Bulls, Bears, and Bourbon

Stoicism expert and prominent author, Donald Robertson, joins Bulls, Bears, and Bourbon to discuss Stoic techniques for life (and investing).

Donald is a writer, cognitive-behavioural psychotherapist, and trainer.

Donald specializes in teaching evidence-based psychological skills and is known as an expert on the relationship between modern psychotherapy (CBT) and classical Greek and Roman philosophy. He was born in Irvine, Scotland, and grew up in Ayr. He worked as a psychotherapist for about twenty years in London, England, where he ran a training school for therapists, before emigrating to Canada in 2013 to focus on his writing and training courses. He now divides his time between Greece and Canada

Donald is the author of several books and many articles on philosophy, psychotherapy, and psychological skills training, including How to Think Like a Roman Emperor: The Stoic Philosophy of Marcus Aurelius. See his publications page for more information

Donald is one of the founding members of Modern Stoicism Ltd., a multi-disciplinary team of psychologists, therapists, academic philosophers, and classicists responsible for running Stoic Week.

Stoic Week started at the University of Exeter and grew into an annual international event in which thousands of people take part each year. It involves an online course teaching students how to apply ideas from ancient Stoic philosophy, combined with some techniques from modern psychology.

[01:20] – Introducing Donald Robertson

[5:33] – Stoic Techniques for investing and life

[8:10] – The View from Above

“People think that wealth is the most important thing in life, but he (Socrates) said I think actually they’ve got it back to front, and that what is most important to the good life is…wisdom and self-discipline.”

“Wealth and all the other good things in life are a result of this wisdom.”

“The Stoics without a shadow of a doubt in my mind were way ahead of their time in terms of their grasp of cognitive psychology…they really have a profound understanding.”

[21:40] – Suspending Judgment and Catastrophizing

“If you get too wrapped up in tunnel vision it makes you rubbish at problem-solving because you lose perspective and become rigid in your thinking, and it tends to amplify your feelings and make them overwhelming.”

“We live in a world where we’re surrounded by other people who consider in their vested interest to distort reality on our behalf. IN the ancient world those guys were called sophists…they traded in fear and anger because they wanted to provoke audiences to get their attention.”

[36:10] – Wealth as a Preferred Indifferent

“External wealth (property, money) is a preferred indifferent – what really matters is what we do with it…it’s a means to an end.”

[49:00] – The Contemplation of the Sage

“There’s only one person giving and receiving the advice in this relationship and that’s you. When you imagine what a found investor would’ve done you’re giving yourself advice…you’re having an internal dialogue with yourself about it.”

“You’re accessing your own implicit wisdom actually…you’re smarter than you realize.”

[55:00] – Premeditation of Adversity

“The Stoics believed we need to be realistic.”

[1:19:30] – Marcus Aurelius

[1:39:50] – The Meaning of Wealth

“Wealth consists of having more than you need.”

“As I get older, I spend less money – the more I earn the less I find myself spending.”

[1:42:35] – Advice to Himself

“I’d tell myself to reflect more on my own experience. I’d tell myself to review my life objectively from a detached perspective like I was observing the life of a stranger.”

Links:

Donald Robertson

The Ultimate Life Formula = Happiness = Wealth + Health + Happiness

Max Wojcik joins Bulls, Bears, and Bourbon to guide us through his ultimate life formula. Our discussion breaks down the 24 variables Max has identified as contributing to our happiness. Max’s formulaic, mathematical, and logical approach to defining happiness is intriguing and leads us to a wide-ranging discussion on topics like the importance of a personal brand, stoic philosophy, eating natural foods, and the power of compounding in investing and life.

Max is an engineer, by degree, with an emphasis on biomedical technologies and entrepreneurship. He owns an online publishing company that helps content creators combine and repurpose their content into books - expanding their audiences. He authored the first TikTok-content-based book titled ‘What To Risk.’ He’s a content creator himself and can be found on most major social channels by the handle MaximustoHimself.

[01:22] – Introducing Maxwell Wojcik

[5:20] – Daily Routine:

Journaling – “before you go to sleep at night, write down a question, and then when you wake up in the morning, answer that question.”

[19:05] – The Origin of the Ultimate Life Formula: “thinking ahead while at the same time being able to maintain a present-focused mindset – both of those are extremely important to the decisions we make on a daily basis and our overall happiness in life.”

Wealth:

[22:40] – Personal Brand: “all the power is going to people with brands.”

[27:25] – Platform: cross-promotions partnerships, direct customers, media contacts

[31:40] – The Risk You’ve Taken in Public: proof of good judgment

[35:30] – Capital: “how much money your either have on hand or how much money you have the potential of raising.” “No matter who you are today, there is at least $100,000 in your network that you could raise.”

[37:05] – People: “people leverage is the most competed over type of leverage in human history.”

[41:30] – Intellectual Property: “apps, books, videos, films, bots…anything that exists that you can create on your own time. You don’t need someone’s permission to post a video online. You don’t need someone’s permission to write a piece of code.”

[43:05] – How You Productize Yourself: “what do you do that society struggles to either learn how to do or do on their own that is fun for you to do.”

[45:17] – Compounding Interest: “not only in your money but compound interest in your relationships and in your habits.” “Staying in the game long enough is crucial to acquiring wealth.”

[48:40] – Valuation

[49:25] – Margin of Safety: “the difference between what you make and what you actually need to survive.”

Health:

[50:35] – High Resistance Training: “lifting weights is an important part of your biology because you lose strength quicker than anything else.”

[52:30] – Playing Sports: “not only does it help you stay active, but there is a community behind sports. And there is a competitiveness that we all need.”

[55:40] – Recovery: “if you don’t take the time to recover, you’re not able to maximize your focus and energy.”

[56:40] – Natural Foods: “avoiding anything that is packaged, you don’t know where it came from, was shipped from very far away.”

[57:40] – Intermittent Fasting: “choosing a window of when you are going to eat every day, and there is a certain number of hours when you don’t eat.” “We were meant to fast; we weren’t meant to eat all the time.”

[1:00:10] – Eat More Plants

[1:01:48] – Sleep

Deep Relationships:

[1:13:40] – Regular Contact: “I don’t just mean sending a text – I mean how often do you see them, how often do you facetime them, how often do you hear their voice.”

[1:14:50] – Communities: “groups online, in your neighborhood, gyms, clubs at school…I’m a part of a tribe. ”Being a...

Logistics and supply chains are usually the last things on our minds. We expect shelves to be stocked with our favorite foods and gadgets, and packages to arrive at our doorsteps within days of ordering them online. But recent disruptions have created a new interest in these typically disregarded topics. In this episode of Bulls, Bears, and Bourbon we take a peek behind the logistics curtain to answer some of the common questions that have been asked over the past year.

Craig Fuller is the founder and CEO of FreightWaves, the leading provider of global supply chain market intelligence and news. Prior to FreightWaves, Craig was the founder of TransCard, a major provider of fleet fuel and debit cards. He is also the CEO of FLYING Magazine, the world’s most widely read aviation magazine. Previously, Fuller founded the Xpress Direct division of US Xpress, the leading provider of on-demand expedited truckload services. He holds a BBA from Baylor University and is a private pilot. He lives with his wife and 5 kids in Chattanooga, TN. Enjoy this educational, wide-ranging discussion on the wild world of logistics.

[1:32] – Introducing Craig Fuller

[5:25] – The Trucker Shortage Lie – “the driver shortage is a lie – it never existed.” “The number of new trucking fleets to enter the market has never been higher.”

[13:22] – Trucking Recession– “you have this massive bubble, like you have in a lot of markets, that’s encouraged a lot of new trucking companies to join the market – they’ve been seeing these rates.”

[15:40] – Diesel Prices – “Diesel prices are up $1.85/gallon with no end in sight. So, we’ve seen an acceleration of diesel prices by about 60%. And just to put that into perspective, diesel is the number one variable cost of trucking companies.”

[23:00] –China– “They have the instrument of zero-tolerance for Covid, which means they will shutter their entire economy and basically jail and imprison their own people in their own homes until they sort of get control of Covid and stop the spread.”

“They are starving global markets, global consumers, of goods in addition to shutting down their cities…we can only watch this in shock and dismay.”

“We could see by the end of May, the volume of products leaving China being about half.”

[33:35] – Normal – “we are not going back to normal. We have to stop looking at what normal means. The world has changed.”

“The energy crisis is playing out right in front of our eyes…then you have the supply chain crisis…we’re not going back to the way things were.”

[48:40] Freedom Trade– “You have to ask yourself should be thinking about in the future, a freedom trade – we’re only going to trade with partners that are on a level playing field and treat ESG issues as we do in the West.”

[58:50] –Logistics Tech – “the world has changed because of these logistics technologies that were driven by capitalism and American orientation of global markets…it’s not digitizing the information systems and payments systems.”

[1:06:50] – What does wealth mean? – “wealth is different than what’s in your bank account. Wealth is having all parts of your life satisfied. So I know people who make $40,000 a year and are content…then you have other people who make millions of dollars and are always stressed about money. They’re sacrificing time with their families…that isn’t wealth to me.”

[1:10:40] – What’s one piece of advice you’d give yourself if you could go back in time? – “The two most important decisions you’ll make in life are who do you network with and how do you network…and who their partners are in life (their spouse).”

Links:

www.bullsbearsandbourbon.com

www.vermillionprivatewealth.com

For the first time Bulls, Bears, and Bourbon features two guests – Knox Ridley, and Bradley Cipriano from I/O Fund. I/O Fund runs one of the highest performing tech-focused stock portfolios in the world.

Knox began consulting on portfolios in 2007 and is an experienced growth investor in both bull and bear markets. He is very keen on macro trends and is trained in Fibonacci Trading, Elliott Wave theory, as well as Gann Cycles. He also uses classical technical analysis to manage risk and identify great risk/reward setups.

Bradley previously worked as a forensic equity analyst at Gradient Analytics, where he focused on assessing the quality of revenue and earnings for both domestic and internationally listed stocks for institutional asset managers. He has been able to utilize his strong accounting background to identify issues and concerns that the Street may be overlooking, such as low-quality earnings beats and unsustainable revenue growth.

Together, and with the rest of the I/O Fund team they provide incredible insights into the world of tech growth investing.

[01:30] – Introducing Knox Ridley & Bradley Cipriano

[04:02] – Key Principles to Growth Investing – “everyone has a plan until they get punched in the mouth.”

“We let our winners tell us where to be putting our money for the year.”

“If you look at valuations first, as we’re taught to, you’ll miss out on some really great opportunities.”

[10:13] – Volatility – “When you go through this volatility the most important question is what do I own, and what is the conviction.”

[11:30] – Identifying Micro-trends – “understanding the microtrend is crucial…but most importantly, what product is setting up to being the de facto leader.”

“We’re looking at what companies are strongest…the companies that are really positioned for accelerating growth. So, we’ll look for metrics like rising cash receipts, sales, and marketing leverage, sales outpacing capital expenditures, and companies growing faster than their peers. Really companies that are stronger than their competitors and stronger than they were in previous periods.”

“We let the market dictate which trend is in play…we don’t want to be too creative or too cute.”

[18:20] – Investing Time Horizon– “our time horizon ideally would be forever…that rarely happens though. With our own portfolio as tech investors, if you don’t have a 5-year time horizon, minimum, you can find yourself in trouble.”

“(Time Horizon) is the most important aspect to investing in my opinion. And not acknowledging it is why investors tend to underperform the markets in a lot of ways.”

“Human beings, we’re more emotional than rational. And that part of the human experience dominates every single time.”

“With tech investing, it’s a long-duration asset.”

“Intelligence is not enough. A lot of people think it is, they think they are smart there, and it is not enough. This is the only game in town where you can be a workaholic and a genius and still fail.”

[26:40] – When to sell? – “The big one is if it’s moving down and to the right…there is some wiggle room, particularly if it’s a high conviction play and you’re early.”

“We do let the market dictate when to sell, and we do have a discipline on how we add.”

“The beauty of investing in the public market is we can get out whenever we want. We’re not locked into these positions…if we’re stressing about a position if it’s causing us to lose sleep we have no issue with reducing exposure.”

“The stock is not the company which is not the microtrend. They’re correlated, but stocks are driven by sentiment which can knock the stock out of whack in both directions.”

[33:30] The Fed and the macro environment – “it’s very important. Take a look at tech for example. A lot of the companies that are down 30-40% have reported since then and reported strong growth and raised guidance.

Whiskey and estate planning - two things usually don’t go together, but we’re different at Bulls, Bears, and Bourbon.

Andres Mazabel of Trust & Will joins me on the show to shed some light on their annual report on millennials and estate planning. Trust & Will is tackling estate planning by modernizing the process and making will-based plans, trust-based plans, and nominations of guardianship accessible to everyone.

[01:15] – Introducing Andres Mazabel

[4:40] – Whiskey Tasting – Willett Family Estate 6-Year-Old Straight Rye Whiskey

[6:50] – What is an Estate Plan: “Planning for what is to happen to your assets and your loved ones if something happens to you.”

“Estate planning is one of the most selfless actions you can take.”

“It’s all about peace of mind and making sure that people understand your wishes, and how you want them carried out.”

[12:10] – Millennials and Estate Planning – “Estate planning isn’t just about money, it’s not necessarily about how much in assets you have. Families are understanding that it’s more than that, it’s much deeper than that.”

[13:50] – What catalysts are prompting millennials to create estate plans? – “33% of millennials surveyed created a survey after a child is born. The #2, which is very interesting is the death of a loved one. Millennials are in a really interesting spot, the sandwich generation, in which their parents to young kids and taking care of their parents as well, in some cases.”

“Once you actually see the impact of not having an estate plan, you’re like, “I’m getting it done.”"

“6% thought about estate planning due to a financial planner who helped educate them on how important it is.”

[20:30] – What else, besides distributing assets, can be in an estate plan? -

“Digital accounts. This is really important. The more we move to a digital world, having everything in one place when it comes to social media accounts, crypto accounts, etc.”

“Pet guardians. If something happens to you, who takes care of your pets?”

“If you’re in the hospital and you cant make a decision, you can clearly outline what type of care you want to receive. This helps take away a super hard decision on a loved one.”

“How do you want to celebrate your life…what type of songs, how do you want to be remembered and celebrated are all things you are able to choose and put on paper.”

[28:10] Trust vs. Will-based plans – “a will-based plan is the one most folks are familiar with. From pop culture you know that you can write a will on a napkin…the big difference between a trust and a will is a trust helps avoid probate.”

“There are some folks that really value privacy. Trust is not a public process because it’s not going through probate.”

[37:50] – About Trust & Will – “The TurboTax for estate planning. We have created a platform that enables someone to come to our website and go through the process of creating state-specific plans…we’ve created a flow that helps someone understand their options.”

[50:50] – What is wealth? – “Wealth means being able to have my priorities in my life, to really understand what those are. Time for me is the biggest asset that I have in my life.”

[52:20] – What would you tell your younger self? – “I spent 13 years in banking. I learned a lot…but I didn’t take enough risk in my 20s…don’t get too comfortable, take risks without knowing what the outcome will be.”

“The deeper we go into fear, the more potential we find in ourselves.”

Links:

www.bullsbearsandbourbon.com

www.vermillionprivatewealth.com

This episode of BB&B is different - we talk gambling. Yes, this is an investing show, but a lot of people don’t understand the difference between investing and gambling, and who better to discuss that with than a former professional blackjack player and card counter turned financial coach?

Chris Hanna joined me at the bar to tackle the similarities between gambling and investing, but more importantly, the differences. Chris also shared his story of bypassing wall street to become a professional blackjack player, learning to count cards, and some basic strategies. While I found it fascinating…you won’t catch me at the casino anytime soon.

[01:31] – Introducing Chris Hanna

[3:10] – Bourbon of the Episode – Basil Hayden’s

[6:10] – From college to counting cards – “it was really the difference between starting life as an employee or starting as an entrepreneur. I knew I would struggle more as an entrepreneur; that was the path I knew much less about. But the sooner I start, the faster I’m going to succeed. It was scary. It was exciting.”

[12:00] – On getting caught counting cards – “typically they start to fill the pit, the area that the tables surround with more and more pit bosses to try to scare you off. I also have a theory that it’s also so the bosses can see you and see your face…and then you get a tap on your shoulder. Two or three people are standing behind you, and they say, “sir, your blackjack skills are too good for us; you can play any other game in the casino, but you can’t play this one.”

[13:56] – Similarities between investing and gambling – “there’s a bankroll management aspect, or a portfolio management aspect where you’re deciding how much of your bankroll you’re willing to put on any one investment, or trade. Then it’s your long-term thinking…if you repeat this action an infinite number of times, would you over the long run have a high expectation of succeeding.”

[22:55] – Any vehicle can be used for gambling – “when people are gambling, what they’re doing is placing an arbitrary amount of money and making an arbitrary decision without an understanding of what the expectation should be.”

[40:00] Invest in Yourself– “especially for younger folks who aren’t where they want to be financially, it can be very tempting to think that a potential 20x return on your investment in a matter of 6 months is something you should put your money on. You rationalize it because you say, “well, if it does hit, I’m going to be here.” To those folks, I’d say if you’re not happy where you are financially today, take that money that you would be investing in risky assets and invest it in yourself.”

[53:25] – What does wealth mean? – “wealth is your ability to control your time.”

Links:

www.bullsbearsandbourbon.com

www.vermillionprivatewealth.com

**The information in this podcast is educational and general in nature and does not take into consideration the listener’s personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional before making a final decision. Thanks for listening.

Arnold Van Den Berg is a special investor and a special person. He was born in Amsterdam in 1939, several blocks from the historic Anne Frank House. Arnold's family, being Jewish, also had to hide from the Nazi occupiers. Fearful of being discovered and executed, Arnold's parents arranged to smuggle him to an orphanage as a toddler. His childhood and young adulthood were filled with difficult circumstances. Still, Arnold overcame the anger, resentment, and self-doubt to become one of the most successful investors of our time.

We don't talk a whole lot about investing or money. Instead, we focus on things that have made Arnold Van Den Berg the person he is: the subconscious mind, overcoming adversity, universal knowledge, self-worth, seeking truth, and more.

[02:02] – Introducing Arnold Van Den Berg

[04:40] – Studying the Subconscious Mind – "there's something about the mind that we don't understand, but when you focus the mind so closely, so intensely, you get some energy out of it…that you didn't think you had."

[29:30] – Using the Subconscious to Solve Problems – "only a deep commitment of burning desire and a sacrificial attitude towards that goal will be deep enough to make an impression on the subconscious mind. If that is accomplished along with the faith that it will be achieved you will never lack drive or motivation, you will be pulled by a force that will drive you relentlessly towards that goal."

[40:00] – Positive Thinking – "80% of people's thoughts are negative, so you can see why people have problems…remember, the subconscious does not think; it acts. Every thought you put in there goes into a file, and the more dominant it is in there, the subconscious makes sure that it gets activated. So, if you are thinking negative thoughts, you are going to attract a blizzard of negative things in your life."

[1:13:00] – Faith - "The way you get faith is to repeat your goal and visualize it over and over and over."

[1:16:50] – Short-Selling – "I believe that anyone who is long and short the market understood how the subconscious worked, he would never do it."

"What happens is, when you go long and short, you're dividing your mind.

[1:30:00] – Self-Image - "When you were in the orphanage, and the Nazi's were out hunting the jews, and people were being cautious with you because they thought maybe it'd be discovered that you were Jewish and give the whole orphanage away, you get to feeling like you're not really wanted… you're rejected" – but - "the image of the future is the way you treat people."

[1:42:00] – On Wealth: "it wasn't that I was out to make millions, but it happened. As your image goes up, your success goes up…I made more money than I ever dreamed of."

"The more worthy I felt, the better it got."

[1:42:00] –On Love: "Love is the highest achievement a person can achieve. Love gets rid of fear and anger. There is nothing you can do in your profession that would be a higher achievement than Love. And the truth is the doorway to love."

Links:

Arnold Van Den Berg

Bulls, Bears, and Bourbon Podcast

Vermillion Private Wealth

**The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional before making a final decision. Thanks for listening.

This special AROUND THE BAR episode of Bulls, Bears, and Bourbon focuses on one of the two questions asked of each guest: WHAT IS WEALTH?

Wealth is subjective. Wealth is personal. And wealth is much more than money!

The idea of this bonus episode is to demonstrate that wealth means so much more than money. As a financial advisor, I talk and think about money a lot, but it's important to keep things in perspective, and the guests have certainly helped me do that.

In this bonus episode, you'll hear clips of guests discussing the meaning of wealth. Whether you've listened to every episode or you're listening for the first time, there's a ton of wisdom packed in here from incredibly talented, intelligent, and generous people.

Guests include:

Steve Koch - Former Deputy Mayor of Chicago

William Green - Author, "Richer, Wiser, Happier"

Jason Wenk - CEO, Altruist

Ben Leybovich - Principal, White Haven Capital

William Glass - Co-Founder, Ostrich

Shane Monks O'Byrne - CEO, Aikido Finance

Dasarte Yarnway - Founder, Berknell Financial Group

Dr. Sonat Birnecker Hart - Founder, Koval Distillery

Bharat Kanodia - Founder, Veristrat

Adam Blumberg - Co-Founder, Interaxis

Dr. Joyce Marter - Author, "The Financial Mindset Fix"

Dale Robinson - Founder, G.U.R.U Fitness

Tim Maloney - Co-Founder, Roundhill Investments

Rob Koyfman - Co-Founder, Koyfin

Adam Blumberg of Interaxis helps demystify DeFi (Decentralized Finance) in the episode of Bulls, Bears, and Bourbon. From crypto and blockchain to NFTs and Web3, Adam shares his thoughts on the current landscape and what the future might hold. Whether you’re new to crypto or a long-time HODLER, you’re sure to find something interesting in this jam-packed discussion.

[01:18] – Introducing Adam Blumberg

[02:45] – Japanese Whiskey (Hibiki Japanese Harmony) in honor of Satoshi Nakamoto

[13:50] – Why Crypto? – “it sort of came about because of some anger and frustration with the financial system and the idea was the banks failed us.”

[20:05] – Myth 1: Crypto is mostly used for illicit activities – “Bitcoin is the most traceable asset ever. You can follow it from step to step to step…if any criminal is utilizing bitcoin, they aren’t very good criminals.”

[23:50] – Myth 2: Crypto is easily hacked – “the bitcoin network itself has never been hacked, and that’s not because people aren’t trying. Some of the beauty of the bitcoin network is the time, and money, and expense it would take to actually try to hack the network you would be better of to use that power to mine bitcoin.”

[37:50] – Myth 3: Crypto is bad for the environment – “how much does the financial system use? All those buildings, and people, and checks going back and forth…Bitcoin is a minuscule percentage of what the financial system has to use to move.”

[53:50] – Smart Contracts – “they give us the ability to write the code to take on some of the functions that banks, and other investment companies and other financial intermediaries do.”

[56:15] – NFTs – “we’re building the infrastructure behind it…and NFT can represent your house, or your car…we can eliminate title. That makes a whole lot of sense to people”

[1:05:50] – Web3 – “I now have the control over that data and information that I put out there and therefore I can decide what happens with it. Part of that is I can monetize it if I want to. I can decide who gets to have access.”

[1:15:15] – What does wealth mean? – “I like experiences, wealth to me means I get to have those experiences that I want.”

[1:22:05] – What advice would you give a younger version of yourself? – “be more confident and invest in myself more when I thought I had a good idea for a product or service, and go for it.”

Links:

Interaxis Website: https://www.interaxis.io/

Certified Digital Asset Advisor: https://www.certifieddigital.org/

www.bullsbearsandbourbon.com

www.vermillionprivatewealth.com

**The information in this podcast is educational and general in nature and does not take into consideration the listener’s personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional before making a final decision. Thanks for listening.

Brian Feroldi discusses his investing checklist, how he decides when to sell a stock, optionality, FIRE (Financial Independence, Retire Early), valuing a company, and so much more in this packed episode of Bulls, Bears, and Bourbon. Brian started investing in 2004 and has since become a contributor to the Motley Fool and grown a large Twitter following for his practical, easily digestible content.

[01:10] – Introducing Brian Feroldi

[02:38] – Stock Price vs. Value – “investing is the only purchase that we really make in our life where price really tells us nothing about value…price is a component of value.”

[07:50] – Brian’s Strategy Summarized – “my general strategy is to find the best companies that I can, buy the best companies that I can, and hold those companies until they are no longer great.”

[08:30] – An Investment Checklist – “step 1, write down all the attributes that you’re looking for in a company that makes that company attractive to you…then make another list of the things I don’t want in an investment.”

[13:30] – Types of Investors – “I don’t consider myself to be any one type of investor; I own a plethora of companies…if you force me to pin down and say this is the type of investor you are, I’d say I align closest with the GARP (growth at a reasonable price) camp.”

[18:30] – Being Overpriced and Undervalued at the same time

[22:30] – Optionality – “Optionality is a company’s ability to launch new products or services that open up brand new revenue streams in the future. That’s a really hard thing to screen for or look for in a company, but if I look at my own portfolio, some of my biggest winners are companies that had optionality in spades.”

[27:00] – Habits – “curiosity. I’m not the type of person who likes to sit down and watch movies; I’m terrible at keeping up with the news. I’m not up to date on fashion or television…I spend a tremendous amount of my free time researching and learning.”

[30:33] – When to Sell a Stock – “I really think it’s worth taking the time when your going slow and not looking at stock prices to write down what are the things that would cause me to reevaluate my thesis or would cause me to sell…selling is so much harder than buying.”

[37:25] – Financial Independence, Retire Early (FIRE) – “Work becomes so much more pleasurable when it’s a choice.”

[42:42] – S-Curves and Innovation – “we generally struggle with the concept of s-curves because it always sounds so pie in the sky…but if you look at disrupted technologies, they are always, always disrupted with s-curves.”

[56:45] – What does wealth mean – “the reason that I’m pursuing wealth in the first place goes back to that FI part. I’m after financial independence, full stop.”

Links:

Brian’s Twitter: https://twitter.com/BrianFeroldi

Brian’s Youtube: https://www.youtube.com/brianferoldiyt

Brian’s Checklist: https://www.brianferoldi.com/checklist/

Crash Course Youtube Channel (One of Brian’s Favorites): https://www.youtube.com/user/crashcourse

www.bullsbearsandbourbon.com

www.vermillionprivatewealth.com

**The information in this podcast is educational and general in nature and does not take into consideration the listener’s personal circumstances. Therefore, it is not intended to be a substitute for specific,...