We Study Billionaires - The Investors Podcast

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

On today’s episode, Clay shares the lessons he learned from reading Elon Musk by Walter Isaacson.  As our audience knows, Elon is, financially speaking, one of the world’s most successful individuals as Forbes has his net worth estimated at $248 billion, making him the richest individual on the planet. 25 years ago, Elon was making his mark in Silicon Valley in the early days of PayPal, and today he is launching dozens of rockets into orbit, taking the lead in the world’s transition to electric vehicles, actively working to stay on top of the world of AI, and has taken over one of the world’s largest social networks in Twitter, now known as X. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro. 03:48 - The highlights of Elon Musk’s childhood and upbringing in South Africa. 07:03 - The key themes Clay found in Elon’s life. 07:40 - Peter Theil’s key insight in working with Elon. 10:01 - How Elon and Kimbal made their way to the United States. 13:34 - The three fields Musk found in college that he decided he wanted to

In a deep dive with Seb Bunney, author of "The Hidden Cost of Money," we explore the intricate impact of monetary systems on society. From historical interventions shaping finance to money's influence on mental health and politics, Bunney challenges mainstream views on capitalism and regulation, revealing how money shapes our world. Tune in for a thought-provoking journey through economic realities. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:34 - Uncover the societal consequences of monetary choices, focusing on inequality and social cohesion. 04:04 - Discover how historical interventions have drastically shaped our current financial system. 14:03 - Learn about the hidden costs of monetary intervention, including its impact on purchasing power. 14:03 - Understand the 'Four Stages of Economic Ruin' and see real-world examples of each stage. 19:25 - Learn about the extent of monetary system's influence on government policy and political behavior, and the ways to address money's corruption in politics. 28:

In this special tribute, William Green celebrates the life & legacy of investing legend Charlie Munger. He shares personal anecdotes about his own interactions with Charlie & showcases an array of rich insights about Charlie from four famed investors: Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis. They share some of Charlie’s most valuable lessons about investing, business, & life while also conveying what made him such an inspiring & idiosyncratic character. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 03:18 - What it was like for William Green to interview Charlie Munger. 10:07 - What William learned from Charlie about trying to be less stupid. 37:14 - How Charlie’s friendship changed Mohnish Pabrai’s life. 4:48 - What was distinctive about Charlie’s reading habits. 55:59 - How his hard, brusque exterior concealed a soft, sensitive interior. 1:04:50 - Why it’s a huge competitive advantage to be trustworthy. 1:22:50 - How Warren Buffett & Charlie Munger surpassed General Electric.  1:33:36 - Wh

On today’s episode, Clay is joined by Andrew Brenton. Andrew Brenton is the CEO and a co-founder of Turtle Creek. Since it’s inception in 1998, Turtle Creek has acheived an average annual return of 20% versus just 7% for the market. $10,000 invested into their fund at inception would have grown to over $885,000 as of September 30, 2023, and had that money been invested in the market, it would have been worth just under $52,000. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:21 - How Andrew’s experience in private markets prepared him to take on public markets. 07:23 - Turtle Creek’s distinguished approach to value investing. 14:25 - What makes for a great, unique business for Andrew to get interested in. 18:06 - Why Turtle Creek chose to focus on mid-caps. 21:07 - How Turtle Creek avoids losing money on almost every investment they make. 23:37 - Why overpaying is the biggest risk for Andrew. 27:31 - How Turtle Creek improves upon an approach of simply buying and holding great businesses. 35:38 - An overview

Preston Pysh brings back legal expert, Joe Carlasare and Bitcoin OG, American HODL, to talk about all things Bitcoin. This episode encompasses a wide-ranging, candid conversation about all the events happening in the Bitcoin ecosystem. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:32 - What is happening with Binance and the DOJ? 01:32 - Will the CEO of Binance potentially do any jail time? 33:32 - What is happening with Genesis and DCG? 33:32 - Did DCG defraud both retail and institutional investors? 33:32 - Does this impact GBTC at all? 54:57 - Is the DOJ going to pursue any crypto influencers? 01:17:13 - Potential rate cuts and QE in the 1Q of 2024. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Joe Carlasare's Twitter. Joe Carlasare's Legal Practice. American HODL on Twitter. American HODL on Nostr. Related episode: Listen to BTC135: Binance & Coinbase Vs the SEC w/ Joe Carlasare & HODL, or watch the video. Related episod

In this episode, Stig Brodersen talks with investment expert Lyn Alden about currencies, debt, inflation, and how to invest in an uncertain world. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 06:00 - Why the bull theses are always more thoughtful and plentiful, and how to account for that. 18:47 - The relationships between debt, inflation, and wars. 26:53 - How to best take advantage of debt in your portfolio. 33:53 - How capital controls work. 46:54 - How a debt restructuring works in practice. 49:02 - Can technology be so deflationary that the FED can print us to inflation?  1:00:08 - The future role of the Euro on the global scene. 1:09:24 - Whether China is in a balance sheet recession. 1:11:46 - The pros and cons of Argentina dollarizing its economy. 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

Clay Finck is joined by brain expert — Jim Kwik. They discuss how we can upgrade our brains by rethinking our purpose, revitalizing our energy, and taking small, simple steps every day. They also cover Jim’s tips for reading faster and improving retention to get more out of every page you read. Jim Kwik is a New York Times bestselling author, brain coach, and the host of the Kwik Brain Podcast. He has served as the brain enhancement and high-performance coach and trainer to many of the world’s most admired Fortune 500 CEOs and a variety of public figures and celebrities, including Bill Gates, Tom Brady, Richard Branson, Stan Lee, Oprah Winfrey, Sergey Brin, Larry Page, and Elon Musk’s SpaceX Team. Jim puts high-level people in the position to use their brain power at optimum levels. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:33 - Why we should reconsider the practices we use to learn. 06:46 - Why all behavior is belief-driven. 10:11 - The number one asset we have to achieve anything we desire. 13:16 - Th

James Lavish joins Preston Pysh to help understand an interesting situation where we’re starting to see failed treasury auctions, enormous recessionary pressures building in the markets, along with a reverse repo facility that’s getting drained at a breakneck pace. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:08 - What is James currently seeing that's going to dominate the markets in 2024? 21:03 - What happened with the recent treasury auction tail that caused a 3 SD move in price action? 29:52 - What is fundamentally causing a poor auction like that to happen? 01:01:41 - What is something James is excited about in 2024? 01:03:55 - How does James see Bitcoin's performance in 2024 with such a macro situation playing out? Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES James on Twitter. James' Newsletter. James' VC Firm. NEW TO THE SHOW? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussion

Clay Finck is joined by Brendan Hughes to chat about his new book – Markets in Chaos. The book explores various market crises including the covid-19 pandemic, hyperinflation in Zimbabwe, the stock market bubble in Iceland during the great financial crisis, and much more. Brendan is a Registered Investment Advisor for Lafayette Investments and has more than a decade of industry experience in investments and public finance. Lafayette Investments has $720 million in assets under management and primarily caters to high-net-worth individuals.  IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro. 02:12 - What a market crisis is. 05:42 - Why it’s important to study history as investors. 09:11 - What led to hyperinflation in Zimbabwe. 15:14 - The market crisis in Iceland that led to their stock market falling by 95%. 28:09 - The lost decade of Japan. 32:11 - Potential parallels between the bubble in Japan and markets in the US today. 47:53 - Brendan’s biggest takeaways from studying market crises. 53:44 - The US energy cris

IN THIS EPISODE, YOU’LL LEARN: Why is Jeff training an AI agent to personify himself? How could such an agent potentially be used in the future? What does this mean for overall productivity for people that have the means to train such an agent? What other things might happen as a result of this AI growth? What is the difference between the way Jeff is training his AI versus the way Preston is training his? What method will win in the long-haul for training AI agents? Is there concern people should have with providing the data for these agents? How does Bitcoin enter into this equation? Why are Jeff and Preston so interesting in the FinCEN proposal that was recently released for comment? Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Jeff's VC Firm Ego Death Capital. Jeff Booth's Twitter. Jeff's book, The Price of Tomorrow. NEW TO THE SHOW? Check out our We Study Billionaires Starter Packs. Browse through all our episode

On today’s episode, Clay is joined by Nelson Chu to do a deep dive on private credit.  Nelson Chu is an experienced serial entrepreneur and the Founder and CEO of Percent, the modern credit marketplace. After witnessing the inefficiencies in the private credit markets, Nelson was inspired to transform this industry for the better and founded Percent in 2018. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro. 02:25 - Why we may continue to see a decline in the use of the 60/40 portfolio. 06:56 - The state of credit markets today. 12:38 - How private credit fits into the bigger credit market picture. 13:16 - What has led to the massive growth of private credit since the great financial crisis. 17:22 - How a typical private credit deal is structured. 22:50 - Why companies utilize private credit in their capital structure. 26:05 - Current interest rates in a private credit deal. 26:26 - Default rates in private credit. 38:40 - How Percent is helping satisfy high demand in the private credit market. 41:23 - How to get

Preston Pysh talks to Parker Lewis about his most recent article, Bitcoin is Not a Hedge, what he thinks about the upcoming cycle, whether the halving cycle still matters, whether corporations will be taking a larger part in the coming cycle, and much, much more.  IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:08 - Why Parker is of the opinion that Bitcoin is NOT a hedge to inflation? 12:10 - How are you helping people visualize that Bitcoin is a store of value? 29:01 - What Bitcoin is actually backed by. 39:35 - What Bitcoin's next bull market might look like. 45:19 - Why match conviction with knowledge. 01:05:02 - Parker's new book. 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. Parker Lewis' Twitter. All articles that Parker has written. Parker's New Book, Gradually Then Suddenly. P

In this episode, William Green chats with Anthony Kingsley, who oversees more than $10 billion at an investment firm named Findlay Park. Anthony is the portfolio manager of the Findlay Park American Fund, which has crushed its benchmark index by 1,200 percentage points over 25 years. Here, he discusses his firm’s surprisingly simple path to exceptional returns. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 03:09 - What Anthony Kingsley learned from his great mentor, James Findlay. 07:22 - Why their firm, Findlay Park, lives by the mantra “Keep it simple.”  10:38 - How the firm structures its fees to be simple & fair.  19:02 - Why the key to long-term success is avoiding disaster. 18:06 - How Anthony harnesses diversification to reduce stress. 24:19 - How to incentivize a team of equity analysts. 27:40 - How he avoids repeating common investment mistakes. 39:53 - How he developed his 28-point investing checklist. 41:07 - Why he focuses intensely on analyzing corporate culture. 45:46 - Why it’s perilous to dismi

On today’s episode, Clay is joined by Kyle Grieve to share a stock deep dive on Dino Polska. Dino Polska is an incredible business that has increased its store base by over 5x since 2015 and increased its earnings per share by over 10x since that time. Kyle Grieve is the host of The Millennial Investing Podcast and also helps Clay run the TIP Mastermind Community – a community built by investors, for investors. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:44 - The primary characteristics Kyle looks for in his stock investments. 06:00 - What Dino Polska’s business model is and how they’ve perfected their growth formula. 10:45 - What sticks out about Dino’s management team. 14:33 - Dino Polska’s competitive advantages. 22:31 - What enables Dino Polska to continue to grow its store counts at above-average rates. 27:36 - Why it’s important to understand both the qualitative and quantitative aspects of a moat and durable competitive advantage. 31:28 - The key things to know about Dino operating in Poland. 38:36