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The Investing for Beginners Podcast - Your Path to Financial Freedom episodes
- The First Metric Every Investor Must Check Before Buying
When analyzing a stock for the first time, retail investors often get blinded by stock price charts, flashy marketing, or news headlines. But if you want to know whether a business is actually compounding value, you have to look at the top line: Revenue Growth. In this episode, Stephen and Andrew break down the fundamental starting point for analyzing any stock, why top-line growth drives long-term earnings per share (EPS), and how to use base rates to spot unrealistic hypergrowth traps before they wreck your portfolio.
What You Will Learn
The Revenue-to-Price Pipeline: Why McKinsey and Peter Lynch studies prove that revenue growth is the ultimate driver of long-term stock returns.
EPS vs. Stock Price: Why a $20 stock can actually be significantly more expensive than a $500 stock.
The Limit of Cost Cutting: Why companies cannot cost-cut their way to compounding returns—and why profit margins hit a hard ceiling.
The Skewed Data Trap: How single-year anomalies, cyclical spikes, and M&A activity ruin 3- and 5-year screener averages.
The 4%–6% Base Rate Baseline: Michael Mauboussin’s research on real-world corporate growth rates and why expecting 20%+ annual growth forever is a mathematical delusion.
Timestamps
00:00:00 — The Fundamental Starting Point: Why top-line revenue growth is step #1 for stock analysis
00:00:45 — EPS vs. Stock Price: Dissecting valuation so you don't confuse share price with company value
00:04:47 — Revenue Growth vs. Cost Cutting: The mathematical limit of profit margins
00:07:50 — Percentages Over Headline Dollars: Evaluating small caps vs. mega-caps objectively
00:09:32 — The Skewed Data Trap: How one-time events and M&A distort multi-year growth metrics
00:11:57 — Michael Mauboussin Base Rates: Why 4%–6% revenue growth is the true economic baseline
00:14:52 — Valuation Meets Growth: P/E ratios as "duct tape" and revenue growth as "WD-40"
00:20:17 — The Hypergrowth Trap: Why 30%+ annual growth almost always reverts to the mean
00:25:17 — The 7%–15% Sweet Spot: Identifying sustainable compounders without taking extreme risk
00:29:57 — Value Re-Rating & Dividends: How mature businesses like Coca-Cola compound wealth quietly
00:36:42 — Practical Stock Screening: How to set up multiple screens to catch ideas without falling for traps
Resources Mentioned
The Value Spotlight Newsletter: https://einvestingforbeginners.com/value-spotlight-newsletter/
Have questions or want your story featured? Email the show at [email protected] or comment below. Your feedback shapes the podcast!
Remember, invest with a margin of safety—emphasis on the safety. Have a great week, and we’ll talk to you next time.
Timestamps are generated by artificial intelligence, and are not 100% accurate depending on the platform used for listening.
Today’s show is sponsored by:
Download Cash App Today: https://click.cash.app/ui6m/0th4z72y #CashAppPod As a Cash App partner, I may earn a commission when you sign up for a Cash App account. Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Bitcoin services provided by Block, Inc. For additional information, see the Bitcoin disclosures.
Shopify: Stop waiting for permission to build something. Your next revenue stream starts for free at shopify.com/beginners
Turn your passion into profit, connect directly with eager buyers, and grow your business by hosting live, interactive auctions at https://whatnot.com/sell
Supercharge your productivity and automate your daily tasks by building custom AI agents in your all-in-one workspace at https://notion.com/investing
The Perfect Jean makes insanely comfortable, great-fitting jeans you can wear all day—check them out at theperfectjean.nyc.
Function Health helps you get ahead of your health with comprehensive lab testing and clear, actionable insights—learn more at functionhealth.com.
Interested in how your company sponsor the show? Reach us at [email protected]
SUBSCRIBE TO THE SHOW Apple | Spotify | YouTube | Amazon | Tunein
Learn more about your ad choices. Visit megaphone.fm/adchoices
49 min - Is NVIDIA’s High-Margin Machine Sustainable?
NVIDIA is currently pulling off something unprecedented in financial history: posting startup-like revenue growth (+126% in 2024 and +114% in 2025) while sitting at a massive $4 trillion valuation. Mainstream media treats this hyper-growth as an unstoppable tech miracle, but history shows that every infrastructure CapEx boom eventually faces physical and economic boundaries. In this episode, Stephen and Andrew look under NVIDIA's hood to examine whether its fabless business model and CUDA software lock-in justify its valuation, or if Big Tech is caught in a classic, 19th-century-style CapEx bubble.
What You Will Learn
The Fabless Margin Advantage: How NVIDIA commands software-like profit margins by outsourcing heavy semiconductor manufacturing to TSMC.
The 1873 Railroad Parallel: What the 19th-century infrastructure boom teaches us about today's $800 billion Big Tech AI CapEx race.
CUDA’s Unbreakable Moat: How proprietary software ecosystem lock-in keeps hyperscalers dependent on NVIDIA GPUs instead of switching to AMD.
The Memory Oligopoly Bottleneck: How Samsung, SK Hynix, and Micron squeeze hardware buyers and drive up data center costs across the tech sector.
Broadcom vs. Qualcomm: Why two similar chipmakers diverged by 10x in market cap over a decade, and what it reveals about semiconductor stock picking.
Timestamps
00:00:00 — NVIDIA’s Startup Growth at Scale: Auditing +126% revenue growth on a $4T valuation
00:02:12 — Forward P/E vs. Trailing P/E: What Wall Street is pricing into NVIDIA’s next 4 quarters
00:05:42 — CPU vs. GPU Revolution: How parallel computing allowed NVIDIA to dethrone Intel
00:08:06 — The Fabless Model: Why chip design yields software-like margins without factory overhead
00:12:32 — The Zero-Marginal-Cost Trap: Anthropic and OpenAI’s explosive revenue run-rates
00:14:12 — The Memory Oligopoly: How Micron, SK Hynix, and Samsung exercise extreme pricing power
00:15:54 — Single Points of Failure: NVIDIA’s total supply-chain reliance on TSMC and ASML
00:19:20 — Historical CapEx Cycles: Comparing today's Big Tech AI spend to the 1873 Railroad Bubble
00:25:40 — AI ROI Reality Check: Agentic coding, enterprise adoption, and "AI slop" quality risks
00:41:06 — Analyzing NVIDIA as a Beginner: Untempered enthusiasm vs. demanding a margin of safety
00:44:50 — Broadcom vs. Qualcomm: How two semiconductor peers diverged by 10x in ten years
Resources Mentioned
The Value Spotlight Newsletter: https://einvestingforbeginners.com/value-spotlight-newsletter/
Have questions or want your story featured? Email the show at [email protected] or comment below. Your feedback shapes the podcast!
Remember, invest with a margin of safety—emphasis on the safety. Have a great week, and we’ll talk to you next time.
Timestamps are generated by artificial intelligence, and are not 100% accurate depending on the platform used for listening.
Today’s show is sponsored by:
Download Cash App Today: https://click.cash.app/ui6m/0th4z72y #CashAppPod As a Cash App partner, I may earn a commission when you sign up for a Cash App account. Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Bitcoin services provided by Block, Inc. For additional information, see the Bitcoin disclosures.
Shopify: Stop waiting for permission to build something. Your next revenue stream starts for free at shopify.com/beginners
Turn your passion into profit, connect directly with eager buyers, and grow your business by hosting live, interactive auctions at https://whatnot.com/sell
Supercharge your productivity and automate your daily tasks by building custom AI agents in your all-in-one workspace at https://notion.com/investing
The Perfect Jean makes insanely comfortable, great-fitting jeans you can wear all day—check them out at theperfectjean.nyc.
Function Health helps you get ahead of your health with comprehensive lab testing and clear, actionable insights—learn more at functionhealth.com.
Interested in how your company sponsor the show? Reach us at [email protected]
SUBSCRIBE TO THE SHOW Apple | Spotify | YouTube | Amazon | Tunein
Learn more about your ad choices. Visit megaphone.fm/adchoices
52 min - AAR65 - Where Are People Wasting Money?
Are you accidentally throwing money down the drain without realizing it? In this episode of At Any Rate, Evan and Andrew break down five sneaky financial missteps that cause people to waste cash—from point-of-sale financing traps to unneeded consumer upgrades and stagnant checking accounts.
Instead of shaming bad spending habits, the guys share honest personal realizations (including Evan’s eye-opening look at phone installment plans) and provide simple, actionable systems like sinking funds and "output-based purchasing" to keep your finances on track without sacrificing the things you love.
What You Will Learn
The Buy Now, Pay Later Trap: Why financing small purchases like concert tickets, couches, and plane tickets wrecks your long-term cash flow.
Sinking Funds vs. Debt: How setting aside dedicated cash pools lets you spend guilt-free on furniture, trips, and holidays.
Misstep 2: Unneeded Upgrades: How to evaluate upgrades using "output-based purchasing" to stop overspending on new iPhones, flights, and car packages.
Stagnant Cash Loss: The true opportunity cost of keeping your emergency fund in a default checking account versus a High-Yield Savings Account (HYSA).
Thoughtful Gifting vs. Overspending: How to express care without going into debt on holiday gifts or expensive jewelry.
Hobby Management: Why stepping up through entry-level equipment (from coffee grinders to guitars) brings more joy and value than buying top-of-the-line gear upfront.
Timestamps
0:00 – Identifying Silent Wealth Killers
1:52 – Misstep 1: Financing Small Purchases (BNPL, Concerts & Couches)
5:29 – Using Sinking Funds to Stop Debt Spirals
8:49 – Misstep 2: Upgrades You Don't Need (iPhones, Flights & Car Packages)
13:24 – Output-Based Purchasing: How to Justify Lifestyle Upgrades
21:19 – Misstep 3: Piling Cash in Stagnant Accounts
25:54 – The Power of HYSAs for Down Payments & Emergency Cash
28:27 – Misstep 4: Overspending on Gifts (Thoughtfulness vs. Price Tags)
33:03 – Handling Budget Mistakes & Planning for Holiday Spending
37:59 – Misstep 5: The Expense of Hobbies (Guitars, PCs, and $3,500 Coffee Setups)
48:34 – The Coffee Grinder Lesson: Why You Shouldn't Buy Top-of-the-Line Immediately
Resources Mentioned
The Value Spotlight Newsletter: https://einvestingforbeginners.com/value-spotlight-newsletter/
Free monthly budgeting spreadsheet: https://einvestingforbeginners.com/budget/
Email Evan: [email protected]
Have questions or want your story featured? Email the show at [email protected] or comment below. Your feedback shapes the podcast!
Remember, financial freedom is built one smart move at a time. Keep it simple, keep it steady, and at any rate, we’ll see you next time.
Timestamps are generated by artificial intelligence, and are not 100% accurate depending on the platform used for listening.
Today’s show is sponsored by:
Download Cash App Today: https://click.cash.app/ui6m/0th4z72y #CashAppPod As a Cash App partner, I may earn a commission when you sign up for a Cash App account. Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Bitcoin services provided by Block, Inc. For additional information, see the Bitcoin disclosures.
Shopify: Stop waiting for permission to build something. Your next revenue stream starts for free at shopify.com/beginners
Upgrade your wardrobe with Quince to get high-quality, luxury essentials at a fraction of the cost by visiting https://quince.com/beginners
Turn your passion into profit, connect directly with eager buyers, and grow your business by hosting live, interactive auctions at https://whatnot.com/sell
Supercharge your productivity and automate your daily tasks by building custom AI agents in your all-in-one workspace at https://notion.com/investing
Interested in how your company sponsor the show? Reach us at [email protected]
SUBSCRIBE TO THE SHOW Apple | Spotify | YouTube | Amazon | Tunein
Learn more about your ad choices. Visit megaphone.fm/adchoices
55 min - How to Get 9% Returns with Half the Market Volatility
Mainstream financial media tells investors that the only way to build long-term wealth is to throw 100% of their money into index funds and hold on for dear life. But when the market crashes and portfolios get cut in half, human psychology kicks in, and retail investors almost always panic-sell at the exact wrong time. In this episode, Stephen sits down with contrarian market veteran Jared Dillian to dissect the psychological flaws of traditional indexing and break down the "Awesome Portfolio"—a stress-free, 5-asset allocation strategy designed to deliver near-market returns with a fraction of the drawdowns.
What You Will Learn
The Indexing Trap: Why holding an S&P 500 index fund exposes your entire net worth to crippling 50% drawdowns (and why most humans can't handle it).
The Finnish IQ Study: How military data from Finland proves that "smarter" investors outperform the market simply through disciplined market timing and risk control.
The "Giffen Good" Paradox: Why investors irrationally hate cheap assets (like 5% yielding bonds) but blindly pile into expensive, over-hyped tech stocks.
The 20% Cash Rule: Why holding cash isn't just a safety net—it’s ultimate liquidity for buying distressed assets and capitalizing on rare life opportunities.
Why Crypto Kills Compounding: Why keeping volatile assets like Bitcoin out of your core portfolio protects your Sharpe ratio and prevents emotional checking.
Timestamps
00:01:21 The evolution of market mechanics: From trading fractions on the open-outcry floor to AI algorithms.
00:03:50 Comparing the current AI boom to the 2000 Dot-com bubble (and why today's tech stocks are fundamentally different).
00:04:49 The Bond Market Disconnect: Why investors are ignoring risk-free 5% yields.
00:10:24 The Finnish IQ Study: What administrative data teaches us about market timing and cognitive discipline.
00:12:18 Jared’s Lehman Brothers backstory and surviving a 50% net-worth wipeout in 2008.
00:14:40 Deconstructing the "Awesome Portfolio": VTI, BND, IAU, TBIL, and VNQ.
00:16:34 Why Bitcoin and cryptocurrency are excluded to preserve portfolio peace of mind.
00:19:32 The 3 reasons you must hold cash: Volatility smoothing, 5% yields, and pure optionality.
00:24:15 Breaking the Boglehead Orthodoxy: Why the "all-stocks, all the time" strategy is a behavioral trap.
00:32:08 Debunking extreme personal finance: Why The Millionaire Next Door and Rich Dad Poor Dad give dangerous advice.
Resources Mentioned
The Value Spotlight Newsletter: https://einvestingforbeginners.com/value-spotlight-newsletter/
Have questions or want your story featured? Email the show at [email protected] or comment below. Your feedback shapes the podcast!
Remember, invest with a margin of safety—emphasis on the safety. Have a great week, and we’ll talk to you next time.
Timestamps are generated by artificial intelligence, and are not 100% accurate depending on the platform used for listening.
Today’s show is sponsored by:
Download Cash App Today: https://click.cash.app/ui6m/0th4z72y #CashAppPod As a Cash App partner, I may earn a commission when you sign up for a Cash App account. Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Bitcoin services provided by Block, Inc. For additional information, see the Bitcoin disclosures.
Shopify: Stop waiting for permission to build something. Your next revenue stream starts for free at shopify.com/beginners
Turn your passion into profit, connect directly with eager buyers, and grow your business by hosting live, interactive auctions at https://whatnot.com/sell
Supercharge your productivity and automate your daily tasks by building custom AI agents in your all-in-one workspace at https://notion.com/investing
The Perfect Jean makes insanely comfortable, great-fitting jeans you can wear all day—check them out at theperfectjean.nyc.
Function Health helps you get ahead of your health with comprehensive lab testing and clear, actionable insights—learn more at functionhealth.com.
Interested in how your company sponsor the show? Reach us at [email protected]
SUBSCRIBE TO THE SHOW Apple | Spotify | YouTube | Amazon | Tunein
Learn more about your ad choices. Visit megaphone.fm/adchoices
40 min - Dissecting Capital One, Netflix, and Wall Street's Favorite Metrics
It’s tempting to fire up a stock screener, sort by top-line revenue growth, and assume you’ve just uncovered a goldmine of breakout stocks. But when a legacy credit card company suddenly posts triple-digit growth, it’s rarely an economic miracle—it’s an accounting illusion. In this episode, we run a live revenue breakout screen to show exactly how Wall Street numbers lie, why corporate acquisitions distort financial data, and how to protect your capital from manufactured hype.
What You Will Learn
Why record revenue is a trap: How Capital One’s sudden 102% growth rate exposes the danger of using unadjusted, raw stock screeners.
The M&A growth illusion: Why buying a competitor (like the Discover acquisition) temporarily breaks year-over-year financial comparisons and tricks retail investors.
The Forward P/E warning sign: Why Netflix looks cheap based on past earnings but expensive when you factor in Wall Street's expectation of shrinking margins.
The "Dictator CEO" red flag: How to use proxy statements to spot concentrated voting power and shareholder lawsuits, using AppLovin as the prime example.
Ignoring the macro noise: Why trying to time market tops using bank stocks (Morgan Stanley, BlackRock) is a losing game for long-term investors.
Timestamps
00:01:59 The Revenue Breakout Screen: Filtering for 1-year growth beating 3- and 5-year averages
00:05:08 The Capital One (COF) Illusion: Why a 102% growth rate isn't what it seems
00:08:15 Bank Stocks and Macro Narratives: Can we predict the economy using Citigroup or Bank of America?
00:18:40 Unpacking Capital One’s acquisition of Discover and how buyouts skew financial metrics
00:24:42 The AppLovin (APP) dilemma: High growth vs. extreme executive control and shareholder lawsuits
00:35:35 Netflix (NFLX) and Valuation: Using Forward P/E to predict shrinking profit margins
00:37:00 Founder Departures: Why a CEO stepping down isn't always a reason to panic
00:43:00 Morgan Stanley & BlackRock: Do booming investment banks signal a market top?
00:48:10 Tuning out the media: Why long-term investors must ignore macroeconomic fear-mongering
Resources Mentioned
The Value Spotlight Newsletter: https://einvestingforbeginners.com/value-spotlight-newsletter/
Have questions or want your story featured? Email the show at [email protected] or comment below. Your feedback shapes the podcast!
Remember, invest with a margin of safety—emphasis on the safety. Have a great week, and we’ll talk to you next time.
Timestamps are generated by artificial intelligence, and are not 100% accurate depending on the platform used for listening.
Today’s show is sponsored by:
Download Cash App Today: https://click.cash.app/ui6m/0th4z72y #CashAppPod As a Cash App partner, I may earn a commission when you sign up for a Cash App account. Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Bitcoin services provided by Block, Inc. For additional information, see the Bitcoin disclosures.
Shopify: Stop waiting for permission to build something. Your next revenue stream starts for free at shopify.com/beginners
Turn your passion into profit, connect directly with eager buyers, and grow your business by hosting live, interactive auctions at https://whatnot.com/sell
Supercharge your productivity and automate your daily tasks by building custom AI agents in your all-in-one workspace at https://notion.com/investing
The Perfect Jean makes insanely comfortable, great-fitting jeans you can wear all day—check them out at theperfectjean.nyc.
Function Health helps you get ahead of your health with comprehensive lab testing and clear, actionable insights—learn more at functionhealth.com.
Interested in how your company sponsor the show? Reach us at [email protected]
SUBSCRIBE TO THE SHOW Apple | Spotify | YouTube | Amazon | Tunein
Learn more about your ad choices. Visit megaphone.fm/adchoices
50 min - AAR64 - The Personal Finance Time Machine
What advice would you give your 22-year-old self if you found a DeLorean in your driveway? In this episode of At Any Rate, Evan and Andrew look back at their early 20s to unpack what actually matters when transitioning from school into the real world.
From managing the overwhelming urge to hit every financial milestone at once, to unlocking the true power of compound interest and dismantling the exhausting trend of "over-optimizing" every area of life, the guys share honest reflections on money, career expectations, and building habits that actually last.
What You Will Learn
Overcoming Milestone Anxiety: Why rushing to buy a house, pay off all debt, and max out accounts simultaneously leads to early burnout.
The "Sunday Reset" & Habit Design: How intentionally setting smaller, manageable goals builds long-term consistency over short-term intensity.
Demystifying Stock Market Hype: Why building wealth doesn't require a master's degree in math or chasing viral social media trends.
The Power of Compound Interest: Why visual charts and compound calculators are the ultimate tools for early-20s financial motivation.
Reframing Retirement: How investing in a Roth IRA or 401(k) at age 22 builds the exact mindset required to generate active wealth.
Un-Optimizing Life: Why constant social media optimization ruins the enjoyment of fitness, hobbies, and personal finance.
Timestamps
0:00 – Advice to Our 22-Year-Old Selves
4:38 – Personal Finance: Overcoming Early-20s Impatience & The Milestones Trap
11:32 – Managing Burnout: The Sunday Reset & Setting Realistic Financial "Whys"
18:53 – Investing: Demystifying Stock Picking & Visualizing Compound Growth
22:15 – Core Reading List: The Millionaire Next Door, Psychology of Money, Atomic Habits
29:15 – Retirement: Reframing 401(k)s, Roth IRAs & Funding Your "Future Self"
35:48 – Habit Consistency: Using a "Margin of Safety" to Prevent Burnout
40:37 – Career: Managing Salary Expectations & The Compounding Value of Work Ethic
45:44 – What We Wouldn't Listen To: Over-Optimization Fatigue & "Eating Humble Pie"
Resources Mentioned
The Value Spotlight Newsletter: https://einvestingforbeginners.com/value-spotlight-newsletter/
Free monthly budgeting spreadsheet: https://einvestingforbeginners.com/budget/
Email Evan: [email protected]
Have questions or want your story featured? Email the show at [email protected] or comment below. Your feedback shapes the podcast!
Remember, financial freedom is built one smart move at a time. Keep it simple, keep it steady, and at any rate, we’ll see you next time.
Timestamps are generated by artificial intelligence, and are not 100% accurate depending on the platform used for listening.
Today’s show is sponsored by:
Download Cash App Today: https://click.cash.app/ui6m/0th4z72y #CashAppPod As a Cash App partner, I may earn a commission when you sign up for a Cash App account. Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Bitcoin services provided by Block, Inc. For additional information, see the Bitcoin disclosures.
Shopify: Stop waiting for permission to build something. Your next revenue stream starts for free at shopify.com/beginners
Upgrade your wardrobe with Quince to get high-quality, luxury essentials at a fraction of the cost by visiting https://quince.com/beginners
Turn your passion into profit, connect directly with eager buyers, and grow your business by hosting live, interactive auctions at https://whatnot.com/sell
Supercharge your productivity and automate your daily tasks by building custom AI agents in your all-in-one workspace at https://notion.com/investing
Interested in how your company sponsor the show? Reach us at [email protected]
SUBSCRIBE TO THE SHOW Apple | Spotify | YouTube | Amazon | Tunein
Learn more about your ad choices. Visit megaphone.fm/adchoices
1 hr 1 min - AI, Space, and Defense: Separating Hype from True Moats
Wall Street loves a good sci-fi narrative. Between artificial intelligence, private space exploration, and next-generation defense tech, it is incredibly easy to get swept up in the stories these companies sell. But stories don’t pay dividends, and media hype doesn't fund capital expenditures. In this episode, Andrew and Stephen put the market's most futuristic sectors to the test, tier-ranking individual stocks based on fundamental safety, capital efficiency, and realistic valuations rather than promises of a utopian future.
What You Will Learn
The AI "Too Hard" Pile: Why highly anticipated IPOs like OpenAI and Anthropic are currently uninvestable traps for value seekers.
The $1.4 Trillion SpaceX Dilemma: Why possessing an absolute monopoly in space still doesn't justify a blind, hype-driven IPO purchase.
Why General Dynamics dominates the battlefield: The hidden technological innovations (like multi-tier targeting and anti-friendly-fire HUDs) that cement GD as a government necessity.
The Danger of Private Military Contractors (PMCs): Why Palantir (PLTR) was completely disqualified from the defense contractor rankings.
The ROIC Defense Test: Why Lockheed Martin’s pure capital efficiency completely outclasses acquisition-heavy competitors like RTX and L3Harris.
Timestamps
00:00:00 Tier ranking the market's most hyped sectors
00:05:01 AI Rankings: Semiconductors vs. Hyperscalers (TSMC, ASML, Big Tech)
00:15:24 The Google Debate: Why GOOGL offers the ultimate margin of safety in AI
00:24:48 The Billionaire's Secret: Saying "no" to hype and avoiding IPO traps
00:33:41 The Space Sector: Why defense giants offer a safer route than pure-play space stocks
00:38:15 SpaceX's Moat: Evaluating Elon Musk's ambitious $100B revenue run-rate goal
00:47:20 Defense Sector Rankings: Disqualifying Palantir and putting Boeing in the "too hard" pile
00:54:20 Capital Efficiency: Breaking down ROIC across the major defense contractors
00:58:05 Final Rankings: General Dynamics vs. Northrop Grumman vs. Lockheed Martin
Resources Mentioned
The Value Spotlight Newsletter: https://einvestingforbeginners.com/value-spotlight-newsletter/
Have questions or want your story featured? Email the show at [email protected] or comment below. Your feedback shapes the podcast!
Remember, invest with a margin of safety—emphasis on the safety. Have a great week, and we’ll talk to you next time.
Timestamps are generated by artificial intelligence, and are not 100% accurate depending on the platform used for listening.
Today’s show is sponsored by:
Download Cash App Today: https://click.cash.app/ui6m/0th4z72y #CashAppPod As a Cash App partner, I may earn a commission when you sign up for a Cash App account. Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Bitcoin services provided by Block, Inc. For additional information, see the Bitcoin disclosures.
Shopify: Stop waiting for permission to build something. Your next revenue stream starts for free at shopify.com/beginners
Turn your passion into profit, connect directly with eager buyers, and grow your business by hosting live, interactive auctions at https://whatnot.com/sell
Supercharge your productivity and automate your daily tasks by building custom AI agents in your all-in-one workspace at https://notion.com/investing
The Perfect Jean makes insanely comfortable, great-fitting jeans you can wear all day—check them out at theperfectjean.nyc.
Function Health helps you get ahead of your health with comprehensive lab testing and clear, actionable insights—learn more at functionhealth.com.
Interested in how your company sponsor the show? Reach us at [email protected]
SUBSCRIBE TO THE SHOW Apple | Spotify | YouTube | Amazon | Tunein
Learn more about your ad choices. Visit megaphone.fm/adchoices
1 hr 9 min - The Psychology of Position Sizing
Every investor lives with two competing internal voices: the hyper-optimist who wants to go all-in on an exciting growth story, and the hyper-skeptic who gets paralyzed by uncertainty or cut positions at the first sign of discomfort. Managing these emotional extremes isn't just about discipline—it requires a practical, repeatable framework to audit your portfolio without letting fear or greed make the call. In this episode, Stephen and Andrew break down how to take your emotional temperature, navigate the trap of portfolio indifference, and build systematic guardrails before market volatility makes the decision for you.
What You Will Learn
The "24-Hour Rule" for new ideas: Why forcing a mandatory cooling-off period stops shiny object syndrome from ruining your capital allocation.
Fantasizing vs. Real-World Probability: How to spot the exact moment you start reverse-engineering excuses to sell proven winners for an unproven stock.
The Danger of Portfolio Indifference: Why being completely emotionless can blind you to compounding multi-bagger potential (and make you cut winners too early).
The "Coffee Can Portfolio" Paradox: How doing absolutely nothing frequently outperforms active portfolio management and market timing.
Building a Proactive Monthly Audit: Why writing down a simple pros-and-cons framework eliminates reactive, panic-driven trades.
Timestamps
00:00:00 Managing the two emotional extremes of investing: Over-hyped vs. Hesitant
00:05:36 The "24-Hour Rule": Stopping shiny object syndrome before buying
00:06:45 Recognizing internal red flags: Portfolio fantasizing and premature trimming
00:11:05 Managing stagnant holdings: The Crocs (CROX) & HeyDude acquisition case study
00:15:03 The power of inversion: Finding counter-arguments for stuck or flat positions
00:22:30 The "Coffee Can Portfolio" concept: Why inaction beats active churning
00:26:00 Building a proactive monthly audit checklist to eliminate reactive trades
00:29:40 The hidden risk of total indifference: How cold logic can cut a 100-bagger short
00:37:30 De-pumping hype: Filtering social media excitement vs. fundamental growth
00:40:35 The power of writing it down: Recording thesis notes to audit emotional decisions
Resources Mentioned
The Value Spotlight Newsletter: https://einvestingforbeginners.com/value-spotlight-newsletter/
Have questions or want your story featured? Email the show at [email protected] or comment below. Your feedback shapes the podcast!
Remember, invest with a margin of safety—emphasis on the safety. Have a great week, and we’ll talk to you next time.
Timestamps are generated by artificial intelligence, and are not 100% accurate depending on the platform used for listening.
Today’s show is sponsored by:
Download Cash App Today: https://click.cash.app/ui6m/0th4z72y #CashAppPod As a Cash App partner, I may earn a commission when you sign up for a Cash App account. Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Bitcoin services provided by Block, Inc. For additional information, see the Bitcoin disclosures.
Shopify: Stop waiting for permission to build something. Your next revenue stream starts for free at shopify.com/beginners
Turn your passion into profit, connect directly with eager buyers, and grow your business by hosting live, interactive auctions at https://whatnot.com/sell
Supercharge your productivity and automate your daily tasks by building custom AI agents in your all-in-one workspace at https://notion.com/investing
The Perfect Jean makes insanely comfortable, great-fitting jeans you can wear all day—check them out at theperfectjean.nyc.
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43 min - AAR63 - The Bottom Hits - What Most People Miss in Their Finances
We all know the "top hits" of personal finance, but what about the silent wealth killers? In this episode of At Any Rate, Evan and Andrew break down six common financial traps that are incredibly easy to fall into, regardless of your income.
From the dangers of letting your budget rot and relying on sheer willpower, to the sneaky reality of lifestyle creep and the false economy of "buying cheap," the guys unpack the behavioral blind spots holding you back. Plus, Evan shares a recent auto-pay scare that proves why you can never fully take your eyes off your checking account.
What You Will Learn
Budget Stagnation: Why your internal "rule of thumb" for prices is probably lying to you due to inflation, and why you need to adjust your budget 1-2 times a year.
The Stagnant Money Trap: Why keeping all your cash in a single checking account is not only costing you interest, but actively encouraging you to overspend.
The 60/40 Raise Rule: A simple framework for enjoying a salary bump without falling victim to lifestyle creep.
Beating Decision Fatigue: Why relying on financial willpower is a losing game, and how to automate your savings out of sight.
The Sinking Fund Solution: How to use dedicated savings buckets (like SoFi Vaults) to cover unexpected credit card spikes without draining your checking account.
Frugal vs. Frivolous: Why spending up for quality is often cheaper in the long run than buying bargain-bin items that break.
Timestamps
0:00 – The Concept of "Bottom Hits"
3:23 – Trap 1: Not Adjusting Over Time (Why mental budgets fail against inflation)
10:04 – How Andrew manages shifting budgets as a self-employed business owner
12:59 – Trap 2: Keeping Money Stagnant in One Place (The checking account trap)
15:55 – Using HYSAs and "Vaults" to protect your money from yourself
21:43 – Trap 3: Not Paying Enough Attention (Evan's IRS auto-pay scare)
26:18 – How sinking funds can save you from credit card statement shock
32:44 – Trap 4: Earn More, Spend More (Combating Lifestyle Creep)
35:58 – Evan's 60/40 Rule for raises, bonuses, and found money
38:40 – Trap 5: Relying on Willpower (Decision fatigue and self-sabotage)
44:06 – The Cash Envelope System vs. Digital Automation
48:30 – Trap 6: Buying Cheap to Save Money (The false economy of cheap goods)
Resources Mentioned
The Value Spotlight Newsletter: https://einvestingforbeginners.com/value-spotlight-newsletter/
Free monthly budgeting spreadsheet: https://einvestingforbeginners.com/budget/
Email Evan: [email protected]
Have questions or want your story featured? Email the show at [email protected] or comment below. Your feedback shapes the podcast!
Remember, financial freedom is built one smart move at a time. Keep it simple, keep it steady, and at any rate, we’ll see you next time.
Timestamps are generated by artificial intelligence, and are not 100% accurate depending on the platform used for listening.
Today’s show is sponsored by:
Download the Plynk app today to start building your investing confidence. https://plynkinvest.app.link/IFBpodcast
Download Cash App Today: https://click.cash.app/ui6m/0th4z72y #CashAppPod As a Cash App partner, I may earn a commission when you sign up for a Cash App account. Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Bitcoin services provided by Block, Inc. For additional information, see the Bitcoin disclosures.
Shopify: Stop waiting for permission to build something. Your next revenue stream starts for free at shopify.com/beginners
Upgrade your wardrobe with Quince to get high-quality, luxury essentials at a fraction of the cost by visiting https://quince.com/beginners
Turn your passion into profit, connect directly with eager buyers, and grow your business by hosting live, interactive auctions at https://whatnot.com/sell
Supercharge your productivity and automate your daily tasks by building custom AI agents in your all-in-one workspace at https://notion.com/investing
Interested in how your company sponsor the show? Reach us at [email protected]
SUBSCRIBE TO THE SHOW Apple | Spotify | YouTube | Amazon | Tunein
Learn more about your ad choices. Visit megaphone.fm/adchoices
56 min - The Earnings Illusion: How Working Capital Exposes Cash-Burning Companies
A company can post record net income on paper while silently draining its checking account to zero. Mainstream financial media fixates on Wall Street's favorite metric—Earnings Per Share (EPS)—but the true operational health of a business lies in its day-to-day cash flow engine. In this episode, Stephen and Andrew break down the mechanics of Changes in Working Capital to expose how inventory bloat, uncollected revenue, and stretched supplier payments can turn an apparent growth story into a dangerous value trap.
What You Will Learn
Why record earnings can be a lie: How accrual accounting allows cash-starved companies to look highly profitable on paper.
The $10.5 billion OpenAI paper trail: What Microsoft’s explosive Accounts Receivable growth reveals about customer concentration and credit risk.
Why Nike almost choked on its own success: How rapid sales expansion can trap millions in inventory and suffocate operating cash flow.
The Chipotle cash hack: How industry giants turn Accounts Payable into interest-free growth capital.
The 3-step Working Capital Checklist: How to instantly audit a company’s operational efficiency in under five minutes.
Timestamps
00:00:00 Why net income lies and cash flow tells the truth
00:00:43 What is Working Capital? The 30,000-foot checking account analogy
00:03:18 Bucket 1: Accounts Receivable (AR) & customer default risks
00:04:31 Case Study: Microsoft vs. OpenAI ($4B to $10.5B AR explosion)
00:07:22 Case Study: Caterpillar (CAT) & multi-year project revenue recognition
00:11:52 Bucket 2: Inventory bloat & the Target / Walmart post-COVID crash
00:16:12 Understanding the "Breathe In, Breathe Out" working capital cycle
00:20:28 Bucket 3: Accounts Payable (AP) & Chipotle’s supplier power dynamics
00:24:57 Vendor financing: How market leaders get suppliers to fund their expansion
00:29:58 Case Study: Phil Knight’s Shoe Dog & how fast growth can bankrupt a brand
00:30:36 Hidden Gems: How McKesson and Costco generate negative working capital
00:35:12 Warning Signs: How to spot cash burn masked by aggressive growth stories
00:40:38 The 3-Step Investor Checklist: Normalizing Free Cash Flow over 3–10 years
Resources Mentioned
The Value Spotlight Newsletter: https://einvestingforbeginners.com/value-spotlight-newsletter/
Have questions or want your story featured? Email the show at [email protected] or comment below. Your feedback shapes the podcast!
Remember, invest with a margin of safety—emphasis on the safety. Have a great week, and we’ll talk to you next time.
Timestamps are generated by artificial intelligence, and are not 100% accurate depending on the platform used for listening.
Today’s show is sponsored by:
Download Cash App Today: https://click.cash.app/ui6m/0th4z72y #CashAppPod As a Cash App partner, I may earn a commission when you sign up for a Cash App account. Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Bitcoin services provided by Block, Inc. For additional information, see the Bitcoin disclosures.
Shopify: Stop waiting for permission to build something. Your next revenue stream starts for free at shopify.com/beginners
Turn your passion into profit, connect directly with eager buyers, and grow your business by hosting live, interactive auctions at https://whatnot.com/sell
Supercharge your productivity and automate your daily tasks by building custom AI agents in your all-in-one workspace at https://notion.com/investing
The Perfect Jean makes insanely comfortable, great-fitting jeans you can wear all day—check them out at theperfectjean.nyc.
Function Health helps you get ahead of your health with comprehensive lab testing and clear, actionable insights—learn more at functionhealth.com.
Interested in how your company sponsor the show? Reach us at [email protected]
SUBSCRIBE TO THE SHOW Apple | Spotify | YouTube | Amazon | Tunein
Learn more about your ad choices. Visit megaphone.fm/adchoices
50 min
About The Investing for Beginners Podcast - Your Path to Financial Freedom
From the publisher's feed
The Investing for Beginners Podcast teaches you how to buy your first stocks and build long-term wealth in the stock market— without the hype or confusing jargon.
Hosts Andrew Sather and Stephen Morris break down value investing fundamentals into plain English: how to read financial statements, value a company, avoid common beginner mistakes, and build a long-term portfolio you can actually stick with.
Plus, in our At Any Rate episodes with host Evan Raidt, we tackle the personal finance side of wealth building— paying off debt, budgeting, saving, and the money debates every household faces before (and while) investing.
Stop chasing "get-rich-quick" schemes and start building your path to financial freedom, one episode at a time. Follow for more.
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