Podcast Notes Playlist: Latest Episodes

Erik Torenberg is a general partner at Village Global, a founder of OnDeck, the host of Venture Stories podcast and just an overall swell guy. 

In this episode, we talk about building career moats, building positive loops, finding asymmetric career bets, using twitter to your advantage, and a whole lot more.

It was a real joy to have Erik on the show. I loved this conversation and think you will too. 

I highly recommend following Erik on twitter at:  https://twitter.com/eriktorenberg 

And check out his excellent podcast Venture Stories:  https://www.villageglobal.vc/podcast/ 

• Being average sucks… except when it comes to investing
  • An average annual return of 8% will get you rich over a long enough time scale
• You should be taking advantage of an employer-sponsored 401k
  • There are tax benefits for one
  • To add – It’s all about compound interest: contributing a few hundred bucks a month at an 8% annual return adds up to HUGE savings by the time you’re 60-70
• If you have a financial advisor you’re paying a 1% fee to, you’re potentially losing up to 28% of your annual return
  • This could add up to millions over the course of your lifetime
• Whether it’s going to college or buying a house, always be skeptical when someone says – “You NEED to do X”
• Ramit’s take on Bitcoin/crypto:
  • “If you have a beautiful portfolio, have your asset allocation dialed in, and you have a little extra money and want to put 5-10% of it in crypto… be my guest
  • “But to go around saying crypto is the best investment and you’re a Luddite if you don’t invest in it… is ridiculous”
  • “I think very few people in America should own Bitcoin unless it’s part of a diversified portfolio or any other speculative asset”

Ramit Sethi's is the only person who will tell you exactly how to improve your behavior about money. He's direct. No BS. He's very honest about "the one thing you have to focus on to become a millionaire."

You'll learn that in this episode. You'll also hear our heated debates about when and HOW to stop paying your credit card debt, what makes your 401K a (potential) scam, how to get rid of your financial stress, who should invest in crypto. And more.

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Also check out part 1. You'll learn how to stop having so much fear around money. So you can embrace the possibility and opportunities you have to make and spend money in a way that actually makes you feel like you're living.

I write about all my podcasts! Check out the full post and learn what I learned at jamesaltucher.com/podcast.

Thanks so much for listening! If you like this episode, please subscribe to “The James Altucher Show” and rate and review wherever you get your podcasts:

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• Autophagy is the process by which cells (or cellular components) eat themselvesunder conditions of nutrient deprivation (AKA fasting)
  • The dysfunctional cells (like cancer cells) or dysfunctional cell components tend to be “eaten” first
• Autophagy is tissue specific – it’s not an on/off phenomenon 
  • There’s probably some basal or static levels of autophagy occurring in pretty much every tissue of the body in most individuals (most of the time)
• Exercise is one of the best ways to enhance autophagy – how so?
  • Research dictates that in skeletal muscle, autophagy related proteins are present in higher amounts after 12, 24, and 36 hours of fasting in lean/trained people compared to overweight individuals 
    • (In simple terms – this indicates people who exercise frequently may start undergoing autophagy in a shorter amount of time during a prolonged fast)
• Research seems to indicate the more insulin sensitive you are the more readily you can enhance autophagy
• How long do you need to fast in order to increase autophagy significantly?
  • Probably 72 hours (but if you exercise frequently, perhaps this number drops to ~36 hours)

There’s a lot of speculation about when autophagy starts and stops. In today’s show we’ll cover the details.

This show is brought to you by MYOXCIENCE Nutrition, tools to help optimize sleep and support blood sugar health.

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About Today's Show:

“Fast for 18 hours and autophagy kicks-in,” the guru says.

The truth is, autophagy is occurring at different rates in different tissues for different people.

In this show, we’ll add some clarity to this topic that’ll help you figure out how long and frequently you should fast to enhance autophagy.

-Insights from human fasting studies about autophagy and fast duration
-Herbs and foods that may enhance autophagy

Link to show notes and research: https://highintensityhealth.com

Related Podcast with Peter Attia, MD: http://bit.ly/2QWLAAY

Autophagy and Time-Restricted Feeding: https://www.instagram.com/p/Bya8oWNJNpF/

• The 3 main forecasting tools – intuition, analysis, statistical inference
• Jesse believes the cyclical nature of the market will slow down, which is good because it will reduce the boom-bust cycle and thus reduce market panic
  • “I think inflation will be low forever. I think interest rates will be low forever.”
• The problem with depreciation is that it’s calculated against the historical cost of assets and not the replacement cost
  • A historical cost calculates the cost that was paid for the asset
  • A replacement cost (market value) calculates the cost it would take to replace the asset
• Praise in public, criticize in private
• Fulfillment = progress + meaningful work 
• Markets should be more expensive than they were in the past
  • People should expect lower future returns and valuations to stay high 

This week I have a very special guest years in the making. Like another favorite episode, with anonymous guest Modest Proposal, this conversation is with one of the stars of the financial twitter universe who writes anonymously and goes by the pseudonym Jesse Livermore. I met Jesse 6 years ago after reading his unbelievably unique investing research, which tackled all the big and interesting issues in markets. He now also works with me as a research partner at OSAM, where’s he’s used our data to continue to his search for truth in markets. Despite being one of the brightest minds I’ve encountered he is also as humble and unassuming as they come. I’m at least a slightly better person because of trying to emulate how he conducts himself. I get to have many conversations with him that go from 0-100 fast, and I’m thrilled to be able to share one of those with you.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

Show Notes

1:33 - (First Question) – Jesse’s origin story for investing

4:37 – Exploring his ways of problem solving starting with intuitive

            7:53 – David Epstein Podcast Episode

11:46 – Looking at the analytical way of problem solving

15:42 – Statistical inference

24:45 – Should we opt for simplicity in the investment process

25:26 – Does his own investing include all three, intuition, analysis, and statistics

26:09 – The evolution of his research, process, and thinking on various investment factors.

31:38 – Thoughts on inflation and its impact on market valuation

40:05 – The Earnings Mirage

46:25 – Free Cash flow and valuations

50:51 – What should investors take away from this research

53:01 – Thoughts on trend as an interesting market signal

59:00 – The problems with trend

1:00:34 – Post on “The Single Greatest Predictor of Future Stock Market Returns”

1:11:15 – His work into understanding factors

1:15:36 – Looking at momentum

1:18:16 – His curiosity into the current market cycle

1:20:04 – Lessons learned from his time in the military, an effective way to create an environment where people can safely disagree with their co-workers

1:30:10 – The concept of progress in meaningful work

1:33:08 – Kindest thing anyone has done for him

Learn More

For more episodes go to InvestorFieldGuide.com/podcast. 

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag