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

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Latest Episodes:

TIP553: Why Hard Assets are Positioned to Outperform w/ Tavi Costa May 19, 2023

Show notes

On today’s episode, Clay Finck brings back Tavi Costa to chat about the beginning of a commodity supercycle. Tavi gives a masterclass in why we are just in the beginning phases of a bull market for gold, silver, and hard assets like commodities.

Tavi is a partner and portfolio manager at Crescat Capital. His research has been featured in financial publications such as Bloomberg, The Wall Street Journal, CNN, among others.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro.

03:31 - Why Tavi believes we’re just at the beginning phases of a bull market for gold, silver, and hard assets like commodities.

09:47- When the next wave of inflation may strike.

21:21 - What the 4 pillars of inflation are, and why they all point to structurally higher inflation going forward.

21:44 - Why the S&P 500’s earnings are likely to roll over and decline in the near term.

37:40 - Why yield curve inversions are bullish for gold relative to equities.

51:09 - Why foreign countries are selling US treasuries to buy gold.

83:19 - Where Tavi sees asymmetric opportunities in the gold mining industry.

83:27 - Why Tavi is bullish on Brazil and sees Brazil much differently than the other BRICS nations.

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

BOOKS AND RESOURCES

Check out Crescat Capital.
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 covering the 2023 Berkshire Hathaway Shareholder Meeting or watch the video here.
Follow Tavi on Twitter.
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

BTC130: Inscriptions & High Fees On Bitcoin L1 w/ Tuur Demeester (Bitcoin Podcast) May 17, 2023

Show notes

In this first of a two-part series, Preston Pysh and Tuur Demeester cover all the talk about the inscriptions and the high fees that we’re currently seeing on layer one of the network. They also talk about scalability on layer two regulatory developments and plenty more.

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 BTC131: 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

TIP552: Mastering the Art of Investing: A Deep Dive w/ Sam Zell May 14, 2023

Show notes

On today’s show, we have the honor of interviewing legendary real estate investor and entrepreneur, Sam Zell.

Sam Zell has an impressive background, having started his career in real estate in the late 1960s. He is the founder and chairman of Equity Group Investments, a leading private investment firm. Over the course of his career, Sam has made many bold moves and investments, earning him a reputation as a savvy and fearless investor.

One of Sam's most notable achievements was his role in creating the modern-day real estate investment trust (REIT) industry. He did this by founding Equity Office Properties Trust in 1997, which became the largest office REIT in the United States. In 2007, he sold the company for a record-breaking $39 billion.

Joining us today as a co-host is David Greene, an accomplished real estate investor, and host of the BiggerPockets podcast, one of the most popular and highly-rated podcasts in the real estate investing space.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro.

04:49 - How Sam helped pioneer the REIT industry and what improvements he would like to see today

30:42 - What drives him to succeed at 81 years old

35:37 - Why Sam would raise interest rates further if he was the head of the Federal Reserve

49:36 - How Sam thinks through when to buy and when to sell

50:48 - A play-by-play breakdown of how he sold Equity Group Investments to Blackstone for nearly $40 billion dollars

1:06:08 - Why he says “liquidity = value”

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.
Am I Being Too Subtle by Sam Zell Book
Bigger PocketsPodcast
Trey Lockerbie 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:

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

TIP551: Berkshire Hathaway Annual Shareholders Meeting 2023 May 12, 2023

Show notes

In this episode, Clay Finck presents his favorite clips from the 2023 Berkshire Hathaway annual shareholder meeting, featuring insightful responses from Buffett and Munger during the marathon Q&A session, along with his own thoughts on their answers.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro.

05:30 - Buffett and Munger’s thoughts on the commercial real estate.

09:37 - Why value investors must evolve to the increasingly competitive world of investing.

17:36 - How Buffett allocates capital to balance profits versus building out a competitive moat.

33:04 - Munger’s stance on position sizing.

38:16 - Buffett’s updated thoughts on Taiwan Semiconductor which is a business Berkshire entered and fully exited over a matter of months.

40:09 - Buffett’s thoughts on the US Dollar’s status as the world’s reserve currency.

54:40 - Common mistakes to avoid to live a good life.

01:01:21 - Buffett and Munger’s most recent thoughts on Occidental.

01:12:23 - How Berkshire can continue to attract high quality subsidiary managers.

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 the full video of the Berkshire Hathaway meeting here.
Check out our recent episode covering Mark Leonard’s Letter’s and Constellation Software. Watch the video here.
Check out Clay’s YouTube video calculating the intrinsic value of Constellation Software 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

BTC129: How the IMF and World Bank Sell Exploitation As Development w/ Alex Gladstein (Bitcoin Podcast) May 10, 2023

Show notes

Alex Gladstein previously discussed his groundbreaking article on the IMF and the World Bank. On today's episode, he is back with even more as he’s turned all of his research into a full-blown book on the topic.

Preston and Alex cover new and additional ideas, which are vital information for understanding the impact of the legacy financial system and the abundant hope that Bitcoin brings to so many regions around the world.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:17 - Why Alex wrote the book.

04:50 - How the IMF and World Bank actually put many countries into repression.

09:30 - Do the leaders of structurally adjusted nations know that it's a malicious force?

24:39 - How do the leaders think about the loans that just keep expanding?

26:48 - What's happening with the Chinese currency in many global south communities?

33:46 - What's one of the most striking finds of writing the book?

36:46 - Interesting stories about Bitcoin during his research.

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.
Alex Gladstein's New Book: Hidden Repression.
Alex's Organization, The Human Rights Foundation.
Related episode: Listen to BTC107: The Impact of IMF & World Bank w/ Alex Gladstein & Sam Callahan, or watch the video.
Related episode: Listen to BTC071: How Fiat Blinds Bitcoin's Importance w/ Alex Gladstein, 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

TIP550: Masterclass w/ Mohnish Pabrai May 07, 2023

Show notes

On today’s show, Stig Brodersen talks with legend investor Mohnish Pabrai. In the interview, Mohnish Pabrai generously shares his investment framework and touches on various stocks, including Alibaba, Constellation Software, Reysas Logistics, and Shinoken. Disclaimer: Stig Brodersen is invested in Pabrai Funds.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro.

01:35 - How to stay objective when you get advice from someone you admire and like

04:56 - Why the Turkey stock market is attractive

10:05 - Mohnish Pabrai’s four steps to read annual reports

27:22 - What happened to Shinoken, one of Mohnish Pabrai’s previous holdings

40:56 - Mohnish Pabrai’s thoughts on Constellation Software and Mark Leonard

49:44 - Mohnish Pabrai’s thoughts on Alibaba

54:48 - How to live a truthful life

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.
Mohnish Pabrai’s website
Learn more about Mohnish Pabrai’s Dakshana Foundation
Listen to our interview with Mohnish Pabrai about investing in stocksor watch the video.
Tune into our interview with Mohnish Pabrai about value investing and philanthropyor watch the video.
Listen to our interview with Mohnish Pabrai about value investing or watch the video.
Tune into our interview with Mohnish Pabrai about value investing in 2021 or watch the video.
Listen to our interview with William Green about Mohnish Pabraior 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:

HELP US OUT!

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

TIP549: 2 High-Quality Compounders May 05, 2023

Show notes

On today’s episode, Clay Finck does analysis on two high-quality compounders – Topicus.com and Copart. Topicus.com is a spin off of Constellation Software and is at a size similar to what CSI was back in 2010. They provide vertical market software and vertical market platforms in Europe. Copart provides online auctions and vehicle remarketing services in the United States, Canada, and many other countries.

Both companies have strong competitive advantages, strong fundamentals, high insider ownership, and managers who think and act like owners, which led Clay to researching them further during this episode.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro.

02:05 - Clay’s biggest takeaways from reading 100 Baggers by Chris Mayer.

07:00 - Chuck Akre’s 3 legged stool approach to compounding wealth.

09:00 - Clay’s assessment of Topicus as an individual stock.

08:00 - Topicus’s history as a business.

10:00 - Why Topicus operating in Europe is potentially a big competitive advantage.

29:00 - Why Copart is well-positioned to prevent competition from taking their market share.

47:00 - Copart’s insider ownership.

54:00 - Potential risks for Topicus and Copart.

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.
Luxor Capital’s Presentation.
Willis Johnson’s book Junk to Gold.
Check out our recent episode covering Mark Leonard’s Letters and Constellation Software or watch the video.
Check out Clay’s YouTube video calculating the intrinsic value of Constellation Software 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

BTC128: Evolving w/ the Technium w/ Kevin Kelly (Bitcoin Fundamentals) May 03, 2023

Show notes

Preston Pysh interviews the author of one of his favorite books of all time, Kevin Kelly. Kevin is the founding editor of the global brand Wired Magazine. In this episode, they talk about all the interesting ideas about technology, AI, where it’s going, and more.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

02:12 - What is the Technium and how did Kevin come to understand the term?

02:12 - Why are ecosystems NOT in equilibrium?

06:28 - What are Kevin's thoughts on AI helping biology and longevity research?

14:06 - Thoughts about Kevin's new book, "Excellent Advice for Living".

24:19 - How does technology have its own evolution?

24:19 - Does Biology seek efficiency and is that what we are trying to accomplish with technology?

44:19 - Kevin's experience with the 10,000 year clock.

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.
Kevin's New Book,Excellent Advice for Living.
Kevin's book,What Technology Wants.
Kevin'sTwitter.

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

TIP548: Berkshire Hathaway Masterclass 2023 w/ Chris Bloomstran Apr 30, 2023

Show notes

Stig has invited legend investor Chris Bloomstran from Semper Augustus to teach us how to value Berkshire Hathaway on today's show. Semper Augustus has an outstanding track record with a CAGR of 11.5% since his fund's inception on 2/28/1999, compared to 6.9% for the S&P500.

There is no one in the space we respect as much as Chris Bloomstran when valuing the intrinsic value of Berkshire Hathaway.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

10:21 - The intrinsic value of Berkshire Hathaway and what the P/B of Berkshire Hathaway tells us & what it doesn’t tell us.

16:34 - How to think about depreciation and maintenance CAPEX

19:02 - Why the insurance business is worth approximately as much as the energy and railroad businesses combined

35:17 - How to think about Berkshire Hathaway’s bigger equity positions

1:13:49 - Where you can use Berkshire Hathaway to park cash?

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 Stig’s masterclass with Chris Bloomstran on valuing Berkshire Hathaway or watch the video.
Tune in to Stig’s masterclass with Chris Bloomstran on equity valuations or watch the video.
Chris Bloomstran’s website.
Read Chris Bloomstran’s letters to his clients.
Buffett resource on CNBC.

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

TIP547: The Truth About Stock Market Forecasts Apr 28, 2023

Show notes

On today’s episode, Clay wraps up his review of Gautam Baid’s book, The Joys of Compounding. Today’s episode is part 5 and the final episode of our review of this incredible book. This episode is jam packed with investing wisdom that you won’t want to miss.

Gautam Baid is the Managing Partner and Fund Manager of Stellar Wealth Partners India Fund, a Delaware-based investment partnership which is available to accredited investors in the US. The fund is modeled after the Buffett Partnership fee structure and invests in listed Indian equities with a long-term, fundamental, and value-oriented approach.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro.

03:02 - Why we should read more history and study fewer forecasts.

12:05 - Why “Don’t Fight the Fed” is a misguided investment strategy.

22:15 - Why the ability to change our mind as investors is more critical now than ever before.

28:37 - What base rates are and why Buffett loves companies with high base rates.

32:32 - Gautam’s wisdom related to opportunity costs.

39:11 - How Nick Sleep, Charlie Munger, Warren Buffett have become masters of pattern recognition and better investors because of it.

56:34 - Why value investors should generally avoid stop loss orders on long-term secular winners.

62:48 - What the real secret is to utilizing the power of compounding.

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 the book, The Joys of Compounding.
Tune into our previous episodes covering The Joys of Compounding: Part 1, Part 2, Part 3, & Part 4 or watch the videos here, here , hereand here.
Check out our recent episode covering Mark Leonard's Letter's and Constellation Software. Watch the video here.
Check out Clay’s YouTube video calculating the intrinsic value of Constellation Software here.