Spend an hour this weekend with one of the kindest and most generous people — an accomplished investor and a truly remarkable mind (Original Release: Jan 30, 2023).

Guy Spier is a good friend, an inspiration, and one of Talking Billions' earliest guests. He is the Zurich-based founder of the Aquamarine Fund, author of The Education of a Value Investor, and host of VALUEx — a wonderful gathering of like-minded investors. He is also the man who famously paid $650,000 alongside Mohnish Pabrai to have a charity lunch with Warren Buffett.

5 Biggest Ideas from the Episode

1. It's not the fastest skier who wins — it's the fastest who doesn't get injured. Drawing from Luca Dellanna's work on ergodicity, Guy makes a powerful case for survival over speed. If you're eliminated early, you miss all the remaining races. As he put it: "If you want to be really smart about it, you're going to race in a way that will ensure that you get down without injury."

2. Losing it all is the ultimate failure — and it's always avoidable. If you're in the business of preserving wealth, losing the capital base means being forced back to selling your time. Sophisticated people repeatedly make this mistake — from LTCM to FTX — and it never had to happen.

3. Your social environment shapes your investing more than your physical one. Who you spend time with changes how you think and behave — and investing is no exception. Attending Berkshire meetings for 25 years wasn't just education; it was deliberately engineering a network that reinforces long-term compounding thinking.

4. Investing is like planting vineyards — not all vintages will be fantastic, but you'll always have wine to drink. Guy's philosophy for navigating inevitable down years: plant the best vines you can, then let the seasons do what seasons do. His response to complaining investors: "What am I supposed to do? Jump up and down and yell at the sun?"

5. Success is not a number — it's who shows up at your funeral. Guy stopped tracking his net worth spreadsheet years ago and never looked back. His definition of success: dying with many people who are genuinely glad he existed — not optimizing himself into a narrower version of Warren Buffett.

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.

Spencer Jakab is an award-winning Wall Street Journal investing columnist with 30 years of finance experience who transformed from emerging markets research director into a financial journalist exposing how everyday investors repeatedly get fleeced by Wall Street's latest schemes.

Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/03:00 - Spencer's origin story: Growing up in Queens as son of Hungarian refugees, discovering investing through Peter Lynch's "One Up On Wall Street" in college, despite his late father's unsuccessful attempts to spark his interest earlier.

08:00 - The accidental career path: Taking every finance class at Columbia, landing in emerging markets analysis covering post-Iron Curtain privatizations, then pivoting to Wall Street Journal journalism after a chance plane conversation led to same-day writing test and job offer.

15:00 - GameStop reality check: The meme stock phenomenon wasn't the democratizing revolution portrayed on social media—it was another example of retail investors getting manipulated while believing they were "sticking it to the man."

25:00 - The casino-fication of investing: How Robinhood and app-based platforms gamified trading with confetti animations and frictionless execution, making speculation feel like a mobile game rather than serious wealth-building.

35:00 - Why passive beats active: Spencer explains the brutal math—only 11% of active fund managers beat the market over 30 years, and individual investors perform even worse due to fees, taxes, and behavioral mistakes.

45:00 - The finfluencer trap: Social media rewards reckless investing behavior because outrageous bets generate more engagement than boring, sensible advice—creating dangerous incentive structures that harm followers.

60:00 - Bots and manipulation: Modern markets face new threats from AI-generated social media campaigns pumping meme coins and stocks, making it nearly impossible to distinguish genuine sentiment from coordinated manipulation.

67:00 - Defining success: Spencer's powerful reflection on career choices—turning down potential hundreds of millions to do work he loves, echoing Warren Buffett's definition of success as having people genuinely care about you when you're gone.

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.

Find me on Substack!

Tobias Carlisle is founder and portfolio manager of Acquirer’s Funds managing two deep value ETFs, acclaimed author of five investment books including his newest Soldier of Fortune blending Warren Buffett and Sun Tzu’s strategic wisdom, and host of the popular Value After Hours podcast.

Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/

3:00 - Tobias shares his unique upbringing in Australian outback where school ended in grade 10 and included animal husbandry—learning to shear sheep and work cattle in what he calls a formative contrast to his later academic life at boarding school.

6:00 - Transition to law career: Started at a national law firm in April 2000, peak of dot-com bubble. “I missed out on all of the fun parties on the way up and I just saw the carnage on the way down,” which opened his eyes to the importance of cash flow over hype.

9:00 - Early exposure to activist investing: Witnessed corporate raiders targeting dot-coms with cash on balance sheets, killing the business and liquidating or using as platform for acquisitions. This low-downside, high-complexity approach fascinated him.

14:00 - The telecom case study: Worked with two entrepreneurs who turned $100,000 each into a $600 million exit by building dark fiber infrastructure and data centers. “They were the best telecom lawyers in Australia and they weren’t lawyers”—emphasizing the power of combining financial, technological, and regulatory understanding.

28:00 - Philosophy behind Soldier of Fortune: Explores Warren Buffett as risk-taker rather than risk-avoider, connecting his strategic thinking to Sun Tzu’s Art of War. The book examines 13 laws of strategic advantage.

45:00 - Discussion of key laws: “Attack weakness with strength” and “seize the initiative”—Buffett’s approach to investing in moments when he has maximum advantage, like deploying capital during the 2008 crisis.

1:08:00 - The surfing analogy: Experienced investors are “not only on the right wave, but at the right spot on that wave”—getting positioning and timing right rather than just working harder.

1:09:00 - Impact on his own investing: “Shot selection becomes so much better the longer that you do something...if I’m just a little bit more patient, I know that there is a bigger wave coming.”

1:11:30 - Definition of success: “A happy, healthy family and time with my kids...watching them play sport. That’s really my definition of 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.

Drew Cohen is the founder of Speedwell Research and a portfolio manager at Davidson Kahn Capital Management, who uncovers competitive advantages by reading entire company histories spanning decades of transcripts and annual reports.

The episode is sponsored by TenzingMEMO — the AI-powered market intelligence platform I use daily for smarter company analysis. Code BILLIONS gets you an extended trial + 10% off.

https://www.tenzingmemo.com/

3:00 - Drew describes his early money attraction, collecting dollar bills at age five and discovering the power of interest at his bar mitzvah, leading his father to introduce him to stocks.

5:00 - First investing experiences: buying leveraged ETFs at 14, making $100 in two minutes, then immediately losing $100, learning markets can create and destroy wealth quickly.

8:00 - Exploration of technical analysis through Dow Theory and Elliott Wave, realizing these pattern-based approaches kept adding rules to fit outcomes, concluding they were “BS” and abandoning them.

10:00 - Discovering “The Snowball” at 17 changed everything, learning Buffett’s lessons without having to lose more money personally through trial and error.

15:00 - Deep research methodology explained: reading every transcript and annual report since IPO to find patterns that map onto future transitions and understand how companies behave under different conditions.

20:00 - Meta example: three instances of monetization fears (desktop to mobile, feed to stories, stories to Reels) that all proved unfounded when studying company history.

23:00 - Copart case study: finding one 2004 earnings call where they mentioned market share, crucial data point never discussed again but essential for understanding current competitive position.

35:00 - Discussion of reading as filtering mechanism: eliminates 95% of companies immediately, leaving only truly interesting businesses worth deeper analysis.

45:00 - Career trajectory: Goldman Sachs sell-side to Capital Group buy-side, learning institutional constraints firsthand before founding independent research firm.

55:00 - Sell-side research revelation: buy ratings are relative to coverage universe, not absolute recommendations, creating fundamental misunderstanding of analyst intentions.

57:00 - Buy-side problems: short-term performance pressures, peer judgment, window dressing (adding Nvidia when it’s hot to satisfy clients), non-investment prerogatives polluting decisions.

59:00 - Buffett’s genius: structuring Berkshire with long-term capital he controlled, avoiding quarterly performance pressures that would have produced completely different results.

1:00:23 - Success definition: doing what you want each day without trading tomorrow for today, echoing Naval’s concept that you’re retired when you stop deferring gratification.

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.

Scroll down, and find the earlier 3 episodes of 100 Year Thinkers.

Matt Zeigler and I had the privilege of hosting Robert Hagstrom (The Warren Buffett Way) and Chris Mayer (100 Baggers) for a special 100-Year Thinkers Edition of the Excess Returns Podcast.

Two legendary investors and authors. One hour packed with timeless wisdom on long-term thinking and wealth creation. This is the conversation we’ve been wanting to have—and we think you’ll find it as valuable as we did.

Available now on Excess Returns Podcast and Talking Billions. 🎧

I’m excited to share this episode with you—it’s reposted here with permission and blessing from both Matt and Jack. Don’t miss it! And follow their work, links below.

The 100 Year Thinkers: Long-Term Compounding in a Short-Term World

Chris’ New Book
https://shop.generalsemantics.org/pro...
Robert’s Book: Investing: The Last Liberal Art
https://www.amazon.com/Investing-Libe...

When Robert Hagstrom and Chris Mayer sit down together, the conversation goes far beyond stock picking. Join them, along with Matt Zeigler and Bogumil Baranowski to explore how investors think, how language shapes decision making, and why many of the debates dominating today’s markets miss the deeper point. Drawing on ideas from general semantics, mental models, and long-term capital compounding, the discussion reframes market concentration, AI, valuation, and risk through a more durable lens built for long-horizon investors.
Topics covered in this episode

• Why high valuation multiples are not automatically a sign of overvaluation

• What return on invested capital really tells you about long-term compounding

• The difference between describing a business and understanding the business itself

• Market concentration, index construction, and why benchmarks can mislead investors

• The idea of time binding and what investors can learn from history without overfitting it
  

• Map versus territory and how financial statements can obscure underlying business reality
  

• AI investing, capital allocation, and separating durable businesses from speculative narratives
  

• Why many valuation debates are really disagreements about time horizon
  

• How language, labels, and mental shortcuts create overconfidence in investing

• What it takes for a company to compound capital over decades, not years

  
  

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.

Braden Dennis is the 30-year-old founder and CEO of Fiscal AI, who scaled an AI-powered financial research platform from a frustration-driven side project to a venture-backed company serving over 150,000 users with institutional-grade data analytics that democratizes investment research previously accessible only through expensive platforms like Bloomberg and FactSet.

Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/3:00 - Braden shares his middle-class Toronto upbringing and early realization that he was a "math kid," choosing engineering for maximum career optionality while observing that family members who invested aggressively, not those who simply earned the most, achieved the greatest financial success.

6:00 - The crucial insight: capitalism isn't zero-sum, and asset ownership is the key to benefiting from the system. Braden emphasizes that the barrier to owning assets is lower than ever, yet many feel cheated by not participating.

9:00 - The origin story of Fiscal AI: Built as a side project while working at a venture capital firm, Braden needed better tools for portfolio monitoring. After two years of development and hitting 1,000 users, he made the leap to full-time entrepreneurship despite pushback from friends and family.

15:00 - The "aha moment": Seeing Nvidia's revenue growth in real-time data visualization changed everything. "I could just watch the revenue go up, and I was like, okay, this thing is clearly a buy," demonstrating the power of visual data interaction.

30:00 - Why Fiscal AI exists: Traditional financial terminals cost $20,000-$30,000 annually and use outdated 1980s interfaces. Fiscal AI brings institutional-grade data to everyone at accessible price points with modern design.

45:00 - The AI transformation

57:00 - Powerful example: Booking.com vs. Airbnb revenue recovery post-COVID reveals how narratives differ from data reality - most would assume Airbnb recovered faster, but data shows otherwise.

1:04:00 - On success: Braden battles his forward-focused personality, measuring success by building a sustainable business where shareholders and employees (all equity holders) achieve exceptional outcomes, not just the founder.

1:07:00 - Major announcement: Fiscal AI now offers 10 years of historical data on their free plan, more than any competitor, removing barriers for investors at every level.

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.

Find me on Substack.

Gautam Baid, CFA, is the founder and managing partner of Stellar Wealth Partners India Fund and internationally bestselling author of The Joys of Compounding, who has dedicated over two decades to mastering patient, quality-focused value investing.

Episode Sponsor: Fiscal AI is a modern data terminal that gives investors instant access to twenty years of financials, earnings transcripts, and extensive segment and KPI data—use my link for a two-week free trial plus 15% off: https://fiscal.ai/talkingbillions/

3:00 - Gautam introduces his six-pillar compounding framework beyond finance: positive thoughts, good health, good habits, wealth, knowledge, and goodwill, explaining how achieving financial independence in 2018 crystallized his understanding that "in life you get what you compound for on a daily basis."

8:00 - Deep dive into compounding positive thoughts through avoiding negative emotions and toxic people while associating with high-quality minds, celebrating small wins to create momentum toward long-term goals.

12:00 - Health habits discussion: consume less sugar and junk food, exercise 3-4 times weekly for one hour, sleep 7-8 hours daily—fundamentals that aren't sexy but "just work" when implemented consistently.

15:00 - Mathematical equation for wealth: addition (monthly savings) + subtraction (eliminate greed/biases) + division (asset allocation) + multiplication (time horizon) = exponential compounding power.

20:00 - Pattern recognition in investing develops through building a "large mental database of businesses and industries through years and decades" allowing identification of opportunities in any market condition.

25:00 - Compounding goodwill principle from Guy Spear and Moneesh Pabrai: being genuinely helpful without expectations creates competitive advantage, especially in money management where nice people are rare.

42:00 - India investment opportunity: demographic dividend with median age of 29, rising disposable incomes, strong domestic consumption, and companies expanding to overseas markets at 50-100% higher margins.

52:00 - Corporate governance revolution in India: promoters now realize good governance earns 25-30x P/E multiples versus 5-6x for poor governance—"it pays to be honest" creates 5x more wealth for insiders.

55:00 - Investment journal advice: $10 journal purchased in 2014 became "one of the best value investments" by documenting decisions, tracking mistakes, and archiving market panic commentary for pattern recognition during future corrections.

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.

I had the pleasure of co-hosting another episode of Excess Returns with Matt Zeigler.

In this episode of Excess Returns, we sit down with Gary Mishuris, Managing Partner and CIO of Silver Ring Value Partners, to explore how deep fundamental analysis, behavioral insight, and disciplined process come together in real-world investing. Gary shares formative lessons from his early career at Fidelity during the post-tech bubble period, including firsthand experiences learning from legends like Peter Lynch, and connects those lessons to how he evaluates value, quality, and mispricing today. The conversation spans a detailed case study on Warner Bros. Discovery, portfolio construction under uncertainty, selective use of options, and how artificial intelligence is reshaping the research process for long-term investors.

Available now on Excess Returns Podcast and Talking Billions. 🎧

I’m excited to share this episode with you—it’s reposted here with permission and blessing from both Matt and Jack. Don’t miss it! And follow their work, links below.

https://excessreturnspod.com/

https://cultishcreative.com/

Topics covered in this episode
• Lessons from Peter Lynch and Fidelity on why “just cheap” does not work
• The Silver Ring origin story and how early life experiences shaped a value investing mindset
• Warner Bros. Discovery as a good business plus bad business mispricing case study
• How hated stocks, spin-offs, and catalysts can unlock hidden value
• Conviction, position sizing, and staying rational when the market disagrees
• When and why options can be used in a value investing framework
• Auctions, ego, and why prices can overshoot intrinsic value
• The role of mental models like reflexivity, activation energy, and lollapalooza effects
• How AI fits into an investment research process without replacing judgment
• What average investors should understand about incentives and simplicity
Timestamps
00:00 Introduction and why “just cheap” does not work
02:20 Early career at Fidelity and lessons from Peter Lynch
07:40 The Silver Ring story and learning what real value means
12:00 Warner Bros. Discovery and the good company bad company problem
18:30 Conviction, mispricing, and maintaining discipline in hated stocks
26:40 Using options selectively and managing portfolio-level risk
34:10 Auctions, ego, and when price can detach from intrinsic value
44:30 Entertainment, media disruption, and evergreen demand for content
49:50 How AI is changing equity research and idea generation
55:40 What AI can see that humans often miss
01:00:30 One lesson for the average investor

Podcast Program – Disclosure StatementBlue 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.

Gary Mishuris is a CFA and managing partner of Silver Ring Value Partners who combines MIT computer science training with behavioral discipline to practice intrinsic value investing while pioneering practical AI integration in fundamental research.

The episode is sponsored by TenzingMEMO — the AI-powered market intelligence platform I use daily for smarter company analysis. Code BILLIONS gets you an extended trial + 10% off.

https://www.tenzingmemo.com/

And if you haven't yet, find me on Substack!

3:00 - Gary frames AI through personal experience: recalls Fidelity portfolio manager using legal pad instead of Excel 25 years ago—illustrates how refusing modern tools creates disadvantage, not discipline.

5:30 - The two extremes of AI: Luddite view (AI pollutes your process) vs. magic genie fallacy (ask AI for winning stocks). Reality: AI enables more efficient work, but you still do the hard work.

7:15 - “AI natives” concept: younger professionals naturally integrate AI like digital natives adopted technology. Gary warns against becoming dinosaurs by refusing to explore AI’s capabilities.

12:00 - Key insight: AI forces introspection about your investment process. Where do you add unique value and judgment? Where are repetitive tasks easily enhanced by machines? Must stay “on the loop” and verify outputs.

22:00 - Practical AI applications: earnings call analysis, pattern recognition across transcripts, competitor analysis, business model breakdowns. AI excels at synthesis and organization tasks.

35:00 - Critical limitation: AI hallucinates and makes mistakes. Never trust blindly. Use AI to generate drafts, frameworks, and organize information—then apply human judgment and verification.

45:00 - Discussion of behavioral traps: AI can create illusion of thoroughness through volume. Don’t confuse encyclopedic reports with quality analysis. Reference to Buffett’s one-page 1951 Geico analysis.

58:00 - Warning about endless research: Know when to stop turning rocks. AI makes it too easy to keep researching instead of making decisions. Investment case should fit on one page.

1:05:00 - Shorting discussion: timing challenges, asymmetric risk. Emphasis on finding your own process—what works for others may not work for you.

1:10:00 - Final wisdom: “Don’t equate length with quality. Quality is quality”—whether generated with AI assistance or not. Process matters more than tools.

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.

Starting in January 2026, I'll take a handful of questions from the audience each month and answer them here. Submit your questions, tune in, share, rate, and listen! Thank you for writing!

Office Hours Episode Notes

Your questions answered on investing, business, and long-term thinking.

Questions covered:

• Most surprising work habit? I rarely work at a desk—I think best while walking or reading on the floor.

• Management quality vs. business fundamentals? Two sides of one coin. You want both capable people and capable businesses.

• How long do you hold winners? As long as the quality remains intact. Valuation alone isn't reason enough to sell.

• When does quality investing become momentum? I don't buy stocks because prices are rising. I buy when they're down and out of favor—then hold as they strengthen.

• AI bull market—what's the endgame? Excited about productivity gains in existing businesses and entirely new businesses AI will enable by lowering creative barriers.

• Signs of long-term management thinking? Read earnings transcripts. Look beyond quarterly commentary to capital allocation decisions and customer/supplier relationships.

• Right time to invest? Investing is a lifelong pursuit, not a market-timing decision. The question isn't "when" but "how" to deploy capital thoughtfully.

• Career change into investing later in life? Never too late. Read extensively, connect with professionals, and find mentors organically.

• Most influential non-investment idea? The Infinite Game—viewing investing, relationships, and business as games you want to last forever, not win once.

Send your questions for next month's Office Hours.

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.