The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network

By The Investor's Podcast NetworkBusiness Education Investing

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The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network episodes

June 18, 2025BTC239: Bitcoin, Psychology & the Return of Meaning w/ Seb Bunney (Bitcoin Podcast)
Seb and Preston explore the hidden emotional and societal costs of fiat currency, how Bitcoin changes our perception of value, and why money is more than just economics—it's identity.

IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
01:28 - The emotional toll of living within a fiat monetary system
10:04 - How Bitcoin changes the way we express values through money
12:55 - The real-life shifts that occur when someone adopts low time preference
15:37 - How hard money can enable authentic altruism and creativity
19:11 - How broken money disrupts psychological growth through Maslow’s hierarchy
20:24 - Why fiat incentives fuel fear, narrow focus, and societal disconnection
22:41 - The impact of viable saving on emotional and creative well-being
25:45 - Why fiat may be driving an identity crisis and inauthentic life paths
33:22 - What Bitcoin reveals about curiosity and intellectual integrity
41:05 - How note-taking and integration fuel personal and intellectual growth

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES
Seb’s book: The Hidden Cost of Money.

Seb's Blog: Seb Bunney.

Related book: Fiat Food.

Related Episode: The Hidden Cost of Money (BTC160).

Check out all the books mentioned and discussed in our podcast episodes⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Enjoy ad-free episodes when you subscribe to our⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

NEW TO THE SHOW?
Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.

Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Check out our ⁠⁠⁠⁠⁠⁠⁠⁠⁠Bitcoin Fundamentals Starter Packs⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Finance Tool⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠⁠⁠.

SPONSORS
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1 hr 16 min
June 15, 2025TIP730: Richer, Wiser, Happier, Q2 2025 w/ Stig Brodersen & William Green
On today’s show, Stig Brodersen talks with co-host William Green, the author of “Richer, Wiser, Happier.” In their quest for meaningful relationships and being the best version of themselves, they discuss what has made them Richer, Wiser, or Happier in the past quarter. You’re invited to join them on their journey.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
00:07:45 - Why you will waste years if you can’t waste hours
00:08:04 - The power of (not) structuring your day
00:13:53 - What you can clone from an optimal life design
00:59:46 - What William and Stig have read the last quarter that made them Richer, Wiser, and Happier
01:01:55 - How to have work-play integration rather than a work-life balance
01:03:55 - Why what is important starts and ends with quality
01:22:13 - Why the best things in life come from compounding

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES
Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more ⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.

William Green’s book Richer, Wiser, Happier – Read reviews of this book.

Stig Brodersen and William Green’s episode on being Richer, Wiser, and Happier, Q1 2025.

Stig Brodersen and William Green’s episode on being Richer, Wiser, and Happier, Q4 2024

Stig Brodersen and William Green’s episode on being Richer, Wiser, and Happier, Q3 2024.

Stig Brodersen and William Green’s episode on being Richer, Wiser, and Happier, Q1 2024.

Stig Brodersen and William Green’s episode on being Richer, Wiser, and Happier, Q3 2023.

Stig Brodersen and William Green’s episode on being Richer, Wiser, and Happier, Q2 2023.

Simon Singh’s book, Fermat's Last Theorem – Read reviews of this book.

David Hawkins’ book, Letting Go – Read reviews of this book.

Pico Iyer’s book, Aflame – Read reviews of this book.

Tara Springett’s book, The Stairway to Heaven – Read reviews of this book.

Robert Caro’s book, Working - Read reviews of this book.

Robert Gottlieb’s documentary, Turn Every Page.

Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Enjoy ad-free episodes when you subscribe to our ⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠.

NEW TO THE SHOW?
Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Check out our ⁠⁠⁠⁠⁠⁠⁠⁠⁠We Study Billionaires Starter Packs⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Finance Tool⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠⁠⁠.

SPONSORS
Support our free podcast by supporting our sponsors:
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HELP US OUT!
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2 hr 18 min
June 13, 2025TIP729: Mastering the Capital Cycle
In this episode, Clay explores the core ideas behind Capital Returns by Edward Chancellor and Marathon Asset Management. Based on decades of investing experience, the book uncovers the capital cycle framework, which reveals how capital flows, supply dynamics, and managerial incentives drive long-term investment outcomes. Whether you're a value investor, a portfolio manager, or simply curious about market cycles, this episode offers guidance for understanding the boom and bust nature of cyclical industries.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
01:31 - How the capital cycle explains boom and bust industry dynamics.
07:03 - Why tracking supply is often more useful than forecasting demand.
16:20 - How capital discipline separates great managers from average ones.
05:07 - Why excess investment leads to lower future returns.
30:38 - Why cyclical industries can offer high-return opportunities.
41:50 - How incentives and ownership structures impact corporate decision-making.
49:10 - How low interest rates distort creative destruction and capital efficiency.
53:25 - Why mean reversion remains a powerful force in markets.
58:35 - How to spot red flags near capital cycle peaks.
01:03:55 - Why flexible thinking is essential for long-term investing success.
And so much more!

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES
Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more ⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠.

Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.

Edward Chancellor’s book: Capital Returns.

Gautam Baid’s book: The Joys Of Compounding.

Related Episode: TIP505: The Price of Time w/ Edward Chancellor.

Mentioned Episode: TIP727: 7 Powers by Hamilton Helmer.

Follow Clay on ⁠⁠LinkedIn⁠⁠ & ⁠⁠X⁠⁠.

Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠.

Enjoy ad-free episodes when you subscribe to our ⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠.

NEW TO THE SHOW?
Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠⁠.

Check out our ⁠⁠⁠⁠⁠⁠⁠⁠We Study Billionaires Starter Packs⁠⁠⁠⁠⁠⁠⁠⁠.

Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠⁠.

Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠.

Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠⁠TIP Finance Tool⁠⁠⁠⁠⁠⁠⁠⁠.

Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠⁠.

Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠⁠.

SPONSORS
Support our free podcast by supporting our ⁠⁠⁠⁠⁠⁠⁠⁠⁠sponsors⁠⁠⁠⁠⁠⁠⁠⁠⁠:
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Support our show by becoming a premium member!
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1 hr 4 min
June 11, 2025BTC238: Bitcoin 101 w/ Michael Schmid (Bitcoin Podcast)
Michael and Preston explore Bitcoin's foundational principles, covering digital scarcity, mining incentives, node infrastructure, and the importance of self-custody versus third-party management.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro
12:13 - How Bitcoin prevents government-led currency debasement
19:14 - Why block reorganizations occur and how they're resolved
23:11 - The mechanics of block creation and transaction verification
28:55 - What makes Bitcoin a secure and decentralized timekeeper
31:13 - The economic incentives behind Bitcoin mining
33:54- The role of transaction fees as block subsidies decline
37:01 - How Bitcoin's security model addresses hack concerns
41:05 - How self-custody empowers users and mitigates risks
50:02 - Differences between running a node and mining
1:00:04 - Innovations in node infrastructure from the 256 Foundation

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES
Michael’s X Account.

Website: Nakamoto Heating Solutions.

Website: 256 foundation.

Check out all the books mentioned and discussed in our podcast episodes⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Enjoy ad-free episodes when you subscribe to our⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

NEW TO THE SHOW?
Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.

Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠⁠.

Check out our ⁠⁠⁠⁠⁠⁠⁠⁠Bitcoin Fundamentals Starter Packs⁠⁠⁠⁠⁠⁠⁠⁠.

Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠.

Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠⁠TIP Finance Tool⁠⁠⁠⁠⁠⁠⁠⁠.

Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠⁠.

Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠⁠.

Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠⁠.

SPONSORS
Support our free podcast by supporting our ⁠⁠⁠⁠⁠⁠⁠⁠sponsors⁠⁠⁠⁠⁠⁠⁠⁠:⁠
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1 hr 6 min
June 08, 2025TIP728: Mastermind Q2, 2025: Microsoft, Block, Devon Energy, Adyen
In today's episode, Stig Brodersen is talking stocks with Tobias Carlisle and Hari Ramachandra. Stig’s pick is Microsoft, the world’s biggest market cap company for good reason. Tobias is pitching Devon Energy, an oil and gas producer with a big upside if you’re right about the timing. Hari’s stocks of choice are Adyen and Block, two fast-growing companies with stronger moats that meet the eye.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
01:51 - Why Hari is bullish on Block and Adyen (Ticker on NYSE: XYZ and on Euronext: ADYEN).
12:48 - The bear case for Block and Adyen, including valuation and disruption.
24:22 - Stig’s bull case is for Microsoft (Ticker on NASDAQ: MSFT).
44:55 - The bear case for Microsoft, including the rich valuation.
56:56 - Why Toby is bullish on Devon Energy (Ticker on NYSE: DVN).
01:05:31 - The bear case of Devon Energy, including the debt level and share issuance.
01:27:06 - What the TIP Mastermind Community is and how we’re forming meaningful relationships.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES
Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more ⁠⁠⁠here⁠⁠⁠.

Join the exclusive ⁠⁠⁠TIP Mastermind Community⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.

Stig Brodersen’s Portfolio and Track record.

Listen to Mastermind Discussion Q1, 2025 or watch the video.

Listen to Mastermind Discussion Q4, 2024 or watch the video.

Listen to Mastermind Discussion Q3, 2024 or watch the video.

Listen to Mastermind Discussion Q2, 2024 or watch the video.

Tune in to the Mastermind Discussion Q1, 2024 or watch the video.

Listen to Mastermind Discussion Q4, 2023 or watch the video.

Tune in to the Mastermind Discussion Q3, 2023 or watch the video.

Listen to Mastermind Discussion Q2, 2023 or watch the video.

Bill Gates’ autobiography, Source Code – read reviews of this book.

Stig and Preston book review of Paul Allen’s book, Idea Man.

Tobias Carlisle's podcast, The Acquirers Podcast.

Tobias Carlisle's ETF, ZIG.

Tobias Carlisle's ETF, Deep.

Tobias Carlisle's book, The Acquirer's Multiple – read reviews of this book.

Tobias Carlisle's Acquirer's Multiple stock screener: AcquirersMultiple.com

Tweet directly to Tobias Carlisle: @Greenbackd.

Tweet directly to Hari Ramachandra: @harirama.

Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠here⁠⁠⁠.

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1 hr 51 min
June 06, 2025TIP727: 7 Powers by Hamilton Helmer
In this episode, Clay explores Hamilton Helmer’s 7 Powers framework, breaking down each of the seven sources of enduring competitive advantage. While companies all over the world offer benefits and value to society at large, few have barriers in place that prevent competitors from easily replicating those advantages. Whether you’re an investor or business operator, this episode is an essential listen to understand the critical ingredients for long-term success in business.

IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
01:34 - What it means for a company to have Power.
07:04 - The power of scale economies.
12:12 - Why network effects are one of the best competitive advantages a business can have.
18:05 - Why counter-positioning is Hamilton Helmer’s favorite Power.
30:19 - The types of switching costs that can keep customers locked in for years.
38:24 - Why customers are willing to consistently pay up for a great brand name.
51:24 - How companies can capture a cornered resource that even well-funded competitors are unable to replicate.
56:46 - Why process power is the rarest of the all the powers.
01:03:00 - A case study on Netflix and how they built multiple Powers outlined in the book.
And so much more!

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES
Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more ⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠.

Join the exclusive ⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.

Hamilton Helmer’s book: 7 Powers.

Mentioned Episode: TIP600: Business Durability and Strategy Masterclass w/ Hamilton Helmer.

Follow Clay on ⁠LinkedIn⁠ & ⁠X⁠.

Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠.

Enjoy ad-free episodes when you subscribe to our ⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠.

NEW TO THE SHOW?
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Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠.

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1 hr 6 min
June 04, 2025BTC237: Bitcoin & the Insurance Industry w/ Garrett Johnston (Bitcoin Podcast)
Garrett Johnston shares why Bitcoin—not crypto—should be the foundation for insurance innovation. We explore regulatory friction, risk evolution, and strategic adoption for carriers and corporates.

IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
04:57 - How digital asset risk profiles evolve as companies scale
16:09 - The case for Bitcoin in insurance company treasuries
16:15 - Why Bitcoin enhances risk-adjusted returns in institutional portfolios
21:39 - Why current regulatory frameworks hinder BTC adoption
21:54 - How NAIC rules classify BTC as a non-admitted asset
22:07 - The importance of state-by-state education and reform
30:28 - Gaps in current insurance coverage for Bitcoin-native businesses
45:03 -Why “Bitcoin not crypto” is critical in traditional insurance circles
47:12 - ESG misconceptions about Bitcoin in insurance contexts
48:26 - Game theory behind state-level regulatory adoption (e.g., NH SBR)
49:39 - AI’s emerging role in insurance and supply chain risk analysis

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES
Garrett's ⁠X Account⁠.

Check out all the books mentioned and discussed in our podcast episodes⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Enjoy ad-free episodes when you subscribe to our⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

NEW TO THE SHOW?
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Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠.

Check out our ⁠⁠⁠⁠⁠⁠⁠Bitcoin Fundamentals Starter Packs⁠⁠⁠⁠⁠⁠⁠.

Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠.

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Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠.

Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠.

SPONSORS
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57 min
June 01, 2025TIP726: From Obscurity to Opportunity: Jon Cukierwar’s Investment Edge
On today’s episode, Kyle Grieve chats with Jon Cukierwar about his unique global investing approach focused on undiscovered companies. They delve into Jon’s high-conviction strategy, his in-depth on-the-ground research process, and how he uncovers overlooked opportunities by combining valuation, quality, and growth.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
03:02 - Lessons Jon learned working for legend Bob Robotti
07:19 - Why Jon favours high-quality, growing businesses
17:26 - How Jon counters bias when meeting charismatic CEOs
25:50 - Why local investor networks unlock global insights
36:23 - Why Jon prioritizes owners’ earnings over net income
37:41 - The three essential traits Jon demands in investment and what makes an investment a “no-brainer” for Jon
39:47 - Why holding winners is harder than it seems
53:57 - Why Jon leans toward “boring” low-tech businesses
1:00:30 - What traits Jon values most in company leadership

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES
Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more ⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠.

Join the exclusive ⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.

Read Jon’s shareholder letters here.

Read Jon’s research here.

Follow Kyle on Twitter and LinkedIn.

Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠.

Enjoy ad-free episodes when you subscribe to our ⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠.

NEW TO THE SHOW?
Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠.

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Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠.

Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠TIP Finance Tool⁠⁠⁠⁠⁠⁠⁠.

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SPONSORS
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1 hr 18 min
May 30, 2025TIP725: First Principles of Valuation w/ Tim Koller
On today’s episode, Clay is joined by Tim Koller to discuss all things valuation.
Tim is the lead author of Valuation: Measuring and Managing the Value of Companies which is the #1 best-selling guide to business valuation. This book—now in its eighth edition—has sold more than one million copies, and is used as a textbook at top business schools such as Wharton School, University of Chicago, MIT, INSEAD, Tuck School of Business, and Northwestern University.
As a Partner at McKinsey & Company, Tim combines broad cross-sector experience with decades of service to clients in value creation, corporate strategy, capital-markets issues, and M&A transactions.

IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
01:45 - How companies create shareholder value.
05:13 - The common misconceptions related to creating shareholder value.
13:54 - How managers should think about return on invested capital.
28:08 - Why it’s so common for managers to not take a long-term approach.
33:16 - How return on invested capital impacts a company’s valuation.
46:30 - How Tim thinks about the vast differences in returns we’ve seen in the US relative to Europe.
And so much more!

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES
Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more ⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠.

Join the exclusive ⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.

Tim’s book: Valuation.

McKinsey’s website.

McKinsey’s insights: McKinsey on Finance.

Related Episode: TIP577: Valuation Masterclass w/ Aswath Damodaran.

Follow Tim on LinkedIn.

Follow Clay on LinkedIn & X.

Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠.

Enjoy ad-free episodes when you subscribe to our ⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠.

NEW TO THE SHOW?
Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠.

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Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠.

Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠.

Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠TIP Finance Tool⁠⁠⁠⁠⁠⁠.

Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠.

Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠.

SPONSORS
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55 min
May 28, 2025BTC236: Stablecoin GENIUS Act & Bitcoin Policy Update w/ Matt Pines (Bitcoin Podcast)
Preston and Matthew discuss the upcoming Bitcoin Policy Summit, explore strategic financial maneuvers involving Bitcoin, dissect stablecoin impacts, and examine shifting global crypto dynamics.

IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
01:20 - Challenges facing the Federal Reserve’s independence
13:21 - Insights into Elon's policy influence and federal restructuring
17:46 - The U.S. trade deficit's impact on Bitcoin and equity markets
19:59 - The Genius Act’s implications for stablecoin regulation
24:21 - How stablecoins are disrupting traditional banking
32:30 - How the Strategic Bitcoin Reserve could reshape fiscal policy
33:50 - Strategic execution plans for government Bitcoin acquisitions
37:13 - Bitcoin vs. gold as sovereign investment tools
39:27 - National strategies around AI, energy, and global Bitcoin positioning
48:40 - Details of the upcoming Bitcoin Policy Summit

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES
Website: Bitcoin Policy Institute.

Website: BTC Policy Summit.

Matt’s X Account.

Check out all the books mentioned and discussed in our podcast episodes⁠ ⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠.

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55 min

About The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network

From the publisher's feed

Hosted by Stig Brodersen, William Green, Shawn O'Malley, Daniel Mahncke, and Kyle Grieve, The Investor’s Podcast has proudly reached nearly 200 million downloads, as the world's largest stock-investing focused podcast.