We Study Billionaires - The Investors Podcast

In this episode, Preston Pysh, Jeff Ross, American Hodl, and Joe Carlasare explore the implications of dollar weakness, overall liquidity, and the impact of Bitcoin bonds. They break down SBR, SAB 121, and recent legal updates, while also explaining the Supplemental Leverage Ratio (SLR). They also discuss whether tariffs are truly inflationary, MMT’s consequences, and the shift toward re-privatization. Finally, they cover contrarian buy signals for Bitcoin and QQQ, and the broader outlook for the U.S. economy versus global markets. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 03:06 - Insights into US government spending and economic dependence in 2024. 07:13 - The debate on tariffs and inflation, with a look at Truflation data. 09:27 - Why the dollar’s weakness matters for global markets and liquidity. 10:22 - The role of Bitcoin bonds and what they signal for the crypto market. 11:05 - Why some analysts are bearish on US assets but bullish on global markets. 11:49 - The fiscal challenges facing the US and

In this episode, William Green welcomes back Pico Iyer, one of his all-time favorite guests. Pico is a famed author & speaker whose TED talks have been viewed about 12 million times. Here, he discusses his new book, “Aflame,” which explores how to find peace of mind, happiness & clarity amid extreme uncertainty & accelerating change. This episode is a masterclass on creating a richer, wiser, happier life while living by what Warren Buffett calls an inner scorecard. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 04:31 - How to find calm & clarity in the midst of uncertainty & change. 14:39 - How silence helps to “cleanse” our agitated, cluttered minds.  19:09 - Why Pico Iyer has stayed at a monastery more than 100 times. 28:02 - Why the greatest luxury comes from craving less, not more.  31:53 - How he designs his life to maximize freedom & fulfillment. 35:50 - Why he loves Warren Buffett’s idea of living by an inner scorecard. 52:41 - How the greatest investors remind Pico of monks. 01:10:28 - How to create mor

On today’s episode, Clay is joined by Cristiano Souza to discuss his three primary criteria in identifying an excellent business. Cristiano Souza is the founder of Zeno Equity Partners, a firm he started in 2022 after spending 28 years at Dynamo. From 1994 through 2015, he was on the team that managed the Dynamo Cougar fund, which invested in high-quality equities in Brazil. During that time, the fund compounded at 24% per year in US dollar terms. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 03:33 - The three things that Cristiano looks for in a business. 13:43 - What the Founder’s Mindset is, and why it is so difficult to find. 18:53 - Why Cristiano believes that LVMH has a significant opportunity to continue to grow. 33:53 - The mistakes Cristiano has made in assessing management teams. 39:57 - Why Linde PLC is a core position in Christiano’s portfolio. 51:17 - Why AppFolio is well-positioned to continue growing in the property management space. And so much more! Disclaimer: Slight discrepancies in the ti

In this episode, Daniel Batten discusses how Bitcoin is driving advancements in renewable energy, the decentralization of global hash rates and mining pools, and the rise of heat reuse technology.  Together with Preston, they explore innovations in mining, the potential of zinc recycling and methane capture, the intersection of AI and Bitcoin, and the growing energy demands of the industry. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:35 - Innovations in the mining industry, including zinc recycling and methane landfill use 02:11 - How Bitcoin mining is decentralizing globally and why it matters 02:39 - The role of mining pool distribution in securing the network 03:03 - Why mining pools could pose a vulnerability in Bitcoin’s infrastructure 06:57 - How Bitcoin is disrupting the energy sector just like it disrupted finance 19:55 - The intersection of AI and Bitcoin and what it means for the future 24:43 - Why increasing energy demand for Bitcoin mining isn't necessarily a bad thing 34:05 - The future of

On today’s episode, Kyle Grieve chats with Adam Wilk about the powers of incremental improvement, what he learned as an NBA scout about finding hidden value, why making the investing process more labour intensive has led to outperformance, the hidden difficulties of identifying quality in small-cap stocks, how to utilize aspects of special situation investments to find hidden compounders, the shared qualities found in Adam’s best investments, and a whole lot more! Adam Wilk is the Founder and Portfolio Manager of Greystone Capital Management, LLC, leading a concentrated small and micro-cap long-only strategy. With a background in professional sports, including roles as a scout for NBA teams like the Spurs and Rockets, Adam honed skills in talent evaluation, data analysis, and risk management. His passion for value investing began in 2013, inspired by Warren Buffett’s writings, leading to a career pivot and the creation of Greystone. Adam shares his investment insights through research reports and his blog, P

On today’s episode, Clay is joined by Tae Kim to discuss his new book, The Nvidia Way, which outlines the making of one of the greatest tech businesses in the world. Nvidia is the darling of the age of artificial intelligence as its chips are powering the generative-AI revolution, and demand is insatiable. Since the IPO in 1999, shares of Nvidia are up by 285,000%, which is a compounded return of 37% per year. Tae Kim is a senior technology writer at Barron’s. To uncover Nvidia’s brilliant story, Tae interviewed more than one hundred people who were involved in their journey, including Jensen himself, his two co-founders, VC investors, and current senior executives and managers. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 06:14 - The unique culture of Nvidia and how they’re able to prevent office politics from creeping in. 15:20 - Jensen’s intense desire to succeed at all costs. 23:06 - How Nvidia became the only graphics chip company from the 1990s that survived. 30:16 - How Nvidia essentially invented t

In this episode, Preston and Matthew dive deep into Bitcoin’s design, its ability to protect financial autonomy, and the macroeconomic trends shaping its value. Matthew breaks down Bitcoin price models, stock-to-flow analysis, and the role of global liquidity. They also explore the impact of Layer-2 solutions and make bold predictions about Bitcoin’s future in global finance. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:47 - Why Bitcoin serves as an "escape hatch" from centralized financial instability 04:34 - How Bitcoin’s design ensures individual financial autonomy in a digital world 06:26 - What historical economic patterns suggest about Bitcoin’s resilience 13:47 - The most overlooked factors in Bitcoin valuation and price modeling 18:48 - How stock-to-flow holds up today and alternative valuation frameworks 20:39 - Key metrics for tracking global liquidity and Bitcoin’s role as a store of value 28:38 - The significance of macro liquidity and its effect on Bitcoin’s adoption 31:38 The impact of Lay

On today’s show, Stig Brodersen talks with co-host William Green, the author of “Richer, Wiser, Happier.” In their quest for meaningful relationships and being the best version of themselves, they discuss what has made them Richer, Wiser, or Happier in the past quarter. You’re invited to join them on their journey. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:51 - What makes you go weak and go strong.  01:51 - Why emotions can be real but not true. 22:03 - How to let go of experiences you would rather forget. 01:03:37 - How to attract the right people into your life. 01:17:47 - How to forge relationships inside and outside of the value investing community. 01:34:29 - Why should your default be to help other people, but ironically also to constantly say no. 01:35:58 - What William and Stig have read the last quarter that made them Richer, Wiser, and Happier. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Master

On today’s episode, Clay is joined by Kris Sidial to discuss tail risk hedging. A tail risk hedging strategy is designed to help investors protect their portfolios from extreme market downturns, reducing the risk of significant capital loss. By mitigating large drawdowns, investors can potentially achieve a smoother return profile over time, enhancing their Sharpe ratio and the long-term growth of their portfolio.   Kris Sidial is the co-investment officer of Ambrus Group, which implements a carry-neutral tail risk hedging strategy to protect investors against market crashes. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:40 - What a tail risk hedging strategy is and how it’s implemented. 06:25 - What is the VIX, and how it ties into a tail risk hedging strategy. 08:28 - Examples of historical market blowups where a tail risk strategy thrives. 21:07 - Why the reflexive nature of markets has led to more violent and swift drawdowns in recent years. 31:06 - The benefits of a tail risk strategy to investor portf

In this episode, Preston and Paolo discuss Tether’s massive $13.7 billion profit, its growing strategic importance, and whether Wall Street banks will enter the stablecoin space. They also explore Tether’s expansion into AI, real estate, and Brain-Computer Interfaces, alongside its big move to El Salvador. They also discuss what running Tether on Lightning means for payments and the future of tokenized assets in the UAE. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 03:05 - How Tether achieved $13.7 billion in profits last year. 07:14 - Why Wall Street banks might try to compete in the stablecoin space. 13:11 - The impact of running Tether on the Lightning Network via TAP. 20:07 - Challenges and opportunities in Lightning Network routing. 22:04 - The future of tokenized equity in the UAE and global accessibility. 30:18 - Tether’s massive move to El Salvador and its 70-story building project. 33:32 - How Tether is expanding into AI with DeepSeek and open-source solutions. 35:11 - The role of Reelly Tech in re

In today's episode, Kyle Grieve discusses the book Against The Gods and how risk has evolved over history, why risk management was deeply routed in gambling, how the insurance industry was launched, revolutionary learnings on risk from brilliant historical figures, how regression was formulated and how it tricks investors, the two economists who upended utility theory, the powerful concept of prospect theory and how it showed how irrational humans are, and much more! IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 06:52 - Why a human “calculator” can’t win in the market, and the key skills that drive investing success. 08:54 - The two critical risk concepts Cardano introduced to beat the odds—still useful for investors today. 11:12 - How Pascal and Fermat cracked the ‘problem of points’ and laid the groundwork for market probability models. 15:09 - How Daniel Bernoulli connected intuition with measurement. 20:24 - How Bayes’ rule transformed probability theory. 25:55 - Why focusing on the downside matters most—e

On today’s episode, Clay is joined by Lyn Alden to discuss fiscal dominance and its implications for investors. While many value investors claim that following the macro environment isn’t all that important, Lyn makes the compelling case that fiscal dominance has a considerable impact on financial markets overall. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:03 - What fiscal dominance is and why it matters. 08:39 - Why the S&P 500 is at all-time highs with the backdrop of higher interest rates. 11:36 - Whether Lyn expects US big tech to continue to outperform. 19:05 - How the US will continue to run large fiscal deficits. 28:55 - Why nothing stops the fiscal dominance train. 36:20 - Where we are at in the liquidity cycle. 41:08 - How to invest during a period of fiscal dominance. 55:19 - Lyn’s three major trends to never fade. 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 Communit

In this episode, Joe Burnett and Preston Pysh analyze five key video clips featuring insights from Michael Saylor, Trace Mayer, Nik Bhatia, Tad Smith, and Howard Lutnick. They explore Bitcoin’s role in capital flow, how it disrupts traditional incentives, the mechanics of fiat money, the impact of monetary expansion on asset prices, and Bitcoin’s growing importance in global finance. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:20 - Michael Saylor’s "Waterfall Analogy" and why capital naturally flows into Bitcoin. 15:26 - How Bitcoin changes global incentives, reducing the motivation for violence. 21:14 - The inner workings of the bond market and how fiat money expansion resembles a Ponzi scheme. 40:08 - Why asset prices are primarily driven by money supply growth. 42:56 - Howard Lutnick’s bullish stance on Bitcoin and its future role in global finance. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Waterfall Analogy by Micha

In today's episode, Kyle Grieve chats with Jason Donville and Jesse Gamble about their investing philosophy, their emphasis on focusing on growth and value, their evolution from using ROE-focused metrics to the rule of 40 to identify great investing opportunities, how to use the rule of 40 to add high performing businesses to a watchlist, how the market reacts to interest rates, AI impact on the business landscape, and much more! Jason Donville is an award-winning analyst with a distinguished career in Asia and Canada. He previously served as Head of Equity Research at Credit Lyonnais Securities Asia and Research Director at Credit Suisse First Boston, working in Singapore and Jakarta before joining Sprott Securities in Toronto. His research has traditionally focused on identifying high-ROE companies. Jason holds a BA from the Royal Military College of Canada and an MBA from Ivey Business School. Jesse Gamble has worked closely with Jason to manage the DKAM Capital Ideas Fund since 2011. Jesse received an M

On today’s episode, Clay and Kyle give an overview of their best quality stock idea for Q1 2025. This quarter, they discuss AppFolio. AppFolio is a high-growth software company revolutionizing property management. Clay and Kyle explore its impressive revenue growth, competitive advantages, and how AI-driven innovations like Realm-X are helping AppFolio capture market share. The conversation also covers key risks, the competitive landscape, and the company's valuation, providing listeners with a comprehensive analysis of whether AppFolio is a compelling investment opportunity. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:49 - A business overview of AppFolio. 13:04 - The five parties that AppFolio supports with their software services. 22:10 - How AppFolio is utilizing AI to create a moat around their business. 25:35 - Why AppFolio is a payments business disguised as a SAAS business. 30:16 - An overview of the competitive environment for AppFolio. 39:19 - Why we would consider adding back R&D expenses to de

CJ Konstantinos, founder of People’s Reserve, shares his journey into Bitcoin, the philosophy behind his company, and groundbreaking products like self-paying mortgages. Discover insights on Bitcoin-backed loans, navigating regulatory challenges, and the evolution of traditional banking in a Bitcoin-driven world. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:06 - CJ Konstantinos’s journey into Bitcoin and the motivation to create People’s Reserve. 13:28 - How Bitcoin-backed loans work and their potential benefits. 14:40 - The innovative concept of self-paying mortgages and how they function. 15:37 - Insights into Bitcoin bonds and their role in solving economic challenges. 18:40 - The regulatory challenges People’s Reserve faces and strategies for compliance. 23:38 - How CJ envisions Bitcoin as the reserve asset of the internet economy. 41:21 - The evolving role of traditional banks as cryptocurrency adoption grows. 44:25 - Exciting developments in the Bitcoin ecosystem that could shape the future of fina

In this episode, William Green chats with British investing legend Terry Smith. Terry, a member of Bloomberg’s index of billionaires, manages the Fundsmith Equity Fund, which is the UK’s largest stock fund. Since 2010, it’s returned more than 600%, beating the MSCI World Index by over 200 percentage points. Here, Terry talks in depth about the skills, personality traits, & principles that catapulted him from poverty to the pinnacle of the investing world. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 04:01 - How Terry Smith was shaped by poverty & violence. 35:17 - How he achieved fame by exposing financial deception. 39:26 - What he looks for when identifying great businesses. 46:54 - Why many of his favorite companies are 100 years old. 51:56 - Which sectors he shuns & which he likes. 58:42 - How Microsoft embodies what he loves in a business. 1:00:29 - Why it’s worth paying up for the best companies. 1:20:15 - Why the US is his favorite place to invest. 1:21:44 - How being a CEO made him a better investor.

On today’s episode, Clay is joined by Lawrence Cunningham to discuss the value of trust-based cultures and organizations, and the value Warren Buffett has created by implementing such an approach at Berkshire Hathaway.  Cunningham is the Director of the University of Delaware's John L. Weinberg Center for Corporate Governance. He’s the sitting director on three global public company boards — Constellation Software, Markel Group, and Kelly Partners Group.  Cunningham is a best-selling author of a number of books, including “The Essays of Warren Buffett,” “Quality Investing,” and “Quality Shareholders.” IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:34 - The primary role of the board of directors for a public company. 04:52 - The value of trust-based cultures and organizations. 16:19 - The key attributes of a trust-based organization. 26:11 - How Warren Buffett identifies trustworthy people. 45:09 - The story of David Sokol breaking Warren Buffett’s trust. 55:52 - Lawrence’s thoughts on Berkshire’s $300B+ ca

Bitcoin’s Lightning Network is evolving into a global payments system, with over 21,000 active nodes enabling fast, low-cost transactions. Tether’s integration of USDT via the Taproot Asset Protocol could disrupt traditional finance, lowering transaction costs and increasing efficiency. This shift challenges banks and payment networks like Visa and Mastercard, pushing the financial system toward Bitcoin-backed tokenization. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 03:04 - How the Lightning Network enhances Bitcoin’s role beyond a store of value. 18:35 - How U.S. Treasuries and Bitcoin-backed tokenization are reshaping finance. 19:38 - Why Tether’s adoption of the Taproot Asset Protocol is a game-changer for stablecoins. 20:15 - The decentralization advantages of Lightning vs. other blockchain networks. 23:10 - How Tether’s U.S. Treasury holdings impact the financial system. 24:53 - The potential disruption of traditional banking and payment networks. 31:42 - The long-term implications of Lightning’s gro

In today's episode, Stig Brodersen is talking stocks with Tobias Carlisle and Shawn O’Malley. Tobias is pitching VeriSign, a business that prints money with high certainty year after year. Stig’s pick is the serial acquirer LIFCO, a wonderful company priced for perfection that he is on his watch list. Shawn’s stock of choice is the compounder, Ulta Beauty.  IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 03:19 - Why Toby is bullish on VeriSign (Ticker on NASDAQ: VRSN) 07:29 - The bear case of VeriSign, including the threat of AI 26:40 - Stig’s bull case is for Lifco (Ticker on the Swedish Stock Exchange: Lifco-B)  42:35 - The bear case for Lifco, including what it implies to be priced for perfection.  1:07:45 - Why Shawn has invested in Ulta Beauty (Ticker on NASDAQ: ULTA) 1:26:46 - The bear case for Ulta includes competitive pressure from Sephora and the CEO stepping down. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive