We Study Billionaires - The Investors Podcast

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

Preston Pysh chats with Bitcoin Magazine’s, Dylan LeClair all about the important Bitcoin news stories happening in the 4th Quarter of 2023. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 02:52 - How Dylan's AI adventure has progressed in 2023. 06:19 - What is causing the big moves in Bitcoin right now? 15:37 - What happens with the fixed income market from here? 41:23 - His thoughts on the Bitcoin ETF. 41:23 - What advice should Boomers take to understand Bitcoin? 43:51 - Does Dylan think cash settled derivatives can influence the underlying price of Bitcoin? 53:18 - Is there anything coming out of the SBF trial that is noteworthy or important? 56:43 - Dylan's thoughts on BitVM. 01:12:31 - What is something that is under-reported in the Bitcoin space? BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Dylan's Twitter. Bitcoin Magazine Pro that Dylan writes for. Related episode: Listen to B

In today's episode, Stig Brodersen speaks to Tobias Carlisle and Hari Ramachandra. Stig outlines why he put LVMH on his watchlist and is waiting to buy the dip. Hari’s pick, Dollar General, is down 50%, and super investors like Chris Bloonstran, Seth Klarman, and Tom Gayner have invested, and insiders have been buying too. Tobias pitches Inmode, a stock facing a lot of bad news as a result, could be trading at a very attractive price.  Ensure you stay around for the end of the episode, where we share information about how you can meet up with our hosts William Green, Clay Finck, and Kyle Grieve in Omaha for the Berkshire shareholder's meeting. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 11:33 - Why Tobias is bullish on InMode 38:35 - Why Hari is bullish on Dollar General  1:06:46 - Why Stig is bullish on LVMH   1:43:54 - How can you pitch your stock to the TIP Mastermind Community  1:59:43 - How to meet up with the TIP team and listeners in Omaha in May Disclaimer: Slight discrepancies in the timestamps may

Clay Finck is joined by Shree Viswanathan to discuss his concentrated, patient, and global approach to investing. They touch on many of the key aspects to successful long-term investing as well as one of Shree’s portfolio holdings, Dino Polska, which reminds him of Walmart in their early days. Shree Viswanathan is the founder and portfolio manager of SVN Capital. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro. 02:17 - The story of his father earning 40x on an investment despite never garnering an interest in the subject.  08:54 - Spiritual and life lessons that Shree has learned over the years. 14:52 - The most important aspects to understand investing internationally. 20:52 - What makes India an attractive hunting ground for long-term investors. 33:10 - Why we should remain fully invested in uncertain times. 38:57- How investors can minimize the impact of ego hurting their performance. 41:30 - The benefits Shree has seen from a daily meditation practice. 46:31 - What led him to run a concentrated portfolio of

In the fourth quarter 2023 mastermind discussion with Preston Pysh, Joe Carlasare, Jeff Ross, and Steven McClurg, we cover a broad range of macro and Bitcoin topics. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:28 - The DTCC website listing various Bitcoin ETFs. 01:28 - Will the Bitcoin ETF even bring new interest to Bitcoin? 26:05 - What is happening in the treasury market right now? 33:45 - The current bull market in Bitcoin - what's driving it? 53:27 - What's the broader implications of the treasury market moves? 01:04:15 - Oil. 01:04:15 - PBOC liquidity injections and overall outside influences to liquidity. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Joe’s Legal Practice. Steven’s company Valkyrie. Jeff’s Investment Firm. NEW TO THE SHOW? Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool f

In this episode, William Green talks with Chris Davis, a renowned investor at Davis Advisors who also serves on Berkshire Hathaway’s board of directors. Here, Chris shares powerful lessons he’s learned from his mentors—Warren Buffett & Charlie Munger—about building financial resilience, learning from our mistakes, avoiding our weaknesses, harnessing trust, & flourishing as we age. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 10:09 - What Chris Davis has learned from Buffett & Munger about aging well. 18:27 - Why trust is a superpower in business & life. 30:04 - Why many successful investors fail to build good relationships. 38:31 - How Buffett & Munger consciously avoid their weaknesses. 40:38 - What Buffett learned from Dale Carnegie. 1:00:26 - Why Chris views Jeff Bezos as “the LeBron James of capitalism.” 1:18:24 - What it’s like to hear Buffett talk at Berkshire’s board meetings. 1:21:37 - How Buffett thinks about risk & resilience. 1:26:44 - How Munger inspired Chris to be radically open about his mistak

Clay Finck is joined by Sahil Bloom. Sahil is the writer behind the spectacular newsletter, The Curiosity Chronicle, which has garnered 500,000 subscribers in just a few years. During this discussion, Sahil and Clay explore the philosophies and frameworks that Sahil has used to build a meaningful life that has impacted hundreds of thousands of people while also staying true to what is truly most important to him. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro. 02:57 - Sahil’s framework around finding the right work for you. 08:31 - How we can utilize career leverage. 10:10 - What it means to “swallow the frog” for your boss. 12:20 - How authenticity plays into success. 23:14 - Why Sahil keeps his focus on playing long-term games through his work, relationships, and health. 25:30 - Whether he finds it difficult to remain consistent. 26:57 - How big goals can destroy your happiness. 32:13 - The mental framework Sahil uses to determine what projects to focus on. 35:51 - How Sahil thinks about asset allocation as a

Preston Pysh is joined by Lightning Lab’s very own Ryan Gentry to talk about some of the new and exciting software technology that’s going to change the way people interact with the Bitcoin Lightning Network. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 05:54 - What is the Taproot Asset Protocol (TAP)? 12:05 - How can the TAP be used with Bitcoin? 15:41 - What impact will sending Dollars over the Bitcoin Network have for people needing fiat stable coins? 15:41 - What does the competition look like for fees and settlement speeds on this network relative to other protocols? 25:06 - What does it take to run this software on a Bitcoin full node? 30:20 - What are Ryan's thoughts about altcoins potentially being used on Bitcoin? 35:42 - What are Ryan's thoughts on securities being tokenized on the TAP? 52:56 - How could stock certificates be managed on TAP? 52:56 - What are some of his concerns and highlights with the TAP use? BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningfu

Clay Finck is joined by Gautam Baid to discuss his new book, The Making of a Value Investor.  Gautam Baid, CFA is the Managing Partner of Stellar Wealth Partners India Fund, a Delaware-based investment partnership which is available to accredited investors in the US. Gautam is also the Equity Advisor of Complete Circle Stellar Wealth PMS, a portfolio management service which is available to Indian citizens and NRIs globally. Both funds are modeled after the Buffett Partnership fee structure and invest in listed Indian equities with a long-term, fundamental, and value-oriented approach. Gautam is author of the international best-seller on value investing, The Joys of Compounding. In 2018 and 2019, he was profiled in Morningstar’s Learn from the Masters series. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro. 02:40 - The impetus for Gautam writing a second book. 04:24 -Why journaling is an important practice for value investors. 06:27 - Why judging market sentiment is important and how investors can go about doin

Preston Pysh talks with Jesse Myers about the FTX court findings, a few of Jesse’s recent articles on the debt spiral, the ability for institutions to perform multi-institutional Bitcoin custody, and much more. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:11 - Jesse's thoughts on the FTX trial. 03:50 - The impact of FTX selling Bitcoin into the last bull market. 03:50 - Does the halving event matter? 15:54 - Have we passed the event horizon for US debt? 15:54 - What outsiders are missing about Bitcoin and the debt burdens. 30:09 - How is Janet Yellen suggesting the US' interest expense could only be 1% of GDP? 33:33 - Jesse's thoughts on AI and Bitcoin. 50:20 - How and why multi-sig institutional custody is evolving right 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. Jesse Myers' Twitter. Jesse's Newsletter. Jesse's Company: Onramp. NEW TO THE SHOW? Check out our We Study

In this episode, William Green chats with Peter Keefe, an outstanding investor who’s trounced the market over three decades. Here, Peter discusses his timeless investing principles, what he looks for in a great business, how he evaluates the quality of management, why he loves Microsoft & Markel, why managing money is a high calling, & what investors can learn from apex predators. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:55 - How Peter Keefe taught himself to invest intelligently.  07:59 - Why he loathed selling stocks as a broker on commission. 28:12 - How Peter built a dazzling record based on timeless principles. 31:49 - Why he views selling great businesses too early as his costliest mistake. 38:46 - Why he ignores economic predictions. 42:50 - Why he owns a concentrated portfolio of 10-12 stocks. 47:39 - How Microsoft & Markel embody what he looks for in a business 52:28 - How he made hundreds of times his money on American Tower. 1:14:33 - How he evaluates the quality of management. 1:25:52 - Wha

Clay Finck is joined by Christian Billinger to discuss his quality investing philosophy. 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 01:39 - What quality investing is and why it works. 04:20 - How Christian assesses the reinvestment rate for a business and a company’s runway. 10:27 - Why soul in the game is more important than skin in the game. 12:58 - Qualities to look for to find operating managers with soul in the game. 19:16 - Why Christian prefers investing in family-owned public equities. 21:59 - Why he highly prioritizes removing the risk of losing money. 25:48 - What differentiates Christian’s current holdings from companies on his watchlist. 31:44 - What Christian learned from working with institutio

During Preston Pysh's discussion with Allen Farrington, Allen provides critical thought experiments and challenges to many of the ideas that plague Wall Street and business schools. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 04:56 - What does the UFC have to do with economics and money? 08:28 - The Efficient Market Hypothesis. 19:18 - Is risk volatility? 19:18 - The Capital Asset Pricing Model. 31:10 - This is NOT capitalism. 34:49 - The flaws in using GDP. 44:21 - Thoughts on Bitcoin and derivative markets. 44:21 - The societal implications of Bitcoin and beyond it's economic value. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Allen Farrington's Twitter. Allen's Website. Allen's book, Bitcoin is Venice. 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

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 06:27 - How not to let negative emotions run 21:15 - How to stay humble in your search for your approach 32:36 - How to set up a process for validating the truth  58:35 - How to play games you are equipped to win 1:07:13 - How to understand the emotions of the best investors 1:16:42 - How a job selling flowers can change your life  1:30:21 - How to think about intentions when you want to help your fellow man 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 Stig Brodersen and William Green’s episode on being Richer, Wiser, and

Clay is joined by Shane Parrish to discuss his New York Times bestselling book Clear Thinking – Turning Ordinary Moments into Extraordinary Results. Many people fall prey to making decisions based on our instincts and our gut feelings. Shane’s book gives you the tools to recognize those moments that reshape how you navigate the critical space between stimulus and response. Shane Parrish is the founder of the highly-esteemed blog Farnam Street and also the host of The Knowledge Project Podcast, where he focuses on mastering the best of what other people have already figured out. His work has been featured in nearly every major publication, including The New York Times, The Wall Street Journal, and Forbes. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro. 03:09 - How Shane differentiates between high-quality and low-quality information. 10:30 - What the enemies of clear thinking are. 12:36 - Why we should prioritize the outcome over our ego. 15:32 - Preventative measures we can use to combat the enemies of clear th

On today’s conversation with Daniel Hinton and Steve Jeffress, they talk about the idea of financial oracles and how the price of Bitcoin in US dollar terms is passively showing up in the data of the Bitcoin blockchain. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:39 - What is an Oracle and what is it needed for? 06:42 - What is a UTXO? 08:29 - What price information was discovered in the Bitcoin blockchain? 10:17 - How was it found? 10:17 - What are some other interesting things that have been found in the "heat-maps" of the data? 31:32 - How could this discovery be used in the future? 32:54 - Can you see the Hodl-waves in the data? 47:34 - What are some of the more important things to focus on in Bitcoin? BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. UTXO.live to view the heatmaps. Daniel Hinton's Twitter. Steve Jeffress's Twitter. A paper describing the UTXOracle: A Decentraliz

On today’s episode, Clay Finck reviews Michael Batnick’s book, Big Mistakes: The Best Investors and Their Worst Investments.  One of the best ways to become a better investor is to learn from our own mistakes. The second best (and less costly) way is to study the mistakes of others. If you want to learn from the mistakes of the world’s greatest investors, then this episode was made for you. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro. 01:24 - Lessons from Batnick’s book from studying the mistakes of the world’s greatest investors. 02:18 - How Benjamin Graham lost substantial capital during the great depression. 07:14 - How Jesse Livermore taught us to always limit the potential downside. 12:49 - How Long-Term Capital Management went from billions in AUM to zero almost overnight. 16:40 - Michael Steinhardt’s mistake of stepping outside of his circle of competence. 26:24 - What the endowment effect is. 27:20 - Warren Buffett’s biggest blunder. 29:57 - How Bill Ackman became publicly attached to a short positio

Preston Pysh and Dr. Peter St. Onge cover some of the current macro events and themes while also talking about a few parallels to the previous global superpowers of the past, like the Roman Empire. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro 01:44 - Peter's overview of what's causing the inflation that happened after 2020. 20:39 - What's happening in China and does Peter buy into all the headlines that it's got economic problems? 33:59 - Peter's thoughts on Bitcoin and how it's going to be relevant moving forward. 39:08 - A broad overview of the cyclical nature of great empires and Rome in particular. 39:08 - The currency issues in Rome and what caused them to occur. 49:22 - What type of social issues were experienced during the great Roman debasement? 01:02:21 - Peter's thoughts on Gold vs Bitcoin. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Peter's Youtube Channel. Peter's website.