We Study Billionaires - The Investors Podcast

On today’s show, Stig Brodersen talks with co-host William Green, the author of “Richer, Wiser, Happier.” With a strong focus on kindness, they discuss what has made them Richer, Wiser, or Happier in the past quarter. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:26 - What we can learn from the greatest investors about being authentic  16:40 - How to stay true to yourself 25:55 - How we change throughout the stages of our lives 43:44 - If principles are truly timeless 1:00:52 - What William learned recently about Charlie Munger’s kindness 1:11:54 - Why we want to take a simple idea and take it very seriously  1:23:59 - The challenges of the three phases in 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, Kyle, and the other community members. William Green’s book, Richer, Wiser, Happier – read reviews of this book. Wi

On today’s episode, Clay is joined by Morgan Housel to discuss his newest book, Same as Ever, and uncover the key themes in financial history that have never changed. Morgan Housel is a partner at The Collaborative Fund. He’s the New York Times Bestselling author of The Psychology of Money and Same As Ever. His books have sold over 4.5 million copies and have been translated into more than 50 languages. He also serves on the board of directors at Markel. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 02:34 - The key themes that seem to never change throughout history. 04:37 - Why the world is much more fragile than we’re led to believe. 09:04 - Why the biggest risk is the one you don’t see coming.  24:49 - The true power of exceptional storytelling. 23:28 - The importance of thinking probabilistically. 27:00 - Why every stock valuation is a number from today multiplied by a story about tomorrow. 27:32 - Why successful stock picking is about so much more than the numbers. 29:22 - Why market extremes such as the

Join us in this insightful episode where Caitlin Long of Custodia Bank and Wes Knobel delve into the innovative non-fractional reserve system, the challenges faced with the Federal Reserve, and the dynamic world of cryptocurrency banking. They discuss Custodia's unique approach, its role in the post-Silicon Valley bank crisis landscape, and the evolving challenges and opportunities in cryptocurrency custodianship. This conversation offers a deep dive into the intersection of traditional banking, regulatory environments, and the growing influence of digital assets. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:34 - How Custodia Bank is redefining traditional banking practices. 02:34 - The significance of Custodia's approach to customer deposits. 12:47 - Insights into the Federal Reserve's decision-making process. 22:19 - The implications of non-participation in fractional reserve banking. 22:19 - The importance of state laws in protecting digital assets. 28:21 - Wes Knobel's perspective on financial innovati

In this episode, William Green chats with Laura Geritz, founder of Rondure Global Advisors, which scours the globe in search of high-quality companies trading at attractive prices in places like India, China, Japan, Thailand, Taiwan, Turkey, Brazil, & Mexico. Here, Laura makes the case for allocating more money to undervalued stocks outside the US. She also discusses her unusual lifestyle, which is built around relentless travel, voracious reading, & abundant time to think. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 08:15 - How Laura Geritz earned the nickname “Money Bags.” 09:41 - How she broke into the investment industry by living in Japan. 12:55 - How she was shaped by the frugal, unflashy culture of rural Kansas. 22:57 - What she learned from her mentor & partner, Robert Gardiner. 30:14 - Why so many talented women quit the investment business. 36:54 - Why she believes many investors are taking too much risk. 38:56 - Why foreign stocks may be overdue for a powerful rebound. 41:20 - How she weighs the

On today’s episode, Clay shares his biggest takeaways from reading billionaire Willis Johnson’s book – Junk to Gold. Willis Johnson founded Copart in 1982, and today he is worth over $2.6 billion through his equity ownership in the company.  Copart is one of the most impressive businesses we’ve studied. Over the past 30 years, the stock has compounded at over 21% per year, outperforming Microsoft, Adobe, and the majority of other stocks. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 08:15 - The key experiences in Willis Johnson’s early life that shaped him. 12:18 - How Willis thought about money and building a business. 14:44 - Willis’s experience fighting in the Vietnam War. 24:51 - What he learned from chasing his dreams and building a successful company.  42:08 - The story of Jay Adair dropping out of college to work with Copart. 45:24 - How Willis sold Wall Street on lending him money to grow and take his company public. 52:01 - What sets Copart apart from the majority of other companies that exist. 54:1

Dive into Bitcoin's 2024 technical landscape with NVK. We dissect the impact of covenants and CheckTemplateVerify (CTV) on smart contracting and scalability, analyze OP_RETURN's usage, and evaluate the Lightning Network's potential for scaling. We also ponder Layer 2's self-custody significance, tackle block spam concerns with node filters, and delve into transaction developments brought by SegWit and Taproot. Additionally, we discuss BRC20 implications and assess the Mempool's health score. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:20 - An understanding of the Mempool health score and what it indicates about the Bitcoin network's efficiency and congestion. 06:31 - The technical intricacies and implications of implementing covenants in Bitcoin. 09:01 - The advancements in transaction structures and efficiency brought by the Taproot update. 09:01 - Insights into the potential and challenges of BRC20 tokens or standards on the Bitcoin network. 11:34 - The role and impact of OP_RETURN in Bitcoin transactio

On today’s episode, Kyle talks to Hamilton Helmer about the power of being an educator and how it’s helped him improve at strategy and investing, the differences between power and operational excellence, how he formulated his 7 powers, a deep dive into all 7 powers, updated case studies of some of the powers, why barriers are so important when benefits are much easier to find. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:41 - How Hamilton uses his knowledge of strategic consulting to invest in companies with durable competitive advantages. 01:52 - How Joseph Schumpeter has helped shape Hamilton’s strategy on entrepreneurship. 14:00 - Traits of earlier stage businesses with potential for power. 20:25 - How to observe the power of a brand to ensure its advantage isn’t being eaten away. 24:02 - How businesses with switching costs power can keep customers happy while increasing prices. 24:12 - Hamilton’s personal story of the power of Apple’s brand and switching costs. 29:12 - The distinction between power an

On today’s episode, Clay is joined by Jonathan Boyar. They discuss his firm’s most recent release of The Forgotten Forty, which outlines their 40 best stock ideas for 2024. Jonathan Boyar is president of Boyar’s Intrinsic Value Research, an independent equity research boutique established in 1975 that counts some of the world’s largest sovereign wealth funds, hedge funds, mutual funds, and family offices as subscribers. He is also a principal of Boyar Asset Management, which has been managing money utilizing a value-oriented strategy since 1983.  IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro. 02:45 - How a company makes the list of the Forgotten Forty. 09:52 - Potential catalysts Jonathan looks for in his investments. 14:30 - Why Uber remained on the Forgotten Forty list after being the list’s top performer in 2023. 21:58 - Jonathan’s thoughts on the underperformance of small-cap stocks since 2015. 28:04 - An overview of Interactive Brokers stock. 39:22 - Why Bill Ackman has taken a massive stake in Howard Hu

In this insightful episode, real estate expert Leon Wankum delves into the evolving landscape of asset investments. We discuss how Bitcoin could redefine real estate's value, comparing traditional and digital asset strategies. Leon shares his thoughts on Bitcoin's influence on property prices, its role as a new monetary standard, and potential shifts in real estate financing. A must-listen for anyone interested in the intersection of Bitcoin and real estate. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:13 - The potential of Bitcoin as a new monetary unit of account. 05:03 - How Bitcoin compares with real estate as a store of value. 09:01 - The impact of Bitcoin on the monetary premium of real estate. 25:03 - The effect of Bitcoin's growth on global real estate markets. 25:03 - Balancing Bitcoin's volatility against real estate's stability. 32:10 - Reasons why real estate investors should consider Bitcoin. 35:57 - Specific Bitcoin investment strategies for real estate investors. 51:10 - Regulatory and marke

In this episode, William Green brings back Daniel Goleman, author of “Emotional Intelligence,” an iconic book that’s sold over 5 million copies. Here, Dan talks about his new book, “Optimal: How to Sustain Personal & Organizational Excellence Every Day.” He explains how to master the skills of emotional intelligence to become more productive, more effective, calmer, & happier.  IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 04:55 - Why Daniel Goleman seeks sustainable excellence, not a “flow” state. 10:44 - How Peter Lynch illustrates the dangers of driving yourself too hard. 15:54 - Why companies need emotionally intelligent leaders. 17:23 - How to boost creative thinking by allowing yourself time to relax. 32:02 - Why EQ trumps IQ in the professional world. 34:21 - How to enhance the foundational skill of self-awareness. 37:08 - How to become a better listener. 48:39 - What the Dalai Lama told Dan about self-compassion. 49:27 - How emotional self-management enhances decision making. 50:42 - How to recover fr

On today’s episode, Clay shares a tribute to Charlie Munger since we just crossed what would have been his 100th birthday on January 1st, 2024.  Charlie Munger was vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett. Buffett described Munger as his closest partner and right-hand man. At the time of his death, Munger had an estimated net worth of $2.6 billion.  Charlie has had an enormous impact on the value-investing community, and this episode is dedicated to him to honor his contributions to the community and his worldly wisdom. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro. 02:11 - The importance of simplicity in investing and life. 03:17 - The three foundational principles to how Buffett and Munger invest. 08:27 - Why Charlie focused on minimizing standard stupidities to win in life. 14:37 - Munger’s lessons on living a meaningful and fulfilling life. 20:02 - How Munger used his setbacks in life as opportunities to learn and grow as an individual. 23:43 - Munger’s thoughts o

We Study Billionaires podcast, hosted by Stig Brodersen, Preston Pysh, William Green, Clay Finck, and Kyle Grieve, is the flagship podcast of The Investor’s Podcast Network, with more than 100 Million downloads. On the show, they interview and study famous financial billionaires including Warren Buffett, Charlie Munger, Howard Marks, and Bill Gates, and they teach you what they learn and how you can apply their investment strategies in the stock market. Leverage the lessons we learned from studying billionaires and apply them in your own investing journey. Listen to our weekly episodes below. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this insightful episode, we dive into the dual role of Bitcoin mining rigs in both generating cryptocurrency and heating water at home. Our guest, a skilled Bitcoin engineer, shares the technical nuances and environmental considerations of his unique setup. The conversation also analyzes the strategic consequences of the Red Sea conflict, discussing its profound effects on international trade, maritime security, and the stability of the US dollar in global finance. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:27 - An analysis of the Red Sea's role in global trade and its geopolitical significance. 01:27 - How the conflict in the Red Sea region affects international maritime trade and shipping routes. 01:27 - Discussion on the influence of the Red Sea conflict on the stability and dominance of the US dollar. 01:27 - Insights into the broader implications of maritime security issues on global trade. 01:27 - Understanding the complex interplay between geopolitical events and their impact on global trade d

On today’s episode, Kyle shares the lessons he learned from reading What I Learned About Investing From Darwin by Pulak Prasad.  The book is authored by Pulak Prasad, an investor out of India who helps run Nalanda Capital. From 2007 to 2022, they compounded their capital at 19% per annum turning 1 rupee into 13.8 rupees during that time sample!! But more important than their track record is the unique ways they run their fund. The book illuminates 3 key principles that Nalanda uses for its investing framework:  1. Avoid big risks. 2. Buy high-quality at a fair price. 3. Don’t be lazy – be very lazy. To help readers understand why he invests this way he dives deep into many of Darwin’s principles to help you understand their potential power in investing. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 20:26 - What a cheetah can teach you about risk 24:33 - Why you should be more focused on risk than returns 25:40 - How things in nature and investing mostly stay the same 27:42 - Some interesting data on why gr

On today’s show, Stig Brodersen talks with co-host Clay Finck. They outline how and why you should invest in high-quality businesses. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:43 - How to identify the best businesses 06:00 - Why you need to focus on barriers of entry when assessing a stock 06:44 - Why competition is for losers 18:28 - When management is important and not important in high-quality investing 23:07 - How you want the management to be compensated 24:41 - Why insider ownership is not only important but even more so how it was acquired.   57:13 - Why you should invest in stocks with two engines  1:03:01 - What is the Berkshire Summit, and how do you attend?  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. Our episode with Christian Billinger about quality investing | YouTube

On today’s episode, Clay is joined by financial history expert, Jamie Catherwood, to discuss market forecasting, interest rates, and the efficiency of markets from a historical perspective. Jamie Catherwood is a Client Portfolio Specialist at O'Shaughnessy Asset Management and also the author of the popular blog, Investor Amnesia. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:35 - Why we shouldn’t try to make market forecasts. 04:56 - Psychological biases that play into why investors are prone to forecast markets. 08:47 - How we can determine which market forecasts are worth putting weight on. 17:10 - Jamie’s thoughts on the AI craze of 2023. 25:52 - Jamie’s take on where interest rates may head from here. 30:23 - Broader consequences of zero percent interest rates and loose monetary policy. 33:59 - Historical examples of governments restructuring their debt. 40:47 - How investor access to information has impacted the efficiency of markets. 47:53 - Jamie’s favorite book from 2023. Disclaimer: Slight discr

In the podcast 'The Free Speech Solution' with Miljan Braticevic, we explore Nostr's role in free speech and its unique aspects. The discussion covers why Nostr is pivotal, its ecosystem, and Primal's user-focused approach, featuring an integrated wallet and open-source stack. Key topics include Zaps, reshaping content publishing, content moderation in open networks, Primal Wallet's innovations, and partnerships. Insights into Nostr's current technical challenges and entrepreneurial lessons, along with future prospects for both Nostr and Primal, are also highlighted. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:59 - The Fundamentals of Nostr: Understand what Nostr is and why it's essential for free speech and decentralization. 01:59 - Technical Hurdles in Nostr Development: Gain insight into the major technical challenges currently faced in the development of Nostr. 28:54 - Primal's User-Centric Approach: Learn about Primal's focus on optimizing user experience, onboarding, and performance. 35:01 - Integr

In this rare, in-depth interview, William Green chats with super investor Rick Rieder, who oversees about $2.6 trillion at BlackRock, the world’s largest asset manager. Rick, who probably manages more money than any other investor on Earth, has an enormous range of responsibilities: he’s BlackRock’s chief investment officer of Global Fixed Income, head of the firm’s Global Allocation Investment Team, and chairman of the firm-wide BlackRock investment council. A true titan of the investing world, he recently won Morningstar’s 2023 award for Outstanding Portfolio Manager. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 05:57 - What Rick Rieder learned from a disastrous early investment. 24:43 - Why he focuses relentlessly on leverage, liquidity, & cashflow. 40:13 - How access to vast amounts of data gives him an edge. 43:27 - How he distinguishes meaningful news from meaningless noise. 49:13 - Why he gets grumpy in bull markets & relishes periods of dislocation. 55:49 - What great investors like Ray Dalio & David

On today’s episode, Clay is joined by Scott Phillips to discuss how to invest during times of max pessimism. Scott is married to and manages money with Lauren Templeton, who is Sir John Templeton’s great-niece. Sir John was one of the greatest international investors of the 20th century and the master of finding pockets of the market that were most distressed and offered the highest level of asymmetric returns. Scott Phillips is a Principal and Chief Investment Officer at Templeton and Phillips Capital Management, LLC. Mr. Phillips also serves as a Managing Member to the Templeton and Phillips Partners Fund, LLC. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro. 03:02 - What helped Sir John Templeton think independently and have the courage to stray from the crowd. 10:01 - Sir John’s lessons living through the Great Depression. 15:24 - How Scott works to teach his children the values around money that Templeton embodied. 22:20 - The investment lessons that Scott learned from studying the career of Templeton. 35:

Preston Pysh sits down with Bitcoin Mechanic to discuss Ocean's disruptive mining pool model, emphasizing non-custodial payments and transparent block templates. They tackle the current mining centralization trend, the innovative PoW marketplace for 2024, and respond to the controversy around the alleged censorship of certain Bitcoin transactions. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 18:24 - The significance of transparent block templates in mining. 18:24 - Details of Ocean's upcoming proof of work (PoW) marketplace. 29:00 - The impact of miners constructing their own block templates. 37:35 - Ocean's response to the community's concerns about transaction selection. 49:50 - The arguments for and against transaction censorship in Bitcoin. 56:59 - Ocean's unique non-custodial payment system for miners. 01:15:57 - The role of centralization in the current Bitcoin mining ecosystem. 01:15:57 - Insights into the potential future of Bitcoin mining and network security. Disclaimer: Slight discrepancies in th