My guest today is Byron Tully, it’s his second time on Talking Billions. I had the pleasure of having lunch with Byron in a Parisian brasserie not long ago. We had a delightful conversation on many of the topics we are both passionate about.

Byron is the author of The Old Money Book - How To Live Better While Spending Less - Secrets of America's Upper Class. He's also written The Old Money Guide To Marriage, Old Money Style, and Old Money - New Woman.

The Old Money Book alone has over 700 4-star reviews on Amazon and over 700 4-star ratings on Goodreads.

Byron's popular blog at theoldmoneybook.com has, for the past 10 years, discussed topics of personal development and old money culture with a global community of followers.

Byron is a grandson of a newspaper publisher and son of an oil industry executive.

He's been an occasional guest on radio and podcasts.

Today, we’ll talk about his book Old Money, New Woman: How To Manage

Today:

- We discussed the creation and intent behind Byron's book "Old Money, New Woman: How To Manage Your Money and Your Life".

- Byron talked about the empowering role of money, especially for women, and the importance of 'the true nobility'.

- We explored the significance of education and the concept of living life with a purpose.

- Byron highlighted the need for toughness in life without resorting to negative behavior.

- He elaborated on his amusing take on diplomacy and the value of patience in life's decisions.

- We discussed the evolving role of women as economic decision-makers and the need to keep sudden wealth a secret.

- Byron emphasized the importance of financial planning with the principle of Plan. Earn. Save. Invest. Spend.

- We touched upon what it means to be wealthy and the critical role women play in leadership positions.

- Lastly, Byron shared inspiring stories of successful women from history.

We left the

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Learn more about ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Bogumil Baranowski⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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Christopher Mayer (Author of 100-Baggers) - How Do You Know? A Guide to Clear Thinking About Wall Street, Investing and Life & Dear Fellow Time-Binder: Letters on General Semantics.

I’m always excited to have Chris on the show, it’s his second appearance, and we had as much fun, if not more, as last time.

Christopher Mayer is the founder of Woodlock House Family Capital and author of several books, including 100 Baggers.

Before starting Woodlock House (which went live in January 2019), Mayer worked with Bonner & Partners and the Bonner family office. He was the editor of Capital & Crisis, published by Agora Financial from 2004-2015. He was a corporate banker from 1994-2004 and graduated magna cum laude with a degree in finance from the University of Maryland. He also has an MBA from the same institution.

He is the author of Invest Like A Dealmaker: Secrets of a Former Banking Insider (2008), World Right Side Up: Investing Across Six Continents (2012), 100 Baggers: Stocks that Return 100-to-1 and How to Find Them (2015) and How Do You Know? A Guide to Thinking Clearly About Wall Street, Investing and Life (2018). Dear Fellow Time-Binder: Letters on General Semantics.

Today we focus on the last two books.

Today:

• We discussed Alfred Korzybski's concept of time-binding and its implications for human learning.

• Chris emphasized understanding the limits of our knowledge as a form of wisdom.

• We explored tools for effective transmission and retention of knowledge.

• Chris talked about oversimplifying cause and effect and our tendency to use abstractions.

• We discussed the idea of structural differential and its importance in interpreting reality.

• Chris shared his perspective on how labels can influence investing decisions.

• We delved into the differences between facts and inferences.

• We discussed thought-provoking ideas like 1+1 not always equalling 2 and the possibility of rewriting history.

• Chris introduced the concept of delayed reaction.

• We discussed the need for a nuanced view of the world, moving beyond binary perspectives taught in school.

• We talked about the binary view of success and failure, advocating for a more nuanced perspective.

• We discussed misguided certainty and the problems it can cause.

• Chris proposed Wendell Johnson's set of questions as a starting point for those new to semantics.

• We left the best for last, and concluded by discussing the illusion of contentment tied to wealth accumulation

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Ep670: Bogumil Baranowski – Be Careful With Businesses in Secular Decline

Full Credit: Andrew Stotz and his My Worst Investment Ever Podcast

Bogumil Baranowski is a founding partner of Sicart Associates, LLC, a New York City investment firm. He has almost two decades of investment experience. He is the author of Outsmarting the Crowd and Money, Life, Family. He is the host of the Talking Billions Podcast.

Lessons from investing mistakes:

When analyzing a company, pay attention and ask the right questions. Take the time to get to know the company’s story. Then explore the worst thing that can happen and how you can lose money on that business. Once you have that figured out, you can get excited about why you can make money in it.

If you’re new to investing, Bogumil recommends reading One Up On Wall Street by Peter Lynch. If you know a bit about investing, then any book about Warren Buffett is fantastic.

---- ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Crisis Investing: 100 Essays⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - My new book.

To get regular updates and bonus content, please sign-up for my substack: ⁠⁠⁠⁠https://bogumilbaranowski.substack.com/⁠⁠⁠⁠

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Learn more about ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Bogumil Baranowski⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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Dr. Milo Jones is currently a Senior Advisor for Geopolitics and Technology at Arcano Partners in Madrid, and a Visiting Researcher at the Changing Character of War Centre at Pembroke College Oxford.  In addition, he teaches at both IE Business School in Madrid and at Imperial College London.  Previously, he worked at Accenture in London, for Morgan Stanley Dean Witter in New York, and served as an officer in the US Marine Corps.  He is the co-author of Constructing Cassandra:  Reframing Intelligence Failure at the CIA, 1947-2001, published in 2013 by Stanford University Press.  A native of Manhattan, he currently lives in Warsaw, Poland.

https://twitter.com/Inveniam

We talk about Milo’s eight years in the Marine Corps, the study of intelligence agencies’ failures that come from the failure of imagination. Milo discusses his work reframing those failures. Milo emphasizes the importance of the quality of questions and diversity in analyzing

The mental models we examine can help us make better decisions in all areas of our life, including investing.

What can we learn from intelligence agencies’ failures? Please help me welcome Milo Jones. 

https://www.linkedin.com/in/inveniam/

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Learn more about ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Bogumil Baranowski⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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I had the pleasure of hearing Prof. Finkle speak in Omaha earlier this year, and he was kind enough to join me for today’s discussion. It was a real joy to have him on the show, and learn a lot more about our shared hero, Warren Buffett from a different perspective.

BONUS EPISODE: My interview with Assel Altayeva on her wonderful podcast: Femmes Finance Podcast. I highly recommend it!

From Assel:

Welcome to the Femmes Finance Podcast, the ultimate destination for young women who want to take control of their finances and achieve financial independence and career success.

Episode Summary:

What does it take to become a successful value investor? In this episode, we're joined by Bogumil Baranowski, an experienced Investment Advisor and Founding Partner of Sicart Associates, a boutique investment firm that caters to families and entrepreneurs on both sides of the Atlantic and the Pacific. Bogumil is also a podcast host of Talking Billions, TEDx speaker, and author of three bestselling books about investing, managing family fortunes, and navigating crisis.In this episode, you have an amazing opportunity to learn from Bogumil Baranowski about investment strategies and disciplines, drawing on the wisdom of successful investors such as Warren Buffett, Peter Lynch, and Phil Fisher. This episode is packed with valuable advice on investment management and empowerment, Don't miss out on this exciting podcast episode!

Chapters:

0:01:33 - Introduction to Investment

0:07:15 - Investment Strategies

0:13:32 - Common Mistakes in Value Investing

0:22:42 - The Benefits of Passive Investing

0:27:51 - Learning From Financial History

0:36:33 - Nurturing Investment Talent

Follow Us:

Assel ALTAYEVA:

LinkedIn (https://www.linkedin.com/in/asselaltayeva/)

Femmes Finance (https://www.linkedin.com/company/femmesfinance/?viewAsMember=true)

Bogumil BARANOWSKI:

LinkedIn (https://www.linkedin.com/in/bogumil-baranowski/)

Personal Website (https://www.bogumilbaranowski.com/)

Talking Billions Podcast (https://www.talkingbillions.co/)

Crisis Investing Book - Amazon Link

Money, Life, Family Book - Amazon Link

Outsmarting the Crowd Book - Amazon Link

TEDx | The Great Investor In You - YouTube Link

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Learn more about ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Bogumil Baranowski⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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I'm delighted to bring you today's guest, the insightful Adam Ashton. If you have a thirst for knowledge, you're in for a treat! Adam is one half of the amazing team behind “What You Will Learn,” Australia’s top book

My introduction to Adam's podcast was during a peaceful drive

Eager to chat about books, I reached out, and to my joy, Adam

With a diverse background in physiotherapy, economics, finance,

Today, Adam shares his love for reading and how it led him to create “What You Will Learn.” He believes books are often overlooked treasures

Looking for happiness? Adam shares insights from books that reveal keys to happiness through connections, meaningful work, and understanding values.

Adam also talks about passion, hard work, and staying committed

Public speaking fans, take note! Adam discusses how speaking

We also explore the powerful impact of writing and how it can be a tool for personal growth.

Adam’s advice for all of us is to take action, embrace new opportunities, and stay open to learning.

Speaking with Adam was truly inspiring. This episode is packed with gems of wisdom, so sit back, relax, and please join me in welcoming the

Enjoy the episode!

 ⁠https://www.whatyouwilllearn.com/

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Learn more about ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Bogumil Baranowski⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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In today's episode, we have the privilege of conversing with the accomplished Jacob McDonough, founder and portfolio manager of McDonough Investments, and the author of the insightful book, "Capital Allocation: The Financials of a New England Textile Mill (1955 - 1985)".

I was introduced to Jacob’s book through my good friend Direk from Bangkok, who also accompanied me at this year's Berkshire meeting in

Before we dive in, I'd like to mention that Jacob has recently launched an intriguing podcast called "The 10-K Podcast", which I highly recommend. You can find the links in the notes.

In our enlightening conversation today, Jacob unveils the fascinating narrative behind his book on Berkshire Hathaway, shedding light on

He shares an unexpected lesson that stands out. He elaborates on the importance of not to investing in certain business.

Jacob discusses the critical role of emotional discipline in making investment decisions.

He Reveals the humble beginnings of Berkshire with some initially underperforming businesses.

We identify three central themes in his book: the quest for capital, the masterful capital allocation, and Buffett’s fondness for businesses with growing cash flows.

We discuss Buffett’s Berkshire’s early history with the use of debt, and capital raises.

Jacob explores the variety of businesses Buffett favored, including newspapers and toll bridges, and uncovers the commonalities they

Jacob offers a deep dive into the pivotal role See’s Candies played in Berkshire's early financial success, emphasizing its margins,

Jacob McDonough's meticulous research and thoughtful writing

Please join me in extending a warm welcome to the insightful and accomplished Jacob McDonough.

Enjoy this episode filled with rich insights and thoughtful reflections.

https://twitter.com/McD_Investments

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Learn more about ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Bogumil Baranowski⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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Evan Tindell brings together a wide range of life, professional, and academic knowledge and experience. His poker player career, MIT degree, and years at an investment firm shaped him to become a successful value investor. Our talk focuses on the years of the pandemic crisis markets. It was a time of major extreme, where many saw the stock market as the biggest casino in the world, while investors like Evan stayed disciplined and rode the waves, seizing opportunities and avoiding the worst risks.

Evan is a Co-founder and Chief Investment Officer of Bireme Capital. He develops firm-wide investment strategy and performs both bottom-up research and portfolio management for the flagship Fundamental Value strategy.

​

​Evan worked for 7 years at Ballentine Capital, where he was the lead equity analyst at the value-oriented long/short equity fund. Prior to that he spent 3 years as a professional poker player, where his successes included a 10th place finish at a European Poker Tour event.

He graduated in 2007 with a BS in Mechanical Engineering from MIT, where he was a four time All-American in tennis.

We talked about:

Evan’s childhood and upbringing and how they influenced his relationship with money and career path.

Evan’s pandemic era essays: "Investing through the pandemic, letters from Bireme Capital."

We discussed the difference between going long and short in investing and the reasons for doing both.

Evan talked about the importance of discipline during stormy times in the market.

We explored how Evan and his firm operates with a high level of uncertainty in investing.

Evan's interest in booms and busts of the past was highlighted, particularly in relation to 2020/2021.

We discuss the concept of a barbell market, with speculative stocks on one end and proven businesses on the other

We examine inflation and its impact on investing, including its potential to pop the "everything bubble."

Evan shared with me his selling strategy.

https://www.biremecapital.com/blog

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Learn more about ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Bogumil Baranowski⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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Scott Phillips is a Principal and Chief Investment Officer at Templeton and Phillips Capital Management, LLC.

Prior to Templeton and Phillips, Scott operated Cumberland Capital, a firm providing equity research to global and emerging market hedge funds. Before Cumberland, Scott worked as a research analyst at hedge fund management company Green Cay Asset Management, and prior to Green Cay, he was a research associate at SunTrust Robinson Humphrey.

Scott’s other professional activities include serving on the Investment Advisory Sub-Committee and the Finance Committee for the John Templeton Foundation, as well as the Audit Committee and Chair of the Board of Trustees for the Templeton Foundation, Inc. Scott is the author or coauthor of three investment books, including Investing the Templeton Way (McGraw Hill, 2008), Buying at the Point of Maximum Pessimism, and coauthor to the revised edition of The Templeton Touch. Scott received his B.A. from Sewanee: The University of the South.

Scott shared his experience of spending time with Sir John Templeton and his first conversation with him.

We discussed the concept of maximum pessimism and how it helps in investing, which aligns with Sicart Associates' contrarian approach.

Scott emphasized the importance of thrift, frugality, and saving in the value investing mindset, as mentioned in his book "Investing the Templeton Way."

We explored Sir John's exit strategy and how he timed his sales to avoid market overheating and bubbles bursting.

Scott shared his thoughts on the ideal environment for cultivating the right investor traits.

We discussed Sir John's perspective on success, focusing on how his clients' ability to send their children to school or plan for retirement was a measure of his own success, and Scott shared his similar viewpoint.

Scott discussed working with his spouse, Lauren, and how they collaborate and invest together, acknowledging that successful duos in the investment profession, especially spouses, are relatively rare.

We delved into Sir John's use of history in his investing pursuits and how it helped him be more prepared and less surprised when history repeated itself.

The sense of adventure and global travel in Sir John's life was highlighted, from his travels in Europe before WW2 to his global investments.

We explored the evolution of an investor's approach, drawing parallels between Sir John Templeton and Warren Buffett, and Scott shared his own continuous evolution as an investor.

Scott reflected on the influence of Sir John in his and Lauren's careers and how they emulate his philosophy while also incorporating their unique approach.

https://www.templetonandphillips.com/

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Learn more about ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Bogumil Baranowski⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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