunate to be joined by Sean Stannard Stockton, CIO of Ensemble Capital Management.  Sean is one of the best generalist investors we know of. In this episode, Sean discusses:   Running an investment firm during COVID-19; The need for companies to lead by example; The willingness to remain open minded; Thinking about serial acquirers;  The potential perils of low/slow growth investing;  His thoughts on position sizing;    And he provides the best answer we've ever heard to an error of omission.    We hope you enjoy this episode.  You can find our more about Ensemble Capital Management at https://ensemblecapital.com/?gclid=Cj0KCQiA3NX_BRDQARIsALA3fIJGBM5kcERDGlwpAcPWjR2UtW6FSQCOY_6cSvZx56ss1CpDyXBAP7kaAntGEALw_wcB. 
This episode details the successful career of Jack Rohrbach. Jack began as a salesman and worked his way up. He made the most of every opportunity. While he often attributes his success to luck, it’s clear he was a team player who found out how to help those above him. In doing so, he became a leader.    Our favorite quote of the interview occurred when Jack was talking about his later career. When asked how it felt to have a lot of employees working for him, he responded “I don’t look at it that way. I always thought I worked for them.”   This episode show what persistence, hard work, and an open mind can accomplish. Jack went on to be Chairman of the Board for 10 portfolio companies at Kohlberg & Co.  We hope you enjoy this holiday edition of The Business Brew.    Thank you for tuning in. Happy Holidays and Happy New Year. 
Tobias Carlisle is a well known author. He's written extensively about value investing.  In our view, Deep Value is one of the best investment books ever written. He is also the founder and managing director of Acquirers Funds, LLC. See acquirersfunds.com We hope this interview answers some of the tougher questions people have for him regarding “value’s” underperformance. And, more importantly, we hope to introduce a really unique individual to the investing community. We are grateful for his appearance on the pod.”
 The second episode of The Business Brew features Dan McMurtrie, PM at Tyro Partners.  In this episode Dan pulls back the curtain on how a true hedge fund manager thinks.  He discusses:   A tough launch (13:20) Pivoting from "value" investing (17:50) Agency costs hurting "value" investments (20:35) Convergent & iterative thinking (32:40) Risk management and buying higher (44:20) The dangers of the value investing inoculation (46:50) THE DATING PAPER (58:00) Being early on COVID (1:08:00) TINA + Liquidity Shortages + FOMO (1:22:11) Businesses as networks of people (1:37:45) The anointed companies (1:46:00) Inflection points and when it "gets simple" 1:54:00 When paying more can reduce risk (2:00:00)   We are grateful to him for sharing his mind.  Please enjoy the episode. 
Welcome to the first episode of The Business Brew.  Our first guest is Michael Mitchell. Michael is a former partner at Locust Wood Capital Advisors.  He describes himself as 80% Greenblatt and 20% Buffett.  Alternatively, he can be described as fundamental and opportunistic.  Labels aside, he's a great thinker and a cool guy.  So enjoy the episode and please subscribe to our feed.       
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