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    Business

    The Business Brew

    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.

    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: This podcast is for informational and educational purposes only. Nothing in this podcast 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.

    Advertise

    Copyright: © Bill Brewster

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    Latest Episodes:
    James Davolos - Liquid Assets: Water’s Role in Oil’s Future Aug 06, 2025
    Show notes

    James Davolos stops by to discuss the emerging importance of water solutions in oil and gas production.


    He shares insights on behavioral investing, the evolution of investment strategies at Horizon Kinetics, and the challenges and innovations in water management within the energy industry. The discussion also touches on market dynamics, competitive landscapes, and the future outlook for investment opportunities in this niche sector.


    Takeaways

    Water solutions in the oil and gas sector are becoming increasingly important due to rising water cuts in production.

    The Permian Basin generates significant amounts of produced water, necessitating effective management solutions.

    Market misunderstandings can create opportunities for companies specializing in water management.

    The competitive landscape is shifting, with water management companies gaining leverage over traditional oil and gas firms.

    Investment opportunities may exist in companies with strong water management capabilities and innovative technologies.

    The future of energy will likely require a balance of traditional hydrocarbons and innovative water solutions.

    Long-term investment strategies are essential for navigating the complexities of the energy sector.



    Diversifying Concentrated Positions While Deferring Taxes with Wes Gray Jun 25, 2025
    Show notes


    Wes Gray returns to the show to discuss a potential solution for those with concentrated financial investments. Wes discusses a solution, via a Registered Investment Company, that enables investors to diversify their position while deferring taxes. We hope the episode is informative.


    Find Wes at:

    Twitter: https://x.com/alphaarchitect

    RIA/blog/education: http://alphaarchitect.comETFs: http://funds.alphaarchitect.comWhite label ETF: http://etfarchitect.com


    Andrew Freedman - AI Insights, Integration, and Best Practices Jun 04, 2025
    Show notes

    Andrew Freedman, Communications Analyst at Hedgeye Risk Management, stops by to discuss his experience integrating AI in his life. Bill contacted Andrew after Andrew tweeted "So many (very smart) people still can’t grasp the implications of AI…" This episode is premised on that tweet. It's a good one!


    Follow Andrew on X at https://x.com/HedgeyeComm or connect with him on LinkedIn at https://www.linkedin.com/in/andrew-freedman-cfa/


    Mary Meeker's AI Presentation/Deck - https://www.bondcap.com/report/tai/#view/0


    Follow Bill on X at https://x.com/BillBrewsterTBB


    John Huber - Mental Flexibility and Trying To Win The Game May 23, 2025
    Show notes

    The one and only John Huber stops by The Business Brew. John runs Saber Capital Management. Bill found John through Base Hit Investing back in the day. Today you can follow John's writing at Basehitinvesting.substack.com.


    Bill admires John's mental flexibility, grit, and consistency. The Business Brew is happy to feature John this week!


    🧠 What You’ll Learn in This Episode
    📌 Strategic insights into value investing
    📌 How to evaluate high-quality growth companies
    📌 The risks of overpaying and the dangers of outsourcing your thinking
    📌 Thoughts on Berkshire Hathaway’s future
    📌 Portfolio management and balancing writing with fund operations
    📌 Opportunities beyond the S&P 500

    🕰️ Timestamps
    00:00 – 👤 John Huber’s Introduction
    03:10 – 📉 Berkshire & Market Reflections
    06:22 – 💹 Investment Strategies & Market Insights
    11:10 – 🚀 Evaluating Growth Engines in Quality Companies
    17:02 – 🏢 Tech Giants & Capital Expenditure
    26:30 – 🏦 Banking Sector & Investment Risks
    34:48 – ⚠️ The Risk of Overpaying for Stocks
    36:00 – 🔄 Adapting Investment Strategies
    37:57 – 🧩 The Danger of Outsourcing Thinking
    40:51 – 🌍 Opportunities Outside the S&P 500
    47:24 – ✍️ Balancing Writing & Fund Management
    01:00:22 – 🔮 The Future of Berkshire Hathaway
    01:07:25 – 👋 Concluding Thoughts & Farewells


    Andy Constan on Today's Macro Backdrop May 01, 2025
    Show notes

    Andy Constan stops by to discuss today's US macro backdrop. Importantly, this discuss was recorded on 4/24. Since then the narrative around the tax bill has gotten incrementally more stimulative. Do what you will with that information.


    Bill reached out to Andy after following him for a while on Twitter. Andy appears to use Twitter to educate, inform, and journal thoughts. Hence why he was invited to the show.


    As for Andy's formal background, his bio reads as follows:

    Andy Constan graduated with a degree in Bioengineering from the University of Pennsylvania in 1986.

    Following he spent 35 years investing and trading global equities, spending 17 years at Salomon Brothers.

    Following he started honing his Macroeconomic Knowledge in 2010 working at Bridgewater Associates and Brevan Howard.

    Since then he has worked on growing Damped Spring Advisors.


    We hope you enjoy the conversation.


    Bill Chen Returns v3vFINAL Apr 25, 2025
    Show notes

    Bill Chen returns for a third time. Bill focuses on "hard assets," with a specific focus on real estate. The conversation winds from some macro (from 15 minutes to 22ish minutes) to more REIT specific ideas (after 24 minutes).


    Please note, some of the tariff discussion is already out of date. Nevertheless, we hope you enjoy the conversation!


    Bill Chen's other episodes can be found at: https://www.youtube.com/watch?v=oyf41BmMYxU and https://www.youtube.com/watch?v=Tmoc2crT55U


    For a different perspective on real estate investing check out Ryan Dobratz' episodes at https://www.youtube.com/watch?v=UIVr5Jvr-2M




    China's Investment Potential: A Deep Dive with Jingshu Zhang Apr 03, 2025
    Show notes

    Few things are more ironic than releasing a China focused episode on Liberation Day. Nevertheless, here we go!

    In this episode of The Business Brew, host Bill Brewster interviews Jingshu Zhang, a persistent listener who recommended looking into China's investment opportunities. Zhang shares his journey from studying in the United States to becoming a successful investor with a unique focus on Chinese assets. They discuss Zhang's experience navigating the Chinese market, the impact of geopolitical tensions, the advantages of holding Chinese state-owned enterprises (SOEs), and specific investment opportunities like Pinduoduo and Tencent. Jingshu offers insights into managing risk, the macroeconomic environment, and the regulatory landscape in China. Disclaimer: All content is for entertainment purposes only and not financial advice.

    00:00 Introduction and Guest Background



    01:15 Investment Opportunities in China


    04:04 Challenges and Sentiments Towards Chinese Investments


    08:15 Competitive Landscape and Market Dynamics


    15:50 Case Study: TK Group and Industrial Sector Insights


    22:55 Pinduoduo's Growth and Strategy


    34:37 Exploring Global Investment Opportunities


    35:19 US Market Insights and Mid Cap Focus


    36:08 Tech Giants and Valuation Comparisons


    36:13 Tencent: The Super App of China


    43:32 State-Owned Enterprises and Investment Safety


    53:20 Environmental Regulations and Investment Opportunities


    56:59 Delisting Fears and Investment Strategies


    01:04:09 Short Selling Challenges and Lessons Learned


    01:07:49 Final Thoughts and Contact Information



    Evan Tindell Returns: Navigating Investment Challenges & Opportunities in 2025 Mar 24, 2025
    Show notes

    Welcome to The Business Brew! Host Bill Brewster is joined by repeat guest Evan Tindell to delve into pressing investment topics for 2024. Evan is the founder and portfolio manager of Bireme Capital. You can find his first episode here: https://creators.spotify.com/pod/show/william-brewster1/episodes/Evan-Tindell---Where-Poker-and-The-Market-Collide-e1nrbum (Spotify) or https://podcasts.apple.com/si/podcast/evan-tindell-where-poker-and-the-market-collide/id1540847053?i=1000579552480 (Apple).

    Together, they explore international valuation disparities, the pitfalls of shorting meme stocks, and the dynamics behind recent market movements. Evan shares his unique approach to investing and the lessons learned from challenging investment phases, including a critical analysis of MicroStrategy, GameStop, and meme stocks.

    They also discuss Japan's corporate governance reforms and the implications for global investors. Lastly, Evan and Bill touch on utilizing modern AI tools in investment processes, the future of software, and personal stories from Evan's adventurous journey to Zambia.

    As a reminder, nothing discussed constitutes investment advice and is for entertainment purposes only. Enjoy the engaging conversation!

    00:00 Welcome to The Business Brew

    01:20 Introducing Evan Tindell

    02:01 Discussing 2024 Performance

    03:09 Challenges of Shorting Meme Stocks

    05:14 Bitcoin Yield and MicroStrategy

    17:55 Market Inefficiencies and Opportunities

    30:59 Investing in Japan

    42:09 Investment Strategies and Market Insights

    43:17 Diverse Business Models in Japan

    44:58 Meeting the Emperor and Personal Anecdotes

    45:35 The Role of LLMs in Investment

    51:48 AI Tools and Their Impact on Daily Life

    56:10 Future of Software and Business Models

    01:07:12 Tobacco Industry Analysis

    01:15:12 Adventures in Zambia

    01:20:36 Conclusion and Farewell


    Unlocking Unconscious Performance in Sports Feb 27, 2025
    Show notes

    In this episode, the host welcomes back Devin Anderson, co-founder of an investment advisory firm and competitive shotgun shooter. They delve into the psychology and skills required for high performance in sports like shooting, golf, and tennis. Devin shares insights from his own experience and coaching on the importance of building skills consciously, then executing them unconsciously under pressure. He highlights the nuances of practice, routine, and dealing with pressure to achieve peak performance. The discussion also touches on the parallels between competitive sports and high-stakes business environments, emphasizing structured planning and routine for consistent success.

    00:00 Introduction and Guest Background

    00:35 Competitive Shotgun Shooting Explained

    01:32 The Mental Game: Conscious vs. Unconscious Execution

    03:52 Why We Play: The Allure of Sports

    07:17 Coping with Pressure in Sports

    14:01 Skill Building and Confidence

    17:06 The Role of Vision in Performance

    26:16 Routine and Unconscious Performance

    42:11 Overcoming Evaluation Paralysis

    42:49 The Four Stages of Execution

    44:04 The Importance of Practice Routines

    44:58 Building Confidence Under Pressure

    49:09 Handling Fear and Careful vs. Careless Misses

    50:42 Trust and Performance Under Pressure

    55:52 The Role of Routine in Performance

    01:09:25 The Fun and Pressure of Competition


    Bespoke Investing and Unconventional Wisdom with Le Shrub Feb 21, 2025
    Show notes

    Join host Bill Brewster as he converses with the intriguing and often humorous anonymous guest, Le Shrub, in this episode of 'The Business Brew'. Le Shrub's writings can be found at https://www.shrubstack.com/ He can also be followed on Twitter/X at https://x.com/agnostoxxx


    With a unique approach to investing, Le Shrub shares his thoughts on market trends, stock picks, and the rationale behind them. From discussing the importance of avoiding investment stupidity, analyzing specific stocks like Archer Aviation and Alibaba, to speculating on the economic impacts of a potential Ukraine ceasefire, this episode is packed with insightful observations and strategic thinking. Be prepared for an engaging mix of entertainment, education, and parody, underlined with Le Shrub's distinct charm.


    Disclaimer: This is all for entertainment purposes and not financial advice. Recorded 2/14/25

    00:00 Introduction to the Business Brew

    00:54 Meet Les Shrub: The Anonymous Guest

    01:24 Investment Philosophy: Don't Be Stupid

    03:35 The Spinny Ponzi: A Deep Dive into Archer

    17:15 Biotech Investments: Blood in the Tweets

    21:00 The Future of Cancer Vaccines

    22:55 ClearPoint and Gene Therapy

    30:02 The Power of Community in Investing

    33:19 Navigating the Risks of Small Cap Stocks

    34:07 Options Trading Strategies

    35:36 The Risks of Investing in Alibaba

    36:13 Reasons for Investing in Alibaba

    36:38 China's Economic Strategies and Stimulus

    37:27 Alibaba's AI and Cloud Ventures

    39:00 Apple's Partnership with Alibaba

    40:31 The Impact of U.S. CapEx on AI

    41:19 Investing in Energy and Natural Gas

    44:38 The Barbell Portfolio Strategy

    45:17 Emerging Markets and Currency Devaluation

    52:53 The Potential Ceasefire in Ukraine

    59:15 Valuation and Investment Strategies

    01:04:19 Avoiding Shorts on Meme Stocks

    01:06:50 Recommended Reading: Capital Returns

    01:07:50 Conclusion and Final Thoughts



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