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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:
    Larry Hozenthaler - Private Credit Risks and Opportunities Feb 14, 2025
    Show notes

    In this episode of 'The Business Brew,' host Bill Brewster is joined by Larry Holzenthaler, a portfolio manager at First Eagle Alternative Credit (FEAC). The discussion focuses on the complexities and nuances of private credit. Recorded on February 3rd, the episode delves into the differences between traditional equity value investing and private credit, as well as the strategic transitions First Eagle has made in response to market changes. Larry explains First Eagle's cautious approach to investment, emphasizing measured risk, recurring revenue, and sponsor-backed deals. He discusses the evolution and growth of private credit markets, challenges and opportunities, and the impact of banking regulations on credit availability. The conversation includes detailed insights into various investment structures like interval funds and BDCs, and the importance of reading fine print in credit agreements. Throughout, Larry offers a compelling argument for the attractiveness of private credit as an investment, particularly in current economic conditions.

    00:00 Welcome to the Business Brew

    00:54 Introducing Larry Hosenthaler and First Eagle

    02:13 The Evolution of Private Credit

    08:34 The Impact of COVID on Private Credit

    12:22 Private Equity and Risk Management

    18:41 The Role of Banks in Private Credit

    31:37 Fee Structures and Market Dynamics

    36:40 Understanding Interval Funds

    37:11 The Redemption Process Explained

    39:55 Comparing Interval Funds and BDCs

    43:17 Risk Management in Private Credit

    44:38 The Role of Recurring Revenue

    45:24 Leverage and Deal Flow

    56:59 Active vs Passive Management in Credit Markets

    01:03:27 Why Invest in Private Credit Now?

    01:08:46 Conclusion and Final Thoughts


    George Livadas: Market Echoes, European Stocks, and Investment Strategy Insights Feb 03, 2025
    Show notes

    In this episode of The Business Brew, host Bill Brewster engages in a comprehensive discussion with George Livadas about the complexities and current state of the market. Livadas, known for his candid tweets and insightful views, covers topics ranging from market fluctuations in 2024, reminiscent of the 2021 SPAC bubble, to challenges and opportunities in European stocks and the S&P 500's relentless performance. They delve into George’s investment philosophy, focusing on both large and small cap stocks, the impact of global flows on stock valuations, and the nuanced approach required in shorting and hedging. Additionally, they discuss the operational aspects of running a fund, including transitioning from separate accounts to a unified fund structure, and reflect on the broader implications of AI in investment research.

    00:00 Welcome to the Business Brew

    00:03 Introducing George Livadas

    01:06 Market Reflections and SPAC Bubble

    06:56 European Market Insights

    18:20 Shorting Strategies and Market Sentiment

    21:42 Challenges in the Staples Sector

    24:57 Running the Firm: Changes and Challenges

    27:14 Navigating Market Ups and Downs

    27:40 Client Expectations and Realities

    28:39 Challenges in Fundraising and Fee Structures

    29:44 The Fund of Funds Debate

    31:51 AI in Financial Research

    35:15 Investment Strategies and Market Trends

    39:48 Reflections on COVID and Market Resilience

    43:38 Portfolio Management Insights

    46:05 Closing Thoughts and Personal Reflections


    Alex Morris - Buffettology Jan 23, 2025
    Show notes

    Buffett and Munger Unscripted: A Conversation with Alex Morris

    Alex Morris, friend of the show (and IRL), author of TSOH Investment Research stops by to discuss his new book "Buffett and Munger Unscripted." The book offers three decades of insights from Berkshire Hathaway shareholder meetings, grouped by topic area to provide a coherent understanding of Warren Buffett and Charlie Munger's investment wisdom.

    Alex shares his experience writing the book, including the extensive work involved and his communication with Berkshire. They also discuss various investment philosophies, the importance of transparency in investment research, and the challenges faced by consumer brands in today's market.

    Further, they reflect on the impact and potential risks of long-term investments in businesses like Dollar Tree and the complexities of analyzing brands like Jack Daniels.

    00:00 Welcome to the Business Brew

    00:06 Introducing Alex Morris and His New Book

    02:02 Personal Anecdotes and Family Stories

    05:15 The Journey of Writing the Book

    12:23 Insights on Buffett and Munger's Investment Strategies

    28:53 Discussion on Dollar Stores and Retail Landscape

    34:19 Analyzing Dollar Tree's Market Position

    36:06 The Value Proposition of Dollar Stores

    38:08 Comparing Retail Strategies

    39:23 Brand Value and Pricing Power

    41:14 Consumer Brands and Retail Dynamics

    44:27 Investment Strategies and Portfolio Management

    49:11 The Philosophy of Investing

    55:01 The Business of Writing and Publishing

    01:00:44 Reflections and Future Plans


    Tom Morgan - Mysteries, Mystics, and Personal Transformation Jan 16, 2025
    Show notes

    In this unconventional episode of 'The Business Brew,' host Bill Brewster sits down with Tom Morgan for a deep dive into topics that blur the line between science and spirituality. From exploring the existence of non-human intelligence and its implications, to discussing personal transformative experiences facilitated by psychedelics, this episode is a fascinating journey through the unknown. Tom shares insights from his years of research and personal struggles, including a near-psychotic breakdown and a mystical experience that reshaped his life. Whether you're interested in the metaphysical implications of alien encounters or the therapeutic potential of psychedelics, this conversation offers a thought-provoking look at the complexities of human consciousness. Tune in for a compelling discussion that challenges conventional thinking and invites you to ponder the nature of reality.



    John Maxfield - Maxfield on Banks Dec 12, 2024
    Show notes

    John Maxfield from "Maxfield on Banks" stops by the show. John is a wealth of knowledge and has an entertaining personality. Bill and John cover a lot of ground. John discusses the history and dynamics of banking, including the unique supply and demand of credit, traits of successful bankers, and the impact of historical tragedies on banker psychology. The episode also covers stories of notable bankers and failures, the free banking era, liquidity surges, and banking crises. John also delves into modern banking dynamics, including the rise of private credit, and shares insights from his extensive research and personal experiences with top bankers.

    Additionally, John talks about his elite banking symposium and unique forms of networking and learning in the banking sector. You can find John's past symposiums here: ⁠https://www.thebankingsymposium.com/⁠ And his archive on ⁠https://www.maxfieldonbanks.com/⁠ Show Notes: 00:00 Welcome to the Business Brew

    01:23 Introducing John Maxfield

    01:54 The Art of Banking

    02:28 The Common Traits of Great Bankers

    16:22 Historical Perspectives on Banking

    20:16 The Free Banking Era

    25:03 Modern Banking Challenges and Innovations

    41:04 The Beale Model and Banking Risks

    41:45 Factoring Company Acquisition

    43:14 Blockchain in Trucking Industry

    44:03 Building a Competitive Network

    50:51 Banking Failures and Historical Insights

    56:08 The Role of AI in Banking Research

    01:00:48 Personal Stories and Networking

    01:05:45 Citigroup's Complexities and Global Role

    01:10:55 Elite Banking Symposium

    01:15:51 Final Thoughts and Farewell


    Ryan Dobratz - Real Opportunities Nov 30, 2024
    Show notes

    Ryan Dobratz, from Third Avenue Funds, stops by The Business Brew to discuss Third Ave’s real estate strategy. Ryan discusses the benefits of focusing on real estate operating companies over REITs, the potential of investments like CBRE, challenges in the office market, and the outlook for residential real estate. They also discuss investment strategies in the residential market, opportunities in Fannie Mae and Freddie Mac, and Dobratz's personal career journey.

    00:00 Welcome to the Business Brew

    00:03 Introducing Ryan Dobratz and Third Avenue Funds

    00:39 Disclaimer and Financial Advice Warning

    01:44 Starting the Conversation with Ryan Dobratz

    02:46 Ryan's Career Journey and Early Influences

    05:51 Joining Third Avenue and Moving to New York

    08:24 Strategic Move to Austin and Real Estate Insights

    09:38 Challenges and Opportunities in the Office Sector

    13:10 Investing in Real Estate Services Companies

    15:02 Philosophy on NAV and Investment Strategies

    23:55 Preference for C Corps Over REITs

    28:11 Prologis and Industrial Real Estate

    35:21 Public vs. Private Real Estate Investments

    39:46 Incentives and Behavioral Finance in Private Markets

    40:18 Active vs Passive Investing in Real Estate

    42:57 Third Avenue's Real Estate Strategy

    46:27 Residential Real Estate Investments

    59:46 Fannie Mae and Freddie Mac: A Deep Dive

    01:18:01 Challenges and Opportunities in Tower REITs

    01:22:06 Conclusion and Final Thoughts


    Update - Bill's Brain Nov 16, 2024
    Show notes

    Shoutout to SpeechDocs (@speechdocs on X) for the show notes below.

    🎙️ Welcome to The Business Brew! 🎙️

    In this special solo episode, host Bill Brewster opens up about life, markets, and the future of The Business Brew. From surviving Hurricane Milton and its aftermath to contemplating a rebrand of the show, Bill shares raw and unfiltered thoughts on resilience, growth, and change.

    📌 What You’ll Learn in This Episode:

    • The surprising truth about ETF tax loopholes 🤔

    • Reflections on Florida real estate and climate challenges 🌴

    • How personal challenges shape perspective and growth 💡

    • A candid take on rebranding The Business Brew for a fresh start 🚀

    • Insights on parenting, relationships, and navigating life’s toughest moments 👨‍👩‍👧

    💭 Key Quote:
    "The Business Brew has to die for me to live."

    Whether you’re here for market insights, personal reflections, or a behind-the-scenes look at the podcast’s evolution, this episode is packed with value. Hit play, and let’s brew up something new together. ☕

    🛠️ Stay Connected: ✅ Subscribe for more unfiltered insights and updates on the show’s rebranding journey.
    ✅ Like and share this episode if it resonates with you.
    ✅ Drop a comment below—what do you think about the future of The Business Brew?

    #TheBusinessBrew #PodcastRebrand #MarketInsights #PersonalGrowth #HurricaneMilton #Resilience


    John Buckingham - The Prudent Election Episode Nov 02, 2024
    Show notes

    In this episode of The Business Brew, host Bill Brewster interviews John Buckingham, editor of the Prudent Speculator newsletter. John shares his investing expertise, strategies for managing a diversified portfolio, and provides data-driven insights on how stock markets perform under different tax regimes, political administrations, and election cycles.


    They discuss how to stay disciplined and focused on long-term investment objectives amidst market noise and uncertainty. John's commentary is complemented with historical data, illustrating that despite economic and political turbulence, sticking to a disciplined investment strategy can be rewarding.

    00:00 Welcome to the Business Brew

    01:52 Introducing John Buckingham

    04:01 Navigating Market Uncertainty

    06:32 The Value of Value Investing

    11:11 The Origin of the Prudent Speculator

    24:13 The Importance of Dividends

    35:56 Navigating Market Volatility

    36:12 Apple's Investment Strategy

    37:43 The Role of Volatility in Investing

    38:18 Market Reactions and Investor Behavior

    39:39 Historical Market Trends and Predictions

    46:39 Investment Strategies and Stock Selection

    51:28 Tax Rates and Market Performance

    57:00 Election Impact on Markets

    01:04:04 Long-Term Investment Philosophy

    01:07:31 Concluding Thoughts


    Mike Alkin - Talking Uranium Sep 26, 2024
    Show notes

    Mike Alkin of Sachem Cove Partners stops by The Business Brew to share his journey in uncovering the uranium investment thesis. Bill found out about Mike when he began listening to Mike's podcast in 2018/19. At that time, Mike was telling everyone that would listen about how asymmetric the opportunity was. Mike interviewed industry insiders, other investors, and laid out his thesis in public. Bill found it inspiring.


    This conversation dives deep into the complexities of the uranium market. The discussion includes a detailed analysis of nuclear power, supply-demand dynamics, and the industry’s challenges. Mike also provides valuable advice for young analysts and highlights the significance of contrarian investing. Additionally, they explore recent advancements in nuclear energy and the evolving markets of EVs, wind, and solar energy.


    As always, this episode is for educational and entertainment purposes only, not financial advice.

    Michael (Mike) Alkin is a principal of Sachem Cove Partners, LLC, the general partner of Sachem Cove Special Opportunities Fund, LP. He is also the Chief Investment Officer of Public Equities of Lloyd Harbor Capital Management, LLC, the investment manager of the Fund, and in that role is responsible for the Fund’s investment process. He has nearly 30 years of hedge fund experience with extensive investing experience across many cyclical industries. Prior to Sachem Cove and Lloyd Harbor, he was an analyst and partner for 7 years at Knott Partners. Prior to Knott, amongst the firms where held similar roles were Walker Smith Capital, Zweig-DiMenna, and Windsor Partners. Detailed Show Notes

    00:00 Welcome to the Business Brew

    00:08 Introducing Mike Alkin and the Uranium Thesis

    00:48 The Inspiration Behind the Podcast

    01:21 Disclaimer and Acknowledgements

    02:32 Deep Dive into the Uranium Market

    05:26 Challenges and Insights in the Uranium Industry

    09:13 Understanding Market Dynamics and Investor Behavior

    12:50 The Journey to Conviction in Uranium Investment

    17:40 The Role of Nuclear Power in the Energy Market

    42:39 The Impact of Geopolitical Risks on Uranium Supply

    44:32 The Fuel Cycle and U.S. Fuel Buyers

    45:23 Challenges with Industry Forecasts

    46:11 Presenting at the NEI Conference

    47:09 Confrontations and Convictions

    48:56 Expert Networks and Market Misconceptions

    52:10 Global Nuclear Power Dynamics

    01:01:24 Kazakhstan's Uranium Production

    01:10:42 The Future of Nuclear and Renewables

    01:18:01 Investment Strategies and Advice

    01:22:26 Conclusion and Final Thoughts


    Dylan Marrello - Raging Bull Sep 11, 2024
    Show notes

    Dylan is a former attorney turned private investor focused on small/microcap stocks and overlooked pockets of the market. He publishes a free newsletter on Substack called Raging Bull Investments, which provides deep-dive investment write-ups and occasional market commentary, and is active on Twitter as raging bull cap/Jake LaMotta.


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