In this unconventional episode of 'The Business Brew,' host Bill Brewster sits down with Tom Morgan for a deep dive into topics that blur the line between science and spirituality. From exploring the existence of non-human intelligence and its implications, to discussing personal transformative experiences facilitated by psychedelics, this episode is a fascinating journey through the unknown. Tom shares insights from his years of research and personal struggles, including a near-psychotic breakdown and a mystical experience that reshaped his life. Whether you're interested in the metaphysical implications of alien encounters or the therapeutic potential of psychedelics, this conversation offers a thought-provoking look at the complexities of human consciousness. Tune in for a compelling discussion that challenges conventional thinking and invites you to ponder the nature of reality. 

John Maxfield from "Maxfield on Banks" stops by the show. John is a wealth of knowledge and has an entertaining personality. Bill and John cover a lot of ground.

01:15:51 Final Thoughts and Farewell 

Ryan Dobratz, from Third Avenue Funds, stops by The Business Brew to discuss Third Ave’s real estate strategy.  Ryan discusses the benefits of focusing on real estate operating companies over REITs, the potential of investments like CBRE, challenges in the office market, and the outlook for residential real estate. They also discuss investment strategies in the residential market, opportunities in Fannie Mae and Freddie Mac, and Dobratz's personal career journey. 

00:00 Welcome to the Business Brew 

00:03 Introducing Ryan Dobratz and Third Avenue Funds 

00:39 Disclaimer and Financial Advice Warning 

01:44 Starting the Conversation with Ryan Dobratz 

02:46 Ryan's Career Journey and Early Influences 

05:51 Joining Third Avenue and Moving to New York 

08:24 Strategic Move to Austin and Real Estate Insights 

09:38 Challenges and Opportunities in the Office Sector 

13:10 Investing in Real Estate Services Companies 

15:02 Philosophy on NAV and Investment Strategies 

23:55 Preference for C Corps Over REITs 

28:11 Prologis and Industrial Real Estate 

35:21 Public vs. Private Real Estate Investments 

39:46 Incentives and Behavioral Finance in Private Markets 

40:18 Active vs Passive Investing in Real Estate 

42:57 Third Avenue's Real Estate Strategy 

46:27 Residential Real Estate Investments 

59:46 Fannie Mae and Freddie Mac: A Deep Dive 

01:18:01 Challenges and Opportunities in Tower REITs 

01:22:06 Conclusion and Final Thoughts 

Shoutout to SpeechDocs (@speechdocs on X) for the show notes below.

🎙️ Welcome to The Business Brew! 🎙️ 

In this special solo episode, host Bill Brewster opens up about life, markets, and the future of The Business Brew. From surviving Hurricane Milton and its aftermath to contemplating a rebrand of the show, Bill shares raw and unfiltered thoughts on resilience, growth, and change. 

📌 What You’ll Learn in This Episode: 

💭 Key Quote: 
"The Business Brew has to die for me to live." 

Whether you’re here for market insights, personal reflections, or a behind-the-scenes look at the podcast’s evolution, this episode is packed with value. Hit play, and let’s brew up something new together. ☕ 

🛠️ Stay Connected: ✅ Subscribe for more unfiltered insights and updates on the show’s rebranding journey. 
✅ Like and share this episode if it resonates with you. 
✅ Drop a comment below—what do you think about the future of The Business Brew? 

#TheBusinessBrew #PodcastRebrand #MarketInsights #PersonalGrowth #HurricaneMilton #Resilience 

In this episode of The Business Brew, host Bill Brewster

They discuss how to stay disciplined and focused on long-term investment objectives amidst market noise and uncertainty. John's commentary is complemented with historical data, illustrating that despite economic and political turbulence, sticking to a disciplined investment strategy can be rewarding.

00:00 Welcome to the Business Brew

01:52 Introducing John Buckingham

04:01 Navigating Market Uncertainty

06:32 The Value of Value Investing

11:11 The Origin of the Prudent Speculator

24:13 The Importance of Dividends

35:56 Navigating Market Volatility

36:12 Apple's Investment Strategy

37:43 The Role of Volatility in Investing

38:18 Market Reactions and Investor Behavior

39:39 Historical Market Trends and Predictions

46:39 Investment Strategies and Stock Selection

51:28 Tax Rates and Market Performance

57:00 Election Impact on Markets

01:04:04 Long-Term Investment Philosophy

01:07:31 Concluding Thoughts

Mike Alkin of Sachem Cove Partners stops by The Business Brew to share his journey in uncovering the uranium investment thesis. Bill found out about Mike when he began listening to Mike's podcast in 2018/19. At that time, Mike was telling everyone that would listen about how asymmetric the opportunity was. Mike interviewed industry insiders, other investors, and laid out his thesis in public. Bill found it inspiring.

This conversation dives deep into the complexities of the uranium market. The discussion includes a detailed analysis of nuclear power, supply-demand dynamics, and the industry’s challenges. Mike also provides valuable advice for young analysts and highlights the significance of contrarian investing. Additionally, they explore recent advancements in nuclear energy and the evolving markets of EVs, wind, and solar energy.

As always, this episode is for educational and entertainment purposes only, not financial advice. 

00:00 Welcome to the Business Brew 

00:08 Introducing Mike Alkin and the Uranium Thesis 

00:48 The Inspiration Behind the Podcast 

01:21 Disclaimer and Acknowledgements 

02:32 Deep Dive into the Uranium Market 

05:26 Challenges and Insights in the Uranium Industry 

09:13 Understanding Market Dynamics and Investor Behavior 

12:50 The Journey to Conviction in Uranium Investment 

17:40 The Role of Nuclear Power in the Energy Market 

42:39 The Impact of Geopolitical Risks on Uranium Supply 

44:32 The Fuel Cycle and U.S. Fuel Buyers 

45:23 Challenges with Industry Forecasts 

46:11 Presenting at the NEI Conference 

47:09 Confrontations and Convictions 

48:56 Expert Networks and Market Misconceptions 

52:10 Global Nuclear Power Dynamics 

01:01:24 Kazakhstan's Uranium Production 

01:10:42 The Future of Nuclear and Renewables 

01:18:01 Investment Strategies and Advice 

01:22:26 Conclusion and Final Thoughts 

Dylan is a former attorney turned private investor focused on small/microcap stocks and overlooked pockets of the market. He publishes a free newsletter on Substack called Raging Bull Investments, which provides deep-dive investment write-ups and occasional market commentary, and is active on Twitter as raging bull cap/Jake LaMotta.

Richard Cook, Co-Founder of Cook and Bynum, stops by The Business Brew to discuss his approach to global investing. Richard discusses his concentrated investment strategies, focusing on emerging markets, government dynamics, consumer behavior, and intrinsic value.

Highlighting key investments in markets like Mexico, Turkey, Pakistan, and Bangladesh, Richard discusses operational execution, investor relations, and long-term strategic planning. The episode also covers strategic investments during the Greek financial crisis, the role of conservative management, and the importance of understanding market dynamics.

With reflections on experiences in South Africa, Costa Rica, and Turkey, this conversation offers invaluable insights into global investment strategies and the essential qualities of successful business leaders.

Tune in to gain expert knowledge on navigating global investments and building a successful investment firm. 

00:00 Welcome to The Business Brew 

00:07 Introducing Richard Cook 

00:45 Investment Philosophy and Strategy 

01:09 Shoutout to the Editing Team 

02:30 Starting the Interview with Richard Cook 

03:02 Emerging Markets and Government Influence 

04:15 Investment Holdings and Long-Term Strategy 

07:47 The Power of Buybacks and Controlling

Shareholders 

14:44 Avoiding Bias in Investment Decisions 

19:08 Lessons from Past Investments 

24:54 Navigating Market Cycles 

34:18 Insights on Bottling Businesses 

46:58 Premiumization in the Beverage Industry 

48:15 Global Consumption Patterns 

49:53 Investment Strategies and Intrinsic Value 

51:29 Challenges in Forecasting Business Durability 

53:32 Insights on Company Valuation 

55:15 Case Study: Kraft and Mondelez 

59:01 AB InBev and Craft Beer Market 

01:09:59 Investment in Jumbo During Greek Crisis 

01:20:39 Evaluating Emerging Markets 

01:25:55 Building an Investment Firm 

01:28:34 Conclusion and Final Thoughts 

In this episode of the Business Brew, host Bill Brewster sits down with the esteemed investor Bruce Berkowitz. They delve deep into Berkowitz's illustrious career, from his strategies during the financial crisis to his current outlook on various investment opportunities, including midstream energy and Florida real estate.

Berkowitz shares anecdotes, personal reflections, and valuable lessons learned over decades in finance. Additionally, Berkowitz emphasizes the importance of due diligence and remaining rational amidst market fluctuations.

Don't miss this enlightening conversation that offers unique insights into the minds of one of the most successful investors in the industry.

00:00 Welcome to The Business Brew

00:07 Introducing Bruce Berkowitz

01:12 Disclaimer and Due Diligence

02:01 Shoutout to the Editing Team

*Dope music*

03:23 Starting the Interview with Bruce Berkowitz

04:19 Bruce's Investment Philosophy

05:06 Insights on Wells Fargo

09:01 The Importance of Management and Culture

10:11 Challenges in the Banking Sector

12:46 Bruce's Focus on U.S. Investments

14:25 Research and Concentration in Investments

20:28 Fairholme's Unique Approach

27:01 Reflections on Sears and Real Estate

30:43 Lessons from St. Joe

32:38 Discussion on St. Joe's Elevated Properties

33:27 Hurricane Resilience and Modern Building Codes

35:07 Investment Strategies and Market Perspectives

35:54 Interest Rates and Duration Risk

39:14 Corporate Spreads and Reinvestment Risk

41:43 Societal Changes and Financial Perspectives

46:17 Enterprise Products and Midstream Energy

48:30 Energy Logistics and Environmental Impact

57:17 Technological Evolution in Energy

01:00:40 Mutual Funds vs. ETFs

01:02:04 Concluding Thoughts and Media Engagement

Blake Haxton, analyst at Brandywine Global Asset Management's High Yield and Corporate Strategies Group, joins the Business Brew. This discussion focuses on the companies Blake covers as well as his views on markets generally. Blake tends to focus on "old economy" industries so prepare yourself for plenty of energy discussion. Bill and Blake also discuss industrials and homebuilders. The conversation also touches on the merits of high yield as an asset class.

Blake was recently featured in Barron's. You can find the article here: https://www.barrons.com/articles/paralympian-blake-haxton-high-yield-brandywine-global-6305e6e5

We hope you enjoy the conversation.

Detailed Show Notes:

4:00 - What Blake covers

5:10 - commodities are fairly tight from a supply demand perspective

8:00 - airline discussion

13:00 - energy as an example of how Brandywine looks to take advantage of capital cycles

16:00 - the prospective outlook for high yield

19:00 - how the high yield benchmark is different from the equity benchmark

24:00 - how the improvement in counterparty risk changed the risk/reward of lending to pipeline companies

28:25 - how to think about decline curves in the US vs. Canadian oil companies

30:25 - how differentials impact Canadian energy economics

38:30 - does it make sense to have an allocation to energy?

42:10 - a discussion about how assets generally are priced

52:00 - the pitch for debt vs. equities

54:45 - where is the US housing market in the cycle?

1:06:00 - trading down in credit quality for yield

1:13:00 - how ETFs can provide opportunities when they sell

1:21:00 - how was covering energy in COVID?

1:29:00 - what’s different today with shale as a key producer