We Study Billionaires - The Investor’s Podcast Network

On today’s episode, Clay reviews Thomas Phelps’s book - 100 to 1 in the Stock Market, and also highlights writings put out by Akre Capital Management.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro.02:30 - Common characteristics of companies that increased their share price by 100x.11:11 - Why most investors aren’t able to hang onto their winners as Phelps suggests.14:05 - Why good stock selection is much more important than good stock market timing.31:36 - Mental models Phelps uses to figure out the odds when investing.42:47 - Why we should invest with companies that align with our own values.45:29 - When to look for potential 100 Baggers.47:39 - The four categories of companies that were 100 Baggers in Phelps’s study.52:53 - Who is best equipped to be individual stock pickers.56:57 - Chuck Akre’s three-legged stool approach.60:15 - Takeaways from two of Akre Capital’s brilliant articles - ‘Why Compounding is so Difficult’ and ‘The Art of (Not) Selling’.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESThomas Phelps’s book - 100 to 1 in the Stock Market.Akre Capital Managements writings: Why Compounding is so Difficult and The Art of (Not) Selling.Check out our newly released TIP Mastermind Community.Check out our recent episode covering the The Outsiders by William Thorndike, or watch the video.Follow Clay on Twitter. NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.Join over 5k investors in the data security revolution with Atakama.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.Send, spend, and receive money around the world easily with Wise.Choose Toyota for your next vehicle - SUVs that are known for their reliability and longevity, making them a great investment. Plus, Toyotas now have more advanced technology than ever before, maximizing that investment with a comfortable and connected drive.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Anil Patel talks about his new book, The Bitcoin Handbook. There are many different fields of study Bitcoin touches that it can be difficult for people to grasp all the complexity in harmonizing concepts that are happening on this protocol. In this interview, Anil went on an intellectual journey simplifying and stitching it all together.IN THIS EPISODE, YOU’LL LEARN:00:00 - Intro01:15 - What was Anil trying to accomplish with the book?06:59 - Of all the mental models and paradoxes mentioned in the book, what does Anil find the most profound?12:22 - What is Jevon's Paradox?23:39 - Network Effects.29:52 - Reflexivity and how it applies to Bitcoin.32:56 - Why are the laws of Thermodynamics important?38:25 - Gall's Law.43:44 - What is the intransigent minority and why is it important53:31 - What is something the Bitcoin community could do better?57:50 - Anil's favorite books.01:00:09 - Why is it hard to be a Bitcoiner?BOOKS AND RESOURCESAnil's Twitter.Anil's book, The Bitcoin Handbook.How Innovation Works by Matt Ridley.Energy and Civilization: A History by Vaclav Smil.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.Join over 5k investors in the data security revolution with Atakama.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.Send, spend, and receive money around the world easily with Wise.Choose Toyota for your next vehicle - SUVs that are known for their reliability and longevity, making them a great investment. Plus, Toyotas now have more advanced technology than ever before, maximizing that investment with a comfortable and connected drive.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Support our free podcast by supporting our sponsors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this episode, William Green chats with hedge fund manager Christopher Begg, who is the CEO, Chief Investment Officer, & co-founder of East Coast Asset Management. Chris is also a revered professor at Columbia Business School, where he teaches the Security Analysis class that was originally taught by Warren Buffett’s mentor, Ben Graham. Here, Chris shares powerful lessons on how to identify high-quality businesses & build a life that’s defined by a commitment to quality.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro03:54- How Chris Begg came to teach an investing class originally taught by Ben Graham.10:29 - What Chris learned from his ten fireside chats with Berkshire Hathaway’s Todd Combs.13:17 - What Buffett & Munger taught Chris about focusing on a few great businesses.17:58 - How he finds undervalued stocks by asking, “Where are the clouds today?”26:55 - Why he’s bullish on Meta & Google, despite an array of perceived threats.36:09 - How he identifies great businesses by seeking 8 layers of competitive advantage.47:13 - How to succeed through “persistent incremental progress eternally repeated.”1:00:01 - Why investors can’t afford to ignore a company’s impact on the environment.1:06:40 - Why consistent kindness is a potent ingredient of success, helping to build trust.1:15:22 - How Chris gains an edge by continuously compounding his interdisciplinary knowledge.1:32:17 - What he’s learned about the pursuit of excellence from surfing with Josh Waitzkin.1:40:48 - Why Chris structures his workday to include meditation & contemplation.1:50:46 - What studying Andrew Carnegie—once the world’s richest person—has taught him.1:53:40 - Why Chris believes that the world is headed in a better direction.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESChris Begg’s investment firm, East Coast Asset Management.One from Many by Dee Hock.Nick Sleep’s list of long-term vs short-term characteristics.Robert Pirsig’s Zen & the Art of Motorcyle Maintenance, Lila, & On Quality.Finite & Infinite Games by James Carse.William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.William Green’s Twitter.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital‘s Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.Join over 5k investors in the data security revolution with Atakama.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.Send, spend, and receive money around the world easily with Wise.Beat FOMO and move faster than the market with AlphaSense.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today’s episode, Clay reviews one of Warren Buffett’s favorite investment books called The Outsiders by William Thorndike Jr.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro.01:56 - How we should evaluate the performance of a CEO during their tenure.03:01 - How Henry Singleton led Teledyne to deliver a 20.4% average annual return to shareholders during his 30 year tenure.09:18 - How most CEOs think like foxes, while Outsider CEOs think like hedgehogs.22:15 - What it means to be an exceptional capital allocator.26:17 - How Katherine Graham from The Washington Post delivered a 22.3% average return to shareholders from 1971 through 1993. 32:40 - The unconventional decisions that led Warren Buffett to become known as the world’s greatest capital allocator.52:55 - How Buffett thinks about constructing a stock portfolio.57:24 - The most common themes in studying Outsider CEOs.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESWilliam Thorndike’s book – The Outsiders.Check out our newly released TIP Mastermind Community.Check out our recent episode covering the 2023 Berkshire Hathaway Shareholder Meeting or watch the video.Clay’s previous episodes covering Warren Buffett’s full story – Part 1 & Part 2, or watch the video here & here.Follow Clay on Twitter.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital‘s Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.Join over 5k investors in the data security revolution with Atakama.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.Send, spend, and receive money around the world easily with Wise.Beat FOMO and move faster than the market with AlphaSense.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In part two of Preston Pysh's discussion with Tuur Demeester, they go deep into Tuur's latest report on why right now in particular is a great time to be a Bitcoin bull. Tuur talks about numerous on-chain metrics, and circumstances happening in the macro backdrop that only contribute to the bullish narrative.IN THIS EPISODE, YOU’LL LEARN:00:00 - Intro01:59 - What do inscriptions actually mean for L1 and L2 bitcoin networks?08:19 - Why do so many people have the urge to update the code base?11:17 - Why are inscriptions potentially good for L2?14:25 - Apps that are seamlessly working between L1 and L2.15:36 - What will future fees look like on both layers in 10 years or more?28:34 - Some of Tuur's previous writing and what he's focusing on now.BOOKS AND RESOURCESTuur Demeester's Bitcoin Reformation Article.Tuur Demeester's Latest article: How To Position For the Bitcoin Boom.Tuur Demeester's article from 2015: How to Position For the Rally in Bitcoin.Tuur Demeester's articles from 2015.Tuur Demeester's articles from 2014 - 2021.Related episode: Listen to BTC130: Inscriptions & High Fees On Bitcoin L1 w/ Tuur Demeester, or watch the video.Related episode: Listen to BTC033: Important Bitcoin Consideration with Tuur Demeester, or watch the video.Related episode: Listen to WSB244: Bitcoin 101 w/ Expert Tuur Demeester, or watch the video.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.Join over 5k investors in the data security revolution with Atakama.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.Send, spend, and receive money around the world easily with Wise.Beat FOMO and move faster than the market with AlphaSense.Support our free podcast by supporting our sponsors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today’s episode, Clay chats with John Jennings about his new book - The Uncertainty Solution. John Jennings is President and Chief Strategist of St. Louis Trust & Family Office, which has $12 billion dollars in assets under management. He is also a member of the firm’s Management Committee, on its Board of Directors, and also serves on the Investment, Risk Management, and Trust Committees. John works closely with client families, advising them in all areas of wealth management.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro.01:38 - Why humans are hard-wired to avoid uncertainty.06:40 - Mental models we can use to invest more intelligently.10:08 - How humans tend to react when faced with uncertainty.16:56 - Why we are wired to quickly come to conclusions and tend to confuse correlation with causation.27:17 - How the improbable is much more probable than we might expect.32:13 - Why the economy is not directly correlated with the stock market.47:51 - Where investing falls on Michael Maubbousin’s Skill vs Luck continuum.1:00:53 - How behavior biases like loss aversion and overconfidence affect our investment decisions.1:06:14 - How storytelling can trick us into making poor investment decisions.1:10:13 - What base rates are and understanding base rates can help us make more intelligent decisions.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESJohn’s new book - The Uncertainty Solution.John’s website.John’s firm - St. Louis Trust & Family Office.Check out our newly released TIP Mastermind Community.Check out our recent episode covering the 2023 Berkshire Hathaway Shareholder Meeting or watch the video.Follow Clay on Twitter.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.Join over 5k investors in the data security revolution with Atakama.Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.Send, spend, and receive money around the world easily with Wise.Beat FOMO and move faster than the market with AlphaSense.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today’s episode, Clay Finck brings back Tavi Costa to chat about the beginning of a commodity supercycle. Tavi gives a masterclass in why we are just in the beginning phases of a bull market for gold, silver, and hard assets like commodities. Tavi is a partner and portfolio manager at Crescat Capital. His research has been featured in financial publications such as Bloomberg, The Wall Street Journal, CNN, among others.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro.03:31 - Why Tavi believes we’re just at the beginning phases of a bull market for gold, silver, and hard assets like commodities.09:47- When the next wave of inflation may strike.21:21 - What the 4 pillars of inflation are, and why they all point to structurally higher inflation going forward.21:44 - Why the S&P 500’s earnings are likely to roll over and decline in the near term.37:40 - Why yield curve inversions are bullish for gold relative to equities.51:09 - Why foreign countries are selling US treasuries to buy gold.83:19 - Where Tavi sees asymmetric opportunities in the gold mining industry.83:27 - Why Tavi is bullish on Brazil and sees Brazil much differently than the other BRICS nations.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESCheck out Crescat Capital.Check out our newly released TIP Mastermind Community.Check out our recent episode covering the 2023 Berkshire Hathaway Shareholder Meeting or watch the video here.Follow Tavi on Twitter.Follow Clay on Twitter.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.Join over 5k investors in the data security revolution with Atakama.Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.Send, spend, and receive money around the world easily with Wise.Beat FOMO and move faster than the market with AlphaSense.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this first of a two-part series, Preston Pysh and Tuur Demeester cover all the talk about the inscriptions and the high fees that we’re currently seeing on layer one of the network. They also talk about scalability on layer two regulatory developments and plenty more. IN THIS EPISODE, YOU’LL LEARN:00:00 - Intro01:59 - What do inscriptions actually mean for L1 and L2 bitcoin networks?08:19 - Why do so many people have the urge to update the code base?11:17 - Why are inscriptions potentially good for L2?14:25 - Apps that are seamlessly working between L1 and L2.15:36 - What will future fees look like on both layers in 10 years or more?28:34 - Some of Tuur's previous writing and what he's focusing on now.BOOKS AND RESOURCESTuur Demeester's Bitcoin Reformation Article.Tuur Demeester's Latest article: How To Position For the Bitcoin Boom.Tuur Demeester's article from 2015: How to Position For the Rally in Bitcoin.Tuur Demeester's articles from 2015.Tuur Demeester's articles from 2014 - 2021.Related episode: Listen to BTC131: Inscriptions & High Fees On Bitcoin L1 w/ Tuur Demeester, or watch the video.Related episode: Listen to BTC033: Important Bitcoin Consideration with Tuur Demeester, or watch the video.Related episode: Listen to WSB244: Bitcoin 101 w/ Expert Tuur Demeester, or watch the video.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.Join over 5k investors in the data security revolution with Atakama.Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.Enjoy flexibility and support with free cancellation, payment options, and 24/7 service when booking travel experiences with Viator. Download the Viator app NOW and use code VIATOR10 for 10% off your first booking.Send, spend, and receive money around the world easily with Wise.Beat FOMO and move faster than the market with AlphaSense.Support our free podcast by supporting our sponsors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today’s show, we have the honor of interviewing legendary real estate investor and entrepreneur, Sam Zell.Sam Zell has an impressive background, having started his career in real estate in the late 1960s. He is the founder and chairman of Equity Group Investments, a leading private investment firm. Over the course of his career, Sam has made many bold moves and investments, earning him a reputation as a savvy and fearless investor.One of Sam's most notable achievements was his role in creating the modern-day real estate investment trust (REIT) industry. He did this by founding Equity Office Properties Trust in 1997, which became the largest office REIT in the United States. In 2007, he sold the company for a record-breaking $39 billion.Joining us today as a co-host is David Greene, an accomplished real estate investor, and host of the BiggerPockets podcast, one of the most popular and highly-rated podcasts in the real estate investing space.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro.04:49 - How Sam helped pioneer the REIT industry and what improvements he would like to see today30:42 - What drives him to succeed at 81 years old 35:37 - Why Sam would raise interest rates further if he was the head of the Federal Reserve49:36 - How Sam thinks through when to buy and when to sell50:48 - A play-by-play breakdown of how he sold Equity Group Investments to Blackstone for nearly $40 billion dollars1:06:08 - Why he says “liquidity = value”Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESAm I Being Too Subtle by Sam Zell BookBigger Pockets PodcastTrey Lockerbie TwitterNEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital‘s Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.Beat FOMO and move faster than the market with AlphaSense.Send, spend, and receive money around the world easily with Wise.Join over 5k investors in the data security revolution with Atakama.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!Unravel the fascinating story of Elon Musk’s unexpected bid to buy Twitter, and all of the drama that has happened since then with Flipping The Bird: Elon vs. Twitter.Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this episode, Clay Finck presents his favorite clips from the 2023 Berkshire Hathaway annual shareholder meeting, featuring insightful responses from Buffett and Munger during the marathon Q&A session, along with his own thoughts on their answers.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro.05:30 - Buffett and Munger’s thoughts on the commercial real estate.09:37 - Why value investors must evolve to the increasingly competitive world of investing.17:36 - How Buffett allocates capital to balance profits versus building out a competitive moat.33:04 - Munger’s stance on position sizing.38:16 - Buffett’s updated thoughts on Taiwan Semiconductor which is a business Berkshire entered and fully exited over a matter of months.40:09 - Buffett’s thoughts on the US Dollar’s status as the world’s reserve currency.54:40 - Common mistakes to avoid to live a good life.01:01:21 - Buffett and Munger’s most recent thoughts on Occidental.01:12:23 - How Berkshire can continue to attract high quality subsidiary managers.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESCheck out the full video of the Berkshire Hathaway meeting here.Join our newly released TIP Mastermind Community.Check out our recent episode covering Mark Leonard’s Letter’s and Constellation Software. Watch the video here.Check out Clay’s YouTube video calculating the intrinsic value of Constellation Software here.Follow Clay on Twitter.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital‘s Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.Beat FOMO and move faster than the market with AlphaSense.Send, spend, and receive money around the world easily with Wise.Join over 5k investors in the data security revolution with Atakama.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!Unravel the fascinating story of Elon Musk’s unexpected bid to buy Twitter, and all of the drama that has happened since then with Flipping The Bird: Elon vs. Twitter.Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Alex Gladstein previously discussed his groundbreaking article on the IMF and the World Bank. On today's episode, he is back with even more as he’s turned all of his research into a full-blown book on the topic.Preston and Alex cover new and additional ideas, which are vital information for understanding the impact of the legacy financial system and the abundant hope that Bitcoin brings to so many regions around the world.IN THIS EPISODE, YOU’LL LEARN:00:00 - Intro01:17 - Why Alex wrote the book.04:50 - How the IMF and World Bank actually put many countries into repression.09:30 - Do the leaders of structurally adjusted nations know that it's a malicious force?24:39 - How do the leaders think about the loans that just keep expanding?26:48 - What's happening with the Chinese currency in many global south communities?33:46 - What's one of the most striking finds of writing the book?36:46 - Interesting stories about Bitcoin during his research.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESAlex Gladstein's New Book: Hidden Repression.Alex's Organization, The Human Rights Foundation.Related episode: Listen to BTC107: The Impact of IMF & World Bank w/ Alex Gladstein & Sam Callahan, or watch the video.Related episode: Listen to BTC071: How Fiat Blinds Bitcoin's Importance w/ Alex Gladstein, or watch the video.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.Beat FOMO and move faster than the market with AlphaSense.Send, spend, and receive money around the world easily with Wise.Join over 5k investors in the data security revolution with Atakama.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!Unravel the fascinating story of Elon Musk’s unexpected bid to buy Twitter, and all of the drama that has happened since then with Flipping The Bird: Elon vs. Twitter.Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.Support our free podcast by supporting our sponsors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today’s show, Stig Brodersen talks with legend investor Mohnish Pabrai. In the interview, Mohnish Pabrai generously shares his investment framework and touches on various stocks, including Alibaba, Constellation Software, Reysas Logistics, and Shinoken. Disclaimer: Stig Brodersen is invested in Pabrai Funds. IN THIS EPISODE YOU’LL LEARN:00:00 - Intro.01:35 - How to stay objective when you get advice from someone you admire and like04:56 - Why the Turkey stock market is attractive10:05 - Mohnish Pabrai’s four steps to read annual reports27:22 - What happened to Shinoken, one of Mohnish Pabrai’s previous holdings40:56 - Mohnish Pabrai’s thoughts on Constellation Software and Mark Leonard49:44 - Mohnish Pabrai’s thoughts on Alibaba 54:48 - How to live a truthful lifeDisclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESMohnish Pabrai’s websiteLearn more about Mohnish Pabrai’s Dakshana FoundationListen to our interview with Mohnish Pabrai about investing in stocks or watch the video.Tune into our interview with Mohnish Pabrai about value investing and philanthropy or watch the video.Listen to our interview with Mohnish Pabrai about value investing or watch the video.Tune into our interview with Mohnish Pabrai about value investing in 2021 or watch the video.Listen to our interview with William Green about Mohnish Pabrai or watch the video.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.Join over 5k investors in the data security revolution with Atakama.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.If you’re into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.Unravel the fascinating story of Elon Musk’s unexpected bid to buy Twitter, and all of the drama that has happened since then with Flipping The Bird: Elon vs. Twitter.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today’s episode, Clay Finck does analysis on two high-quality compounders – Topicus.com and Copart. Topicus.com is a spin off of Constellation Software and is at a size similar to what CSI was back in 2010. They provide vertical market software and vertical market platforms in Europe. Copart provides online auctions and vehicle remarketing services in the United States, Canada, and many other countries.Both companies have strong competitive advantages, strong fundamentals, high insider ownership, and managers who think and act like owners, which led Clay to researching them further during this episode.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro.02:05 - Clay’s biggest takeaways from reading 100 Baggers by Chris Mayer.07:00 - Chuck Akre’s 3 legged stool approach to compounding wealth.09:00 - Clay’s assessment of Topicus as an individual stock.08:00 - Topicus’s history as a business.10:00 - Why Topicus operating in Europe is potentially a big competitive advantage.29:00 - Why Copart is well-positioned to prevent competition from taking their market share.47:00 - Copart’s insider ownership.54:00 - Potential risks for Topicus and Copart.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESLuxor Capital’s Presentation.Willis Johnson’s book Junk to Gold.Check out our newly released TIP Mastermind Community.Check out our recent episode covering Mark Leonard’s Letters and Constellation Software or watch the video.Check out Clay’s YouTube video calculating the intrinsic value of Constellation Software here.Follow Clay on Twitter.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.Join over 5k investors in the data security revolution with Atakama.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.If you’re into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.Unravel the fascinating story of Elon Musk’s unexpected bid to buy Twitter, and all of the drama that has happened since then with Flipping The Bird: Elon vs. Twitter.Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Preston Pysh interviews the author of one of his favorite books of all time, Kevin Kelly. Kevin is the founding editor of the global brand Wired Magazine. In this episode, they talk about all the interesting ideas about technology, AI, where it’s going, and more.IN THIS EPISODE, YOU’LL LEARN:00:00 - Intro02:12 - What is the Technium and how did Kevin come to understand the term?02:12 - Why are ecosystems NOT in equilibrium?06:28 - What are Kevin's thoughts on AI helping biology and longevity research?14:06 - Thoughts about Kevin's new book, "Excellent Advice for Living".24:19 - How does technology have its own evolution?24:19 - Does Biology seek efficiency and is that what we are trying to accomplish with technology?44:19 - Kevin's experience with the 10,000 year clock.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESKevin's New Book, Excellent Advice for Living.Kevin's book, What Technology Wants.Kevin's Twitter.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.Join over 5k investors in the data security revolution with Atakama.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.If you're into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!Invest your retirement savings in what YOU know and are passionate about with a Self-Directed IRA with New Direction Trust Company.Unravel the fascinating story of Elon Musk’s unexpected bid to buy Twitter, and all of the drama that has happened since then with Flipping The Bird: Elon vs. Twitter.Support our free podcast by supporting our sponsors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Stig has invited legend investor Chris Bloomstran from Semper Augustus to teach us how to value Berkshire Hathaway on today's show. Semper Augustus has an outstanding track record with a CAGR of 11.5% since his fund's inception on 2/28/1999, compared to 6.9% for the S&P500. There is no one in the space we respect as much as Chris Bloomstran when valuing the intrinsic value of Berkshire Hathaway. IN THIS EPISODE YOU’LL LEARN:00:00 - Intro10:21 - The intrinsic value of Berkshire Hathaway and what the P/B of Berkshire Hathaway tells us & what it doesn’t tell us. 16:34 - How to think about depreciation and maintenance CAPEX19:02 - Why the insurance business is worth approximately as much as the energy and railroad businesses combined35:17 - How to think about Berkshire Hathaway’s bigger equity positions1:13:49 - Where you can use Berkshire Hathaway to park cash? Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESListen to Stig’s masterclass with Chris Bloomstran on valuing Berkshire Hathaway or watch the video. Tune in to Stig’s masterclass with Chris Bloomstran on equity valuations or watch the video.Chris Bloomstran’s website.Read Chris Bloomstran’s letters to his clients. Buffett resource on CNBC.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Capitalize on the rapidly growing cybersecurity market today with Atakama.Have Commonwealth Private's Private Bankers take the time to understand your goals and tailor solutions that create less for you to do and more for you to enjoy.If you're into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!Get yourself a Blockstream Jade -- An all-in-one, bitcoin-only hardware wallet that makes protecting your bitcoin so easy. Use the coupon code Fundamentals to get 10% off.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Hire expert marketers, on-demand, with MarketerHire. Listeners get a $1,000 credit for first-time customers when you use code WSB.Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today’s episode, Clay wraps up his review of Gautam Baid’s book, The Joys of Compounding. Today’s episode is part 5 and the final episode of our review of this incredible book. This episode is jam packed with investing wisdom that you won’t want to miss.Gautam Baid is the Managing Partner and Fund Manager of Stellar Wealth Partners India Fund, a Delaware-based investment partnership which is available to accredited investors in the US. The fund is modeled after the Buffett Partnership fee structure and invests in listed Indian equities with a long-term, fundamental, and value-oriented approach.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro.03:02 - Why we should read more history and study fewer forecasts.12:05 - Why “Don’t Fight the Fed” is a misguided investment strategy.22:15 - Why the ability to change our mind as investors is more critical now than ever before.28:37 - What base rates are and why Buffett loves companies with high base rates.32:32 - Gautam’s wisdom related to opportunity costs.39:11 - How Nick Sleep, Charlie Munger, Warren Buffett have become masters of pattern recognition and better investors because of it.56:34 - Why value investors should generally avoid stop loss orders on long-term secular winners.62:48 - What the real secret is to utilizing the power of compounding.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESJoin our newly released TIP Mastermind Community.Check out the book, The Joys of Compounding.Tune into our previous episodes covering The Joys of Compounding: Part 1, Part 2, Part 3, & Part 4 or watch the videos here, here , here and here.Check out our recent episode covering Mark Leonard's Letter's and Constellation Software. Watch the video here.Check out Clay’s YouTube video calculating the intrinsic value of Constellation Software here.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Capitalize on the rapidly growing cybersecurity market today with Atakama.Have Commonwealth Private's Private Bankers take the time to understand your goals and tailor solutions that create less for you to do and more for you to enjoy.If you're into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!Get yourself a Blockstream Jade -- An all-in-one, bitcoin-only hardware wallet that makes protecting your bitcoin so easy. Use the coupon code Fundamentals to get 10% off.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Hire expert marketers, on-demand, with MarketerHire. Listeners get a $1,000 credit for first-time customers when you use code WSB.Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Preston Pysh and Dylan LeClair cover Dylan's use of AI, programming, and on-chain analytics, what's driving the recent surge we've seen in the Bitcoin price since the start of the year, and what he's personally paying attention to in the general macro overview.Dylan is one of the lead writers and researchers at Bitcoin Magazine Pro and has some of the most interesting and well-researched takes on what's currently happening with the market.IN THIS EPISODE, YOU’LL LEARN:00:00 - Intro01:11 - What has Dylan been doing with Python, AI, and on-chain analytics?14:38 - A review of charts that Dylan is finding most important.29:23 - Does the lack of exuberance in the past cycle compress the spring for the next cycle?41:09 - What comes next from the G7 government on the crypto enterprise?52:39 - Dylan's thoughts on commercial real estate.53:47 - Dylan's thoughts on Binance moving forward.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESDylan's Twitter.Bitcoin Magazine Pro.Related episode: Listen to BTC106: FTX Failure, GBTC, Genesis DCG & more w/ Dylan LeClair, or watch the video.Related episode: Listen to BTC053: Bitcoin Derivatives & On-Chain Data w/ Will Clemente & Dylan LeClair, or watch the video.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.Easily diversify beyond stocks and bonds, and build wealth through streamlined CRE investing with EquityMultiple.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Capitalize on the rapidly growing cybersecurity market today with Atakama.Have Commonwealth Private's Private Bankers take the time to understand your goals and tailor solutions that create less for you to do and more for you to enjoy.If you're into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!Get yourself a Blockstream Jade -- An all-in-one, bitcoin-only hardware wallet that makes protecting your bitcoin so easy. Use the coupon code Fundamentals to get 10% off.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Hire expert marketers, on-demand, with MarketerHire. Listeners get a $1,000 credit for first-time customers when you use code WSB.Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!Support our free podcast by supporting our sponsors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this episode, William Green talks with Jason Karp, a prodigiously talented investor & entrepreneur whom he also profiled in his book, “Richer, Wiser, Happier.” Jason founded Tourbillon Capital Partners, where he managed $4.5 billion. He then quit the hedge fund business & created HumanCo, a holding company that invests in the health & wellness sector. Here, he speaks with extraordinary candor about his relentless quest for financial & professional success, & how his obsession with overachievement almost destroyed him.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro04:27 - How Jason Karp switched from underachiever to “hyper-neurotic overachiever.”09:32 - How his obsession with productivity devastated his health.25:01 - How he transformed his health, healing diseases that seemed incurable.35:34 - What he learned about how to eat well for health & longevity.53:13 - Why it’s helpful to “confuse your body” with random stressors.54:32 - How the best investors succeed by deferring gratification.1:09:17 - How Jason simplifies his life to reduce the impact of “decision fatigue.”1:13:37 - How he designed his hedge fund’s offices to promote productivity & good health.1:25:08 - What’s helped him most in dealing with his mental health challenges.1:25:25 - How he came to be suicidally depressed at the pinnacle of his investment career.1:28:24 - How he thinks about money, family, happiness, & fulfillment.1:29:24 - Why founding a health & wellness conglomerate brought him a new level of joy.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESJason Karp’s company, HumanCo.Hu Chocolate brand co-created by Jason Karp.Why Zebras Don’t Get Ulcers by Robert Sapolsky.Undo It! by Dean Ornish M.D. & Anne OrnishThe Longevity Diet by Valter Longo.Peter Attia’s book Outlive: The Science and Art of LongevityYoung Forever by Dr. Mark HymanTara Brach’s book, “Radical Acceptance,” & her website. How To Change Your Mind by Michael Pollan.William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.Beat FOMO and move faster than the market with AlphaSense.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Capitalize on the rapidly growing cybersecurity market today with Atakama.Have Commonwealth Private‘s Private Bankers take the time to understand your goals and tailor solutions that create less for you to do and more for you to enjoy.If you’re into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!Get yourself a Blockstream Jade — An all-in-one, bitcoin-only hardware wallet that makes protecting your bitcoin so easy. Use the coupon code Fundamentals to get 10% off.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Get an overall better student loan experience with College Ave. Plus, get a chance to win a $1,000 college scholarship. No purchase is required.Hire expert marketers, on-demand, with MarketerHire. Listeners get a $1,000 credit for first-time customers when you use code WSB.Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today’s episode, Clay Finck continues his review of Gautam Baid’s book, The Joys of Compounding. Today’s episode is part 4 of our review of this incredible book.Gautam Baid is the Managing Partner and Fund Manager of Stellar Wealth Partners India Fund, a Delaware-based investment partnership which is available to accredited investors in the US. The fund is modeled after the Buffett Partnership fee structure and invests in listed Indian equities with a long-term, fundamental, and value-oriented approach.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro.05:51 - What the holy grail of long-term value investing is.07:55 - Why Gautam prefers to invest in high quality businesses.10:26 - Why a company’s longevity of growth is much more important than its rate of growth.15:44 - Why Gautam is bullish on India.37:26 - Ways in which we can capitalize on inefficiencies in the markets.45:38 - How Gautam thinks about portfolio management and position sizing.54:20 - Why it’s so important we emphasize the preservation of our capital and avoiding ruin.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESJoin our newly released TIP Mastermind Community.Check out the book, The Joys of Compounding.Tune into our previous episodes covering The Joys of Compounding: Part 1, Part 2 & Part 3. Watch the videos here, here and here.Check out our recent episode covering Mark Leonard’s Letter’s and Constellation Software. Watch the video here.Check out Clay’s YouTube video calculating the intrinsic value of Constellation Software here.Follow Clay on Twitter.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.Beat FOMO and move faster than the market with AlphaSense.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Capitalize on the rapidly growing cybersecurity market today with Atakama.Have Commonwealth Private‘s Private Bankers take the time to understand your goals and tailor solutions that create less for you to do and more for you to enjoy.If you’re into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!Get yourself a Blockstream Jade — An all-in-one, bitcoin-only hardware wallet that makes protecting your bitcoin so easy. Use the coupon code Fundamentals to get 10% off.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Get an overall better student loan experience with College Ave. Plus, get a chance to win a $1,000 college scholarship. No purchase is required.Hire expert marketers, on-demand, with MarketerHire. Listeners get a $1,000 credit for first-time customers when you use code WSB.Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!Support our free podcast by supporting our sponsors.HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

David Bailey and Preston Pysh get into an in-depth conversation about the GBTC Bitcoin Trust and all of the issues it's had over the past year and a half.IN THIS EPISODE, YOU’LL LEARN:00:00 - Intro01:29 - What backs Bitcoin?10:27 - CBDCs and what happens next.13:14 - FedNow and what happens after it's launch.18:43 - The actual impact of picking winners and losers for decades on end.20:14 - The Skull of Satoshi.29:43 - What it's like building a Bitcoin media company as an entrepreneur.29:43 - Growing the Bitcoin Conference.45:32 - GBTC and the campaign for shareholders to redeem the Bitcoin in the trust.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESRedeem GBTC Website.David Bailey's Twitter.The Bitcoin Miami Conference.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in Bitcoin with confidence on River. It's the most secure way to buy Bitcoin with 100% full reserve custody and zero fees on recurring orders.Beat FOMO and move faster than the market with AlphaSense.Make connections, gain knowledge, and uplift your governance CV by becoming a member of the AICD today.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Capitalize on the rapidly growing cybersecurity market today with Atakama.Have Commonwealth Private's Private Bankers take the time to understand your goals and tailor solutions that create less for you to do and more for you to enjoy.If you're into marketing podcasts that walk through how successful entrepreneurs, politicians, and influencers have convinced and persuaded people, then you should give Nudge, hosted by Phil Agnew, a listen!Get yourself a Blockstream Jade -- An all-in-one, bitcoin-only hardware wallet that makes protecting your bitcoin so easy. Use the coupon code Fundamentals to get 10% off.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Get an overall better student loan experience with College Ave. Plus, get a chance to win a $1,000 college scholarship. No purchase is required.Hire expert marketers, on-demand, with MarketerHire. Listeners get a $1,000 credit for first-time customers when you use code WSB.Discover the leading community for engaged investors, and the best source of investment analysis and opinion with Seeking Alpha. Listeners get a special deal: Alpha Picks for $99 + 1 month of FREE Seeking Alpha Premium!Support our free podcast by supporting our sponsors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.