We Study Billionaires - The Investors Podcast

On today’s episode, Clay and Kyle give an overview of their best quality stock idea for Q3 2024. This quarter, they discuss Old Dominion Freight Line. Over the past 20 years, Old Dominion has been one of the best performing stocks in the market. This seemingly boring best-in-class trucking company outperformed well-known companies like Amazon, Costco, and Microsoft. Tune into today’s episode to hear Clay and Kyle’s thoughts on Old Dominion’s business and what the prospective returns might look like going forward. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:14 - What is important to know about Old Dominion’s history going back to the Great Depression? 21:06 - An overview of Old Dominion’s business model and competitive advantages. 21:06 - The development of the LTL trucking industry over the past 20 years. 41:53 - Why Old Dominion Freight Line has similar competitive advantages to Copart. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. B

In this episode, we sit down with Brian and Kelly Estes to discuss their newly released documentary, "God Bless Bitcoin." The conversation covers the overwhelming positive response to the film, the inspiration behind its creation, and how it addresses the intersection of faith and finance. We also explore the challenges they faced during production, the impact they hope the film will have, and their future projects. Whether you're a seasoned Bitcoiner or new to the space, this episode offers valuable insights into why Bitcoin is more than just a financial tool. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 04:37 - What inspired Brian and Kelly Estes to create "God Bless Bitcoin" and the moment that sparked the project. 15:00 - The flaws of the current fiat monetary system and its connections to the military-industrial complex. 17:39 - How the film connects the themes of faith and finance, and why this intersection is crucial to understanding Bitcoin's role in society. 22:18 - Why Bitcoin is portrayed as a mora

On today’s episode, Kyle Grieve chats with Scott Barbee about how he managed to maintain a deep value-based strategy while it’s gone out of fashion, the three buckets of risk Scott uses to assess businesses, what a genetic contrarian is and why it can be a powerful advantage, why fossil fuels aren’t going anywhere anytime soon and why opportunities exist in that industry, how he navigated a 72% drawdown during the GFC, and a whole lot more! Scott is the founder of the Aegis Value Fund. Which was created in 1998. Prior to Aegis, Scott worked as an analyst covering oilfield services at Simmons & Company. He also had a stint as a deep value advisor for Donald Smith & Company. He received his MBA from the Wharton School and the University of Pennsylvania. He also holds a B.S in Engineering and a B.A in Economics. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:41 - Some of the key lessons he learned from investing legends like Bill Ackman, Bob Robotti, Peter Cundill, and Walter Schloss 08:17 - How Scott has mana

On today’s episode, Clay Finck is joined by investing legend and bubble historian, Jeremy Grantham. Jeremy gives his updated views on the recent stock market run up, how today’s market compares to market bubbles of the past, and indicators that point to the potential bear market that lies ahead. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:49 - Lessons Jeremy learned from his early career investing in the 1960s. 06:13 - How today’s market compares to previous superbubbles in the 1920s, 1989, 1999, and 2007. 12:11 - Jeremy’s view on the market rally since 2022, and the impact of the overcentration of the Magnificent 7 in the S&P 500. 17:40 - Why bubbles tend to last longer than we would expect them to.  31:56 - Whether using the P/E ratio is a reliable way to value the broader market. 36:29 - The major flaw in projecting compounding growth into the future from here. 44:55 - What Jeremy is seeing for innovation in the green energy space. And so much more! Disclaimer: Slight discrepancies in the timestamps m

In this episode, we start by delving into Tether's Q2 2024 attestation, highlighting their remarkable financial achievements and commitment to creating a stable and resilient stablecoin. Following this, we dive into the Pear initiative's zero-cost, peer-to-peer infrastructure, discuss Keet's open-source capabilities, and examine the impact of eliminating server dependency with insights from Paolo Ardoino and Mathias Buus. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 03:07 - Tether's Q2 2024 financial highlights, including $1.3 billion in net operating profit and $5.33 billion in excess reserves. 04:46 - The strategic positioning of Tether in the U.S. Treasuries market and its impact on financial stability. 08:47 - Tether's commitment to supporting users in emerging markets and developing countries with their stablecoin reserves. 23:17 - What the Pear initiative aims to achieve with zero-cost, peer-to-peer infrastructure. 26:43 - The potential and functionality of Keet, an open-source platform. 29:15 - How tun

In this episode, William Green chats with Adam Shapiro, Managing Partner at East Rock Capital. Adam oversees billions on behalf of eight vastly rich families, allocating their assets to everything from hedge funds to private equity. Here, he explains how to build & safeguard wealth over the long term; how he identifies the best fund managers; why he’s wary of index funds & ETFs; & how to thrive by building a powerful network & removing excess “filler” from your portfolio & your life. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 07:29 - Why Adam Shapiro stopped investing in emerging markets.  11:26 - Why the U.S. is a great—but potentially perilous—place to invest.  25:31 - What he learned at Goldman Sachs about intelligent investing.  32:02 - How he identifies fund managers who are likely to outperform. 40:01 - Why he favors small funds run by young & hungry investors. 45:56 - What human qualities lead to investment success. 51:53 - How Adam built an investing edge through networking. 1:13:21 - Why Adam is wa

On today’s episode, Clay Finck is joined by Pierre-Olivier Langevin to discuss the investment approach at Medici and several of their portfolio holdings. Medici boasts an exceptional investment track record, achieving 16.0% annualized returns since 2009 compared to 11.3% for their benchmark. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:35 - What led Pierre to join Medici just two years after they started. 06:08 - Medici’s formula for outperforming the market. 12:30 - How Pierre identifies the moat within a great business. 29:08 - Medici’s bull thesis on Dollarama. 38:36 - What keeps Medici in Meta stock. 49:36 - How Meta is approaching capital allocation. 56:05 - How Pierre gets comfortable with Meta given the level of change they are bound to see over the next decade. 01:04:19 - An investment overview of O’Reilly Automotive. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community

In this episode of the Bitcoin Fundamentals Podcast, we interview Bob Burnett, a Bitcoin mining and technology expert. Bob explains why the value of a block is largely misunderstood and how the future of mining may differ from common assumptions. We discuss the forward marketplace for blockspace, the economic implications of its scarcity, and the evolving role of miners. Bob also shares insights into the strategic importance of securing blockspace for major corporations and the potential symbiotic relationships between mining and financial services companies. Tune in to learn about the dynamics of blockspace, the impact of Bitcoin on energy markets, and what the future holds for the Bitcoin ecosystem. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:17 - The often misunderstood value of a block. 05:33 - The future of Bitcoin mining and how it may evolve. 08:53 - The concept of a forward marketplace for blockspace. 21:59 - Why blockspace is both a commodity and absolutely scarce. 24:45 - The strategic importanc

On today’s episode, Kyle Grieve chats with Ian Cassel about the art of success in the private investing world, key investing skills to help manage stress, simple methods for finding new investing ideas, consolidating your stock buying framework, the challenges that must be overcome to hold a stock successfully, when they sell a stock, how to develop perseverance like a legendary investor, and a whole lot more! Ian had a long history as a full-time private investor of microcaps. He then transitioned to become the founder of Intelligent Fanatics Capital Management. He is the founder of MicroCapClub.com and co-founder of IntelligentFanatics.com. He’s co-authored two books on Intelligent Fanatics. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:15 - The stresses that must be overcome with being a private investor. 05:18 - Why you shouldn't project performance through a bull market with performance going forward (good performance through a bull market is unlikely to remain the same over a full cycle). 12:20 - How

On today’s episode, Clay is joined by Soo Chuen Tan who is the founder and president of Discerene Group to discuss global & contrarian value investing. Soo Chuen started his firm in 2010 with less than $100 million in AUM and has grown it to over $2 billion. Utilizing their strict value investing approach, Discerene has had an impressive investment track record since its founding in June 2010. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:30 - What led Soo Chuen to start Discerene Group shortly after the collapse of Lehman Brothers. 15:33 - What differentiates Discerene Group from other value investors. 20:34 - Lessons that Soo Chuen teaches younger investors. 38:43 - Whether great investing can be learned or not. 43:20 - How Soo Chuen balances the subjectivity of markets with solid and rationale investment approach. 01:00:19 - The importance of reflexivity in markets. 01:06:46 - How Discerene has avoided value traps. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to pod

In this episode, Mark Goodwin, author of "The Chain of Custody: The Mafia Holding the Elite’s Bitcoin," explores the article's central themes, the concept of 'covert dollarization,' and Bitcoin's impact on venture capital and US intelligence. We also cover privacy and security concerns, and the future of Bitcoin in emerging markets. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:07 - The central message of "The Chain of Custody: The Mafia Holding the Elite’s Bitcoin." 02:49 - Insights from Mark Goodwin's book, "The Bitcoin Dollar." 05:25 - Explanation of Endeavor and its importance in the entrepreneurial ecosystem. 09:13 - The concept of 'covert dollarization' and its implications. 23:25 - How venture capital firms, influenced by US intelligence and organized crime, shape entrepreneurs and how Bitcoin fits into this dynamic. 31:28 - Predictions for the future of Bitcoin in Latin America over the next decade. 35:07 - Privacy and security concerns for individuals using Bitcoin in data-driven models by Big Tech

On today’s episode, Kyle Grieve discusses a book that is near and dear to Warren Buffett’s heart, Common Stocks and Uncommon Profits by Philip Fisher. He’ll discuss why the book was so influential on Warren’s transition towards quality businesses, why going deep into a business is vital to successful long-term investing, specific ways to learn more about a business, it’s management, and its products, how to create your own business grapevine to monitor your investments, details on how Philip Fisher’s investing philosophy and how it developed, and a whole lot more! IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 04:12 - The importance of avoiding dogmatic thinking in investing 05:13 - Why owning growing businesses is so powerful for great investments 05:47 - How to evaluate a business growth prospects 08:43 - How you should look at relations between a business and its employees 14:44 - How Amazon has strengthened their moat by thinking long-term 26:27 - The three ways a business can fund its growth and which are

On today’s episode, Clay is joined by Christian Billinger to discuss Bernard Arnault, LVMH, and the broader luxury industry.  Christian is chairman of Billinger Förvaltnings AB, which invests in publicly listed equities. The firm seeks to generate attractive long-term total returns in real terms without employing financial leverage. Christian previously covered European equities for Cheyne Capital, Gartmore, and GAM in London. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:08 - What makes Bernard Arnault a unique business leader? 10:44 - What attracted Christian to make his initial investment in LVMH. 12:17 - A business overview of LVMH. 27:14 - The role of China in LVMH’s business and growth story. 48:32 - Christian’s thoughts on LVMH’s current valuation & risks in the business. And so much more! 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 discussio

In this episode of the Bitcoin Fundamentals Podcast, we interview Ryan MacLeod, a Chemical Technologist from Canada. Ryan provides a brief history of nuclear energy, discusses recent technological advancements, and explains why nuclear energy is crucial for the future. We delve into the economic model of nuclear energy, the interplay between nuclear energy and Bitcoin, and how Bitcoin mining can serve as an immediate buyer of nuclear energy. Ryan also shares insights into energy market dynamics, the role of government policies, and exciting future scenarios involving Bitcoin and nuclear energy. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 02:38 - The history and evolution of nuclear energy. 09:45 - Recent advancements in nuclear energy technology. 23:27 - Why nuclear energy is poised to become a crucial energy source in the future. 32:52 - The economic model of nuclear energy and its distortion by fiat incentives. 41:55 - The interplay between nuclear energy and Bitcoin. 43:37 - How Bitcoin mining can integr

On today’s show, Stig Brodersen talks with co-host William Green, the author of “Richer, Wiser, Happier.” With a strong focus on building meaningful relationships and serving others, they discuss what has made them Richer, Wiser, or Happier in the past quarter. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:24 - How to deal with your ego 05:52 - Stig and William’s journey to serve others 27:58 - Why Stig has invested with Mohnish Pabrai 34:13 - Why one should not judge others for flawed values  40:41 - What is the Richer, Wiser, Happier Masterclass  53:25 - How to build and maintain meaningful relationships 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. If you want to learn more about the Richer, Wiser, Happier Masterclass, please email kyle@theinvestorspodcast.com. William Green’s bo

On today’s episode, Clay is joined by Christian Billinger to discuss The Luxury Strategy by Kapferer and Bastien. Over the past 20 years, some of the best performing companies in the stock market have come from the luxury sector. For example Hermes and LVMH, which are both companies based out of France, have compounded at 21% and 16% respectively. Christian is chairman of Billinger Förvaltnings AB, which invests in publicly listed equities. The firm seeks to generate attractive long-term total returns in real terms without employing financial leverage. Christian previously covered European equities for Cheyne Capital, Gartmore, and GAM in London. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 04:12 - The definition of luxury. 04:12 - How luxury companies create their own demand. 08:47 - What products are most prevalent in the luxury industry. 10:28 - The primary differences between a premium and a luxury product. 19:26 - What the non-return effect is, and how it can make luxury companies more resilient. 26:09 -

In this episode of the Bitcoin Fundamentals Podcast, we interview the versatile Kenny Florian, a former UFC fighter known for his impressive career across multiple weight classes. We explore Kenny's journey in MMA, highlighting his work ethic, resilience, and the concept of "proof of work." Kenny shares personal stories, including his near-death experience in Brazil and his background in Brazilian Jiu-Jitsu and Muay Thai. We also discuss how his discipline and hard work led him to discover Bitcoin, and why Bitcoin resonates so strongly with athletes. Tune in for an engaging discussion that bridges the worlds of MMA and cryptocurrency. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 03:56 - Kenny Florian's journey from soccer to becoming a renowned UFC fighter. 11:25 - The challenges of competing in multiple weight classes in the UFC. 14:09 - Insights into the mental strategies used to stay focused and prepared for fights. 16:02 - The concept of "proof of work" as it applies to MMA and Bitcoin. 25:14 - Personal s

In this episode, William Green chats with Bruce Usher, author of a book titled “Investing in the Era of Climate Change.” Bruce, a successful entrepreneur, investor, & Columbia Business School professor, discusses the “once-in-a-lifetime” investment opportunity created by the transition of the global economy to a low-carbon future. He explains how to protect yourself financially as environmental risks intensify, & how to profit as trillions of dollars flow into innovative climate change solutions that will change the world—from electric vehicles to solar energy. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 05:37 - Why Bruce Usher sees climate change as a huge opportunity (& risk) for investors. 08:34 - How the transition to a low-carbon future will transform the global economy. 10:53 - How extreme weather is finally altering perceptions of climate change. 13:45 - How to protect against environmental threats to your property. 20:39 - Why electric vehicles & renewable energy are key drivers of decarbonization. 

On today’s episode, Clay discusses the early days of Starbucks and Howard Schultz’s book — Pour Your Heart Into It.  Starbucks has been one of the market's best-performing stocks over the past three decades. Since the IPO in 1992, Starbucks stock has had an average annual return of 18.6% relative to the S&P 500 returning 10.4% over that same period (with dividends reinvested). Clay unveils the fascinating story of how Howard fended off endless competition to build an iconic brand that’s built to last. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:01 - What led Howard Schultz to join and take over Starbucks. 14:24 - The impact of Howard’s visit to Italy, where there were 200,000 coffee bars. 34:07 - How Howard aligned the interests of the company with the interests of all employees at Starbucks. 48:29 - Lessons Howard learned in taking Starbucks public. 58:13 - How Starbucks was able to dominate big brands in the early days. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due

In this episode of the Bitcoin Fundamentals Podcast, Prince Philip of Serbia joins us to discuss his advocacy for Bitcoin and its potential to offer financial sovereignty. We delve into his journey from a background in finance to becoming a passionate Bitcoin proponent. Prince Philip shares his thoughts on the synergies between Bitcoin and monarchy, the environmental impact of traditional banking systems, and the challenges and opportunities for Bitcoin adoption in Serbia. We also explore his vision for a Bitcoin nation-state and the future of global finance. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:56 - Prince Philip's journey from finance to Bitcoin advocacy. 13:38 - The benefits of Bitcoin for financial sovereignty and inclusion. 15:41 - The synergies between Bitcoin and monarchy. 21:14 - The environmental impact of traditional banking systems versus Bitcoin. 32:08 - The steps Serbia needs to take for Bitcoin adoption. 34:23 - Prince Philip's vision for a Bitcoin nation-state. 36:08 - The role of me