The Business Brew

Wes Gray returns to the show to discuss a potential solution for those with concentrated financial investments. Wes discusses a solution, via a Registered Investment Company, that enables investors to diversify their position while deferring taxes. We hope the episode is informative.

Find Wes at:

Twitter: https://x.com/alphaarchitect

RIA/blog/education: http://alphaarchitect.comETFs: http://funds.alphaarchitect.comWhite label ETF: http://etfarchitect.com

Andrew Freedman, Communications Analyst at Hedgeye Risk Management, stops by to discuss his experience integrating AI in his life. Bill contacted Andrew after Andrew tweeted "So many (very smart) people still can’t grasp the implications of AI…" This episode is premised on that tweet. It's a good one!

Follow Andrew on X at https://x.com/HedgeyeComm or connect with him on LinkedIn at https://www.linkedin.com/in/andrew-freedman-cfa/

Mary Meeker's AI Presentation/Deck - https://www.bondcap.com/report/tai/#view/0

Follow Bill on X at https://x.com/BillBrewsterTBB

The one and only John Huber stops by The Business Brew. John runs Saber Capital Management. Bill found John through Base Hit Investing back in the day. Today you can follow John's writing at Basehitinvesting.substack.com.

Bill admires John's mental flexibility, grit, and consistency. The Business Brew is happy to feature John this week!

🧠 What You’ll Learn in This Episode 
📌 Strategic insights into value investing 
📌 How to evaluate high-quality growth companies 
📌 The risks of overpaying and the dangers of outsourcing your thinking 
📌 Thoughts on Berkshire Hathaway’s future 
📌 Portfolio management and balancing writing with fund operations 
📌 Opportunities beyond the S&P 500 

🕰️ Timestamps 
00:00 – 👤 John Huber’s Introduction 
03:10 – 📉 Berkshire & Market Reflections 
06:22 – 💹 Investment Strategies & Market Insights 
11:10 – 🚀 Evaluating Growth Engines in Quality Companies 
17:02 – 🏢 Tech Giants & Capital Expenditure 
26:30 – 🏦 Banking Sector & Investment Risks 
34:48 – ⚠️ The Risk of Overpaying for Stocks 
36:00 – 🔄 Adapting Investment Strategies 
37:57 – 🧩 The Danger of Outsourcing Thinking 
40:51 – 🌍 Opportunities Outside the S&P 500 
47:24 – ✍️ Balancing Writing & Fund Management 
01:00:22 – 🔮 The Future of Berkshire Hathaway 
01:07:25 – 👋 Concluding Thoughts & Farewells 

Andy Constan stops by to discuss today's US macro backdrop. Importantly, this discuss was recorded on 4/24. Since then the narrative around the tax bill has gotten incrementally more stimulative. Do what you will with that information.

Bill reached out to Andy after following him for a while on Twitter. Andy appears to use Twitter to educate, inform, and journal thoughts. Hence why he was invited to the show.

As for Andy's formal background, his bio reads as follows:

Andy Constan graduated with a degree in Bioengineering from the University of Pennsylvania in 1986.

Following he spent 35 years investing and trading global equities, spending 17 years at Salomon Brothers.

Following he started honing his Macroeconomic Knowledge in 2010 working at Bridgewater Associates and Brevan Howard.

Since then he has worked on growing Damped Spring Advisors.

We hope you enjoy the conversation.

Bill Chen returns for a third time. Bill focuses on "hard assets," with a specific focus on real estate. The conversation winds from some macro (from 15 minutes to 22ish minutes) to more REIT specific ideas (after 24 minutes).

Please note, some of the tariff discussion is already out of date. Nevertheless, we hope you enjoy the conversation!

Bill Chen's other episodes can be found at: https://www.youtube.com/watch?v=oyf41BmMYxU and https://www.youtube.com/watch?v=Tmoc2crT55U

For a different perspective on real estate investing check out Ryan Dobratz' episodes at https://www.youtube.com/watch?v=UIVr5Jvr-2M

Few things are more ironic than releasing a China focused episode on Liberation Day. Nevertheless, here we go!

In this episode of The Business Brew, host Bill Brewster interviews Jingshu Zhang, a persistent listener who recommended looking into China's investment opportunities. Zhang shares his journey from studying in the United States to becoming a successful investor with a unique focus on Chinese assets. They discuss Zhang's experience navigating the Chinese market, the impact of geopolitical tensions, the advantages of holding Chinese state-owned enterprises (SOEs), and specific investment opportunities like Pinduoduo and Tencent. Jingshu offers insights into managing risk, the macroeconomic environment, and the regulatory landscape in China. Disclaimer: All content is for entertainment purposes only and not financial advice. 

00:00 Introduction and Guest Background 

01:15 Investment Opportunities in China 

04:04 Challenges and Sentiments Towards Chinese Investments 

08:15 Competitive Landscape and Market Dynamics 

15:50 Case Study: TK Group and Industrial Sector Insights 

22:55 Pinduoduo's Growth and Strategy 

34:37 Exploring Global Investment Opportunities 

35:19 US Market Insights and Mid Cap Focus 

36:08 Tech Giants and Valuation Comparisons 

36:13 Tencent: The Super App of China 

43:32 State-Owned Enterprises and Investment Safety 

53:20 Environmental Regulations and Investment Opportunities 

56:59 Delisting Fears and Investment Strategies 

01:04:09 Short Selling Challenges and Lessons Learned 

01:07:49 Final Thoughts and Contact Information 

Welcome to The Business Brew! Host Bill Brewster is joined by repeat guest Evan Tindell to delve into pressing investment topics for 2024. Evan is the founder and portfolio manager of Bireme Capital.  You can find his first episode here: https://creators.spotify.com/pod/show/william-brewster1/episodes/Evan-Tindell---Where-Poker-and-The-Market-Collide-e1nrbum (Spotify) or https://podcasts.apple.com/si/podcast/evan-tindell-where-poker-and-the-market-collide/id1540847053?i=1000579552480 (Apple).  

Together, they explore international valuation disparities, the pitfalls of shorting meme stocks, and the dynamics behind recent market movements. Evan shares his unique approach to investing and the lessons learned from challenging investment phases, including a critical analysis of MicroStrategy, GameStop, and meme stocks.  

They also discuss Japan's corporate governance reforms and the implications for global investors. Lastly, Evan and Bill touch on utilizing modern AI tools in investment processes, the future of software, and personal stories from Evan's adventurous journey to Zambia.  

As a reminder, nothing discussed constitutes investment advice and is for entertainment purposes only. Enjoy the engaging conversation! 

00:00 Welcome to The Business Brew 

01:20 Introducing Evan Tindell 

02:01 Discussing 2024 Performance 

03:09 Challenges of Shorting Meme Stocks 

05:14 Bitcoin Yield and MicroStrategy 

17:55 Market Inefficiencies and Opportunities 

30:59 Investing in Japan 

42:09 Investment Strategies and Market Insights 

43:17 Diverse Business Models in Japan 

44:58 Meeting the Emperor and Personal Anecdotes 

45:35 The Role of LLMs in Investment 

51:48 AI Tools and Their Impact on Daily Life 

56:10 Future of Software and Business Models 

01:07:12 Tobacco Industry Analysis 

01:15:12 Adventures in Zambia 

01:20:36 Conclusion and Farewell 

In this episode, the host welcomes back Devin Anderson, co-founder of an investment advisory firm and competitive shotgun shooter. They delve into the psychology and skills required for high performance in sports like shooting, golf, and tennis. Devin shares insights from his own experience and coaching on the importance of building skills consciously, then executing them unconsciously under pressure. He highlights the nuances of practice, routine, and dealing with pressure to achieve peak performance. The discussion also touches on the parallels between competitive sports and high-stakes business environments, emphasizing structured planning and routine for consistent success. 

00:00 Introduction and Guest Background 

00:35 Competitive Shotgun Shooting Explained 

01:32 The Mental Game: Conscious vs. Unconscious Execution 

03:52 Why We Play: The Allure of Sports 

07:17 Coping with Pressure in Sports 

14:01 Skill Building and Confidence 

17:06 The Role of Vision in Performance 

26:16 Routine and Unconscious Performance 

42:11 Overcoming Evaluation Paralysis 

42:49 The Four Stages of Execution 

44:04 The Importance of Practice Routines 

44:58 Building Confidence Under Pressure 

49:09 Handling Fear and Careful vs. Careless Misses 

50:42 Trust and Performance Under Pressure 

55:52 The Role of Routine in Performance 

01:09:25 The Fun and Pressure of Competition 

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