Find me on Substack: https://bogumilbaranowski.substack.com/

Kevin Koharki is an MBA, PhD, founder of CAE Consulting, and associate professor who has spent 20 years analyzing hundreds of firms and uniquely advocates that every employee—not just executives—should understand how their daily decisions impact capital allocation and long-term value creation.

3:00 - Childhood influence: Depression-era grandmother shaped Kevin's views on hard work, discipline, and saving money through close relationship and shared activities

6:00 - Career origin story: 1999 discovery of "Rich Dad, Poor Dad" led to Peter Lynch's "One Up on Wall Street" - describes it as "getting hit by lightning," sparking lifelong investing passion

9:00 - Teaching philosophy: Drops real 10Ks on students' desks, believes in learning by doing rather than textbooks - "if you want to learn how to hit a curveball, you have to step in the batter's box"

12:00 - Personal finance reality check: Most people don't budget despite it being "second, third grade math" - grandmother's "got cable?" test for true money problems

15:00 - Capital allocation breakthrough: 2022 Vegas flight rereading Buffett letters when everything "clicked" - realized employees need training on how their roles impact CEO decisions

18:00 - Fortune 100 company story: 71 years of collective family experience, never understood job's true financial impact until Kevin's training

21:00 - Common misconception: Analysts focus only on dividends, debt paydown, buybacks - "it doesn't start there, it starts with revenue"

25:00 - Concentration philosophy: Charlie Munger's "three investments in your lifetime" - finding businesses that can reinvest at high rates indefinitely

30:00 - Financial statement analysis: Shocking number of investors not making proper adjustments for leases, pensions, stock-based compensation

35:00 - Stock-based compensation deep dive: Spent three years figuring out what Buffett/Munger meant by "true cost" - most CFOs don't understand until receiving it themselves

40:00 - Double-hit problem: Stock-based comp hits earnings twice (expense + dilution) while actual cash impact appears in financing, not operations

45:00 - Tech sector impact: Free cash flow can be 30-40% lower than reported due to improper stock-based comp accounting

50:00 - Cultural change requirement: Capital allocation mindset shifts take years, require constant reinforcement like diet changes

55:00 - Employee education gap: HR can't explain stock plans due to licensing restrictions, employees receive lawyer-written documents they can't understand

60:00 - Success definition: Making people better investors or employees who understand their financial impact - "help them understand the why"

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.

Three years' worth of interviews with Chris Mayer, which Bogumil and Matt recorded, condensed into a one-hour BONUS episode.

The episode originally aired on Excess Returns Podcast, and it is reposted here with permission from the podcast hosts. Enjoy!In this special episode, Matt Zeigler and Bogumil Baranowski take you on a deep-dive mixtape journey through the best moments from their past three years of conversations with author and investor Chris Mayer. From the brutal patience required to ride out dead money periods to why the lack of a catalyst might be a feature, not a bug—this episode is packed with timeless investing wisdom. Whether you're chasing a hundred bagger or trying to hold through volatility, Mayer’s philosophy will challenge and inspire you.
🔑 Topics Covered:
* Why “dead money” is often harder than drawdowns
* The real challenge of holding long-term winners
* The myth of catalysts and the power of compounding
* How great businesses reveal their edge over time
* The emotional toll of patience—and how to cultivate it
* Aligning capital with the right investor mindset
* What Buffett’s evolution teaches us about reinvestment risk
* Why most investors can’t handle uncertainty—and how that creates opportunity
* How great investors and great CEOs think in decades, not quarters
⏱️ Timestamps:
00:00 Intro + Episode Setup
02:07 Dead Money vs. Drawdowns
10:00 Waiting Without a Catalyst
18:15 The Real Test of Holding
25:00 Aligning with Long-Term Capital
35:00 Buffett and Value Investing 2.0
44:00 Management and Short-Term Thinking
50:00 The True Meaning of Patience
54:18 Outro + Closing Thoughts

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.

[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]

Whit Huguley is the founder and portfolio manager of River Oaks Capital, a concentrated microcap investment fund who applies rigorous private equity-style due diligence to overlooked public companies by personally visiting management teams across America.

EPISODE NOTES

3:00 - Whit's background: From LSU graduate to startup employee to MBA at Tulane, discovering value investing through Ben Graham's "The Intelligent Investor"

6:00 - Career pivot: Five years in the entrepreneurial world, then private equity at AGR buying 30-49% stakes in family businesses

9:00 - Key insight: First company visit revelation - "$100 million market cap company, no investors had visited in 5-10 years"

12:00 - The Buffett parallel: Early investing approach of traveling to meet management, waiting in lobbies, attending sparsely attended annual meetings

15:00 - A+ CEO discovery: Meeting Dayton Judd changed everything - "spoke to me business owner to business owner"

18:00 - Level 5 leadership quote: "Personal humility and professional will, prioritizing company needs over personal gain"

21:00 - Why companies stay public: Most went public pre-2008, now costs $1-2M annually to maintain public status

24:00 - Microcap definition: Portfolio ranges from $30M to $600M market cap, average $250M

29:00 - "Remote island" strategy: Not traditional moats, but obscure markets too small for Amazon to bother conquering

36:00 - Suggestivist approach: "Your company trades at 5x earnings while you're buying acquisitions at 10x - why not buy your own stock?"

42:00 - Three-rule selling framework: Misjudged management, hard left turn in strategy, or extreme overvaluation

49:00 - Capacity constraints: Fund growth helps with influence but hurts at scale - "protecting Thanksgiving dinner investors"

53:00 - Uplisting catalyst: Moving from over-the-counter to NASDAQ opens institutional investor access, FitLife up 50% post-uplisting

58:00 - Counterintuitive lessons: Price drops often mean higher future returns, A+ CEOs are worth premium compensation

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.

After writing, reading, and answering 1,000 emails this summer, I'm sharing what I learned about our Talking Billions community. From curious beginners to seasoned investors, you've trusted me with your stories, questions, and insights. In this solo episode, I reflect on three years of conversations, reveal a surprising pattern that emerged from all those emails, and extend a personal invitation to join me on Substack where I'm building a deeper, more connected community experience.

Plus: Why I'm committing to write personal emails to 100 new subscribers every month, and how your messages directly shape the conversations we have with guests.

https://bogumilbaranowski.substack.com/

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.

[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]

John Rotonti is a portfolio manager at Bastion Fiduciary managing the Industrial and Infrastructure Strategy, former Motley Fool senior analyst and head of investor training, and author of J.Rowe's Notes newsletter who brings nine years of institutional stock-picking experience to generational wealth building.

3:00 - John's transition to Bastion Fiduciary: launched Industrial & Infrastructure Strategy in January, managing client capital with generational timeframe and complete autonomy over investment decisions

6:00 - Motley Fool learning: Buck Hartzell's advice shifted John from pure deep value to also considering upside scenarios - "spend time trying to figure out what could go right"

9:30 - Portfolio construction mistake: launched with 32 stocks vs preferred 20-25, course-correcting by trimming to achieve better concentration

14:30 - Universe discipline: whittled 300 stocks down to just 60 companies, eliminating noise and forcing focus on highest conviction ideas

18:00 - Letting winners run: discusses anchoring bias and low cost basis pride, admits difficulty adding to winners despite mathematical advantage

23:00 - Long-term communication strategy: 22% of client presentation focused on "what I don't do" and "who shouldn't invest" to set proper expectations

28:00 - Controversial approach: didn't contact clients during February-April selloff because "volatility is the friend of the long-term investor"

32:00 - Performance philosophy: refuses to benchmark against indices, focuses on generational wealth building over short-term comparisons

40:00 - Uncompromising quality: maintains 60-stock universe of only highest quality businesses, describes it as "quality only" not just "quality first"

45:00 - Research process: deep dive questions focus on stress-testing businesses through adversity, inspired by longevity science concepts

55:00 - AI adoption: embracing finance-focused AI platforms for productivity while maintaining preference for deliberate, thoughtful research pace

EPISODE NOTES

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.

[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]

James Emanuel is a London-based contrarian investor and founder of Rock and Turner who discovers fundamentally misunderstood companies trading at massive discounts while building his reputation through popular Substack newsletter research and his book "Fabric of Success."

3:00 - Emanuel's intellectual curiosity shaped his contrarian approach: "I take nothing at face value. I question absolutely everything" - discusses how questioning religious beliefs as a child developed critical thinking essential for investing

6:00 - The Rolex story reveals value perception: bought same expensive watch as colleague but paid significantly less, demonstrating "price is what you pay, but value is what you get" - watch now worth 3x original price

9:00 - Law background creates analytical advantage: legal training teaches structured thinking and considering counterarguments, invaluable for examining investment downside risks

12:00 - Convergence theory and "golden threads": successful businesses across different eras/industries evolve similar approaches - like sharks and dolphins reaching similar design through different evolutionary paths

15:00 - People matter most: "The jockey is more important than the horse" - Apple's near-bankruptcy under Scully vs. massive success under Jobs proves same company with different leader becomes entirely different investment

18:00 - Succession planning as golden thread: best companies promote from within (Novo Nordisk had only 5 CEOs in 103 years, Costco leaders worked up from entry-level)

21:00 - Bureaucracy as "corporate virus": processes become more important than results, stifling innovation and driving away top talent

24:00 - Stock screeners are garbage: statutory accounts weren't designed for investors, focus on qualitative analysis over quantitative metrics

27:00 - John Malone created EBITDA metric because Wall Street couldn't understand his tax-minimizing strategy - TCI became 900-bagger despite appearing expensive on earnings multiples

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.

[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]Today's guest:

Monsoon Pabrai is the managing partner of Drew Investment Management, who combines generational wisdom from legendary investors like her father, Mohnish Pabrai, Charlie Munger, and Guy Spier, with her own distinctive approach to global value investing, particularly in India's emerging markets.

EPISODE NOTES

3:00 - Childhood shaped by entrepreneurship over money talk; Chipotle visits became business lessons on cost optimization and operational efficiency

6:00 - At age 12, attended legendary Warren Buffett lunch with Guy Spier; Buffett's advice: "most important decision is who you marry"

9:00 - Learning temperament from father during 9+ years without collecting fees; "I've never seen him have a bad day at all"

12:00 - KEY INSIGHT: American Express COVID opportunity - when travel stopped, 60 cents per dollar usually spent on customer retention became massive float for capital allocation

15:00 - March 2020 market crash: colleagues broke emotionally, sold at bottom despite decades of experience

18:00 - Guy Spier as "uncle figure" - long-term compounder philosophy of buying quality and never selling

27:00 - Investment process: random idea generation through travel, conferences, Value Line screening, then rigorous 4-part analysis framework

35:00 - Four investment criteria: 1) Good business quality 2) Margin of safety 3) Capital allocation 4) Alignment of interests (crucial for emerging markets)

42:00 - AI revolution transforming research speed: "NotebookLM can read a 10K faster than me"

47:00 - India investing: 60-70% of 3,000+ listed companies "untouchable" due to fraud risk, but incredible opportunities exist with proper network

53:00 - Dakshana foundation: educating underprivileged students for IIT entrance (1.3% acceptance rate); "most motivating people I've ever met"

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.

Find the FULL article here: https://bogumilbaranowski.substack.com/p/the-invisible-millions-the-quiet

Please remember to sign up if you haven't already done so.

IMPORTANT: I'm writing a personal email to the next 100 Substack subscribers. Sign up if you'd like to hear from me. I'm definitely curious to hear from you. THANK 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.

[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]

Nick Maggiulli is the COO at Ritholtz Wealth Management, a bestselling author of "Just Keep Buying," and creator of the wealth ladder framework, who transformed his blog Of Dollars and Data into one of personal finance's most trusted resources, and joins us to discuss his new book "The Wealth Ladder."

EPISODE NOTES

3:00 - Nick shares his lower-middle-class upbringing in Southern California, parents' divorce due to bankruptcy, and early money habits like always ordering from McDonald's dollar menu

6:00 - Stanford revelation: "My family summers there" - exposure to different socioeconomic backgrounds opened his eyes to other ways of living

9:00 - Chess analogy: effort alone isn't enough, you need the right strategy. Working harder at wrong things won't maximize long-term income

12:00 - KEY CONCEPT: Spending freedom framework - different wealth levels unlock different spending categories (grocery freedom at level two, restaurant freedom at level three, travel freedom at level four)

15:00 - MAJOR INSIGHT: Use net worth, not income, for spending decisions. "0.01% of your net worth" rule for trivial spending amounts

18:00 - House rich, cash poor phenomenon - why liquid net worth matters more than total net worth for spending decisions

21:00 - TRANSFORMATION POINT: How income sources change as you climb the ladder - from pure labor to investment income dominance

24:00 - The moment when your portfolio earns more than your job: "Is your job a side hustle?"

27:00 - CRITICAL REALIZATION: At higher wealth levels, traditional saving can't move the needle - need business ownership to reach next level

30:00 - Four types of leverage: labor, capital, content, and code - how internet enables mass distribution

33:00 - Wealth composition surprise: how little stocks/funds even richest own, mostly business ownership

36:00 - Starting over reality check: NVIDIA founder wouldn't restart his company knowing the difficulty

39:00 - WARNING: Climbing higher may not be worth it - family dynamics, trust issues, social complications at ultra-high wealth levels

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 story, an invitation, an update, and a sincere thank YOU -- listen to hear more.

[Join our community at my Substack where we continue these conversations with deeper dives into the biggest lessons from each episode, plus my regular essays and behind-the-scenes thoughts: https://bogumilbaranowski.substack.com/]

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.