Guest: Dede Eyesan - Founder of Jenga Investment Partners and author of "Global Outperformer"

Dede Eyesan, the visionary founder of Jenga Investment Partners and author of Global Outperformers, who shares insights on identifying high-growth companies and navigating global markets with a unique blend of fundamental analysis and entrepreneurial spirit.

Key Idea: The counterintuitive nature of finding investment winners globally and the extreme patience required to hold them

Key Timestamps & Ideas

3:00 - Early Investment LessonsMade first investment at age 10 in Nigerian stocks (Nestle Nigeria, 7up Bottling, First Bank). Two investments went up 4-5x, bank stock fell by half. Introduction to Warren Buffett and fundamental analysis.

6:00 - Boarding School EconomicsLearned about delayed gratification and scarcity through food trading. Traded chicken (perishable) for chips (storable) - time arbitrage concept. "It's ironic that what taught me about money had nothing to do with money."

9:00 - Investment Philosophy FormationInfluenced by Warren Buffett, Alan Gray (African value investor), and Carlos Slim. Peter Lynch's books: "One Up on Wall Street" and "Beating the Street". Understanding that environment impacts investment approach.

16:00 - Global Outperformance ResearchFound 446 companies (not 200 expected) that were 10-baggers in 10 years. Less than 20% were in the US; more multibaggers in Europe than US. Japan was third-best performing country (surprising finding). Only 5-6% were multibaggers in consecutive decades.

22:00 - Two Types of Winning BusinessesCyclical businesses with technical barriers to entry (salmon industry example) and large market opportunities with strong unit economics (BYD in China).

29:00 - The Challenge of HoldingMSCI case study: stock flat for 9 years while earnings grew 15% annually. Many multibaggers were flat or down 40-50% in the three years before takeoff. Importance of returning to original investment thesis.

35:00 - Quantitative vs. Qualitative AnalysisCannot screen for outperformers quantitatively alone. Developed 60-question checklist across 10 categories. Focus on depth over breadth in investment analysis.

42:00 - Role of IntuitionIntuition is earned through experience (15-20 years). Overconfidence led to mistakes when abandoning systematic approach. Returning to detailed checklist process.

47:00 - Definition of SuccessThree pillars: Individual happiness, family relationships, and client satisfaction. "I want to be in a place where the kids of my investors in 40 years time can look back and be like, yeah, my dad or my mom made a very good decision."

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.

This episode aired on Excess Returns; full credit goes to Matt Zeigler and Jack Forehand, and all of the guests listed below -- it's reposted here with Matt and Jack's permission.

In this special episode of Excess Returns, Matt Zeigler is joined by Bogumil Baranowski to reflect on one of the most emotional and historic moments in financial history: Warren Buffett’s surprise announcement at the 2024 Berkshire Hathaway Annual Meeting. With commentary from voices who were in the room—and some who weren’t—we explore what it felt like, what it meant, and what comes next for Berkshire and Buffett’s legacy. Featuring clips from John Candeto, Adam Mead, Eric Markowitz, and Ted Merz, this is both a tribute and a thoughtful discussion on culture, succession, and enduring business values.
Topics Covered:
The emotional weight and historic nature of Buffett’s resignation
Firsthand reactions from inside the room at the Berkshire meeting
Why Buffett’s delivery was masterful—and why it mattered
Reflections on the unique culture of Berkshire and its shareholder community
The Buffett “shield” and what it means for Greg Abel and Berkshire's future
Why more companies don’t emulate the Berkshire approach
The role of tradition in building enduring businesses
Personal stories of shareholders whose lives were changed by long-term compounding
Timestamps:
00:00 – Opening reflections from Matt and Bogumil
01:06 – Why the Berkshire Hathaway meeting is so special
04:00 – John Candeto on the moment Buffett made the announcement
11:15 – Ted Merz shares what it felt like live in the room
21:00 – Eric Markowitz hears about the announcement over lunch
25:45 – Buffett’s dramatic timing and media coverage
30:04 – Adam Mead on witnessing the announcement live
34:25 – The deep love and loyalty felt in the arena
37:00 – John Candeto on the future of Berkshire and Greg Abel
45:00 – Adam Mead on the careful succession plan
51:12 – Ted Merz: Why don’t other companies do what Berkshire does?
58:00 – Eric Markowitz on culture, craftsmanship, and long-term thinking
1:03:00 – Bogumil’s personal reflection on Buffett’s final five minutes
1:08:58 – Why Buffett’s final message—“I’m not selling a single share”—mattered
1:09:28 – Wrap-up and thanksPodcast 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: Ruschelle Khanna - Family business consultant, psychotherapist, and author of "Inherited Trauma and Family Wealth"

Key Timestamps & Ideas

3:00-5:30 - Growing Up in Coal Country Despite feeling abundant as a child, underlying financial anxiety from this environment shaped her early money scripts and relationship with wealth.

5:30-8:00 - The Origins of Inherited Trauma WorkThree catalysts led to her book: inheriting a traumatic memory from her mother, experiencing Lyme disease, and 20 years of NYC client work.

8:00-12:00 - The Prison MetaphorBoth poverty and wealth can create psychological prisons.

12:00-15:30 - Practical Healing StrategiesFamily governance serves as therapeutic tool, along with genealogy research and getting families talking.

15:30-20:00 - Transparency vs. SecrecyShe advocates transparency about family wealth with next generation, explaining how secrecy robs children of pride in family legacy.

20:00-25:00 - Multi-Generational DynamicsLonger lifespans create more generations alive simultaneously. Value differences between generations are natural. Documenting family legacy helps members understand the "unique collection of coincidences" that created family wealth.

25:00-30:00 - The Five Liabilities of Family TeamsFamilies fall into cycles of chaos, conflict avoidance, people pleasing, procrastination, and abandonment. Conflict in wealthy families isn't "about the money" but about belonging and unspoken pain, with underlying trauma as the root cause.

30:00-35:00 - Money as Intimate EnergyMoney sits at our "root chakra" with sexuality and intimacy. The pudendal nerve means "the place to be ashamed of" in Latin, explaining why people discuss trauma but avoid talking about money in therapy.

35:00-40:00 - Success vs. Failure in Wealth TransitionSuccess requires strong relational, financial, and operational systems. Even "abandonment" can resolve energetically over generations, though blended families face increased emotional complexity and trust issues.

40:00-45:00 - Self-Worth and Sibling DisparitiesThe pillar metaphor describes never feeling "less than" by cultivating both inherent worth ("you're lovable because you exist") and earned worth. Wealth disparities between siblings can destroy family relationships.

45:00-50:00 - Addressing Compulsive BehaviorsCompulsive spending functions as addiction: "what is the pain you're running from?" Imposter syndrome and Dunning-Kruger effect represent two sides of worth issues, while "inversion of trust" means feeling safer with strangers than family.

50:00-55:00 - Individual Change Creates Systemic HealingWorking on inherited trauma individually heals entire family systems. Using the "fascia" metaphor, removing one knot improves the whole system. Success means creating lasting change while learning personally.

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: Chris Waller

Founder of Plural Investing, a seasoned investor known for his disciplined approach to small cap value investing. Chris identifies hidden gems through meticulous research with a keen focus on governance and management integrity.

Chris defines success as becoming an expert in the small cap space, building a comprehensive knowledge database of companies, and having the freedom to direct his attention where he chooses.

Key Discussion Points:Early Background and Investing Journey (03:17)Columbia Business School and Joel Greenblatt's Influence (06:08)"Sleuth Investing" Approach (11:37)Hidden Gems Investing (17:08)TerraVest Case Study (21:32)Corporate Governance and Management Integrity (28:06)Portfolio Management and Risk (33:49)Small Cap Misconceptions (38:40)Luxury Goods and Value Investing (44:31)Closing Thoughts

Guest: Caleb Breakey, Founder of Renown Publishing

Caleb Breakey leads Renown Publishing, guiding high-impact leaders and ultra-high networth families through 18-month transformational storytelling journeys to preserve legacies and inspire human flourishing.

Key Moments:

3:00 - Caleb explains how his upbringing in a high-control community shaped his curiosity about humanity and different perspectives

3:27 - Discussion about how diverse life experiences help you see the world differently, with Bogumil sharing his early life in communist Poland

3:56 - Caleb shares his personal "why" - watching his once-close extended family fall apart after his grandparents passed away, revealing the importance of preserving family stories and values

6:10 - The distinction between capturing history versus telling stories: "History informs, story transforms"

7:53 - Why people often undervalue their own stories and Caleb's mission to help them see the inherent value in their unique experiences

10:43 - The universal elements of the hero's journey present in everyone's life story

11:52 - Example of a client getting emotional when connecting his business values to family history that traced back to the Civil War

14:12 - Powerful story about integrity shown through actions rather than words - a client who paid back a million dollars of debt over seven years despite advice to declare bankruptcy

18:54 - The cinematic approach to storytelling - identifying key moments and creating a narrative that resonates deeply

21:00 - How to handle difficult family stories with honesty while recognizing their transformative power

25:43 - Discussion about connecting with future generations through universal human emotions despite different life circumstances

29:08 - Exploration of the "outrunning the wolves" metaphor - how past struggles drive future success

31:29 - Insights about how we assume our childhood experiences are universal until we discover otherwise

34:54 - Caleb shares the dramatic story of being mistaken for bank robbers on his honeymoon

39:21 - The importance of capturing stories when they're fresh - "if you don't capture it, you will lose it"

44:28 - Vulnerability as a gift - how sharing our own struggles can be someone else's lifeline

47:25 - How the digital age has changed legacy preservation and Renown's approach to creating tangible, meaningful legacy boxes

52:48 - Unexpected outcomes of the legacy preservation process - clients discovering the therapeutic value of being deeply seen and heard

56:51 - Caleb's personal definition of success: "I will be wealthy when I have an abundance of what I value"

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: Ardal Loh-Gronager - Founder and Managing Partner of Loh-Gronager Partners Investment Partnership

Background: Over 10 years of financial industry experience at Goldman Sachs, Morgan Stanley, and Credit Suisse. Half Danish, born in UK with a global upbringing across Europe, Asia, and Australia.

Key Moments:

[3:00] Ardal discusses how his childhood shaped him - living in 11 different homes and attending 8 schools in 6 countries before turning 18, with entrepreneurial parents.

[4:30] Shares a powerful childhood memory of his parents being unable to pay school fees, teaching him about financial independence.

[5:10] Critical insights on business reality versus financial models.

[7:30] Discusses how investing is the broadest intellectual pursuit, encompassing everything around us.

[10:45] Recounts winning Guy Spear's charity auction lunch, modeled after Buffett's charity lunches.

[12:20] The spirit of giving back and learning from those who came before you: "All success is built on the shoulders of giants."

[14:00] Explores the concept of teaching as a way to deepen understanding.

[15:30] Shares how writing his book helped him clarify his own investment philosophy.

[19:00] Explains the inspiration behind his book's title "The Perceptive Investor" through Magritte's painting La Clairvoyance.

[21:10] The distinction between art and science in investing: qualitative versus quantitative analysis.

[24:00] Uses Amazon as a case study of perception in investing.

[28:00] Discusses circle of competence and margin of safety.

[36:15] Reveals his 250-question investment checklist, including the unique "centering exercise" to check emotional state before making decisions.

[42:00] Parallels between investing and piloting aircraft - the importance of checklists.

[46:25] The willingness to be lonely as a contrarian investor: "You cannot outperform the market unless you're a contrarian."

[48:50] The stock market paradox: "The stock market is the only market in the world that when it goes on sale, everyone runs away."

[52:30] Investment as an infinite game - focusing on process rather than outcomes.

[55:45] Discusses ergodicity - making decisions that keep you in the game.

[1:01:45] The misconception of risk: "High quality assets can be risky and low quality assets can be safe. What matters is the price you pay."

[1:04:30] Distinguishing between risk and uncertainty: "We define risk as the probability of permanent loss of capital, distinct from price volatility."

[1:07:20] The importance of patience..

[1:13:30] Understanding business moats.

[1:15:30] Culture as a key component of business longevity.

[1:18:30] Lessons from Ben Graham's investment journey.

[1:24:15] The paradox of "best ideas" portfolios - often the investments we have least conviction in outperform our highest conviction picks.

[1:33:00] Ardal defines 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.

How a 30-year ETF veteran learned to prioritize human flourishing over profit maximization

Guest: Dave Nadig - 30-year veteran of the ETF industry, financial blogger, and advocate for pro-flourishing capitalism

Key Moments:

[03:13] Dave shares how his childhood on a farm shaped his financial mindset, developing a scarcity mentality from growing up poor that led him to finance and money management.

[04:38] Dave explains his "Black Hat vs. White Hat" concept in finance - distinguishing between those who prioritize human flourishing (White Hats) versus those focused primarily on profit maximization (Black Hats).

[07:01] Discussion of the Mad Magazine "Spy vs. Spy" cartoons as inspiration for his Black Hat/White Hat framework.

[09:53] Dave emphasizes that people in the "Black Hat" business aren't necessarily evil, but have made different choices about their priorities.

[15:50] Conversation about passive investing and its evolution from the 1980s through today, with Dave sharing his personal journey working at Wells Fargo on the first target date funds.

[19:19] Dave reflects on becoming "a hard convert back to passive investing" after failing as an active fund manager.

[20:14] Discussion of passive investing's impact on market dynamics, particularly how fund flows affect top equities and bond markets.

[26:22] Examination of how capital formation now happens primarily in private markets, not public ones.

[32:23] Dave shares his fascination with consciousness and the brain, discussing Dr. Ian McGillchrist's work on left brain/right brain dynamics.

[34:47] Dave explores how meditation helps investors develop metacognitive awareness and recognize when their perception differs from reality.

[38:39] Discussion of Dave's experiences at Zen Mountain Monastery and how meditation creates space to explore one's own thought processes.

[44:52] Dave's emotional connection to flying, from childhood fascination to earning his pilot's license, and the devastating impact of losing it due to epilepsy.

[53:49] Reflection on how most investors focus too much on narrow details while neglecting broader context and asset allocation decisions.

[55:54] Dave shares how he uses AI tools like Perplexity to streamline research and Claude to assist with data analysis and coding tasks.

[01:01:04] Discussion of how AI will continue to evolve, with the current state being "the worst it's ever going to be."

[01:05:15] Dave's definition of success: having control over his own time rather than financial wealth.

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: David Werdiger, Director of Nathanson Pearson and bestselling author of "Transition: How to Prepare Your Family and Business for the Greatest Wealth Transfer in History"

Key Discussion Points:

[03:00] David discusses joining the family business - how being the youngest of five children with a significant age gap influenced his decision not to immediately join the family textile manufacturing business.

[04:47] Origins of the family business - David's cousins came to Australia in the 1920s, while his father (a Holocaust survivor) arrived in the late 1940s/early 1950s. They built a textile manufacturing business that eventually transitioned to property investment.

[08:14] Pattern recognition in wealthy immigrant families - David notices how immigrant entrepreneurs often transition from business to real estate investments, seeing property as a way to establish roots in their new country.

[09:18] The great wealth transfer - David explains how the baby boomer generation created unprecedented wealth that is now being passed down, complicated by longer lifespans.

[13:07] Will vs. Family Charter - The increasing importance of family governance as wealth transfers require more sophisticated planning with multiple generations alive simultaneously.

[15:49] Power dynamics - David explores the critical role of power transfer between generations and the challenge of teaching responsible ownership.

[19:05] Family governance - The transition from single decision-maker to multiple decision-makers and the governance structures needed to make this work.

[24:02] Power and responsibility - How families must teach the next generation that "with great power comes great responsibility" when inheriting wealth.

[26:36] Sibling dynamics - Why shared genetic material doesn't guarantee harmony, and how birth order and family circumstances affect each child's experience.

[33:52] The four-generation reality - With increasing lifespans, families now face the challenge of having four generations alive at once, creating a "sandwich generation" caught between aging parents and capable adult children.

[38:44] The business as identity - How founders view their businesses as children, creating emotional challenges when transitioning ownership.

[49:54] Stories as the cultural bridge - The vital importance of family stories in transmitting values, especially when the original business is gone.

[54:30] Living your own dream - The tension between individual aspirations and family legacy, and finding the balance between collective identity and personal fulfillment.

[57:42] Definition of success - David defines success as getting up excited every day, having a healthy family who share each other's joys and sorrows, and helping other families achieve the same.

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.

Thank YOU! For all excellent questions!

[00:00] Episode Highlights

[03:00] Introduction and Milestone Celebration

[06:00] Setting the Stage[08:00] Investment Philosophy and Starting a Career[10:00] Business Valuation Approaches[12:00] Essential Investment Skills[13:00] Portfolio Structure and Management[15:00] Position Sizing and Client Alignment[17:00] Investment Preferences and Strategy[21:00] Performance Lessons and the "No Zero Policy"[24:00] Holding Periods and Acquisition Experiences[27:00] Market Scenarios and Economic Context[32:00] Investment Strategy Evolution[35:00] Central Banking and Political Context[38:00] Personal Insights and Time Management[40:00] Daily Structure and Deep Work[42:00] Podcast Logistics and Guest Selection[44:00] Client Relationships During Volatile Times[46:00] Personal Perspectives on Optimism and Caution[48:00] Unlearning and Media Consumption[50:00] Book Recommendations[57:00] Life Lessons and Closing Thoughts[59:00] Outro

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.

TWO articles, ONE episode, less than 15 minutes. I'm sharing my thoughts from ahead of the Berkshire Hathaway 2025 meeting, and right after. Still fresh memories and thoughts from a historic meeting. Save it, share it, listen at your convenience, and find the text versions on Substack.

I'm curious to hear your reactions after the event. Please find my email on the Talking Billions website! I reply to all emails.

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.