We Study Billionaires - The Investors Podcast

Trey chats with Joseph Shaposhnik. Joseph is the Portfolio Manager of TCW’s New America Premier Equities Fund. Joseph also serves as a Senior Equity Analyst in the equity research group with coverage responsibility for the industrials and basic materials sectors. Before joining TCW in 2011, he was an Equity Research Associate at Fidelity, focusing on the semiconductor and entertainment software sectors. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:52 - Unconventional wisdom and strategies that Joseph has learned from working under Joel Tillinghast, Will Danoff and under mentorship from Brian Jellison. 28:40 - How he has shaped his strategy for his fund that has outperformed it’s benchmark by 3.5% since inception. 37:16 - An overview of some of the funds top holdings, including Constellation Software, Factset and Broadcom.  50:17 - Insights from Buffett’s investment in TSM and Precision Castparts. And a lot more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differenc

Pierre Rochard comes back to the show to do a deep dive into ordinals and the impact of people being able to put NFTs onto the base layer of the Bitcoin protocol. Many people in the space are currently debating whether this is a good thing or a bad thing, and there's no one better than Pierre to provide a good objective look at what it means and whether it potentially presents an attack vector to the protocol in the long term. Pierre has an in-depth understanding of the code, how exchanges work, mining, and everything else in between. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:30 - What are ordinals? 11:37 - A background on the current mining company that nearly filled an entire block with a .jpg file. 29:07 - The idea of a soft fork limiting an op-push in the input / output portion of each block. 34:50 - A history on what updates occurred that allowed this to start happening on layer 1 Bitcoin. 50:20 - Is this a coordinated DoS attack on the network? Could it be? 50:20 - Are their concerns with illicit

On today’s episode, Clay reviews Warren Buffett’s shareholder letters and shares his takeaways, and distills some of the biggest lessons he learned. If you asked a lot of value investors, they would tell you that reading Buffett’s letters is equivalent to an MBA on value investing and business. Buffett has a lot to teach us as investors as he has grown the value of Berkshire shares by over 3,600,000% since he took control of the business in 1965. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 07:44 - What Berkshire’s “Big Four” businesses are. 13:16 - What Buffett looks for when investing in a business and what he looks for in a management team. 14:19 - Why Buffett loves share repurchases and why they give me further vindication that a stock is cheap. 18:28 - Why it pays to treat your colleagues and shareholders like partners. 24:49 - Why industries with constant change should be avoided by investors. 28:36 - How Buffett views cash and leverage in his capital allocation strategy. 49:28 - What Buffett looks for

William Green showcases some of the most valuable insights from four investing superstars who have recently appeared on the Richer, Wiser, Happier podcast: Joel Greenblatt, Bill Miller, Howard Marks, & François Rochon. Here, these famed investors share practical lessons on how to deal with uncertainty & handle the emotional challenges of investing in turbulent times. William adds his own observations, drawing on his conversations with these great investors & with legends like Sir John Templeton, Peter Lynch, & Charlie Munger. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 03:34 - How a disastrous investment taught Joel Greenblatt that anything can happen. 10:34 - What Fidelity legend Peter Lynch learned from a shocking setback early in his career.  12:06 - How to protect ourselves from uncertainty, bad luck, & our own analytical mistakes. 12:49 - Why Howard Marks warns that you shouldn’t push the limits if you want to avoid ruin. 14:48 - How Joel Greenblatt deals with mistakes by learning from them, then moving

Trey brings back financial historian, Jamie Catherwood. Jamie is a Client Portfolio Specialist at O'Shaughnessy Asset Management and the author of the popular blog, Investor Amnesia. Trey and Jamie discuss the historical viewpoint on a post-bubble world, the impact of 1800s markets on our current market outlook, and more. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:45 - How markets from the 1800’s can inform how we view our market today. 13:27 - How the frauds of today like FTX draw similarities to frauds of the past. 31:00 - How the crypto market resembles the early days of the stock market. 40:32 - Why market regulations developed in the US. 54:10 - Where the term “bankruptcy” comes from. 55: 30 - Other fascinating facts and stories from the past. 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 me

Preston Pysh is joined by Bitcoin Lightning expert Justin Rezvani. Justin is a Forbes 30 under 30 and has some fascinating stories as a tech entrepreneur. Justin discusses how he sees the creator economy evolving with immediate settlement happening on the Lightning Network, and how people are going to be compensated for holding their own data and content instead of the big platform owners. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:15 - Justin's background as an entrepreneur. 01:20 - Justin's advice for young entrepreneurs. 06:46 - How Justin found Bitcoin. 06:46 - Justin's new application, Zion, and how it fits into decentralized social media. 09:52 - How Justin became familiar with the Lightning Network. 11:50 - Justin's opinions about the Creator Economy at large. 26:28 - Decentralized Web Nodes and Web 5. 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 in

Clay reviews Guy Spier’s book, The Education of a Value Investor. Guy Spier is a renowned hedge fund manager who has beaten the S&P 500 by almost 250 percentage points since launching the Aquamarine Fund in 1997. He has also been a guest on We Study Billionaires several times, including episode #14 released all the way back in 2014. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:27 - Guy’s story and background, and the critical mistakes he learned from the journey. 06:39 - How studying Tony Robbins and Warren Buffett changed his life. 19:48 - How writing handwritten letters helped Guy forge and develop extremely valuable and fulfilling relationships. 23:20 - What led Guy to purchase a charity lunch with Warren Buffett. 43:54 - What he learned from experiencing the great financial crisis as a fund manager. 51:45 - Why Guy values fulfillment and a life well-lived over money. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusi

Trey chats with Eddy Elfenbein, a portfolio manager and editor of the blog Crossing Wall Street. They discussed his Buy List for 2022 and reviewed his list for 2023. Eddy's 'Buy List' has beaten the S&P 500 by 102% over the last 17 years. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:08 - How the 2022 list performed during one of the worst stock market years on record. 06:12 - Which five stocks Eddy swapped out for 2023 and why. 20:58 - Which stock performance surprised Eddy the most. 39:07 - An overview of the 2023 list and which stocks the TIP finance tool considers to be the most undervalued. 47:39 - Eddy’s thoughts on the markets.  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. The Buy List for 2023. Crossing Wall Street Blog. Eddy Elfenbein's Twitter. ETF (Ticker: CWS) information.

Lyn Alden and Alyse Killeen talk about all the emerging businesses and ideas currently happening in the Bitcoin Lightning Network and where they see the space moving in the coming 12 to 24 months. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:12 - What are most important things that Lyn and Alyse are tracking going into 2023? 03:59 - What is the current state of the Bitcoin Lightning Network? 15:36 - How do they see stable coins versus CBDCs progressing in the coming year? 15:36 - Thoughts on Taro and whether it's a distraction to Bitcoin. 38:52 - Lyn's thoughts on inflation in places like Egypt and Argentina. 43:55 - Lyn's thoughts on the dollar and Global M2. 01:05:51 - What's one of the most exciting things happening in the VC space? 01:05:51 - How do Lyn and Alyse think about intrinsic value in the VC space? 01:19:30 - Lyn's thoughts on the changes to how CPI is calculated. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the

On today’s episode, Clay reviews Mohnish Pabrai’s book, The Dhandho Investor. Mohnish is one of our very favorite investors to study here at TIP as we’ve interviewed him for the podcast multiple times in the past. Since its inception in 2000, Mohnish’s flagship fund has achieved a return of 781% to his investors net of fees versus 378% for the S&P 500.  IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 05:19 -The story of the Patels, who went from owning nothing in the US, to owning over 50% of the motel industry. 11:33 - The 9 Dhandho investment principles. 14:24 - How Dhandho investors are able to earn outsized returns with minimal risk. 25:09 - How to identify bargains in the market. 32:17 - The relationship between investing and gambling. 39:17 - Clay’s analysis on Mohnish’s largest US equity holding today. 49:46 - Mohnish’s investing checklist he uses prior to purchasing a company. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the

Trey invites Patrick Carroll, the founder and CEO of Carroll, which is a multi-billion dollar real estate investment firm. Patrick is a self-made entrepreneur with boundless ambition and has built his empire from scratch. Together they discuss today’s real estate markets and so much more! Patrick has risen from the school of hard knocks to become the success he is today.   IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:47 - Today’s real estate markets and how they eerily resemble 2008. 14:50 - How real estate investors and more importantly, lenders, are navigating the current landscape. 22:34 - Why multi-family is looked at as the least risky real estate asset.  36:39 - Why a large majority of Gen Z’ers are living with their parents and how the $68 trillion dollar wealth transfer from baby boomers will affect the real estate market.  44:10 - What indicators Patrick relies on.  Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exc

Preston Pysh interviews Lyle Pratt, an entrepreneur of multiple successful businesses, and a telecommunications and spam expert. They talk about the intersection of the Bitcoin Lightning Network and how it offers a solution to the worsening spam and bots that litter our social media and phone calls. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:18 - Lyle's background as an entrepreneur founding Better Voice. 06:22 - The history of VOIP and how it relates to Bitcoin today. 06:22 - The 402 payment required in the SIP protocol. 10:24 - Lyle's story about finding Bitcoin at the intersection of telecommunications. 12:09 - What was the top thing he took away from successfully building and selling his first company? 14:15 - Lyle's newest company, Vida. 14:22 - Lyle discusses the basics of spam and why it's so prevalent. 24:53 - Spam can become worse with more decentralization. 35:42 - What does the Lightning Network bring to this problem? 54:54 - What Jiu-Jitsu and Bitcoin have in common. Disclaimer: Slight disc

IN THIS EPISODE, YOU'LL LEARN: 00:00 - Intro 05:11 - Aswath’s two primary methods for valuing a company. 05:40 - The general truths about valuations that investors should understand. 12:38 - The four most basic inputs to valuing a company. 19:37 - How to go about setting an appropriate growth rate in our valuations. 34:11 - Additional considerations in performing valuations such as a company’s intangible assets. 47:09 - Clay’s intrinsic value assessment of Williams-Sonoma (Ticker WSM). 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. Tune in to We Study Billionaires' recent episode about Warren Buffet's Money Mind, or watch the video. Listen to Clay Finck's deep dive on Peter Lynch and his book, One Up on Wall Street, or watch the video. Aswath Damodaran’s books: The Little Book of Valuatio

IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:31 - How Inflation has been winning the tug of war with Deflation, but not for long. 23:58 - The importance of the velocity of money. 29:12 - How supply chains have evolved and who we’ve ended up where we are.  55:18 - How China’s power has peaked. 57:26 - The need for sound money. And much, 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 discussions with Stig, Clay, and the other community members. Jim Rickards' new book: Sold Out: How Broken Supply Chains, Surging Inflation, Political Instability Will Sink the Global Economy. Related Episode: Listen to TIP233: Jim Rickards on Central Banks, QT, QE, & the FFR, or watch the video. Connect with Jim Rickards on Twitter. Connect with Trey Lockerbie on Twitter. NEW TO THE SHOW? Check out our We Study Billionaires Starter Packs. Browse through

We interview and study famous financial billionaires including Warren Buffett, Ray Dalio, and Howard Marks, and teach you what we learn and how you can apply their investment strategies in the stock market. We Study Billionaires is the largest stock investing podcast show in the world with 100,000,000+ downloads and is hosted by Stig Brodersen, Trey Lockerbie, and Clay Finck. This podcast also includes the Richer Wiser Happier series hosted by best-selling author William Green. William regularly interviews legendary investors such as Mohnish Pabrai and Guy Spier, exploring what they can teach us about how to succeed in markets and life.And finally, our Bitcoin Fundamentals series is hosted by Preston Pysh, where he interviews prominent figures in the Bitcoin and macroeconomic space.To learn more about TIP, you can visit theinvestorspodcast.com or subscribe to our free daily newsletter here.

IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:37 - What's the mastermind's thoughts on FTX and SBF? 10:22 - What's happening with Gemini, DCG, Genesis, & GBTC? 14:37 - What's the group's thoughts on Binance? 15:04 - Why is a risk assessment of counterparts risk so important? 15:04 - Thoughts on liquidity and how to use it to understand volatility limits. 22:30 - An overview of Fixed Income Markets and High Yield Debt. 41:39 - Thoughts on inflation and what it might trend towards in 2023. 58:16 - The 30-year versus the 3-month and what that means for FED policy moving forward. 01:15:46 - Is China demand coming back online? 01:25:33 - What potentially causes a final capitulation for this cycle (will there even be one)? 01:31:05 - What to expect from the price of Bitcoin in 2023. 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,

IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:54 - What it means to have a “Money Mind”. 10:08 - How Warren's father’s Libertarian viewpoints rubbed off on Warren’s business mind. 24:29 - How Buffett continued to evolve as an investor as the investment landscape changed. 29:24 - Tom Gayner’s description of the three stages of value investing that has played out over time. 36:15 - How Bill Miller helped value investors realize that value is sometimes found in the most unexpected places. 45:04 - How Buffett’s mindset differs from that of academics. 45:23 - Why Buffett views stock market volatility as an opportunity rather than the risk in a company. 50:21 - Why investors focused on the process rather than the outcome are better positioned to succeed in the long run. 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

IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 10:14 - What Fred Martin discovered about mitigating risk as a Navy officer in the Vietnam War. 14:22 - How he handles the pain & discomfort of difficult periods in the stock market. 31:52 - Why he thinks Tesla’s stock is overvalued & what he thinks it’s really worth. 35:20 - Why it’s critical for investors to be skeptics who never let down their guard. 43:56 - What insights he drew from studying Benjamin Graham & writing a book about him. 51:44 - How Fred applies a consistent three-step process to every business he analyzes. 54:34 - How to win as an investor by waiting for intrinsic value & the stock price to “true up.” 01:02:25 - Why he regards a legendary free soloist climber as the world’s greatest risk manager. 01:11:43 - How flying planes has helped Fred to refine his understanding of the margin of safety. 01:16:02 - Why he’s given three younger colleagues the authority to veto his stock picks. 01:24:26 - Why he “seals the exits” before buying a stock, assumi

IN THIS EPISODE, YOU'LL LEARN: 03:54 - How today’s inflation compares to 1970 with Jeremy Grantham. 07:52 - Why Michael Mauboussin says you have to earn the right to use a valuation multiple. 13:17 - How energy impacts inflation with Josh Young. 31:55 - Why investors should consider microcaps with Ian Cassell. 38:40 - The vindication of the dollar milkshake theory with Brent Johnson. 47:15 - Market indicators from Dan Rasmussen, Joe Brown, and a lot 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 discussions with Stig, Clay, and the other community members. Trey Lockerbie's Twitter. Related Episode: The Top of the Cycle w/ Jeremy Grantham– TIP371. Related Episode: The Dollar Milkshake Theory Update w/ Brent Johnson - TIP397. Related Episode: Expectations Investing w/ Michael Mauboussin – TIP421. Related Episode: What Is Happening With Oi

IN THIS EPISODE, YOU’LL LEARN: 01:54 - So what is Nostr? 03:50 - It seems like the protocol is optimized around simplicity, is that it? 06:30 - What does this look like 5 years from now? 10:38 - What other application might pop out of this? 16:19 - What are all these clients interfacing with the protocol? 26:11 - What concerns do you have about open speech on sexual, racial, or explicit things? 28:06 - How do you remove centralized servers with something like this? 33:45 - Can traditional social media companies benefit from using Nostr? 38:24 - What would someone's incentive be to run their own relay? 45:46 - How does this all tie into Bitcoin? 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. More information about Nostr. William Casarin's Nostr Account Pub Key: npub1xtscya34g58tk0z