Join host Bill Brewster as he converses with the intriguing and often humorous anonymous guest, Le Shrub, in this episode of 'The Business Brew'. Le Shrub's writings can be found at https://www.shrubstack.com/ He can also be followed on Twitter/X at https://x.com/agnostoxxx

With a unique approach to investing, Le Shrub shares his thoughts on market trends, stock picks, and the rationale behind them. From discussing the importance of avoiding investment stupidity, analyzing specific stocks like Archer Aviation and Alibaba, to speculating on the economic impacts of a potential Ukraine ceasefire, this episode is packed with insightful observations and strategic thinking. Be prepared for an engaging mix of entertainment, education, and parody, underlined with Le Shrub's distinct charm.

Disclaimer: This is all for entertainment purposes and not financial advice.  Recorded 2/14/25

00:00 Introduction to the Business Brew 

00:54 Meet Les Shrub: The Anonymous Guest 

01:24 Investment Philosophy: Don't Be Stupid 

03:35 The Spinny Ponzi: A Deep Dive into Archer 

17:15 Biotech Investments: Blood in the Tweets 

21:00 The Future of Cancer Vaccines 

22:55 ClearPoint and Gene Therapy 

30:02 The Power of Community in Investing 

33:19 Navigating the Risks of Small Cap Stocks 

34:07 Options Trading Strategies 

35:36 The Risks of Investing in Alibaba 

36:13 Reasons for Investing in Alibaba 

36:38 China's Economic Strategies and Stimulus 

37:27 Alibaba's AI and Cloud Ventures 

39:00 Apple's Partnership with Alibaba 

40:31 The Impact of U.S. CapEx on AI 

41:19 Investing in Energy and Natural Gas 

44:38 The Barbell Portfolio Strategy 

45:17 Emerging Markets and Currency Devaluation 

52:53 The Potential Ceasefire in Ukraine 

59:15 Valuation and Investment Strategies 

01:04:19 Avoiding Shorts on Meme Stocks 

01:06:50 Recommended Reading: Capital Returns 

01:07:50 Conclusion and Final Thoughts 

In this episode of 'The Business Brew,' host Bill Brewster is joined by Larry Holzenthaler, a portfolio manager at First Eagle Alternative Credit (FEAC). The discussion focuses on the complexities and nuances of private credit. Recorded on February 3rd, the episode delves into the differences between traditional equity value investing and private credit, as well as the strategic transitions First Eagle has made in response to market changes. Larry explains First Eagle's cautious approach to investment, emphasizing measured risk, recurring revenue, and sponsor-backed deals. He discusses the evolution and growth of private credit markets, challenges and opportunities, and the impact of banking regulations on credit availability. The conversation includes detailed insights into various investment structures like interval funds and BDCs, and the importance of reading fine print in credit agreements. Throughout, Larry offers a compelling argument for the attractiveness of private credit as an investment, particularly in current economic conditions. 

00:00 Welcome to the Business Brew 

00:54 Introducing Larry Hosenthaler and First Eagle 

02:13 The Evolution of Private Credit 

08:34 The Impact of COVID on Private Credit 

12:22 Private Equity and Risk Management 

18:41 The Role of Banks in Private Credit 

31:37 Fee Structures and Market Dynamics 

36:40 Understanding Interval Funds 

37:11 The Redemption Process Explained 

39:55 Comparing Interval Funds and BDCs 

43:17 Risk Management in Private Credit 

44:38 The Role of Recurring Revenue 

45:24 Leverage and Deal Flow 

56:59 Active vs Passive Management in Credit Markets 

01:03:27 Why Invest in Private Credit Now? 

01:08:46 Conclusion and Final Thoughts 

In this episode of The Business Brew, host Bill Brewster engages in a comprehensive discussion with George Livadas about the complexities and current state of the market. Livadas, known for his candid tweets and insightful views, covers topics ranging from market fluctuations in 2024, reminiscent of the 2021 SPAC bubble, to challenges and opportunities in European stocks and the S&P 500's relentless performance. They delve into George’s investment philosophy, focusing on both large and small cap stocks, the impact of global flows on stock valuations, and the nuanced approach required in shorting and hedging. Additionally, they discuss the operational aspects of running a fund, including transitioning from separate accounts to a unified fund structure, and reflect on the broader implications of AI in investment research. 

00:00 Welcome to the Business Brew 

00:03 Introducing George Livadas 

01:06 Market Reflections and SPAC Bubble 

06:56 European Market Insights 

18:20 Shorting Strategies and Market Sentiment 

21:42 Challenges in the Staples Sector 

24:57 Running the Firm: Changes and Challenges 

27:14 Navigating Market Ups and Downs 

27:40 Client Expectations and Realities 

28:39 Challenges in Fundraising and Fee Structures 

29:44 The Fund of Funds Debate 

31:51 AI in Financial Research 

35:15 Investment Strategies and Market Trends 

39:48 Reflections on COVID and Market Resilience 

43:38 Portfolio Management Insights 

46:05 Closing Thoughts and Personal Reflections 

Buffett and Munger Unscripted: A Conversation with Alex Morris 

Alex Morris, friend of the show (and IRL), author of TSOH Investment Research stops by to discuss his new book "Buffett and Munger Unscripted." The book offers three decades of insights from Berkshire Hathaway shareholder meetings, grouped by topic area to provide a coherent understanding of Warren Buffett and Charlie Munger's investment wisdom.

Alex shares his experience writing the book, including the extensive work involved and his communication with Berkshire. They also discuss various investment philosophies, the importance of transparency in investment research, and the challenges faced by consumer brands in today's market.

Further, they reflect on the impact and potential risks of long-term investments in businesses like Dollar Tree and the complexities of analyzing brands like Jack Daniels. 

00:00 Welcome to the Business Brew 

00:06 Introducing Alex Morris and His New Book 

02:02 Personal Anecdotes and Family Stories 

05:15 The Journey of Writing the Book 

12:23 Insights on Buffett and Munger's Investment Strategies 

28:53 Discussion on Dollar Stores and Retail Landscape 

34:19 Analyzing Dollar Tree's Market Position 

36:06 The Value Proposition of Dollar Stores 

38:08 Comparing Retail Strategies 

39:23 Brand Value and Pricing Power 

41:14 Consumer Brands and Retail Dynamics 

44:27 Investment Strategies and Portfolio Management 

49:11 The Philosophy of Investing 

55:01 The Business of Writing and Publishing 

01:00:44 Reflections and Future Plans 

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