FULL BONUS EPISODE: This is the Excess Returns Podcast episode -- please look up all their wonderful content, and listen to it here in case you missed it. It's with Chris Mayer, Matt Zeigler, and me. It's been one of the highlights of my recording year. Tune in and enjoy!

In this episode of Excess Returns, Matt Zeigler is joined by special co-host Bogumil Baranowski to sit down with Chris Mayer. As the author of the acclaimed book 100 Baggers: Stocks That Return 100-to-1 and How to Find Them, former editor of influential newsletters, and co-founder of Woodlock House Family Capital, Chris brings a wealth of experience and a unique perspective to the table. In this conversation, we dive deep into the world of long-term investing, exploring timeless principles, the impact of AI on future opportunities, and the mindset required to identify and hold onto extraordinary businesses. Whether you're a seasoned investor or just starting out, this episode is packed with wisdom to help you navigate the markets with patience and purpose.

Main Topics Covered:

The potential for 100-bagger stocks in emerging industries like AI and how time reveals the winners.

The "twin engines" of growth and multiples, and why great businesses often trade at high valuations.

The merits and challenges of concentrated investing in a market dominated by giants like the "Mag Seven."

Strategies for dealing with drawdowns and maintaining conviction in great companies through volatility.

The importance of aligning investment strategies with the right type of capital, especially for family wealth.

How experiences as a banker, newsletter editor, and board member shape a business-owner mindset.

The role of boards in capital allocation and setting incentives that drive long-term value.

Insights from general semantics as a tool for critical thinking and avoiding investment pitfalls.

The power of journaling to track evolving thoughts and foster humility in investing.

Why patience is the ultimate lesson for investors and how to tune out market noise.

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

A stormy week is behind us; here are some calm and wise words that you might appreciate this weekend.

I distilled my 3 long podcast interviews with Chris Mayer (100-baggers) and 3 of his books into this 10-minute recap. Enjoy!

If you want to read a letter I wrote to clients and friends of the firm, please send me a quick email [bogumil AT talkingbillions.co (not com)] with a few words about yourself, and I'll send it over. Thank you!

FIND the full article covering the same idea on my Substack https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.

Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

If you want to read a letter I wrote to clients and friends of the firm, please send me a quick email [bogumil AT talkingbillions.co (not com)] with a few words about yourself, and I'll send it over. Thank you!

Here you will find the audio version of my this week's article, find it on Substack: https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.

Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

If you have 5 minutes this week, listen to this recap of my conversation with Alex Morris. My email is below.

FULL EPISODE & FULL ARTICLE: https://bogumilbaranowski.substack.com/

Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!

Lastly, if you like this 5-minute recap format, let me know, I might do it now and then with longer episodes!

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

If you have 5 minutes this week, listen to this recap of my conversation with Emily Bouchard with a BONUS look behind the scenes and my thoughts about what I learned.

FULL EPISODE about the episode: https://bogumilbaranowski.substack.com/p/emily-bouchard-money-marriage-and

FULL ARTICLE: https://bogumilbaranowski.substack.com/p/5-powerful-insights-from-emily-bouchard

Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!

Lastly, if you like this 5-minute recap format, let me know, I might do it now and then with longer episodes!

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

An insightful conversation with Samantha McLemore, founder and CIO of Patient Capital Management, who spent over two decades investing alongside famed value investor Bill Miller before founding her own firm in 2020.

Key Topics & Timestamps

Early Influences & Career Path (03:46 - 10:45)

• Sam's humble beginnings and early relationship with money
• Working from age 12 and saving money through college
• First investing experience with college funds in Dell Computer during the late 90s
• Meeting Bill Miller at college and winning the "job lottery"

Investment Philosophy (10:45 - 25:45)

• The power of long-term compounding
• Thinking about stocks as ownership of real businesses
• Lessons learned from Bill Miller: "The big money's made in the big moves"
• Value investing that includes growth companies at reasonable prices
• Looking beyond traditional financial statements

The Amazon Story & Jeff Bezos (25:45 - 39:45)

• Meetings with Jeff Bezos and his insights
• The brilliance of Bezos' long-term thinking
• Bezos' focus on what won't change rather than what will
• The benefit of public markets - participating in others' success

Investment Strategy & Client Relationships (39:45 - 48:45)

• "Volatility is the price you pay for returns"
• The ideal client profile for Patient Capital's approach
• Maximizing long-term capital growth versus capital preservation
• The importance of having clients who understand drawdowns are part of the process

Navigating Market Volatility (48:45 - 57:45)

• The futility of trying to time the market
• The importance of time in the market versus timing the market
• Managing stress during market downturns
• Daily meditation, exercise, and journaling as stress management tools

Women in Investing (57:45 - 61:45)

• Advocating for more women in investing
• The power of role models
• Natural advantages women may have as investors

Active vs. Passive Investing (61:45 - 68:45)

• Thoughts on the rise of passive investing
• The concentration of the S&P 500 in top names
• How passive could change in a prolonged sideways market
• The importance of maintaining confidence during market downturns

Definition of Success (68:45 - end)

• Success as happiness, fulfillment, and being proud of contributions
• Beyond financial metrics to personal satisfaction

Memorable Quotes

• "Compounding is so powerful. It should be taught so much earlier to everyone."
• "Volatility is the price you pay for returns."
• "The big money's made in the big moves."
• "Loss and pain is part of the process of growth and compounding. It is what you're paid for."
• "If you want something, go for it. There's always a shot."
• "The most powerful force in markets is compounding and the long-term time horizon."
• "If you are happy, fulfilled, content, and proud of your contributions, that's success."Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

If you want to read a letter I wrote to clients and friends of the firm, please send me a quick email [bogumil AT talkingbillions.co (not com)] with a few words about yourself, and I'll send it over. Thank you!

Here you will find the audio version of my this week's article, find it on Substack: https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.

Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Guest: Alex Morris - Founder of TSOH Investment Research and author of "Buffett and Munger Unscripted"

Episode Focus: Buffett and Munger's investment philosophy, value investing principles, and business ownership mindset

Key Topics:

Alex's journey into investing and discovery of Buffett/Munger's teachings

Value investing fundamentals - "getting a lot for the expectable future cash flows"

The importance of quality management and proper incentives

How interest rates and inflation impact investments

Time horizons, volatility vs. risk, and Mr. Market psychology

The right way to run an insurance business (National Indemnity case study)

Finding purpose and meaning in investing beyond financial returns

Notable Quotes:

"Warren says, 'Charlie and I think there is no other kind of investment than a value investment. We don't know how anybody would invest in a non-value investment.'"

"Interest rates basically are the value of assets, what gravity is to matter."

"The room full of lawyers will not save you if you're dealing with the wrong people."

"I look at someone like Satya Nadella at Microsoft... I have a sense for who he is. I'm very comfortable that... he has a broader vision and interest in the business."

"If you come here just for the money, you might not stick around long enough to see the results of what this pursuit can do for you."Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.

Understanding the interplay between allocation, evolution, and cognitive investment

Audio version of my this week's article, find it on Substack.

https://bogumilbaranowski.substack.com/ -- subscribe there for all content, not to miss anything.

Also, it's super important! I'll be in Omaha in a few weeks, if you want to say hello, send me a quick email bogumil AT talkingbillions.co (not com) or if you just want to say hello, use the same email. Curious to hear from you!

Podcast Program – Disclosure Statement

Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.

Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.