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

Copyright: © This content is for educational purposes only. This content cannot be used for commercial use without written permission from the The Investor's Podcast Network.

Latest Episodes:

BTC148: Bitcoin and AI w/ Guy Swann (Bitcoin Podcast) Sep 20, 2023

Show notes

Preston Pysh and Guy Swann's conversation covers the fascinating attributes about AI, the counterintuitive nature of AI and how the need for specialized models will create a rich ecosystem of decentralizing forces around countless models and resourcing requests.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:24 - What is at the intersection of AI and Bitcoin?

19:12 - How AI is able to synthesize enormous amounts of information.

30:29 - Why AI models are actually going to be a decentralizing force.

32:37 - What incentives will attract the most data?

40:06 - Why training models from scratch isn't the most optimal path.

52:52 - Guy's thoughts on Sam Altman's World Coin.

01:03:58 - Why identity and AI are becoming a paired combo and how to avoid it.

01:03:58 - Why immediate settlement is a necessity for AI.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Guy Swann's AI Podcast.
Guy's Website with access to all his content and media.
Related Episode: Listen to BTC051: Bitcoin & Why The Bond Market Is a Big Deal w/ Greg Foss & Guy Swann, 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 thebest business podcasts.

SPONSORS

Support our free podcast by supporting our sponsors:

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

RWH033: Lessons From Buffett & Berkshire w/ Chris Bloomstran Sep 17, 2023

Show notes

In this episode, William Green speaks with Chris Bloomstran, President & Chief Investment Officer of Semper Augustus. This conversation has been divided into two episodes. Here, in Part 2, Chris discusses what we can learn from studying Berkshire Hathaway & Warren Buffett; weighs the risks of Berkshire’s huge Apple stake; discusses Berkshire’s valuation; & explains why the stock should beat the S&P 500. He also talks about avoiding charlatans and living with integrity.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:38 - Why Chris Bloomstran says it’s so valuable to study Berkshire Hathaway.

05:04 - How Warren Buffett thinks about intelligent asset allocation.

06:59 - How share buybacks are mishandled by many companies.

11:30 - How he values Berkshire, & why it should outperform the S&P 500.

20:40 - Why most investors shouldn’t pick stocks for themselves.

29:16 - How Chris manages his time.

40:28 - How he’s risen above a painfully difficult childhood.

43:42 - Why the key to investing success is a fierce work ethic.

44:57 - What his football coaches taught him about integrity & kindness.

54:10 - How Chris uses social media to criticize what he calls “charlatan promotion.”

58:41 - What he thinks of Berkshire’s huge stake in Apple.

1:08:15 - What a legendary golfer taught him about how to live.

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

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Chris Bloomstran’s firm Semper Augustus Investments Group
Chris Bloomstran’s 2022 Letter to Clients: “Crazy Train”
William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book
Listen to Stig Brodersen’s April 2023 interviewwith Chris Bloomstran, or watch the video.
Follow Chris Bloomstran on X (AKA Twitter)
Follow William Green on X (AKA Twitter)

SPONSORS

Support our free podcast by supporting our sponsors:

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

RWH032: The Vigilant Investor w/ Chris Bloomstran Sep 17, 2023

Show notes

In this episode, William Green chats with Chris Bloomstran, President & Chief Investment Officer of Semper Augustus. This conversation is so rich that it’s been divided into two episodes. Here, in Part 1, Chris explains how to achieve long-term success by seeking a “dual margin of safety” that comes from owning high-quality businesses at attractive prices. He also warns about the perennial dangers of irrational exuberance, which he now sees in hot stocks like Tesla & Nvidia.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

04:45 - What Chris Bloomstran learned from his brilliant mentor, Robert Smith.

08:17 - How Chris & Robert skillfully sidestepped the dotcom bubble & crash.

10:00 - What lessons Chris drew from an early investment that fell to zero.

35:17 - Why Chris named his investment firm after a crazily overvalued tulip.

44:53 - What Sir John Templeton saw as the best antidote to financial insanity.

55:38 - How to succeed in stocks by seeking a “dual margin of safety.”

56:51 - How his definition of a quality business has evolved.

1:07:01 - Why he’s skeptical about Cathie Wood’s ARK portfolio.

1:09:02 - Why hot tech stocks like Nvidia are likely to disappoint for many years.

1:11:32 - Why he’s wary of hype & “puffery” about Tesla’s glorious future.

1:17:49 - Why he’s trimmed great but pricey holdings like Costco & Nike.

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

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Chris Bloomstran’s firm Semper Augustus Investments Group
“Extraordinary Popular Delusions & The Madness of Crowds”by Charles Mackay
“The Rise & Fall of American Growth”by Robert Gordon
William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book
Listen to Stig Brodersen’s April 2023 interviewwith Chris Bloomstran, or watch the video.
Follow Chris Bloomstran on X (AKA Twitter)
Follow William Green on X (AKA Twitter)

SPONSORS

Support our free podcast by supporting our sponsors:

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

TIP577: Valuation Masterclass w/ Aswath Damodaran Sep 15, 2023

Show notes

On today’s episode, Clay Finck is joined by Aswath Damodaran who is widely referred to as the dean of valuation.

Aswath Damodaran is a professor at NYU of corporate finance and valuation and has taught thousands of students how to value companies and pick stocks. He has written numerous books on valuation and has also made all of his university courses available online for free. Aswath is one of the clearest teachers of finance and investing in the industry.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro.

01:42 - Whether recent technological advances should lead us to think about investing. differently than in years past.

03:23 - The role intangible assets play into valuation.

07:08 - How he determines which companies he wants to dive in and research.

14:40 - How Aswath thinks about setting an appropriate discount rate in valuation.

20:49 - His thoughts on whether investors should deem the US treasury rate as the risk free rate available to investors.

24:10 - The future expected return of the S&P 500 implied by the market as of August 2023.

27:29 - How Aswath thinks about the risks of investing in China.

30:02 - Aswath’s updated views on the valuation of Nvidia & Meta.

33:21 - The potential dangers of a buy and hold approach.

47:31 - How to think about using adjusted EBITDA in stock analysis.

49:44 - How Aswath thinks of the macro.

57:16 - Why Aswath recommends a strong understanding of statistics to invest well.

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

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Check out our recent episode RWH005: Meet the Master w/ Aswath Damodaran, or watch the video.
Check out Aswath’s Website.
Check out Aswath’s YouTube Channel.
Follow Clay on Twitter.
Follow Aswath on Twitter.
Tune into our previous episode covering The Future of AI w/ Bob Muglia or watch the video.

SPONSORS

Support our free podcast by supporting our sponsors:

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

BTC147: Fiat Ruins Everything w/ Bitcoin Developer Jimmy Song (Bitcoin Podcast) Sep 13, 2023

Show notes

Bitcoin core developer and author Jimmy Song recently published a new book titled Fiat Ruins Everything. In this episode, Preston Pysh and Jimmy highlight some interesting perspectives on how the money is not only changing the way businesses conduct themselves, but also how it’s impacting family values, culture, and relationships.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

02:59 - Why Jimmy doesn't need NFTs.

07:55 - How Alt-coins use Bitcoin to rent-seek.

12:04 - How fiat undermines work.

15:24 - How fiat ruins incentives for the individual.

46:39 - How fiat ruins incentives for the organization.

46:39 - How fiat has created the crazy VC environment.

57:14 - What is the Frankfurt School Conundrum?

01:01:52 - How fiat is impacting family values.

01:01:52 - How fiat is changing culture.

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

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Jimmy Song's new book,Fiat Ruins Everything.
Jimmy's book, Programming Bitcoin: Learn How to Program Bitcoin from Scratch.
Related Episode: Listen to BTC009: Bitcoin Engineering with Bitcoin Core Developer, Jimmy Song, or watch the video.
Related Episode: Listen to BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song, 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 thebest business podcasts.

SPONSORS

Support our free podcast by supporting our sponsors:

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

TIP576: Mastermind Q3 2023 w/ Tobias Carlisle and Hari Ramachandra Sep 10, 2023

Show notes

In today's episode, Stig Brodersen speaks to Tobias Carlisle and Hari Ramachandra. Stig outlines why he put Constellation Software on his watchlist and is waiting to buy the dip. Hari’s pick, Brookfield Corporation, is one of the world’s largest alternative investment management companies with over $725B of assets under management. Tobias pitches Winnebago, a value stock coming off the strong demand from COVID.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:33 - Why Hari is bullish on Brookfield Corporation (BN)

07:56 - Why Hari is not bullish on Brookfield Asset Management (BAM)

22:37 - Why Stig is bullish on Constellation Software (TSE: CSU)

37:13 - Two different methods to value Constellation Software

59:39 - Why Tobias is bullish on Winnebago Industries (WGO)

1:11:52 - How can you pitch your stock to the TIP Mastermind Community

1:47:02 - How to meet up with TIP in NYC in October

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

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Listen to Mastermind Discussion Q2 2023 - TIP557 or watch the video.
Listen to Mastermind Discussion Q1 2023 - TIP528 or watch the video.
Listen to Mastermind Discussion Q1 2022 - TIP418 or watch the video.
Listen to Mastermind Discussion Q2 2022 - TIP450 or watch the video.
Listen to Mastermind Discussion Q3 2022 - TIP475 or watch the video.
Listen to Mastermind Discussion Q4 2022 - TIP496 or watch the video.
Tune in to Stig Brodersen’s interview with Mohnish Pabrai about the Turkish stock market or watch the video.
Tune in to Clay Finck’s interview with Chris Mayer about Constellation Software and 100-baggers or watch the video.
Our FREE stock analysis resource,Intrinsic Value Index.
Tobias Carlisle's podcast, The Acquires Podcast.
Tobias Carlisle's ETF, ZIG.
Tobias Carlisle's ETF, Deep.
Tobias Carlisle's book, The Acquirer's Multiple – read reviews of this book
Tobias Carlisle's Acquirer's Multiple stock screener: AcquirersMultiple.com.
Tweet directly to Tobias Carlisle.
Hari's Blog: BitsBusiness.com
Tweet directly to Hari Ramachandra.

SPONSORS

Support our free podcast by supporting our sponsors:

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

TIP575: The Future of AI w/ Bob Muglia Sep 08, 2023

Show notes

Clay Finck is joined by Bob Muglia to discuss the AI boom, Bob’s experience working with Bill Gates, and how he helped lead Snowflake from $0 to $200 million in revenue during his tenure as CEO.

Bob Muglia is a prominent technology executive known for his influential roles at Microsoft, including Senior Vice President of the Server & Tools Division, and is also the former CEO of Snowflake, a leading cloud data warehousing company. Bob helped lead Snowflake to go from zero to a $200 million business. Today, he remains a key figure in the tech industry, contributing his expertise in various leadership and advisory positions.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro.

02:11 - How Bob first got immersed in the technology industry.

05:58 - Bob’s lessons from working with Bill Gates and Steve Balmer.

10:34 - When he realized that data was going to be one of a company’s most valuable assets.

12:40 - What differentiates Snowflake from their competitors in the data warehouse space.

25:25 - Bob’s view of the competitive landscape in the data warehouse industry.

30:13 - Whether Bob was surprised that Berkshire Hathaway bought into the Snowflake IPO.

31:31 - What The Arc of Data Innovation is.

37:09 - When Bob foresees Artificial General Intelligence to become a reality.

39:06 - What industries Bob sees AI impacting the most.

46:16 - What the end game is for AI and where technology is heading.

49:44 - Isaac Asimov’s role in the governance of technological innovation.

54:09 - If regulators are taking appropriate actions to safeguard against the potential downsides of AI.

55:39 - What Bob looks for when investing in technology companies.

62:48 - Why technology in many cases won’t replace people and their jobs.

67:44 - What the future of online search will look like.

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

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Check out our recent episode :TIP571: Charlie Munger & The Psychology of Human Misjudgment, or watch the video here.
Bob’s book/website The Datapreneurs.
Follow Clay on Twitter.
Follow Bob on Twitter.

SPONSORS

Support our free podcast by supporting our sponsors:

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

BTC146: Broken Money 2/2 w/ Lyn Alden (Bitcoin Podcast) Sep 06, 2023

Show notes

In the part two of a two-part discussion with Preston Pysh and Lyn Alden, they talk about the merging of a credit based money ledger system with a commodity backed money system into a single new technology, which is Bitcoin.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:22 - Why money has been at the crux of global conflict since time immemorial.

16:08 - Why can't a government entity just fire-up 20,000 nodes and try to fork the code?

33:41 - Lyn's thoughts on Gresham's law and Bitcoin.

41:23 - What would a bitcoin would look like with no unit abstraction?

47:13 - How do Taxes change in a bitcoin world?

49:04 - Does Bitcoin need smart contracting to compete with other protocols?

57:43 - Why couldn't Adam Back improve the Bitcoin code?

01:02:25 - The privacy trade-off is something that many want, what is Lyn's point of view?

01:06:02 - What is the fundamental trade-off between PoW and PoS?

01:06:02 - Lyn's discussion of volatile vs non-volatile computer memory when trying to understand PoS and PoW.

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

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Lyn Alden’s book, Broken Money – Read reviews here.
Listen to Part 1 of the discussion with Lyn Alden about Broken Money, or watch the video.
Listen to our interview with Lyn Alden about How the Fed Went Broke, or watch the video.
Tune into our interview with Lyn Alden about Macro and the energy market, or watch the video.
Listen to our interview with Lyn Alden about Money, or watch the video.
Tune into our interview with Lyn Alden about Gold and Commodities,or watch the video.
Listen to our interview with Alex Gladstein about issues with fiat currencies, or watch the video.
Lyn Alden'sfree website.
Lyn Alden's premium newsletter.

SPONSORS

Support our free podcast by supporting our sponsors:

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

TIP574: Broken Money 1/2 w/ Lyn Alden Sep 03, 2023

Show notes

In this episode, Stig Brodersen and Preston Pysh talk with Lyn Alden about her new book, Broken Money. In this first part episode of two, you’ll quickly hear why Stig and Preston think Broken Money is one of the best books they read in 2023.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

03:50 - Why the current monetary system is broken

08:02 - What commodity money is and why it’s relevant to understand today

28:33 - Why the fractional banking reserve system is like a game of musical chairs

47:36 - How important the strength of the US military is for backing the US dollar

51:17 - How debasement of currencies can fund wars

1:01:31 - The role fiat currencies have played in wars

1:06:02 - How do wealthy countries push inflation and volatility to emerging countries?

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

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Lyn Alden’s book, Broken Money – Read reviews here
Listen to our interview with Lyn Alden about How the Fed Went Broke, or watch the video.
Tune into our interview with Lyn Alden about Macro and the energy market, or watch the video.
Listen to our interview with Lyn Alden about Money or watch the video.
Tune into our interview with Lyn Alden about Gold and Commodities,or watch the video.
Lyn Alden'sfree website
Lyn Alden's premium newsletter
Listen to our interview with Alex Gladstein about issues with fiat currencies, 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 thebest business podcasts.

SPONSORS

Support our free podcast by supporting our sponsors:

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

TIP573: Berkshire's Beginnings w/ Jacob McDonough Sep 01, 2023

Show notes

Clay Finck is joined by Jacob McDonough to discuss Berkshire's 1962 beginnings, Warren Buffett's turnaround, and its rise to a $800B valuation by 2023.

Jacob McDonough is the author of the book Capital Allocation, which covers the financials of Berkshire Hathaway from 1955 through 1985, and he’s the host of the 10-K podcast, where he dives into the annual reports of various companies from decades ago, such as Geico and GM.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro.

02:02 - Why purchasing Berkshire Hathaway’s stock was one of Buffett’s worst investment decisions.

05:51 - How cheap Berkshire’s stock was when Buffett purchased it.

10:26 - The initial steps Buffett took to turn Berkshire’s business around.

13:12 - Why Buffett’s emphasis on cutting costs was so critical to Berkshire’s early success in the mid-1960s.

17:37 - The pivotal moment in 1967 that changed everything for Berkshire Hathaway.

20:06 - How National Indemnity’s valuation compared to the textile business.

27:27 - How insurance float helped supercharge Berkshire’s growth.

30:46 - The advantages Berkshire gained by getting into the insurance industry.

34:39 - What got Buffett and Munger into purchasing shares in Blue Chip Stamps.

39:40 - Buffett’s unconventional use of debt in expanding operations.

41:49 - What fueled the 1970s expansion phase.

54:05 - What led Geico’s stock to drop 96% in the 1970s.

62:30 - How Warren Buffett and Charlie Munger met.

65:11 - The financials and story of one of Berkshire’s best investments ever - See’s Candy.

72:32 - How Jacob thinks about different return metrics when analyzing a company.

75:26 - Jacob’s biggest takeaways from studying the history of Berkshire Hathaway.

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

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Check out our recent episode :TIP569: An Investor’s Guide to Clear Thinking w/ Chris Mayer or watch the video here.
Jacob’s book Capital Allocation.
Jacob’s podcast The 10-K Podcast.
Follow Jacob on Twitter.
Follow Clay on Twitter.

SPONSORS

Support our free podcast by supporting our sponsors:

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

Our TOPPODCAST Picks

Follow Us

Stay Connected

The Investor’s Podcast (We Study Billionaires) – The Investor’s Podcast Network

Related Podcasts

Links

Stay Connected