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

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Latest Episodes:

Classic 23: Lessons from Billionaire Peter Thiel Jun 11, 2023

Show notes

On today’s classic episode, we study Billionaire Peter Thiel. Peter co-founded PayPal and he was the CEO until the sale to eBay in 2002 for $1.5 billion. After the sale of PayPal, Thiel started a big data analysis company called Palantir Technologies. He also became the founder of a venture capital firm called Founders Fund. With this firm, Thiel became Facebook’s first outside investor when he acquired a 10% stake for as little as $500,000 in August of 2004. Peter’s personal net worth today is about $5 billion and he remains active in numerous tech businesses.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

06:26 - Why and how Peter Thiel is always inverting his thinking and why you should do the same.

15:48 - Why do visionaries think in terms of a tipping point for employees rather than a tipping point for revenue.

38:52 - Why computers replacing people is an angst narrative that is not true.

44:45 - Stig and Preston answer a question from the audience and discuss how much value investors should pay attention to the bond yield curve.

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 toPreston and Stig’s discussion of Peter Thiel’s book, Zero to One, or watch the video.
Read Preston and Stig’s executive summary of Peter Thiel’s book, Zero to One
Reid Hoffman’s book, Blitzscaling – Read reviews of this book
Ryan Holiday’s book, Conspiracy – Read 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 thebest business podcasts.

SPONSORS

Support our free podcast by supporting our sponsors:

HELP US OUT!

Help us reach new listeners by leaving us arating 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!

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

TIP558: How Ackman & Taleb Profited Billions During Market Crashes w/ Scott Patterson Jun 09, 2023

Show notes

On today’s episode, Clay chats with Scott Patterson about his new book - The Chaos Kings.

The Chaos Kings tells the story of the hedge fund that achieved average annual returns of over 105% from 2008 through 2019, and how Bill Ackman had a $27 million dollar bet that turned into over $2.6 billion.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro.

02:35 - Who the Chaos Kings are.

05:38 - The story of Nassim Taleb and Mark Spitznagel setting up a hedge fund that delivered average returns of 105% annually.

06:12 - How these hedge funds profit tremendously during times of calamity.

16:14 - What led Nassim Taleb to get interested in the markets.

24:55 - Why we should be mindful of just how uncertain the world and our global economy is today.

complexity theory - What complexity theory is.

28:51 - How investors can protect themselves from a black swan event.

45:02 - How Taleb and Spitznagel viewed the world differently than conventional wisdom.

53:12 -How predictable Black Swan events are.

57:41 - Looming Black Swans that Taleb sees in today’s world.

60:49 - What the precautionary principle is.

63:23 - Taleb and Spitznagels take on the systemic risks in the financial system today.

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.
Scott’s new book - The Chaos Kings.
Scott’s website.
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 thebest 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 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!

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

BTC133: Creating a New Libor on Bitcoin w/ Jesse Shrader (Bitcoin Podcast) Jun 07, 2023

Show notes

Preston Pysh talks to Bitcoin layer two Lightning expert Jesse Shrader on the show about all the fascinating stuff they have going on with their Amboss website. Amboss is a website that analyzes all the Bitcoin full nodes and immediately settling channels that are open between the nodes on the network.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:43 - How did Jesse get into Layer 2 Lightning Bitcoin?

03:07 - How Jesse's background in class action lawsuits against big banks impacted the way he views Bitcoin.

05:10 - How Jesse and his founder initially designed Amboss.

05:10 - What were they trying to optimize for when they built Amboss?

05:10 - What was Lightning like in the early days when opening channels?

11:59 - How has the business plan changed for Amboss?

14:43 - Is inbound liquidity an issue for Lighting adoption?

24:37 - Comparison between the legacy financial system and Lightning.

30:44 - What is Magma's liquidity market?

32:55 - How could Bitcoin even have a "risk free" rate?

34:19 - What is the LINER (Lightning Network Rate)?

34:19 - How could the LINER impact risk free rates?

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Jesse Shrader'sTwitter.
TheAmboss Website.

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

TIP557: Mastermind Q2 2023 w/ Tobias Carlisle and Hari Ramachandra Jun 04, 2023

Show notes

In today's episode, Stig Brodersen speaks to Tobias Carlisle and Hari Ramachandra. Stig only owns five individual stocks, and in this episode, he outlines why he added Teqnion as the newest addition to his portfolio. Hari’s pick, Palantir, has recently traded at a 52-week high after a preceding 80% drop, and Tobias pitches Virtu Financial, a value stock with strong cash flows in uncertain times.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:35 - The group’s takeaways from the Berkshire Hathaway shareholder’s meeting

06:00 - Why Hari is bullish on Palantir (Ticker: PLTR)

24:46 - Why Toby is bull on Virtual Financial (Ticker: VIRT) as a trade but not as a “buy-and-hold.”

41:37 - Why Stig has invested in Teqnion (Ticker: TEQ) as one of the five stocks he owns

58:21 - Which questions to ask management if you get the opportunity

01:17:07 - What the TIP Mastermind Community is and our plans to meet up 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.
Stig Brodersen’s interview with Daniel Zhang, the Chief Acquisition Officer of Teqnion
Daniel Zhang’s book, An investment thinking toolbox – read reviews of the book.
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.
Teqnion’sinvestor relations
Our FREE stock analysis resource,Intrinsic Value Index.
Subscribe to ourFREE Intrinsic Value Assessments.
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

TIP556: 100 to 1 in the Stock Market by Thomas Phelps Jun 02, 2023

Show notes

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 RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Thomas 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 thebest business podcasts.

SPONSORS

Support our free podcast by supporting our sponsors:

HELP US OUT!

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

BTC132: Mental Models For Understanding Bitcoin w/ Anil Patel (Bitcoin Podcast) May 31, 2023

Show notes

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 - Intro

01:15 - 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 important

53:31 - 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 RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Anil'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.
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

RWH027: High-Quality Investing w/ Christopher Begg May 28, 2023

Show notes

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 - Intro

03:54- 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 RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Chris 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.

SPONSORS

Support our free podcast by supporting our sponsors:

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

TIP555: Lessons from the World's Greatest Capital Allocators May 26, 2023

Show notes

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 RESOURCES

William 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 thebest business podcasts.

SPONSORS

Support our free podcast by supporting our sponsors:

HELP US OUT!

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

BTC131: Positioning For the Bitcoin Boom w/ Tuur Demeester (Bitcoin Podcast) May 24, 2023

Show notes

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 - Intro

01:59 - 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 RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Tuur 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.
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

TIP554: Mental Models for Successful Investing w/ John Jennings May 21, 2023

Show notes

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 RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
John’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 thebest business podcasts.