In this episode, Luke Gromen navigates through Berkshire's $167.6B cash, his 2023 market optimism, US liquidity measures, and escalating real estate loan concerns. He discusses inflation's return, unemployment trends, interest rates, and Bitcoin's impact on energy. The dialogue also touches on the Fed's control illusion, CEO stock sales, Bitcoin's fiscal role, auction failures, QE's return, and treasury yield trends, providing a rich macroeconomic overview amidst evolving market dynamics.

IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
01:05 - How Berkshire Hathaway's substantial cash reserve positions it in the current economic landscape.
08:13 - The pivotal factors that flipped Luke Gromen from a bearish to a bullish market stance in early 2023.
12:20 - The implications of re-accelerating supercore inflation on the economy and monetary policy.
12:20 - How interest rates are expected to evolve through the rest of the year and their effect on investments.
46:08 - The specific liquidity levers the US is currently pulling to navigate through economic challenges.
46:08 - Predictions on unemployment trends and their impact on the broader economic recovery.
57:25 - Insights into the escalating crisis in commercial real estate loans surpassing loss reserves at major banks.
01:09:57 - The transformative potential of Bitcoin in changing the energy landscape and its broader economic implications.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Luke’s FFTT research.

Luke’s Twitter account.

Luke’s two books.

Related Episode: Listen to BTC136: The FED Pause & Q2 Current Events w/ Luke Gromen, or watch the video.

Related Episode: Listen to BTC101: 4th Quarter Macro Overview w/ Luke Gromen, or watch the video.

Check out all the books mentioned and discussed in our podcast episodes here.


NEW TO THE SHOW?

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:

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BTC172: Macro Outlook Q1 2024 w/ Luke Gromen (Bitcoin Podcast)

Kyle talks to Lauren Templeton about the many investing and life lessons she learned from investing legend Sir John Templeton, how she sets up her daily life to stay disciplined and avoid biases, how to utilize the scientific method for investing purposes, how we can use lessons from history to improve our decision making today, the importance of utilizing multiple evaluation tools to find great investments, sectors that are facing maximal pessimism today that might be the winners of tomorrow, and much, much more!

IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
05:56 - Why we should combat “home bias”.
05:56 - Why high savings rates are so important for new opportunities.
05:56 - How savings rates have changed with the times.
05:56 - The hurdles you need to overcome for investing in Japan.
12:06 - The importance of looking at unpopular sectors.
12:24 - What Sir John Templeton thought about quality.
12:24 - Why maximum optimism is a risky place to deploy capital.
12:24 - How Sir John Templeton offset value traps using his strategy.
12:24 - Why you should use multiple evaluation tools in your analysis.
17:38 - How Lauren created her life to stay disciplined.
17:38 - The strengths of lowering how reactive you are.
17:38 - The importance of living a disciplined lifestyle to improve yourself.
21:18 - How to utilize the scientific method in investing.
27:01 - How Lauren has decreased the effects of FOMO.
27:01 - The importance of removing yourself from the crowd.
29:54 - How Lauren has used inversion to help her investing strategy.
34:22 - Why you should look at sectors with bad outlooks.
34:22 - How Lauren fights confirmation bias.
43:10 - How Lauren’s investing strategy has altered given the current macro backdrop.
47:07 - The importance of alignment between your daily life and investing philosophy.
47:07 - How Sir John Templeton tinkered with his portfolio while staying true to his core philosophy.
49:11 - Why you should understand maximum pessimism and how it creates opportunities.
49:11 - The historical returns in small caps after having the valuation gap we are seeing today.
49:11 - Why Lauren thinks China is showing maximum pessimism based on her observations at ValueX.
49:11 - Why Lauren sees an opportunity in small caps right now.
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 Lauren’s book, The Templeton Way here.

Listen to Lauren’s podcast, Investing The Templeton Way here.

Subscribe to her newsletter, the Maximum Pessimism Report here.

Learn more about the Berkshire Summit by clicking here or emailing Clay at clay@theinvestorspodcast.com.


Follow Kyle on Twitter and LinkedIn.

Check out all the books mentioned and discussed in our podcast episodes here.


NEW TO THE SHOW?

Follow our

TIP612: Investing In Fear: Profiting From Maximum Pessimism w/ Lauren Templeton

On today’s episode, Clay chats with Kyle Bass, the founder and principal of Hayman Capital Management. Hayman’s first major success came from effectively shorting the housing market in 2008, and Kyle was profiled in Michael Lewis’ book The Big Short. 
After seeing Chinese stocks drop 20% over the past year, I invited Kyle back onto the show because he has been sounding the alarm bells for years on a market correction in Chinese markets. 

IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
02:01 - Why China is potentially preparing to invade Taiwan.
06:59 - How China has been restricting data and information flow to foreigners.
09:16 - Major military, mainland, and legal actions the CCP has taken in the past few years.
19:55 - Why foreign direct investment to China has collapsed in recent years.
25:53 - Potential sanctions the US may implement if China invades Taiwan.
33:38 - What Kyle is seeing in the Chinese real estate market.
39:33 - Whether he sees the crisis in Chinese affecting other markets globally.
47:10 - Why he believes the Fed is out of touch with reality.
54:48 - How Kyle is positioned as an investor today.

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.

Hayman Capital Management’s website.

Conservation Equity Management’s website.

Related Episode: TIP396: China and the Macro Impact w/ Kyle Bass | YouTube Video.

Follow Kyle on Twitter.

Follow Clay on Twitter.

Learn more about the Berkshire Summit by clicking here or emailing Clay at clay@theinvestorspodcast.com.


Check out all the books mentioned and discussed in our podcast episodes here.


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:

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TIP611: The Bear Case for China w/ Kyle Bass

Join us with Alex Leishman, River's CEO, for a dive into Bitcoin's ecosystem, discussing Argentina, Bitwise custody, Lightning Network's prospects, Ordinals, equity tokenization, BitVM, ETFs, custody improvements, AI, and institutional custody. We also touch on OTC markets' dynamics. A compact overview of the current and future Bitcoin landscape.

IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
01:09 - The evolving role of Bitcoin in Argentina's economy and how it's shaping local finance.
10:05 - The current state and future prospects of the Lightning Network in enhancing Bitcoin's scalability.
20:04 - An introduction to BitVM and roll-ups, and their potential to revolutionize transaction efficiency.
24:05 - The significance of Ordinals for decentralized identity and how they're changing the landscape.
27:50 - The process and benefits of tokenizing real equity to bridge traditional finance with blockchain technology.
34:02 - The challenges and opportunities presented by Bitcoin ETFs and potential regulatory impacts.
34:34 - The importance of improving custody solutions for Bitcoin to ensure greater security and accessibility.
42:15 - Insights into Bitwise custody solutions and their impact on security and asset management.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Buy Bitcoin at River.

Alex Leishman's Twitter.

River's Blog and Research.

Check out all the books mentioned and discussed in our podcast episodes here.


NEW TO THE SHOW?

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:

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BTC171: Bitcoin Tech Update with Alex Leishman (Bitcoin Podcast)

In today&#39;s episode, Stig Brodersen speaks to Tobias Carlisle and Hari Ramachandra. Stig only owns five individual stocks, and in this episode, he outlines why he is still bullish on Spotify. Hari’s pick, Disney, has recently been extremely volatile, and Tobias pitches Mueller Industries, a value stock trading at an appealing valuation.

IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
06:25 - Why Hari is bullish on Disney (Ticker: DIS)
12:09 - The bear case of Disney, including increasing competition, valuation, and debt levels
35:33 - Why Stig has invested in Spotify (Ticker: SPOT) as one of the five stocks he owns
48:44 - The bear case for Spotify, including the dependency on Alphabet
58:18 - Why Toby has invested in Mueller Industries (Ticker: MLI)
1:06:46 - The bear case for Mueller Industries, including the end of the building phase and competitive Chinese pressures

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.

Listen to the Mastermind Discussion Q4 2023 – TIP586 | Youtube video.

Tune in to the Mastermind Discussion Q3 2023 – TIP576 | Youtube video.

Listen to the Mastermind Discussion Q2 2023 – TIP557 | Youtube video.

Tune in to the Mastermind Discussion Q1 2023 – TIP528 | Youtube video.

Listen to the Mastermind Discussion Q1 2022 – TIP418 | Youtube video.


Tune in to the Mastermind Discussion Q2 2022 – TIP450 | Youtube video.  


Listen to the Mastermind Discussion Q3 2022 – TIP475 | Youtube video.

Tune in to the Mastermind Discussion Q4 2022 – TIP496 | Youtube video.

Tobias Carlisle&#39;s podcast, The Acquirer&#39;s Podcast.

Tobias Carlisle&#39;s ETF, ZIG.

Tobias Carlisle&#39;s ETF, Deep.

Tobias Carlisle&#39;s book, The Acquirer&#39;s Multiple – read reviews of this book.

Tobias Carlisle&#39;s Acquirer&#39;s Multiple stock screener: AcquirersMultiple.com.

Tweet directly to Tobias Carlisle.

Hari&#39;s Blog: BitsBusiness.com.

Tweet directly to Hari Ramachandra.

Check out all the books mentioned and discussed in our podcast episodes here.


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:

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TIP610: Mastermind Q1, 2024 w/ Tobias Carlisle and Hari Ramachandra

On today’s episode, Clay reviews Nassim Taleb’s book – Fooled by Randomness.
Nassim Taleb is a Lebanon-born American mathematician and statistician whose work concerns problems of randomness, probability, and uncertainty. He’s very well known for his popular books, including The Black Swan, Antifragile, Skin in the Game, and Fooled by Randomness.

IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro.
01:37 - The role of luck in investing.
04:51 - Biases that get investors into trouble, such as the survivorship bias and the endowment effect.
10:09 - Why we should develop a sense of skepticism and humility.
15:52 - Why it’s so important to understand alternative histories.
30:47 - Why humans are more prone to make investment decisions based on emotions rather than facts and probabilities.
37:31 - What the firehouse effect is.
39:33 - The story of a trader who got married to his positions which ended up being a value trap.
48:08 - What chaos theory is.
58:54 - How Taleb’s investment strategy capitalizes on asymmetric opportunities.
62:06 - Distinguishing a good process from a good outcome.

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.

Nassim Taleb’s books: Fooled by Randomness, Antifragile, The Black Swan, &amp; Skin in the Game.

Episode Mentioned: TIP558: How Ackman &amp; Taleb Profited Billions During Market Crashes w/ Scott Patterson | YouTube Video.

Episode Mentioned: TIP597: Darwin&#39;s Investing Lessons w/ Kyle Grieve | YouTube Video.

Episode Mentioned: TIP579: Big Mistakes by Michael Batnick | YouTube Video. 

Follow Clay on Twitter.

Learn more about the Berkshire Summit by clicking here or emailing Clay at clay@theinvestorspodcast.com.


Check out all the books mentioned and discussed in our podcast episodes here.


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:

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TIP609: Fooled by Randomness by Nassim Taleb

Bob Burnett shifts from tech executive to Bitcoin mining leader, focusing on innovative, sustainable solutions. He explores Bitcoin's challenges, the significance of ASICs beyond finance, and strategies for navigating regulatory environments. Burnett's insights into future trends and advice for tech entrepreneurs underscore the importance of adaptive strategies and sustainability in the evolving Bitcoin landscape.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro
02:11 - Bob Burnett's journey from tech executive to leading Bitcoin mining initiatives.
18:13 - The importance of sustainable practices in the Bitcoin mining industry.
27:44 - Strategies for navigating the complex regulatory environment of Bitcoin.
35:06 - How blockchain technology extends beyond finance into other sectors.
37:01 - The significance of adaptability for entrepreneurs in the tech and finance industries.
62:15 - Insights into the future trends and potential of Bitcoin.
69:08 - Lessons in leadership and innovation drawn from Burnett's extensive experience.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Check out: Bob’s Twitter.

Visit: Barefoot mining website.

Check out all the books mentioned and discussed in our podcast episodes here.


NEW TO THE SHOW?

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:

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BTC170: Bitcoin's Hardware Future w Bob Burnett (Bitcoin Podcast)

In this episode, William Green chats with famed investor Bruce Berkowitz, whose Fairholme Fund has beaten the S&P 500 by 529 percentage points over 23 years. Bruce, who was named Morningstar’s Domestic Stock-Fund Manager of the Decade in 2009, talks here about the ups & downs of his volatile career, how he changed his investment strategy after three costly losses, why he likes cash as a kind of “financial valium,” & why 80% of his fund is riding on one stock.

IN THIS EPISODE, YOU’LL LEARN:
00:00 - Intro
04:44 - What Bruce Berkowitz learned about odds by working as a bookmaker.
06:26 - What his stint as a broker taught him about how not to invest.
34:18 - Why he makes huge bets on a tiny number of stocks.
41:53 - How he’s riding a multi-decade wave of migration to Florida.
48:57 - How he justifies betting 80% of his fund on one stock.
54:59 - How he’s playing long-term trends in the energy sector.
56:56 - Why he’s changed the way he invests.
59:08 - Why he’s acutely wary of bank stocks.
59:20 - What he learned from losing big on Sears, Fannie Mae, & Freddie Mac.
1:17:53 - Why he views cash as a valuable form of “financial valium.” 
1:28:51 - How he assesses the investment threat of global warming.
1:33:50 - Why he operates as a lone wolf, not part of a team.
1:39:53 - What he’s tried to teach his three children.
1:45:31 - How he handles setbacks.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Bruce Berkowitz’s investment firm, Fairholme Funds.

Vaclav Smil’s book How the World Really Works.

Vaclav Smil’s book Energy & Civilization.

William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.

Follow William Green on X (AKA Twitter).

Check out all the books mentioned and discussed in our podcast episodes here.


NEW TO THE SHOW?

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.

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:

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HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Apple Podcasts! 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

RWH041: Ignore the Crowd w/ Super-investor Bruce Berkowitz

On today’s episode, Clay chats with Chris Mayer about long-term compounding and a few of his holdings, including Constellation Software. Chris is well-known for his book, 100 Baggers, and has inspired thousands of readers to become better investors. If you’re interested in investing in multi-baggers, then this episode is a must-listen.

Chris is the author of 100 Baggers and the co-founder and portfolio manager of Woodlock House Family Capital. 

IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
03:27 - A review of how Chris’s fund performed in 2023.
06:37 - Where Chris focuses much of his attention in managing a fund.
12:39 - How Chris discovered Constellation Software.
18:02 - How the competitive landscape for Constellation Software has developed over the years.
24:58 - The potential drawbacks of Constellation Software’s decentralized business model.
28:09 - Chris’s thoughts on Constellation Software’s ~60% increase in their share price over the past year.
28:53 - How Constellation 2.0 has developed in recent years.
33:04 - Why Constellation Software has started performing spinoffs.
39:42 - Whether Constellation will continue to do more spinoffs in the future or not.
37:05 - Why Chris decided to invest in the Constellation Software spinoffs in his fund (Topicus &amp; Lumine).
39:32 - Why Topicus is targeting higher organic growth in their subsidiaries.
55:12 - Chris’s thoughts on the valuation of Constellation Software, Topicus, and Lumine.
61:56 - How Chris would consider allocating fresh capital today in his fund.

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.

Chris Mayer’s books: 100 Baggers &amp; How Do You Know?


Resources mentioned: InPractise, Acquirers.com, &amp; REQ Capital.


Chris’s fund &amp; blog: Woodlock House Family Capital.

Thomas Phelps’ book: 100 to 1 in the Stock Market.

Episode mentioned: TIP531: Mark Leonard: The Best Capital Allocator You&#39;ve Never Heard Of | YouTube Video.

Related Episode: TIP543: 100 Baggers w/ Chris Mayer | YouTube Video.

Related Episode: TIP569: An Investor&#39;s Guide to Clear Thinking w/ Chris Mayer | YouTube Video.

Related Episode: MI310: A Serial Acquirers Deep Dive w/ Chris Mayer | YouTube Video.

Follow Chris on Twitter.

Follow Clay on Twitter.

Learn more about the Berkshire Summit by clicking here or emailing Clay at clay@theinvestorspodcast.com.


Check out all the books mentioned and discussed in our podcast episodes here.


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: TI

TIP608: Long-Term Compounding w/ Chris Mayer

Alex Gladstein discusses Bitcoin's impact on Africa, leveraging natural resources for mining to provide electricity and financial stability. Highlighting cases in Malawi and Kenya, he shows how Bitcoin offers a stable currency and supports renewable energy, transforming economic landscapes and promoting sustainable development. This narrative illustrates Bitcoin's potential as a catalyst for empowerment and progress across the continent.

IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
00:57 - The potential of Bitcoin to drive sustainable development in Africa.
00:57 - How Africa's natural resources can be utilized for Bitcoin mining.
11:07 - The role of Bitcoin mining in providing access to electricity and reducing energy costs.
16:25 - Examples of successful Bitcoin mining projects in Malawi and Kenya and their socio-economic benefits.
25:09 - Strategies for leveraging stranded energy resources for economic empowerment and environmental conservation.
26:17 - Ways in which Bitcoin acts as a stable, decentralized currency for regions facing inflation.
44:37 - The impact of micro-hydroelectric and geothermal energy projects on local communities.
45:57 - The importance of local entrepreneurship and community initiatives in the adoption of Bitcoin mining.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Alex’s article in Bitcoin Magazine: Stranded.

Alex’s Twitter.

The Human Rights Foundation.

Check out all the books mentioned and discussed in our podcast episodes here.


NEW TO THE SHOW?

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:

River

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BTC169: Bitcoin Changing Africa's Energy and Finance Incentives w/ Alex Gladstein (Bitcoin Podcast)

Kyle talks to Paul Andreola about how he evaluates smallcap stocks, why flipping over as many rocks as possible is such a strong strategy, why to put all your focus on profitable growing businesses, why the PEG ratio is so important for finding great opportunities, the importance of understanding the capital raising process, why value will always succeed in the long term, the current state of microcaps and much, much more!

Paul Andreola is a highly successful microcap investor who has been managing his own money for over 30 years. He is a board member for Atlas Engineered Products, Total Telcom, and Departure Bay Bay Capital. He’s a big proponent of microcap investing and runs an investing community called SmallCap Discoveries where he interviews CEOs of microcap businesses and shares his ideas and strategies.

IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
03:28 - The importance of flipping over as many rocks as possible.
05:00 - The power of owning businesses that institutions can’t invest in.
05:08 - Why focus your efforts on profitable businesses that are growing.
05:22 - How to use the price-to-earnings-growth ratio to help you identify undervalued growth stocks.
06:22 - How to add a margin of safety using the PEG ratio.
06:22 - How to use the PEG ratio to help you determine what needs to be sold.
08:43 - How increasing fund flows can attract low-quality businesses in search of capital.
09:46 - Why owning profitable companies can de-risk your investing.
09:46 - Why you should stay away from low-growth businesses even when they are cheap.
13:23 - Why you should stay away from businesses that are likely to heavily dilute shareholders.
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.

Check out Paul’s services at Smallcap Discoveries.

Read Paul’s articles here.

Learn more about the Berkshire Summit by clicking here or emailing Clay at clay@theinvestorspodcast.com.


Follow Kyle on Twitter and LinkedIn.

Check out all the books mentioned and discussed in our podcast episodes here.


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:

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TIP607: Small But Mighty: Uncovering Smallcap Value w/ Paul Andreola

On today’s episode, Clay is joined by Ian Cassel to discuss multi-bagger first principles, what he’s learned from investor Tony Deden, and biases he has had to overcome to continue improving as an investor.

Ian is a full-time microcap investor and CIO of Intelligent Fanatics Capital Management. He is the founder of MicroCapClub.com and co-founder of the IntelligentFanatics.com. 

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro.
01:36 - Ian’s investment journaling and reflection process.
06:19 - What Ian has learned from managing a fund for over 5 years.
08:56 - A 2023 overview for Ian’s fund.
23:58 - What Ian learned from Anthony Deden.
27:43 - The multi-bagger first principles.
35:53 - A few case studies on multi-baggers.
53:26 - Why high insider ownership doesn’t correlate with stocks that outperform.
54:02 - How attribution bias influences investor behavior.
58:08 - Ian’s experience on the saying, “Risk is what you don’t see.”
61:03 - How Ian decides whether he should average down in a position or not.

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.

Learn more about the Berkshire Summit by clicking here or emailing Clay at clay@theinvestorspodcast.com.


Ian’s presentation on Multi-bagger First Principles.

Ian’s community, MicrocapClub.

Ian’s book, Intelligent Fanatics.

Ryan Pape’s interview at the MicroCap Leadership Summit.

Related Episode: TIP563: Lightning in a Bottle & Microcap Investing w/ Ian Cassel | YouTube Video.

Follow Ian on Twitter.

Follow Clay on Twitter.

Check out all the books mentioned and discussed in our podcast episodes here.


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.


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TIP606: Multi-Bagger First Principles w/  Ian Cassel

Dive into Bitcoin's future with Romain Rouphael: Unpacking his journey from finance to pioneering in Bitcoin research, LN Markets, and DLC Markets. Discover how leveraging Bitcoin for payments and building on its secure infrastructure is changing trading with instant settlements, trustless derivatives, and over $2 billion traded. Learn about the innovation behind LN Markets' fast retail trading and DLC Markets' approach to revolutionizing trustless OTC derivatives.

IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
03:35 - The reasons behind Romain Rouphael's full-time commitment to Bitcoin and its potential for revolutionizing finance.
07:43 - Insights into the foundational stages of Bitcoin research and the establishment of a Bitcoin lab.
07:43 - The advantages of Bitcoin over other cryptocurrencies as both an asset and a financial infrastructure.
26:21 - Future developments in Bitcoin financial services, including enhancements to LN Markets and DLC Markets, and the introduction of new products like hashrate/blockspace trading.
33:20 - Introduction to LN Markets, a platform enabling instant settlement trading built on the Lightning Network.
33:20 - The significance of Discreet Log Contracts (DLCs) in enabling trustless OTC derivatives trading on Bitcoin.
40:13 - The innovative approach of DLC Markets to facilitate complex smart contracts for large-scale, trustless trading.
50:21 - Challenges and complexities faced in managing a Bitcoin fund and interacting with centralized exchanges.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Article: LN Markets Upgrades Bitcoin Trading w/ DLCs.

Romain Rouphael's Twitter.

LN Market's Website.

DLC Market's Website.

The LN Market’s White Paper on DLCs.

Check out all the books mentioned and discussed in our podcast episodes here.


NEW TO THE SHOW?

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.



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BTC168: Bitcoin Discreet Log Contracts DLC on LN Markets w/ Romain Rouphael (Bitcoin Podcast)

On today’s episode, Kyle talks to Dede Eyesan about investing outside of your home country and what you need to research to improve your circle of competence, why China, India, and Japan have some interesting businesses and which sectors might produce the next outperformers, the strength of monopoly type businesses when searching for outperformers, the characteristics of outperformers that are least difficult to try to identify, interesting insights into iGaming and IT consulting industries, and much, much more!

Dede Eyesan is the Chief Investment Officer of Jenga Investment Partners (IP). Jenga IP is a fund specializing in allocating capital to public and private companies on a global scale. They own businesses in countries such as Finland, Poland, China, Mexico, the U.S., Australia, Sweden, Kazakhstan, and France. He authored Global Outperformers: A decade study of the top performing global listed companies (1,000% in 10 years)


IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro.
02:54 - The primary reasons for China’s lower shareholder returns.
06:12 - Potential value chains in India that Dede finds interesting.
10:20 - Insights into Indian markets, governance issues, and regulation.
14:03 - Why consumer electronics is interesting in India, but not a good business model in most other geographies.
18:04 - The importance of good economics and competitive advantage in finding outperformers.
19:51 - Why monopolies like Airports of Thailand and Texas Pacific Land Corporation made good investments.
26:14 - Insights into two South African companies that are still high quality in Karooooo and Naspers.
34:44 - Why iGaming has low barriers to entry but high barriers to success.
34:55 - Why uncertainty can punish a business’s valuation.
44:37 - Dede’s outlook on his latest acquisition, GoFore, and why he likes IT consulting.
56:59 - GoFore&#39;s competitive advantage and growth forecast.

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.

Jenga Investment Partners (IP) Global Outperformers.

Learn more about Jenga Investment Partners here.

Read Jenga IP’s detailed research here.

Learn more about the Berkshire Summit by clicking here or emailing Clay at clay@theinvestorspodcast.com


Follow Kyle on Twitter and LinkedIn.

Check out all the books mentioned and discussed in our podcast episodes here.


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 inves

TIP605: Untangling Global Outperformers w/ Dede Eyesan

On today’s episode, Clay and Kyle give an overview of their best quality stock idea for Q1 2024. This quarter, they discuss Evolution AB.
Evolution AB is well-known in the world of quality investors. The stock has compounded by over 60% per year over the past 5 years and seems to have a long runway for growth ahead. Clay and Kyle give an overview of why they own the stock and why they like the company&#39;s long-term prospects. 
Disclaimer: At the time of recording, Clay and Kyle both own shares in Evolution AB.

IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro.
06:44 - Resources Kyle found most helpful in initially researching Evolution AB.
06:48 - What Evolution’s business model is and how they make money.
17:15 - How the quantitative metrics look for Evolution.
28:40 - The massive tailwinds at play in their industry.
33:21 - The difference between a regulated and unregulated market.
38:12 - What geographies Evolution has the largest presence in.
42:45 - What the competitive landscape looks like.
46:18 - How Evolution has been able to continue growing and withstand competition despite the high returns they’ve achieved for many years.
49:24 - An overview of Evolution’s management team and recent acquisitions.
64:23 - How Kyle thinks about the valuation.
70:05 - The most important KPIs to track for Evolution.

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.

Alta Fox Research.

An expert analyst on Evolution: Ali Gündüz.

Shree Viswanathan’s recent letter which discussed Evolution.

Learn more about the Berkshire Summit by clicking here or emailing Clay at clay@theinvestorspodcast.com.

Related Episode: TIP587: Dino Polska: A Polish Compounder w/ Clay Finck &amp; Kyle Grieve. | YouTube Video.

Follow Kyle on Twitter.

Follow Clay on Twitter.

Check out all the books mentioned and discussed in our podcast episodes here.


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:

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TIP604: Best Quality Idea Q1 2024 w/ Clay Finck & Kyle Grieve

Dive into the world of Bitcoin mining with expert Harry Sudock. This episode unpacks the complexities of on-chain fee management and the intricacies of over-the-counter transactions on the blockchain. Sudock provides unique insights into the operational strategies of miners, revealing the unseen mechanisms that support blockchain efficiency and stability. An enlightening discussion for anyone interested in the behind-the-scenes of Bitcoin.

IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
08:23 - The role of miners in managing high on-chain fees in the Bitcoin network.
13:32 - The impact of on-chain fees on the overall efficiency of the blockchain.
17:44 - The operational challenges faced by miners in the current Bitcoin ecosystem.
30:36 - Insights into the unseen economic aspects of blockchain transactions.
35:18 - Strategies used by miners to handle fluctuations in transaction fees.
36:33 - How over-the-counter (OTC) transactions are integrated into the blockchain.
51:15 - The relationship between miners and the broader financial aspects of Bitcoin.
51:15 - Expert views on the future trends and developments in Bitcoin mining.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Harry Sudock’s Twitter.

Bitcoin Park's Twitter.

Griid’s Website.

Check out all the books mentioned and discussed in our podcast episodes here.


NEW TO THE SHOW?

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:

River

Toyota

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BTC167: How Decentralized is Bitcoin Mining w/ Harry Sudock (Bitcoin Podcast)

On today’s show, Stig Brodersen talks with co-host William Green, the author of “Richer, Wiser, Happier.” With a strong focus on kindness, they discuss what has made them Richer, Wiser, or Happier in the past quarter.

IN THIS EPISODE, YOU’LL LEARN:
00:00 - Intro
01:26 - What we can learn from the greatest investors about being authentic 
16:40 - How to stay true to yourself
25:55 - How we change throughout the stages of our lives
43:44 - If principles are truly timeless
1:00:52 - What William learned recently about Charlie Munger’s kindness
1:11:54 - Why we want to take a simple idea and take it very seriously 
1:23:59 - The challenges of the three phases in life

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 – read reviews of this book.

William Green’s book, The Great Minds of Investing – read reviews of this book.

Stig Brodersen and William Green’s episode on being Richer, Wiser, and Happier, Q3 2023 | YouTube Video.

Stig Brodersen and William Green’s episode on being Richer, Wiser, and Happier, Q2 2023 | YouTube Video.

Stig Brodersen and William Green’s episode on being Richer, Wiser, and Happier, Q1 2023 | YouTube Video.

Stig Brodersen and William Green’s episode on Money and Happiness | YouTube Video.

William Green’s interview with Daniel Goleman &amp; Tsoknyi Rinpoche | YouTube Video.

William Green’s interview with Michael Berg about Abundance | YouTube Video.

William Green’s interview with Pico Iyer about being Beyond Rich | YouTube Video.

William Green’s interview with Rick Rieder about managing 2.6 Trillion dollars | YouTube Video.

William Green’s interview with Berkshire Hathaway Director Chris Davis | YouTube Video.

Check out all the books mentioned and discussed in our podcast episodes here.


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:

River

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TIP603: Richer, Wiser, Happier, Q1 2024 w/ Stig Brodersen & William Green

On today’s episode, Clay is joined by Morgan Housel to discuss his newest book, Same as Ever, and uncover the key themes in financial history that have never changed.
Morgan Housel is a partner at The Collaborative Fund. He’s the New York Times Bestselling author of The Psychology of Money and Same As Ever. His books have sold over 4.5 million copies and have been translated into more than 50 languages. He also serves on the board of directors at Markel.

IN THIS EPISODE, YOU’LL LEARN:
00:00 - Intro
02:34 - The key themes that seem to never change throughout history.
04:37 - Why the world is much more fragile than we’re led to believe.
09:04 - Why the biggest risk is the one you don’t see coming. 
24:49 - The true power of exceptional storytelling.
23:28 - The importance of thinking probabilistically.
27:00 - Why every stock valuation is a number from today multiplied by a story about tomorrow.
27:32 - Why successful stock picking is about so much more than the numbers.
29:22 - Why market extremes such as the meme stock craze are not unnatural, and they should actually be expected.
32:19 - Morgan’s investment approach.
38:21 - Why most investor’s biggest advantage is patience.
41:31 - Why most competitive advantages eventually die.
51:33 - How the world’s most successful people utilize inefficiency and slack to achieve more.
55:43 - Why Morgan writes for an audience of one.

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.

Learn more about the Berkshire Summit by clicking here or emailing Clay at clay@theinvestorspodcast.com.

Morgan’s book: Same as Ever and The Psychology of Money.


Morgan’s Podcast.

Related Episode: TIP351: The Psychology of Money w/ Morgan Housel | YouTube video.

Check out the books mentioned in the podcast here.


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:

River

Toyota

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HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, whic

TIP602: Same as Ever w/ Morgan Housel

Join us in this insightful episode where Caitlin Long of Custodia Bank and Wes Knobel delve into the innovative non-fractional reserve system, the challenges faced with the Federal Reserve, and the dynamic world of cryptocurrency banking. They discuss Custodia's unique approach, its role in the post-Silicon Valley bank crisis landscape, and the evolving challenges and opportunities in cryptocurrency custodianship. This conversation offers a deep dive into the intersection of traditional banking, regulatory environments, and the growing influence of digital assets.

IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
02:34 - How Custodia Bank is redefining traditional banking practices.
02:34 - The significance of Custodia's approach to customer deposits.
12:47 - Insights into the Federal Reserve's decision-making process.
22:19 - The implications of non-participation in fractional reserve banking.
22:19 - The importance of state laws in protecting digital assets.
28:21 - Wes Knobel's perspective on financial innovation and regulation.
38:31 - Caitlin Long's expertise in banking risks and legacy systems.
47:58 - The potential government intervention in cryptocurrency holdings.
47:58 - Predictions for the future of banking in the era of digital currencies.
01:00:37 - The recent SEC approval of Bitcoin ETFs and its impact.

BOOKS AND RESOURCES

Links to Custodia Bank.

Caitlin Long’s X account.

Link’s to the lawsuit with the Federal Reserve Bank, Document 1 & Document 2.

Check out all the books mentioned and discussed in our podcast episodes here.


NEW TO THE SHOW?

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:

River

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BTC166: Bitcoin Custody For Institutions w/ Caitlin Long and Wes Knobel (Bitcoin Podcast)

In this episode, William Green chats with Laura Geritz, founder of Rondure Global Advisors, which scours the globe in search of high-quality companies trading at attractive prices in places like India, China, Japan, Thailand, Taiwan, Turkey, Brazil, &amp; Mexico. Here, Laura makes the case for allocating more money to undervalued stocks outside the US. She also discusses her unusual lifestyle, which is built around relentless travel, voracious reading, &amp; abundant time to think.

IN THIS EPISODE, YOU’LL LEARN:
00:00 - Intro
08:15 - How Laura Geritz earned the nickname “Money Bags.”
09:41 - How she broke into the investment industry by living in Japan.
12:55 - How she was shaped by the frugal, unflashy culture of rural Kansas.
22:57 - What she learned from her mentor &amp; partner, Robert Gardiner.
30:14 - Why so many talented women quit the investment business.
36:54 - Why she believes many investors are taking too much risk.
38:56 - Why foreign stocks may be overdue for a powerful rebound.
41:20 - How she weighs the risks &amp; rewards of Chinese stocks.
52:26 - How she screens 70,000 stocks to identify great businesses.
1:03:36 - What foreign investors don’t understand about Japanese companies.
1:11:51 - How to become a continuous learning machine.
1:25:38 - How Laura handles adversity when her investing style is out of favor.
1:32:06 - Why she maintains a remarkably uncluttered calendar.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Laura Geritz’s investment firm, Rondure Global Advisors.

Graham Greene’s book The Quiet American.

Yasunari Kawabata’s book Snow Country.

Michael Pollan’s book A Place of My Own.

Rolf Potts’ book Vagabonding.

Pico Iyer’s book The Half-Known Life.

William Green’s podcast interview with Pico Iyer | YouTube Video.

William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.

Follow William Green on X (AKA Twitter).

Check out all the books mentioned and discussed in our podcast episodes here.


NEW TO THE SHOW?

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.

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:

River

Linkedin Marketing Solutions

NetSuite

Fidelity

Shopify

Toyota

TurboTax

Babbel

American Express Business Gold Card

Fundrise

Vacasa


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