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

Many investors who analyze stocks take the numbers provided by the company at face value, but there are times when this can be a massive investing mistake.

To help shed light on what the earnings provided by a company really mean for us as investors, we reviewed the book — Quality of Earnings by Thornton O'Glove. Thornton is a Wall Street veteran known for pioneering red flag deviation analysis. 

This book is an indispensable guide to determining how much money a company is really making to help us avoid making costly blunders.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

07:26 - Why you shouldn’t trust your analyst or the auditors.

15:13 - What to keep an eye on when reading an annual report.

22:35 - Red flags to look out for when analyzing a company’s filings.

31:13 - How managers and accountants can legally manipulate earnings per share, however they see fit.

34:06 - Tools we can use to help determine the quality of earnings for a company.

35:55 - How we can make use of accounting items like accounts receivable and inventory.

49:36 - The impact of dividends on your returns as an investor.

53:11 - The shortfalls of GAAP accounting.

And so much more!

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

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In this episode, Matt Odell discusses how open-source Bitcoin development is funded through initiatives like OpenSats, the significance of ignoring Satoshi’s identity, and why Nostr, Cashu, and Fedi are critical for Bitcoin’s future. He also shares insights on building Bitcoin Park, a community hub, and reveals one of his pet peeves in the Bitcoin space.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:04 - Why it’s essential to ignore the mystery behind Satoshi’s identity.

08:26 - What OpenSats is and how it supports open-source Bitcoin development.

08:49 - Insights into building Bitcoin Park, a community space for Bitcoin enthusiasts.

18:38 - The importance of Nostr for Bitcoin communications.

27:26 - How Cashu and Fedi are advancing Bitcoin payments.

32:44 - Why Matt Odell is frustrated by price predictions in the Bitcoin space.

37:46 - Lessons Matt has learned from spending time around Jack Dorsey.

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 Larry Connor about why being different is crucial to outperformance, why turning over the most rocks and ruthlessly eliminating opportunities is vital to success, why Larry searches for “train wreck” apartments to optimize, the importance of investing counter-cyclically, how being unconstrained by conventional thinking has propelled his success, the critical importance of being disciplined to your core values, and a whole lot more!

Larry Connor is the founder and managing partner of The Connor Group. He founded the Connor group in 1992 with $400k and one investor to purchase three apartment communities. Today, the business has over 1,300 investors and $5 billion in assets. It operates in 18 markets across the United States. Larry is also the founder of The Connor Group Kids & Community Partners, a non-profit organization that helps disadvantaged kids in communities where The Connor Group operates.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

09:17 - The power of thinking of assets as operating businesses

12:11 - Why process is so essential in the refining process for filtering ideas

15:05 - Why Larry looks to purchase train wreck operations, he can optimize at the highest possible rates

17:51 - How utilizing counter-cyclicality is vital to outperformance

20:36 - Why you should position your business to grow during economic turmoil

21:33 - Why to think of failure as a learning experience and why failing is necessary to have exceptional returns

32:51 - The importance of people, plan, process, and perseverance in the success equation

35:30 - The importance of treating employees as owners and how Larry successfully aligned incentives

39:14 - Why being unconstrained from conventional thinking is so important

44:19 - Why long-term thinking has been so powerful for building conviction during economic downturns and how that long-term thinking has been vital to success

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 reviews the wonderful book — Am I Being Too Subtle by Sam Zell. 

Sam Zell has an impressive background, having started his career in real estate in the late 1960s. 

He was the founder and chairman of Equity Group Investments, a leading private investment firm. Over the course of his career, Sam made many bold moves and investments, earning him a reputation as a savvy and fearless investor. One of Sam’s most notable achievements was his role in creating the modern-day real estate investment trust (REIT) industry. He did this by founding Equity Office Properties Trust in 1997, which became the largest office REIT in the United States. In 2007, he sold the company for a record-breaking $39 billion.

Just prior to passing away on May 18th, 2023, Sam had his final recorded interview with The Investor’s Podcast Network.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

07:38 - The story of Sam’s family escaping Poland in 1939 to head to the United States.

12:08 - Sam’s early entrepreneurial and real estate ventures.

28:15 - How Sam got the nickname as ‘The Grave Dancer’ within the real estate industry.

32:46 - Sam’s investment criteria when buying real estate.

33:36 - How Sam capitalized on finding bargains outside the real estate industry.

50:56 - An overview of Zell’s record-breaking deal in 2007.

59:12 - Sam’s critical insights into building a great culture.

01:06:54 - Sam’s key business principles that helped him become a billionaire.

And so much more!

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

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Alex Leishman discusses River's recent report on the 30% growth in business Bitcoin adoption, detailing trends in cross-border payments, treasury management, and the unique ways businesses are integrating Bitcoin. He also touches on River's major new service, the importance of proof of reserves, and shares insights on how companies can navigate volatility in the crypto space.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:46 - Why Bitcoin adoption among businesses grew by 30% in just one year

12:37 - How private companies are outpacing public firms in Bitcoin holdings

14:53 - The future growth trajectory of business Bitcoin holdings through 2026

15:54 - Three key areas where Bitcoin adds value for businesses beyond treasury management

27:34 - River’s new service offering interest on FDIC-insured cash deposits

30:05 - What big banks may misunderstand in the coming Bitcoin bull cycle

32:12 - How Alex Leishman stays balanced and his personal hobbies outside of work

34:26 - Top advice for newcomers to the cryptocurrency space

35:55 - Strategies for managing the volatility of Bitcoin

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

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In today’s episode, William Green chats with Jason Zweig about his updated & revised edition of Benjamin Graham’s The Intelligent Investor, which Warren Buffett describes as “by far the best book on investing ever written.” Jason, who also writes the Wall Street Journal’s Intelligent Investor column, explains why Graham’s classic book still holds vitally important lessons for today’s investors. He also shares what he’s learned from interviewing Buffett & Charlie Munger.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:33 - How Jason Zweig tackled the “honor & burden” of revising The Intelligent Investor.

11:06 - How Ben Graham’s 4 core principles can help you to invest intelligently.

25:24 - What a sudden plunge in Japanese stocks shows about the craziness of markets.

27:56 - What Jason views as the most important paragraph ever written about investing.

32:42 - How Warren Buffett & Bill Miller profit from being “inversely” emotional.

33:57 - How regular investors can win by tuning out Wall Street’s propaganda. 

39:15 - Why you must decide if you’re an “enterprising” or “defensive” investor.

44:40 - Why maintaining a “margin of safety” matters more than anything.

48:40 - Why Jason believes index funds should form the base of your portfolio.

52:52 -Why it’s so hard to pick the tiny minority of “superstocks.”

1:00:21 - What dooms the vast majority of fund managers to underperform.

1:14:33 - How Graham’s most successful investment violated his own principles.

1:33:01 - What life lessons Jason learned from Graham, Buffett, & Charlie Munger.

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 Derek Pilecki.

Derek is a managing member and portfolio manager at Gator Capital Management, which manages Financials sector long/short portfolios for private partnerships and mutual funds. Since its inception in July 2008, Gator Capital has compounded capital at 21.0% per annum versus 11.8% for the S&P 500 over the same time period.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:48 - Derek’s experience of launching a financials-focused fund 10 weeks before the collapse of Lehman Brothers.

12:13 - Derek’s advice to aspiring hedge fund managers.

14:30 - How Derek achieved a return of 186% in 2009.

14:30 - What led Derek to purchase General Growth Properties, whose stock increased by 20x in less than one year.

23:25 - Why Warren Buffett likes financial companies, especially the big banks.

27:38 - Why Derek puts his focus on financial companies.

33:36 - How banks can create a sustainable competitive advantage in their market.

36:08 - Why First Citizens Bancshares is Derek’s top position in his fund.

46:44 - An update on the current market conditions for banks.

50:21 - How a high inflation environment would impact banks.

52:53 - Why Derek is long Robinhood.

And so much more!

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

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In this episode, Allen shares his thoughts on the Saifedean vs. Saylor debate on borrowing against Bitcoin, the role of stablecoins in expanding fiat, and their underlying protocols. He also delves into the risks of stablecoins compared to traditional bank accounts and highlights current technical risks in the crypto space. Allen gives his take on free speech and technologies like Nostr and discusses the growing custody and derivatives activity with institutions like BNY Mellon and IBIT.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:26 - Allen’s perspective on the Saifedean vs. Saylor debate regarding borrowing against Bitcoin.

05:55 - Why stablecoins may or may not be more risky than traditional bank accounts.

10:26 - How stablecoins might help in the expansion of fiat currencies globally.

14:46 - Technical risks that Allen is currently concerned about in the crypto space.

27:19 - Whether stablecoins require protocols like Tron or Solana for long-term functionality.

31:51 How institutional involvement is changing the crypto landscape, from custody to derivatives.

39:48 - Allen’s views on free speech, Nostr, and supporting technologies for Bitcoin.

45:48 - The significance of BNY Mellon’s custody services and the approval of derivatives for Bitcoin.

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

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In today's episode, Stig Brodersen outlines 10 things he has learned about investing since he started The Investor’s Podcast in 2014. In the second segment of the show, Clay Finck joins to discuss his top takeaways from his investing career. 

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:12 - Why you should be careful who you listen to about stock investing. 

07:45 - Why you should not screen for stocks.

08:29 - Why Stig’s circle of competence is getting smaller.

11:31 - Why Stig do not read as many investing books as he used to.

16:05 - Why you should set up guardrails for yourself.

19:36 - Why you shouldn’t look at your track record more than once per year.

20:17 - Why you shouldn’t only have public equities in your portfolio.

31:23 - Why you should run your track record 1,000 times.

32:53 - How one could think about position sizing.

35:59 - What are the implicit assumptions?

45:43 - What Clay learned about investing.

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 Professor Hendrik Bessembinder to discuss his renowned research on the performance of individual stocks.

Professor Bessembinder is a finance professor at Arizona State University, and his research titled, ‘Do Stocks Outperform Treasury Bills?’ has been referenced many times on the show. As a frequent speaker at conferences, financial markets, and universities around the world, Professor Bessembinder has more than 25 years of successful consulting experience, providing strategic advice and analysis for major firms, financial markets, and government agencies.

IN THIS EPISODE YOU’LL LEARN:

01:58 - Why most stocks lose money in the long run.

10:26 - What level of asymmetry exists in the stock market.

12:47 - Why stocks continuously outperform treasury bills over long time periods.

15:02 - What the average drawdown for a high-performing stock is.

20:57 - The common characteristics of the biggest stock market winners.

34:28 - What it takes to be a stock picker in today’s market.

45:17 - What the best-performing stocks are since 1925.

51:48 - Whether there is skewness in international stocks to the same degree as US stocks.

And so much more!

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

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