The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network

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Latest Episodes:

TIP725: First Principles of Valuation w/ Tim Koller May 30, 2025

Show notes

On today’s episode, Clay is joined by Tim Koller to discuss all things valuation.

Tim is the lead author of Valuation: Measuring and Managing the Value of Companies which is the #1 best-selling guide to business valuation. This book—now in its eighth edition—has sold more than one million copies, and is used as a textbook at top business schools such as Wharton School, University of Chicago, MIT, INSEAD, Tuck School of Business, and Northwestern University.

As a Partner at McKinsey & Company, Tim combines broad cross-sector experience with decades of service to clients in value creation, corporate strategy, capital-markets issues, and M&A transactions.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:45 - How companies create shareholder value.

05:13 - The common misconceptions related to creating shareholder value.

13:54 - How managers should think about return on invested capital.

28:08 - Why it’s so common for managers to not take a long-term approach.

33:16 - How return on invested capital impacts a company’s valuation.

46:30 - How Tim thinks about the vast differences in returns we’ve seen in the US relative to Europe.

And so much more!

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more ⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠.
Join the exclusive ⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
Tim’s book: Valuation.
McKinsey’s website.
McKinsey’s insights: McKinsey on Finance.
Related Episode: TIP577: Valuation Masterclass w/ Aswath Damodaran.
Follow Tim on LinkedIn.
Follow Clay on LinkedIn & X.
Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠.
Enjoy ad-free episodes when you subscribe to our ⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠.

NEW TO THE SHOW?

Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠.
Check out our ⁠⁠⁠⁠⁠⁠We Study Billionaires Starter Packs⁠⁠⁠⁠⁠⁠.
Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠.
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.
Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠.

SPONSORS

Support our free podcast by supporting our ⁠⁠⁠⁠⁠⁠⁠sponsors⁠⁠⁠⁠⁠⁠⁠:

HELP US OUT!

Help us reach new listeners by leaving us a ⁠⁠⁠⁠⁠⁠rating and review⁠⁠⁠⁠⁠⁠ on ⁠⁠⁠⁠⁠⁠Spotify⁠⁠⁠⁠⁠⁠! 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!

Support our show by becoming a premium member!

https://premium.theinvestorspodcast.com/

Support our show by becoming a premium member! ⁠⁠⁠⁠https://theinvestorspodcastnetwork.supportingcast.fm⁠

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

BTC236: Stablecoin GENIUS Act & Bitcoin Policy Update w/ Matt Pines (Bitcoin Podcast) May 28, 2025

Show notes

Preston and Matthew discuss the upcoming Bitcoin Policy Summit, explore strategic financial maneuvers involving Bitcoin, dissect stablecoin impacts, and examine shifting global crypto dynamics.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:20 - Challenges facing the Federal Reserve’s independence

13:21 - Insights into Elon's policy influence and federal restructuring

17:46 - The U.S. trade deficit's impact on Bitcoin and equity markets

19:59 - The Genius Act’s implications for stablecoin regulation

24:21 - How stablecoins are disrupting traditional banking

32:30 - How the Strategic Bitcoin Reserve could reshape fiscal policy

33:50 - Strategic execution plans for government Bitcoin acquisitions

37:13 - Bitcoin vs. gold as sovereign investment tools

39:27 - National strategies around AI, energy, and global Bitcoin positioning

48:40 - Details of the upcoming Bitcoin Policy Summit

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Website: Bitcoin Policy Institute.
Website:BTC Policy Summit.
Matt’s X Account.
Check out all the books mentioned and discussed in our podcast episodes⁠ ⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠.
Enjoy ad-free episodes when you subscribe to our⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠.

NEW TO THE SHOW?

Join the exclusive ⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠ | | ⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠.
Check out our ⁠⁠⁠⁠⁠⁠Bitcoin Fundamentals 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.
Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠.
Learn how to better start, manage, and grow your business with the⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠.

SPONSORS

Support our free podcast by supporting our ⁠⁠⁠⁠⁠⁠sponsors⁠⁠⁠⁠⁠⁠:

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

TIP724: Key Insights From Coca-Cola's Golden Era May 25, 2025

Show notes

On today’s episode, Kyle Grieve chats about one of the most iconic businesses in history—Coca-Cola—and explores its enduring competitive advantages, its remarkable turnaround under CEO Roberto Goizueta, and what Warren Buffett saw that made it one of Berkshire Hathaway’s most legendary investments. Kyle unpacks why Coke’s brand power, global distribution, and intelligent capital allocation have helped it dominate for over a century and why understanding this story can help you spot other life-changing investments.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:03 - What gives Coca-Cola four enduring edges over competitors worldwide.

08:04 - A brief overview of Coca-Cola’s two primary business segments.

09:38 - Why Goizueta’s personality reshaped Coca-Cola’s future in unexpected ways.

11:14 - What makes Coca-Cola’s brand unforgettable across cultures and decades.

25:16 - The unique metric Goizueta used to unlock hidden value.

27:12 - What Warren Buffett saw before betting big on Coca-Cola.

39:40 - A mental model experiment Munger used to gauge Coke’s potential.

48:48 - How inversion revealed Coca-Cola’s moat through Charlie Munger’s lens.

50:03 - The real story behind Coca-Cola’s infamous recipe change.

55:43 - Why Coke’s scale and network keep competition permanently outmatched.

And so much more!

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more ⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠.
Join the exclusive ⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
Buy I'd Like the World to Buy a Coke here.
Buy The Warren Buffett Way here.
Read Charlie Munger’s $2 trillion Coke hypothesis here
Follow Kyle on ⁠⁠⁠X⁠⁠⁠ and ⁠⁠⁠LinkedIn⁠⁠⁠.
Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠.
Enjoy ad-free episodes when you subscribe to our ⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠.

NEW TO THE SHOW?

Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠.
Check out our ⁠⁠⁠⁠⁠We Study Billionaires Starter Packs⁠⁠⁠⁠⁠.
Follow our official social media accounts: ⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠.
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.
Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠.

SPONSORS

Support our free podcast by supporting our ⁠⁠⁠⁠⁠sponsors⁠⁠⁠⁠⁠:

HELP US OUT!

Help us reach new listeners by leaving us a ⁠⁠⁠⁠⁠rating and review⁠⁠⁠⁠⁠ on ⁠⁠⁠⁠⁠Spotify⁠⁠⁠⁠⁠! 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!

Support our show by becoming a premium member!

https://premium.theinvestorspodcast.com/

Support our show by becoming a premium member! ⁠⁠⁠https://theinvestorspodcastnetwork.supportingcast.fm

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

TIP723: The Art of Buying Growth Companies for Value Prices w/ Jim Zimmerman and Abigail Zimmerman May 23, 2025

Show notes

On today’s episode, Kyle Grieve chats with James and Abigail Zimmerman about the strength of growing and sustainable cash flowing businesses; the importance of strong balance sheets; how they navigate their circle of competence, and the steps they take to expand it; why simplicity is so important in an age of complexity, how they use cash as a boost, and not a drag on returns, and much more.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:28 - How communities—public and private—can spark better investment ideas.

07:06 - Why free cash flow yield is their north star metric.

10:09 - How to tell if value drivers are simple or deceptively complex.

14:00 - Why staying inside your circle of competence protects your downside.

19:22 - How “Fort Knox” balance sheets help survive any market storm.

28:23 - Key signals that suggest a business can sustain high ROIC.

32:56 - What truly shows management is aligned, not just insider ownership.

43:25 - The hidden risks that make many retailers dangerous investments.

53:07 - How an equity-bond lens helps compare all asset classes.

01:06:39 - When to double down on winners.

And so much more!

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more ⁠⁠⁠⁠here⁠⁠⁠⁠.
Join the exclusive ⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
Read about The Magic Formula here.
Check out Value Investors Club here.
Check out SumZero here.
Check out MOI Global here.
Follow Kyle on ⁠⁠X⁠⁠ and ⁠⁠LinkedIn⁠⁠.
Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠⁠here⁠⁠⁠⁠.
Enjoy ad-free episodes when you subscribe to our ⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠.

NEW TO THE SHOW?

Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠.
Check out our ⁠⁠⁠⁠We Study Billionaires Starter Packs⁠⁠⁠⁠.
Follow our official social media accounts: ⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠ | ⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠ | ⁠⁠⁠⁠Instagram⁠⁠⁠⁠ | ⁠⁠⁠⁠Facebook⁠⁠⁠⁠ | ⁠⁠⁠⁠TikTok⁠⁠⁠⁠.
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.
Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠.

SPONSORS

Support our free podcast by supporting our ⁠⁠⁠⁠sponsors⁠⁠⁠⁠:

HELP US OUT!

Help us reach new listeners by leaving us a ⁠⁠⁠⁠rating and review⁠⁠⁠⁠ on ⁠⁠⁠⁠Spotify⁠⁠⁠⁠! 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!

Support our show by becoming a premium member!

https://premium.theinvestorspodcast.com/

Support our show by becoming a premium member! ⁠⁠https://theinvestorspodcastnetwork.supportingcast.fm

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

BTC235: Jack Mallers on XXI (21) and Strike Borrowing and Lending (Bitcoin Podcast) May 21, 2025

Show notes

Explore the launch of Twenty One Capital, its strategic ties with Tether, SoftBank, and Cantor Fitzgerald, and how it compares to MicroStrategy or ETFs. Plus, Strike’s bold leap into secure Bitcoin lending.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro 15:29 - How Twenty One Capital was formed and why now is the right time for a Bitcoin-native public company 17:16 - What SoftBank contributes beyond funding, including possible global Bitcoin adoption strategies 19:05 - How Twenty One differentiates itself from MicroStrategy and ETFs as a Bitcoin investment vehicle 19:55 - Why “Bitcoin Per Share” is used to track performance instead of traditional fiat metrics 27:31 - The ownership structure and governance dynamics between Tether, SoftBank, and other stakeholders 28:45 - Whether and how Strike and Twenty One will collaborate, and how CEO responsibilities are managed 31:26 - How the company navigates U.S. regulatory challenges, especially with Tether’s involvement 33:07 - The roadmap for Twenty One’s operational revenue beyond holding BTC 35:02 - The thinking behind Strike’s conservative Bitcoin-backed loans and their structure 35:40 - Lessons from the collapse of other crypto lenders and how Strike avoids similar risks 42:06 - The future of interest rates, accessibility, and transparency in Strike’s lending products 49:28 - Strike’s evolving role as a Bitcoin-native financial services platform – or neobank 51:54 - How both companies aim to promote financial sovereignty while balancing ease of use 57:05 - The biggest challenges on the horizon, from regulation to competition, and how they’ll be tackled

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Jack’s X Account.
Learn more about Jack’s company: Strike.
Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠.
Enjoy ad-free episodes when you subscribe to our ⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠.

NEW TO THE SHOW?

Join the exclusive ⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
Follow our official social media accounts: ⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠ | ⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠ | | ⁠⁠⁠⁠Instagram⁠⁠⁠⁠ | ⁠⁠⁠⁠Facebook⁠⁠⁠⁠ | ⁠⁠⁠⁠TikTok⁠⁠⁠⁠.
Check out our ⁠⁠⁠⁠Bitcoin Fundamentals 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.
Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠.
Learn how to better start, manage, and grow your business with the⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠.

SPONSORS

Support our free podcast by supporting our ⁠⁠⁠⁠sponsors⁠⁠⁠⁠:

HELP US OUT!

Support our show by becoming a premium member!

https://premium.theinvestorspodcast.com/

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

RWH057: Celebrating Warren Buffett w/ Joel Greenblatt, Nick Sleep, Tom Russo, Christopher Bloomstran & Chris Davis May 18, 2025

Show notes

In this special celebratory episode, William Green spotlights some of the most important lessons from the greatest investor of all time: Warren Buffett. In honor of Buffett’s historic decision to retire after 60 years as Berkshire Hathaway’s CEO, William offers his thoughts on Buffett’s legacy & Berkshire’s future; he also shares powerful highlights from his conversations about Buffett with Joel Greenblatt, Nick Sleep, Thomas Russo, Chris Davis, Chuck Akre & Christopher Bloomstran.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

04:20 - What makes Berkshire Hathaway’s annual meeting a joyous experience.

06:13 - How Warren Buffett’s virtues & values shone through at this year’s AGM.

14:51 - How he & Charlie Munger made most of their money off 8 or 9 big bets.

22:41 - What Buffett taught Joel Greenblatt about buying great businesses.

27:24 - What stunned Greenblatt when he finally met Buffett.

33:45 - Why Chuck Akre attributes his enormous success to Buffett’s teachings.

38:18 - What Thomas Russo learned from Buffett about reducing “agency risk.”

46:17 - How Buffett inspired Nick Sleep to do what he already knew was right.

52:34 - Why Christopher Bloomstran thinks all CEOs should study Berkshire. 1:19:54 - Why Buffett focuses relentlessly on resilience in the face of extreme risks.

1:22:48 - What principles guide Greg Abel’s philosophy of asset allocation.

1:26:00 - Why Berkshire directors like Chris Davis vow to protect its unique culture.

1:33:39 - How he achieved staggering success without making enemies.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more ⁠here⁠.
Join the exclusive ⁠TIP Mastermind Community⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
Berkshire Hathaway’s annual reports since 1995.
Robert Hagstrom’s book The Warren Buffett Way.
Dale Carnegie’s book How to Win Friends & Influence People.
William Green’s podcast episode with Joel Greenblatt.
William Green’s podcast episode with Thomas Russo.
William Green’s podcast episode with Christopher Bloomstran.
William Green’s podcast episode with Chris Davis.
William Green’s book, “Richer, Wiser, Happier” – ⁠read the reviews of this book⁠.
Follow William Green on ⁠X⁠.
Check out all the books mentioned and discussed in our podcast episodes ⁠here⁠.
Enjoy ad-free episodes when you subscribe to our ⁠Premium Feed⁠.

NEW TO THE SHOW?

Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠The Intrinsic Value Newsletter⁠.
Check out our ⁠We Study Billionaires Starter Packs⁠.
Follow our official social media accounts: ⁠X (Twitter)⁠ | ⁠LinkedIn⁠ | ⁠Instagram⁠ | ⁠Facebook⁠ | ⁠TikTok⁠.
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.
Learn how to better start, manage, and grow your business with the ⁠best business podcasts⁠.

SPONSORS

Support our free podcast by supporting our ⁠sponsors⁠:

HELP US OUT!

Help us reach new listeners by leaving us a ⁠rating and review⁠ on ⁠Spotify⁠! 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!

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

TIP722: Best Quality Stock Idea Q2 2025 w/ Clay Finck & Kyle Grieve May 16, 2025

Show notes

On today’s episode, Clay and Kyle give an overview of their best quality stock idea for Q2 2025. This quarter, they discuss Booking Holdings.

To our surprise, Booking Holdings is the world’s largest travel company. We explore how the company built a dominant position in Europe through its network effect, asset-light business model, and sound capital allocation decisions. We also cover Booking’s competitive advantages, financial performance, and key risks facing the business.

Clay finds Bookings Holdings to be a compelling long-term compounder, which led him to initiate a position in the company earlier this year.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

06:42 - How Booking built its dominant position in Europe and other markets globally.

11:47 - Why Booking Holdings is one of the most dominant and profitable online travel agencies in the world.

16:59 - An overview of the competitive landscape for online travel agencies.

38:21 - Booking Holdings’ competitive advantages.

40:46 - An overview of Bookings’ management team and incentive structure.

01:00:59 - How we view Bookings’ valuation today.

And so much more!

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more ⁠⁠⁠here⁠⁠⁠.
Join the exclusive ⁠⁠⁠TIP Mastermind Community⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
Related Episode TIP698: Best Quality Idea Q1 2025 w/ Clay Finck & Kyle Grieve.
Related Episode TIP675: Best Quality Idea Q4 2024 w/ Clay Finck & Kyle Grieve.
Related Episode TIP652: Best Quality Idea Q3 2024 w/ Clay Finck & Kyle Grieve.
Related Episode TIP627: Best Quality Idea Q2 2024 w/ Clay Finck & Kyle Grieve.
Related Episode TIP604: Best Quality Idea Q1 2024 w/ Clay Finck & Kyle Grieve.
Follow Kyle on ⁠X⁠ and ⁠LinkedIn⁠.
Follow Clay on ⁠X⁠ and ⁠LinkedIn⁠.
Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠here⁠⁠⁠.
Enjoy ad-free episodes when you subscribe to our ⁠⁠⁠Premium Feed⁠⁠⁠.

NEW TO THE SHOW?

Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠.
Check out our ⁠⁠⁠We Study Billionaires Starter Packs⁠⁠⁠.
Follow our official social media accounts: ⁠⁠⁠X (Twitter)⁠⁠⁠ | ⁠⁠⁠LinkedIn⁠⁠⁠ | ⁠⁠⁠Instagram⁠⁠⁠ | ⁠⁠⁠Facebook⁠⁠⁠ | ⁠⁠⁠TikTok⁠⁠⁠.
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.
Learn how to better start, manage, and grow your business with the ⁠⁠⁠best business podcasts⁠⁠⁠.

SPONSORS

Support our free podcast by supporting our ⁠⁠⁠sponsors⁠⁠⁠:

HELP US OUT!

Help us reach new listeners by leaving us a ⁠⁠⁠rating and review⁠⁠⁠ on ⁠⁠⁠Spotify⁠⁠⁠! 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!

Support our show by becoming a premium member!

https://premium.theinvestorspodcast.com/

Support our show by becoming a premium member! ⁠https://theinvestorspodcastnetwork.supportingcast.fm

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

BTC234: Bitcoin Torque, Saylor's Playbook w/ Andy Edstrom (Bitcoin Podcast) May 14, 2025

Show notes

Andy Edstrom unpacks whether Bitcoin is truly the last asymmetric bet for companies, diving into MicroStrategy's model, capital structure risks, and Bitcoin's rising institutional role.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:40 - Why Michael Saylor calls Bitcoin a lifeline for “zombie companies”

05:20 - How Bitcoin’s returns compare to traditional assets over the last decade

07:10 - The strategic and accounting evolution enabling Bitcoin treasury allocations

12:00 - MicroStrategy’s premium-to-NAV strategy and its replicability

15:40 - Risks and rewards of BTC-backed leverage and convertible notes

18:05 - The logic behind “torque” metrics in Bitcoin-financed capital structures

21:10 - If preferred shares like STRK and STRF are innovative or dangerous

23:05 - Wall Street’s changing views on Bitcoin-leveraged equity plays

27:20 - Legal and governance hurdles in corporate Bitcoin adoption

29:10 - What a BTC-heavy balance sheet should do during a major drawdown

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Andy’s X Account.
Microstrategy Shareholders’ Meeting:Q1 2025 Earnings Call.
Michael Saylor’s speech at Strategy World: Bitcoin for Corporations 2025 Keynote Speech.
Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠.
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NEW TO THE SHOW?

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TIP721: Berkshire Hathaway Annual Shareholders Meeting 2025 w/ Clay Finck & Kyle Grieve May 11, 2025

Show notes

In this episode, Clay and Kyle reflect on their weekend at the Berkshire Hathaway annual shareholders meeting in Omaha and play a few of their favorite clips from the Q&A session with Warren Buffett, Greg Abel, and Ajit Jain.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:16 - Our thoughts on Buffett’s announced retirement of CEO at Berkshire Hathaway.

07:07 - How Warren Buffett and Greg Abel’s management style might differ as CEO.

20:03 - Why Buffett seeks to surround himself with wonderful people.

35:03 - How Buffett and Abel balance patience with acting quickly and opportunitistically.

49:31 - How Buffett and Abel view Berkshire’s investments in Japan.

01:06:05 - The most important factor to consider when investing in emerging markets.

01:10:44 - Berkshire’s recent investment activity and Buffett’s thoughts on today’s market.

And so much more!

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more ⁠⁠here⁠⁠.
Join the exclusive ⁠⁠TIP Mastermind Community⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
Watch the full shareholders meeting here.
Related Episode: TIP629: Berkshire Hathaway Annual Shareholders Meeting 2024 w/ Clay Finck & Kyle Grieve.
Related Episode: TIP551: Berkshire Hathaway Annual Shareholders Meeting 2023 w/ Clay Finck.
Related Episode: TIP446: Berkshire Hathaway Annual Shareholders Meeting 2022 w/ Stig Brodersen & Trey Lockerbie.
Follow Kyle on X and LinkedIn.
Follow Clay on X and LinkedIn.
Check out all the books mentioned and discussed in our podcast episodes ⁠⁠here⁠⁠.
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NEW TO THE SHOW?

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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.
Learn how to better start, manage, and grow your business with the ⁠⁠best business podcasts⁠⁠.

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TIP720: Investing Against The Tide May 09, 2025

Show notes

On today’s episode, Kyle Grieve breaks down the contrarian investing philosophy of Anthony Bolton, revealing how he consistently outperformed the market by combining sentiment analysis, in-depth fundamental research, and a flexible yet disciplined portfolio strategy.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:27 - The traits Bolton observed in the best fund managers.

04:55 - Why incomplete knowledge can be a strength.

06:56 - A simple method for conviction-based portfolio reviews.

11:48 - What to do when your investments aren't working.

16:05 - The role of sentiment in Bolton’s investing edge.

22:40 - How to spot and avoid artificial conviction.

29:14 - Using bond prices to assess business risk.

31:18 - Why controlling your destiny matters in business.

35:45 - Insights Bolton gained from meeting company management.

01:00:45 - Three big mistakes—and what they taught him.

And so much more!

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more ⁠here⁠.
Join the exclusive ⁠TIP Mastermind Community⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
Read Investing Against The Tide here.
Follow Kyle on ⁠X⁠ and ⁠LinkedIn⁠.
Check out all the books mentioned and discussed in our podcast episodes ⁠here⁠.
Enjoy ad-free episodes when you subscribe to our ⁠Premium Feed⁠.