We Study Billionaires - The Investor’s Podcast Network

Stig has invited legend investor Chris Bloomstran from Semper Augustus to teach us how to value Berkshire Hathaway on today's show. Semper Augustus has an outstanding track record with a compounded annual growth rate of 11.4% on equities since its fund's inception on 2/28/1999, compared to 8.2% for the S&P 500. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:45 - The importance of being trusted for Warren Buffett and Chris Bloomstran 18:20 - Why you may want to own a 10-year treasury over the S&P 500 over the next decade  20:28 - How to estimate whether you’re in a secular peak 27:43 - How active Berkshire should be on the boards of portfolio companies 36:03 - How to take a deep dive into Berkshire Hathaway’s culture and business model 43:53 - What the intrinsic value of Berkshire Hathaway is, and what type of return you can get moving forward Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here. Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Stig’s 2024 interview with Chris Bloomstran about Berkshire Hathaway.  Stig’s 2023 interview with Chris Bloomstran about Berkshire Hathaway.  Stig’s 2022 masterclass with Chris Bloomstran on valuing Berkshire Hathaway.  Chris Bloomstran’s website.  Read Chris Bloomstran’s annual letters. Buffett resource on CNBC.  Alex Morris’ book, Buffett and Munger Unscripted – read reviews of the book. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: SimpleMining Hardblock Found AnchorWatch Fundrise DeleteMe CFI Education The Bitcoin Way Vanta Shopify Indeed Onramp HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 27 April 2025

On today’s episode, Kyle Grieve explores the DNA of Amazon by tracing Jeff Bezos’s early influences, strategic decisions, and relentless focus on customer experience, revealing how a bold vision and founder-led culture built one of the most dominant businesses in history. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:12 - How Bezos’s childhood brilliance helped forged Amazon’s DNA. 03:22 - Why self-reliance helped Bezos repeatedly invent out of failure. 06:02 - How DE Shaw inspired Amazon’s hiring bar and secretive innovations. 14:18 - Why founder-led companies tripled returns vs peers from 1990–2014. 17:07 - How Amazon used user reviews to build trust and boost Amazon’s moat. 24:20 - How one-click ordering deepened customer loyalty and competitive defensibility. 41:05 - The importance of Amazon Prime and how it affected customer churn and loyalty. 51:51 - How AWS was born. 54:27 - How Amazon has used its scale and competitive positioning to acquire competitors. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here. Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Read The Everything Store: Jeff Bezos and the Age of Amazon here. Read Invent and Wander: The Collected Writings of Jeff Bezos here. Read Delivering Happiness: A Path to Profits, Passion, and Purpose here. Follow Kyle on X and LinkedIn. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: SimpleMining Hardblock Found AnchorWatch Fundrise DeleteMe CFI Education The Bitcoin Way Vanta Shopify Indeed Onramp HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 25 April 2025

Alex Gladstein unpacks the hidden power dynamics of financial privilege, the shifting terrain of surveillance, and why Bitcoin might be the most unexpected tool in the fight for human rights IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 08:23 - Why self-custody is essential to the philosophical core of financial freedom 13:12 - How grassroots Bitcoin movements are reshaping power dynamics 14:02 - The complex role of social media in Bitcoin advocacy 14:27 - What recent developments are challenging or reinforcing core beliefs 16:07 - How Bitcoin acts as a stealth disruptor of corrupt systems 17:29 - Real-world humanitarian uses of Bitcoin, including crisis response 18:49 - The implications of rising financial surveillance—even in democracies 19:43 - Why financial privilege blinds many in the West to global monetary injustice 21:07 - Where the next frontier of Bitcoin and human rights may emerge 49:03 - How writing a full-length book reframed the guest’s understanding of scale and resistance Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Alex’s X Account. Human Rights Foundation. Related Video: Princess of the Yen. Bitcoin Is A Trojan Horse For Freedom by Alex Gladstein. Alex’s books: Check Your Financial Privilege and Hidden Repression: How the IMF and World Bank Sell Exploitation as Development. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed.   NEW TO THE SHOW? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Check out our Bitcoin Fundamentals Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: SimpleMining Hardblock Found AnchorWatch Fundrise DeleteMe CFI Education The Bitcoin Way Vanta Shopify Indeed Onramp Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 23 April 2025

In this episode, William Green chats with Christopher Begg, an exceptional hedge fund manager who is the CEO & CIO of East Coast Asset Management. Chris has also taught for many years at Columbia Business School, where he teaches the prestigious Security Analysis course that Warren Buffett took with Ben Graham in 1951. Here, Chris discusses how to stay calm amid market turmoil; how he identifies great businesses; why Tesla could deliver extraordinary long-term returns; & how he builds a balanced life in 7 key areas. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 03:54 - How Christopher Begg handles extreme market turmoil. 04:07 - Why he loves volatility & how he exploits it.  06:27 - What 3 qualities he seeks when identifying an exceptional business.  18:19 - Why temperament is the key to investment success.  28:06 - How Perimeter Solutions embodies what he looks for in a stock. 31:49 - How value investing has evolved to what he calls “Value 3.0.” 42:15 - Why Tesla could deliver “extraordinary” returns over many years.  42:15 - What he thinks of Elon Musk.  01:11:13 - Why the secret of success is “persistent incremental progress.” 01:13:48 - How a 66-day challenge helped Chris to nurture good habits. 01:26:06 - How Buffett & Munger won the investing game with “class & virtue.” 01:34:18 - How to design a balanced, joyful, & spacious life.  Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here. Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Chris Begg’s investment firm, East Coast Asset Management. Marcel Proust's In Search of Lost Time. Tanya Luhrmann's How God Becomes Real. Maurice Merleau-Ponty's Phenomenology of Perception. Douglas Adams' The Hitchhiker’s Guide to the Galaxy. Richard Bach's Jonathan Livingston Seagull. James Carse's Finite & Infinite Games. David Whyte's Consolations & Consolations II. Madeleine Green's song discussed by William & Chris. William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book. Follow William Green on X. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: SimpleMining Hardblock Found AnchorWatch DeleteMe Fundrise CFI Education Indeed Vanta Shopify The Bitcoin Way Onramp HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 20 April 2025

In this episode, Clay explores the book Thinking in Bets by Annie Duke, a guide to making better decisions under uncertainty. Drawing from her career as a professional poker player, Annie shares how to separate decision quality from outcomes and avoid the trap of “resulting.” Clay also discusses how our brains are wired for certainty, why embracing probabilistic thinking leads to better outcomes, and the value of building a truth-seeking support system. Additionally, he uncovers tools like backcasting, premortems, and kill criteria to improve long-term decision-making as investors. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:36 - What it means to “think in bets” and how poker can sharpen decision-making. 05:57 - The concept of “resulting” and how it distorts our ability to evaluate decisions. 08:17 - Why good decisions can still lead to bad outcomes—and vice versa. 09:41 - The role of System 1 vs. System 2 thinking in making better choices. 10:44 - How investing parallels poker with incomplete information and uncertainty. 26:29 - How to build a feedback loop that separates luck from skill. 34:03 - The importance of building a truth-seeking group or “buddy system.” 35:02 - The dangers of confirmation bias and how beliefs are often formed by default. 52:54 - How backcasting and premortems can help map out future decisions. 57:16 - The power of setting kill criteria to avoid emotional decision-making. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here. Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Annie Duke’s book: Thinking in Bets. Mentioned book: Big Mistakes. Related Episode: TIP623: The Art of Decision Making w/ Annie Duke. Related Episode: RWH015: Betting Better in Markets and Life w/ Annie Duke. Follow Clay on LinkedIn & X. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: SimpleMining Hardblock Found AnchorWatch Fundrise DeleteMe CFI Education The Bitcoin Way Vanta Shopify Indeed Onramp HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 18 April 2025

In this episode, Clay explores the book Thinking in Bets by Annie Duke, a guide to making better decisions under uncertainty. Drawing from her career as a professional poker player, Annie shares how to separate decision quality from outcomes and avoid the trap of “resulting.” Clay also discusses how our brains are wired for certainty, why embracing probabilistic thinking leads to better outcomes, and the value of building a truth-seeking support system. Additionally, he uncovers tools like backcasting, premortems, and kill criteria to improve long-term decision-making as investors. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:36 - What it means to “think in bets” and how poker can sharpen decision-making. 05:57 - The concept of “resulting” and how it distorts our ability to evaluate decisions. 08:17 - Why good decisions can still lead to bad outcomes—and vice versa. 09:41 - The role of System 1 vs. System 2 thinking in making better choices. 10:44 - How investing parallels poker with incomplete information and uncertainty. 26:29 - How to build a feedback loop that separates luck from skill. 34:03 - The importance of building a truth-seeking group or “buddy system.” 35:02 - The dangers of confirmation bias and how beliefs are often formed by default. 52:54 - How backcasting and premortems can help map out future decisions. 57:16 - The power of setting kill criteria to avoid emotional decision-making. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here. Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Annie Duke’s book: Thinking in Bets. Mentioned book: Big Mistakes. Related Episode: TIP623: The Art of Decision Making w/ Annie Duke. Related Episode: RWH015: Betting Better in Markets and Life w/ Annie Duke. Follow Clay on LinkedIn & X. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: SimpleMining Hardblock Found AnchorWatch DeleteMe Fundrise CFI Education Indeed Vanta Shopify The Bitcoin Way Onramp HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 18 April 2025

Perianne Boring and Brian Estes join the show to break down today’s most pressing crypto issues—from rising tariffs and DOJ coin audits to the White House Digital Asset Summit. They share insights on the evolving market structure, the future of stablecoin legislation, and how Washington is shaping the next phase of digital finance. Plus, a look at Bitbonds, Thank God For Bitcoin, and the under-the-radar trends that could define the next cycle. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 03:29 - Key takeaways from the White House Digital Asset Summit 05:48 - Where the stablecoin bill stands and what’s holding it up 04:12 - Senator Moreno's legislative roadmap on digital assets 10:27 - Why tariffs are making headlines again and how they affect digital assets 15:17 - Market trends that may be flying under the radar 19:54 - What the DOJ coin audits mean for the crypto industry 28:10 - How the market structure is evolving with increased regulation 35:58 - The future of banking post-stablecoin legislation 43:05 - How Bitbonds could play a role in the next wave of crypto innovation 52:20 - Insights from the film Thank God For Bitcoin Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Related episode: Making THE Bitcoin Movie w/ Kelly and Brian Estes. Link to the movie: God Bless Bitcoin. The Digital Chamber’s Website. Perianne's X Account. Brian’s X Account. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed.   NEW TO THE SHOW? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Check out our Bitcoin Fundamentals Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: SimpleMining Hardblock Found AnchorWatch DeleteMe Fundrise CFI Education Indeed Vanta Shopify The Bitcoin Way Onramp Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 16 April 2025

On today’s episode, Kyle Grieve dives deep into Mohnish Pabrai’s The Dhandho Investor, unpacking its nine core principles through vivid case studies and personal reflections to help investors embrace simplicity, asymmetric bets, and the power of cloning proven ideas. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 03:34 - Why buying an existing business can be a smarter path than starting one from scratch. 11:32 - Profiting from businesses with short-term earnings visibility—and why it matters. 13:07 - The enduring strength and clarity of simple business models. 17:39 - How distressed businesses in troubled industries can become goldmines. 31:46 - Why hidden moats often offer the biggest edge—and how to spot them. 38:08 - The case for concentration: how fewer bets can lead to outsized returns. 50:28 - What modeling Costco reveals about risk, value, and margin of safety. 55:13 - The counterintuitive appeal of low-risk, high-uncertainty investments. 59:13 - How to use the cloning principle to shortcut your search for winners. 01:02:09 - Why your sell strategy should evolve with the quality of the business you own. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here. Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Read The Dhando Investor here. Read The Intelligent Investor by Benjamin Graham here. Read Richer, Wiser, Happier by William Green here. Read The Little Book That Beats the Market by Joel Greenblatt here. Follow Kyle on X and LinkedIn. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: SimpleMining Hardblock AnchorWatch CFI Education Found Fundrise Indeed The Bitcoin Way Vanta Shopify Onramp TurboTax HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 13 April 2025

On today’s episode, Clay is joined by Niklas Sävås to discuss the business model of serial acquirers.  A serial acquirer is a company that grows primarily by repeatedly acquiring other businesses as a core part of its strategy. Over the past two decades, many serial acquirers have proven to be profitable investments in the stock market including Constellation Software and Lifco AB. In this episode, Clay and Niklas break down the most important factors to understanding the business model as investors. Niklas Sävås is a senior equity analyst at Redeye AB where he does extensive research on serial acquirers in the Nordics. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:55 - What a serial acquirer is and why serial acquirers are able to buck conventional thinking on making acquisitions. 08:54 - What the return profile is for serial acquirers in making private acquisitions. 10:35 - Best practices used by successful serial acquirers. 24:49 - Why it’s important to be the buyer of choice as a serial acquirer. 40:18 - The most common challenges that serial acquirers face. 49:01 - The importance of organic growth for serial acquirers. 54:41 - An overview of the Roko IPO. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here. Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Check out Redeye. Investing by the Books Podcast. REQ Capital Report. Follow Niklas on LinkedIn & X. Follow Clay on LinkedIn & X. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: SimpleMining Hardblock AnchorWatch CFI Education Found Fundrise Indeed The Bitcoin Way Vanta Shopify Onramp TurboTax HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 11 April 2025

Wall Street veteran and macro expert, James Lavish, and Preston Pysh have a candid back and forth about the Trump tariffs and what the impact in game theory looks like moving forward. They also talk about how it's impacting fixed income, equities, and Bitcoin. Plus how the U.S. might navigate things from here and what's expected ahead. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 04:14 - How MAG 7 dynamics differ from MAGA trade policies 04:48 - Insights from the Street on where equities and crypto are headed 14:07 - How the U.S. dollar contributed to structural trade imbalances 14:49 - Why China's bond selloff may be a response to U.S. tariffs 15:56 - The potential size of the “boggie” in market selloffs and debt 16:23 - Ray Dalio’s framework for understanding today’s deeper economic shifts 16:41 - The case for the end of globalism and what replaces it 23:42 - Why Elon Musk might be at odds with his economic circle 28:02 - What tariffs mean for inflation and the bond market 36:19 - The role of Dollar Stablecoins in the evolving financial system Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES James’ X Account. James’ The Informationist Newsletter. James’ Bitcoin Opportunity VC Fund. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed.   NEW TO THE SHOW? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Check out our Bitcoin Fundamentals Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: SimpleMining Hardblock AnchorWatch CFI Education Found Fundrise Indeed The Bitcoin Way Vanta Shopify Onramp TurboTax Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 9 April 2025

In today's episode, Stig Brodersen shares 20 pieces of advice with his 20-year-old self. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:02 - Why the limits of your language are the limits of your world 06:35 - Why you need to leave your comfort zone 09:05 - Why you can grow from making yourself vulnerable 21:29 - Why you can have anything but not everything 33:29 - Why you should do what you say and say what you do 53:02 - Why you should be intentional with your relationships - but not too much Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here. Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Stig’s blog post on his portfolio and track record since 2014. Stig’s podcast on his journey into financial independence.  Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock Found DeleteMe Fundrise CFI Education Vanta Shopify Onramp TurboTax HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 6 April 2025

On today’s episode, Clay is joined by Arif Karim to discuss Netflix and Ferrari. Arif has studied both businesses for many years as a co-Portfolio Manager at Ensemble Capital and knows these companies as well as about anybody. Arif has been in the investment industry for over 25 years, and is currently working on transitioning to his new venture in the industry. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:31 - What is Netflix’s moat, and what makes it a great business? 10:45 - How Arif managed the share price volatility of Netflix in recent years. 21:34 - The growth initiatives Netflix pursued in light of the slowdown in subscriber growth. 42:02 - Why Ferrari is a business with win-win relationships similar to Costco. 01:09:04 - How Arif thinks about Ferrari’s and Netflix’s valuation. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here. Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Connect with Arif on LinkedIn. Follow Clay on LinkedIn & X. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock Found DeleteMe Fundrise CFI Education Vanta Shopify Onramp TurboTax HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 4 April 2025

Jesse Myers breaks down MicroStrategy’s bold new move, the MSTR preferred stock, and shares big-picture views on Bitcoin, scarcity, and economic transformation. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:58 - What MicroStrategy’s new preferred stock offering means for investors. 04:34 - The implications of MSTR’s free cash flow and interest expense dynamics. 07:23 - A sneak peek at Jesse’s Global Asset Value chart and what it reveals. 10:16 - How Bitcoin continues to shape MicroStrategy’s balance sheet and strategy. 15:48 - Whether we’re approaching a “debt event horizon” and what that might mean. 16:33 - Jesse’s insights on Bitcoin yield and accretive dilution. 23:29 - Misconceptions people have about the current economic landscape. 23:49 - Why appreciating scarcity is a key mindset shift in investing. 36:36 - What Jesse’s excited about in today’s rapidly evolving financial world. 37:24 - Jesse’s take on Elon Musk and Howard Lutnick’s vision for rewiring the U.S. economy. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Jesse’s X Account. Jesse Myer’s Newsletter. Jesse’s company, Onramp. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed.   NEW TO THE SHOW? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Check out our Bitcoin Fundamentals Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock Found DeleteMe Fundrise CFI Education Vanta Shopify Onramp TurboTax Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 2 April 2025

On today’s episode, Kyle Grieve explores how common stocks, paired with contrarian thinking and an understanding of cycles, can generate strong returns. We’ll cover lessons Ed shares from his journey—like allowing for imprecise valuations and learning from disappointing investments. We’ll also look at the value of investing alongside great investors and acting decisively during market panics. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 04:00 - Why common stocks offer more than just solid returns. 06:14 - One mindset shift to sharpen your contrarian investing edge. 07:43 - Three questions that clarify any tough investing decision. 12:54 - How averaging up became Ed’s unfair advantage. 16:14 - The shortcut Ed uses to spot great investments. 18:08 - Earnings, multiples, and perception: the formula behind significant returns. 24:35 - A turnaround playbook for deep value opportunities. 29:36 - Cyclicality decoded: spotting hidden patterns before the crowd. 49:23 - When bad investments still make you a better investor. 59:25 - Ed’s surprising win in a sector everyone hates. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here. Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Read Common Stocks and Common Sense here. Follow Kyle on X and LinkedIn. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock SimpleMining CFI Education Netsuite Vanta Found The Bitcoin Way Shopify Fintool Unchained Onramp TurboTax Fundrise HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 30 March 2025

On today’s episode, Clay is joined by François Rochon to discuss his long-term investing philosophy. François firmly believes that buying great businesses at fair prices is the key to success as a long-term investor. He also believes that trying to time the market is a fool’s errand and that stock price volatility is a gift to investors seeking to beat the market. Since Francois started the Rochon Global Portfolio in 1993, he’s compounded capital at 13.6% per year on average net of fees, and the S&P 500 has compounded at 10.6%. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:28 - Why François spends the time to write a letter for his partners each year. 05:03 - François’s takeaways and lessons from 2024. 08:13 - The types of businesses François looks to invest in. 11:05 - How concentrated he prefers to make his fund. 13:18 - Why Giverny Capital will always remain fully invested. 29:47 - The four key risks for equity investors to consider. 40:07 - Why Francois recently made Booking Holdings and Brown & Brown core positions in his portfolio. 56:46 - Francois’s updated views on Alphabet. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here. Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Rochon’s firm: Giverny Capital. Follow Clay on LinkedIn & X. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock SimpleMining CFI Education Netsuite Vanta Found The Bitcoin Way Shopify Fintool Unchained Onramp TurboTax Fundrise HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 28 March 2025

From ETF debates to home heat mining, Jessy brings deep insights on navigating Bitcoin's evolution, securing your crypto, and building a future with sound strategy and security. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 13:24 - Whether Bitcoin can serve as a reliable retirement asset 22:41 - Practical steps for passing down Bitcoin to future generations 27:32 - How to safely and effectively donate Bitcoin to charity 29:36 - How Bitcoin ETFs are reshaping market dynamics and investor behavior 35:24 - Risks of centralized exchanges and why they’re considered “honeypots” 35:47 - Whether investing in MicroStrategy is a smart Bitcoin proxy play 36:08 - The pros and cons of Bitcoin ETFs vs. private keys 42:03 - How mining pool centralization could threaten Bitcoin’s decentralization 42:26 - Jessy's personal journey with home mining and heating Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Jessy’s X Account. Jessy’s Financial Planning Company: Sound Advisory. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed.   NEW TO THE SHOW? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Check out our Bitcoin Fundamentals Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock SimpleMining CFI Education Netsuite Vanta Found The Bitcoin Way Shopify Fintool Unchained Onramp TurboTax Fundrise Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 26 March 2025

On today’s episode, Kyle Grieve chats with Harris Kupperman about his investing strategy based around concentrated bets on macro and events. Harris has decades of market experience and shares his thoughts on why investors have so much difficulty navigating the markets. Harris Kupperman is Praetorian Capital Management LLC's founder and chief investment officer. He focuses on inflecting trends and event-driven strategies. He’s also the author of Kuppy’s Korner, a widely followed investment blog. In addition to his investing work, he serves as Chairman and CEO of Mongolia Growth Group, giving him firsthand experience as an operator. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:57 - Unlocking macro investing secrets that actually work in real markets 15:58 - How Harris shifts between strategies based on market conditions 19:58 - Why cutting low-conviction positions can unlock capital for bigger winners 25:35 - The hidden advantage of focusing on absolute returns over benchmarks 28:18 How averaging up in commodity cycles can multiply your returns 31:13 - Why Harris believes many MAG-20 stocks aren’t worth the hype 42:38 - Why asset-heavy businesses still hold massive value in today’s economy 53:13 - Why stubbornness and patience are key to real investing success 56:54 - Hedging: A smart risk strategy or just a waste of returns? 1:01:32 - The case for moving fast when investing in inflection point businesses Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here. Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Read Harris' articles here. Follow Kyle on Twitter and LinkedIn. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock Found SimpleMining CFI Education The Bitcoin Way Unchained Netsuite Fintool Shopify Onramp Vanta TurboTax Fundrise HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 23 March 2025

In this episode, Clay explores When Genius Failed by Roger Lowenstein, the gripping story of the rise and fall of Long-Term Capital Management (LTCM).  Founded by Wall Street’s brightest minds, including Nobel Prize-winning economists, LTCM generated astronomical returns using complex mathematical models and extreme leverage—until a financial crisis in 1998 exposed its fatal flaws. Clay also discusses the dangers of overconfidence, the illusion of diversification, and why excessive leverage can be a ticking time bomb.  Additionally, he shares details on an exclusive value investing event hosted by TIP in Big Sky, Montana, in September 2025. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 03:34 - How John Meriwether and a team of Wall Street’s brightest minds, including Nobel laureates, built a hedge fund that seemed invincible, using sophisticated financial models and extreme leverage. 25:55 - LTCM’s reliance on mathematical models that assumed markets behaved rationally, leading them to underestimate the possibility of extreme events. 48:30 - How the Russian debt default triggered widening credit spreads, exposing LTCM’s overleveraged positions and leading to catastrophic losses. 54:49 - Why LTCM’s failure posed systemic risks to the global financial system, forcing the Fed to coordinate a rescue with major Wall Street banks. 01:08:17 - The dangers of excessive leverage, overconfidence in financial models, and the mistaken belief that markets always revert to historical norms. 01:15:09 - How to attend our new value investing event in Big Sky, Montana, bringing together passionate investors for deep discussions and meaningful connections. 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 discussions with Stig, Clay, Kyle, and the other community members. Lowenstein’s book: When Genius Failed. Mentioned book: Big Mistakes. Related Episode: Listen to TIP514: Permanent Supply Chain Disruptions that Will Destroy the Economy w/ Jim Rickards. Email Shawn at [email protected] to attend our free events in Omaha or visit this page. Follow Clay on X. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock Found SimpleMining CFI Education The Bitcoin Way Unchained Netsuite Fintool Shopify Onramp Vanta TurboTax Fundrise HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 21 March 2025

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 how they compare to global trends. 17:44 - How the US economy is shifting from MMT-driven policies toward re-privatization. 29:58 - Updates on SAB 121, SBR, and recent regulatory/legal shifts. 35:16 - What the Supplemental Leverage Ratio (SLR) is and why it’s important for banks. 01:03:01 - Major contrarian buy signals for Bitcoin and QQQ based on technical indicators. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Related Episode: Bitcoin Mastermind 4th Quarter 2024. American Hodl on Nostr. Jeff Ross on Nostr. Joe Carlasare on  X (Twitter), Nostr. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed.   NEW TO THE SHOW? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Check out our Bitcoin Fundamentals Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock Found SimpleMining CFI Education The Bitcoin Way Unchained Netsuite Fintool Shopify Onramp Vanta TurboTax Fundrise Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 19 March 2025

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 more spaciousness in your own busy life.  01:18:25 - How to achieve more by doing less & taking time to reflect. 01:23:05 - Why it’s helpful to view investing as a game. 01:51:27 - How Leonard Cohen rebounded after losing almost all his money. 01:51:27 - How to maintain hope—& gratitude—in the face of adversity. 01:57:55 - What Pico has learned from his long friendship with the Dalai Lama. 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. Pico Iyer’s website. Pico Iyer's book: Aflame: Learning from Silence. Pico Iyer's books: The Open Road: The Global Journey of the 14th Dalai Lama. Henry David Thoreau's book: Walden. Pico Iyer’s TED talk on The Art of Stillness. William’s 2023 podcast interview with Pico Iyer. William’s podcast interview with Daniel Goleman & Tsoknyi Rinpoche. William’s podcast interview with Brad Stulberg. William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book. Follow William Green on X. Email Shawn at [email protected] to attend our free events in Omaha or visit this page. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock Found SimpleMining CFI Education Netsuite Unchained The Bitcoin Way Vanta Shopify Fintool Onramp TurboTax Vanta Fundrise HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 16 March 2025

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 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. Cristiano’s firm: Zeno Equity Partners. Book mentioned: Mastery by Robert Greene, The Nvidia Way by Tae Kim. Email Shawn at [email protected] to attend our free events in Omaha or visit this page. Follow Cristiano on LinkedIn. Follow Clay on X. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock Found SimpleMining CFI Education Netsuite Unchained The Bitcoin Way Vanta Shopify Fintool Onramp TurboTax Vanta Fundrise HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 14 March 2025

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 heat reuse in Bitcoin mining and the Heatpunk Summit 40:58 - Insights into the "Bitax" and its potential impact on Bitcoin 49:12 - The type of power generation that will likely dominate Bitcoin mining in the future Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Daniel’s X account. Daniel’s Nostr account. Why Bitcoin Mining is Indispensable Climate Action by  Daniel Batten. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Check out our Bitcoin Fundamentals Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock Found SimpleMining CFI Education Netsuite Unchained The Bitcoin Way Vanta Shopify Fintool Onramp TurboTax Vanta Fundrise Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 12 March 2025

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, Pound the Rock Investing.  IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 04:14 - How small bits of incremental progress lead to outsized returns over time. 07:51 - Key insights in finding undervalued assets that he learned from looking for undervalued talent for an NBA team. 10:00 - Why making the investing process labour-intensive creates differentiated insights. 15:48 - Why keeping costs low in a fund decreases sensitivity to market volatility. 19:58 - Why identifying quality in small caps comes with inherent difficulty compared to more discovered businesses. 20:35 - Why change in expectations is such a powerful catalyst. 31:13 - How special situations can cause underappreciation of a quality business and obscure upside. 33:55 - Insights into how to evaluate and underwrite management teams. 35:22 - Some of the biggest lessons Adam learned about management from his greatest investment mistake. 49:28 - The qualities that have shown up in Adam's biggest winners. 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 discussions with Stig, Clay, Kyle, and the other community members. Buy The Warren Buffett Portfolio here. Follow Kyle on Twitter and LinkedIn. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Netsuite SimpleMining CFI Education Unchained Hardblock Found Fintool The Bitcoin Way Shopify Vanta Onramp PrizePicks TurboTax Fundrise HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 9 March 2025

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 the GPU market. 40:49 - Why Nvidia is winning the AI race. 51:47 - How Jensen Huang has prepared Nvidia to dominate the AI revolution. 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 discussions with Stig, Clay, Kyle, and the other community members. Tae’s book: The Nvidia Way. Email Shawn at [email protected] to attend our free events in Omaha or visit this page. Follow Tae on X.  Follow Clay on X. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Netsuite SimpleMining CFI Education Unchained Hardblock Found Fintool The Bitcoin Way Shopify Vanta Onramp PrizePicks TurboTax Fundrise HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 7 March 2025

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 Layer-2 scaling solutions on Bitcoin’s liquidity 43:44 - How Bitcoin’s fixed supply interacts with the need for liquidity in a digital economy 44:12 - A bold 10-year prediction for Bitcoin’s role in reshaping global finance Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Porkopolis Economics website. Matthew's X Account. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Check out our Bitcoin Fundamentals Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Netsuite SimpleMining CFI Education Unchained Hardblock Found Fintool The Bitcoin Way Shopify Vanta Onramp PrizePicks TurboTax Fundrise Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 5 March 2025

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 Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. William Green’s book Richer, Wiser, Happier. Stig Brodersen and William Green’s episode on being Richer, Wiser, and Happier, Q4 2024. Stig Brodersen and William Green’s episode on being Richer, Wiser, and Happier, Q3 2024. Stig Brodersen and William Green’s episode on being Richer, Wiser, and Happier, Q1 2024. Stig Brodersen and William Green’s episode on being Richer, Wiser, and Happier, Q3 2023. Stig Brodersen and William Green’s episode on being Richer, Wiser, and Happier, Q2 2023. Stig Brodersen and William Green’s episode on being Richer, Wiser, and Happier, Q1 2023. William’s interview with Terry Smith. William’s interview with Arnold Van Den Berg. William’s interview with Tsoknyi Rinpoche and Daniel Goleman. Stig and Preston’s episode on The Speed of Trust. Daniel Goleman’s book, Emotional Intelligence. David Hawkins’ book, Power Vs. Force. David Hawkins’ book, The Eye of the I. Robert M. Pirsig’s Book, Zen and the Art of Motorcycle Maintenance. Tara Bennett-Goleman’s book, Emotional Alchemy. Stephen Covey’s book, The Speed of Trust. Pico Iyer’s book, Aflame. Email Shawn at [email protected] to attend our free events in Omaha or visit this page. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock SimpleMining Unchained Netsuite Found Fintool The Bitcoin Way Shopify Vanta Onramp TurboTax PrizePicks Fundrise HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 2 March 2025

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 portfolios. 50:41 - Legendary traders Kris looks up to and books that influenced him the most. 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 discussions with Stig, Clay, Kyle, and the other community members. Kris’s firm: Ambrus Group. Book mentioned: The Misbehavior of Markets. Episode mentioned: TIP128: Edward Thorp: Investing Legend, Math Genius. Email Shawn at [email protected] to attend our free events in Omaha or visit this page. Follow Kris on Twitter. Follow Clay on Twitter. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock SimpleMining Unchained Netsuite Found Fintool The Bitcoin Way Shopify Vanta Onramp TurboTax PrizePicks Fundrise HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 28 February 2025

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 real estate transactions. 41:25 - Why Tether invested $200M in Blackrock Neurotech and its AI SDK strategy. 47:15 - How all these moves fit into Tether’s long-term vision. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Article on How Tether Achieved $13.7 Billion in Profits Last Year. Article on Tether on the Lightning Network.  Article on Tether’s move to El Salvador.  Paolo’s X Account. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Check out our Bitcoin Fundamentals Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock SimpleMining Unchained Netsuite Found Fintool The Bitcoin Way Shopify Vanta Onramp TurboTax PrizePicks Fundrise Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 26 February 2025

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—especially when the market is euphoric. 26:33 - How regression to the mean distorts our view of performance—and tricks investors into bad decisions. 38:47 - Why diversification can sometimes increase risk. 43:49 - How prospect theory rewrote the rules of decision-making—explaining why investors act irrationally. 52:01 - Why investors cling to bad ideas—how biases and ego can sabotage returns. 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. Buy a copy of Against The Gods here. Follow Kyle on Twitter and LinkedIn. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock SimpleMining Unchained Netsuite Found Fintool The Bitcoin Way Vanta PrizePicks Onramp TurboTax Fundrise HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 23 February 2025

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 Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Lyn’s book: Broken Money. Lyn’s blog and X account. Email Shawn at [email protected] to attend our free events in Omaha or visit this page. Follow Clay on Twitter. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock SimpleMining Unchained Netsuite Found Fintool The Bitcoin Way Vanta PrizePicks Onramp TurboTax Fundrise HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 21 February 2025

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 Michael Saylor. How Bitcoin Destroys The Economics of Violence by Trace Mayer. Newly Created Fiat Credit is Buying Bitcoin by Nik Bhatia. Outperforming the Money Printer is Difficult Without Bitcoin by Tad Smith. Howard Lutnick on Pomp. Joe’s X Account. Joe’s YouTube channel. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Check out our Bitcoin Fundamentals Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock SimpleMining Unchained Netsuite Found Fintool The Bitcoin Way Vanta PrizePicks Onramp TurboTax Fundrise HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 19 February 2025

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 MBA from the Ivey Business School at Western University and a B.Sc. degree from the Dyson School of Economics at Cornell University. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:42 - The hidden formula for finding cheap stocks. 07:53 - The secret to spotting a deteriorating moat. 10:45 - How elite investors stay focused in a bear market. 13:37 - The evolution of a winning investment strategy. 27:41 - The untapped goldmine in small-cap stocks. 31:39 - Why the market consistently misprices quality growth. 31:39 - The Rule of 40: your cheat code for finding long-term winners. 36:11 - A playbook for finding 10-bagger stocks. 56:47 - The AI revolution: where the real business impact is happening. 56:47 - Why there’s more cash on the sidelines than ever. 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 discussions with Stig, Clay, Kyle, and the other community members. Read DKAM’s Investor Letters here. Listen to my first interview with Jason and Jesse here. Follow Kyle on Twitter and LinkedIn. Email Shawn at [email protected] to attend our free events in Omaha or visit this page. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock SimpleMining Unchained Onramp Netsuite Found The Bitcoin Way Shopify Fintool Vanta PrizePicks Fundrise TurboTax HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 16 February 2025

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 determine a proper valuation for the business.  44:03 - An assessment of AppFolio’s management team, incentives, and valuation. 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 discussions with Stig, Clay, Kyle, and the other community members. Research stocks and SEC filings with Fintool. Mentioned Episode TIP465: Value Investing in the Digital Age w/ Adam Seessel. Related Episode: TIP604: Best Quality Idea Q1 2024 w/ Clay Finck & Kyle Grieve. Related Episode: TIP627: Best Quality Idea Q2 2024 w/ Clay Finck & Kyle Grieve. Related Episode: TIP652: Best Quality Idea Q3 2024 w/ Clay Finck & Kyle Grieve. Related Episode: TIP675: Best Quality Idea Q4 2024 w/ Clay Finck & Kyle Grieve. Email Shawn at [email protected] to attend our free events in Omaha or visit this page. Follow Kyle on Twitter. Follow Clay on Twitter. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock SimpleMining Unchained Onramp Netsuite Found The Bitcoin Way Shopify Fintool Vanta PrizePicks Fundrise TurboTax HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 14 February 2025

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 finance. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES CJ’s X Account. People’s Reserve Website. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Check out our Bitcoin Fundamentals Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock SimpleMining Unchained Onramp Netsuite Found The Bitcoin Way Shopify Fintool Vanta PrizePicks Fundrise TurboTax HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 12 February 2025

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. 1:32:07 - What he learned from Sir John Templeton. 1:35:46 - Why he refuses to speak with brokers or read their research. 1:40:30 - Why it’s hard to be successful professionally & personally. 1:52:46 - Why he’s deeply skeptical about Tesla. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Terry Smith’s investment firm, Fundsmith. Terry Smith’s book, Investing for Growth. Terry Smith’s book, Accounting for Growth. William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book. Follow William Green on X. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: SimpleMining Netsuite Unchained Hardblock Found Fintool The Bitcoin Way Vanta Onramp TurboTax PrizePicks Vanta Fundrise HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 9 February 2025

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: The primary role of the board of directors for a public company. The value of trust-based cultures and organizations. The key attributes of a trust-based organization. How Warren Buffett identifies trustworthy people. The story of David Sokol breaking Warren Buffett’s trust. Lawrence’s thoughts on Berkshire’s $300B+ cash position. How Lawrence navigates investing in a world where a premium is placed on quality companies. And so much more! 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. Clip of Buffett testifying on behalf of Salomon Brothers. Weinberg Center for Corporate Governance. The Essays Of Warren Buffett: Lessons For Corporate America here. Buy Dear Shareholder: The best executive letters from Warren Buffett, Prem Watsa and other great CEOs here. Cunningham’s books — Margin of Trust, The Essays of Warren Buffett, and more. Email Shawn at [email protected] to attend our free events in Omaha or visit this page. Connect with Lawrence on LinkedIn. Follow Clay on Twitter. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: SimpleMining Netsuite Unchained Hardblock Found Fintool The Bitcoin Way Vanta Onramp TurboTax PrizePicks Vanta Fundrise HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 7 February 2025

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 growing adoption in payments. 35:14 -Why banks may need to integrate Bitcoin-backed assets to stay competitive. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Luke’s X Account. Luke’s FFTT Newsletter. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Check out our Bitcoin Fundamentals Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: SimpleMining Netsuite Unchained Hardblock Found Fintool The Bitcoin Way Vanta Onramp TurboTax PrizePicks Vanta Fundrise HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 5 February 2025

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 TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Stig Brodersen’s Portfolio and Track record. Listen to Mastermind Discussion Q4 2024 or watch the video.  Listen to Mastermind Discussion Q3 2024 or watch the video. Listen to Mastermind Discussion Q2 2024 or watch the video. Tune in to the Mastermind Discussion Q1 2024 or watch the video. Listen to Mastermind Discussion Q4 2023 or watch the video. Tune in to the Mastermind Discussion Q3 2023 or watch the video. Listen to Mastermind Discussion Q2 2023 or watch the video. Tune in to Mastermind Discussion Q1 2023 or watch the video. Tobias Carlisle's podcast, The Acquirers Podcast Tobias Carlisle's ETF, ZIG. Tobias Carlisle's ETF, Deep. Tobias Carlisle's book, The Acquirer's Multiple – read reviews of this book. Tobias Carlisle's Acquirer's Multiple stock screener: AcquirersMultiple.com. Tweet directly to Tobias Carlisle. Tweet directly to Shawn O'Malley. Check out The Intrinsic Value Podcast on X (Twitter). Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Found Netsuite Unchained Vanta The Bitcoin Way Fintool PrizePicks TurboTax HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 2 February 2025

While the mainstream headlines often focus on the Magnificent Seven, we’re diving into a global powerhouse that often flies under the radar — Tencent. Based in Shenzhen, China, Tencent is a giant in gaming, social media, and cloud services. From the creation of WeChat—a super-app with over a billion monthly users—to investments in companies like Tesla, Spotify, and Snapchat, Tencent’s story is one of relentless innovation and strategic dominance.  Since its IPO in 2004, shares of Tencent have increased by nearly 500 times, producing an average annual return of 35% per year. To help cover the story of Tencent, Clay will be sharing what he learned from the book Influence Empire by Lulu Chen. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:54 - Tencent’s journey from IPO to becoming a global tech powerhouse. 05:28 - Lessons from Pony Ma’s leadership and Tencent’s strategic vision. 18:33 - How Tencent’s investments shaped global tech innovation and growth. 31:12 - The evolution and impact of WeChat as a transformative super-app. 49:11 - Insights into Tencent’s dominance in the gaming industry. 57:15 - Challenges of navigating Chinese regulations and political risks. 01:08:47 - Tencent’s role in AI, cloud services, and strategic share buybacks. 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 discussions with Stig, Clay, Kyle, and the other community members. Chen’s book: Influence Empire. Email Shawn at [email protected] to attend our free events in Omaha or visit this page. Related Episode: Listen to TIP661: Betting Big on China & Lessons from Bear Markets w/ Richard Lawrence. Related Episode: Listen to TIP636: Billionaire Investing Legend Li Lu w/ Clay Finck. Related Episode: Listen to TIP682: Buffett's Early Investments. Follow Clay on Twitter. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Found Netsuite Unchained Vanta The Bitcoin Way Fintool PrizePicks TurboTax HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 31 January 2025

This episode dives deep into the systemic issues of broken money, the hidden impact of inflation, and the concentration of power in financial systems. Our guest unpacks how sound money, Bitcoin, and decentralization could lead to a fairer, more stable society. We discuss historical cycles, societal consequences, and practical steps for individuals to drive meaningful change. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 05:42 - How ‘broken money’ manifests in everyday life and its hidden societal costs. 09:03 - Why inflation acts as a hidden tax and why it remains misunderstood. 11:44 - The role of the Federal Reserve in shaping American society and the economy. 15:02 - Why fiat currencies historically fail and humanity’s recurring lessons. 17:44 - The relevance of Gresham’s Law in a world of competing currencies. 29:20 - The moral argument for sound money and its long-term societal benefits. 33:49 - Practical steps individuals can take to support monetary decentralization. 38:28 - How Bitcoin and decentralization challenge traditional monetary systems. 41:55 - Lessons from history that can guide us through cycles of crisis and renewal. 44:44 - A vision for a future America thriving on sound money principles. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Lawrence Lepard’s new book, The Big Print. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Check out our Bitcoin Fundamentals Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Found Netsuite Unchained Vanta The Bitcoin Way Fintool PrizePicks TurboTax Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 29 January 2025

This episode dives deep into the systemic issues of broken money, the hidden impact of inflation, and the concentration of power in financial systems. Our guest unpacks how sound money, Bitcoin, and decentralization could lead to a fairer, more stable society. We discuss historical cycles, societal consequences, and practical steps for individuals to drive meaningful change. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 05:42 - How ‘broken money’ manifests in everyday life and its hidden societal costs. 09:03 - Why inflation acts as a hidden tax and why it remains misunderstood. 11:44 - The role of the Federal Reserve in shaping American society and the economy. 15:02 - Why fiat currencies historically fail and humanity’s recurring lessons. 17:44 - The relevance of Gresham’s Law in a world of competing currencies. 29:20 - The moral argument for sound money and its long-term societal benefits. 33:49 - Practical steps individuals can take to support monetary decentralization. 38:28 - How Bitcoin and decentralization challenge traditional monetary systems. 41:55 - Lessons from history that can guide us through cycles of crisis and renewal. 44:44 - A vision for a future America thriving on sound money principles. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Lawrence Lepard’s new book, The Big Print. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Check out our Bitcoin Fundamentals Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Found Netsuite Unchained Vanta The Bitcoin Way Fintool PrizePicks TurboTax Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 29 January 2025

In today's episode, Kyle Grieve will discuss the concept of scuttlebutt, made famous by Philip Fisher in Common Stocks and Uncommon Profits. You’ll learn why scuttlebutt is essential for building conviction and understanding both bullish and bearish perspectives, how it involves learning from key groups connected to a business, how asking the right questions can reveal valuable insights, why Industry specialists and strong networking are crucial for gathering expert knowledge, and how to utilize self-reflection, journaling to continuously improve your decision-making, and much more! IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:55 - Why scuttlebutt is so essential in building conviction and learning about a business. 03:32 - Why scuttlebutt can help you understand bullish and bearish perceptions on a business. 10:03 - The four parties related to a business that you should learn from. 26:34 - What you can learn and what questions to ask a business’s employees, from the people working at the “frontline” to the CEO. 36:49 - How Warren Buffett sleuthed GEICO, which was one of the most impactful events in his life. 49:50 - How to learn from industry specialists and what to ask to learn about specific companies or industries. 54:51 - Details on how Li Lu did scuttlebutt on a very successful investment in Timberland. 55:01 - Why networking is so crucial to the scuttlebutt process. 58:11 - How to use self-reflection and journaling to understand better your mistakes and how to avoid them in the future. 01:07:01 - My four-step framework for learning from my investing mistakes. 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 discussions with Stig, Clay, Kyle, and the other community members. Buy Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger here. Follow Kyle on Twitter and LinkedIn. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock Found Unchained Fintool The Bitcoin Way Onramp Bluehost Vanta PrizePicks Fundrise TurboTax HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 26 January 2025

In this episode, Clay explores The Power Law by Sebastian Mallaby and uncovers the secret behind venture capital’s astonishing success. The Power Law is a fundamental law of the universe that explains why just a handful of disruptive companies, like Google and Tesla, generate the lion’s share of returns. To win in the world of venture capital, investors must seek out bold, unconventional founders to back the next big idea. Tune in to learn how understanding the Power Law can transform your perspective on investing and help you spot tomorrow’s breakout winners. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:53 - The critical role of the Power Law in venture capital and why a few outliers drive most of the returns. 30:54 - How venture capitalists identify and back bold, unconventional founders like Steve Jobs and Elon Musk. 30:54 - The fascinating history behind the rise of venture capital firms like Sequoia Capital and their game-changing investments. 36:22 - Why early-stage companies delay going public and the shift in bargaining power from VCs to founders. 01:06:47 - Insights into the mistakes investors make when exiting too early or dismissing "crazy" ideas that turn into trillion-dollar companies. 01:08:16 - Lessons for public equity investors on spotting disruption and understanding the potential of emerging innovators. 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 discussions with Stig, Clay, Kyle, and the other community members. Mallaby’s book: The Power Law. Jim Sinegal’s interview with the Motley Fool. The Science of Hitting Blog. Email Shawn at [email protected] to attend our free events in Omaha or visit this page. Related Episode: Listen to TIP481: Our Story w/ Stig Brodersen & Clay Finck. Related Episode: Listen to TIP686: Big Tech Stocks w/ Adam Seessel. Related Episode: Listen to TIP417: The Incredible Story of the PayPal Mafia w/ Jimmy Soni. Related Episode: Listen to TIP667: Why Most Stocks Will Lose You Money w/ Hendrik Bessembinder. Follow Clay on Twitter. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock Found Unchained Fintool The Bitcoin Way Onramp Bluehost Vanta PrizePicks Fundrise TurboTax HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 24 January 2025

In this episode, Adam Haynes from SimpleMining.io breaks down Bitcoin mining fundamentals, energy innovations, and advanced technologies like AI and quantum computing. We explore hashrate growth, the debate between mining and buying Bitcoin, and strategies for engaging new adopters. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:43 - The basics of Bitcoin mining and how block templates are created. 04:28 - How transaction fees support the Bitcoin ecosystem. 09:22 - The impact of hashrate growth on Bitcoin’s security and profitability. 11:45 - The role of renewable and nuclear energy in Bitcoin mining. 14:39 - The potential effects of quantum computing on Bitcoin security. 20:40 - Effective ways to introduce and engage new Bitcoin enthusiasts. 22:00 - Dollar-cost averaging (DCA) through mining versus buying Bitcoin. 27:02 - How Bitcoin mining companies might transition to AI-driven data centers. 28:38 - Insights into interest rate trends and their implications for Bitcoin. 30:35 - MicroStrategy’s influence on Bitcoin adoption and corporate treasury strategies. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Adam’s X Account. Adam’s LinkedIn Account. Adam’s company: Simple Mining. Gigi’s article: Bitcoin is Time. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Check out our Bitcoin Fundamentals Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock Found Unchained Fintool The Bitcoin Way Onramp Bluehost Vanta PrizePicks Fundrise TurboTax Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 22 January 2025

In today's episode, Kyle Grieve chats with Andrew Martin about how he utilized his PhD in investing, the typical traits Andrew looks for in great investments, valuable physics-related mental models to improve your thinking processes, why Andrew is attracted to smallcap stocks, how Andrew utilizes his inflection point strategy to beat the market, how he evolved from an asset-based investor to where he is today, how to think about technological disruption in low-tech industries and much more! Andrew Martin is the CEO of Fairlight Capital. Andrew has decades of experience working for large global insurance companies and asset managers managing billions of dollars. He has worked with companies such as Accenture and AIG. Andrew graduated with a B.Sc. in Theoretical Physics from the University of York and a doctorate in Astrophysics from the University of Oxford. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 05:06 - The physical cue that Andrew looks out for to help him subconsciously identify fantastic investing opportunities. The traits that Andrew searches for in potential investments. 10:53 - How to combat biases in investing to avoid making big mistakes. 12:56 - How to utilize a natural contrarian nature to your advantage in investing. 16:59 - A valuable earthquake mental model to help you find hidden fundamentals that the market can overlook. 28:09 - Why Andrew settled on investing in small-caps. 33:24 - Why Andrew has a few concentrated positions while maintaining a few more minor positions. 38:35 - Andrew's evolution from an asset-based value investor to a growth at a reasonable price investor. 01:02:04 - How technology is disrupting low-tech industries and rapidly transforming business models. 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 discussions with Stig, Clay, Kyle, and the other community members. Read Andrew’s investor letters here. Follow Kyle on Twitter and LinkedIn. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock SimpleMining Unchained The Bitcoin Way Found Fintool Bluehost Vanta Fintool PrizePicks Onramp TurboTax Fundrise HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 19 January 2025

Clay dives into the life and legacy of Sol Price, the pioneering retail entrepreneur who revolutionized the industry with FedMart and Price Club, ultimately leading to the creation of Costco.  The episode explores how Price's business philosophies, including treating employees well and maintaining a relentless focus on providing value to customers, inspired iconic entrepreneurs like Sam Walton and Jeff Bezos. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:45 - The story of Sol Price starting Fedmart and Price Club. 19:30 - Sol Price’s core business philosophies 50:47 - The key ingredients to the success of Costco’s business model. 52:58 - What led to the emergence of Costco and the eventual merger with Price Club. 01:01:40 - An overview of Costco’s business model today 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 discussions with Stig, Clay, Kyle, and the other community members. Books mentioned: Sol Price: Retail Revolutionary & Social Innovator, and The Joy of Costco. Jim Sinegal’s interview with the Motley Fool. The Science of Hitting Blog. Email Shawn at [email protected] to attend our free events in Omaha or visit this page. Related Episode: Listen to TIP492: The Best Investor You've Never Heard Of. Related Episode: Listen to TIP634: Value Investing Fundamentals w/ John Huber. Follow Clay on Twitter. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock SimpleMining Unchained The Bitcoin Way Found Fintool Bluehost Vanta Fintool PrizePicks Onramp TurboTax Fundrise HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 17 January 2025

Join us as Jeff Walton unpacks MicroStrategy's innovative financial strategies, including leveraging Bitcoin volatility, issuing convertible bonds, and building a balance sheet of permanent capital. We dive into valuations, ETF dynamics, accretive dilution, and what it means to be the "bank of the future." IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:49 - What "capturing the spread" means in MicroStrategy's strategy. 02:32 - The difference between issuing convertible notes and common stock. 06:26 - An explanation of accretive dilution and its role in corporate strategy. 09:44 - How MicroStrategy's Bitcoin holdings position it as a "bank of the future." 20:52 - Insights into constructing a leveraged balance sheet with permanent capital. 23:04 - Why MicroStrategy issued two consecutive convertible bonds. 28:49 - How Michael Saylor's "Bitcoin nuclear reactor" concept reshapes volatility. 39:47 - The impact of entering the NASDAQ and index weighting on stock performance. 48:33 - Metrics to consider when starting a position in MicroStrategy or Bitcoin. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Check out our Bitcoin Fundamentals Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock SimpleMining Unchained The Bitcoin Way Found Fintool Bluehost Vanta Fintool PrizePicks Onramp TurboTax Fundrise Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 15 January 2025

In this episode, William Green speaks with Barron’s Roundtable member Bill Priest, who is Vice Chairman of TD Wealth and founder, Chairman, and Co-Chief Investment Officer of TD Epoch. Bill is the co-author of several books, including “Winning at Active Management.” Having prospered for six decades in the financial markets, Bill has seen it all. Here, he talks about his core investing principles & why he believes investors are too complacent in the face of mounting risk & fragility. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 06:50 - How Bill Priest fell in love with the stock market. 40:30 - Why he focuses relentlessly on free cash flow & cost of capital. 41:11 - How he goes about analyzing a business.  48:41 - Why growth stocks may start to struggle. 50:47 - Why he’s worried about the threat of stagflation.  59:16 - How investors can protect themselves from an unknowable future. 1:03:36 - Why AI is unstoppable, not just another bubble. 1:07:35 - Why he’d be “very careful” about investing in China. 1:15:38 - Why you should keep ample cash to ride out difficult times. 1:17:20 - Why his exposure to equities is much lower than usual. 1:21:16 - How to be a successful leader. 1:57:16 - What he’s learned from his daughter about happiness. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Bill Priest’s investment firm, Epoch Investment Partners. Bill Priest’s book, “Free Cash Flow & Shareholder Yield.” Bill Priest’s book, “Winning at Active Management.” Anne Applebaum’s book “Autocracy, Inc.” Ruchir Sharma’s book, “What Went Wrong with Capitalism.” William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book. Follow William Green on X. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts.  SPONSORS Support our free podcast by supporting our sponsors: Hardblock Found Unchained The Bitcoin Way Vanta Fintool PrizePicks Onramp SimpleMining TurboTax Fundrise HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 12 January 2025

On today’s episode, Clay is joined by Eddy Elfenbein to discuss his top stock picks for 2025. After Clay lets Eddy go, he also outlines his top stock pick for 2025 — Lumine Group. Eddy Elfenbein is a portfolio manager and creator of the Buy List, a portfolio of high-quality stocks that have consistently outperformed the market. Known for his Crossing Wall Street blog, he simplifies complex financial concepts into actionable insights for investors. He also manages the AdvisorShares Focused Equity ETF ($CWS), which is based on his Buy List of high-quality stocks. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 04:29 - Eddy’s views on the current market and economy. 07:00 - The Buy List’s top performers from 2024. 14:41 - An overview of the names he added and removed from The Buy List. 30:38 - How Eddy balances being aware of the macro environment without letting it override his investment process. 44:15 - The investment thesis for Lumine Group. 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 discussions with Stig, Clay, Kyle, and the other community members. The Buy List for 2025. Crossing Wall Street Blog and Substack. ETF (Ticker: CWS) information. Join our highly vetted community of value investors here. Clay’s previous episode on Mark Leonard’s shareholder letters. Check out Interactive Brokers. Seeking Winners Substack (Lumine write-up is titled, ‘Carving Out Growth’). Email Shawn at [email protected] to attend our free events in Omaha or visit this page. Follow Clay on Twitter. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock Found Unchained The Bitcoin Way Vanta Fintool PrizePicks Onramp SimpleMining TurboTax Fundrise HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 10 January 2025

In this episode, we discuss the Africa Bitcoin Conference, the passion for Bitcoin and human rights in Africa, and the innovative solutions tackling energy and financial inclusion. Featuring insights from Erik Hersman (Gridless) on energy infrastructure and Charlene Fadirepo on empowering African women through Bitcoin, we uncover how this technology is reshaping lives and creating opportunities for a brighter future. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:02 - Why the Africa Bitcoin Conference was so impactful and community-driven. 10:24 - How Erik Hersman and Gridless are solving the energy challenge in rural African communities. 15:21 - The role of Bitcoin in empowering individuals and advancing human rights. 15:36 - Key partnerships and energy sources powering Bitcoin mining in Africa. 21:40 - Secondary effects of energy infrastructure on local villages. 31:41 - Insights into Charlene Fadirepo’s four laws to leap and their relevance to Africa's Bitcoin transformation. 43:17 - The financial challenges and systemic inequality historically faced by marginalized communities, and how Bitcoin offers a reset. 49:43 - How education and talent in Africa are driving Bitcoin adoption. 51:30 - Practical ways individuals can contribute to Bitcoin’s growth in Africa. BOOKS AND RESOURCES Erik’s X Account. Charlene’s X Account. Charlene’s New Book: The Bitcoin Leap: How Bitcoin is Transforming Africa. Gridless Website. B-Trust Website. ABC Conference Website. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Follow our official social media accounts: X (Twitter) | LinkedIn | | Instagram | Facebook | TikTok. Check out our Bitcoin Fundamentals Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock Found Unchained The Bitcoin Way Vanta Fintool PrizePicks Onramp SimpleMining TurboTax Fundrise Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcribed - Published: 8 January 2025