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In this episode, William Green welcomes back Pico Iyer, one of his all-time favorite guests. Pico is a famed author & speaker whose TED talks have been viewed about 12 million times. Here, he discusses his new book, “Aflame,” which explores how to find peace of mind, happiness & clarity amid extreme uncertainty & accelerating change. This episode is a masterclass on creating a richer, wiser, happier life while living by what Warren Buffett calls an inner scorecard.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
04:31 - How to find calm & clarity in the midst of uncertainty & change.
14:39 - How silence helps to “cleanse” our agitated, cluttered minds.
19:09 - Why Pico Iyer has stayed at a monastery more than 100 times.
28:02 - Why the greatest luxury comes from craving less, not more.
31:53 - How he designs his life to maximize freedom & fulfillment.
35:50 - Why he loves Warren Buffett’s idea of living by an inner scorecard.
52:41 - How the greatest investors remind Pico of monks.
01:10:28 - How to create more spaciousness in your own busy life.
01:18:25 - How to achieve more by doing less & taking time to reflect.
01:23:05 - Why it’s helpful to view investing as a game.
01:51:27 - How Leonard Cohen rebounded after losing almost all his money.
01:51:27 - How to maintain hope—& gratitude—in the face of adversity.
01:57:55 - What Pico has learned from his long friendship with the Dalai Lama.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
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On today’s episode, Clay is joined by Cristiano Souza to discuss his three primary criteria in identifying an excellent business.
Cristiano Souza is the founder of Zeno Equity Partners, a firm he started in 2022 after spending 28 years at Dynamo. From 1994 through 2015, he was on the team that managed the Dynamo Cougar fund, which invested in high-quality equities in Brazil. During that time, the fund compounded at 24% per year in US dollar terms.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
03:33 - The three things that Cristiano looks for in a business.
13:43 - What the Founder’s Mindset is, and why it is so difficult to find.
18:53 - Why Cristiano believes that LVMH has a significant opportunity to continue to grow.
33:53 - The mistakes Cristiano has made in assessing management teams.
39:57 - Why Linde PLC is a core position in Christiano’s portfolio.
51:17 - Why AppFolio is well-positioned to continue growing in the property management space.
And so much more!
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In this episode, Daniel Batten discusses how Bitcoin is driving advancements in renewable energy, the decentralization of global hash rates and mining pools, and the rise of heat reuse technology.
Together with Preston, they explore innovations in mining, the potential of zinc recycling and methane capture, the intersection of AI and Bitcoin, and the growing energy demands of the industry.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
01:35 - Innovations in the mining industry, including zinc recycling and methane landfill use
02:11 - How Bitcoin mining is decentralizing globally and why it matters
02:39 - The role of mining pool distribution in securing the network
03:03 - Why mining pools could pose a vulnerability in Bitcoin’s infrastructure
06:57 - How Bitcoin is disrupting the energy sector just like it disrupted finance
19:55 - The intersection of AI and Bitcoin and what it means for the future
24:43 - Why increasing energy demand for Bitcoin mining isn't necessarily a bad thing
34:05 - The future of heat reuse in Bitcoin mining and the Heatpunk Summit
40:58 - Insights into the "Bitax" and its potential impact on Bitcoin
49:12 - The type of power generation that will likely dominate Bitcoin mining in the future
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
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On today’s episode, Kyle Grieve chats with Adam Wilk about the powers of incremental improvement, what he learned as an NBA scout about finding hidden value, why making the investing process more labour intensive has led to outperformance, the hidden difficulties of identifying quality in small-cap stocks, how to utilize aspects of special situation investments to find hidden compounders, the shared qualities found in Adam’s best investments, and a whole lot more!
Adam Wilk is the Founder and Portfolio Manager of Greystone Capital Management, LLC, leading a concentrated small and micro-cap long-only strategy. With a background in professional sports, including roles as a scout for NBA teams like the Spurs and Rockets, Adam honed skills in talent evaluation, data analysis, and risk management. His passion for value investing began in 2013, inspired by Warren Buffett’s writings, leading to a career pivot and the creation of Greystone. Adam shares his investment insights through research reports and his blog, Pound the Rock Investing.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
04:14 - How small bits of incremental progress lead to outsized returns over time.
07:51 - Key insights in finding undervalued assets that he learned from looking for undervalued talent for an NBA team.
10:00 - Why making the investing process labour-intensive creates differentiated insights.
15:48 - Why keeping costs low in a fund decreases sensitivity to market volatility.
19:58 - Why identifying quality in small caps comes with inherent difficulty compared to more discovered businesses.
20:35 - Why change in expectations is such a powerful catalyst.
31:13 - How special situations can cause underappreciation of a quality business and obscure upside.
33:55 - Insights into how to evaluate and underwrite management teams.
35:22 - Some of the biggest lessons Adam learned about management from his greatest investment mistake.
49:28 - The qualities that have shown up in Adam's biggest winners.
And so much more!
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
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On today’s episode, Clay is joined by Tae Kim to discuss his new book, The Nvidia Way, which outlines the making of one of the greatest tech businesses in the world. Nvidia is the darling of the age of artificial intelligence as its chips are powering the generative-AI revolution, and demand is insatiable.
Since the IPO in 1999, shares of Nvidia are up by 285,000%, which is a compounded return of 37% per year.
Tae Kim is a senior technology writer at Barron’s. To uncover Nvidia’s brilliant story, Tae interviewed more than one hundred people who were involved in their journey, including Jensen himself, his two co-founders, VC investors, and current senior executives and managers.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
06:14 - The unique culture of Nvidia and how they’re able to prevent office politics from creeping in.
15:20 - Jensen’s intense desire to succeed at all costs.
23:06 - How Nvidia became the only graphics chip company from the 1990s that survived.
30:16 - How Nvidia essentially invented the GPU market.
40:49 - Why Nvidia is winning the AI race.
51:47 - How Jensen Huang has prepared Nvidia to dominate the AI revolution.
And so much more!
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
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In this episode, Preston and Matthew dive deep into Bitcoin’s design, its ability to protect financial autonomy, and the macroeconomic trends shaping its value.
Matthew breaks down Bitcoin price models, stock-to-flow analysis, and the role of global liquidity. They also explore the impact of Layer-2 solutions and make bold predictions about Bitcoin’s future in global finance.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
01:47 - Why Bitcoin serves as an "escape hatch" from centralized financial instability
04:34 - How Bitcoin’s design ensures individual financial autonomy in a digital world
06:26 - What historical economic patterns suggest about Bitcoin’s resilience
13:47 - The most overlooked factors in Bitcoin valuation and price modeling
18:48 - How stock-to-flow holds up today and alternative valuation frameworks
20:39 - Key metrics for tracking global liquidity and Bitcoin’s role as a store of value
28:38 - The significance of macro liquidity and its effect on Bitcoin’s adoption
31:38 The impact of Layer-2 scaling solutions on Bitcoin’s liquidity
43:44 - How Bitcoin’s fixed supply interacts with the need for liquidity in a digital economy
44:12 - A bold 10-year prediction for Bitcoin’s role in reshaping global finance
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
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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
01:51 - What makes you go weak and go strong.
01:51 - Why emotions can be real but not true.
22:03 - How to let go of experiences you would rather forget.
01:03:37 - How to attract the right people into your life.
01:17:47 - How to forge relationships inside and outside of the value investing community.
01:34:29 - Why should your default be to help other people, but ironically also to constantly say no.
01:35:58 - What William and Stig have read the last quarter that made them Richer, Wiser, and Happier.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
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On today’s episode, Clay is joined by Kris Sidial to discuss tail risk hedging. A tail risk hedging strategy is designed to help investors protect their portfolios from extreme market downturns, reducing the risk of significant capital loss. By mitigating large drawdowns, investors can potentially achieve a smoother return profile over time, enhancing their Sharpe ratio and the long-term growth of their portfolio.
Kris Sidial is the co-investment officer of Ambrus Group, which implements a carry-neutral tail risk hedging strategy to protect investors against market crashes.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
01:40 - What a tail risk hedging strategy is and how it’s implemented.
06:25 - What is the VIX, and how it ties into a tail risk hedging strategy.
08:28 - Examples of historical market blowups where a tail risk strategy thrives.
21:07 - Why the reflexive nature of markets has led to more violent and swift drawdowns in recent years.
31:06 - The benefits of a tail risk strategy to investor portfolios.
50:41 - Legendary traders Kris looks up to and books that influenced him the most.
And so much more!
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
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In this episode, Preston and Paolo discuss Tether’s massive $13.7 billion profit, its growing strategic importance, and whether Wall Street banks will enter the stablecoin space.
They also explore Tether’s expansion into AI, real estate, and Brain-Computer Interfaces, alongside its big move to El Salvador. They also discuss what running Tether on Lightning means for payments and the future of tokenized assets in the UAE.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
03:05 - How Tether achieved $13.7 billion in profits last year.
07:14 - Why Wall Street banks might try to compete in the stablecoin space.
13:11 - The impact of running Tether on the Lightning Network via TAP.
20:07 - Challenges and opportunities in Lightning Network routing.
22:04 - The future of tokenized equity in the UAE and global accessibility.
30:18 - Tether’s massive move to El Salvador and its 70-story building project.
33:32 - How Tether is expanding into AI with DeepSeek and open-source solutions.
35:11 - The role of Reelly Tech in real estate transactions.
41:25 - Why Tether invested $200M in Blackrock Neurotech and its AI SDK strategy.
47:15 - How all these moves fit into Tether’s long-term vision.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
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In today's episode, Kyle Grieve discusses the book Against The Gods and how risk has evolved over history, why risk management was deeply routed in gambling, how the insurance industry was launched, revolutionary learnings on risk from brilliant historical figures, how regression was formulated and how it tricks investors, the two economists who upended utility theory, the powerful concept of prospect theory and how it showed how irrational humans are, and much more!
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
06:52 - Why a human “calculator” can’t win in the market, and the key skills that drive investing success.
08:54 - The two critical risk concepts Cardano introduced to beat the odds—still useful for investors today.
11:12 - How Pascal and Fermat cracked the ‘problem of points’ and laid the groundwork for market probability models.
15:09 - How Daniel Bernoulli connected intuition with measurement.
20:24 - How Bayes’ rule transformed probability theory.
25:55 - Why focusing on the downside matters most—especially when the market is euphoric.
26:33 - How regression to the mean distorts our view of performance—and tricks investors into bad decisions.
38:47 - Why diversification can sometimes increase risk.
43:49 - How prospect theory rewrote the rules of decision-making—explaining why investors act irrationally.
52:01 - Why investors cling to bad ideas—how biases and ego can sabotage returns.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
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